51 unchanged sentences
Under the agreement, LMG granted to ATJ a nonexclusive worldwide sublicense to the Company’s amorphous alloy technology and related trademarks to manufacture and sell golf clubs and golf related products.
−Removed: The LMG Sublicense Agreement has a term of three years and provides for the payment of a running royalty to LMG of 3% of the net sales price of licensed products.
+Added: The LMG Sublicense Agreement had an original term of three years and has been extended for an additional three year term that provides for the payment of a running royalty to LMG of 3% of the net sales price of licensed products.
Corporate Facility Purchase and Lease
11 unchanged sentences
The transaction occurred in multiple closings, with the Investor having purchased 105,000,000 shares at a purchase price of $8,400 (or $0.08 per share) at the initial closing on March 10, 2016, and the remaining 200,000,000 shares at $0.15 per share and 100,000,000 shares at $0.25 per share for an aggregate purchase price of $55,000 on October 26, 2016.
+Added: On October 10, 2024, the Investor sold 179,787,888 to various buyers leaving 225,212,112 shares of our common stock owned by the Investor as of December 31, 2024.
In addition to the shares issuable under the 2016 Purchase Agreement, we issued to the Investor a warrant to acquire 10,066,809 shares of common stock (of which the right to exercise 2,609,913 of the warrant shares vested on March 10, 2016 and the right to exercise the remaining 7,456,896 warrant shares vested on October 26, 2016, all at an exercise price of $0.07 per share).
The warrant will expire on the tenth anniversary of its issuance date.
−Removed: The 2016 Purchase Agreement also provided that, with certain limited exceptions, if we issue any shares of common stock at any time through the fifth anniversary of the 2016 Purchase Agreement, the Investor will have a preemptive right to subscribe for and to purchase at the same price per share (or at market price, in the case of issuance of shares pursuant to stock options) the number of shares necessary to maintain its ownership percentage of our issued shares of common stock.
Eontec License Agreement
8 unchanged sentences
Eutectix Business Development Agreement
−Removed: On January 31, 2020, the Company entered into a Business Development Agreement (the “Agreement”) with Eutectix LLC, a Delaware limited liability company (“Eutectix”), which provides for collaboration, joint development efforts, and the manufacturing of products based on the Company’s proprietary amorphous metal alloys.
−Removed: Under the Agreement, the Company has licensed to Eutectix specified equipment owned by the Company, including two injection molding machines, two diecasting machines, and other machines and equipment, all of which will be used to make product for Company customers and Eutectix customers.
−Removed: The licensed machines and equipment represent substantially all of the machinery and equipment then held by the Company.
−Removed: The Company has also licensed to Eutectix various patents and technical information related to the Company’s proprietary technology.
−Removed: Under the Agreement, Eutectix will pay the Company a royalty of six percent (6%) of the net sales price of licensed products sold by Eutectix, and Eutectix will also manufacture for the Company product ordered by the Company.
−Removed: The Agreement has a term of five years, subject to renewal provisions and the ability of either party to terminate earlier upon specified circumstances.
+Added: On January 31, 2020, the Company entered into a Business Development Agreement (the “Agreement”) with Eutectix LLC, a Delaware limited liability company (“Eutectix”), which provided for collaboration, joint development efforts, and the manufacturing of products based on the Company’s proprietary amorphous metal alloys.
+Added: Under the Agreement, the Company licensed to Eutectix specified equipment owned by the Company, including two injection molding machines, two diecasting machines, and other machines and equipment, all of which will be used to make product for Company customers and Eutectix customers.
+Added: The Company also licensed to Eutectix various patents and technical information related to the Company’s proprietary technology.
+Added: The Agreement expired in January 2025.
Apple License Transaction
18 unchanged sentences
Other income (expense):
−Removed: Interest and investment income
+Added: Investment income
+Added: Interest income
Loss from operations
4 unchanged sentences
Total revenue increased by $350 to $860 for the year ended December 31, 2024 from $510 for the year ended December 31, 2023.
−Removed: The increase was attributable to increase in product shipments primarily related to the launch of health monitoring rings utilizing our technology.
