What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-03-29 compared with 2022-03-29 · 113 added, 44 removed, 189 unchanged (45% of the section changed)

Interlink Electronics, Inc.

(“we”, “us”, “our”, “Interlink” or the “Company”) designs, develops, manufactures and sells a range of force-sensing technologies that incorporate our proprietary materials technology, firmware and software into a portfolio of standard products and custom solutions.

(“we”, “us”, “our”, “Interlink” or the “Company”) operates in two principal divisions:

force-sensing resistors/Human Machine Interface (“HMI”) technology and gas-sensing technology.

Force-Sensing Resistors .

We design, develop, manufacture and sell a range of force-sensing technologies that incorporate our proprietary materials technology, firmware and software into a portfolio of standard products and custom solutions.

These include sensor components, subassemblies, modules and products that support effective, efficient cursor control and novel three-dimensional user inputs.

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Our sensors and modules are used in electronics devices and systems where user input must be converted into useful output data.

Our force sensing technology solution platforms enabled industry-first implementations in gaming, smartphone, rugged notebook, automotive cockpit and automotive entry applications.

Our force-sensing technology solution platforms enable industry-first implementations in gaming, smartphone, rugged notebook, automotive cockpit and automotive entry applications.

Consumer and end-user demand for enhanced user experience is driving the need for innovative multi-modal HMI technologies and applications.

Force-sensing input provides a critical novel modality that drives a paradigm shift in HMI.

Market requirements for innovative solutions that enable smaller, thinner devices, lower power consumption, highly refined designs, better navigation and more intuitive usability in all environments, are also driving increased demand for our products.

Industry is moving towards the use of multi-modal HMI in the home, industrial, medical and automotive spaces.

The market is increasingly requiring innovative solutions that enable smaller, thinner devices, lower power consumption, highly refined designs, better navigation and more intuitive usability in all environments, which is driving increased demand for our products.

High-tech products are moving towards the use of multi-modal HMI in the home, industrial, medical and automotive spaces.

Interlink delivers cutting edge, high performance HMI solutions for customers who wish to replace outdated switches and knobs in these environments.

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In contrast, force-sensing solutions require a deliberate application of force to operate.

We have had recent success in using our force sensing solutions in combination with capacitive technologies to minimize the latter’s performance issues, enabling force sensing solutions to complement competitive technologies and provide hybrid solutions and open up new opportunities for growth.

We have had success in using our force-sensing solutions in combination with capacitive technologies to minimize the latter’s performance issues, enabling force-sensing solutions to complement competitive technologies and provide hybrid solutions and open up new opportunities for growth.

We continue to simultaneously expand our standard product portfolio and develop new technology platforms to grow existing markets and capture emerging markets.

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This broader portfolio of technologies will allow us to use our expertise in integrating multiple sensing technologies for applications in the rapidly growing Internet-of-Things (“IoT”).

Interlink serves our world-wide customer base from our corporate headquarters in Irvine, California (Orange County area) and from our facility in Camarillo, California (Ventura County).

We have established a Global Product Development and Materials Science Center in our Camarillo footprint.

This facility has a state-of-the-art printed electronics development laboratory as well as materials science lab.

Our engineering team is based in this center where we work with our U.S.

Gas-Sensing Technology .

We entered the gas-sensing market through our acquisition in December 2022 of the business assets of SPEC Sensors, LLC (“SPEC”) and KWJ Engineering, Inc.

(“KWJ”), early pioneers in miniaturized, low-cost gas-sensing technologies, for approximately $2.2 million.

Through these divisions (collectively, “SPEC-KWJ”), we now offer electrochemical gas-sensing technology products and solutions for industry, community, health and home, with uses in fields such as carbon monoxide and ozone detection and air quality monitoring.

Our SPEC-KWJ division operates three primary business activities:

● Custom Design and Engineering .

For customers requiring specialized design and engineering work on new products incorporating gas-sensing, we offer circuit design and optimization, advanced characterization and compensation, development of operating firmware and algorithms, enclosure design and implementation, and testing and calibration.

Examples include the world’s first carbon monoxide shutoff for portable generators and a rapid transdermal alcohol detector that can serve as a barrier to starting a vehicle while intoxicated.

● SBIR Awards .

We have been successful in obtaining Small Business Innovation Research (“SBIR”) grants from government agencies such as the NIH, the USDA, the NSF and the EPA that have enabled us to conduct research and development and develop new products.

