0001213900-20-036084.txt : 20201110 0001213900-20-036084.hdr.sgml : 20201110 20201110092539 ACCESSION NUMBER: 0001213900-20-036084 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201110 DATE AS OF CHANGE: 20201110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Neonode Inc. CENTRAL INDEX KEY: 0000087050 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 941517641 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35526 FILM NUMBER: 201299813 BUSINESS ADDRESS: STREET 1: STORGATAN 23C, 114 55 CITY: STOCKHOLM STATE: V7 ZIP: 00000 BUSINESS PHONE: 46 0 8 667 17 17 MAIL ADDRESS: STREET 1: STORGATAN 23C, 114 55 CITY: STOCKHOLM STATE: V7 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: Neonode, Inc DATE OF NAME CHANGE: 20070813 FORMER COMPANY: FORMER CONFORMED NAME: SBE INC DATE OF NAME CHANGE: 19920703 10-Q 1 f10q0920_neonodeinc.htm QUARTERLY REPORT

 

  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended September 30, 2020

 

☐ Transition report pursuant to section 13 or 15(d) of the Securities and Exchange Act of 1934

 

For the transition period from _______ to ________

 

Commission file number 1-35526

 

  NEONODE INC.  
  (Exact name of registrant as specified in its charter)  

 

Delaware   94-1517641
(State or other jurisdiction of
incorporation or organization)
  (IRS Employer
Identification No.)

 

Storgatan 23C, 114 55 Stockholm, Sweden

(Address of principal executive offices and zip code)

 

  +46 (0) 8 667 17 17  
  (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, par value $0.001 per share   NEON   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or 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 ☒    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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

  

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
  Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☐   No ☒

 

The number of shares of the registrant’s common stock outstanding as of November 3, 2020 was 11,467,377.

 

 

 

 

 

 

NEONODE INC.

 

Form 10-Q

For the Fiscal Quarter Ended September 30, 2020

 

TABLE OF CONTENTS

 

PART I FINANCIAL INFORMATION 1
       
  Item 1 Financial Statements 1
       
    Condensed Consolidated Balance Sheets as of  September 30, 2020 (Unaudited) and December 31, 2019 (Audited) 1
       
    Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 2
       
    Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2020 and 2019 3
       
    Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the quarter to date periods ended September 30, 2019 through September 30, 2020 4
       
    Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 5
       
    Notes to Unaudited Condensed Consolidated Financial Statements 6
       
  Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 25
       
  Item 3 Quantitative and Qualitative Disclosures about Market Risk 34
       
  Item 4 Controls and Procedures 34
       
PART II OTHER INFORMATION 35
       
  Item 1 Legal Proceedings 35
       
  Item 1A Risk Factors 35
       
  Item 6 Exhibits 36
       
SIGNATURES 37
     
EXHIBITS    

 

i

 

  

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

NEONODE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 

   September 30,   December 31, 
   2020   2019 
ASSETS  (Unaudited)   (Audited) 
Current assets:        
Cash  $12,212   $2,357 
Accounts receivable and unbilled revenue, net   1,044    1,324 
Projects in process   11    8 
Inventory   1,128    1,030 
Prepaid expenses and other current assets   1,000    715 
Total current assets   15,395    5,434 
           
Investment in joint venture   3    3 
Property and equipment, net   1,072    1,583 
Operating lease right-of-use assets   155    416 
Total assets  $16,625   $7,436 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $917   $555 
Accrued payroll and employee benefits   908    960 
Accrued expenses   629    541 
Deferred revenues   143    67 
Current portion of finance lease obligations   650    568 
Current portion of operating lease obligations   118    332 
Total current liabilities   3,365    3,023 
           
Finance lease obligations, net of current portion   277    508 
Operating lease obligations, net of current portion   -    58 
Total liabilities   3,642    3,589 
           
Commitments and contingencies          
           
Stockholders’ equity:          
Common stock, 25,000,000 shares authorized, with par value of $0.001; 11,467,377 and 9,171,154 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively   11    9 
Additional paid-in capital   211,587    197,543 
Accumulated other comprehensive loss   (890)   (639)
Accumulated deficit   (194,813)   (190,520)
Total Neonode Inc. stockholders’ equity   15,895    6,393 
Noncontrolling interests   (2,912)   (2,546)
Total stockholders’ equity   12,983    3,847 
Total liabilities and stockholders’ equity  $16,625   $7,436 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

1

 

 

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

  

   Three months ended
September 30,
   Nine months ended
September 30,
 
   2020   2019   2020   2019 
Revenues:                
HMI Solutions  $1,211   $1,214   $3,071   $4,625 
HMI Products   284    96    476    407 
Total revenues   1,495    1,310    3,547    5,032 
Cost of revenues:                    
HMI Solutions   -    -    1    5 
HMI Products   201    64    367    231 
Total cost of revenues   201    64    368    236 
                     
Total gross margin   1,294    1,246    3,179    4,796 
                     
Operating expenses:                    
Research and development   901    1,167    2,939    3,878 
Sales and marketing   604    491    1,797    1,431 
General and administrative   1,535    777    3,034    2,658 
                     
Total operating expenses   3,040    2,435    7,770    7,967 
Operating loss   (1,746)   (1,189)   (4,591)   (3,171)
                     
Other expense:                    
Interest expense   11    8    25    27 
Total other expense   11    8    25    27 
                     
Loss before provision (benefit) for income taxes   (1,757)   (1,197)   (4,616)   (3,198)
                     
Provision (benefit) for income taxes   (9)   2    10    15 
Net loss including noncontrolling interests   (1,748)   (1,199)   (4,626)   (3,213)
Net loss attributable to noncontrolling interests   110    113    366    290 
Net loss attributable to Neonode Inc.   (1,638)   (1,086)   (4,260)   (2,923)
Preferred dividends   (33)   -    (33)   - 
Net loss attributable to common shareholders of Neonode Inc.  $(1,671)  $(1,086)  $(4,293)  $(2,923)
                     
Loss per common share:                    
Basic and diluted loss per share  $(0.16)  $(0.12)  $(0.45)  $(0.33)
Basic and diluted – weighted average number of common shares outstanding   10,128    8,811    9,492    8,804 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2

 

 

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

(Unaudited)

  

   Three months ended
September 30,
   Nine months ended
September 30,
 
   2020   2019   2020   2019 
                 
Net loss  $(1,748)  $(1,199)  $(4,626)  $(3,213)
Other comprehensive income (loss):                    
Foreign currency translation adjustments   (228)   (145)   (251)   (300)
Comprehensive loss   (1,976)   (1,344)   (4,877)   (3,513)
Less: Comprehensive loss attributable to noncontrolling interests   110    113    366    290 
Comprehensive loss attributable to Neonode Inc.  $(1,866)  $(1,231)  $(4,511)  $(3,223)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3

 

  

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except for Preferred Stock Shares Issued1)

(Unaudited)

  

For the Quarter to Date periods ended September 30, 2019 through September 30, 2020

 

   Preferred Stock Shares Issued   Preferred Stock Amount   Common Stock Shares Issued   Common Stock Amount   Additional Paid-in Capital   Accumulated
Other
Comprehensive
Income
(Loss)
   Accumulated
Deficit
   Total
Neonode Inc. Stockholders’
Equity
   Noncontrolling
Interests
   Total
Stockholders’
Equity
 
                                         
Balances, December 31, 2018   82   $-    8,800   $9   $197,507   $(456)  (185,222)  $11,838   $(2,042)  $9,796 
                                                   
Foreign currency translation adjustment   -    -    -    -    -    (181)   -    (181)   -    (181)
                                                   
Net loss   -    -    -    -    -    -    (573)   (573)   (111)   (684)
                                                   
Balances, March 31, 2019   82   $-    8,800   $9   $197,507   $(637)  $(185,795)  $11,084   $(2,153)  $8,931 
                                                   
Conversion of Series B Preferred Stock to common stock   (2)   -    1    -    -    -    -    -    -    - 
                                                   
Foreign currency translation adjustment   -    -    -    -    -    26    -    26    -    26 
                                                   
Net loss   -    -    -    -    -    -    (1,264)   (1,264)   (66)   (1,330)
                                                   
Balances, June 30, 2019   80   $-    8,801   $9   $197,507   $(611)  $(187,059)  $9,846   $(2,219)  $7,627 
                                                   
Conversion of Series B Preferred Stock to common stock   (80)   -    10    -    -    -    -    -    -    - 
                                                   
Foreign currency translation adjustment   -    -    -    -    -    (145)   -    (145)   -    (145)
                                                   
Net loss   -    -    -    -    -    -    (1,086)   (1,086)   (113)   (1,199)
                                                   
Balances, September 30, 2019   -   $-    8,811   $9   $197,507   $(756)  $(188,145)  $8,615   $(2,332)  $6,283 
                                                   
Common stock issued upon exercise of common stock warrants   -    -    360    -    36    -    -    36    -    36 
                                                   
Foreign currency translation adjustment   -    -    -    -    -    117    -    117    -    117 
                                                   
Net loss   -    -    -    -    -    -    (2,375)   (2,375)   (214)   (2,589)
                                                   
Balances, December 31, 2019   -   $-    9,171   $9   $197,543   $(639)  $(190,520)  $6,393   $(2,546)  $3,847 
                                                   
Foreign currency translation adjustment   -    -    -    -    -    (87)   -    (87)   -    (87)
                                                   
Net loss   -    -    -    -    -    -    (1,010)   (1,010)   (102)   (1,112)
                                                   
Balances, March 31, 2020   -   $-    9,171   $9   $197,543   $(726)  $(191,530)  $5,296   $(2,648)  $2,648 
                                                   
Foreign currency translation adjustment   -    -    -    -    -    64    -    64    -    64 
                                                   
Net loss   -    -    -    -    -    -    (1,612)   (1,612)   (154)   (1,766)
                                                   
Balances, June 30, 2020   -   $-    9,171   $9   $197,543   $(662)  $(193,142)  $3,748   $(2,802)  $946 
                                                   
Issuance of shares for cash, net of offering costs   3,932    3,932    1,612    1    9,597    -    -    13,530    -    13,530 
                                                   
Series C-2 Preferred Stock issued for repayment of short-term borrowings and accrued interest   517    517    -    -    (1)   -    -    516    -    516 
                                                   
Conversion of Series C-1 and C-2 Preferred Stock to common stock   (4,449)   (4,449)   684    1    4,448    -    -    -    -    - 
                                                   
Preferred dividends   -    -    -    -    -    -    (33)   (33)   -    (33)
                                                   
Foreign currency translation adjustment   -    -    -    -    -    (228)   -    (228)   -    (228)
                                                   
Net loss   -    -    -    -    -    -    (1,638)   (1,638)   (110)   (1,748)
                                                   
Balances, September 30, 2020   -   $-    11,467   $11   $211,587   $(890)  $(194,813)  $15,895   $(2,912)  $12,983 

  

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

1Preferred Shares Issued per series can be found under the equity footnote (see Note 4).

4

 

 

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

   Nine months ended
September 30,
 
   2020   2019 
Cash flows from operating activities:        
Net loss (including noncontrolling interests)  $(4,626)  $(3,213)
Adjustments to reconcile net loss to net cash used in operating activities:          
Bad debt expense   -    20 
Depreciation and amortization   567    650 
Amortization of operating lease right-of-use assets   289    298 
Changes in operating assets and liabilities:          
Accounts receivable and unbilled revenue, net   284    (128)
Projects in process   (3)   (8)
Inventory   (55)   (8)
Prepaid expenses and other current assets   (248)   (76)
Accounts payable and accrued expenses   310    (30)
Deferred revenues   73    (16)
Operating lease obligations   (298)   (362)
Net cash used in operating activities   (3,707)   (2,873)
           
Cash flows from investing activities:          
Purchase of property and equipment   (17)   (89)
Net cash used in investing activities   (17)   (89)
           
Cash flows from financing activities:          
Proceeds from issuance of preferred and common stock, net of offering costs   13,530    - 
    Proceeds from short term borrowings   966    - 
    Proceeds from short term tax credits   542    - 
Payments on short term borrowings   (516)   - 
    Payments on short term tax credits   (557)   - 
Principal payments on finance lease obligations   (185)   (403)
Payment of preferred dividend   (2)   - 
Net cash provided by (used in) financing activities   13,778    (403)
           
Effect of exchange rate changes on cash   (199)   (165)
           
Net increase (decrease) in cash   9,855    (3,530)
Cash at beginning of period   2,357    6,555 
Cash at end of period  $12,212   $3,025 
           
Supplemental disclosure of cash flow information:          
Cash paid for income taxes  $10   $15 
Cash paid for interest  $25   $27 
Supplemental disclosure of non-cash investing and financing activities:          
Short-term borrowings and accrued interest settled for Series C-2 Preferred Stock  $516   $- 
Accrual of dividends  $31   $- 
Right-of-use asset obtained in exchange for lease obligation  $25   $- 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5

 

 

NEONODE INC.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

 

1. Interim Period Reporting

 

The accompanying unaudited interim condensed consolidated financial statements include all adjustments consisting of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations and cash flows for the interim periods presented. The results of operations for the nine months ended September 30, 2020 are not necessarily indicative of results for a full fiscal year or any other period.

 

The accompanying condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019 have been prepared by us, pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally contained in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

 

Operations

 

Neonode Inc., collectively with its subsidiaries is referred to as “Neonode” or the “Company”, develops optical touch and gesture control solutions for human interaction with devices and remote sensing solutions for driver monitoring and cabin monitoring features in automotive and other applications.

  

Our operations from January 1, 2020 focused on three different business areas, human machine interface (“HMI”) Solutions, HMI Products and Remote Sensing Solutions. In HMI Solutions, Neonode offers customized optical touch and gesture control solutions for many different markets and segments. In HMI Products, the Company provides plug-and-play sensor modules that enable touch on any surface, in-air touch, and gesture control for a wide range of applications. In Remote Sensing Solutions, Neonode offers driver and cabin monitoring solutions for vehicles based on the Company’s flexible, scalable and hardware-agnostic software platform.

 

Liquidity

 

We have incurred significant operating losses and negative cash flows from operations since our inception. The Company incurred net losses attributable to Neonode Inc. of approximately $1.6 million and $4.3 million and $1.1 million and $2.9 million for the three and nine months ended September 30, 2020 and 2019, respectively, and had an accumulated deficit of approximately $194.8 million and $190.5 million as of September 30, 2020 and December 31, 2019, respectively. In addition, operating activities used cash of approximately $3.7 million and $2.9 million for the nine months ended September 30, 2020 and 2019, respectively.

 

On June 17, 2020, the Company entered into short-term loan facilities (the “Loan Agreements”) with two entities beneficially owned respectively by each of Ulf Rosberg and Peter Lindell, directors of Neonode (each, a “Director”). Pursuant to the Loan Agreements, each Director made 16,145,000 SEK (Swedish Krona), which is approximately $1.7 million in U.S. dollars, principal amount available to the Company. The Company made an initial drawdown of an aggregate of approximately $1.0 million under the Loan Agreements.

 

On August 5, 2020, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with institutional and accredited investors as part of a private placement (the “Private Placement”).

 

On August 6, 2020, in connection with the Private Placement, Neonode designated (i) 365 shares of its authorized and unissued preferred stock as Series C-1 5% Convertible Preferred Stock (the “Series C-1 Preferred Stock”) by filing a Series C-1 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware and (ii) 4,084 shares of its authorized and unissued preferred stock as Series C-2 5% Convertible Preferred Stock (the “Series C-2 Preferred Stock”) by filing a Series C-2 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware. The Series C-1 Preferred Stock and Series C-2 Preferred Stock are substantially the same, except the conversion of the Series C-2 Preferred Stock requires additional shareholder approval in accordance with Nasdaq listing rules.

 

On August 7, 2020, Neonode issued 517 shares of Series C-2 Preferred Stock to UMR Invest AB, the entity beneficially owned by Ulf Rosberg, to repay the indebtedness and accrued interest under the Loan Agreement. To effect a similar transaction with entities beneficially owned by the other Director, Peter Lindell, (i) on August 7, 2020, at the closing of the Private Placement, Cidro Förvaltning AB paid for an additional 517 shares of Series C-2 Preferred Stock, and (ii) on August 10, 2020, the next business day after the closing of the Private Placement, Neonode repaid to Cidro Holding AB the debt and accrued interest due under the Loan Agreement, an amount that equaled the price of the 517 shares of Series C-2 Preferred Stock. As a result of the repayments to each Director, the Loan Agreements terminated in accordance with their terms.

   

The closing of the Private Placement occurred on August 7, 2020.

 

Pursuant to the Securities Purchase Agreement, Neonode issued a total of 1,611,845 shares of common stock (the “Common Shares”) at a price of $6.50 per Common Share, and a total of 3,415 shares with a conversion price of $6.50 per share and a stated value of $1,000 of Series C-1 Preferred Stock and Series C-2 Preferred Stock, for an aggregate purchase price of $13.9 million in gross proceeds. 

6

 

 

Ulf Rosberg and Peter Lindell, directors of Neonode, and Urban Forssell the Chief Executive Officer of Neonode purchased an aggregate of $3.1 million of the Series C-2 Preferred Stock pursuant to the Securities Purchase Agreement.

 

The net proceeds of the Private Placement are being used for working capital purposes.

 

Pursuant to their terms and the provisions of the Securities Purchase Agreement, the Series C-1 Preferred Stock and Series C-2 Preferred Stock (together, the “Preferred Shares”) were converted into 684,378 shares of Neonode common stock. The holders of the Preferred Shares were entitled to receive dividends at the rate per share of 5% per annum, totaling $33,000. As of September 30, 2020, $2,000 of preferred dividends had been paid and $31,000 was accrued.

 

In connection with the Securities Purchase Agreement, Neonode entered into a Registration Rights Agreement (the “Registration Rights Agreement”) pursuant to which Neonode filed a registration statement with the Securities and Exchange Commission (the “SEC”) relating to the offer and sale by the holders of the Common Shares, and the shares of common stock that were underlying the Preferred Shares. Pursuant to the Registration Rights Agreement, Neonode was obligated to file the registration statement within 30 calendar days and to use reasonable best efforts to cause the registration statement to be declared effective within 75 calendar days. The registration statement was declared effective by the SEC on September 18, 2020. Failure to maintain the effective registration of the Common Shares and the shares of common stock underlying the Preferred Shares will subject Neonode to payment for liquidated damages.

 

In connection with the Private Placement, Neonode incurred total offering costs of $879,000.

 

The condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates continuity of operations and the realization of assets and the repayment of liabilities in the ordinary course of business. Management evaluated the significance of the Company’s operating loss and determined that the Company’s cash position after the Private Placement, current operating plan and sources of potential capital would be sufficient to alleviate concerns about the Company’s ability to continue as a going concern.

 

We expect our revenues from our three business areas will enable us to reduce our operating losses in coming years. In addition, we intend to continue to implement various measures to improve our operational efficiencies. No assurances can be given that management will be successful in meeting its revenue targets and reducing its operating loss.

 

In the future, we may require sources of capital in addition to cash on hand to continue operations and to implement our strategy. If our operations do not become cash flow positive, we may be forced to seek equity investments or debt arrangements. No assurances can be given that we will be successful in obtaining such additional financing on reasonable terms, or at all. If adequate funds are not available on acceptable terms, or at all, we may be unable to adequately fund our business plans and it could have a negative effect on our business, results of operations and financial condition. In addition, if funds are available, the issuance of equity securities or securities convertible into equity could dilute the value of shares of our common stock and cause the market price to fall, and the issuance of debt securities could impose restrictive covenants that could impair our ability to engage in certain business transactions.

  

2. Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Neonode Inc. and its wholly owned subsidiaries, as well as Pronode Technologies AB, a 51% majority owned subsidiary of Neonode Technologies AB. The remaining 49% of Pronode Technologies AB is owned by 2X Communication AB, located in Gothenburg, Sweden. Pronode Technologies AB was organized to manufacture and sell our sensor modules. All inter-company accounts and transactions have been eliminated in consolidation.

 

Neonode consolidates entities in which it has a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights.

 

The condensed consolidated balance sheets at September 30, 2020 and December 31, 2019 and the condensed consolidated statements of operations, comprehensive loss, stockholders’ equity for the three and nine months ended September 30, 2020 and 2019 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 include our accounts and those of our wholly owned subsidiaries as well as Pronode Technologies AB.

 

Estimates and Judgments

 

The preparation of financial statements in conformity with U.S. GAAP requires making estimates and judgments that affect, at the date of the financial statements, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Actual results could differ from these estimates and judgments.

  

7

 

 

Significant estimates and judgments include, but are not limited to: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, the standalone selling price of performance obligations, and transaction prices and assessing transfer of control; measuring variable consideration and other obligations such as product returns and refunds, and product warranties; provisions for uncollectible receivables; determining the net realizable value of inventory; recoverability of capitalized project costs and long-lived assets; for leases, determining whether a contract contains a lease, allocating consideration between lease and non-lease components, determining incremental borrowing rates, and identifying reassessment events, such as modifications; the valuation allowance related to our deferred tax assets; and the fair value of options issued for stock-based compensation. 

 

Cash and Cash Equivalents

 

We have not had any liquid investments other than normal cash deposits with bank institutions to date. The Company considers all highly liquid investments with original maturities of three months of less to be cash equivalents.

 

Concentration of Cash Balance Risks

 

Cash balances are maintained at various banks in the U.S., Japan, Korea, Taiwan and Sweden. For deposits held with financial institutions in the U.S., the U.S. Federal Deposit Insurance Corporation, provides basic deposit coverage with limits up to $250,000 per owner. The Swedish government provides insurance coverage up to 950,000 Krona per customer and covers deposits in all types of accounts. For bank accounts of the category held by Neonode, the Japanese government provides full insurance coverage. The Korea Deposit Insurance Corporation provides insurance coverage up to 50,000,000 Won per customer. The Central Deposit Insurance Corporation in Taiwan provides insurance coverage up to 3,000,000 Taiwan Dollar per customer. At times, deposits held with financial institutions may exceed the amount of insurance provided.

  

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable is stated at net realizable value. Our policy is to maintain allowances for estimated losses resulting from the inability of our customers to make required payments. Credit limits are established through a process of reviewing the financial history and stability of each customer. Should all efforts fail to recover the related receivable, we will write off the account. We also record an allowance for all customers based on certain other factors including the length of time the receivables are past due and historical collection experience with customers. Our allowance for doubtful accounts was approximately $82,000 as of September 30, 2020 and $85,000 as of December 31, 2019.

 

Projects in Process

 

Projects in process consist of costs incurred toward the completion of various projects for certain customers. These costs are primarily comprised of direct engineering labor costs and project-specific equipment costs. These costs are capitalized on our balance sheet as an asset and deferred until revenue for each project is recognized in accordance with our revenue recognition policy. Costs capitalized in projects in process were $11,000 and $8,000 as of September 30, 2020 and December 31, 2019, respectively.

 

Inventory

 

Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out (“FIFO”) valuation method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period.

 

Due to the low sell-through of our AirBar products, management has decided to reserve work-in-process for AirBar components, as well as AirBar-related raw materials. Management has further decided to reserve for a portion of AirBar finished goods, depending on type of AirBar and in which location it is stored.

 

To protect our manufacturing partner from losses in relation to AirBar production, we agreed to secure the value of the inventory with a bank guarantee covering the production of 20,000 AirBars. Excess inventory was purchased from our manufacturing partner in 2019 and has been fully reserved.

 

In total, the AirBar reserve was $0.7 million and $0.8 million as of September 30, 2020 and December 31, 2019, respectively.

 

The Company’s inventory consists primarily of components that will be used in the manufacturing of our sensor modules. We classify inventory for reporting purposes as raw materials, work-in-process, and finished goods.

 

Raw materials, work-in-process, and finished goods are as follows (in thousands):

 

   September 30,   December 31, 
   2020   2019 
Raw materials  $373   $396 
Work-in-process   183    186 
Finished goods   572    448 
Ending inventory  $1,128   $1,030 

8

 

 

Investment in Joint Venture

 

We invested $3,000 in a 50% interest in Neoeye AB. We account for our investment using the equity method of accounting because the investment provides us the ability to exercise significant influence, but not control, over the investee. We are not required to guarantee any obligations of the joint venture and there have been no operations of Neoeye through September 30, 2020.

 

Property and Equipment

 

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon estimated useful lives of the assets as follows:

 

Estimated useful lives

 

Computer equipment   3 years 
Furniture and fixtures   5 years 
Equipment   7 years 

 

Equipment purchased under a finance lease is recognized over the term of the lease if that lease term is shorter than the estimated useful life.

  

Upon retirement or sale of property and equipment, cost and accumulated depreciation and amortization are removed from the accounts and any gains or losses are reflected in the condensed consolidated statement of operations. Maintenance and repairs are charged to expense as incurred. 

 

Right of Use Assets

 

A right-of-use asset represents a lessee’s right to use a leased asset for the term of the lease. Our right-of-use assets generally consist of operating leases for buildings and finance leases for manufacturing equipment.

 

Right-of-use assets are measured initially at the present value of the lease payments, plus any lease payments made before a lease began and any initial direct costs, such as commissions paid to obtain a lease.

 

Right-of-use assets are subsequently measured at the present value of the remaining lease payments, adjusted for incentives, prepaid or accrued rent, and any initial direct costs not yet expensed.

    

Long-lived Asset Recoverability

 

We assess the recoverability of long-lived assets by estimating the future cash flow from the associated assets in accordance with relevant accounting guidance. If the estimated undiscounted future cash flow related to these assets decreases or the useful life is shorter than originally estimated, we may incur charges for impairment of these assets. As of September 30, 2020, we believe there was no impairment of our long-lived assets. There can be no assurance, however, that market conditions will not change or sufficient demand for our products and services will continue, which could result in impairment of long-lived assets in the future.

 

Foreign Currency Translation and Transaction Gains and Losses

 

The functional currency of our foreign subsidiaries is the applicable local currency, the Swedish Krona, the Japanese Yen, the South Korean Won and the Taiwan Dollar. The translation from Swedish Krona, Japanese Yen, South Korean Won and Taiwan Dollar to U.S. Dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using a weighted-average exchange rate during the period. Gains or (losses) resulting from translation are included as a separate component of accumulated other comprehensive income (loss). Foreign currency translation gains (losses) were $(228,000) and $(251,000) and $(145,000) and $(300,000) during the three and nine months ended September 30, 2020 and 2019, respectively. Gains (losses) resulting from foreign currency transactions are included in general and administrative expenses in the accompanying condensed consolidated statements of operations and were $(135,000) and $(149,000) during the three and nine months ended September 30, 2020, respectively, compared to $56,000 and $170,000 during the same periods in 2019, respectively.

 

9

 

 

Concentration of Credit and Business Risks

 

Our customers are located in U.S., Europe and Asia.

 

As of September 30, 2020, four customers represented approximately 75% of our consolidated accounts receivable and unbilled revenues.

 

As of December 31, 2019, three customers represented approximately 72% of our consolidated accounts receivable and unbilled revenues.

 

Customers who accounted for 10% or more of our net revenues during the three months ended September 30, 2020 are as follows:

  

  Hewlett-Packard Company – 31%
     
  LG Electronics Inc. – 16%
     
  Seiko Epson Corporation – 13%
     
  Alpine Electronics, Inc – 12%

 

Customers who accounted for 10% or more of our net revenues during the nine months ended September 30, 2020 are as follows:

 

  Hewlett-Packard Company – 32%
     
  Seiko Epson Corporation – 19%
     
  Alpine Electronics, Inc – 15%

 

Customers who accounted for 10% or more of our net revenues during the three months ended September 30, 2019 are as follows:

 

  Hewlett Packard Company – 34%
     
  Seiko Epson Corporation – 18%
     
  Alpine Electronics, Inc – 20%

 

Customers who accounted for 10% or more of our net revenues during the nine months ended September 30, 2019 are as follows:

 

  Hewlett Packard Company – 39%
     
  Seiko Epson Corporation – 15%
     
  Alpine Electronics, Inc – 14%

 

10

 

 

Revenue Recognition

 

We recognize revenue when control of products is transferred to our customers, and when services are completed and accepted by our customers. The amount of revenue we recognize reflects the consideration we expect to receive for those products or services. Our contracts with customers may include combinations of products and services, for example, a contract that includes products and related engineering services. We structure our contracts such that distinct performance obligations, such as product sales or license fees, and related engineering services, are clearly defined in each contract.

 

Sales of license fees and AirBar and sensor modules are on a per-unit basis; therefore, we generally satisfy performance obligations as units are shipped to our customers. Non-recurring engineering service performance obligations are satisfied as work is performed and accepted by our customers.

 

We recognize revenue net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. We treat all product shipping and handling charges (regardless of when they occur) as activities to fulfil the promise to transfer goods, therefore we treat all shipping and handling charges as expenses.

 

Revenues from our business areas derive from three different revenue streams: license fees, non-recurring engineering fees and the sale of sensor modules.

 

Licensing Revenues:

 

We earn revenue from licensing our internally developed intellectual property (“IP”). We enter into IP licensing agreements that generally provide licensees the right to incorporate our IP components in their products, with terms and conditions that vary by licensee. Fees under these agreements may include license fees relating to our IP, and royalties payable to us following the distribution by our licensees of products incorporating the licensed technology. The license for our IP has standalone value and can be used by the licensee without maintenance and support.