+Added: The increase was attributable to an increase in product shipments primarily related to the launch of health monitoring rings and medical devices utilizing our technology.
Cost of sales .
Cost of sales was $643, or 74.8% of total revenue, for the year ended December 31, 2024, as compared to $361, or 70.8% of total revenue, for the year ended December 31, 2023.
−Removed: The increase in our cost of sales was primarily driven by lower product revenues during fiscal 2022 compared to fiscal 2023.
+Added: Our cost of sales percentages have fluctuated and may continue to fluctuate based on production volumes and quoted production prices per unit and may not be representative of our future business.
Once we are able to sustain and increase shipments of routine, commercial products and parts through our contract manufacturers, we expect our cost of sales percentages to decrease, stabilize, and be more predictable.
1 unchanged sentence
Our gross profit increased by $68 from $149 for the year ended December 31, 2023 to $217 for the year ended December 31, 2024.
−Removed: Our gross margin percentage increased from 17.5% for the year ended December 31, 2022 to 29.2% for the year ended December 31, 2023.
+Added: Our gross margin percentage decreased from 29.2% for the year ended December 31, 2023 to 25.2% for the year ended December 31, 2024.
Our gross profit percentages have fluctuated and may continue to fluctuate based on production volumes and quoted production prices per unit and may not be representative of our future business.
−Removed: If we are able to sustain and increase shipments of routine, commercial products and parts through future orders to third party contract manufacturers, we expect our gross profit percentages to stabilize, increase, and be more predictable.
+Added: Once we are able to sustain and increase shipments of routine, commercial products and parts through future orders to third party contract manufacturers, we expect our gross profit percentages to stabilize, increase, and be more predictable.
Selling, marketing, general, and administrative expenses .
Selling, marketing, general, and administrative expenses increased by $297 to $3,511, or 408.3% of revenue, for the year ended December 31, 2024 from $3,214, or 630.2% of revenue, for the year ended December 31, 2023.
−Removed: The increase in expenses was primarily attributable to increase in trade show and investment relations expenses in 2023 compared to 2022.
+Added: The increase in expenses was primarily attributable to increase in audit and tradeshow expenses in 2024 compared to 2023.
Research and development expenses .
8 unchanged sentences
Non-operational income and expenses
−Removed: Interest and investment income.
−Removed: Interest and investment income relates to interest earned from our cash deposits and investments in debt securities for the respective periods.
−Removed: Interest and investment income was $616 and $128 for the years ended December 31, 2023 and 2022, respectively.
−Removed: The increase during 2023 is primarily due to higher overall yields on debt securities as a result of an increase in overall interest rate increases by the government.
+Added: Investment income.
+Added: Investment income relates to realized gains earned from our investments in debt securities for the respective periods.
+Added: Investment income was $266 and $330 for the years ended December 31, 2024 and 2023, respectively.
+Added: The decrease during 2024 is primarily due to higher overall yields on debt securities as a result of an increase in overall interest rate increases by the government and holding onto debt securities until maturity.
+Added: Interest income.
+Added: Interest income relates to interest earned from our cash deposits and investments in debt securities for the respective periods.
+Added: Interest income was $870 and $286 for the years ended December 31, 2024 and 2023, respectively.
+Added: The increase during 2024 is primarily due to higher overall yields on debt securities as a result of an increase in overall interest rate increases by the government in 2024 and 2023.
Lease income.
7 unchanged sentences
Cash provided by (used in) investing activities
−Removed: Cash provided by investing activities totaled $7,881 for the year ended December 31, 2023 and cash used in investing activities totaled $258 for the year ended December 31, 2022.
−Removed: Cash used in investing activities primarily consist of purchases and sales of debt securities in line with our investment strategy.
−Removed: Cash provided by financing activities
−Removed: Cash provided by financing activities totaled $212 for the year ended December 31, 2022 and $0 for the year ended December 31, 2023.
+Added: Cash used in investing activities totaled $1,674 for the year ended December 31, 2024 and cash provided by investing activities totaled $7,881 for the year ended December 31, 2023.
+Added: Cash used in investing activities primarily consists of purchases and sales of debt securities in line with our investment strategy.
Financing arrangements and outlook
72 unchanged sentences
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.