For example, SPEC’s Screen Printed Electrochemical Sensor technology was developed in part under NSF Phase I, II and IIB grants.

Recent SBIR-funded projects include wildland fire air pollution monitoring and firefighter safety devices, transdermal blood alcohol monitors, and a simple lead test for drinking water safety.

● Proprietary Product Lines .

We offer our own line of instruments including Eco Sensors ozone monitors, an inline monitor for CO and other gases, a low-pressure alarm to notify users when tanks for life-critical gases such as oxygen and nitrogen need to be replenished, and sensor modules for air quality monitoring in “smart city” projects and IoT applications.

Additionally, we provide a line of electrochemical sensors that are suited for wearable technology.

The market for gas sensors is growing rapidly, driven by demand in a broad range of industries and the availability of smaller, lower-cost, connected sensors.

On a worldwide basis, green initiatives and accompanying government mandates are driving demand for facilities monitoring, especially in the energy space where regulations targeting fugitive gas emissions will require expanded detection efforts.

Additionally, government and consumer demand for air quality information and pollution monitoring represent a significant opportunity for high performance, low-cost sensors and IoT devices as part of smart cities and smart homes.

New applications in breath analysis and transdermal detection are also expected to create new opportunities in medical, commercial and consumer markets.

Traditional safety and environmental monitoring markets are expected to grow with the reduction in size and cost of sensors and instruments, leading to larget networks of gas sensors improving the safety and performance of infrastructure.

We believe we are positioned to take advantage of these trends with our proprietary, low-cost, low-power gas-sensing technologies and deep domain expertise in instrument design and implementation.

Interlink serves our world-wide customer base from our corporate headquarters in Irvine, California (Orange County area), from our facility in Camarillo, California (Ventura County), and from the SPEC-KWJ facility in Newark, California (Silicon Valley area).

We have established a Global Product Development and Materials Science Center in our Camarillo footprint that has a state-of-the-art printed electronics development laboratory as well as a materials science lab.

Our force-sensing/HMI engineering team is based in this center where we work with our U.S.

and global customers on developing, engineering, prototyping and implementing our advanced HMI and sensing solutions.

We also maintain a small embedded software and IoT application development center in Singapore, and we expect to launch an engineering, research and development center in the United Kingdom in 2022.

We manufacture all our products in our printed electronics manufacturing facility in Shenzhen, China, which has been in operation since 2006.

The SPEC-KWJ engineering team is located at the Newark facility.

We also maintain a small embedded software and IoT application development center in Singapore, and we expect to launch an engineering, research and development center in the United Kingdom.

We manufacture all of our force-sensing/HMI products in our printed electronics manufacturing facility in Shenzhen, China, which has been in operation since 2006, and all of our gas-sensing products at the SPEC-KWJ facility in Newark.

In addition, we maintain a global distribution and logistics center in Hong Kong, a technical sales office in Japan, and several manufacturer representatives and distributors in strategic locations in our key markets, all of which allows us to support our global customer base.

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Interlink makes available its annual financial statements, quarterly financial statements, and other significant reports and amendments to such reports, free of charge, on its website as soon as reasonably practicable after such reports are prepared.

Force-Sensing and HMI .

HMI technologies have been available since the early 1970’s but were used almost exclusively in industrial products during the first 20 years of their existence.

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Forecasts, Technologies, Markets , the total market for printed, flexible, and organic electronics will grow from $41.2 billion in 2020 to $74 billion in 2030.

The majority of that is OLEDs (organic but not printed) and conductive ink used for a wide range of applications, however, stretchable

electronics, logic and memory, thin film sensors have huge growth potential.

The majority of that is OLEDs (organic but not printed) and conductive ink used for a wide range of applications;

however, stretchable electronics, logic and memory, thin film sensors have huge growth potential.

As a member of OE-A, the Organic and Printed Electronics Association, we actively influence and contribute to the global landscape of printed electronics.

Internet-Of-Things -enabled intelligent sensing applications are gaining rapid commercial attention.

IoT-enabled intelligent sensing applications are gaining rapid commercial attention.

Our sensing technology platforms are capable of providing the critical backbone for data sensing, measurement and analytics used in emerging wireless connectivity implementations in both short-range low-power wireless communications such as Bluetooth and long-range ultra low-power wireless communications such as LoRaWAN®.