 

For technology license arrangements that do not require significant modification or customization of the underlying technology, we recognize technology license revenue when the license is made available to the customer and the customer has a right to use that license. At the end of each reporting period, we record unbilled license fees, using prior royalty revenue data by customer to make accurate estimates of those royalties.

 

Explicit return rights are not offered to customers. There have been no returns through September 30, 2020.

 

Engineering Services:

 

For technology license or sensor module contracts that require modification or customization of the underlying technology to adapt that technology to customer use, we determine whether the technology license or sensor module, and engineering consulting services represent separate performance obligations. We perform our analysis on a contract-by-contract basis. If there are separate performance obligations, we determine the standalone selling price (“SSP”) of each separate performance obligation to properly recognize revenue as each performance obligation is satisfied. We provide engineering consulting services to our customers under a signed Statement of Work (“SOW”). Deliverables and payment terms are specified in each SOW. We generally charge an hourly rate for engineering services, and we recognize revenue as engineering services specified in contracts are completed and accepted by our customers. Any upfront payments we receive for future non-recurring engineering services are recorded as unearned revenue until that revenue is earned.

 

We believe that recognizing non-recurring engineering services revenues as progress towards completion of engineering services and customer acceptance of those services occurs best reflects the economics of those transactions, because engineering services as tracked in our systems correspond directly with the value to our customers of our performance completed to date. Hours performed for each engineering project are tracked and reflect progress made on each project and are charged at a consistent hourly rate.

 

11

 

 

Revenues from engineering services contracts that are short-term in nature are recorded when those services are complete and accepted by customers.

  

Revenues from engineering services contracts with substantive defined deliverables for which payment terms in the SOW are commensurate with the efforts required to produce such deliverables are recognized as they are completed and accepted by customers.

 

Estimated losses on all SOW projects are recognized in full as soon as they become evident. During the three and nine months ended September 30, 2020 and 2019, no losses related to SOW projects were recorded.

 

Optical Sensor Modules Revenues:

 

We earn revenue from sales of sensor modules hardware products to our OEM and Tier 1 supplier customers, who embed our hardware into their products, and from sales of branded consumer products (AirBar) that incorporate our sensor modules sold through distributors. These distributors are generally given business terms that allow them to return unsold inventory, receive credits for changes in selling prices, and participate in various cooperative marketing programs. Our sales agreements generally provide customers with limited rights of return and warranty provisions. 

 

Because we generally use distributors to provide AirBar and sensor modules to our customers, we analyze the terms of distributor agreements to determine when control passes from us to our distributors. For sales of AirBar and sensor modules sold through distributors, revenues are recognized when our distributors obtain control over our products. Control passes to our distributors when we have a present right to payment for products sold to distributors, the distributors have legal title to and physical possession of products purchased from us, and the distributors have significant risks and rewards of ownership of products purchased.

 

Under U.S. GAAP, companies may make reasonable aggregations and approximations of returns data to accurately estimate returns. Our sensor modules returns and warranty experience to date has enabled us to make reasonable returns estimates, which are supported by the fact that our product sales involve homogenous transactions. The reserve for future sales returns is recorded as a reduction of our accounts receivable and revenue and was insignificant as of September 30, 2020 and 2019. If the actual future returns were to deviate from the historical data on which the reserve had been established, our revenue could be adversely affected.

 

12

 

 

The following tables present disaggregated revenues by market for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands):

 

   Three months ended
September 30,
2020
   Three months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
Net revenues from automotive  $538    44%  $401    33%
Net revenues from consumer electronics   673    56%   813    67%
   $1,211    100%  $1,214    100%
                     
HMI Products                    
Net revenues from automotive  $-    0%  $8    8%
Net revenues from medical   56    20%   33    35%
Net revenues from distributors and other   228    80%   55    57%
   $284    100%  $96    100%

 

   Nine months ended
September 30,
2020
   Nine months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
Net revenues from automotive  $1,079    35%  $1,337    29%
Net revenues from consumer electronics   1,992    65%   3,288    71%
   $3,071    100%  $4,625    100%
                     
HMI Products                    
Net revenues from automotive  $15    3%  $9    2%
Net revenues from medical   159    33%   93    23%
Net revenues from distributors and other   302    64%   305    75%
   $476    100%  $407    100%

 

Significant Judgments

 

Our contracts with customers may include promises to transfer multiple products and services to a customer, particularly when the contract is for a product and related engineering services fees for customizing that product for our customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately may require significant judgment. Judgment may also be required to determine the SSP for each distinct performance obligation identified, although we generally structure our contracts such that performance obligations and pricing for each performance obligation are specifically addressed. We currently have no outstanding contracts with multiple performance obligations.

 

Judgment is also required to determine when control of products passes from us to our distributors, as well as the amounts of product that may be returned to us. Our products are sold with a right of return, and we may provide other credits or incentives to our customers, which could result in variability when determining the amount of revenue to recognize. At the end of each reporting period, we use product returns history and additional information that becomes available to estimate returns and credits. We do not recognize revenue if it is probable that a significant reversal of any incremental revenue would occur.

 

Judgment is further required to determine the amount of unbilled license fees at the end of each reporting period.

 

Contract Balances

 

Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when we have an unconditional right to receive future payments from customers, and we record unearned deferred revenue when we receive prepayments or upfront payments for goods or services from our customers.

 

13

 

 

The following table presents accounts receivable and deferred revenues as of September 30, 2020 and December 31, 2019 (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Accounts receivable and unbilled revenue  $1,044   $1,324 
Deferred revenues   143    67 

 

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled revenues (contract assets), and customer advances and deposits or deferred revenue (contract liabilities) on the consolidated balance sheets. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets which are generally classified as current. The Company sometimes receives advances or deposits from its customers before revenue is recognized, which are reported as contract liabilities and are generally classified as current. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period.

 

We do not anticipate impairment of our contract asset related to license fee revenues, given the creditworthiness of our customers whose invoices comprise the balance in that asset account. We will continue to monitor the timeliness of receipts from those customers, however, to assess whether the contract asset has been impaired.

 

The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Our allowance for doubtful accounts was approximately $82,000 as of September 30, 2020 and $85,000 as of December 31, 2019.

 

Payment terms and conditions vary by the type of contract; however, payments generally occur 30-60 days after invoicing for license fees and sensor modules to our resellers and distributors. Where revenue recognition timing differs from invoice timing, we have determined that our contracts do not include a significant financing component. Our intent is to provide our customers with consistent invoicing terms for the convenience of our customers, not to receive financing from our customers.

    

Costs to Obtain Contracts

 

We record the incremental costs of obtaining a contract with a customer as an asset, if we expect the benefit of those costs to cover a period greater than one year. We currently have no incremental costs that must be capitalized.

 

We expense as incurred costs of obtaining a contract when the amortization period of those costs would have been less than or equal to one year.

 

Product Warranty

 

The following table summarizes the activity related to the product warranty liability (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Balance at beginning of period  $24   $17 
Provisions for warranty issued   13    7 
Balance at end of period  $37   $24 

 

The Company accrues for warranty costs as part of its cost of sales of sensor modules based on estimated costs. The Company’s products are generally covered by a warranty for a period of 12 to 36 months from the customer receipt of the product.

 

14

 

 

Deferred Revenues

 

Deferred revenues consist primarily of prepayments for license fees, and other products or services for which we have been paid in advance and earn the revenue when we transfer control of the product or service. Deferred revenues may also include upfront payments for consulting services to be performed in the future, such as non-recurring engineering services.

 

We defer license fees until we have met all accounting requirements for revenue recognition, which is when a license is made available to a customer and that customer has a right to use the license. Engineering development fee revenues are deferred until engineering services have been completed and accepted by our customers.

 

The following table presents our deferred revenues (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Deferred revenues HMI Solutions  $41   $37 
Deferred revenues HMI Products   102    30 
   $143   $67 

  

During the three and nine months ended September 30, 2020, the Company recognized revenues of approximately $7,000 and $39,000, respectively, related to contract liabilities outstanding at the beginning of the year.

 

Product Backlog

 

Our sensor module product backlog at September 30, 2020 was approximately $495,000. The product backlog includes orders confirmed for products planned to be shipped within the next 3 quarters to 3 customers. Our cycle time between order and shipment is generally short and customers occasionally change delivery schedules. As a result, we do not believe that our product backlog, as of any particular date, is necessarily indicative of actual product revenue for any future period.

 

Advertising

 

Advertising costs are expensed as incurred. Advertising costs for the three and nine months ended September 30, 2020 and 2019 amounted to approximately $27,000 and $43,000 and $18,000 and $66,000, respectively.

  

Research and Development

 

Research and development (“R&D”) costs are expensed as incurred. R&D costs consist primarily of personnel related costs in addition to external consultancy costs such as testing, certifying and measurements.

 

Stock-Based Compensation Expense

 

We measure the cost of employee services received in exchange for an award of equity instruments, including share options, based on the estimated fair value of the award on the grant date, and recognize the value as compensation expense over the period the employee is required to provide services in exchange for the award, usually the vesting period.

 

We account for equity instruments issued to non-employees at their estimated fair value.

 

When determining stock-based compensation expense involving options and warrants, we determine the estimated fair value of options and warrants using the Black-Scholes option pricing model.

 

Noncontrolling Interests

 

The Company recognizes noncontrolling interests as equity in the condensed consolidated financial statements separate from the parent company’s equity. Noncontrolling interests’ partners have less than 50% share of voting rights at any one of the subsidiary level companies. The amount of net income (loss) attributable to non-controlling interests is included in consolidated net income (loss) on the face of the condensed consolidated statements of operations. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income (loss) when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the noncontrolling equity investment on the deconsolidation date. Additionally, operating losses are allocated to noncontrolling interests even when such allocation creates a deficit balance for the noncontrolling interest partner.

 

15

 

 

The Company provides either in the condensed consolidated statement of stockholders’ equity, if presented, or in the notes to condensed consolidated financial statements, a reconciliation at the beginning and the end of the period of the carrying amount of total equity (net assets), equity (net assets) attributable to the parent, and equity (net assets) attributable to the noncontrolling interest that separately discloses:

 

  (1) Net income or loss;
     
  (2) Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners; and
     
  (3) Each component of other comprehensive income or loss.

  

Income taxes

 

We recognize deferred tax liabilities and assets for the expected future tax consequences of items that have been included in the consolidated financial statements or tax returns. We estimate income taxes based on rates in effect in each of the jurisdictions in which we operate. Deferred income tax assets and liabilities are determined based upon differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The realization of deferred tax assets is based on historical tax positions and expectations about future taxable income. Valuation allowances are recorded against net deferred tax assets when, in our opinion, realization is uncertain based on the “more likely than not” criteria of the accounting guidance.

 

Based on the uncertainty of future pre-tax income, we fully reserved our net deferred tax assets as of September 30, 2020 and December 31, 2019. In the event we were to determine that we would be able to realize our deferred tax assets in the future, an adjustment to the deferred tax asset would increase income in the period such determination was made. The provision for income taxes represents the net change in deferred tax amounts, plus income taxes paid or payable for the current period.

 

We follow U.S. GAAP related accounting for uncertainty in income taxes, which provisions include a two-step approach to recognizing, de-recognizing and measuring uncertainty in income taxes. As a result, we did not recognize a liability for unrecognized tax benefits. As of September 30, 2020, and December 31, 2019, we had no unrecognized tax benefits. 

  

Net Loss per Share

 

Net loss per share amounts has been computed based on the weighted average number of shares of common stock outstanding during the three and nine months ended September 30, 2020 and 2019, respectively. Net loss per share, assuming dilution amounts from common stock equivalents, is computed based on the weighted-average number of shares of common stock and potential common stock equivalents outstanding during the period. The weighted-average number of shares of common stock and potential common stock equivalents used in computing the net loss per share for the three and nine months ended September 30, 2020 and 2019 exclude the potential common stock equivalents, as the effect would be anti-dilutive (see Note 9).

 

Other Comprehensive Income (Loss)

 

Our other comprehensive income (loss) includes foreign currency translation gains and losses. The cumulative amount of translation gains and losses are reflected as a separate component of stockholders’ equity in the condensed consolidated balance sheets.

 

Cash Flow Information

 

Cash flows in foreign currencies have been converted to U.S. Dollars at an approximate weighted-average exchange rate for the respective reporting periods. The weighted-average exchange rate for the condensed consolidated statements of operations was as follows:

 

    Nine months ended
September 30,
 
    2020     2019  
Swedish Krona     9.41       9.41  
Japanese Yen     107.52       109.11  
South Korean Won     1,199.94       1,162.54  
Taiwan Dollar     29.78       31.04  

 

Exchange rate for the consolidated balance sheets was as follows:

 

    As of  
    September 30,     December 31,  
    2020     2019  
Swedish Krona     8.96       9.34  
Japanese Yen     105.55       108.66  
South Korean Won     1,165.32       1,154.56  
Taiwan Dollar     28.94       30.00  

 

16

 

 

Fair Value of Financial Instruments

 

We disclose the estimated fair values for all financial instruments for which it is practicable to estimate fair value. Financial instruments including cash, accounts receivable, accounts payable, accrued expenses and short-term borrowings and are deemed to approximate fair value due to their short maturities.

 

New Accounting Pronouncements

 

In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”), supplemented by subsequent accounting standards updates. The new standard requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13, as amended, is scheduled to become effective for fiscal years beginning after December 15, 2023, with early adoption permitted. In the future, we will evaluate the impact that ASU 2016-13, as amended, will have on our consolidated financial statements, specifically regarding our trade receivables; however, we do not expect any significant impact from implementation of the new standard.

 

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Tax, which simplifies the accounting for income taxes. ASU 2019-12 will become effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact ASU 2019-12 will have on our consolidated financial statements.

 

Reclass of Presentation in our Condensed Consolidated Statements of Operations

 

Since January 1, 2020, we have allocated revenue to our new business areas - HMI Solutions, HMI Products and Remote Sensing Solutions - rather than by our revenue streams - license fees, sensor module sale and non-recurring engineering fees. The presentation in our condensed consolidated statements of operations has been changed accordingly. Revenues from HMI Solutions include license fees and non-recurring engineering fees while HMI Products include sensor module sales and non-recurring engineering fees. We expect that future revenues within our Remote Sensing Solutions business area will be derived from license fees and non-recurring engineering fees.

 

3. Short-Term Borrowings

 

During the nine months ended September 30, 2020, the Company was granted a credit from the Swedish Tax Authority covering social charges and staff withholding taxes relating to January through March 2020 payroll, as part of Swedish governmental COVID-19 support. The total amount was $563,000 and the credit was for 12 months but could be repaid earlier if desired. There was a 1.25% annual non-deductible interest and a credit fee of 0.2% from the seventh month of the granted credit. The tax credit was repaid in August 2020 along with interest of $2,000.

 

On June 17, 2020, the Company entered into short-term loan facilities (the “Loan Agreements”) with two entities beneficially owned respectively by each of Ulf Rosberg and Peter Lindell, directors of Neonode (each, a “Director”). Pursuant to the Loan Agreements, each entity beneficially owned by the Director made approximately $1.7 million in U.S. dollars principal amount available to the Company. The Company made an initial drawdown of an aggregate of approximately $1.0 million under the Loan Agreement.

 

Each of the Loan Agreements provided for a credit fee of 0.75% per annum, calculated on a daily basis from the date of the Loan Agreement, and any outstanding amount incurred interest at a fixed rate of 3.25% per annum, calculated on a daily basis from the drawdown date. Drawdowns under the Loan Agreements became unavailable upon the earlier to occur of the execution of a capital raise by Neonode or December 31, 2020. Upon completion of a capital raise before December 31, 2020, any outstanding amount under the Loan Agreements, including any credit fee and interest, became payable as soon as practicably possible after such capital raise. If a capital raise was not completed by December 31, 2020, or if the funds from the capital raise were insufficient to repay the full outstanding amount under the Loan Agreements, then the outstanding amount under the Loan Agreements, including any credit fee and interest, would have become due and payable on February 28, 2021.

 

On August 7, 2020, Neonode issued 517 shares of Series C-2 Preferred Stock to UMR Invest AB, the entity beneficially owned by Ulf Rosberg, to repay the indebtedness and accrued interest under the Loan Agreement. To effect a similar transaction with entities beneficially owned by the other Director, Peter Lindell, (i) on August 7, 2020, at the closing of the Private Placement, Cidro Förvaltning AB paid for an additional 517 shares of Series C-2 Preferred Stock, and (ii) on August 10, 2020, the next business day after the closing of the Private Placement, Neonode repaid to Cidro Holding AB the debt and accrued interest due under the Loan Agreement, an amount that equaled the price of the 517 shares of Series C-2 Preferred Stock. As a result of the repayments to each Director, the Loan Agreements terminated in accordance with their terms.

 

17

 

 

4. Stockholders’ Equity

 

Common Stock

 

See Note 1 for activities that affected common stock during the three and nine months ended September 30, 2020.

 

At the Annual Meeting of our Company held on September 29, 2020, stockholders approved a proposal to increase the number of authorized common stock to 25,000,000 shares. Accordingly, on November 5, 2020, we filed an amendment to the Neonode Inc. Restated Certificate of Incorporation, as amended (our “Certificate of Incorporation”), with the Secretary of State of the State of Delaware to increase to 25,000,000 the number of authorized shares of our common stock.

 

Preferred Stock

 

On August 6, 2020, in connection with the closing of the Private Placement, the Company designated (i) 365 shares of its authorized and unissued preferred stock as Series C-1 Preferred Stock by filing a Series C-1 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware and (ii) 4,084 shares of its authorized and unissued preferred stock as Series C-2 Preferred Stock by filing a Series C-2 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware.

 

The Series C-1 Preferred Stock and Series C-2 Preferred Stock (together, the “Preferred Shares”) were converted into 684,378 shares of Neonode common stock.

 

As of September 30, 2020, our Certificate of Incorporation authorized Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, and Series C-2 Preferred Stock.

 

During the year ended December 31, 2019, the only shares of our preferred stock issued and outstanding were Series B Preferred Stock. Effective July 1, 2019, all outstanding shares of our Series B Preferred Stock were converted into shares of our common stock.

  

The holders of the Preferred Shares were entitled to receive dividends at the rate per share of 5% per annum, totaling $33,000. As of September 30, 2020, $2,000 of preferred dividends had been paid and $31,000 was accrued.

 

No shares of preferred stock were issued and outstanding as of September 30, 2020.

 

Details of the preferred stock activities are set forth below:

 

   Series B Preferred Stock Shares Issued   Series B Preferred Stock Amount   Series C-1 Preferred Stock Shares Issued   Series C-1 Preferred Stock Amount   Series C-2 Preferred Stock Shares Issued   Series C-2 Preferred Stock Amount 
Balances, December 31, 2018   82   $-    -   $-    -   $- 
                               
Balances, March 31, 2019   82   $-    -   $-    -   $- 
                               
Conversion of Series B Preferred Stock to common stock   (2)  $-    -   $-    -   $- 
                               
Balances, June 30, 2019   80   $     -         -   $-    -   $- 
                               
Conversion of Series B Preferred Stock to common stock   (80)  $-    -   $-    -   $- 
                               
Balances, September 30, 2019   -   $-    -   $-    -   $- 
                               
Balances, December 31, 2019   -   $-    -   $-    -   $- 
                               
Balances, March 31, 2020   -   $-    -   $-    -   $- 
                               
Balances, June 30, 2020   -   $-    -   $-    -   $- 
                               
Issuance of Preferred Shares for cash   -   $-    365   $365    3,567   $3,567 
                               
Series C-2 Preferred Stock issued for repayment of short-term borrowings and accrued interest   -    -    -    -    517    517 
                               
Conversion of Preferred Shares to common stock   -   $-    (365)  $(365)   (4,084)  $(4,084)
                               
Balances, September 30, 2020   -   $-    -   $-    -   $- 

18

 

 

Warrants

 

As of September 30, 2020 and December 31, 2019, the Company had 431,368 warrants to purchase common stock outstanding.

 

5. Stock-Based Compensation

 

There was no stock-based compensation expense for the three and nine months ended September 30, 2020 and 2019 and there is no remaining unrecognized stock-based compensation expense related to stock options as of September 30, 2020.

 

The estimated fair value of stock-based awards is calculated using the Black-Scholes option pricing model, even though this model was developed to estimate the fair value of freely tradable, fully transferable options without vesting restrictions, which differ significantly from our stock options. The Black-Scholes model also requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. The expected term and forfeiture rate of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior, as well as expected behavior on outstanding options. The risk-free rate is based on the U.S. Treasury rates in effect during the corresponding period of grant. The expected volatility is based on the historical volatility of our stock price. These factors could change in the future, which would affect fair values of stock options granted in such future periods and could cause volatility in the total amount of the stock-based compensation expense reported in future periods.

 

Stock Options

 

We have adopted equity incentive plans for which stock options and restricted stock awards are available to grant to employees, consultants and directors. All employee, consultant and director stock options granted under our stock option plans have an exercise price equal to the market value of the underlying common stock on the grant date. There are no vesting provisions tied to performance conditions for any options, as vesting for all outstanding option grants was based only on continued service as an employee, consultant or director. All of our outstanding stock options and restricted stock awards are classified as equity instruments.

 

As of September 30, 2020, we had three equity incentive plans:

 

  The 2006 Equity Incentive Plan (the “2006 Plan”);
     
 

The 2015 Stock Incentive Plan (the “2015 Plan”); and

 

  The 2020 Stock Incentive Plan (the “2020 Plan”).

 

Both the 2006 Plan and the 2015 Plan have terminated with respect to additional awards. However, shares issuable pursuant to previously awarded stock options may still be exercised in accordance with their terms.

 

A summary of the combined activity under all of the stock option plans is set forth below:

 

   Number of
Options
Outstanding
   Weighted
Average
Exercise
Price
 
Outstanding at January 1, 2020   52,500   $27.51 
Cancelled   (42,000)   22.52 
Outstanding at September 30, 2020   10,500   $29.61 

 

The aggregate intrinsic value of the 10,500 stock options that are outstanding, vested and expected to vest as of September 30, 2020 was $0.

 

For the three and nine months ended September 30, 2020 and 2019, we recorded no compensation expense related to the vesting of stock options. The fair value of the stock-based compensation was calculated using the Black-Scholes option pricing model as of the date of grant of the stock option.

 

19

 

 

During the three and nine months ended September 30, 2020, we did not grant any options to purchase shares of our common stock to employees or members of our board of directors.

 

Stock options granted under the 2006 and 2015 Plans are exercisable over a maximum term of ten years from the date of grant, vest in various installments over a one to four-year period and have exercise prices reflecting the market value of the shares of common stock on the date of grant.

 

6. Commitments and Contingencies

 

Litigation

 

On August 26, 2020, a putative stockholder of Neonode filed a purported class action lawsuit (C.A. No. 2020-0701-AGB) in the Delaware Court of Chancery against Neonode and the Board of Directors of Neonode for alleged breach of fiduciary duty in connection with disclosure of information concerning Proposal 5 and Proposal 6 in the proxy statement filed with the SEC by Neonode on August 20, 2020 for the 2020 Annual Meeting of Stockholders of Neonode (the “Proxy Statement”). These proposals for shareholder approval related to the Private Placement by Neonode on August 5, 2020 in which two directors and the chief executive officer of Neonode participated. The relief sought by the plaintiff included a preliminary injunction to enjoin the stockholder votes on Proposal 5 and Proposal 6. On September 13, 2020, the plaintiff amended his complaint to also enjoin the stockholder vote on Proposal 1 in the Proxy Statement concerning election of directors. Neonode and the other named defendants believe that the disclosures set forth in the Proxy Statement complied fully with all applicable law, that no supplemental disclosure was required, and that the plaintiffs’ allegations are without merit. However, in an effort to avoid the nuisance and ongoing expense relating to the claims in the lawsuit, Neonode filed definitive additional materials to the Proxy Statement on September 18, 2020. The plaintiff withdrew his motion to preliminarily enjoin the stockholder votes on Proposals 1, 5, and 6 based upon the definitive additional materials to the Proxy Statement. The lawsuit remains subject to final disposition, including the potential award of fees to the attorneys for the plaintiff.

 

On September 2, 2020, a separate putative stockholder of Neonode filed a purported class action lawsuit (Case No. 1:20-cv-01174-UNA) in the United States District Court for the District of Delaware against Neonode, the Board of Directors of Neonode, and the Chief Executive Officer of Neonode for alleged violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended, in connection with disclosure of information concerning Proposal 5 and Proposal 6 in the Proxy Statement, and generally containing the same substantive allegations as in the above previously-filed Delaware Court of Chancery action. On October 20, 2020, the plaintiff voluntarily dismissed the lawsuit in the United States District Court.

 

Operating expenses for the three and nine months ended September 30, 2020 include actual and estimated costs in relation to the above-referenced lawsuits.

 

Indemnities and Guarantees

 

Our bylaws require that we indemnify each of our executive officers and directors for certain events or occurrences arising because of the officer or director serving in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited. However, we have a directors’ and officers’ liability insurance policy that should enable us to recover a portion of future amounts paid. As a result of our insurance policy coverage, we believe the estimated fair value of these indemnification agreements is minimal and we have no liabilities recorded for these agreements as of September 30, 2020 and December 31, 2019.

 

We enter into indemnification provisions under our agreements with other companies in the ordinary course of business, typically with business partners, contractors, customers and landlords. Under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities or, in some cases, as a result of the indemnified party’s activities under the agreement. These indemnification provisions often include indemnifications relating to representations made by us regarding intellectual property rights. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited. We have not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, we believe the estimated fair value of these agreements is minimal. Accordingly, we have no liabilities recorded for these indemnification provisions as of September 30, 2020 and December 31, 2019.

 

One of our manufacturing partners has previously purchased material for the final assembly of AirBars. To protect the manufacturer from losses in relation to AirBar production, we agreed to secure the value of the inventory in a bank guarantee. The initial guarantee was for $345,000 and valid until December 31, 2019. Since the sale of AirBars has been lower than expected, a major part of the inventory at the manufacturer remained unused when the due date of the bank guarantee neared.

 

In November 2019, we agreed to decreased the bank guarantee to $210,000, covering the value of inventory for the production of 20,000 AirBars and in conjunction with this purchase the excess AirBar inventory for approximately $141,000. The current bank guarantee is valid until December 31, 2020.

 

Management’s judgment is that the bank guarantee is a contingent guarantee and management will record a liability when it is probable we will have to purchase the inventory. As of November 10, 2020, management’s judgment is that we will sell the remaining AirBars during 2020 and 2021 and thereby purchase the components and the assembly service from the manufacturing partner throughout the years. The bank guarantee is expected to be renewed at a lower amount reflecting the value of the remaining inventory at year-end. No liability has been recorded for the period ended September 30, 2020. 

20

 

 

Patent Assignment

 

On May 6, 2019, the Company assigned a portfolio of patents to Aequitas Technologies LCC (“Aequitas”). The portfolio contains two patent families comprising nine U.S. patents, five non-U.S. patents and three pending U.S. patent applications. The assignment provides the Company the right to share potential proceeds generated from a licensing and monetization program. As of September 30, 2020, there have been no proceeds from the agreement with Aequitas.

 

On July 11, 2020, Aequitas assigned 10 patents belonging to the one of the patent families back to Neonode based upon a determination by Aequitas not to enforce those particular patents.

 

On September 8, 2020, an Aequitas subsidiary, Neonode Smartphone LLC, filed patent infringement lawsuits against Apple Inc., and Samsung Electronics Co. Ltd. and Samsung Electronics America, Inc., in U.S. federal court in the Western District of Texas.

 

Non-Recurring Engineering Development Costs

 

On April 25, 2013, we entered into an Analog Device Development Agreement with an effective date of December 6, 2012 (the “NN1002 Agreement”) with Texas Instruments (“TI”) pursuant to which TI agreed to integrate our intellectual property into an application-specific integrated circuit (“ASIC”). Under the terms of the NN1002 Agreement, we agreed to pay TI $500,000 of non-recurring engineering costs at the rate of $0.25 per ASIC for each of the first 2 million ASICs sold. As of September 30, 2020, we had made no payments to TI under the NN1002 Agreement.

 

7. Segment Information

 

We have one reportable segment, which is comprised of the touch technology licensing and sensor module business. All of our sales for the three and nine months ended September 30, 2020 and 2019, respectively, were to customers located in the U.S., Europe and Asia. The Company reports revenues from external customers based on the country where the customer is located.

