Atomera(ATOM)2024-07-30 21:00Revenue and Costs - Revenue for the three and six months ended June 30, 2024, was approximately $72,000 and $90,000 respectively, with no revenue recorded during the same periods in 2023[77] - Cost of revenue for the three and six months ended June 30, 2024, was approximately $74,000 and $107,000 respectively, with no cost recorded during the same periods in 2023[79] Operating Expenses - Operating expenses for the three months ended June 30, 2024, totaled approximately $4.6 million, a decrease from $5.4 million in 2023, while for the six months, expenses were approximately $9.6 million compared to $10.5 million in 2023[80] - Research and development expenses for the three months ended June 30, 2024, were approximately $2.6 million, a decrease of 19% from $3.2 million in 2023, and for the six months, expenses were approximately $5.4 million, down 13% from $6.2 million in 2023[81][82] - General and administrative expenses for the three months ended June 30, 2024, were approximately $1.8 million, an increase of 3% from 2023, while for the six months, expenses were approximately $3.6 million, up 4% from 2023[83][84] - Selling and marketing expenses for the three months ended June 30, 2024, were approximately $207,000, a decrease of 47% from $393,000 in 2023, and for the six months, expenses were approximately $557,000, down 29% from $782,000 in 2023[85] Income and Cash Flow - Interest income for the three months ended June 30, 2024, was approximately $185,000, compared to $152,000 in 2023, and for the six months, it was approximately $390,000 versus $351,000 in 2023[87] - Net cash used in operating activities for the six months ended June 30, 2024, was approximately $7.3 million, compared to $8.2 million in 2023[89] - As of June 30, 2024, the company had cash and cash equivalents of approximately $14.5 million and short-term investments of approximately $3.8 million[92] Future Outlook and Capital Requirements - The company believes its available working capital is sufficient to fund forecasted working capital requirements for at least the next 12 months[93] - Future capital requirements will depend on the successful commercialization of MST technology and potential collaborations or acquisitions[93] - If sufficient revenue from license fees and royalties is not generated, the company may need to raise additional capital through various financing sources[93] Compliance and Controls - Management evaluated the effectiveness of disclosure controls and procedures, concluding they were effective as of June 30, 2024[95] - There have been no changes to critical accounting estimates from the Annual Report on Form 10-K for the year ended December 31, 2023[94] - No changes to internal controls over financial reporting have occurred that materially affect the company's reporting[96] Licensing Agreement - The company entered into a license agreement with ST Microelectronics in April 2023, which is expected to generate royalties on MST-enabled products once milestones are met[73]