Our primary objective is to be the global leader and provider of multi-sensing based HMI technology solutions for the automotive, consumer electronics, medical and industrial automation markets.

We also intend to utilize our role as a disruptive technology provider to bring our HMI solutions to new markets.

Gas-Sensing Technology .

The modern era of gas detection started in the 1920s with the development of the catalytic combustion sensor by Dr.

Oliver Johnson, the father of KWJ’s namesake Ken Johnson.

Johnson also started what is widely recognized as the first electronics company in Silicon Valley, J-W Instruments, to commercialize the technology.

The market has consistently demanded innovations making gas sensors smaller and more portable, and KWJ-SPEC and its predecessors have been on the forefront;

for example, KWJ’s SPARROW stands out in today’s marketplace as the world’s smallest Bluetooth low energy (“BLE”)-enabled carbon monoxide monitor.

Similarly, Dr.

Jospeh Stetter, the inventor of SPEC’s Screen Printed Electrochemical Sensor technology, was one of the first to design and build commercial electrochemical gas sensors, and today SPEC delivers one of the smallest electrochemical gas sensors on the market.

The gas-detection industry has traditionally revolved around safety applications in hazardous environments, from oil and gas facilities to coal mines and other confined spaces where toxic and combustible gases could cause catastrophic losses.

Over time, devices became smaller and more portable, reflecting the need for better solutions to improve health and safety in the workplace, but for many years, gas-sensor technology lagged begind.

Most sensors used today are still relatively large or expensive or require too much power to operate to enable new applications in the field.

SPEC’s screen-printed sensors offer an alternative using proven electrochemical techniques with new materials and manufacturing techniques to produce sensors that offer high performance but at low cost and with a small footprint.

Today, the demand for gas sensors has expanded beyond traditional applications with new industries requiring solutions from breath analysis to food transport and storage to wearable monitors for air quality and transdermal detection.

Government and consumers are looking for information about their environment as the negative impact of global pollution, including greenhouse gas emissions, has become apparent.

Gas sensors are a core element of many IoT applications and a critical part of the vision of a sensor-driven society where new technologies enable improved monitoring to enhance lives and protect the planet.

We see SPEC’s printed sensor technology as a pathway to ubiquitous environmental sensing where low-power, low-cost sensors can provide a hyper-local picture of the air we breathe everyday, not just for those in industrial settings.

Our primary objective is to be the global leader and provider of multi-sensing based HMI technology and gas-sensing solutions for the automotive, consumer electronics, medical, industrial automation and environmental monitoring markets.

We also intend to utilize our role as a disruptive technology provider to bring our HMI and gas-sensing solutions to new markets.

To achieve our strategy, we intend to:

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● Expand into new and emerging markets .

We are bringing our highly-successful product lines and technologies to markets previously unaware of the opportunities provided by force-sensing and related technology solutions.

We are bringing our highly-successful product lines and technologies to markets previously unaware of the opportunities provided by force-sensing, gas-sensing and related technology solutions.

● Expand our presence with our current customers .

We work with some of the world’s largest companies and most recognizable brands and are providing second and third generation turn-key solutions to meet their technology needs.

We work with some of the world’s largest companies and most recognizable brands and provide second and third generation turn-key solutions to meet their technology needs.

We will continue to develop these existing relationships by working closely with our customers to understand how we can support their product and technology strategies and continue to be a trusted advisor.

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Our product development teams are skilled in concept definition, rapid prototyping, hardware and firmware development and integration support.

Interlink benefits from its own world-class manufacturing facility in Shenzhen, China, allowing us to react quickly to customer needs, while ensuring the highest quality standards.

Interlink benefits from its own world-class manufacturing facility in Shenzhen, China, and its advanced and proprietary KWJ-SPEC facility in Silicon Valley, allowing us to react quickly to customer needs while ensuring the highest quality standards.

We also maintain a technical sales force that can address new and existing customer opportunities worldwide.

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Our Technology Platforms and Products

Force-Sensing Technology and HMI .

Interlink was founded on the invention and commercialization of FSR® technology, the industry’s first force-sensing solution using printed electronics manufacturing.

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Our embedded software engineering team located in Singapore, along with our VP of Engineering & Advanced Materials and our expanding materials science and engineering team in Camarillo, California, are focused on strategic technology roadmaps, development of scalable technology platform architectures and pursuit of synergistic technology partnerships.

