QuickLogic Corp. 10-Q: Assets $14.46M, Liabilities $14.12M

TL;DR

QuickLogic's Q2 10-Q shows tight financials: $14.46M assets vs $14.12M liabilities. Lease up in '27.

AI Summary

QuickLogic Corp. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $14.458 million and total liabilities of $14.118 million. The operating lease for its San Jose, CA headquarters expires on June 14, 2027.

Why It Matters

This filing provides a snapshot of QuickLogic's financial health, indicating a narrow margin between assets and liabilities as of Q2 2024.

Risk Assessment

Risk Level: medium — The company has a very small net asset value, suggesting potential financial fragility.

Key Numbers

• $14.458M — Total Assets (As of June 30, 2024)
• $14.118M — Total Liabilities (As of June 30, 2024)
• June 14, 2027 — Lease Expiration (Headquarters operating lease)

Key Players & Entities

• QuickLogic Corp. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• $14.458 million (dollar_amount) — Total assets
• $14.118 million (dollar_amount) — Total liabilities
• San Jose, CA (location) — Company headquarters location
• June 14, 2027 (date) — Operating lease expiration date

FAQ

Key Financial Figures

• $0.001 — of registrant's common stock, par value $0.001 per share, outstanding. Table of Conte

Filing Documents

• quicklo20240611_10q.htm (10-Q) — 1213KB
• ex_686817.htm (EX-31.1) — 15KB
• ex_686818.htm (EX-31.2) — 15KB
• ex_686819.htm (EX-32.1) — 6KB
• ex_686820.htm (EX-32.2) — 6KB
• 0001437749-24-026817.txt ( ) — 6102KB
• quik-20240630.xsd (EX-101.SCH) — 56KB
• quik-20240630_cal.xml (EX-101.CAL) — 47KB
• quik-20240630_def.xml (EX-101.DEF) — 395KB
• quik-20240630_lab.xml (EX-101.LAB) — 339KB
• quik-20240630_pre.xml (EX-101.PRE) — 427KB
• quicklo20240611_10q_htm.xml (XML) — 893KB

- Financial Information

Part I - Financial Information 3 Item 1. Unaudited Condensed Consolidated Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets 3 Unaudited Condensed Consolidated Statements of Operations 4 Unaudited Condensed Consolidated Statements of Cash Flows 5 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

- Other Information

Part II - Other Information 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 3. Defaults Upon Senior Securities 25 Item 5. Other Information 25 Item 6. Exhibits 25

Signatures

Signatures 26 Table of Contents

Financial Information

PART I. Financial Information

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements QUICKLOGIC CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value amount) June 30, December 31, 2024 2023 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 23,266 $ 24,606 Accounts receivable, net of allowance for doubtful accounts of $ 24 and $ 34, as of June 30, 2024 and December 31, 2023, respectively 928 1,625 Contract assets 2,254 3,609 Inventories, net 1,751 2,029 Prepaid expenses and other current assets 1,686 1,561 Total current assets 29,885 33,430 Property and equipment, net 12,043 8,948 Capitalized internal-use software, net 2,287 2,069 Right of use assets, net 896 981 Intangible assets, net 484 537 Non-marketable equity investment 300 300 Goodwill 185 185 Note receivable 1,229 1,200 Other assets 142 142 TOTAL ASSETS $ 47,451 $ 47,792 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Revolving line of credit $ 20,000 $ 20,000 Trade payables 1,449 4,657 Accrued liabilities 1,277 2,673 Deferred revenue 756 1,052 Note payable, current 890 946 Lease liabilities, current 266 302 Total current liabilities 24,638 29,630 Long-term liabilities: Lease liabilities, non-current 609 681 Notes payable, non-current 274 461 Other liabilities, non-current 125 125 Total liabilities 25,646 30,897 Commitments and contingencies (see Note 13) Stockholders' equity: Preferred stock, $ 0.001 par value; 10,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.001 par value; 200,000 authorized; 14,458 and 14,118 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 14 14 Additional paid-in capital 328,788 322,436 Accumulated deficit ( 306,997 ) ( 305,555 ) Total stockholders' equity 21,805 16,895 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 47,451 $ 47,792 See accompanying notes to u

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View this 10-Q filing on SEC EDGAR