  

The following table presents net revenues by geographic area for the three and nine months ended September 30, 2020 and 2019, respectively, (dollars in thousands):

 

   Three months ended
September 30,
2020
   Three months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
United States  $486    33%  $548    42%
Japan   395    26%   498    38%
South Korea   240    16%   -    -%
China   154    10%   49    4%
Germany   130    9%   106    8%
Switzerland   54    4%   52    4%
Other   36    2%   57    3%
   $1,495    100%  $1,310    100%

 

   Nine months ended
September 30,
2020
   Nine months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
United States  $1,340    38%  $2,510    50%
Japan   1,229    35%   1,515    30%
Germany   274    8%   477    9%
South Korea   267    7%   -    -%
China   203    6%   177    4%
Switzerland   161    4%   109    2%
France   -    -%   152    3%
Other   72    2%   61    1%
   $3,547    100%  $5,032    100%

 

The following table presents our total assets by geographic region as of September 30, 2020 and December 31, 2019 (in thousands):

 

   September 30,
2020
   December 31,
2019
 
U.S.  $6,602   $2,898 
Sweden   9,914    4,430 
Asia   109    108 
Total  $16,625   $7,436 

 

21

 

 

8. Leases

 

We have operating leases for our corporate offices and our manufacturing facility, and finance leases for equipment. Our leases have remaining lease terms of two months to 2.42 years, and one of our two primary operating leases includes an option to extend the lease for another three years. This primary operating lease also includes an option to terminate the lease by October 1, 2021. The other primary operating lease has been terminated effective November 30, 2020 and a new lease has been signed for three years beginning December 1, 2020. Future renewal options that are not likely to be executed as of the balance sheet date are excluded from right-of-use assets and related lease liabilities.

 

We report operating lease assets, as well as operating lease current and noncurrent obligations on our consolidated balance sheets for the right to use those buildings in our business. Our finance leases represent manufacturing equipment. We report the manufacturing equipment, as well as finance lease current and noncurrent obligations on our consolidated balance sheets.

 

Generally, interest rates are stated in our leases for equipment. When no interest rate is stated in a lease, however, we review the interest rates implicit in our recent finance leases to estimate our incremental borrowing rate. We determine the rate implicit in a lease by using the most recent finance lease rate, or other method we think most closely represents our incremental borrowing rate.

 

The components of lease expense were as follows (in thousands):

 

   Three Months
Ended
September 30,
2020
   Nine Months Ended
September 30,
2020
 
Operating lease cost (1)  $139   $381 
           
Finance lease cost:          
Amortization of leased assets  $164   $467 
Interest on lease liabilities   3    15 
Total finance lease cost  $167   $482 

  

(1) Includes short term lease costs of $30,000 and $81,000 for the three and nine months ended September 30, 2020, respectively.

  

   Three Months
Ended
September 30,
2019
   Nine Months
Ended
September 30,
2019
 
Operating lease cost (1)  $145   $454 
           
Finance lease cost:          
Amortization of leased assets  $153   $471 
Interest on lease liabilities   8    26 
Total finance lease cost  $161   $497 

 

(1) Includes short term lease costs of $27,000 and $93,000 for the three and nine months ended September 30, 2019, respectively.

     

Supplemental cash flow information related to leases was as follows (in thousands):

 

   Three Months
Ended
September 30,
2020
   Nine Months
Ended
September 30,
2020
 
Cash paid for amounts included in leases:        
Operating cash flows from operating leases  $(115)  $(298)
Operating cash flows from finance leases   (3)   (15)
Financing cash flows from finance leases   (21)   (185)
           
Right-of-use assets obtained in exchange for lease obligations:          
Operating leases   25    - 

 

22

 

  

   Three months
ended
September 30,
   Nine months
ended
September 30,
 
   2019   2019 
Cash paid for amounts included in leases:        
Operating cash flows from operating leases  $(109)  $(298)
Operating cash flows from finance leases   (8)   (26)
Financing cash flows from finance leases   (131)   (403)
           
Right-of-use assets obtained in exchange for lease obligations:          
Operating leases   -    - 

 

Supplemental balance sheet information related to leases was as follows (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Operating leases        
Operating lease right-of-use assets  $155   $416 
           
Current portion of operating lease obligations  $118   $332 
Operating lease liabilities, net of current portion   -    58 
Total operating lease liabilities  $118   $390 
           
Finance leases          
Property and equipment, at cost  $3,491   $3,348 
Accumulated depreciation   (2,533)   (1,956)
Property and equipment, net  $958   $1,392 
           
Current portion of finance lease obligations  $650   $568 
Finance lease liabilities, net of current portion   277    508 
Total finance lease liabilities  $927   $1,076 

  

   September 30,
2020
   December 31,
2019
 
Weighted Average Remaining Lease Term        
Operating leases   0.7 years    1.2 years 
Finance leases   1.2 years    1.6 years 
           
Weighted Average Discount Rate          
Operating leases (2)   5%   5%
Finance leases   2%   2%

 

(2) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

    

A summary of future minimum payments under non-cancellable operating lease commitments as of September 30, 2020 is as follows (in thousands):

 

Years ending December 31,  Total 
2020 (remaining months)  $47 
2021   74 
    121 
Less imputed interest   (3)
Total lease liabilities  $118 

 

23

 

  

The following is a schedule of minimum future rentals on the non-cancellable finance leases as of September 30, 2020 (in thousands):

 

Year ending December 31,  Total 
2020 (remaining months)  $131 
2021   721 
2022   82 
2023   8 
Total minimum payments required:   942 
Less amount representing interest:   (15)
Present value of net minimum lease payments:   927 
Less current portion   (650)
   $277 

 

9. Net Loss per Share

 

Basic net loss per common share for the three and nine months ended September 30, 2020 and 2019 was computed by dividing the net loss attributable to common shareholders of Neonode Inc. for the relevant period by the weighted average number of shares of common stock outstanding. Diluted loss per common share is computed by dividing net loss attributable to common shareholders of Neonode Inc. by the weighted average number of shares of common stock and common stock equivalents outstanding.

 

Potential common stock equivalents of approximately 0 and 0 outstanding stock options and 0 and 0.3 million outstanding stock warrants under the treasury stock method, and 0 and 0 shares issuable upon conversion of preferred stock are excluded from the diluted earnings per share calculation for the three and nine months ended September 30, 2020 and 2019, respectively, due to their anti-dilutive effect.

 

(in thousands, except per share amounts)  Three months ended
September 30,
 
   2020   2019 
BASIC AND DILUTED        
Weighted average number of common shares outstanding   10,128    8,811 
Net loss attributable to common shareholders of Neonode Inc.  $(1,671)  $(1,086)
           
Net loss per share - basic and diluted  $(0.16)  $(0.12)

 

(in thousands, except per share amounts)  Nine months ended
September 30,
 
   2020   2019 
BASIC AND DILUTED        
Weighted average number of common shares outstanding   9,492    8,804 
Net loss attributable to common shareholders of Neonode Inc.  $(4,293)  $(2,923)
           
Net loss per share - basic and diluted  $(0.45)  $(0.33)

 

10. Subsequent Events

 

We have evaluated subsequent events through the filing date of this Form 10-Q, and determined that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes thereto other than as discussed elsewhere in the accompanying notes.

 

The extent of COVID-19’s effect on the Company's operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict considered the rapidly evolving landscape. The Company is constantly analyzing the potential impacts to all of its business areas. At this time, it is not possible to determine the magnitude of the overall impact of COVID-19 on the Company. The situation could have a material adverse effect on the Company’s condensed consolidated balance sheets, liquidity, and condensed consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows. The pandemic has, however, created an increased interest in the Company’s technology, which allows germ-free contactless touch on any surface.

 

24

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Forward Looking Statements

 

This Quarterly Report on Form 10-Q 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, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some forward-looking statements by the use of words such as “believe,” “anticipate,” “expect,” “intend,” “goal,” “plan,” and similar expressions. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect our future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to risks relating to the impact of the COVID-19 pandemic, our history of losses since inception, our dependence on a limited number of customers, our reliance on our customers’ ability to develop and sell products that incorporate our touch technology, the length of a product development and release cycle, our and our customers’ reliance on component suppliers, the difficulty in verifying royalty amounts owed to us, our limited experience manufacturing hardware devices, our ability to remain competitive in response to new technologies, our dependence on key members of our management and development team, the costs to defend, as well as risks of losing, patents and intellectual property rights, our ability to obtain adequate capital to fund future operations, the outcome and expense of lawsuits against us and our directors and officers (including the pending lawsuit in the Delaware Court of Chancery related to the Private Placement), our ability to terminate our registration as a U.S. public company, and the future status of our common stock listing on the Nasdaq Stock Market and potential listing on the Nasdaq Stockholm. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in our publicly available filings with the Securities and Exchange Commission. Forward-looking statements reflect our analysis only as of the date of this Quarterly Report on Form 10-Q. Because actual events or results may differ materially from those discussed in or implied by forward-looking statements made by us or on our behalf, you should not place undue reliance on any forward-looking statement. We do not undertake responsibility to update or revise any of these factors or to announce publicly any revision to forward-looking statements, whether as a result of new information, future events or otherwise.

 

The following discussion and analysis should be read in conjunction with the condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q and consolidated financial statements for the year ended December 31, 2019 included in our Annual Report on Form 10-K.

 

Neonode Inc., collectively with its subsidiaries, is referred to in this Form 10-Q as “Neonode”, “we”, “us”, “our”, “registrant”, or “Company”.

 

Overview

 

Neonode provides advanced optical sensing solutions for human-machine interface (“HMI”) and remote sensing solutions for driver and cabin monitoring features in automotive and other application areas.

 

We mainly operate in the business-to-business (“B2B”) markets.

    

HMI Solutions

 

We license our technology to Original Equipment Manufacturers (“OEMs”) and Tier 1 suppliers who embed our technology into products they develop, manufacture and sell. Since 2010, our HMI Solutions customers have sold approximately 77 million devices that use our technology and within this business area we derive revenues through technology licensing and engineering consulting services.

 

As of September 30, 2020, we had thirty-six valid technology license agreements with global OEMs, ODMs and Tier 1 suppliers.

 

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Our licensing customer base is primarily in the automotive and printer industries. Fifteen of our licensing customers are currently shipping products that embed our touch and gesture technology. We anticipate current and new customers will initiate product shipments throughout 2020 and in future years as they complete final product development and release cycles. Customer product development and release cycles typically take between 6 months to 36 months. We earn our license fees on a per unit basis when our customers ship products using our technology.

 

We also offer engineering consulting services to our licensing customers on a flat rate or hourly rate basis. Typically, our customers require engineering support during the development and initial manufacturing phase for their products using our technology.

  

HMI Products

 

In addition to our technical solutions business, we design and manufacture sensor modules that incorporate our patented technology. We sell our embedded sensors components to OEMs, Original Design Manufacturers (“ODMs”) and Tier 1 suppliers for use in their products. Within this business area we derive revenues through selling embedded sensor modules and engineering consulting services.

 

We utilize a robotic manufacturing process designed specifically for our components. Industry specific sensor modules with a common technology platform provides hardware touch, gesture and object sensing solutions that, paired with our technology licensing platform, gives us a full range of options to enter and compete in key markets.

 

We also offer engineering consulting services to our sensor module customers on a flat rate or hourly rate basis. Typically, our customers require hardware or software modifications of our standard products or support during the development and initial manufacturing phase for their products using our technology.

 

In October 2017, we began selling embedded sensor modules to business customers in the industrial and consumer electronics markets. Over time, we expect a significant portion of our revenues will be derived from the HMI Products business area. 

 

Our offerings include a consumer product, AirBar. As a plug and play accessory, AirBar enables touch and gesture functionality for notebook computers. AirBar is powered by our sensor modules. In 2016 and 2017, we began shipping 15.6 inch, 13.3 inch and 14 inch AirBar to distributors and customers in the United States and Europe. We have no current plans to develop new Neonode branded products for the consumer markets.

 

Remote Sensing Solutions

 

With this newly formed business area, we intend to address the demand for cost-effective driver and cabin monitoring systems. We have developed a software platform for driver and cabin monitoring that is flexible, scalable and hardware-agnostic, and uses computationally efficient machine-learning algorithms. Within this business area we expect to derive revenues through technology licensing and engineering consulting services.  

 

Impact of COVID-19

 

In December 2019, a novel strain of coronavirus disease (“COVID-19”) was first reported in Wuhan, China. Less than four months later, on March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. Our near term growth and overall business is being adversely impacted and we expect will continue to be adversely impact by COVID-19 and the related global economic slowdown. Although we anticipate potential additional demand in our contactless touch products, we expect COVID-19 will have negative effects on our customers’ businesses and their sales volumes. We are experiencing challenges in obtaining deliveries of components needed to manufacture our sensor modules and we may have difficulties delivering our products to our customers in time and at a reasonable cost. Our operations have been impacted as we paused business-related travel and our employees to a high extent work remotely. The extent of COVID-19’s impact on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict considered the rapidly evolving landscape. To mitigate the financial effects of the COVID-19 pandemic, we have undertaken cost-reduction measures. In particular, we implemented a Swedish government-backed program of short-term layoffs that resulted in the reduction of staff working hours by 20% between mid-April to mid-August. We are monitoring the impact of the COVID-19 pandemic and we may take further actions in response. There is a risk that we will not be successful in mitigating COVID-19’s impact on our business, and our sales may not increase in line with our expectations and our operating margins could fluctuate or decline.

 

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Results of Operations

 

A summary of our financial results is as follows (in thousands, except percentages):

 

    Three months ended
September 30,
    2020 vs 2019  
    2020     2019     Variance in
Dollars
    Variance in
Percent
 
Revenue:                        
HMI Solutions   $ 1,211     $ 1,214     $ (3 )     (0.2 )%
Percentage of revenue     81.0 %     92.7 %                
HMI Products   $ 284     $ 96     $ 188       198. 8%
Percentage of revenue     19.0 %     7.3 %                
Total Revenue   $ 1,495     $ 1,310     $ 185       14.1 %
                                 
Cost of Sales:                                
HMI Solutions   $ -     $ -     $ -       - %
Percentage of revenue     0.0 %     0.0 %                
HMI Products   $ 201     $ 64     $ 137       214.1 %
Percentage of revenue     13.4 %     4.9 %                
Total Cost of Sales   $ 201     $ 64     $ 137       214.1 %
                                 
Total Gross Margin   $ 1,294     $ 1,246     $ 48       3.9 %
                                 
Operating Expense:                                
Research and development   $ 901     $ 1,167     $ (266 )     (22.8 )%
Percentage of revenue     60,3 %     89.1 %                
Sales and marketing     604       491       113       23.0 %
Percentage of revenue     40.4 %     37.5 %                
General and administrative     1,535       777       758       97.6 %
Percentage of revenue     102.7 %     59.3 %                
Total Operating Expenses   $ 3,040     $ 2,435     $ 605       24,8 %
Percentage of revenue     203.3 %     185.9 %                
                                 
Operating Loss   $ (1,746 )   $ (1,189 )   $ (557 )     (46.8 )%
Percentage of revenue     (116,8 )%     (90.8 )%                
Interest expense     11       8       3       37.5 %
Percentage of revenue     0.7 %     0.6 %                
Provision (benefit) for income taxes     (9 )     2       (11     (550.0 )%
Percentage of revenue     (0.6 )%     0.2 %                
Net loss attributable to noncontrolling interests   $ 110     $ 113     $ (3 )     (2.7 )%
Percentage of revenue     7.4 %     8.6 %                
Preferred dividends   $ (33 )   $ -     $ (33 )     - %
Percentage of revenue     2.2 %     - %                
Net loss attributable to common shareholders of Neonode Inc.   $ (1,671 )   $ (1,086 )   $ (585 )     53.9 %
Percentage of revenue     (111.8 )%     (82.9 )%                
Net loss per share attributable to Neonode Inc.   $ (0.16 )   $ (0.12 )   $ (0.04 )     33.3 %
Percentage of revenue     0.0 %     0.0 %                

 

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   Nine months ended
September 30,
   2020 vs 2019 
   2020   2019   Variance in
Dollars
   Variance in
Percent
 
Revenue:                
HMI Solutions  $3,071   $4,625   $(1,554)   (33.6)%
Percentage of revenue   86.6%   91.9%          
HMI Products  $476   $407   $69    17.0%
Percentage of revenue   13.4%   8.1%          
Total Revenue  $3,547   $5,032   $(1,485)   (29.5)%
                     
Cost of Sales:                    
HMI Solutions  $1   $5   $(4)   (80.0)%
Percentage of revenue   (0.0)%   0.1%          
HMI Products  $367   $231   $136    58.9%
Percentage of revenue   10.3%   4.6%          
Total Cost of Sales  $368   $236   $132    55.9%
                     
Total Gross Margin  $3,179   $4,796   $(1,617)   (33.7)%
                     
Operating Expense:                    
Research and development  $2,939   $3,878   $(939)   (24.2)%
Percentage of revenue   82.9%   77.1%          
Sales and marketing   1,797    1,431    366    25.6%
Percentage of revenue   50.7%   28.4%          
General and administrative   3,034    2,658    376    14.1%
Percentage of revenue   85.5%   52.8%          
Total Operating Expenses  $7,770   $7,967   $(197)   (2.5)%
Percentage of revenue   219.1%   158.3%          
                     
Operating Loss  $(4,591)  $(3,171)  $1,420    44.8%
Percentage of revenue   (129.4)%   (63.0)%          
Interest expense   25    27    (2)   (7.4)%
Percentage of revenue   0.7%   0.5%          
Provision for income taxes   10    15    (5)   (33.3)%
Percentage of revenue   0.3%   0.3%          
Net loss attributable to noncontrolling interests  $366   $290   $76    26.2%
Percentage of revenue   10.3%   5.8%          
Preferred Dividends  $(33)  $-   $(33)   -%
Percentage of revenue   (0.9)%   -%          
Net Loss attributable to common shareholders of Neonode Inc.  $(4,293)  $(2,923)  $(1,370)   46.9%
Percentage of revenue   (121.0)%   (58.1)%          
Net Loss per share attributable to Neonode Inc.  $(0.45)  $(0.33)  $(0.12)   36.4%
Percentage of revenue   0.0%   0.0%          

 

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Net Revenues

 

All of our sales for the three and nine months ended September 30, 2020 and 2019 were to customers located in the U.S., Europe and Asia.

 

Since January 1, 2020, we have allocated revenues to three different business areas. Revenues allocated to HMI Solutions consist of license fees and related non-recurring engineering revenues while revenues allocated to HMI Products are derived from the sale of sensor modules and related non-recurring engineering revenues. We expect that future revenues within our Remote Sensing Solutions business area will be derived from license fees and non-recurring engineering revenues.

 

The increase of 14.12% in total net revenues for the three-month period in 2020 as compared to the same period in 2019 was primarily related to significantly higher revenues from sensor module sales offset by slightly lower license revenues. The decrease of 29.51% in total net revenues for the nine-month period in 2020 as compared to the same period in 2019 was primarily related to lower license revenues within our HMI Solutions business area.

 

The following tables present the net revenues distribution per business area and revenue stream for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands):

 

   Three months ended
September 30,
2020
   Three months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
License fees  $1,207    100%  $1,213    100%
Non-recurring engineering   4    -%   1    -%
   $1,211    100%  $1,214    100%
                     
HMI Products                    
Sensor modules  $282    99%  $95    99%
Non-recurring engineering   2    1%   1    1%
   $284    100%  $96    100%

 

   Nine months ended
September 30,
2020
   Nine months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
License fees  $3,050    99%  $4,622    100%
Non-recurring engineering   21    1%   3    -%
   $3,071    100%  $4,625    100%
                     
HMI Products                    
Sensor modules  $446    94%  $368    90%
Non-recurring engineering   30    6%   39    10%
   $476    100%  $407    100%

  

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Gross Margin

 

Our combined total gross margin was 87% and 90% for the three and nine months ended September 30, 2020, respectively, and 95% for the three and nine months ended September 30, 2019, respectively. The decrease in total gross margin in 2020 as compared to 2019 was primarily due to higher costs relating to write off of inventory in 2020. For the three and nine months ended September 30, 2020, revenues from HMI Solutions business area accounted for 81% and 87%, respectively, of total revenue compared to 93% and 92%, respectively, in the same periods in 2019 and revenues from HMI Products business area accounted for 19% and 13%, respectively, of total revenue compared to 7% and 8%, respectively, in the same periods 2019. There were no revenues from our Remote Sensing Solutions business area for the three or nine months ended September 30, 2019 and 2020.

 

Our cost of revenues includes the direct cost of production of certain customer prototypes, costs of engineering personnel, engineering consultants to complete the engineering design contracts and cost of goods sold for sensor modules includes fully burdened manufacturing costs, outsourced final assembly costs, and component costs of sensor modules.

 

Research and Development

 

Research and development (“R&D”) expenses for the three and nine months ended September 30, 2020 were $0.9 million and $2.9 million, respectively. For the same periods in 2019, the R&D expenses were $1.2 million and $3.9 million.

 

The decrease was primarily related to lower staff expenses for the nine months ended September 30, 2020 and a large number of scrapped inventory during the three months ended September 30, 2019. R&D expenses primarily consist of personnel-related costs in addition to external consultancy costs, such as testing, certifying and measurements, along with costs related to developing and building new product prototypes. 

 

Sales and Marketing

 

Sales and marketing expenses for the three and nine months ended September 30, 2020 were $0.6 million and $1.8 million, respectively. The sales and marketing costs for the same periods in 2019 were $0.5 million and $1.4 million. The increase was primarily due to higher staff expenses due to a reallocation of employees to the marketing function.

    

Our sales activities focus on OEM, ODM and Tier 1 customers who will license our technology or purchase and embed our touch sensor modules into their products. Our customers will then sell and market their products incorporating our technology to their customers. We expect to expand our HMI Solutions and Product sales and marketing activities in 2020 and future years to capture market share in our target markets.

 

General and Administrative

 

General and administrative (“G&A”) expenses for the three and nine months ended September 30, 2020 were $1.5 million and $3.0 million, respectively. The G&A expenses for the three and nine months ended September 30, 2019 were $0.8 million and $2.7 million, respectively. The increase was primarily due to costs relating to a lawsuit further described in Note 8 – Commitments and Contingencies – Litigation in the Notes to Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.

 

Income Taxes

 

Our effective tax rate was 0% and 0% for the three and nine months ended September 30, 2020, respectively, and (0)% and (0)% for the three and nine months ended September 30, 2019, respectively. The negative tax rate in the three and nine months ended September 30, 2020 and September 30, 2019 is due to withholding taxes from sales. We recorded valuation allowances for the three and nine-month periods ended September 30, 2020 and September 30, 2019 for deferred tax assets related to net operating losses due to the uncertainty of realization.

 

Preferred Dividends

 

Pursuant to the Securities Purchase Agreement entered into on August 7, 2020, Neonode issued Series C-1 Preferred Stock and Series C-2 Preferred Stock (together, the “Preferred Shares”). The holders of the Preferred Shares were entitled to receive dividends at the rate per share of 5% per annum until conversion into common stock. As of September 30, 2020, $2,000 of preferred dividends had been paid and $31,000 was accrued.

 

Net Loss

 

As a result of the factors discussed above, we recorded a net loss attributable to common shareholders of Neonode Inc. of $1.6 million and $4.3 million for the three and nine months ended September 30, 2020, respectively, and $1.1 million and $2.9 million for the same periods in 2019.

 

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Off-Balance Sheet Arrangements

 

We have a bank guarantee of $210,000 for AirBar packaging material held at a manufacturing partner. We do not have any other transactions, arrangements, or other relationships with unconsolidated entities that are reasonably likely to affect our liquidity or capital resources other than the operating leases incurred in the normal course of business

 

We have no special purpose or limited purpose entities that provide off-balance sheet financing, liquidity, or market or credit risk support. We do not engage in leasing, hedging, research and development services, or other relationships that expose us to liability that is not reflected on the face of the consolidated financial statements.

  

Contractual Obligations and Commercial Commitments

 

Non-Recurring Engineering Development Costs

 

On April 25, 2013, we entered into an Analog Device Development Agreement with an effective date of December 6, 2012 (the “NN1002 Agreement”) with Texas Instruments (“TI”) pursuant to which TI agreed to integrate our intellectual property into an ASIC. Under the terms of the NN1002 Agreement, we agreed to pay TI $500,000 of non-recurring engineering costs at the rate of $0.25 per ASIC for each of the first 2 million ASICs sold. As of September 30, 2020, we had made no payments to TI under the NN1002 Agreement.  

 

Operating Leases 

 

On July 1, 2014, Neonode Technologies AB entered into a lease for 7,007 square feet of office space located at Storgatan 23C, Stockholm, Sweden. The lease agreement was renegotiated and renewed in December 2019 and is valid through November 2020. The lease agreement has been terminated and will not be extended.

 

On December 1, 2015, Pronode Technologies AB entered into a lease agreement for 9,040 square feet of workshop located at Faktorvägen 17, Kungsbacka, Sweden. The lease is valid through December 9, 2020 and can be terminated with nine months’ written notice before the termination date.

 

In January 2015, our subsidiary Neonode Korea Ltd. entered into a lease agreement located at B-1807, Daesung D-Polis. 543-1, Seoul, South Korea. The lease may be cancelled with 2 months’ notice.

 

On December 1, 2015, Neonode Taiwan Ltd. entered into a lease agreement located at Rm. 2406, International Trade Building, Keelung Rd., Sec.1, Taipei, Taiwan. The lease is renewed monthly.

 

On September 1, 2019, we entered into a lease of office space located at NishiShinjuku Takagi Building, 1203 NishiShinjuku, Shinjukuku, Tokyo, Japan. The lease is valid through August 31, 2021 and is extended on a yearly basis unless written notice three months prior to expiration date.

 

On September 1, 2020, we entered into a lease of a mailbox at 2880 Zanker Road, San Jose, CA 95134. The lease is valid through August 2021 and is extended on a yearly basis unless written notice three months prior to expiration date.

 

Effective December 1, 2020, we have agreed to enter into a new lease for 621 square meters of office space located at Karlavägen 100, Stockholm, Sweden. The lease agreement is valid through November 2022 and may be extended on a yearly basis unless written notice nine months prior to expiration date. In connection to the new office, we have also entered into a lease for a storage facility, valid through November 2022 and extended on a yearly basis unless written notice nine months prior to expiration date.

 

For the three and nine months ended September 30, 2020, we recorded approximately $154,000 and $435,000, respectively, for rent expense for all leased properties compared to $130,000 and $461,000 for the same periods in 2019.

 

See Note 8 – Leases in the Notes to Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q for further discussions of our operating leases.

 

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Finance Leases

 

In April 2014, we entered into a lease for certain specialized milling equipment. Under the terms of the lease agreement we are obligated to purchase the equipment at the end of the original six-year lease term for 10% of the original purchase price of the equipment. In accordance with relevant accounting guidance the lease is classified as a finance lease. The lease payments and depreciation period began on July 1, 2014 when the equipment went into service. The implicit interest rate of the lease is 4% per annum.

 

Between the second and the fourth quarters of 2016, we entered into six leases for component production equipment. Under the terms of five of the lease agreements entered into during 2016, we are obligated to purchase the equipment at the end of the original three to five years lease terms for 5-10% of the original purchase price of the equipment. In accordance with relevant accounting guidance these five leases are classified as finance leases. The lease payments and depreciation periods began between September and November 2016 when the equipment went into service. The implicit interest rate of these five leases is currently approximately 3% per annum. The additional lease entered into during 2016 is a hire-purchase agreement that requires the equipment to be paid off after five years. In accordance with relevant accounting guidance the lease is classified as a finance lease. The lease payments and depreciation period began on July 1, 2016 when the equipment went into service. The implicit interest rate of this lease is approximately 3% per annum.

 

In 2017, we entered into one lease for component production equipment. Under the terms of the lease agreement the lease will be renewed within one year of the end of the original four-year lease term. In accordance with relevant accounting guidance, the lease is classified as a finance lease. The lease payments and depreciation periods began in May 2017 when the equipment went into service. The implicit interest rate of the lease is approximately 1.5% per annum.

 

In 2018, we entered into one lease for component production equipment. Under the terms of the agreement, the lease will be renewed within one year of the original four-year lease term. In accordance with relevant accounting guidance, the lease is classified as a finance lease. The lease payments and depreciation periods began in August 2018 when the equipment went into service. The implicit interest rate of the lease is approximately 1.5% per annum.

 

See Note 8 – Leases in the Notes to Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q for further discussion of our finance leases.

 

Liquidity and Capital Resources

 

Our liquidity is dependent on many factors, including sales volume, operating profit and the efficiency of asset use and turnover. Our future liquidity will be affected by, among other things:

 

  actual versus anticipated licensing of our technology;
     
  actual versus anticipated sales of sensor products, including AirBar;
     
  actual versus anticipated operating expenses;
     
  timing of our OEM customer product shipments;
     
  timing of payment for our technology licensing agreements;
     
  actual versus anticipated gross profit margin; and
     
  ability to raise additional capital, if necessary.

 

As of September 30, 2020, we had cash of $12.2 million compared to $2.4 million as of December 31, 2019.

 

Working capital (current assets less current liabilities) was $12.0 million as of September 30, 2020, compared to $2.4 million as of December 31, 2019.

 

Net cash used in operating activities for the nine months ended September 30, 2020 was $3.7 million and was primarily the result of a net loss of $4.6 million and approximately $0.8 million in non-cash operating expenses, comprised of depreciation and amortization and amortization of operating lease right-of-use assets.

 

Net cash used in operating activities for the nine months ended September 30, 2019 was $2.9 million and was primarily the result of a net loss of $3.2 million and offset by approximately $1.0 million in non-cash operating expenses, comprised primarily of depreciation and amortization of operating lease right-of-use assets.

 

Accounts receivable and unbilled revenues decreased by approximately $0.3 million as of September 30, 2020 compared to December 31, 2019. This was due to estimated lower revenues.