We also expect to launch an engineering, research and development center in the United Kingdom in 2022.

We also expect to launch an engineering, research and development center in the United Kingdom.

In an ever-changing and competitive landscape, we are committed to staying ahead of the technology curve.

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For example, in a pointing device, increased pressure can be used to produce faster cursor movement.

Unlike capacitive devices, an FSR® sensor’s performance is not impeded by the presence of moisture, dirt or dust, making the sensor suitable for use outdoors and in moist and other “hostile” environments.

Our FSR® sensors have no moving parts, can be packaged in a sealed environment, and are low power and are less susceptible to false readings or unintended touches than capacitive sensors.

capacitive devices, an FSR® sensor’s performance is not impeded by the presence of moisture, dirt or dust, making the sensor suitable for use outdoors and in moist and other “hostile” environments.

Our FSR® sensors have no moving parts, can be packaged in a sealed environment, and are lower power and less susceptible to false readings or unintended touches than capacitive sensors.

We have developed sophisticated algorithms and firmware that allows our FSR® technology to become a complete solution delivering effective HMI functionality to our customers.

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● Piezoelectric sensors are an upcoming addition to our standard sensor portfolio.

After highly successful custom implementation in automotive applications, we have developed a set of standard piezo sensors and development kit which will be launched in 2022.

These sensors are polymeric piezoelectric sensors with a wide range of applications and uses such as;

dynamic strain gauges, impact/force sensors, vital signs sensors, motion sensors, vibration sensors, accelerometers as well as solid state rugged switches.

Many of these diverse applications modes require extensive domain knowledge for successful integration.

Our expertise in this area will allow us to be a trusted advisor to help our customers develop specialized solutions and solve their integration challenges.

After highly successful custom implementation in automotive applications, we have developed a set of standard piezo sensors and development kit.

These sensors are polymeric piezoelectric sensors with a wide range of applications and uses such as dynamic strain gauges, impact/force sensors, vital signs sensors, motion sensors, vibration sensors, accelerometers, and solid state rugged switches.

Many of these diverse application modes require extensive domain knowledge for successful integration.

We believe our expertise in this area will allow us to be a trusted advisor to help our customers develop specialized solutions and solve their integration challenges.

Gas-Sensing Technology .

Our gas-sensing products and technologies are based on developing smaller, low-power, low-cost solutions to challenging applications in gas sensing.

We combine a long history and deep domain knowledge with cutting-edge sensor technology and advanced instrumentation to make reliable products that also enable new applications for wireless and wearable gas sensing.

Our engineering team includes five Ph.Ds in a broad range of disciplines from Chemical Engineering to Electrical Engineering and Physics.

We design and build all of our sensors and instruments in-house, and our facilities include proprietary high-volume electrochemical sensor manufacturing, device assembly and calibration, and advanced test and measurement capabilities.

We partner with leading institutions such as Georgia Tech and San Jose State to develop novel technologies under government grants, while also performing new product development and engineering services for private partners that include startups and Fortune 500 companies.

Gas-sensor technologies are diverse and fragmented with devices and sensors focused on specific solitions and applications.

Electrochemical gas sensors are typically more sensitive and selective to particular gases and are inherently low power to operate.

They are also typically very large, expensive and prone to short lifespans in the field.

SPEC Sensors was created to address the growing market demand for smaller, lower cost, high performance electrochemical sensors for wireless, wearable and IoT applications, and we now combine proven electrochemical sensor technology with new materials and manufacturing methods to produce some of the smallest, thinnest, lowest cost gas sensors still capable of performing in demanding applications.

Our electrochemical gas-sensing technology products and solutions combine our innovations with custom electronics, calibration and compensation to deliver unique solutions and address needs in industry, community, health and home settings, with uses in fields such as carbon monoxide and ozone detection and air quality monitoring.

● Our Eco Sensors™ branded line of ozone monitors and detectors is the low-cost market leader in the space, incorporating state-of-the-art SPEC sensors to achieve reference-level accuracy at a low cost.

Ozone is commonly used in a wide variety of commercial applications to clean, disinfect and remediate odors without the use of environmentally harmful chemicals.

Ozone is a powerful oxidant that can be produced on site and dissipates into oxygen after reaction or its end of half-life.

