0001213900-17-004787.txt : 20170509 0001213900-17-004787.hdr.sgml : 20170509 20170509093113 ACCESSION NUMBER: 0001213900-17-004787 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170509 DATE AS OF CHANGE: 20170509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Neonode, Inc CENTRAL INDEX KEY: 0000087050 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 941517641 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35526 FILM NUMBER: 17824872 BUSINESS ADDRESS: STREET 1: STORGATAN 23C, 114 55 CITY: STOCKHOLM STATE: V7 ZIP: 00000 BUSINESS PHONE: 46 0 8 667 17 17 MAIL ADDRESS: STREET 1: STORGATAN 23C, 114 55 CITY: STOCKHOLM STATE: V7 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: SBE INC DATE OF NAME CHANGE: 19920703 10-Q 1 f10q0317_neonodeinc.htm QUARTERLY REPORT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2017

☐ Transition report pursuant to section 13 or 15(d) of the Securities and Exchange Act of 1934

For the transition period from _______ to ________

Commission file number 1-35526

	NEONODE INC.
	(Exact name of registrant as specified in its charter)

Delaware		94-1517641
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

Storgatan 23C, 114 55 Stockholm, Sweden

(Address of principal executive offices and zip code)

	+46 (0) 8 667 17 17
	(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
(do not check if a smaller reporting company)		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

The number of shares of the registrant’s common stock outstanding as of May 5, 2017 was 48,844,503.

NEONODE INC.

Form 10-Q

For the Fiscal Quarter Ended March 31, 2017

TABLE OF CONTENTS

PART I	FINANCIAL INFORMATION		1

	Item 1	Financial Statements	1

		Condensed Consolidated Balance Sheets as of March 31, 2017 (Unaudited) and December 31, 2016 (Audited)	1

		Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016	2

		Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2017 and 2016	3

		Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2017 and 2016	4

		Notes to Unaudited Condensed Consolidated Financial Statements	5

	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

	Item 3	Quantitative and Qualitative Disclosures about Market Risk	31

	Item 4	Controls and Procedures	31

PART II	OTHER INFORMATION

	Item 1	Legal Proceedings	32

	Item 1A	Risk Factors	32

	Item 6	Exhibits	32

SIGNATURES			33

EXHIBITS

PART I. Financial Information

Item 1.

Financial Statements

NEONODE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

	March 31,			December 31,
	2017			2016
ASSETS	(Unaudited)			(Audited)
Current assets:
Cash	$	1,706		$	3,476
Accounts receivable, net		1,007			1,548
Projects in process		159			-
Inventory		1,544			696
Prepaid expenses and other current assets		2,007			1,949
Total current assets		6,423			7,669

Investment in joint venture		3			3
Property and equipment, net		2,008			2,031
Total assets	$	8,434		$	9,703

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,355		$	1,286
Accrued payroll and employee benefits		1,018			1,001
Accrued expenses		139			172
Deferred revenues		1,580			1,921
Current portion of capital lease obligations		233			228
Total current liabilities		4,325			4,608

Capital lease obligations, net of current portion		916			960
Total liabilities		5,241			5,568

Commitments and contingencies

Stockholders’ equity:
Series B Preferred stock, 54,425 shares authorized with par value $0.001 per share; 83 shares issued and outstanding at March 31, 2017 and December 31, 2016. (In the event of dissolution, each share of Series B Preferred stock has a liquidation preference equal to par value of $0.001 per share over the shares of common stock)		-			-
Common stock, 70,000,000 shares authorized with par value $0.001 per share; 48,844,503 and 48,844,503 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively		49			49
Additional paid-in capital		183,687			183,667
Accumulated other comprehensive loss		(164	)		(171	)
Accumulated deficit		(179,913	)		(179,040	)
Total Neonode Inc. stockholders’ equity		3,659			4,505
Noncontrolling interests		(466	)		(370	)
Total stockholders' equity		3,193			4,135
Total liabilities and stockholders’ equity	$	8,434		$	9,703

The accompanying notes are an integral part of these condensed consolidated financial statement.

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three months ended March 31,
	2017			2016
Revenue:
License fees	$	2,121		$	2,468
Sensor module sales		210			-
Non-recurring engineering		1			664
Total revenues		2,332			3,132
Cost of revenues:
Sensor module		101			-
Non-recurring engineering		4			595
Total cost of revenues		105			595

Total gross margin		2,227			2,537

Operating expenses:
Research and development		1,315			1,949
Sales and marketing		702			816
General and administrative		1,088			1,060

Total operating expenses		3,105			3,825
Operating loss		(878	)		(1,288	)

Other expense:
Interest expense		17			3
Other expense, net		-			41
Total other expense		17			44

Loss before provision for income taxes		(895	)		(1,332	)

Provision for income taxes		74			67
Net loss including noncontrolling interests		(969	)		(1,399	)
Less: Net loss attributable to noncontrolling interests		96			32
Net loss attributable to Neonode Inc.	$	(873	)	$	(1,367	)

Loss per common share:
Basic and diluted loss per share	$	(0.02	)	$	(0.03	)
Basic and diluted – weighted average number of common shares outstanding		48,845			43,810

The accompanying notes are an integral part of these condensed consolidated financial statements.