 

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Inventory increased by approximately $98,000 during the nine months ended September 30, 2020 compared to December 31, 2019.

 

Deferred revenues increased by approximately $76,000 during the nine months ended September 30, 2020 compared to December 31, 2019, primarily due to increased sale of sensor modules with return rights.

 

During the nine months ended September 30, 2020 we purchased approximately $17,000 of property and equipment, primarily furniture and test equipment.

 

Net cash provided by financing activities of $13.7 million during the nine months ended September 30, 2020 was the result of proceeds from short-term borrowings of $1.0 million and proceeds of issuance of preferred and common stock net of offering costs of $13.5 million, offset by principal payments on short-term borrowings and finance leases of $742,000.

 

Net cash used in financing activities of $403,000 during the nine months ended September 30, 2019 was the result of principal payments on finance leases.

 

We have incurred significant operating losses and negative cash flows from operations since our inception. The Company incurred net losses of approximately $1.6 million and $4.3 million and $1.1 million and $2.9 million for the three and nine months ended September 30, 2020 and 2019, respectively, and had an accumulated deficit of approximately $194.8 million and $190.5 million as of September 30, 2020 and December 31, 2019, respectively. In addition, operating activities used cash of approximately $3.7 million and $2.9 million for the nine months ended September 30, 2020 and 2019, respectively.

 

On June 17, 2020, the Company entered into short-term loan facilities (the “Loan Agreements”) with two entities beneficially owned respectively by each of Ulf Rosberg and Peter Lindell, directors of Neonode (each, a “Director”). Pursuant to the Loan Agreements, each Director made 16,145,000 SEK (Swedish Krona), which is approximately $1.7 million in U.S. dollars, principal amount available to the Company. The Company made an initial drawdown of an aggregate of approximately $1.0 million under the Loan Agreements.

 

On August 5, 2020, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with institutional and accredited investors as part of a private placement (the “Private Placement”).

 

On August 6, 2020, in connection with the Private Placement, Neonode designated (i) 365 shares of its authorized and unissued preferred stock as Series C-1 5% Convertible Preferred Stock (the “Series C-1 Preferred Stock”) by filing a Series C-1 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware and (ii) 4,084 shares of its authorized and unissued preferred stock as Series C-2 5% Convertible Preferred Stock (the “Series C-2 Preferred Stock”) by filing a Series C-2 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware. The Series C-1 Preferred Stock and Series C-2 Preferred Stock are substantially the same, except the conversion of the Series C-2 Preferred Stock required additional shareholder approval in accordance with Nasdaq listing rules.

 

On August 7, 2020, Neonode issued 517 shares of Series C-2 Preferred Stock to UMR Invest AB, the entity beneficially owned by Ulf Rosberg, to repay the indebtedness and accrued interest under the Loan Agreement. To effect a similar transaction with entities beneficially owned by the other Director, Peter Lindell, (i) on August 7, 2020, at the closing of the Private Placement, Cidro Förvaltning AB paid for an additional 517 shares of Series C-2 Preferred Stock, and (ii) on August 10, 2020, the next business day after the closing of the Private Placement, Neonode repaid to Cidro Holding AB the debt and accrued interest due under the Loan Agreement, an amount that equaled the price of the 517 shares of Series C-2 Preferred Stock. As a result of the repayments to each Director, the Loan Agreements terminated in accordance with their terms.

 

The closing of the Private Placement occurred on August 7, 2020.

 

Pursuant to the Securities Purchase Agreement, Neonode issued a total of 1,611,845 shares of common stock (the “Common Shares”) at a price of $6.50 per Common Share, and a total of 3,415 shares with a conversion price of $6.50 per share and a stated value of $1,000 of Series C-1 Preferred Stock and Series C-2 Preferred Stock, for an aggregate purchase price of $13.9 million in gross proceeds.

 

Ulf Rosberg and Peter Lindell, directors of Neonode, and Urban Forssell the Chief Executive Officer of Neonode purchased an aggregate of $3.1 million of the Series C-2 Preferred Stock pursuant to the Securities Purchase Agreement.

 

The net proceeds of the Private Placement are being used for working capital purposes.

 

Pursuant to their terms and the provisions of the Securities Purchase Agreement, the Series C-1 Preferred Stock and Series C-2 Preferred Stock (together, the “Preferred Shares”) were converted into 684,378 shares of Neonode common stock. The holders of the Preferred Shares were entitled to receive dividends at the rate per share of 5% per annum, totaling $33,000. As of September 30, 2020, $2,000 of preferred dividends had been paid and $31,000 was accrued.

 

In connection with the Securities Purchase Agreement, Neonode entered into a Registration Rights Agreement (the “Registration Rights Agreement”) pursuant to which Neonode filed a registration statement with the Securities and Exchange Commission (the “SEC”) relating to the offer and sale by the holders of the Common Shares, and the shares of common stock that were underlying the Preferred Shares. Pursuant to the Registration Rights Agreement, Neonode was obligated to file the registration statement within 30 calendar days and to use reasonable best efforts to cause the registration statement to be declared effective within 75 calendar days. The registration statement was declared effective by the SEC on September 18, 2020. Failure to maintain the effective registration of the Common Shares and the shares of common stock underlying the Preferred Shares will subject Neonode to payment for liquidated damages.

 

In connection with the Private Placement, Neonode incurred total offering costs of $879,000.

33

 

 

The condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates continuity of operations and the realization of assets and the repayment of liabilities in the ordinary course of business.

 

We aim to grow our revenues in all business areas and continue to implement various measures to improve our operational efficiencies. No assurances can be given that management will be successful in meeting its revenue targets and reducing its operating loss.

 

In the future, we may require sources of capital in addition to cash on hand to continue operations and to implement our strategy. If our operations do not become cash flow positive, we may be forced to seek equity investments or debt arrangements. Historically, we have been able to access the capital markets through sales of common stock and warrants to generate liquidity. Our management believes it could raise capital through public or private offerings if needed to provide us with sufficient liquidity.

 

No assurances can be given that we will be successful in obtaining such additional financing on reasonable terms, or at all. If adequate funds are not available on acceptable terms, or at all, we may be unable to adequately fund our business plans and it could have a negative effect on our business, results of operations and financial condition. In addition, no assurance can be given that stockholders will approve an increase in the number of our authorized shares of common stock. If funds and sufficient authorized shares are available, the issuance of equity securities or securities convertible into equity could dilute the value of shares of our common stock and cause the market price to fall, and the issuance of debt securities could impose restrictive covenants that could impair our ability to engage in certain business transactions.

 

The functional currency of our foreign subsidiaries is the applicable local currency, the Swedish Krona, the Japanese Yen, the South Korean Won and the Taiwan Dollar. They are subject to foreign currency exchange rate risk. Any increase or decrease in the exchange rate of the U.S. Dollar compared to the Swedish Krona, Japanese Yen, South Korean Won or Taiwan Dollar will impact our future operating results.

 

Critical Accounting Policies

 

Our contracts with customers may include promises to transfer multiple products and services to a customer, particularly when the contract covers a product and related engineering services fees for customizing that product for our customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately may require significant judgment. Judgment may also be required to determine the stand-alone selling price for each distinct performance obligation identified, although we generally structure our contracts such that performance obligations and pricing for each performance obligation are specifically addressed. We currently have no outstanding contracts with multiple performance obligations; however, we recently negotiated a contract that may include multiple performance obligations in the future.

 

Our products are sold with a right of return, and we may provide other credits or incentives to our customers, which could result in variability when determining the amount of revenue to recognize. At the end of each reporting period, we use product returns history and additional information that becomes available to estimate returns and credits. We do not recognize revenue if it is probable that a significant reversal of any incremental revenue would occur.

 

See Note 2 – Summary of Significant Accounting Policies in the Notes to Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q for further discussion of critical accounting policies and discussion of estimates.

 

There have been no other changes from the critical accounting policies as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

Not applicable.

 

Item 4. Controls and Procedures

 

Evaluation of disclosure controls and procedures

 

Under the supervision of and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2020. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective.

 

Changes in internal control over financial reporting

 

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the period covered by this report that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

  

34

 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

For a description of our legal proceedings, see Note 8 – Commitments and Contingencies – Litigation in the Notes to Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q, which is incorporated by reference in response to this Item 1. We are not currently involved in any other material legal proceedings. However, from time to time, we may become subject to legal proceedings, claims, and litigation arising in the ordinary course of business, including, but not limited to, employee, customer and vendor disputes.

 

Item 1A. Risk Factors

 

Except as described below in this Item 1A, there have been no material changes from the risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019.

 

We face risks related to the impact of the COVID-19 pandemic and the related protective public health measures.

 

The novel strain of the coronavirus identified in China in December 2019 (“COVID-19”) has globally spread throughout other areas such as Asia, Europe, and North America and has resulted in authorities imposing, and businesses and individuals implementing, numerous unprecedented measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place/stay-at-home and social distancing orders, and shutdowns. These measures have impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners. The ultimate impact and efficacy of government measures and potential future measures is currently unknown. In addition, the continued spread of COVID-19, or the occurrence of other epidemics could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could affect demand for our products and further adversely impact our business, results of operations and financial condition.

 

Moreover, many risk factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 should be interpreted as heightened risks as a result of the impact of the COVID-19 pandemic.

 

We and our directors are defendants in a purported class action lawsuit. 

 

On August 26, 2020, a putative stockholder of Neonode filed a purported class action lawsuit in the Delaware Court of Chancery against the Company and the Board of Directors of the Company for breach of fiduciary duty in connection with disclosure of information concerning Proposals 5 and 6 at the 2020 Annual Meeting of Stockholders. These proposals for shareholder approval relate to Private Placement by the Company on August 5, 2020 in which two directors and the chief executive officer of the Company participated. We believe the lawsuit is without merit. It is possible that additional lawsuits will be filed, or allegations received from stockholders, with respect to these same or other matters and also naming us and/or our officers and directors as defendants. The outcome of the Delaware Court of Chancery lawsuit and any related lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs and expenses will depend upon many unknown factors.

 

35

 

 

Item 6. Exhibits

 

Exhibit #   Description
3.1   Restated Certificate of Incorporation of Neonode Inc., dated November 7, 2018 (incorporated by reference to Exhibit 3.14 of the registrant’s quarterly report on Form 10-Q filed on November 8, 2018)
3.1.1   Certificate of First Amendment to the Restated Certificate of Incorporation of Neonode Inc. (incorporated by reference to Exhibit 3.1.1 of the registrant’s quarterly report on Form 10-Q filed August 14, 2019)
3.1.C.1   Certificate of Designation of Preferences, Rights and Limitations of Series C-1 5% Convertible Preferred Stock, dated August 6, 2020 (incorporated by reference to Exhibit 3.1.C.1 of the registrant’s current report on Form 8-K filed August 10, 2020)
3.1.C.2   Certificate of Designation of Preferences, Rights and Limitations of Series C-2 5% Convertible Preferred Stock, dated August 6, 2020 (incorporated by reference to Exhibit 3.1.C.2 of the registrant’s current report on Form 8-K filed August 10, 2020)
3.1.2   Certificate of Second Amendment to the Restated Certificate of Incorporation of Neonode Inc. (incorporated by reference to Exhibit 3.1.2 of the registrant’s quarterly report on Form 10-Q filed August 14, 2019)
3.1.3   Certificate of Third Amendment to the Restated Certificate of Incorporation of Neonode Inc.*
3.2   Bylaws (incorporated by reference to Exhibit 3.2 of the registrant’s quarterly report on Form 10-Q filed on November 8, 2018 (file no. 1-35526))
10.1   Loan Agreement dated June 17, 2020 between Neonode Technologies AB and UMR Invest AB (incorporated by reference to Exhibit 10.1 of the registrant’s current report on Form 8-K filed June 22, 2020)
10.2   Loan Agreement dated June 17, 2020 between Neonode Technologies AB and Cidro Holding AB*
10.3   Securities Purchase Agreement, dated as of August 5, 2020 (incorporated by reference to Exhibit 10.1 of the registrant’s current report on Form 8-K filed August 10, 2020)
10.4   Registration Rights Agreement, dated as of August 5, 2020 (incorporated by reference to Exhibit 10.2 of the registrant’s current report on Form 8-K filed August 10, 2020)
10.5   Neonode Inc. 2020 Stock Incentive Plan (incorporated by reference to Exhibit 99.1 of the registrant’s registration statement on Form S-8 (333-249806) filed November 2, 2020)
31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002*
31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002*
32   Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
     
101. INS   XBRL Instance Document
101. SCH   XBRL Taxonomy Extension Schema Document
101. CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101. DEF   XBRL Taxonomy Extension Definition Linkbase Document
101. LAB   XBRL Taxonomy Extension Label Linkbase Document
101. PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith

 

36

 

 

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.

 

  NEONODE INC.
     
Date: November 10, 2020 By: /s/ Maria Ek
    Maria Ek
    Chief Financial Officer,
    Vice President, Finance,
    Treasurer and Secretary
    (Principal Financial and Accounting Officer)

 

 

37

 

EX-3.1.3 2 f10q0920ex3-1iii_neonodeinc.htm CERTIFICATE OF THIRD AMENDMENT TO THE RESTATED CERTIFICATE OF INCORPORATION OF NEONODE INC.

Exhibit 3.1(3)

 

CERTIFICATE OF THIRD AMENDMENT TO THE

RESTATED CERTIFICATE OF INCORPORATION OF
NEONODE INC.

 

Neonode Inc. (the “Corporation”), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the “DGCL”), does hereby certify:

 

FIRST: The original name of the Corporation was SBE (DELAWARE), INC. The present name of the Corporation is Neonode Inc. The date of filing of the original Certificate of Incorporation of the Corporation with the Secretary of State of the State of Delaware was September 4, 1997.

 

SECOND: The Board of Directors of the Corporation (the “Board”), acting in accordance with the provisions of Section 242 of the DGCL, duly adopted and approved resolutions to amend the Restated Certificate of Incorporation of the Corporation.

 

THIRD: The Restated Certificate of Incorporation is hereby amended by deleting of Section A of Article IV and substituting in its place the following:

 

A. This Corporation is authorized to issue two classes of stock to be designated, respectively, “Common Stock” and “Preferred Stock.” The total number of shares which the corporation is authorized to issue is Twenty-Six Million (26,000,000) shares, of which Twenty-Five Million (25,000,000) shares will be Common Stock, par value $0.001 per share, and One Million (1,000,000) shares will be Preferred Stock, par value $0.001 per share, of which 444,541 shares shall be designated as Series A Preferred Stock and 54,425 shares shall be designated as Series B Preferred Stock.

 

FOURTH: This Certificate of Third Amendment to the Restated Certificate of Incorporation shall be effective at 5:01 p.m., Eastern Time, on November 5, 2020.

 

 

EX-10.2 3 f10q0920ex10-2_neonodeinc.htm LOAN AGREEMENT DATED JUNE 17, 2020 BETWEEN NEONODE TECHNOLOGIES AB AND CIDRO HOLDING AB

Exhibit 10.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOAN AGREEMENT

 

June 17, 2020

 

between

 

Neonode Technologies AB

 

as Borrower

 

and

 

Cidro Holding AB

 

as Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THIS LOAN AGREEMENT (the “Loan Agreement”) is dated June 17, 2020 and made between:

 

(1)Neonode Technologies AB, registration number 556771-2095, address P.O. Box 5082, 102 42 Stockholm, Sweden (the “Borrower”); and

 

(2)Cidro Holding AB, registration number [***], address [***], Sweden (the “Lender”).

 

Each of the Borrower and the Lender is referred to herein individually as a “Party” and jointly as the “Parties”.

 

1Introduction

 

1.1The Lender is a shareholder and affiliated with a member of the board of directors of Neonode Inc. (the “Company”, and, together with its subsidiaries, the “Group”), a Delaware corporation, having its headquarters in Stockholm, Sweden. The Borrower is a wholly owned subsidiary of the Company.

 

1.2The Company is contemplating to carry out a capital raise (the “Capital Raise”), currently envisaged to take place on or before December 31, 2020. In order to ensure that the Company has sufficient cash to continue its operations and repay its liabilities in the ordinary course of business, the Lender has made a commitment that, for the time period up to the Capital Raise, upon notification from the Company’s chief financial officer that the Company requires cash to continue as a going concern, the Lender will, subject to and contingent upon the satisfaction of the conditions set forth below, provide or cause to be provided to the Company financing in an amount equal to the lesser of (A) the minimum amount necessary which, based upon the Company’s most recently prepared financial forecast, is reasonably expected to be required for the Company to continue operations up to the Capital Raise, or (B) SEK 16,145,000. The obligation by the Lender to provide or cause to be provided financing in accordance with the above is subject to and contingent upon (i) the preparation, execution and delivery of mutually acceptable financing and other transaction documentation, and (ii) the disinterested members of the board of directors of the Company, acting on behalf of the Company, having approved all transactions arising from or relating to such financing. It is acknowledged by the Parties that execution of this Loan Agreement by the Parties is intended to fulfil condition (i) above.

 

1.3On or about the date hereof, the Borrower (as borrower) and UMR Invest AB (shareholder and affiliated with a member of the board of directors of the Company) (as lender) has entered, or will enter, into a loan agreement on similar terms and conditions as included in this Loan Agreement whereby UMR Invest AB makes available to the Borrower a term loan to a principal amount of a maximum of SEK 16,145,000 (the “UR Loan Agreement”).

 

2Facility

 

2.1The Lender shall make available to the Borrower, during the time period up to the execution of the Capital Raise, a term loan to a principal amount of a maximum of SEK 16,145,000 (the “Principal Amount”) (the “Facility”).

 

2.2If the Capital Raise has not been executed on December 31, 2020 at the latest, the Facility shall no longer be available to the Borrower.

 

2.3The Borrower shall apply all amounts borrowed by it under the Facility for the purpose of ensuring that the Group has sufficient cash to continue its operations and repay its liabilities in the ordinary course of business.

 

 

 

Certain personally identifiable information, marked by brackets as [***], has been omitted from this exhibit pursuant to Item 601(a)(6) under Regulation S-K.

 

1

 

 

3AVAILABILITY

 

3.1The Facility may be drawn down in one or several drawings in the maximum Principal Amount of SEK 16,145,000 by the Borrower giving the Lender not less than five business days written notice (or such lesser period as the Lender may agree) specifying the date of the drawdown (the ”Drawdown Date”).

 

3.2On the Drawdown Date, the full amount requested by the Borrower by written notice shall be disbursed to the Borrower’s bank account, as designated by the Borrower.

 

3.3The Lender shall be under no obligation to fund the drawing of the Facility if the Capital Raise has been carried out prior to the Lender disbursing the requested funds to the Borrower, or at any time after December 31, 2020.

 

3.4The Borrower shall ensure that any drawdown under the Facility, at the relevant Drawdown Date, is made in an amount equal to a corresponding drawdown under the UR Loan Agreement.

 

4Credit Fee and interest

 

4.1The Borrower shall pay to the Lender a fixed credit fee on the Principal Amount of 0.75 per cent per annum computed from the date hereof until the Facility is no longer available for drawdown, i.e. after the execution of the Capital Raise, or after December 31, 2020 (as applicable), and all of the outstanding Principal Amount is repaid in full. The credit fee will be payable at the time when repayment of the Principal Amount is obligated to be made in accordance with Section 5 below and shall be calculated on the basis of the actual number of days elapsed during the credit fee period and a year of 360 days.

 

4.2In addition to the fixed credit fee in accordance with Section 4.1 above, interest shall accrue on the outstanding Principal Amount at a fixed interest rate of 3.25 per cent per annum computed from the relevant Drawdown Date until all of the outstanding Principal Amount is repaid in full. Accrued interest will be added to the outstanding Principal Amount and be payable at the time when repayment of the Principal Amount is obligated to be made in accordance with Section 5 below. Accrued interest shall be calculated on the basis of the actual number of days elapsed during the relevant interest period and a year of 360 days.

 

5Repayment

 

5.1The Borrower shall repay to the Lender the full outstanding Principal Amount (including any unpaid accrued interest and credit fee in accordance with Section 4 above) as soon as practicably possible unless otherwise agreed by the Parties following the execution of the Capital Raise in the Company. The Borrower may also, in its sole discretion, make repayment(s) in full or in part of the outstanding Principal Amount (including any unpaid accrued interest and credit fee in accordance with Section 4 above) to the Lender prior to the Capital Raise. In the event the Capital Raise has not been carried out on December 31, 2020 at the latest, or the funds raised from the Capital Raise are insufficient to cover full repayment of the outstanding Principal Amount (including any unpaid accrued interest and credit fee in accordance with Section 4 above), then the full outstanding Principal Amount (including any unpaid accrued interest and credit fee in accordance with Section 4 above) shall be due and payable by the Borrower on February 28, 2021 unless otherwise agreed by the Parties.

 

2

 

 

5.2All repayments by the Borrower shall be made to the Lender’s bank account as designated by the Lender.

 

5.3The Borrower shall ensure that all repayments to the Lender in accordance with this Section 5, at every repayment occasion, is made in an amount equal to a corresponding repayment under the UR Loan Agreement.

 

6Payments

 

6.1All payments to be made under this Loan Agreement shall be made by the due date and in freely transferable same day funds. If the due date is not a business day, the payment shall be made on the preceding business day.

 

6.2Should the Borrower fail to pay any amount on the relevant due date, the Borrower shall, on the Lender’s demand, pay late interest on such overdue amount from the relevant due date up to the date for actual payment at a rate of one (1) per cent per month.

 

7Withholding

 

7.1All sums payable by the Borrower shall be paid without any withholding or deduction of tax or any other amount unless required by law, in which event the Borrower will (if required by the Lender) forthwith pay to the Lender such additional amount as will result in the receipt by the Lender of the full amount and will supply the Lender promptly with evidence satisfactory to the Lender that the Borrower has accounted to the relevant authority for the sum withheld.

 

7.2If the Borrower makes a payment of an additional amount under Section 7.1 above and the Lender determines that:

 

(a)a credit against, relief or remission for, or repayment of, any tax is attributable to all or part of that payment; and

 

(b)the Lender has obtained, utilised and retained that tax credit,

 

the Lender shall pay an amount to the Borrower which the Lender determines will leave it (after that payment) in the same after-tax position as it would have been in had the tax payment not been made by the Borrower.

 

8Calculations

 

8.1Any interest or fee accruing under this Loan Agreement will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days.

 

3

 

 

9Amendments and Waivers

 

9.1This Loan Agreement may be amended only by an instrument in writing that is duly executed by the Borrower and the Lender.

 

9.2Any waiver by the Lender of any terms of this Loan Agreement or any consent or approval given by the Lender shall be effective only if given in writing and then only for the purpose and upon the terms and conditions (if any) on which it is given.

 

10Assignments, etc.

 

10.1The Lender may assign and transfer all of its rights and obligations under this Loan Agreement, following the prior written consent by the Borrower, which shall not be unreasonably withheld or delayed, provided that such assignment will not give rise to any additional costs for the Borrower.

 

10.2The Borrower may not assign or transfer any part of its rights, benefits or obligations under this Loan Agreement.

 

11Notices

 

11.1All notices, requests or similar communications under this Loan Agreement shall be in writing and be delivered by courier, registered mail or e-mail to (i) when delivering to the Borrower, the Borrower’s from time to time registered address or maria.ek@neonode.com, or such other e-mail address as may be notified in accordance with this Section 11.1, and (ii) when delivering to the Lender, to the address set forth in the introductory paragraph of this Loan Agreement or peter@riteventures.com. The Lender shall notify the Borrower upon a change of address or e-mail address in accordance with this Section 11.1. A notice shall be considered as received;

 

(a)if delivered by courier: when delivered to the addressee;

 

(b)if delivered by registered mail: two business days after delivery to the postal service; or

 

(c)if delivered by e-mail: when the addressee confirms the receipt in writing, which confirmation shall not be unreasonably withheld or delayed.

 

12Counterparts

 

12.1This Loan Agreement may be executed in any number of counterparts and this will have the same effect as if the signatures on the counterparts were on a single copy of this Loan Agreement.

 

4

 

 

13Approval by the board of directors of the company

 

13.1It is acknowledged that the disinterested members of the board of directors of the Company, acting on behalf of the Company, approve of the contents of this Loan Agreement and all transactions arising from or relating to the financing contemplated by this Loan Agreement.

 

14Governing law and disputes

 

14.1This Loan Agreement shall be governed by and construed in accordance with the substantive laws of Sweden.

 

14.2Any dispute, controversy or claim arising out of or in connection with this Loan Agreement, or the breach, termination or invalidity thereof or any non-contractual obligations arising out of or in connection with this Loan Agreement, shall be finally settled by arbitration in accordance with the Rules for Expedited Arbitrations of the Arbitration Institute of the Stockholm Chamber of Commerce. The seat of arbitration shall be Stockholm, Sweden. The language to be used in the arbitral proceedings shall be Swedish.

 

 

 

 

5

 

 

This Loan Agreement has been signed in two originals, of which the Parties have received one each.

 

NEONODE TECHNOLOGIES AB

 

Date:    
     
Place:    

 

     
Maria Ek   Ulf Mårtensson

 

   
Urban Forssell, CEO  

 

Cidro Holding AB

 

Date:    
     
Place:    

 

   
Peter Lindell  

 

It is hereby confirmed that the disinterested members of the board of directors of the Company, acting on behalf of the Company, approve of the contents of this Loan Agreement and all transactions arising from or relating to the financing contemplated by this Loan Agreement.

 

Date:    
     
Place:    

 

   
Maria Ek, Company secretary of Neonode Inc.

 

 

6

 

EX-31.1 4 f10q0920ex31-1_neonodeinc.htm CERTIFICATION

Exhibit 31.1

 

Certification OF PRINCIPAL EXECUTIVE OFFICER Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Urban Forssell, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Neonode Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 10, 2020 By: /s/ Urban Forssell
    Urban Forssell
    President and Chief Executive Officer

 

EX-31.2 5 f10q0920ex31-2_neonodeinc.htm CERTIFICATION

Exhibit 31.2

 

Certification OF PRINCIPAL FINANCIAL OFFICER Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Maria Ek, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Neonode Inc.

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fiscal fourth quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 10, 2020 By: /s/ Maria Ek
    Maria Ek
    Chief Financial Officer,
    Vice President, Finance,
    Treasurer and Secretary

EX-32 6 f10q0920ex32_neonodeinc.htm CERTIFICATION

Exhibit 32

 

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Neonode Inc. (the “Company”) on Form 10-Q for the fiscal period ended September 30, 2020 as filed with the Securities and Exchange Commission (the “Report”), the undersigned principal executive officer and principal financial officer of the Company, each hereby certify, solely for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to our knowledge:

 

  1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 10, 2020 By: /s/ Urban Forssell
    Urban Forssell
    President and
    Chief Executive Officer
     
Date: November 10, 2020 By: /s/ Maria Ek
    Maria Ek
    Chief Financial Officer,
    Vice President, Finance,
    Treasurer and Secretary

 

This certification is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Act of 1934, as amended, whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing.

