Annual report pursuant to Section 13 and 15(d)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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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