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

(Unaudited)

	Three months ended March 31,
	2017			2016

Net loss	$	(969	)	$	(1,399	)
Other comprehensive income (loss):
Foreign currency translation adjustments		7			(35	)
Comprehensive loss		(962	)		(1,434	)
Less: Comprehensive loss attributable to noncontrolling interests		96			32
Comprehensive loss attributable to Neonode Inc.	$	(866	)	$	(1,402	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three months ended March 31,
	2017			2016
Cash flows from operating activities:
Net loss (including noncontrolling interests)	$	(969	)	$	(1,399	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Stock-based compensation expense		20			114
Loss on disposal of property and equipment		-			41
Depreciation and amortization		160			57

Changes in operating assets and liabilities:
Accounts receivable		542			697
Projects in process		(159	)		36
Inventory		(845	)		-
Prepaid expenses and other current assets		(31	)		(325	)
Accounts payable and accrued expenses		18			339
Deferred revenues		(341	)		461
Net cash (used in) provided by operating activities		(1,605	)		21

Cash flows from investing activities:
Purchase of property and equipment		(104	)		(156	)
Net cash used in investing activities		(104	)		(156	)

Cash flows from financing activities:
Principal payments on capital lease obligation		(58	)		(15	)
Net cash used in financing activities		(58	)		(15	)

Effect of exchange rate changes on cash		(3	)		8

Net decrease in cash		(1,770	)		(142	)
Cash at beginning of period		3,476			3,082
Cash at end of period	$	1,706		$	2,940

Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	4		$	7
Cash paid for interest	$	17		$	3

The accompanying notes are an integral part of these condensed consolidated financial statements.

NEONODE INC.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

1. Interim Period Reporting

The accompanying unaudited interim condensed consolidated financial statements, include all adjustments, consisting of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations and cash flows for the interim periods presented. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of results for a full fiscal year or any other period.

The accompanying condensed consolidated financial statements for the three months ended March 31, 2017 and 2016 have been prepared by us, pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally contained in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

Operations

Neonode Inc. (collectively with its subsidiaries, is referred to in this Form 10-Q Report as “Neonode”, “we”, “us”, “our”, “registrant”, or “Company”) develops optical touch and gesture solutions for human interaction with devices. In 2010 we began licensing our technology to Original Equipment Manufacturers (“OEMs”) and Tier 1 suppliers who in-turn embed our technology into products they develop, manufacture and sell. Since 2010, our customers have sold approximately 45 million devices under our licensing agreements that use our technology. In 2016, we augmented our licensing business and started to manufacture and sell standardized embedded sensors that incorporate our technology to OEMs, Tier 1 Suppliers, distributors and our branded products sold directly to consumers.

Reclassifications

Revenues and cost of sales for the period ended March 31, 2016 are now reported as license fees, sensor module sales and non-recurring engineering instead of net revenues in the accompanying condensed consolidated statement of operations, in order to conform to current period presentation.

Liquidity

We have incurred significant operating losses and negative cash flows from operations since our inception. The Company incurred net losses of approximately $0.9 million and $1.4 million for the three months ended March 31, 2017 and 2016, respectively, and had an accumulated deficit of approximately $179.9 million and $179.0 million as of March 31, 2017 and December 31, 2016, respectively. In addition, operating activities used cash of approximately $1.6 million for the three months ended March 31, 2017 and operating activities provided cash of approximately $21,000 for the three months ended March 31, 2016.

In March 2017, we filed a $20 million shelf registration statement with the SEC that became effective on March 24, 2017. We may from time to time issue shares of our common stock under our shelf registration in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in a prospectus supplement and any other offering materials, at the time of the offering. Our shelf registration statement will expire on March 24, 2020.

In June 2014, we filed a shelf registration statement with the SEC that became effective on June 12, 2014. We may from time to time issue shares of our common stock under our shelf registration in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in a prospectus supplement and any other offering materials, at the time of the offering. As of March 31, 2017 there were 1,800,000 shares remaining for issuance under this existing shelf registration statement. This shelf registration statement will expire on June 12, 2017.