 

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Document and Entity Information [Abstract]    
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Entity Central Index Key 0000087050  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Sep. 30, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q3  
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Entity Filer Number 1-35526  
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Entity Incorporation State Country Code DE  
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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 12,212 $ 2,357
Accounts receivable and unbilled revenue, net 1,044 1,324
Projects in process 11 8
Inventory 1,128 1,030
Prepaid expenses and other current assets 1,000 715
Total current assets 15,395 5,434
Investment in joint venture 3 3
Property and equipment, net 1,072 1,583
Operating lease right-of-use assets 155 416
Total assets 16,625 7,436
Current liabilities:    
Accounts payable 917 555
Accrued payroll and employee benefits 908 960
Accrued expenses 629 541
Deferred revenues 143 67
Current portion of finance lease obligations 650 568
Current portion of operating lease obligations 118 332
Total current liabilities 3,365 3,023
Finance lease obligations, net of current portion 277 508
Operating lease obligations, net of current portion 58
Total liabilities 3,642 3,589
Commitments and contingencies
Stockholders’ equity:    
Common stock, 25,000,000 shares authorized, with par value of $0.001; 11,467,377 and 9,171,154 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 11 9
Additional paid-in capital 211,587 197,543
Accumulated other comprehensive loss (890) (639)
Accumulated deficit (194,813) (190,520)
Total Neonode Inc. stockholders’ equity 15,895 6,393
Noncontrolling interests (2,912) (2,546)
Total stockholders’ equity 12,983 3,847
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Dec. 31, 2019
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Common stock, par value $ 0.001 $ 0.001
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$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
HMI Solutions $ 1,211 $ 1,214 $ 3,071 $ 4,625
HMI Products 284 96 476 407
Total revenues 1,495 1,310 3,547 5,032
Cost of revenues:        
HMI Solutions 1 5
HMI Products 201 64 367 231
Total cost of revenues 201 64 368 236
Total gross margin 1,294 1,246 3,179 4,796
Operating expenses:        
Research and development 901 1,167 2,939 3,878
Sales and marketing 604 491 1,797 1,431
General and administrative 1,535 777 3,034 2,658
Total operating expenses 3,040 2,435 7,770 7,967
Operating loss (1,746) (1,189) (4,591) (3,171)
Other expense:        
Interest expense 11 8 25 27
Total other expense 11 8 25 27
Loss before provision (benefit) for income taxes (1,757) (1,197) (4,616) (3,198)
Provision (benefit) for income taxes (9) 2 10 15
Net loss including noncontrolling interests (1,748) (1,199) (4,626) (3,213)
Net loss attributable to noncontrolling interests 110 113 366 290
Net loss attributable to Neonode Inc. (1,638) (1,086) (4,260) (2,923)
Preferred dividends (33) (33)
Net loss attributable to common shareholders of Neonode Inc. $ (1,671) $ (1,086) $ (4,293) $ (2,923)
Loss per common share:        
Basic and diluted loss per share $ (0.16) $ (0.12) $ (0.45) $ (0.33)
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Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement of Comprehensive Income [Abstract]        
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Other comprehensive income (loss):        
Foreign currency translation adjustments (228) (145) (251) (300)
Comprehensive loss (1,976) (1,344) (4,877) (3,513)
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Comprehensive loss attributable to Neonode Inc. $ (1,866) $ (1,231) $ (4,511) $ (3,223)
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Common Stock
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Noncontrolling Interests
Total
Balances at Dec. 31, 2018 $ 9 $ 197,507 $ (456) $ (185,222) $ 11,838 $ (2,042) $ 9,796
Balances, shares at Dec. 31, 2018 82 8,800            
Foreign currency translation adjustment       (181)   (181)   (181)
Net loss         (573) (573) (111) (684)
Balances at Mar. 31, 2019 $ 9 197,507 (637) (185,795) 11,084 (2,153) 8,931
Balances, shares at Mar. 31, 2019 82 8,800            
Balances at Dec. 31, 2018 $ 9 197,507 (456) (185,222) 11,838 (2,042) 9,796
Balances, shares at Dec. 31, 2018 82 8,800            
Foreign currency translation adjustment               (300)
Net loss               (3,213)
Balances at Sep. 30, 2019 $ 9 197,507 (756) (188,145) 8,615 (2,332) 6,283
Balances, shares at Sep. 30, 2019 8,811            
Balances at Mar. 31, 2019 $ 9 197,507 (637) (185,795) 11,084 (2,153) 8,931
Balances, shares at Mar. 31, 2019 82 8,800            
Conversion of Series B Preferred Stock to common stock
Conversion of Series B Preferred Stock to common stock, shares (2) 1            
Foreign currency translation adjustment 26 26 26
Net loss (1,264) (1,264) (66) (1,330)
Balances at Jun. 30, 2019 $ 9 197,507 (611) (187,059) 9,846 (2,219) 7,627
Balances, shares at Jun. 30, 2019 80 8,801            
Conversion of Series B Preferred Stock to common stock
Conversion of Series B Preferred Stock to common stock, shares (80) 10            
Foreign currency translation adjustment     (145) (145) (145)
Net loss (1,086) (1,086) (113) (1,199)
Balances at Sep. 30, 2019 $ 9 197,507 (756) (188,145) 8,615 (2,332) 6,283
Balances, shares at Sep. 30, 2019 8,811            
Common stock issued upon exercise of common stock warrants 36 36 36
Common stock issued upon exercise of common stock warrants, shares 360            
Foreign currency translation adjustment     117 117 117
Net loss       (2,375) (2,375) (214) (2,589)
Balances at Dec. 31, 2019 $ 9 197,543 (639) (190,520) 6,393 (2,546) 3,847
Balances, shares at Dec. 31, 2019 9,171            
Foreign currency translation adjustment (87) (87) (87)
Net loss (1,010) (1,010) (102) (1,112)
Balances at Mar. 31, 2020 $ 9 197,543 (726) (191,530) 5,296 (2,648) 2,648
Balances, shares at Mar. 31, 2020 9,171            
Balances at Dec. 31, 2019 $ 9 197,543 (639) (190,520) 6,393 (2,546) 3,847
Balances, shares at Dec. 31, 2019 9,171            
Foreign currency translation adjustment               (251)
Net loss               (4,626)
Balances at Sep. 30, 2020   $ 11 211,587 (890) (194,813) 15,895 (2,912) 12,983
Balances, shares at Sep. 30, 2020   11,467            
Balances at Mar. 31, 2020 $ 9 197,543 (726) (191,530) 5,296 (2,648) 2,648
Balances, shares at Mar. 31, 2020 9,171            
Foreign currency translation adjustment     64 64 64
Net loss         (1,612) (1,612) (154) (1,766)
Balances at Jun. 30, 2020 $ 9 197,543 (662) (193,142) 3,748 (2,802) 946
Balances, shares at Jun. 30, 2020 9,171            
Issuance of shares for cash, net of offering costs $ 3,932 $ 1 9,597 13,530 13,530
Issuance of shares for cash, net of offering costs, shares 3,932 1,612            
Series C-2 Preferred Stock issued for repayment of short-term borrowings and accrued interest $ 517 (1) 516 516
Series C-2 Preferred Stock issued for repayment of short-term borrowings and accrued interest, shares 517            
Conversion of Series C-1 and C-2 Preferred Stock to common stock $ (4,449) $ 1 4,448
Conversion of Series C-1 and C-2 Preferred Stock to common stock, shares (4,449) 684            
Preferred dividends         (33) (33)   (33)
Foreign currency translation adjustment       (228)   (228)   (228)
Net loss         (1,638) (1,638) (110) (1,748)
Balances at Sep. 30, 2020   $ 11 $ 211,587 $ (890) $ (194,813) $ 15,895 $ (2,912) $ 12,983
Balances, shares at Sep. 30, 2020   11,467            
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss (including noncontrolling interests) $ (4,626) $ (3,213)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 20
Depreciation and amortization 567 650
Amortization of operating lease right-of-use assets 289 298
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue, net 284 (128)
Projects in process (3) (8)
Inventory (55) (8)
Prepaid expenses and other current assets (248) (76)
Accounts payable and accrued expenses 310 (30)
Deferred revenues 73 (16)
Operating lease obligations (298) (362)
Net cash used in operating activities (3,707) (2,873)
Cash flows from investing activities:    
Purchase of property and equipment (17) (89)
Net cash used in investing activities (17) (89)
Cash flows from financing activities:    
Proceeds from issuance of preferred and common stock, net of offering costs 13,530
Proceeds from short term borrowings 966
Proceeds from short term tax credits 542
Payments on short term borrowings (516)
Payments on short term tax credits (557)
Principal payments on finance lease obligations (185) (403)
Payment of preferred dividend (2)
Net cash provided by (used in) financing activities 13,778 (403)
Effect of exchange rate changes on cash (199) (165)
Net increase (decrease) in cash 9,855 (3,530)
Cash at beginning of period 2,357 6,555
Cash at end of period 12,212 3,025
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 10 15
Cash paid for interest 25 27
Supplemental disclosure of non-cash investing and financing activities:    
Short-term borrowings and accrued interest settled for Series C-2 Preferred Stock 516
Accrual of dividends 31
Right-of-use asset obtained in exchange for lease obligation $ 25
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Interim Period Reporting
9 Months Ended
Sep. 30, 2020
Interim Period Reporting [Abstract]  
Interim Period Reporting

1. Interim Period Reporting

 

The accompanying unaudited interim condensed consolidated financial statements include all adjustments consisting of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations and cash flows for the interim periods presented. The results of operations for the nine months ended September 30, 2020 are not necessarily indicative of results for a full fiscal year or any other period.

 

The accompanying condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019 have been prepared by us, pursuant to the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally contained in financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

 

Operations

 

Neonode Inc., collectively with its subsidiaries is referred to as "Neonode" or the "Company", develops optical touch and gesture control solutions for human interaction with devices and remote sensing solutions for driver monitoring and cabin monitoring features in automotive and other applications.

  

Our operations from January 1, 2020 focused on three different business areas, human machine interface ("HMI") Solutions, HMI Products and Remote Sensing Solutions. In HMI Solutions, Neonode offers customized optical touch and gesture control solutions for many different markets and segments. In HMI Products, the Company provides plug-and-play sensor modules that enable touch on any surface, in-air touch, and gesture control for a wide range of applications. In Remote Sensing Solutions, Neonode offers driver and cabin monitoring solutions for vehicles based on the Company's flexible, scalable and hardware-agnostic software platform.

 

Liquidity

 

We have incurred significant operating losses and negative cash flows from operations since our inception. The Company incurred net losses attributable to Neonode Inc. of approximately $1.6 million and $4.3 million and $1.1 million and $2.9 million for the three and nine months ended September 30, 2020 and 2019, respectively, and had an accumulated deficit of approximately $194.8 million and $190.5 million as of September 30, 2020 and December 31, 2019, respectively. In addition, operating activities used cash of approximately $3.7 million and $2.9 million for the nine months ended September 30, 2020 and 2019, respectively.

 

On June 17, 2020, the Company entered into short-term loan facilities (the "Loan Agreements") with two entities beneficially owned respectively by each of Ulf Rosberg and Peter Lindell, directors of Neonode (each, a "Director"). Pursuant to the Loan Agreements, each Director made 16,145,000 SEK (Swedish Krona), which is approximately $1.7 million in U.S. dollars, principal amount available to the Company. The Company made an initial drawdown of an aggregate of approximately $1.0 million under the Loan Agreements.

 

On August 5, 2020, the Company entered into a securities purchase agreement (the "Securities Purchase Agreement") with institutional and accredited investors as part of a private placement (the "Private Placement").

 

On August 6, 2020, in connection with the Private Placement, Neonode designated (i) 365 shares of its authorized and unissued preferred stock as Series C-1 5% Convertible Preferred Stock (the "Series C-1 Preferred Stock") by filing a Series C-1 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware and (ii) 4,084 shares of its authorized and unissued preferred stock as Series C-2 5% Convertible Preferred Stock (the "Series C-2 Preferred Stock") by filing a Series C-2 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware. The Series C-1 Preferred Stock and Series C-2 Preferred Stock are substantially the same, except the conversion of the Series C-2 Preferred Stock requires additional shareholder approval in accordance with Nasdaq listing rules.

 

On August 7, 2020, Neonode issued 517 shares of Series C-2 Preferred Stock to UMR Invest AB, the entity beneficially owned by Ulf Rosberg, to repay the indebtedness and accrued interest under the Loan Agreement. To effect a similar transaction with entities beneficially owned by the other Director, Peter Lindell, (i) on August 7, 2020, at the closing of the Private Placement, Cidro Förvaltning AB paid for an additional 517 shares of Series C-2 Preferred Stock, and (ii) on August 10, 2020, the next business day after the closing of the Private Placement, Neonode repaid to Cidro Holding AB the debt and accrued interest due under the Loan Agreement, an amount that equaled the price of the 517 shares of Series C-2 Preferred Stock. As a result of the repayments to each Director, the Loan Agreements terminated in accordance with their terms.

   

The closing of the Private Placement occurred on August 7, 2020.

 

Pursuant to the Securities Purchase Agreement, Neonode issued a total of 1,611,845 shares of common stock (the "Common Shares") at a price of $6.50 per Common Share, and a total of 3,415 shares with a conversion price of $6.50 per share and a stated value of $1,000 of Series C-1 Preferred Stock and Series C-2 Preferred Stock, for an aggregate purchase price of $13.9 million in gross proceeds. 

 

Ulf Rosberg and Peter Lindell, directors of Neonode, and Urban Forssell the Chief Executive Officer of Neonode purchased an aggregate of $3.1 million of the Series C-2 Preferred Stock pursuant to the Securities Purchase Agreement.

 

The net proceeds of the Private Placement are being used for working capital purposes.

 

Pursuant to their terms and the provisions of the Securities Purchase Agreement, the Series C-1 Preferred Stock and Series C-2 Preferred Stock (together, the "Preferred Shares") were converted into 684,378 shares of Neonode common stock. The holders of the Preferred Shares were entitled to receive dividends at the rate per share of 5% per annum, totaling $33,000. As of September 30, 2020, $2,000 of preferred dividends had been paid and $31,000 was accrued.

 

In connection with the Securities Purchase Agreement, Neonode entered into a Registration Rights Agreement (the "Registration Rights Agreement") pursuant to which Neonode filed a registration statement with the Securities and Exchange Commission (the "SEC") relating to the offer and sale by the holders of the Common Shares, and the shares of common stock that were underlying the Preferred Shares. Pursuant to the Registration Rights Agreement, Neonode was obligated to file the registration statement within 30 calendar days and to use reasonable best efforts to cause the registration statement to be declared effective within 75 calendar days. The registration statement was declared effective by the SEC on September 18, 2020. Failure to maintain the effective registration of the Common Shares and the shares of common stock underlying the Preferred Shares will subject Neonode to payment for liquidated damages.

 

In connection with the Private Placement, Neonode incurred total offering costs of $879,000.

 

The condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates continuity of operations and the realization of assets and the repayment of liabilities in the ordinary course of business. Management evaluated the significance of the Company's operating loss and determined that the Company's cash position after the Private Placement, current operating plan and sources of potential capital would be sufficient to alleviate concerns about the Company's ability to continue as a going concern.

 

We expect our revenues from our three business areas will enable us to reduce our operating losses in coming years. In addition, we intend to continue to implement various measures to improve our operational efficiencies. No assurances can be given that management will be successful in meeting its revenue targets and reducing its operating loss.

 

In the future, we may require sources of capital in addition to cash on hand to continue operations and to implement our strategy. If our operations do not become cash flow positive, we may be forced to seek equity investments or debt arrangements. No assurances can be given that we will be successful in obtaining such additional financing on reasonable terms, or at all. If adequate funds are not available on acceptable terms, or at all, we may be unable to adequately fund our business plans and it could have a negative effect on our business, results of operations and financial condition. In addition, if funds are available, the issuance of equity securities or securities convertible into equity could dilute the value of shares of our common stock and cause the market price to fall, and the issuance of debt securities could impose restrictive covenants that could impair our ability to engage in certain business transactions.

XML 21 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of Neonode Inc. and its wholly owned subsidiaries, as well as Pronode Technologies AB, a 51% majority owned subsidiary of Neonode Technologies AB. The remaining 49% of Pronode Technologies AB is owned by 2X Communication AB, located in Gothenburg, Sweden. Pronode Technologies AB was organized to manufacture and sell our sensor modules. All inter-company accounts and transactions have been eliminated in consolidation.

 

Neonode consolidates entities in which it has a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights.

 

The condensed consolidated balance sheets at September 30, 2020 and December 31, 2019 and the condensed consolidated statements of operations, comprehensive loss, stockholders' equity for the three and nine months ended September 30, 2020 and 2019 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 include our accounts and those of our wholly owned subsidiaries as well as Pronode Technologies AB.

 

Estimates and Judgments

 

The preparation of financial statements in conformity with U.S. GAAP requires making estimates and judgments that affect, at the date of the financial statements, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Actual results could differ from these estimates and judgments.

  

Significant estimates and judgments include, but are not limited to: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, the standalone selling price of performance obligations, and transaction prices and assessing transfer of control; measuring variable consideration and other obligations such as product returns and refunds, and product warranties; provisions for uncollectible receivables; determining the net realizable value of inventory; recoverability of capitalized project costs and long-lived assets; for leases, determining whether a contract contains a lease, allocating consideration between lease and non-lease components, determining incremental borrowing rates, and identifying reassessment events, such as modifications; the valuation allowance related to our deferred tax assets; and the fair value of options issued for stock-based compensation. 

 

Cash and Cash Equivalents

 

We have not had any liquid investments other than normal cash deposits with bank institutions to date. The Company considers all highly liquid investments with original maturities of three months of less to be cash equivalents.

 

Concentration of Cash Balance Risks

 

Cash balances are maintained at various banks in the U.S., Japan, Korea, Taiwan and Sweden. For deposits held with financial institutions in the U.S., the U.S. Federal Deposit Insurance Corporation, provides basic deposit coverage with limits up to $250,000 per owner. The Swedish government provides insurance coverage up to 950,000 Krona per customer and covers deposits in all types of accounts. For bank accounts of the category held by Neonode, the Japanese government provides full insurance coverage. The Korea Deposit Insurance Corporation provides insurance coverage up to 50,000,000 Won per customer. The Central Deposit Insurance Corporation in Taiwan provides insurance coverage up to 3,000,000 Taiwan Dollar per customer. At times, deposits held with financial institutions may exceed the amount of insurance provided.

  

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable is stated at net realizable value. Our policy is to maintain allowances for estimated losses resulting from the inability of our customers to make required payments. Credit limits are established through a process of reviewing the financial history and stability of each customer. Should all efforts fail to recover the related receivable, we will write off the account. We also record an allowance for all customers based on certain other factors including the length of time the receivables are past due and historical collection experience with customers. Our allowance for doubtful accounts was approximately $82,000 as of September 30, 2020 and $85,000 as of December 31, 2019.

 

Projects in Process

 

Projects in process consist of costs incurred toward the completion of various projects for certain customers. These costs are primarily comprised of direct engineering labor costs and project-specific equipment costs. These costs are capitalized on our balance sheet as an asset and deferred until revenue for each project is recognized in accordance with our revenue recognition policy. Costs capitalized in projects in process were $11,000 and $8,000 as of September 30, 2020 and December 31, 2019, respectively.

 

Inventory

 

Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out ("FIFO") valuation method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period.

 

Due to the low sell-through of our AirBar products, management has decided to reserve work-in-process for AirBar components, as well as AirBar-related raw materials. Management has further decided to reserve for a portion of AirBar finished goods, depending on type of AirBar and in which location it is stored.

 

To protect our manufacturing partner from losses in relation to AirBar production, we agreed to secure the value of the inventory with a bank guarantee covering the production of 20,000 AirBars. Excess inventory was purchased from our manufacturing partner in 2019 and has been fully reserved.

 

In total, the AirBar reserve was $0.7 million and $0.8 million as of September 30, 2020 and December 31, 2019, respectively.

 

The Company's inventory consists primarily of components that will be used in the manufacturing of our sensor modules. We classify inventory for reporting purposes as raw materials, work-in-process, and finished goods.

 

Raw materials, work-in-process, and finished goods are as follows (in thousands):

 

   September 30,   December 31, 
   2020   2019 
Raw materials  $373   $396 
Work-in-process   183    186 
Finished goods   572    448 
Ending inventory  $1,128   $1,030 

  

Investment in Joint Venture

 

We invested $3,000 in a 50% interest in Neoeye AB. We account for our investment using the equity method of accounting because the investment provides us the ability to exercise significant influence, but not control, over the investee. We are not required to guarantee any obligations of the joint venture and there have been no operations of Neoeye through September 30, 2020.

 

Property and Equipment

 

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon estimated useful lives of the assets as follows:

 

Estimated useful lives

 

Computer equipment   3 years 
Furniture and fixtures   5 years 
Equipment   7 years 

 

Equipment purchased under a finance lease is recognized over the term of the lease if that lease term is shorter than the estimated useful life.

  

Upon retirement or sale of property and equipment, cost and accumulated depreciation and amortization are removed from the accounts and any gains or losses are reflected in the condensed consolidated statement of operations. Maintenance and repairs are charged to expense as incurred. 

 

Right of Use Assets

 

A right-of-use asset represents a lessee's right to use a leased asset for the term of the lease. Our right-of-use assets generally consist of operating leases for buildings and finance leases for manufacturing equipment.

 

Right-of-use assets are measured initially at the present value of the lease payments, plus any lease payments made before a lease began and any initial direct costs, such as commissions paid to obtain a lease.

 

Right-of-use assets are subsequently measured at the present value of the remaining lease payments, adjusted for incentives, prepaid or accrued rent, and any initial direct costs not yet expensed.

    

Long-lived Asset Recoverability

 

We assess the recoverability of long-lived assets by estimating the future cash flow from the associated assets in accordance with relevant accounting guidance. If the estimated undiscounted future cash flow related to these assets decreases or the useful life is shorter than originally estimated, we may incur charges for impairment of these assets. As of September 30, 2020, we believe there was no impairment of our long-lived assets. There can be no assurance, however, that market conditions will not change or sufficient demand for our products and services will continue, which could result in impairment of long-lived assets in the future.

 

Foreign Currency Translation and Transaction Gains and Losses

 

The functional currency of our foreign subsidiaries is the applicable local currency, the Swedish Krona, the Japanese Yen, the South Korean Won and the Taiwan Dollar. The translation from Swedish Krona, Japanese Yen, South Korean Won and Taiwan Dollar to U.S. Dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using a weighted-average exchange rate during the period. Gains or (losses) resulting from translation are included as a separate component of accumulated other comprehensive income (loss). Foreign currency translation gains (losses) were $(228,000) and $(251,000) and $(145,000) and $(300,000) during the three and nine months ended September 30, 2020 and 2019, respectively. Gains (losses) resulting from foreign currency transactions are included in general and administrative expenses in the accompanying condensed consolidated statements of operations and were $(135,000) and $(149,000) during the three and nine months ended September 30, 2020, respectively, compared to $56,000 and $170,000 during the same periods in 2019, respectively.

 

Concentration of Credit and Business Risks

 

Our customers are located in U.S., Europe and Asia.

 

As of September 30, 2020, four customers represented approximately 75% of our consolidated accounts receivable and unbilled revenues.

 

As of December 31, 2019, three customers represented approximately 72% of our consolidated accounts receivable and unbilled revenues.

 

Customers who accounted for 10% or more of our net revenues during the three months ended September 30, 2020 are as follows:

  

  Hewlett-Packard Company – 31%
     
  LG Electronics Inc. – 16%
     
  Seiko Epson Corporation – 13%
     
  Alpine Electronics, Inc – 12%

 

Customers who accounted for 10% or more of our net revenues during the nine months ended September 30, 2020 are as follows:

 

  Hewlett-Packard Company – 32%
     
  Seiko Epson Corporation – 19%
     
  Alpine Electronics, Inc – 15%

 

Customers who accounted for 10% or more of our net revenues during the three months ended September 30, 2019 are as follows:

 

  Hewlett Packard Company – 34%
     
  Seiko Epson Corporation – 18%
     
  Alpine Electronics, Inc – 20%

 

Customers who accounted for 10% or more of our net revenues during the nine months ended September 30, 2019 are as follows:

 

  Hewlett Packard Company – 39%
     
  Seiko Epson Corporation – 15%
     
  Alpine Electronics, Inc – 14%

 

Revenue Recognition

 

We recognize revenue when control of products is transferred to our customers, and when services are completed and accepted by our customers. The amount of revenue we recognize reflects the consideration we expect to receive for those products or services. Our contracts with customers may include combinations of products and services, for example, a contract that includes products and related engineering services. We structure our contracts such that distinct performance obligations, such as product sales or license fees, and related engineering services, are clearly defined in each contract.

 

Sales of license fees and AirBar and sensor modules are on a per-unit basis; therefore, we generally satisfy performance obligations as units are shipped to our customers. Non-recurring engineering service performance obligations are satisfied as work is performed and accepted by our customers.

 

We recognize revenue net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. We treat all product shipping and handling charges (regardless of when they occur) as activities to fulfil the promise to transfer goods, therefore we treat all shipping and handling charges as expenses.

 

Revenues from our business areas derive from three different revenue streams: license fees, non-recurring engineering fees and the sale of sensor modules.

 

Licensing Revenues:

 

We earn revenue from licensing our internally developed intellectual property ("IP"). We enter into IP licensing agreements that generally provide licensees the right to incorporate our IP components in their products, with terms and conditions that vary by licensee. Fees under these agreements may include license fees relating to our IP, and royalties payable to us following the distribution by our licensees of products incorporating the licensed technology. The license for our IP has standalone value and can be used by the licensee without maintenance and support.

 

For technology license arrangements that do not require significant modification or customization of the underlying technology, we recognize technology license revenue when the license is made available to the customer and the customer has a right to use that license. At the end of each reporting period, we record unbilled license fees, using prior royalty revenue data by customer to make accurate estimates of those royalties.

 

Explicit return rights are not offered to customers. There have been no returns through September 30, 2020.

 

Engineering Services:

 

For technology license or sensor module contracts that require modification or customization of the underlying technology to adapt that technology to customer use, we determine whether the technology license or sensor module, and engineering consulting services represent separate performance obligations. We perform our analysis on a contract-by-contract basis. If there are separate performance obligations, we determine the standalone selling price ("SSP") of each separate performance obligation to properly recognize revenue as each performance obligation is satisfied. We provide engineering consulting services to our customers under a signed Statement of Work ("SOW"). Deliverables and payment terms are specified in each SOW. We generally charge an hourly rate for engineering services, and we recognize revenue as engineering services specified in contracts are completed and accepted by our customers. Any upfront payments we receive for future non-recurring engineering services are recorded as unearned revenue until that revenue is earned.

 

We believe that recognizing non-recurring engineering services revenues as progress towards completion of engineering services and customer acceptance of those services occurs best reflects the economics of those transactions, because engineering services as tracked in our systems correspond directly with the value to our customers of our performance completed to date. Hours performed for each engineering project are tracked and reflect progress made on each project and are charged at a consistent hourly rate.

 

Revenues from engineering services contracts that are short-term in nature are recorded when those services are complete and accepted by customers.

  

Revenues from engineering services contracts with substantive defined deliverables for which payment terms in the SOW are commensurate with the efforts required to produce such deliverables are recognized as they are completed and accepted by customers.

 

Estimated losses on all SOW projects are recognized in full as soon as they become evident. During the three and nine months ended September 30, 2020 and 2019, no losses related to SOW projects were recorded.

 

Optical Sensor Modules Revenues:

 

We earn revenue from sales of sensor modules hardware products to our OEM and Tier 1 supplier customers, who embed our hardware into their products, and from sales of branded consumer products (AirBar) that incorporate our sensor modules sold through distributors. These distributors are generally given business terms that allow them to return unsold inventory, receive credits for changes in selling prices, and participate in various cooperative marketing programs. Our sales agreements generally provide customers with limited rights of return and warranty provisions. 

 

Because we generally use distributors to provide AirBar and sensor modules to our customers, we analyze the terms of distributor agreements to determine when control passes from us to our distributors. For sales of AirBar and sensor modules sold through distributors, revenues are recognized when our distributors obtain control over our products. Control passes to our distributors when we have a present right to payment for products sold to distributors, the distributors have legal title to and physical possession of products purchased from us, and the distributors have significant risks and rewards of ownership of products purchased.

 

Under U.S. GAAP, companies may make reasonable aggregations and approximations of returns data to accurately estimate returns. Our sensor modules returns and warranty experience to date has enabled us to make reasonable returns estimates, which are supported by the fact that our product sales involve homogenous transactions. The reserve for future sales returns is recorded as a reduction of our accounts receivable and revenue and was insignificant as of September 30, 2020 and 2019. If the actual future returns were to deviate from the historical data on which the reserve had been established, our revenue could be adversely affected.

 

The following tables present disaggregated revenues by market for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands):

 

   Three months ended
September 30,
2020
   Three months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
Net revenues from automotive  $538    44%  $401    33%
Net revenues from consumer electronics   673    56%   813    67%
   $1,211    100%  $1,214    100%
                     
HMI Products                    
Net revenues from automotive  $-    0%  $8    8%
Net revenues from medical   56    20%   33    35%
Net revenues from distributors and other   228    80%   55    57%
   $284    100%  $96    100%

 

   Nine months ended
September 30,
2020
   Nine months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
Net revenues from automotive  $1,079    35%  $1,337    29%
Net revenues from consumer electronics   1,992    65%   3,288    71%
   $3,071    100%  $4,625    100%
                     
HMI Products                    
Net revenues from automotive  $15    3%  $9    2%
Net revenues from medical   159    33%   93    23%
Net revenues from distributors and other   302    64%   305    75%
   $476    100%  $407    100%

 

Significant Judgments

 

Our contracts with customers may include promises to transfer multiple products and services to a customer, particularly when the contract is for a product and related engineering services fees for customizing that product for our customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately may require significant judgment. Judgment may also be required to determine the SSP for each distinct performance obligation identified, although we generally structure our contracts such that performance obligations and pricing for each performance obligation are specifically addressed. We currently have no outstanding contracts with multiple performance obligations.

 

Judgment is also required to determine when control of products passes from us to our distributors, as well as the amounts of product that may be returned to us. Our products are sold with a right of return, and we may provide other credits or incentives to our customers, which could result in variability when determining the amount of revenue to recognize. At the end of each reporting period, we use product returns history and additional information that becomes available to estimate returns and credits. We do not recognize revenue if it is probable that a significant reversal of any incremental revenue would occur.

 

Judgment is further required to determine the amount of unbilled license fees at the end of each reporting period.

 

Contract Balances

 

Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when we have an unconditional right to receive future payments from customers, and we record unearned deferred revenue when we receive prepayments or upfront payments for goods or services from our customers.

 

The following table presents accounts receivable and deferred revenues as of September 30, 2020 and December 31, 2019 (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Accounts receivable and unbilled revenue  $1,044   $1,324 
Deferred revenues   143    67 

 

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled revenues (contract assets), and customer advances and deposits or deferred revenue (contract liabilities) on the consolidated balance sheets. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets which are generally classified as current. The Company sometimes receives advances or deposits from its customers before revenue is recognized, which are reported as contract liabilities and are generally classified as current. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period.

 

We do not anticipate impairment of our contract asset related to license fee revenues, given the creditworthiness of our customers whose invoices comprise the balance in that asset account. We will continue to monitor the timeliness of receipts from those customers, however, to assess whether the contract asset has been impaired.

