QuickLogic Reports Fourth Quarter and Fiscal 2019 Results

QUICKLOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

	December 29, 2019		December 30, 2018⁽¹⁾
ASSETS
Current assets:
Cash and cash equivalents	$	21,448	$	26,363
Restricted cash		100		100
Accounts receivable, net		1,991		2,209
Inventories		3,260		3,836
Other current assets		1,565		1,775
Total current assets		28,364		34,283
Property and equipment, net		830		1,449
Internal Use Software, net		333		-
Right of use assets		2,370		-
Intangible assets, net		1,008		-
Goodwill		185		-
Other assets		314		354
TOTAL ASSETS	$	33,404	$	36,086
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit	$	15,000	$	15,000
Trade payables		1,003		1,488
Accrued liabilities		1,133		1,903
Deferred Revenue		158		-
Current portion of lease obligations		704		316
Total current liabilities		17,998		18,707
Long-term liabilities:
Lease obligations, less current portion		1,583		108
Other long-term liabilities		-		16
Total liabilities		19,581		18,831
Stockholders' equity:
Common stock, par value ⁽²⁾		8		7
Additional paid-in capital ⁽²⁾		297,073		285,062
Accumulated deficit		(283,258)		(267,814)
Total stockholders' equity		13,823		17,255
TOTAL LIABILITIES AND STOCKHOLDERS ' EQUITY	$	33,404	$	36,086


⁽¹⁾				Derived from the December 30, 2018 audited balance sheet included in the 2018 Annual Report on Form 10-K of QuickLogic Corporation.
⁽²⁾				Common stock, par value and additional paid-in capital amounts are adjusted to reflect 1-for-14 reverse stock split effected on December 24, 2019.