However, ozone is toxic to humans and can destroy materials at higher concentrations and therefore needs to be monitored during use for safety and process control.

Under the Eco Sensors brand, we offer a full line of ozone instruments, including low cost handhelds, wall mount alarms, remote generator controllers and OEM modules.

● We offer a number of standard and custom solutions for in-line carbon monoxide monitoring for supplied breathing air applications.

Designed to meet the requirements of OSHA monitoring for CO in compressed gas lines and carrying CSA approval, our CO monitors offer a robust and reliable solution for medical gas verification and demanding supplied air applications such as sandblasting and painting.

We also make low-pressure cylinder alarms and the world’s smallest Bluetooth CO monitor, the SPARROW.

● Our line of screen-printed electrochemical gas sensors offer high performance and a unique, small form factor at a low price.

Our UL-2034 recognized CO sensor offers air quality level sensitivity with an industry-leading 10-year lifetime.

Additionally, we offer sensors for H2S, Ozone, NO2, SO2, Ethanol and VOC’s, as well as new sensors for hydrogen and low-level outdoor CO.

We also sell gas-sensor modules that incorporate operating electronics and signal processing to deliver compensated PPM output off the shelf.

Intellectual Property

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We require our employees to sign nondisclosure agreements and seek to limit access to sensitive information to the greatest practical extent.

As of December 31, 2021, we held twenty-three (23) patents, and had fourteen (14) patents-pending.

As of December 31, 2022, we held twenty-four (24) patents, and had sixteen (16) patents pending.

We group our patents into three general categories:

sensors, which includes eight (8) patents expiring between 2024 and 2032;

sensing systems, which includes four (4) patents expiring between 2029 and 2034;

sensing systems, which includes five (5) patents expiring between 2029 and 2038;

and human interface devices, which includes eleven (11) patents expiring between 2024 and 2036.

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Our sensor fusion platform portfolio, for example, enables strategic pre-positioning in capturing intelligent multi-sensing applications including, for example, haptics.

The will be enabled by emerging ultra low-power wireless technologies including WiFi, BLE, LoRaWAN®, as well as cellular technologies such as LTE-M and NB-IoT.

The markets for our products are highly competitive and subject to rapid advancement in design technology.

This will be enabled by emerging ultra low-power wireless technologies including WiFi, BLE, LoRaWAN®, as well as cellular technologies such as LTE-M and NB-IoT.

The markets for our products, both in force-sensing/HMI and gas-sensing, are highly competitive and subject to rapid advancement in design technology.

We must identify and capture future market opportunities by developing and deploying value-added products.

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Our ability to compete is dependent on the needs of our customers, how well our products address those needs, our corporate relationships, and a variety of other factors.

We offer a disruptive technology that is replacing outdated and undesirable approaches including switch technology.

In force-sensing/HMI, we offer a disruptive technology that is replacing outdated and undesirable approaches including switch technology.

We often must convince companies to abandon older, proven but less elegant technologies and adopt our solutions.

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Our hybrid sensor fusion solutions better address our customers’ unique sensing and HMI challenges.

In gas-sensing, we offer sensors that are smaller, thinner, and lower cost than most competitors that offer sensors in commoditized packages and pinouts.

We are also capable of rapid customization of our sensors to meet the specific detection needs of our OEM customers, giving us an advantage in new and difficult applications and providing a better solution overall.

We also combine our sensors with custom electronics, calibration and compensation to enhance performance and provide plug-and-play solutions that reduce the customer’s need to invest in calibration infrastructure.

We maintain a market advantage in ozone sensing through our deep industry knowledge and advanced calibration and compensation.

Our in-line CO monitors remain the industry standard for reliability and can garner a premium over lower cost, lower quality competitors.

We believe that adding features such as connectivity and portability will enhance our offering and maintain our advantage in the future.

The markets for our products are characterized by significant price competition and we anticipate that our products will continue to face substantial pricing pressure.

Our strategy of developing and offering more sophisticated solutions including smart surface for HMI applications will maintain our leading edge over our competitors.

We believe that our strategy of developing and offering more sophisticated solutions, including smart surfaces for HMI applications and connected, cost-effective gas detection instruments, will enable us to maintain our leading edge over our competitors.

Sales and Marketing

We sell our HMI solutions and force sensing devices through our direct sales employees as well as outside sales representatives and distributors.

We sell our products and solutions through our direct sales employees as well as outside sales representatives and distributors.