 

The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Our allowance for doubtful accounts was approximately $82,000 as of September 30, 2020 and $85,000 as of December 31, 2019.

 

Payment terms and conditions vary by the type of contract; however, payments generally occur 30-60 days after invoicing for license fees and sensor modules to our resellers and distributors. Where revenue recognition timing differs from invoice timing, we have determined that our contracts do not include a significant financing component. Our intent is to provide our customers with consistent invoicing terms for the convenience of our customers, not to receive financing from our customers.

    

Costs to Obtain Contracts

 

We record the incremental costs of obtaining a contract with a customer as an asset, if we expect the benefit of those costs to cover a period greater than one year. We currently have no incremental costs that must be capitalized.

 

We expense as incurred costs of obtaining a contract when the amortization period of those costs would have been less than or equal to one year.

 

Product Warranty

 

The following table summarizes the activity related to the product warranty liability (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Balance at beginning of period  $24   $17 
Provisions for warranty issued   13    7 
Balance at end of period  $37   $24 

 

The Company accrues for warranty costs as part of its cost of sales of sensor modules based on estimated costs. The Company's products are generally covered by a warranty for a period of 12 to 36 months from the customer receipt of the product.

 

Deferred Revenues

 

Deferred revenues consist primarily of prepayments for license fees, and other products or services for which we have been paid in advance and earn the revenue when we transfer control of the product or service. Deferred revenues may also include upfront payments for consulting services to be performed in the future, such as non-recurring engineering services.

 

We defer license fees until we have met all accounting requirements for revenue recognition, which is when a license is made available to a customer and that customer has a right to use the license. Engineering development fee revenues are deferred until engineering services have been completed and accepted by our customers.

 

The following table presents our deferred revenues (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Deferred revenues HMI Solutions  $41   $37 
Deferred revenues HMI Products   102    30 
   $143   $67 

  

During the three and nine months ended September 30, 2020, the Company recognized revenues of approximately $7,000 and $39,000, respectively, related to contract liabilities outstanding at the beginning of the year.

 

Product Backlog

 

Our sensor module product backlog at September 30, 2020 was approximately $495,000. The product backlog includes orders confirmed for products planned to be shipped within the next 3 quarters to 3 customers. Our cycle time between order and shipment is generally short and customers occasionally change delivery schedules. As a result, we do not believe that our product backlog, as of any particular date, is necessarily indicative of actual product revenue for any future period.

 

Advertising

 

Advertising costs are expensed as incurred. Advertising costs for the three and nine months ended September 30, 2020 and 2019 amounted to approximately $27,000 and $43,000 and $18,000 and $66,000, respectively.

  

Research and Development

 

Research and development ("R&D") costs are expensed as incurred. R&D costs consist primarily of personnel related costs in addition to external consultancy costs such as testing, certifying and measurements.

 

Stock-Based Compensation Expense

 

We measure the cost of employee services received in exchange for an award of equity instruments, including share options, based on the estimated fair value of the award on the grant date, and recognize the value as compensation expense over the period the employee is required to provide services in exchange for the award, usually the vesting period.

 

We account for equity instruments issued to non-employees at their estimated fair value.

 

When determining stock-based compensation expense involving options and warrants, we determine the estimated fair value of options and warrants using the Black-Scholes option pricing model.

 

Noncontrolling Interests

 

The Company recognizes noncontrolling interests as equity in the condensed consolidated financial statements separate from the parent company's equity. Noncontrolling interests' partners have less than 50% share of voting rights at any one of the subsidiary level companies. The amount of net income (loss) attributable to non-controlling interests is included in consolidated net income (loss) on the face of the condensed consolidated statements of operations. Changes in a parent entity's ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income (loss) when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the noncontrolling equity investment on the deconsolidation date. Additionally, operating losses are allocated to noncontrolling interests even when such allocation creates a deficit balance for the noncontrolling interest partner.

 

The Company provides either in the condensed consolidated statement of stockholders' equity, if presented, or in the notes to condensed consolidated financial statements, a reconciliation at the beginning and the end of the period of the carrying amount of total equity (net assets), equity (net assets) attributable to the parent, and equity (net assets) attributable to the noncontrolling interest that separately discloses:

 

  (1) Net income or loss;
     
  (2) Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners; and
     
  (3) Each component of other comprehensive income or loss.

  

Income taxes

 

We recognize deferred tax liabilities and assets for the expected future tax consequences of items that have been included in the consolidated financial statements or tax returns. We estimate income taxes based on rates in effect in each of the jurisdictions in which we operate. Deferred income tax assets and liabilities are determined based upon differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The realization of deferred tax assets is based on historical tax positions and expectations about future taxable income. Valuation allowances are recorded against net deferred tax assets when, in our opinion, realization is uncertain based on the "more likely than not" criteria of the accounting guidance.

 

Based on the uncertainty of future pre-tax income, we fully reserved our net deferred tax assets as of September 30, 2020 and December 31, 2019. In the event we were to determine that we would be able to realize our deferred tax assets in the future, an adjustment to the deferred tax asset would increase income in the period such determination was made. The provision for income taxes represents the net change in deferred tax amounts, plus income taxes paid or payable for the current period.

 

We follow U.S. GAAP related accounting for uncertainty in income taxes, which provisions include a two-step approach to recognizing, de-recognizing and measuring uncertainty in income taxes. As a result, we did not recognize a liability for unrecognized tax benefits. As of September 30, 2020, and December 31, 2019, we had no unrecognized tax benefits. 

  

Net Loss per Share

 

Net loss per share amounts has been computed based on the weighted average number of shares of common stock outstanding during the three and nine months ended September 30, 2020 and 2019, respectively. Net loss per share, assuming dilution amounts from common stock equivalents, is computed based on the weighted-average number of shares of common stock and potential common stock equivalents outstanding during the period. The weighted-average number of shares of common stock and potential common stock equivalents used in computing the net loss per share for the three and nine months ended September 30, 2020 and 2019 exclude the potential common stock equivalents, as the effect would be anti-dilutive (see Note 9).

 

Other Comprehensive Income (Loss)

 

Our other comprehensive income (loss) includes foreign currency translation gains and losses. The cumulative amount of translation gains and losses are reflected as a separate component of stockholders' equity in the condensed consolidated balance sheets.

 

Cash Flow Information

 

Cash flows in foreign currencies have been converted to U.S. Dollars at an approximate weighted-average exchange rate for the respective reporting periods. The weighted-average exchange rate for the condensed consolidated statements of operations was as follows:

 

    Nine months ended
September 30,
 
    2020     2019  
Swedish Krona     9.41       9.41  
Japanese Yen     107.52       109.11  
South Korean Won     1,199.94       1,162.54  
Taiwan Dollar     29.78       31.04  

 

Exchange rate for the consolidated balance sheets was as follows:

 

    As of  
    September 30,     December 31,  
    2020     2019  
Swedish Krona     8.96       9.34  
Japanese Yen     105.55       108.66  
South Korean Won     1,165.32       1,154.56  
Taiwan Dollar     28.94       30.00  

 

Fair Value of Financial Instruments

 

We disclose the estimated fair values for all financial instruments for which it is practicable to estimate fair value. Financial instruments including cash, accounts receivable, accounts payable, accrued expenses and short-term borrowings and are deemed to approximate fair value due to their short maturities.

 

New Accounting Pronouncements

 

In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments, ("ASU 2016-13"), supplemented by subsequent accounting standards updates. The new standard requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13, as amended, is scheduled to become effective for fiscal years beginning after December 15, 2023, with early adoption permitted. In the future, we will evaluate the impact that ASU 2016-13, as amended, will have on our consolidated financial statements, specifically regarding our trade receivables; however, we do not expect any significant impact from implementation of the new standard.

 

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Tax, which simplifies the accounting for income taxes. ASU 2019-12 will become effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact ASU 2019-12 will have on our consolidated financial statements.

 

Reclass of Presentation in our Condensed Consolidated Statements of Operations

 

Since January 1, 2020, we have allocated revenue to our new business areas - HMI Solutions, HMI Products and Remote Sensing Solutions - rather than by our revenue streams - license fees, sensor module sale and non-recurring engineering fees. The presentation in our condensed consolidated statements of operations has been changed accordingly. Revenues from HMI Solutions include license fees and non-recurring engineering fees while HMI Products include sensor module sales and non-recurring engineering fees. We expect that future revenues within our Remote Sensing Solutions business area will be derived from license fees and non-recurring engineering fees.

XML 22 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Short-Term Borrowings
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Short-Term Borrowings

3. Short-Term Borrowings

 

During the nine months ended September 30, 2020, the Company was granted a credit from the Swedish Tax Authority covering social charges and staff withholding taxes relating to January through March 2020 payroll, as part of Swedish governmental COVID-19 support. The total amount was $563,000 and the credit was for 12 months but could be repaid earlier if desired. There was a 1.25% annual non-deductible interest and a credit fee of 0.2% from the seventh month of the granted credit. The tax credit was repaid in August 2020 along with interest of $2,000.

 

On June 17, 2020, the Company entered into short-term loan facilities (the "Loan Agreements") with two entities beneficially owned respectively by each of Ulf Rosberg and Peter Lindell, directors of Neonode (each, a "Director"). Pursuant to the Loan Agreements, each entity beneficially owned by the Director made approximately $1.7 million in U.S. dollars principal amount available to the Company. The Company made an initial drawdown of an aggregate of approximately $1.0 million under the Loan Agreement.

 

Each of the Loan Agreements provided for a credit fee of 0.75% per annum, calculated on a daily basis from the date of the Loan Agreement, and any outstanding amount incurred interest at a fixed rate of 3.25% per annum, calculated on a daily basis from the drawdown date. Drawdowns under the Loan Agreements became unavailable upon the earlier to occur of the execution of a capital raise by Neonode or December 31, 2020. Upon completion of a capital raise before December 31, 2020, any outstanding amount under the Loan Agreements, including any credit fee and interest, became payable as soon as practicably possible after such capital raise. If a capital raise was not completed by December 31, 2020, or if the funds from the capital raise were insufficient to repay the full outstanding amount under the Loan Agreements, then the outstanding amount under the Loan Agreements, including any credit fee and interest, would have become due and payable on February 28, 2021.

 

On August 7, 2020, Neonode issued 517 shares of Series C-2 Preferred Stock to UMR Invest AB, the entity beneficially owned by Ulf Rosberg, to repay the indebtedness and accrued interest under the Loan Agreement. To effect a similar transaction with entities beneficially owned by the other Director, Peter Lindell, (i) on August 7, 2020, at the closing of the Private Placement, Cidro Förvaltning AB paid for an additional 517 shares of Series C-2 Preferred Stock, and (ii) on August 10, 2020, the next business day after the closing of the Private Placement, Neonode repaid to Cidro Holding AB the debt and accrued interest due under the Loan Agreement, an amount that equaled the price of the 517 shares of Series C-2 Preferred Stock. As a result of the repayments to each Director, the Loan Agreements terminated in accordance with their terms.

XML 23 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity
9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Stockholders' Equity

4. Stockholders' Equity

 

Common Stock

 

See Note 1 for activities that affected common stock during the three and nine months ended September 30, 2020.

 

At the Annual Meeting of our Company held on September 29, 2020, stockholders approved a proposal to increase the number of authorized common stock to 25,000,000 shares. Accordingly, on November 5, 2020, we filed an amendment to the Neonode Inc. Restated Certificate of Incorporation, as amended (our "Certificate of Incorporation"), with the Secretary of State of the State of Delaware to increase to 25,000,000 the number of authorized shares of our common stock.

 

Preferred Stock

 

On August 6, 2020, in connection with the closing of the Private Placement, the Company designated (i) 365 shares of its authorized and unissued preferred stock as Series C-1 Preferred Stock by filing a Series C-1 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware and (ii) 4,084 shares of its authorized and unissued preferred stock as Series C-2 Preferred Stock by filing a Series C-2 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware.

 

The Series C-1 Preferred Stock and Series C-2 Preferred Stock (together, the "Preferred Shares") were converted into 684,378 shares of Neonode common stock.

 

As of September 30, 2020, our Certificate of Incorporation authorized Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, and Series C-2 Preferred Stock.

 

During the year ended December 31, 2019, the only shares of our preferred stock issued and outstanding were Series B Preferred Stock. Effective July 1, 2019, all outstanding shares of our Series B Preferred Stock were converted into shares of our common stock.

  

The holders of the Preferred Shares were entitled to receive dividends at the rate per share of 5% per annum, totaling $33,000. As of September 30, 2020, $2,000 of preferred dividends had been paid and $31,000 was accrued.

 

No shares of preferred stock were issued and outstanding as of September 30, 2020.

 

Details of the preferred stock activities are set forth below:

 

   Series B Preferred Stock Shares Issued   Series B Preferred Stock Amount   Series C-1 Preferred Stock Shares Issued   Series C-1 Preferred Stock Amount   Series C-2 Preferred Stock Shares Issued   Series C-2 Preferred Stock Amount 
Balances, December 31, 2018   82   $-    -   $-    -   $- 
                               
Balances, March 31, 2019   82   $-    -   $-    -   $- 
                               
Conversion of Series B Preferred Stock to common stock   (2)  $-    -   $-    -   $- 
                               
Balances, June 30, 2019   80   $     -         -   $-    -   $- 
                               
Conversion of Series B Preferred Stock to common stock   (80)  $-    -   $-    -   $- 
                               
Balances, September 30, 2019   -   $-    -   $-    -   $- 
                               
Balances, December 31, 2019   -   $-    -   $-    -   $- 
                               
Balances, March 31, 2020   -   $-    -   $-    -   $- 
                               
Balances, June 30, 2020   -   $-    -   $-    -   $- 
                               
Issuance of Preferred Shares for cash   -   $-    365   $365    3,567   $3,567 
                               
Series C-2 Preferred Stock issued for repayment of short-term borrowings and accrued interest   -    -    -    -    517    517 
                               
Conversion of Preferred Shares to common stock   -   $-    (365)  $(365)   (4,084)  $(4,084)
                               
Balances, September 30, 2020   -   $-    -   $-    -   $- 

 

Warrants

 

As of September 30, 2020 and December 31, 2019, the Company had 431,368 warrants to purchase common stock outstanding.

XML 24 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation
9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation

5. Stock-Based Compensation

 

There was no stock-based compensation expense for the three and nine months ended September 30, 2020 and 2019 and there is no remaining unrecognized stock-based compensation expense related to stock options as of September 30, 2020.

 

The estimated fair value of stock-based awards is calculated using the Black-Scholes option pricing model, even though this model was developed to estimate the fair value of freely tradable, fully transferable options without vesting restrictions, which differ significantly from our stock options. The Black-Scholes model also requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. The expected term and forfeiture rate of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior, as well as expected behavior on outstanding options. The risk-free rate is based on the U.S. Treasury rates in effect during the corresponding period of grant. The expected volatility is based on the historical volatility of our stock price. These factors could change in the future, which would affect fair values of stock options granted in such future periods and could cause volatility in the total amount of the stock-based compensation expense reported in future periods.

 

Stock Options

 

We have adopted equity incentive plans for which stock options and restricted stock awards are available to grant to employees, consultants and directors. All employee, consultant and director stock options granted under our stock option plans have an exercise price equal to the market value of the underlying common stock on the grant date. There are no vesting provisions tied to performance conditions for any options, as vesting for all outstanding option grants was based only on continued service as an employee, consultant or director. All of our outstanding stock options and restricted stock awards are classified as equity instruments.

 

As of September 30, 2020, we had three equity incentive plans:

 

  The 2006 Equity Incentive Plan (the "2006 Plan");
     
 

The 2015 Stock Incentive Plan (the "2015 Plan"); and

 

  The 2020 Stock Incentive Plan (the "2020 Plan").

 

Both the 2006 Plan and the 2015 Plan have terminated with respect to additional awards. However, shares issuable pursuant to previously awarded stock options may still be exercised in accordance with their terms.

 

A summary of the combined activity under all of the stock option plans is set forth below:

 

   Number of
Options
Outstanding
   Weighted
Average
Exercise
Price
 
Outstanding at January 1, 2020   52,500   $27.51 
Cancelled   (42,000)   22.52 
Outstanding at September 30, 2020   10,500   $29.61 

 

The aggregate intrinsic value of the 10,500 stock options that are outstanding, vested and expected to vest as of September 30, 2020 was $0.

 

For the three and nine months ended September 30, 2020 and 2019, we recorded no compensation expense related to the vesting of stock options. The fair value of the stock-based compensation was calculated using the Black-Scholes option pricing model as of the date of grant of the stock option.

 

During the three and nine months ended September 30, 2020, we did not grant any options to purchase shares of our common stock to employees or members of our board of directors.

 

Stock options granted under the 2006 and 2015 Plans are exercisable over a maximum term of ten years from the date of grant, vest in various installments over a one to four-year period and have exercise prices reflecting the market value of the shares of common stock on the date of grant.

XML 25 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies
9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

6. Commitments and Contingencies

 

Litigation

 

On August 26, 2020, a putative stockholder of Neonode filed a purported class action lawsuit (C.A. No. 2020-0701-AGB) in the Delaware Court of Chancery against Neonode and the Board of Directors of Neonode for alleged breach of fiduciary duty in connection with disclosure of information concerning Proposal 5 and Proposal 6 in the proxy statement filed with the SEC by Neonode on August 20, 2020 for the 2020 Annual Meeting of Stockholders of Neonode (the "Proxy Statement"). These proposals for shareholder approval related to the Private Placement by Neonode on August 5, 2020 in which two directors and the chief executive officer of Neonode participated. The relief sought by the plaintiff included a preliminary injunction to enjoin the stockholder votes on Proposal 5 and Proposal 6. On September 13, 2020, the plaintiff amended his complaint to also enjoin the stockholder vote on Proposal 1 in the Proxy Statement concerning election of directors. Neonode and the other named defendants believe that the disclosures set forth in the Proxy Statement complied fully with all applicable law, that no supplemental disclosure was required, and that the plaintiffs' allegations are without merit. However, in an effort to avoid the nuisance and ongoing expense relating to the claims in the lawsuit, Neonode filed definitive additional materials to the Proxy Statement on September 18, 2020. The plaintiff withdrew his motion to preliminarily enjoin the stockholder votes on Proposals 1, 5, and 6 based upon the definitive additional materials to the Proxy Statement. The lawsuit remains subject to final disposition, including the potential award of fees to the attorneys for the plaintiff.

 

On September 2, 2020, a separate putative stockholder of Neonode filed a purported class action lawsuit (Case No. 1:20-cv-01174-UNA) in the United States District Court for the District of Delaware against Neonode, the Board of Directors of Neonode, and the Chief Executive Officer of Neonode for alleged violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended, in connection with disclosure of information concerning Proposal 5 and Proposal 6 in the Proxy Statement, and generally containing the same substantive allegations as in the above previously-filed Delaware Court of Chancery action. On October 20, 2020, the plaintiff voluntarily dismissed the lawsuit in the United States District Court.

 

Operating expenses for the three and nine months ended September 30, 2020 include actual and estimated costs in relation to the above-referenced lawsuits.

 

Indemnities and Guarantees

 

Our bylaws require that we indemnify each of our executive officers and directors for certain events or occurrences arising because of the officer or director serving in such capacity. The term of the indemnification period is for the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited. However, we have a directors' and officers' liability insurance policy that should enable us to recover a portion of future amounts paid. As a result of our insurance policy coverage, we believe the estimated fair value of these indemnification agreements is minimal and we have no liabilities recorded for these agreements as of September 30, 2020 and December 31, 2019.

 

We enter into indemnification provisions under our agreements with other companies in the ordinary course of business, typically with business partners, contractors, customers and landlords. Under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities or, in some cases, as a result of the indemnified party's activities under the agreement. These indemnification provisions often include indemnifications relating to representations made by us regarding intellectual property rights. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited. We have not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, we believe the estimated fair value of these agreements is minimal. Accordingly, we have no liabilities recorded for these indemnification provisions as of September 30, 2020 and December 31, 2019.

 

One of our manufacturing partners has previously purchased material for the final assembly of AirBars. To protect the manufacturer from losses in relation to AirBar production, we agreed to secure the value of the inventory in a bank guarantee. The initial guarantee was for $345,000 and valid until December 31, 2019. Since the sale of AirBars has been lower than expected, a major part of the inventory at the manufacturer remained unused when the due date of the bank guarantee neared.

 

In November 2019, we agreed to decreased the bank guarantee to $210,000, covering the value of inventory for the production of 20,000 AirBars and in conjunction with this purchase the excess AirBar inventory for approximately $141,000. The current bank guarantee is valid until December 31, 2020.

 

Management's judgment is that the bank guarantee is a contingent guarantee and management will record a liability when it is probable we will have to purchase the inventory. As of November 10, 2020, management's judgment is that we will sell the remaining AirBars during 2020 and 2021 and thereby purchase the components and the assembly service from the manufacturing partner throughout the years. The bank guarantee is expected to be renewed at a lower amount reflecting the value of the remaining inventory at year-end. No liability has been recorded for the period ended September 30, 2020. 

 

Patent Assignment

 

On May 6, 2019, the Company assigned a portfolio of patents to Aequitas Technologies LCC ("Aequitas"). The portfolio contains two patent families comprising nine U.S. patents, five non-U.S. patents and three pending U.S. patent applications. The assignment provides the Company the right to share potential proceeds generated from a licensing and monetization program. As of September 30, 2020, there have been no proceeds from the agreement with Aequitas.

 

On July 11, 2020, Aequitas assigned 10 patents belonging to the one of the patent families back to Neonode based upon a determination by Aequitas not to enforce those particular patents.

 

On September 8, 2020, an Aequitas subsidiary, Neonode Smartphone LLC, filed patent infringement lawsuits against Apple Inc., and Samsung Electronics Co. Ltd. and Samsung Electronics America, Inc., in U.S. federal court in the Western District of Texas.

 

Non-Recurring Engineering Development Costs

 

On April 25, 2013, we entered into an Analog Device Development Agreement with an effective date of December 6, 2012 (the "NN1002 Agreement") with Texas Instruments ("TI") pursuant to which TI agreed to integrate our intellectual property into an application-specific integrated circuit ("ASIC"). Under the terms of the NN1002 Agreement, we agreed to pay TI $500,000 of non-recurring engineering costs at the rate of $0.25 per ASIC for each of the first 2 million ASICs sold. As of September 30, 2020, we had made no payments to TI under the NN1002 Agreement.

XML 26 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information
9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Information

7. Segment Information

 

We have one reportable segment, which is comprised of the touch technology licensing and sensor module business. All of our sales for the three and nine months ended September 30, 2020 and 2019, respectively, were to customers located in the U.S., Europe and Asia. The Company reports revenues from external customers based on the country where the customer is located.

  

The following table presents net revenues by geographic area for the three and nine months ended September 30, 2020 and 2019, respectively, (dollars in thousands):

 

   Three months ended
September 30,
2020
   Three months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
United States  $486    33%  $548    42%
Japan   395    26%   498    38%
South Korea   240    16%   -    -%
China   154    10%   49    4%
Germany   130    9%   106    8%
Switzerland   54    4%   52    4%
Other   36    2%   57    3%
   $1,495    100%  $1,310    100%

 

   Nine months ended
September 30,
2020
   Nine months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
United States  $1,340    38%  $2,510    50%
Japan   1,229    35%   1,515    30%
Germany   274    8%   477    9%
South Korea   267    7%   -    -%
China   203    6%   177    4%
Switzerland   161    4%   109    2%
France   -    -%   152    3%
Other   72    2%   61    1%
   $3,547    100%  $5,032    100%

 

The following table presents our total assets by geographic region as of September 30, 2020 and December 31, 2019 (in thousands):

 

   September 30,
2020
   December 31,
2019
 
U.S.  $6,602   $2,898 
Sweden   9,914    4,430 
Asia   109    108 
Total  $16,625   $7,436 
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Leases
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases

8. Leases

 

We have operating leases for our corporate offices and our manufacturing facility, and finance leases for equipment. Our leases have remaining lease terms of two months to 2.42 years, and one of our two primary operating leases includes an option to extend the lease for another three years. This primary operating lease also includes an option to terminate the lease by October 1, 2021. The other primary operating lease has been terminated effective November 30, 2020 and a new lease has been signed for three years beginning December 1, 2020. Future renewal options that are not likely to be executed as of the balance sheet date are excluded from right-of-use assets and related lease liabilities.

 

We report operating lease assets, as well as operating lease current and noncurrent obligations on our consolidated balance sheets for the right to use those buildings in our business. Our finance leases represent manufacturing equipment. We report the manufacturing equipment, as well as finance lease current and noncurrent obligations on our consolidated balance sheets.

 

Generally, interest rates are stated in our leases for equipment. When no interest rate is stated in a lease, however, we review the interest rates implicit in our recent finance leases to estimate our incremental borrowing rate. We determine the rate implicit in a lease by using the most recent finance lease rate, or other method we think most closely represents our incremental borrowing rate.

 

The components of lease expense were as follows (in thousands):

 

   Three Months
Ended
September 30,
2020
   Nine Months Ended
September 30,
2020
 
Operating lease cost (1)  $139   $381 
           
Finance lease cost:          
Amortization of leased assets  $164   $467 
Interest on lease liabilities   3    15 
Total finance lease cost  $167   $482 

  

(1) Includes short term lease costs of $30,000 and $81,000 for the three and nine months ended September 30, 2020, respectively.

  

   Three Months
Ended
September 30,
2019
   Nine Months
Ended
September 30,
2019
 
Operating lease cost (1)  $145   $454 
           
Finance lease cost:          
Amortization of leased assets  $153   $471 
Interest on lease liabilities   8    26 
Total finance lease cost  $161   $497 

 

(1) Includes short term lease costs of $27,000 and $93,000 for the three and nine months ended September 30, 2019, respectively.

     

Supplemental cash flow information related to leases was as follows (in thousands):

 

   Three Months
Ended
September 30,
2020
   Nine Months
Ended
September 30,
2020
 
Cash paid for amounts included in leases:        
Operating cash flows from operating leases  $(115)  $(298)
Operating cash flows from finance leases   (3)   (15)
Financing cash flows from finance leases   (21)   (185)
           
Right-of-use assets obtained in exchange for lease obligations:          
Operating leases   25    - 

  

   Three months
ended
September 30,
   Nine months
ended
September 30,
 
   2019   2019 
Cash paid for amounts included in leases:        
Operating cash flows from operating leases  $(109)  $(298)
Operating cash flows from finance leases   (8)   (26)
Financing cash flows from finance leases   (131)   (403)
           
Right-of-use assets obtained in exchange for lease obligations:          
Operating leases   -    - 

 

Supplemental balance sheet information related to leases was as follows (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Operating leases        
Operating lease right-of-use assets  $155   $416 
           
Current portion of operating lease obligations  $118   $332 
Operating lease liabilities, net of current portion   -    58 
Total operating lease liabilities  $118   $390 
           
Finance leases          
Property and equipment, at cost  $3,491   $3,348 
Accumulated depreciation   (2,533)   (1,956)
Property and equipment, net  $958   $1,392 
           
Current portion of finance lease obligations  $650   $568 
Finance lease liabilities, net of current portion   277    508 
Total finance lease liabilities  $927   $1,076 

  

   September 30,
2020
   December 31,
2019
 
Weighted Average Remaining Lease Term        
Operating leases   0.7 years    1.2 years 
Finance leases   1.2 years    1.6 years 
           
Weighted Average Discount Rate          
Operating leases (2)   5%   5%
Finance leases   2%   2%

 

(2) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

    

A summary of future minimum payments under non-cancellable operating lease commitments as of September 30, 2020 is as follows (in thousands):

 

Years ending December 31,  Total 
2020 (remaining months)  $47 
2021   74 
    121 
Less imputed interest   (3)
Total lease liabilities  $118 

  

The following is a schedule of minimum future rentals on the non-cancellable finance leases as of September 30, 2020 (in thousands):

 

Year ending December 31,  Total 
2020 (remaining months)  $131 
2021   721 
2022   82 
2023   8 
Total minimum payments required:   942 
Less amount representing interest:   (15)
Present value of net minimum lease payments:   927 
Less current portion   (650)
   $277 
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Net Loss per Share
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Net Loss per Share

9. Net Loss per Share

 

Basic net loss per common share for the three and nine months ended September 30, 2020 and 2019 was computed by dividing the net loss attributable to common shareholders of Neonode Inc. for the relevant period by the weighted average number of shares of common stock outstanding. Diluted loss per common share is computed by dividing net loss attributable to common shareholders of Neonode Inc. by the weighted average number of shares of common stock and common stock equivalents outstanding.

 

Potential common stock equivalents of approximately 0 and 0 outstanding stock options and 0 and 0.3 million outstanding stock warrants under the treasury stock method, and 0 and 0 shares issuable upon conversion of preferred stock are excluded from the diluted earnings per share calculation for the three and nine months ended September 30, 2020 and 2019, respectively, due to their anti-dilutive effect.