In August 2016, we entered into a Securities Purchase Agreement with institutional and accredited investors as part of a private placement pursuant to which we issued a total of 8,627,352 shares of common stock, as described below, and warrants for an aggregate purchase price of $7.9 million in net proceeds. The total number of shares included (i) an aggregate of 427,352 shares at $1.17 per share to Thomas Eriksson, Chief Executive Officer of Neonode, and Remo Behdasht, SVP AirBar Devices at Neonode for gross proceeds of approximately $500,000, (ii) an aggregate of 4,600,000 shares at a price of $1.00 per share to outside investors for gross proceeds of $4,600,000, and (iii) up to 3,600,000 shares issuable upon exercise of warrants (the “Pre-Funded Warrants”) by outside investors for which we received $3,564,000 pre-funded in proceeds and will receive up to $36,000 in proceeds upon future cash exercises.

Under the terms of the August 2016 Securities Purchase Agreement, we issued warrants (the “Purchase Warrants”) to all investors in the private placement to purchase up to a total of 4,313,676 shares of common stock at an exercise price of $1.12 per share. The Purchase Warrants became exercisable February 17, 2017 and will expire February 17, 2022. None of the Purchase Warrants have been exercised as of May 5, 2017. If the warrants are fully exercised, we will receive approximately $4.8 million in proceeds.

We expect our revenues from license fees, non-recurring engineering fees and AirBar sales will enable us to reduce our operating losses in 2017. We have received purchase orders from our distributors for AirBar and entered into an agreement with an OEM customer for our sensor modules. In addition, we have improved the overall cost efficiency of our operations, as a result of the transition from providing our customers a full custom design solution to providing standardized sensor modules which require limited to no custom design work. We intend to continue to implement various measures to improve our operational efficiencies. No assurances can be given that management will be successful in meeting its revenue targets and reducing its operating loss.

The condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates continuity of operations and the realization of assets and the repayment of liabilities in the ordinary course of business Management evaluated the significance of the Company’s operating loss and determined that the Company’s current operating plan and sources of capital would be sufficient to alleviate concerns about the Company’s ability to continue as a going concern.

As described above, upon the exercise of the Purchase Warrants issued in August 2016, we will receive up to approximately $4.8 million in proceeds. These Purchase Warrants are presently exercisable and are “in-the-money.” In the future, we may require sources of capital in addition to cash on hand to continue operations and to implement our strategy. If our operations do not become cash flow positive, we may be forced to seek equity investments or debt arrangements. No assurances can be given that we will be successful in obtaining such additional financing on reasonable terms, or at all. If adequate funds are not available on acceptable terms, or at all, we may be unable to adequately fund our business plans and it could have a negative effect on our business, results of operations and financial condition. In addition, if funds are available, the issuance of equity securities or securities convertible into equity could dilute the value of shares of our common stock and cause the market price to fall, and the issuance of debt securities could impose restrictive covenants that could impair our ability to engage in certain business transactions.

2. Summary of Significant Accounting Policies

Principles of Consolidation

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Neonode Inc. and its wholly owned subsidiaries, as well as Pronode Technologies AB, a 51% majority owned subsidiary of Neonode Technologies AB. The remaining 49% of Pronode Technologies AB is owned by Propoint AB, located in Gothenburg, Sweden. Pronode Technologies AB was organized to sell engineering services within the automotive markets. All inter-company accounts and transactions have been eliminated in consolidation.

Neonode consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights, and variable interest entities (VIEs) in which Neonode is the primary beneficiary.

In June 2016, we entered into a Joint Venture (“JV”) with a Swedish based eye-tracking company SMART EYE AB. By combining our technologies, we plan to bring multi-chip modules to the market for the consumer and automotive markets that provide new opportunities for interaction with cars and devices. The name of the newly established JV is Neoeye AB (“Neoeye”).

We use the equity method of accounting to record our investments in the common stock of each entity in which Neonode has the ability to exercise significant influence, but does not own a majority equity interest. Under the equity method, our investment is originally included in equity interests at cost, and is adjusted to recognize our share of net earnings or losses of the investee, in our condensed consolidated balance sheets; our share of net income (loss) is reported in our condensed consolidated statements of operations according to our equity ownership in each entity.

The condensed consolidated balance sheets at March 31, 2017 and December 31, 2016 and the condensed consolidated statements of operations, comprehensive loss and cash flows for the three months ended March 31, 2017 and 2016 include our accounts and those of our wholly owned subsidiaries, Neonode Technologies AB (Sweden), Neonode Americas Inc. (U.S.), Neonode Japan Inc. (Japan), NEON Technology Inc. (U.S.), Neno User Interface Solutions AB (Sweden), Neonode Korea Ltd. (South Korea) and Neonode Taiwan Ltd. (Taiwan), as well as Pronode Technologies AB (Sweden), a 51% majority owned subsidiary of Neonode Technologies AB.

