Annual report pursuant to Section 13 and 15(d)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SCHEDULE OF DISAGGREGATED NET SALES

The following table shows the Company’s disaggregated net sales by product type (in thousands):

 

    2021     2020  
    Years Ended December 31,  
    2021     2020  
DC power systems   $ 16,291     $ 8,659  
Engineering & Tech Support Services     390       226  
Accessories     215       146  
Total net sales   $ 16,896     $ 9,031  

 

The following table shows the Company’s disaggregated net sales by customer type (in thousands):

 

    2021     2020  
    Years Ended December 31,  
    2021     2020  
Telecom   $ 14,953     $ 8,640  
Government/Military     995       120  
Marine     76       5  
Other (backup DC power to various industries)     872       266  
Total net sales   $ 16,896     $ 9,031  
SCHEDULE OF RECONCILIATION OF THE PRODUCT WARRANTY LIABILITY

The following is a tabular reconciliation of the product warranty liability, excluding the deferred revenue related to the Company’s warranty coverage (in thousands):

 

             
    Years End December 31,  
    2021     2020  
Changes in estimates for warranties                
Balance at beginning of the period   $ 600     $ 375  
Payments     (658 )     (634 )
Provision for warranties     658       859  
                 
Balance at end of the period   $ 600     $ 600  
SCHEDULE OF INVENTORIES NET

As of December 31, 2021 and 2020, inventories consisted of the following (in thousands):

             
    Years Ended December 31,  
    2021     2020  
Raw materials   $ 6,607     $ 5,527  
Finished goods     2,410       3,567  
Inventories   $ 9,017     $ 9,094  
SCHEDULE OF ESTIMATED USEFUL LIFE OF PROPERTY PLANT AND EQUIPMENT

    Estimated life
Production tooling, jigs, fixtures   3-5 years
Shop equipment and machinery   5 years
Vehicles   3-5 years
Leasehold improvements   Shorter of the lease term or estimated useful life
Office equipment   5 years
Software   5 years
SCHEDULE OF DILUTED EARNINGS PER SHARE

The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive:

 

             
    December 31,  
    2021     2020  
Options     140,000       140,000  
Warrants     24,122       370,000  
Total     164,122       510,000