 

(in thousands, except per share amounts)  Three months ended
September 30,
 
   2020   2019 
BASIC AND DILUTED        
Weighted average number of common shares outstanding   10,128    8,811 
Net loss attributable to common shareholders of Neonode Inc.  $(1,671)  $(1,086)
           
Net loss per share - basic and diluted  $(0.16)  $(0.12)

 

(in thousands, except per share amounts)  Nine months ended
September 30,
 
   2020   2019 
BASIC AND DILUTED        
Weighted average number of common shares outstanding   9,492    8,804 
Net loss attributable to common shareholders of Neonode Inc.  $(4,293)  $(2,923)
           
Net loss per share - basic and diluted  $(0.45)  $(0.33)
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

10. Subsequent Events

 

We have evaluated subsequent events through the filing date of this Form 10-Q, and determined that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes thereto other than as discussed elsewhere in the accompanying notes.

 

The extent of COVID-19’s effect on the Company's operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict considered the rapidly evolving landscape. The Company is constantly analyzing the potential impacts to all of its business areas. At this time, it is not possible to determine the magnitude of the overall impact of COVID-19 on the Company. The situation could have a material adverse effect on the Company’s condensed consolidated balance sheets, liquidity, and condensed consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows. The pandemic has, however, created an increased interest in the Company’s technology, which allows germ-free contactless touch on any surface.

XML 30 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

 

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of Neonode Inc. and its wholly owned subsidiaries, as well as Pronode Technologies AB, a 51% majority owned subsidiary of Neonode Technologies AB. The remaining 49% of Pronode Technologies AB is owned by 2X Communication AB, located in Gothenburg, Sweden. Pronode Technologies AB was organized to manufacture and sell our sensor modules. All inter-company accounts and transactions have been eliminated in consolidation.

 

Neonode consolidates entities in which it has a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights.

 

The condensed consolidated balance sheets at September 30, 2020 and December 31, 2019 and the condensed consolidated statements of operations, comprehensive loss, stockholders' equity for the three and nine months ended September 30, 2020 and 2019 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 include our accounts and those of our wholly owned subsidiaries as well as Pronode Technologies AB.

Estimates and Judgments

Estimates and Judgments

 

The preparation of financial statements in conformity with U.S. GAAP requires making estimates and judgments that affect, at the date of the financial statements, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Actual results could differ from these estimates and judgments.

  

Significant estimates and judgments include, but are not limited to: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, the standalone selling price of performance obligations, and transaction prices and assessing transfer of control; measuring variable consideration and other obligations such as product returns and refunds, and product warranties; provisions for uncollectible receivables; determining the net realizable value of inventory; recoverability of capitalized project costs and long-lived assets; for leases, determining whether a contract contains a lease, allocating consideration between lease and non-lease components, determining incremental borrowing rates, and identifying reassessment events, such as modifications; the valuation allowance related to our deferred tax assets; and the fair value of options issued for stock-based compensation.

Cash and cash equivalents

Cash and Cash Equivalents

 

We have not had any liquid investments other than normal cash deposits with bank institutions to date. The Company considers all highly liquid investments with original maturities of three months of less to be cash equivalents.

Concentration of Cash Balance Risks

Concentration of Cash Balance Risks

 

Cash balances are maintained at various banks in the U.S., Japan, Korea, Taiwan and Sweden. For deposits held with financial institutions in the U.S., the U.S. Federal Deposit Insurance Corporation, provides basic deposit coverage with limits up to $250,000 per owner. The Swedish government provides insurance coverage up to 950,000 Krona per customer and covers deposits in all types of accounts. For bank accounts of the category held by Neonode, the Japanese government provides full insurance coverage. The Korea Deposit Insurance Corporation provides insurance coverage up to 50,000,000 Won per customer. The Central Deposit Insurance Corporation in Taiwan provides insurance coverage up to 3,000,000 Taiwan Dollar per customer. At times, deposits held with financial institutions may exceed the amount of insurance provided.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable is stated at net realizable value. Our policy is to maintain allowances for estimated losses resulting from the inability of our customers to make required payments. Credit limits are established through a process of reviewing the financial history and stability of each customer. Should all efforts fail to recover the related receivable, we will write off the account. We also record an allowance for all customers based on certain other factors including the length of time the receivables are past due and historical collection experience with customers. Our allowance for doubtful accounts was approximately $82,000 as of September 30, 2020 and $85,000 as of December 31, 2019.

Projects in process

Projects in Process

 

Projects in process consist of costs incurred toward the completion of various projects for certain customers. These costs are primarily comprised of direct engineering labor costs and project-specific equipment costs. These costs are capitalized on our balance sheet as an asset and deferred until revenue for each project is recognized in accordance with our revenue recognition policy. Costs capitalized in projects in process were $11,000 and $8,000 as of September 30, 2020 and December 31, 2019, respectively.

Inventory

Inventory

 

Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out ("FIFO") valuation method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period.

 

Due to the low sell-through of our AirBar products, management has decided to reserve work-in-process for AirBar components, as well as AirBar-related raw materials. Management has further decided to reserve for a portion of AirBar finished goods, depending on type of AirBar and in which location it is stored.

 

To protect our manufacturing partner from losses in relation to AirBar production, we agreed to secure the value of the inventory with a bank guarantee covering the production of 20,000 AirBars. Excess inventory was purchased from our manufacturing partner in 2019 and has been fully reserved.

 

In total, the AirBar reserve was $0.7 million and $0.8 million as of September 30, 2020 and December 31, 2019, respectively.

 

The Company's inventory consists primarily of components that will be used in the manufacturing of our sensor modules. We classify inventory for reporting purposes as raw materials, work-in-process, and finished goods.

 

Raw materials, work-in-process, and finished goods are as follows (in thousands):

 

   September 30,   December 31, 
   2020   2019 
Raw materials  $373   $396 
Work-in-process   183    186 
Finished goods   572    448 
Ending inventory  $1,128   $1,030 
Investment in Joint Venture

Investment in Joint Venture

 

We invested $3,000 in a 50% interest in Neoeye AB. We account for our investment using the equity method of accounting because the investment provides us the ability to exercise significant influence, but not control, over the investee. We are not required to guarantee any obligations of the joint venture and there have been no operations of Neoeye through September 30, 2020.

Property and Equipment

Property and Equipment

 

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon estimated useful lives of the assets as follows:

 

Estimated useful lives

 

Computer equipment   3 years 
Furniture and fixtures   5 years 
Equipment   7 years 

 

Equipment purchased under a finance lease is recognized over the term of the lease if that lease term is shorter than the estimated useful life.

  

Upon retirement or sale of property and equipment, cost and accumulated depreciation and amortization are removed from the accounts and any gains or losses are reflected in the condensed consolidated statement of operations. Maintenance and repairs are charged to expense as incurred.

Right of Use Assets

Right of Use Assets

 

A right-of-use asset represents a lessee’s right to use a leased asset for the term of the lease. Our right-of-use assets generally consist of operating leases for buildings and finance leases for manufacturing equipment.

 

Right-of-use assets are measured initially at the present value of the lease payments, plus any lease payments made before a lease began and any initial direct costs, such as commissions paid to obtain a lease.

 

Right-of-use assets are subsequently measured at the present value of the remaining lease payments, adjusted for incentives, prepaid or accrued rent, and any initial direct costs not yet expensed.

Long-lived Asset Recoverability

Long-lived Asset Recoverability

 

We assess the recoverability of long-lived assets by estimating the future cash flow from the associated assets in accordance with relevant accounting guidance. If the estimated undiscounted future cash flow related to these assets decreases or the useful life is shorter than originally estimated, we may incur charges for impairment of these assets. As of September 30, 2020, we believe there was no impairment of our long-lived assets. There can be no assurance, however, that market conditions will not change or sufficient demand for our products and services will continue, which could result in impairment of long-lived assets in the future.

Foreign Currency Translation and Transaction Gains and Losses

Foreign Currency Translation and Transaction Gains and Losses

 

The functional currency of our foreign subsidiaries is the applicable local currency, the Swedish Krona, the Japanese Yen, the South Korean Won and the Taiwan Dollar. The translation from Swedish Krona, Japanese Yen, South Korean Won and Taiwan Dollar to U.S. Dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using a weighted-average exchange rate during the period. Gains or (losses) resulting from translation are included as a separate component of accumulated other comprehensive income (loss). Foreign currency translation gains (losses) were $(228,000) and $(251,000) and $(145,000) and $(300,000) during the three and nine months ended September 30, 2020 and 2019, respectively. Gains (losses) resulting from foreign currency transactions are included in general and administrative expenses in the accompanying condensed consolidated statements of operations and were $(135,000) and $(149,000) during the three and nine months ended September 30, 2020, respectively, compared to $56,000 and $170,000 during the same periods in 2019, respectively.

Concentration of Credit and Business Risks

Concentration of Credit and Business Risks

 

Our customers are located in U.S., Europe and Asia.

 

As of September 30, 2020, four customers represented approximately 75% of our consolidated accounts receivable and unbilled revenues.

 

As of December 31, 2019, three customers represented approximately 72% of our consolidated accounts receivable and unbilled revenues.

 

Customers who accounted for 10% or more of our net revenues during the three months ended September 30, 2020 are as follows:

  

  Hewlett-Packard Company – 31%
     
  LG Electronics Inc. – 16%
     
  Seiko Epson Corporation – 13%
     
  Alpine Electronics, Inc – 12%

 

Customers who accounted for 10% or more of our net revenues during the nine months ended September 30, 2020 are as follows:

 

  Hewlett-Packard Company – 32%
     
  Seiko Epson Corporation – 19%
     
  Alpine Electronics, Inc – 15%

 

Customers who accounted for 10% or more of our net revenues during the three months ended September 30, 2019 are as follows:

 

  Hewlett Packard Company – 34%
     
  Seiko Epson Corporation – 18%
     
  Alpine Electronics, Inc – 20%

 

Customers who accounted for 10% or more of our net revenues during the nine months ended September 30, 2019 are as follows:

 

  Hewlett Packard Company – 39%
     
  Seiko Epson Corporation – 15%
     
  Alpine Electronics, Inc – 14%
Revenue Recognition

Revenue Recognition

 

We recognize revenue when control of products is transferred to our customers, and when services are completed and accepted by our customers. The amount of revenue we recognize reflects the consideration we expect to receive for those products or services. Our contracts with customers may include combinations of products and services, for example, a contract that includes products and related engineering services. We structure our contracts such that distinct performance obligations, such as product sales or license fees, and related engineering services, are clearly defined in each contract.

 

Sales of license fees and AirBar and sensor modules are on a per-unit basis; therefore, we generally satisfy performance obligations as units are shipped to our customers. Non-recurring engineering service performance obligations are satisfied as work is performed and accepted by our customers.

 

We recognize revenue net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. We treat all product shipping and handling charges (regardless of when they occur) as activities to fulfil the promise to transfer goods, therefore we treat all shipping and handling charges as expenses.

 

Revenues from our business areas derive from three different revenue streams: license fees, non-recurring engineering fees and the sale of sensor modules.

 

Licensing Revenues:

 

We earn revenue from licensing our internally developed intellectual property (“IP”). We enter into IP licensing agreements that generally provide licensees the right to incorporate our IP components in their products, with terms and conditions that vary by licensee. Fees under these agreements may include license fees relating to our IP, and royalties payable to us following the distribution by our licensees of products incorporating the licensed technology. The license for our IP has standalone value and can be used by the licensee without maintenance and support.

 

For technology license arrangements that do not require significant modification or customization of the underlying technology, we recognize technology license revenue when the license is made available to the customer and the customer has a right to use that license. At the end of each reporting period, we record unbilled license fees, using prior royalty revenue data by customer to make accurate estimates of those royalties.

 

Explicit return rights are not offered to customers. There have been no returns through September 30, 2020.

 

Engineering Services:

 

For technology license or sensor module contracts that require modification or customization of the underlying technology to adapt that technology to customer use, we determine whether the technology license or sensor module, and engineering consulting services represent separate performance obligations. We perform our analysis on a contract-by-contract basis. If there are separate performance obligations, we determine the standalone selling price (“SSP”) of each separate performance obligation to properly recognize revenue as each performance obligation is satisfied. We provide engineering consulting services to our customers under a signed Statement of Work (“SOW”). Deliverables and payment terms are specified in each SOW. We generally charge an hourly rate for engineering services, and we recognize revenue as engineering services specified in contracts are completed and accepted by our customers. Any upfront payments we receive for future non-recurring engineering services are recorded as unearned revenue until that revenue is earned.

 

We believe that recognizing non-recurring engineering services revenues as progress towards completion of engineering services and customer acceptance of those services occurs best reflects the economics of those transactions, because engineering services as tracked in our systems correspond directly with the value to our customers of our performance completed to date. Hours performed for each engineering project are tracked and reflect progress made on each project and are charged at a consistent hourly rate.

 

Revenues from engineering services contracts that are short-term in nature are recorded when those services are complete and accepted by customers.

  

Revenues from engineering services contracts with substantive defined deliverables for which payment terms in the SOW are commensurate with the efforts required to produce such deliverables are recognized as they are completed and accepted by customers.

 

Estimated losses on all SOW projects are recognized in full as soon as they become evident. During the three and nine months ended September 30, 2020 and 2019, no losses related to SOW projects were recorded.

 

Optical Sensor Modules Revenues:

 

We earn revenue from sales of sensor modules hardware products to our OEM and Tier 1 supplier customers, who embed our hardware into their products, and from sales of branded consumer products (AirBar) that incorporate our sensor modules sold through distributors. These distributors are generally given business terms that allow them to return unsold inventory, receive credits for changes in selling prices, and participate in various cooperative marketing programs. Our sales agreements generally provide customers with limited rights of return and warranty provisions. 

 

Because we generally use distributors to provide AirBar and sensor modules to our customers, we analyze the terms of distributor agreements to determine when control passes from us to our distributors. For sales of AirBar and sensor modules sold through distributors, revenues are recognized when our distributors obtain control over our products. Control passes to our distributors when we have a present right to payment for products sold to distributors, the distributors have legal title to and physical possession of products purchased from us, and the distributors have significant risks and rewards of ownership of products purchased.

 

Under U.S. GAAP, companies may make reasonable aggregations and approximations of returns data to accurately estimate returns. Our sensor modules returns and warranty experience to date has enabled us to make reasonable returns estimates, which are supported by the fact that our product sales involve homogenous transactions. The reserve for future sales returns is recorded as a reduction of our accounts receivable and revenue and was insignificant as of September 30, 2020 and 2019. If the actual future returns were to deviate from the historical data on which the reserve had been established, our revenue could be adversely affected.

 

The following tables present disaggregated revenues by market for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands):

 

   Three months ended
September 30,
2020
   Three months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
Net revenues from automotive  $538    44%  $401    33%
Net revenues from consumer electronics   673    56%   813    67%
   $1,211    100%  $1,214    100%
                     
HMI Products                    
Net revenues from automotive  $-    0%  $8    8%
Net revenues from medical   56    20%   33    35%
Net revenues from distributors and other   228    80%   55    57%
   $284    100%  $96    100%

 

   Nine months ended
September 30,
2020
   Nine months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
Net revenues from automotive  $1,079    35%  $1,337    29%
Net revenues from consumer electronics   1,992    65%   3,288    71%
   $3,071    100%  $4,625    100%
                     
HMI Products                    
Net revenues from automotive  $15    3%  $9    2%
Net revenues from medical   159    33%   93    23%
Net revenues from distributors and other   302    64%   305    75%
   $476    100%  $407    100%
Significant Judgments

Significant Judgments

 

Our contracts with customers may include promises to transfer multiple products and services to a customer, particularly when the contract is for a product and related engineering services fees for customizing that product for our customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately may require significant judgment. Judgment may also be required to determine the SSP for each distinct performance obligation identified, although we generally structure our contracts such that performance obligations and pricing for each performance obligation are specifically addressed. We currently have no outstanding contracts with multiple performance obligations.

 

Judgment is also required to determine when control of products passes from us to our distributors, as well as the amounts of product that may be returned to us. Our products are sold with a right of return, and we may provide other credits or incentives to our customers, which could result in variability when determining the amount of revenue to recognize. At the end of each reporting period, we use product returns history and additional information that becomes available to estimate returns and credits. We do not recognize revenue if it is probable that a significant reversal of any incremental revenue would occur.

 

Judgment is further required to determine the amount of unbilled license fees at the end of each reporting period.

Contract Balances

Contract Balances

 

Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when we have an unconditional right to receive future payments from customers, and we record unearned deferred revenue when we receive prepayments or upfront payments for goods or services from our customers.

 

The following table presents accounts receivable and deferred revenues as of September 30, 2020 and December 31, 2019 (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Accounts receivable and unbilled revenue  $1,044   $1,324 
Deferred revenues   143    67 

 

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled revenues (contract assets), and customer advances and deposits or deferred revenue (contract liabilities) on the consolidated balance sheets. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets which are generally classified as current. The Company sometimes receives advances or deposits from its customers before revenue is recognized, which are reported as contract liabilities and are generally classified as current. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period.

 

We do not anticipate impairment of our contract asset related to license fee revenues, given the creditworthiness of our customers whose invoices comprise the balance in that asset account. We will continue to monitor the timeliness of receipts from those customers, however, to assess whether the contract asset has been impaired.

 

The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence. Our allowance for doubtful accounts was approximately $82,000 as of September 30, 2020 and $85,000 as of December 31, 2019.

 

Payment terms and conditions vary by the type of contract; however, payments generally occur 30-60 days after invoicing for license fees and sensor modules to our resellers and distributors. Where revenue recognition timing differs from invoice timing, we have determined that our contracts do not include a significant financing component. Our intent is to provide our customers with consistent invoicing terms for the convenience of our customers, not to receive financing from our customers.

Costs to Obtain Contracts

Costs to Obtain Contracts

 

We record the incremental costs of obtaining a contract with a customer as an asset, if we expect the benefit of those costs to cover a period greater than one year. We currently have no incremental costs that must be capitalized.

 

We expense as incurred costs of obtaining a contract when the amortization period of those costs would have been less than or equal to one year.

Product Warranty

Product Warranty

 

The following table summarizes the activity related to the product warranty liability (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Balance at beginning of period  $24   $17 
Provisions for warranty issued   13    7 
Balance at end of period  $37   $24 

 

The Company accrues for warranty costs as part of its cost of sales of sensor modules based on estimated costs. The Company’s products are generally covered by a warranty for a period of 12 to 36 months from the customer receipt of the product.

Deferred Revenues

Deferred Revenues

 

Deferred revenues consist primarily of prepayments for license fees, and other products or services for which we have been paid in advance and earn the revenue when we transfer control of the product or service. Deferred revenues may also include upfront payments for consulting services to be performed in the future, such as non-recurring engineering services.

 

We defer license fees until we have met all accounting requirements for revenue recognition, which is when a license is made available to a customer and that customer has a right to use the license. Engineering development fee revenues are deferred until engineering services have been completed and accepted by our customers.

 

The following table presents our deferred revenues (in thousands):

 

   September 30,
2020
   December 31,
2019
 
Deferred revenues HMI Solutions  $41   $37 
Deferred revenues HMI Products   102    30 
   $143   $67 

  

During the three and nine months ended September 30, 2020, the Company recognized revenues of approximately $7,000 and $39,000, respectively, related to contract liabilities outstanding at the beginning of the year.

Product Backlog

Product Backlog

 

Our sensor module product backlog at September 30, 2020 was approximately $495,000. The product backlog includes orders confirmed for products planned to be shipped within the next 3 quarters to 3 customers. Our cycle time between order and shipment is generally short and customers occasionally change delivery schedules. As a result, we do not believe that our product backlog, as of any particular date, is necessarily indicative of actual product revenue for any future period.

Advertising

Advertising

 

Advertising costs are expensed as incurred. Advertising costs for the three and nine months ended September 30, 2020 and 2019 amounted to approximately $27,000 and $43,000 and $18,000 and $66,000, respectively.

Research and Development

Research and Development

 

Research and development (“R&D”) costs are expensed as incurred. R&D costs consist primarily of personnel related costs in addition to external consultancy costs such as testing, certifying and measurements.

Stock-Based Compensation Expense

Stock-Based Compensation Expense

 

We measure the cost of employee services received in exchange for an award of equity instruments, including share options, based on the estimated fair value of the award on the grant date, and recognize the value as compensation expense over the period the employee is required to provide services in exchange for the award, usually the vesting period.

 

We account for equity instruments issued to non-employees at their estimated fair value.

 

When determining stock-based compensation expense involving options and warrants, we determine the estimated fair value of options and warrants using the Black-Scholes option pricing model.

Noncontrolling Interests

Noncontrolling Interests

 

The Company recognizes noncontrolling interests as equity in the condensed consolidated financial statements separate from the parent company’s equity. Noncontrolling interests’ partners have less than 50% share of voting rights at any one of the subsidiary level companies. The amount of net income (loss) attributable to non-controlling interests is included in consolidated net income (loss) on the face of the condensed consolidated statements of operations. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income (loss) when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the noncontrolling equity investment on the deconsolidation date. Additionally, operating losses are allocated to noncontrolling interests even when such allocation creates a deficit balance for the noncontrolling interest partner.

 

The Company provides either in the condensed consolidated statement of stockholders’ equity, if presented, or in the notes to condensed consolidated financial statements, a reconciliation at the beginning and the end of the period of the carrying amount of total equity (net assets), equity (net assets) attributable to the parent, and equity (net assets) attributable to the noncontrolling interest that separately discloses:

 

  (1) Net income or loss;
     
  (2) Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners; and
     
  (3) Each component of other comprehensive income or loss.
Income taxes

Income taxes

 

We recognize deferred tax liabilities and assets for the expected future tax consequences of items that have been included in the consolidated financial statements or tax returns. We estimate income taxes based on rates in effect in each of the jurisdictions in which we operate. Deferred income tax assets and liabilities are determined based upon differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The realization of deferred tax assets is based on historical tax positions and expectations about future taxable income. Valuation allowances are recorded against net deferred tax assets when, in our opinion, realization is uncertain based on the “more likely than not” criteria of the accounting guidance.

 

Based on the uncertainty of future pre-tax income, we fully reserved our net deferred tax assets as of September 30, 2020 and December 31, 2019. In the event we were to determine that we would be able to realize our deferred tax assets in the future, an adjustment to the deferred tax asset would increase income in the period such determination was made. The provision for income taxes represents the net change in deferred tax amounts, plus income taxes paid or payable for the current period.

 

We follow U.S. GAAP related accounting for uncertainty in income taxes, which provisions include a two-step approach to recognizing, de-recognizing and measuring uncertainty in income taxes. As a result, we did not recognize a liability for unrecognized tax benefits. As of September 30, 2020, and December 31, 2019, we had no unrecognized tax benefits.

Net Loss per Share

Net Loss per Share

 

Net loss per share amounts has been computed based on the weighted average number of shares of common stock outstanding during the three and nine months ended September 30, 2020 and 2019, respectively. Net loss per share, assuming dilution amounts from common stock equivalents, is computed based on the weighted-average number of shares of common stock and potential common stock equivalents outstanding during the period. The weighted-average number of shares of common stock and potential common stock equivalents used in computing the net loss per share for the three and nine months ended September 30, 2020 and 2019 exclude the potential common stock equivalents, as the effect would be anti-dilutive (see Note 9).

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

 

Our other comprehensive income (loss) includes foreign currency translation gains and losses. The cumulative amount of translation gains and losses are reflected as a separate component of stockholders’ equity in the condensed consolidated balance sheets.

Cash Flow Information

Cash Flow Information

 

Cash flows in foreign currencies have been converted to U.S. Dollars at an approximate weighted-average exchange rate for the respective reporting periods. The weighted-average exchange rate for the condensed consolidated statements of operations was as follows:

 

    Nine months ended
September 30,
 
    2020     2019  
Swedish Krona     9.41       9.41  
Japanese Yen     107.52       109.11  
South Korean Won     1,199.94       1,162.54  
Taiwan Dollar     29.78       31.04  

 

Exchange rate for the consolidated balance sheets was as follows:

 

    As of  
    September 30,     December 31,  
    2020     2019  
Swedish Krona     8.96       9.34  
Japanese Yen     105.55       108.66  
South Korean Won     1,165.32       1,154.56  
Taiwan Dollar     28.94       30.00  
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

We disclose the estimated fair values for all financial instruments for which it is practicable to estimate fair value. Financial instruments including cash, accounts receivable, accounts payable, accrued expenses and short-term borrowings and are deemed to approximate fair value due to their short maturities.

New Accounting Pronouncements

New Accounting Pronouncements

 

In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”), supplemented by subsequent accounting standards updates. The new standard requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13, as amended, is scheduled to become effective for fiscal years beginning after December 15, 2023, with early adoption permitted. In the future, we will evaluate the impact that ASU 2016-13, as amended, will have on our consolidated financial statements, specifically regarding our trade receivables; however, we do not expect any significant impact from implementation of the new standard.

 

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Tax, which simplifies the accounting for income taxes. ASU 2019-12 will become effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact ASU 2019-12 will have on our consolidated financial statements.

Reclass of Presentation in our Condensed Consolidated Statements of Operations

Reclass of Presentation in our Condensed Consolidated Statements of Operations

 

Since January 1, 2020, we have allocated revenue to our new business areas - HMI Solutions, HMI Products and Remote Sensing Solutions - rather than by our revenue streams - license fees, sensor module sale and non-recurring engineering fees. The presentation in our condensed consolidated statements of operations has been changed accordingly. Revenues from HMI Solutions include license fees and non-recurring engineering fees while HMI Products include sensor module sales and non-recurring engineering fees. We expect that future revenues within our Remote Sensing Solutions business area will be derived from license fees and non-recurring engineering fees.

XML 31 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Schedule of inventory
   September 30,   December 31, 
   2020   2019 
Raw materials  $373   $396 
Work-in-process   183    186 
Finished goods   572    448 
Ending inventory  $1,128   $1,030 
Schedule of estimated useful lives of property and equipment
Computer equipment   3 years 
Furniture and fixtures   5 years 
Equipment   7 years 
Schedule of disaggregated revenues
   Three months ended
September 30,
2020
   Three months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
Net revenues from automotive  $538    44%  $401    33%
Net revenues from consumer electronics   673    56%   813    67%
   $1,211    100%  $1,214    100%
                     
HMI Products                    
Net revenues from automotive  $-    0%  $8    8%
Net revenues from medical   56    20%   33    35%
Net revenues from distributors and other   228    80%   55    57%
   $284    100%  $96    

100 

%

   Nine months ended
September 30,
2020
   Nine months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
HMI Solutions                
Net revenues from automotive  $1,079    35%  $1,337    29%
Net revenues from consumer electronics   1,992    65%   3,288    71%
   $3,071    100%  $4,625    100%
                     
HMI Products                    
Net revenues from automotive  $15    3%  $9    2%
Net revenues from medical   159    33%   93    23%
Net revenues from distributors and other   302    64%   305    75%
   $476    100%  $407    100%

 

Schedule of accounts receivable and deferred revenues
   September 30,
2020
   December 31,
2019
 
Accounts receivable and unbilled revenue  $1,044   $1,324 
Deferred revenues   143    67 
Schedule of activity related to the product warranty liability
   September 30,
2020
   December 31,
2019
 
Balance at beginning of period  $24   $17 
Provisions for warranty issued   13    7 
Balance at end of period  $37   $24 
Schedule of deferred revenues
   September 30,
2020
   December 31,
2019
 
Deferred revenues HMI Solutions  $41   $37 
Deferred revenues HMI Products   102    30 
   $143   $67 
Schedule of weighted average exchange rate for the condensed consolidated statements of operations
    Nine months ended
September 30,
 
    2020     2019  
Swedish Krona     9.41       9.41  
Japanese Yen     107.52       109.11  
South Korean Won     1,199.94       1,162.54  
Taiwan Dollar     29.78       31.04  
Schedule of exchange rate for the consolidated balance sheets
    As of  
    September 30,     December 31,  
    2020     2019  
Swedish Krona     8.96       9.34  
Japanese Yen     105.55       108.66  
South Korean Won     1,165.32       1,154.56  
Taiwan Dollar     28.94       30.00  
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Schedule of preferred stock activities
   Series B Preferred Stock Shares Issued   Series B Preferred Stock Amount   Series C-1 Preferred Stock Shares Issued   Series C-1 Preferred Stock Amount   Series C-2 Preferred Stock Shares Issued   Series C-2 Preferred Stock Amount 
Balances, December 31, 2018   82   $-    -   $-    -   $- 
                               
Balances, March 31, 2019   82   $-    -   $-    -   $- 
                               
Conversion of Series B Preferred Stock to common stock   (2)  $-    -   $-    -   $- 
                               
Balances, June 30, 2019   80   $     -         -   $-    -   $- 
                               
Conversion of Series B Preferred Stock to common stock   (80)  $-    -   $-    -   $- 
                               
Balances, September 30, 2019   -   $-    -   $-    -   $- 
                               
Balances, December 31, 2019   -   $-    -   $-    -   $- 
                               
Balances, March 31, 2020   -   $-    -   $-    -   $- 
                               
Balances, June 30, 2020   -   $-    -   $-    -   $- 
                               
Issuance of Preferred Shares for cash   -   $-    365   $365    3,567   $3,567 
                               
Series C-2 Preferred Stock issued for repayment of short-term borrowings and accrued interest   -    -    -    -    517    517 
                               
Conversion of Preferred Shares to common stock   -   $-    (365)  $(365)   (4,084)  $(4,084)
                               
Balances, September 30, 2020   -   $-    -   $-    -   $- 
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of the combined activity under all of the stock option plans
   Number of
Options
Outstanding
   Weighted
Average
Exercise
Price
 
Outstanding at January 1, 2020   52,500   $27.51 
Cancelled   (42,000)   22.52 
Outstanding at September 30, 2020   10,500   $29.61 
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information (Tables)
9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Schedule of net revenues by geographic region

   Three months ended
September 30,
2020
   Three months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
United States  $486    33%  $548    42%
Japan   395    26%   498    38%
South Korea   240    16%   -    -%
China   154    10%   49    4%
Germany   130    9%   106    8%
Switzerland   54    4%   52    4%
Other   36    2%   57    3%
   $1,495    100%  $1,310    100%

   Nine months ended
September 30,
2020
   Nine months ended
September 30,
2019
 
   Amount   Percentage   Amount   Percentage 
United States  $1,340    38%  $2,510    50%
Japan   1,229    35%   1,515    30%
Germany   274    8%   477    9%
South Korea   267    7%   -    -%
China   203    6%   177    4%
Switzerland   161    4%   109    2%
France   -    -%   152    3%
Other   72    2%   61    1%
   $3,547    100%  $5,032    100%

 

Schedule of long-lived assets by geographic region

   September 30,
2020
   December 31,
2019
 
U.S.  $6,602   $2,898 
Sweden   9,914    4,430 
Asia   109    108 
Total  $16,625   $7,436 

 

XML 35 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Tables)
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Schedule of components of lease expense
   Three Months
Ended
September 30,
2020
   Nine Months Ended
September 30,
2020
 
Operating lease cost (1)  $139   $381 
           
Finance lease cost:          
Amortization of leased assets  $164   $467 
Interest on lease liabilities   3    15 
Total finance lease cost  $167   $482 

  

(1) Includes short term lease costs of $30,000 and $81,000 for the three and nine months ended September 30, 2020, respectively.