We work directly with large multi-national companies, small start-up companies, technology design houses and original equipment manufacturers (“OEMs”).

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We primarily utilize Digi-Key Electronics, based in Thief River Falls, Minnesota, as a global, full-service distributor of our standard products.

In addition to Digi-Key Electronics, we have several representative companies located in key markets so we can provide local support to strategic customers in these regions.

In addition to Digi-Key Electronics, we distribute gas-detection instruments through Grainger, Cole Parmer and other worldwide distributors, and we have representative companies located in key markets so we can provide local support to strategic customers in these regions.

Due to the technical nature of our products, the length of our sales cycle can vary from a few months to several years and requires continued participation from our sales, engineering and management teams.

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Product lifespan varies dramatically depending on the marketplace and product.

Consumer electronics may have a lifespan of six months to five years;

industrial and automotive applications may continue for three to ten years, and medical product lifespans may continue past 20 years.

Consumer electronics may have a lifespan of six months to five years, industrial and automotive applications may continue for three to ten years, and medical product lifespans may continue past 20 years.

Our Customers

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Our customers generally do not provide us with firm, long-term volume purchase commitments, opting instead to issue purchase orders that they can cancel, reduce, or delay at any time.

In order to meet the expectations of our customers, we must provide innovative HMI solutions on a timely and cost-effective basis.

In order to meet the expectations of our customers, we must provide innovative solutions on a timely and cost-effective basis.

This requires us to match our design and production capacity with customer demand, manage inventory, maintain satisfactory delivery schedules, and meet performance goals.

Our customer base is widely dispersed geographically.

Sales to customers located outside the United States have historically accounted for a significant percentage of our revenues, a trend we expect to continue.

On a bill-to basis, international sales constituted 71% and 59% of our net revenues for the years ended December 31, 2021 and 2020, respectively, with sales in 2021 to customers in China, Japan, and Taiwan accounting for 29%, 16%, and 12% of net revenues, respectively.

Sales to customers located outside the United States have historically accounted for a significant percentage of our revenues, and we expect this to continue.

On a bill-to basis, international sales constituted 55% and 71% of our net revenues for the years ended December 31, 2022 and 2021, respectively, with sales in 2022 to customers in Japan, China, and Taiwan accounting for 24%, 15%, and 6% of net revenues, respectively.

Future sales of our products will be based on, among other elements, expansion into adjacent markets, continued expansion of our product line, the acceptance of our product line, expansion into additional domestic and international markets, and our ability to maintain a competitive position against other technology providers.

For the year ended December 31, 2021, we had three customers that represented 17.0%, 14.7% and 14.7% of net revenues, respectively, and have been customers of ours for 8 years, 32 years, and 9 years, respectively.

For the year ended December 31, 2022, we had three customers that represented 24.9%, 17.8% and 9.3% of net revenues, respectively, and have been customers of ours for over 30 years, over 10 years, and over 10 years, respectively.

These same three customers represented 14.7%, 9.4%, and 14.7% of net revenues for the year ended December 31, 2021.

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We have our own modern manufacturing facility of approximately 14,476 square feet in Shenzhen, China that is ISO 9001, ISO 14001 and ISO 13485 certified.

We plan to start the process of acquiring IATF 16949 certification in 2022 as our automotive customer base expands.

We plan to start the process of acquiring IATF 16949 certification as our automotive customer base expands.

We work hard to meet current environmental and sustainability standards required by our customers and legislation in various geographic markets.

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At this location, we focus on new product development including, among other areas, materials science and printed electronics.

We also maintain a core embedded software engineering team in Singapore, and we expect to launch an engineering, research and development center in the United Kingdom in 2022.

We also operate an engineering center in our facility in Shenzhen, China, which is focused on sustaining engineering, customer support, quality control and new product introduction.

We also maintain a core embedded software engineering team in Singapore, and we expect to launch an engineering, research and development center in the United Kingdom.

We also operate an engineering center in our facility in Shenzhen, China, which is focused on sustaining engineering, customer support, quality control and new product introduction in our force-sensing/HMI business, and an engineering and R&D facility in Newark, California, focused on new product development, SBIR-funded research and quality control.

The global R&D team pursues scientific research, technology platform development and advanced product development in areas of materials science, printed electronics devices and manufacturing processes, and multi-disciplinary system engineering.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business