IMPAIRMENT, RESTRUCTURING, SEVERANCE AND RELATED COSTS

12 Months Ended

Dec. 31, 2022

IMPAIRMENT, RESTRUCTURING, SEVERANCE AND RELATED COSTS [Abstract]

IMPAIRMENT, RESTRUCTURING, SEVERANCE AND RELATED COSTS

NOTE 14 — IMPAIRMENT, RESTRUCTURING, SEVERANCE AND RELATED COSTS:

Impairment, restructuring, severance and related costs include an impairment loss of $3.0 million during the first quarter of 2022 as a result of an impairment of goodwill due to the substantial decrease in our share price at March 31, 2022. The low price per share value at March 31, 2022 caused our book value to exceed our fair value.  In addition,  for the year ended December 31, 2022,  $0.2 million was recorded which was related to severance charges.  For the year ended 2021,  the Company recorded an impairment loss of $7.0 million, of which $5.9 million was related to the write-off of intangible assets, net leasehold improvements, and net right-of-use assets for leases associated with our Malaysian operations, and $1.1 million was related to restructuring matters.

In order to address challenging economic conditions and implement its business strategy, in the first quarter of 2022 the Company continued to execute a program to reduce operating expenses and better align its costs with revenues, including by eliminating positions that were no longer aligned with its strategy, and recognized severance charges of $0.1 million.

The table below represents the total costs by category:

	For the year ended December 31, 2022		For the year ended December 31, 2021
Severance	$	202,621	$	83,087
Restructuring costs		-		1,083,951
Impairment		3,033,565		5,880,741
	$	3,236,186	$	7,047,779