  

   Three Months
Ended
September 30,
2019
   Nine Months
Ended
September 30,
2019
 
Operating lease cost (1)  $145   $454 
           
Finance lease cost:          
Amortization of leased assets  $153   $471 
Interest on lease liabilities   8    26 
Total finance lease cost  $161   $497 

 

(1) Includes short term lease costs of $27,000 and $93,000 for the three and nine months ended September 30, 2019, respectively.
Schedule of supplemental cash flow information related to leases
   Three Months
Ended
September 30,
2020
   Nine Months
Ended
September 30,
2020
 
Cash paid for amounts included in leases:        
Operating cash flows from operating leases  $(115)  $(298)
Operating cash flows from finance leases   (3)   (15)
Financing cash flows from finance leases   (21)   (185)
           
Right-of-use assets obtained in exchange for lease obligations:          
Operating leases   25    - 

 

   Three months
ended
September 30,
   Nine months
ended
September 30,
 
   2019   2019 
Cash paid for amounts included in leases:        
Operating cash flows from operating leases  $(109)  $(298)
Operating cash flows from finance leases   (8)   (26)
Financing cash flows from finance leases   (131)   (403)
           
Right-of-use assets obtained in exchange for lease obligations:          
Operating leases   -    - 
Schedule of supplemental balance sheet information
   September 30,
2020
   December 31,
2019
 
Operating leases        
Operating lease right-of-use assets  $155   $416 
           
Current portion of operating lease obligations  $118   $332 
Operating lease liabilities, net of current portion   -    58 
Total operating lease liabilities  $118   $390 
           
Finance leases          
Property and equipment, at cost  $3,491   $3,348 
Accumulated depreciation   (2,533)   (1,956)
Property and equipment, net  $958   $1,392 
           
Current portion of finance lease obligations  $650   $568 
Finance lease liabilities, net of current portion   277    508 
Total finance lease liabilities  $927   $1,076 

  

   September 30,
2020
   December 31,
2019
 
Weighted Average Remaining Lease Term        
Operating leases   0.7 years    1.2 years 
Finance leases   1.2 years    1.6 years 
           
Weighted Average Discount Rate          
Operating leases (2)   5%   5%
Finance leases   2%   2%

 

(2) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019
Schedule of future minimum payments under non-cancellable operating lease commitments

Years ending December 31,  Total 
2020 (remaining months)  $47 
2021   74 
    121 
Less imputed interest   (3)
Total lease liabilities  $118 

 

Schedule of minimum future rentals on the non-cancelable finance leases

Year ending December 31,  Total 
2020 (remaining months)  $131 
2021   721 
2022   82 
2023   8 
Total minimum payments required:   942 
Less amount representing interest:   (15)
Present value of net minimum lease payments:   927 
Less current portion   (650)
   $277 

XML 36 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Net Loss per Share (Tables)
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Schedule of basic and diluted for net loss per share

(in thousands, except per share amounts)  Three months ended
September 30,
 
   2020   2019 
BASIC AND DILUTED        
Weighted average number of common shares outstanding   10,128    8,811 
Net loss attributable to common shareholders of Neonode Inc.  $(1,671)  $(1,086)
           
Net loss per share - basic and diluted  $(0.16)  $(0.12)

(in thousands, except per share amounts)  Nine months ended
September 30,
 
   2020   2019 
BASIC AND DILUTED        
Weighted average number of common shares outstanding   9,492    8,804 
Net loss attributable to common shareholders of Neonode Inc.  $(4,293)  $(2,923)
           
Net loss per share - basic and diluted  $(0.45)  $(0.33)

XML 37 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Interim Period Reporting (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
Aug. 07, 2020
Aug. 06, 2020
Jun. 17, 2020
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Interim Period Reporting (Textual)                
Net loss       $ (1,600) $ (1,100) $ (43,000) $ (2,900)  
Accumulated deficit       $ (194,800)   (194,800)   $ (190,500)
Net cash used in operating activities           $ (3,707) $ (2,873)  
Short-term loan facilities, description     Pursuant to the Loan Agreements, each Director made 16,145,000 SEK (Swedish Krona), which is approximately $1.7 million in U.S. dollars, principal amount available to the Company.          
Dividends at the rate       5.00%   5.00%    
Total dividends received       $ 33,000   $ 33,000    
Preferred dividends paid           2,000    
Accrued preferred stock dividends       $ 31,000   $ 31,000    
Private Placement [Member]                
Interim Period Reporting (Textual)                
Sell an aggregate shares of common stock   879,000            
Description of shares of common stock   In connection with the Private Placement, Neonode designated (i) 365 shares of its authorized and unissued preferred stock as Series C-1 5% Convertible Preferred Stock (the “Series C-1 Preferred Stock”) by filing a Series C-1 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware and (ii) 4,084 shares of its authorized and unissued preferred stock as Series C-2 5% Convertible Preferred Stock (the “Series C-2 Preferred Stock”) by filing a Series C-2 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware. The Series C-1 Preferred Stock and Series C-2 Preferred Stock are substantially the same, except the conversion of the Series C-2 Preferred Stock requires additional shareholder approval in accordance with Nasdaq listing rules.            
Series C-1 Preferred Shares and Series C-2 Preferred Shares [Member]                
Interim Period Reporting (Textual)                
Registration rights agreement, description   In connection with the Securities Purchase Agreement, Neonode entered into a Registration Rights Agreement (the “Registration Rights Agreement”) pursuant to which Neonode filed a registration statement with the Securities and Exchange Commission (the “SEC”) relating to the offer and sale by the holders of the Common Shares, and the shares of common stock that were underlying the Preferred Shares. Pursuant to the Registration Rights Agreement, Neonode was obligated to file the registration statement within 30 calendar days and to use reasonable best efforts to cause the registration statement to be declared effective within 75 calendar days. The registration statement was declared effective by the SEC on September 18, 2020. Failure to maintain the effective registration of the Common Shares and the shares of common stock underlying the Preferred Shares will subject Neonode to payment for liquidated damages.            
Securities Purchase Agreement [Member]                
Interim Period Reporting (Textual)                
Description of shares of common stock   The Securities Purchase Agreement, Neonode issued a total of 1,611,845 shares of common stock (the "Common Shares") at a price of $6.50 per Common Share, and a total of 3,415 shares with a conversion price of $6.50 per share and a stated value of $1,000 of Series C-1 Preferred Stock and Series C-2 Preferred Stock, for an aggregate purchase price of $13.9 million in gross proceeds.            
Directors [Member]                
Interim Period Reporting (Textual)                
Issue of convertible preferred stock 517              
Description of shares of common stock Neonode issued 517 shares of Series C-2 Preferred Stock to UMR Invest AB, the entity beneficially owned by Ulf Rosberg, to repay the indebtedness and accrued interest under the Loan Agreement. To effect a similar transaction with entities beneficially owned by the other Director, Peter Lindell, (i) on August 7, 2020, at the closing of the Private Placement, Cidro Förvaltning AB paid for an additional 517 shares of Series C-2 Preferred Stock, and (ii) on August 10, 2020, the next business day after the closing of the Private Placement, Neonode repaid to Cidro Holding AB the debt and accrued interest due under the Loan Agreement, an amount that equaled the price of the 517 shares of Series C-2 Preferred Stock.              
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Accounting Policies [Abstract]    
Raw materials $ 373 $ 396
Work-in-process 183 186
Finished goods 572 448
Ending inventory $ 1,128 $ 1,030
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details 1)
9 Months Ended
Sep. 30, 2020
Computer equipment [Member]  
Estimated useful lives of property and equipment  
Estimated useful lives 3 years
Furniture and fixtures [Member]  
Estimated useful lives of property and equipment  
Estimated useful lives 5 years
Equipment [Member]  
Estimated useful lives of property and equipment  
Estimated useful lives 7 years
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details 2) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Property, Plant and Equipment [Line Items]        
Net revenues $ 1,211 $ 1,214 $ 3,071 $ 4,625
Percentage of net revenues 100.00% 100.00% 100.00% 100.00%
HMI Solutions [Member] | Automotive [Member]        
Property, Plant and Equipment [Line Items]        
Net revenues $ 538 $ 401 $ 1,079 $ 1,337
Percentage of net revenues 44.00% 33.00% 35.00% 29.00%
HMI Solutions [Member] | Consumer electronics [Member]        
Property, Plant and Equipment [Line Items]        
Net revenues $ 673 $ 813 $ 1,992 $ 3,288
Percentage of net revenues 56.00% 67.00% 65.00% 71.00%
HMI Products [Member]        
Property, Plant and Equipment [Line Items]        
Net revenues $ 284 $ 96 $ 476 $ 407
Percentage of net revenues 100.00% 100.00% 100.00% 100.00%
HMI Products [Member] | Automotive [Member]        
Property, Plant and Equipment [Line Items]        
Net revenues $ 8 $ 15 $ 9
Percentage of net revenues 0.00% 8.00% 3.00% 2.00%
HMI Products [Member] | Medical [Member]        
Property, Plant and Equipment [Line Items]        
Net revenues $ 56 $ 33 $ 159 $ 93
Percentage of net revenues 20.00% 35.00% 33.00% 23.00%
HMI Products [Member] | Distributors and other [Member]        
Property, Plant and Equipment [Line Items]        
Net revenues $ 228 $ 55 $ 302 $ 305
Percentage of net revenues 80.00% 57.00% 64.00% 75.00%
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details 3) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Accounting Policies [Abstract]    
Accounts receivable and unbilled revenue $ 1,044 $ 1,324
Deferred revenues $ 143 $ 67
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details 4) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Accounting Policies [Abstract]    
Balance at beginning of period $ 24 $ 17
Provisions for warranty issued 13 7
Balance at end of period $ 37 $ 24
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details 5) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Summary of Significant Accounting Policies [Line Items]    
Deferred revenues $ 143 $ 67
Deferred revenues HMI Solutions [Member]    
Summary of Significant Accounting Policies [Line Items]    
Deferred revenues 41 37
Deferred revenues HMI Products [Member]    
Summary of Significant Accounting Policies [Line Items]    
Deferred revenues $ 102 $ 30
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details 6)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Swedish Krona [Member]    
Weighted-average exchange rate for the condensed consolidated statements of operations    
Weighted-average exchange rate for statements of operations 9.41 9.41
Japanese Yen [Member]    
Weighted-average exchange rate for the condensed consolidated statements of operations    
Weighted-average exchange rate for statements of operations 107.52 109.11
South Korean Won [Member]    
Weighted-average exchange rate for the condensed consolidated statements of operations    
Weighted-average exchange rate for statements of operations 1,199.94 1,162.54
Taiwan Dollar [Member]    
Weighted-average exchange rate for the condensed consolidated statements of operations    
Weighted-average exchange rate for statements of operations 29.78 31.04
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details 7)
Sep. 30, 2020
Dec. 31, 2019
Swedish Krona [Member]    
Exchange rate for the consolidated balance sheets    
Exchange rate 8.96 9.34
Japanese Yen [Member]    
Exchange rate for the consolidated balance sheets    
Exchange rate 105.55 108.66
South Korean Won [Member]    
Exchange rate for the consolidated balance sheets    
Exchange rate 1,165.32 1,154.56
Taiwan Dollar [Member]    
Exchange rate for the consolidated balance sheets    
Exchange rate 28.94 30.00
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details Textual)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Sep. 30, 2020
USD ($)
customers
Sep. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
customers
Summary of Significant Accounting Policies (Textual)                    
Basic deposit coverage limits per owner and customer $ 250             $ 250    
Allowance for doubtful accounts 82     $ 85       82   $ 85
Costs capitalized in projects in process               11   8
Foreign currency translation adjustments (228) $ 64 $ (87) 117 $ (145) $ 26 $ (181) (251) $ (300)  
Foreign currency transactions, general and administrative expenses $ (135)       $ 56     149 $ 170  
Investment in joint venture               $ 3    
Equity ownership percentage 50.00%             50.00%    
Concentration risk, percentage 100.00%       100.00%     100.00% 100.00%  
Advertising costs $ 27       $ 18     $ 43 $ 66  
Noncontrolling interest, description               Noncontrolling interests' partners have less than 50% share of voting rights at any one of the subsidiary level companies.    
Recognized of revenues 7             $ 39    
Inventory reserve amount 700     $ 800       $ 700   $ 800
Insurance coverage, description               For deposits held with financial institutions in the U.S., the U.S. Federal Deposit Insurance Corporation, provides basic deposit coverage with limits up to $250,000 per owner. The Swedish government provides insurance coverage up to 950,000 Krona per customer and covers deposits in all types of accounts. For bank accounts of the category held by Neonode, the Japanese government provides full insurance coverage. The Korea Deposit Insurance Corporation provides insurance coverage up to 50,000,000 Won per customer. The Central Deposit Insurance Corporation in Taiwan provides insurance coverage up to 3,000,000 Taiwan Dollar per customer. At times, deposits held with financial institutions may exceed the amount of insurance provided.    
Initial drawdown $ 1,000             $ 1,000    
Product backlog amount                 $ 0  
Product backlog, description               Our sensor module product backlog at September 30, 2020 was approximately $495.000. The product backlog includes orders confirmed for products planned to be shipped within the next 3 quarters to 3 customers. Our cycle time between order and shipment is generally short and customers occasionally change delivery schedules. As a result, we do not believe that our product backlog, as of any particular date, is necessarily indicative of actual product revenue for any future period.    
AirBar [Member]                    
Summary of Significant Accounting Policies (Textual)                    
Inventory description               To protect our manufacturing partner from losses in relation to AirBar production, we agreed to secure the value of the inventory with a bank guarantee covering the production of 20,000 AirBars. Excess inventory was purchased from our manufacturing partner in 2019 and has been fully reserved.    
Accounts Receivable [Member]                    
Summary of Significant Accounting Policies (Textual)                    
Concentration risk, percentage               75.00%   72.00%
No. of customers | customers               4   3
Sales Revenue, Net [Member]                    
Summary of Significant Accounting Policies (Textual)                    
Concentration risk, percentage 10.00%       10.00%     10.00% 10.00%  
Sales Revenue, Net [Member] | Hewlett Packard Company [Member]                    
Summary of Significant Accounting Policies (Textual)                    
Concentration risk, percentage 31.00%       34.00%     32.00% 39.00%  
Sales Revenue, Net [Member] | LG Electronics Inc. [Member]                    
Summary of Significant Accounting Policies (Textual)                    
Concentration risk, percentage 16.00%                  
Sales Revenue, Net [Member] | Seiko Epson Corporation [Member]                    
Summary of Significant Accounting Policies (Textual)                    
Concentration risk, percentage 13.00%       18.00%     19.00% 15.00%  
Sales Revenue, Net [Member] | Alpine Electronics, Inc [Member]                    
Summary of Significant Accounting Policies (Textual)                    
Concentration risk, percentage 12.00%       20.00%     15.00% 14.00%  
Sweden [Member] | Pronode Technologies AB [Member]                    
Summary of Significant Accounting Policies (Textual)                    
Noncontrolling interest owned by Pronode Technologies AB 51.00%             51.00%    
Noncontrolling interest owned by Propoint AB 49.00%             49.00%    
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Short-Term Borrowings (Details) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended
Jun. 17, 2020
Sep. 30, 2020
Aug. 07, 2020
Short-Term Borrowings (Textual)      
Total amount of credit   $ 563  
Description of deductible interest   There was a 1.25% annual non-deductible interest and a credit fee of 0.2% from the seventh month of the granted credit.  
Shares issued     517
Interest Expense   $ 2,000  
Loan Agreement [Member]      
Short-Term Borrowings (Textual)      
Description of loan agreements Each of the Loan Agreements provides for a credit fee of 0.75% per annum, calculated on a daily basis from the date of the Loan Agreement, and any outstanding amount incurred interest at a fixed rate of 3.25% per annum, calculated on a daily basis from the drawdown date. Drawdowns under the Loan Agreements became unavailable upon the earlier to occur of the execution of a capital raise by Neonode or December 31, 2020. Upon completion of a capital raise before December 31, 2020, any outstanding amount under the Loan Agreements, including any credit fee and interest, became payable as soon as practicably possible after such capital raise. If a capital raise was not completed by December 31, 2020, or if the funds from the capital raise were insufficient to repay the full outstanding amount under the Loan Agreements, then the outstanding amount under the Loan Agreements, including any credit fee and interest, would have become due and payable on February 28, 2021.    
Directors [Member]      
Short-Term Borrowings (Textual)      
Description of loan agreements The Company entered into short-term loan facilities (the “Loan Agreements”) with two entities beneficially owned respectively by each of Ulf Rosberg and Peter Lindell, directors of Neonode (the “Directors”). Pursuant to the Loan Agreements, each entity beneficially owned by the Director made approximately $1.7 million in U.S. dollars, principal amount available to the Company. The Company made an initial drawdown of an aggregate of approximately $1.0 million under the Loan Agreement.    
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity (Details) - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Net Investment Income [Line Items]              
Issuance of Preferred Shares for cash $ 13,530            
Series C-2 Preferred Stock issued for repayment of short-term borrowings and accrued interest 516            
Series B Preferred Stock              
Net Investment Income [Line Items]              
Beginning balances
Beginning balances, shares 80,000 82,000 82,000
Conversion of Series B Preferred Stock to common stock          
Conversion of Series B Preferred Stock to common stock, shares   (80,000) (2,000)
Issuance of Preferred Shares for cash            
Issuance of Preferred Shares for cash, shares            
Conversion of preferred stock            
Conversion of Preferred Shares to common stock            
Ending balances
Ending balances, shares 80,000 82,000
Series C-1 Preferred Shares [Member]              
Net Investment Income [Line Items]              
Beginning balances
Beginning balances, shares
Conversion of Series B Preferred Stock to common stock          
Conversion of Series B Preferred Stock to common stock, shares          
Issuance of Preferred Shares for cash $ 365            
Issuance of Preferred Shares for cash, shares 365,000            
Conversion of preferred stock $ (365)            
Conversion of Preferred Shares to common stock (365,000)            
Ending balances
Ending balances, shares
Series C-2 Preferred Shares [Member]              
Net Investment Income [Line Items]              
Beginning balances
Beginning balances, shares
Conversion of Series B Preferred Stock to common stock          
Conversion of Series B Preferred Stock to common stock, shares          
Issuance of Preferred Shares for cash $ 3,567            
Issuance of Preferred Shares for cash, shares 3,567,000            
Series C-2 Preferred Stock issued for repayment of short-term borrowings and accrued interest $ 517            
Series C-2 Preferred Stock issued for repayment of short-term borrowings and accrued interest, shares 517,000            
Conversion of preferred stock $ (4,084)            
Conversion of Preferred Shares to common stock (4,084,000)            
Ending balances
Ending balances, shares
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity (Details Textual) - USD ($)
$ in Thousands
9 Months Ended
Aug. 06, 2020
Sep. 30, 2020
Aug. 07, 2020
Dec. 31, 2019
Stockholders' Equity (Textual)        
Warrants to purchase common stock outstanding   431,368   431,368
Description of shares of common stock   Annual Meeting of our Company held on September 29, 2020, stockholders approved a proposal to increase the number of authorized common stock to 25,000,000 shares. Accordingly, on November 5, 2020, we filed an amendment to the Neonode Inc. Restated Certificate of Incorporation, as amended (our “Certificate of Incorporation”), with the Secretary of State of the State of Delaware to increase to 25,000,000 the number of authorized shares of our common stock.    
Shares of Neonode common stock     517  
Dividends at the rate   5.00%    
Total dividends received   $ 33,000    
Preferred dividends paid   2,000    
Accrued preferred stock dividends   $ 31,000    
Private Placement [Member] | Series C-1 Preferred Stock and Series C-2 Preferred Stock [Member]        
Stockholders' Equity (Textual)        
Description of shares of common stock In connection with the closing of the Private Placement, the Company designated (i) 365 shares of its authorized and unissued preferred stock as Series C-1 Preferred Stock by filing a Series C-1 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware and (ii) 4,084 shares of its authorized and unissued preferred stock as Series C-2 Preferred Stock by filing a Series C-2 Certificate of Designation of Preferences, Rights and Limitations with the Secretary of State of the State of Delaware.      
Shares of Neonode common stock 684,378      
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation (Details 1) - Stock Options [Member]
9 Months Ended
Sep. 30, 2020
$ / shares
shares
Summary of all stock option plans  
Number of Options Outstanding, Beginning Balance | shares 52,500
Number of Options Outstanding, Cancelled | shares (42,000)
Number of Options Outstanding, Ending Balance | shares 10,500
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares $ 27.51
Weighted Average Exercise Price, Cancelled | $ / shares 22.52
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares $ 29.61
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-Based Compensation (Details Textual) - Stock Option [Member]
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
USD ($)
shares
Sep. 30, 2020
USD ($)
shares
Stock-Based Compensation (Textual)    
Number of options outstanding | shares 10,500 10,500
Options outstanding, vested and expected to vest, aggregate intrinsic value | $ $ 0 $ 0
Share-based compensation expense | $ $ 0 $ 0
Term of stock options description   Stock options granted under the 2006 and 2015 Plans are exercisable over a maximum term of ten years from the date of grant, vest in various installments over a one to four-year period and have exercise prices reflecting the market value of the shares of common stock on the date of grant.
Options to purchase shares of common stock | shares
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies (Details) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended
Nov. 30, 2019
Apr. 25, 2013
Sep. 30, 2020
Commitments and Contingencies (Textual)      
Non-recurring engineering costs, description   Under the terms of the NN1002 Agreement, we agreed to pay TI $500,000 of non-recurring engineering costs at the rate of $0.25 per ASIC for each of the first 2 million ASICs sold.  
Guarantee, description We agreed to decreased the bank guarantee to $210,000, covering the value of inventory for the production of 20,000   The initial guarantee was for $345,000 and valid until December 31, 2019.
Inventory purchase $ 141,000    
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Summary of net revenues by geographic region        
Total revenues $ 1,495 $ 1,310 $ 3,547 $ 5,032
Revenues percentage 100.00% 100.00% 100.00% 100.00%
United States [Member]        
Summary of net revenues by geographic region        
Total revenues $ 486 $ 548 $ 1,340 $ 2,510
Revenues percentage 33.00% 42.00% 38.00% 50.00%
Japan [Member]        
Summary of net revenues by geographic region        
Total revenues $ 395 $ 498 $ 1,229 $ 1,515
Revenues percentage 26.00% 38.00% 35.00% 30.00%
Germany [Member]        
Summary of net revenues by geographic region        
Total revenues $ 130 $ 106 $ 274 $ 477
Revenues percentage 9.00% 8.00% 8.00% 9.00%
South Korea [Member]        
Summary of net revenues by geographic region        
Total revenues $ 240 $ 267
Revenues percentage 16.00% 7.00%
China [Member]        
Summary of net revenues by geographic region        
Total revenues $ 154 $ 49 $ 203 $ 177
Revenues percentage 10.00% 4.00% 5.00% 4.00%
Switzerland [Member]        
Summary of net revenues by geographic region        
Total revenues $ 54 $ 52 $ 161 $ 109
Revenues percentage 4.00% 4.00% 4.00% 2.00%
Other [Member]        
Summary of net revenues by geographic region        
Total revenues $ 36 $ 57 $ 72 $ 61
Revenues percentage 2.00% 3.00% 2.00% 1.00%
France [Member]        
Summary of net revenues by geographic region        
Total revenues     $ 152
Revenues percentage     3.00%
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information (Details 1) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 16,625 $ 7,436
U.S. [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 6,602 2,898
Sweden [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 9,914 4,430
Asia [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 109 $ 108
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information (Details Textual)
9 Months Ended
Sep. 30, 2020
segments
Segment Information (Textual)  
No. of segments 1
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Leases [Abstract]        
Operating lease cost $ 139 [1] $ 145 [2] $ 381 [1] $ 454 [2]
Finance lease cost:        
Amortization of leased assets 164 153 467 471
Interest on lease liabilities 3 8 15 26
Total finance lease cost $ 167 $ 161 $ 482 $ 497
[1] Includes short term lease costs of $30,000 and $81,000 for the three and nine months ended September 30, 2020, respectively.
[2] Includes short term lease costs of $27,000 and $93,000 for the three and nine months ended September 30, 2019, respectively.
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Details 1) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Cash paid for amounts included in leases:        
Operating cash flows from operating leases $ (115) $ (109) $ (298) $ (298)
Operating cash flows from finance leases (3) (8) (15) (26)
Financing cash flows from finance leases (21) (131) (185) (403)
Right-of-use assets obtained in exchange for lease obligations:        
Operating leases $ 25
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Details 2) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Operating leases    
Operating lease right-of-use assets $ 155 $ 416
Current portion of operating lease obligations 118 332
Finance leases    
Property and equipment, net 1,072 1,583
Current portion of finance lease obligations 650 568
Finance lease liabilities, net of current portion 277 508
Lease [Member]    
Operating leases    
Operating lease right-of-use assets 155 416
Current portion of operating lease obligations 118 332
Operating lease liabilities, net of current portion 58
Total operating lease liabilities 118 390
Finance leases    
Property and equipment, at cost 3,491 3,348
Accumulated depreciation (2,533) (1,956)
Property and equipment, net 958 1,392
Current portion of finance lease obligations 650 568
Finance lease liabilities, net of current portion 277 508
Total finance lease liabilities $ 927 $ 1,076
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Details 3)
Sep. 30, 2020
Dec. 31, 2019
Weighted Average Remaining Lease Term    
Operating leases 8 months 12 days 1 year 2 months 12 days
Finance leases 1 year 2 months 12 days 1 year 7 months 6 days
Weighted Average Discount Rate:    
Operating leases [1] 5.00% 5.00%
Finance leases 2.00% 2.00%
[1] Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Details 4) - Operating Lease [Member]
$ in Thousands
Sep. 30, 2020
USD ($)
2020 (remaining months) $ 47
2021 74
Total 121
Less imputed interest (3)
Total lease liabilities $ 118
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Details 5) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Less current portion $ (650) $ (568)
Total 277 508
Lease [Member]    
2020 (remaining months) 131  
2021 721  
2022 82  
2023 8  
Total minimum payments required: 942  
Less amount representing interest: (15)  
Present value of net minimum lease payments: 927 1,076
Less current portion (650) (568)
Total $ 277 $ 508
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Details Textual) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Leases (Textual)        
Operating lease, description     Our leases have remaining lease terms of two months to 2.42 years, and one of our two primary operating leases include an option to extend the lease for another three years.  
Short term lease costs $ 30 $ 27 $ 81 $ 93
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.20.2
Net Loss per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
BASIC AND DILUTED        
Weighted average number of common shares outstanding 10,128 8,811 9,492 8,804
Net loss attributable to common shareholders of Neonode Inc. $ (1,638) $ (1,086) $ (4,260) $ (2,923)
Net loss per share - basic and diluted $ (0.16) $ (0.12) $ (0.45) $ (0.33)
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.20.2
Net Loss per Share (Details Textual) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Conversion Preferred Stock [Member]        
Net Loss Per Share (Textual)        
Antidilutive securities excluded from computation of earnings per share 0 0 0 0
Warrant [Member]        
Net Loss Per Share (Textual)        
Antidilutive securities excluded from computation of earnings per share 0 300,000 0 300,000
Stock Option [Member]        
Net Loss Per Share (Textual)        
Antidilutive securities excluded from computation of earnings per share 0 0 0 0
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