Estimates

The preparation of financial statements in conformity with U.S. GAAP requires making estimates and assumptions that affect, at the date of the financial statements, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Actual results could differ from these estimates. Significant estimates include, but are not limited to, provisions for uncollectible receivables and sales returns, warranty liabilities, the achievement of substantive milestones and vendor-specific objective evidence (“VSOE”) of fair value for purposes of revenue recognition (or deferral of revenue), net realizable value of inventory, recoverability of capitalized project costs and long-lived assets, the valuation allowance related to our deferred tax assets, and the fair value of options and warrants issued for stock-based compensation.

Cash

We have not had any liquid investments other than normal cash deposits with bank institutions to date. The Company considers all highly liquid investments with original maturities of three months of less to be cash equivalents.

Concentration of Cash Balance Risks

Cash balances are maintained at various banks in the U.S., Japan, Korea, Taiwan and Sweden. For deposits held with financial institutions in the U.S. the U.S. Federal Deposit Insurance Corporation, provides basic deposit coverage with limits up to $250,000 per owner. The Swedish government provides insurance coverage up to 100,000 Euro per customer and covers deposits in all types of accounts. The Japanese government provides insurance coverage up to 10,000,000 Yen per customer. The Korea Deposit Insurance Corporation provides insurance coverage up to 50,000,000 Won per customer. The Central Deposit Insurance Corporation in Taiwan provides insurance coverage up to 3,000,000 Taiwan Dollar per customer. At times, deposits held with financial institutions may exceed the amount of insurance provided.

Accounts Receivable and Allowance for Doubtful Accounts

Our accounts receivable are stated at net realizable value. Our policy is to maintain allowances for estimated losses resulting from the inability of our customers to make required payments. Credit limits are established through a process of reviewing the financial history and stability of each customer. Where appropriate, we obtain credit rating reports and financial statements of the customer when determining or modifying its credit limits. We regularly evaluate the collectability of our trade receivable balances based on a combination of factors. When a customer’s account balance becomes past due, we initiate dialogue with the customer to determine the cause. If it is determined that the customer will be unable to meet its financial obligation, such as in the case of a bankruptcy filing, deterioration in the customer’s operating results or financial position or other material events impacting its business, we record a specific allowance to reduce the related receivable to the amount we expect to recover. Should all efforts fail to recover the related receivable, we will write-off the account. We also record an allowance for all customers based on certain other factors including the length of time the receivables are past due and historical collection experience with customers. Our allowance for doubtful accounts was approximately $149,000 as of March 31, 2017 and December 31, 2016, respectively.

Projects in Process

Projects in process consist of costs incurred toward the completion of various projects for certain customers. These costs are primarily comprised of direct engineering labor costs and project-specific equipment costs. These costs are capitalized on our condensed consolidated balance sheet as an asset and deferred until revenue for each project is recognized in accordance with our revenue recognition policy. Costs capitalized in projects in process were $159,000 as of March 31, 2017. There were no costs capitalized in projects in process as of December 31, 2016.

Inventory

Inventory is stated at the lower of cost, computed using the first-in, first-out method (“FIFO”) and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. As of March 31, 2017 and December 31, 2016, the Company’s inventory consists primarily of components that will be used in the manufacturing of our first sensor module, AirBar. We segregate inventory for reporting purposes by raw materials, work-in-process, and finished goods.

Raw materials, work-in-process, and finished goods are as follows (in thousands):

	March 31,		December 31,
	2017		2016
Raw materials	$	806	$	522
Work-in-Process		168		42
Finished goods		570		132
Ending inventory	$	1,544	$	696

Investment in JV

We have invested $3,000, for a 50% interest in Neoeye AB (see above). We account for our investment using the equity method of accounting since the investment provides us the ability to exercise significant influence, but not control, over the investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of the investee of between 20% and 50%, although other factors, such as representation on the investee’s Board of Directors, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the investee and will be recognized in the consolidated statements of operations and will also be adjusted by contributions to and distributions from Neoeye. The Company is not required to guarantee any obligations of the JV. There have been no operations of Neoeye through March 31, 2017.

Neoeye, as an unconsolidated equity investee, will recognize revenue from technology license agreements at the time a contract is entered into, the license method is determined (paid-in-advance or on-going royalty), performance obligations under the license agreement are satisfied, and the realization of revenue is assured, which is generally upon the receipt of the license proceeds. Neoeye may at times enter into license agreements whereby contingent revenues are recognized as one or more contractual milestones have been met.

We review our investment in Neoeye to determine whether events or changes in circumstances indicate that the carrying amount may not be recoverable. The primary factors we consider in our determination are the financial condition, operating performance and near term prospects of Neoeye. If a decline in value is deemed to be other than temporary, we would recognize an impairment loss.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon estimated useful lives of the assets as follows:

Estimated useful lives

	Computer equipment			3 years
	Furniture and fixtures			5 years
	Equipment			7 years

Equipment purchased under a capital lease is recognized over the term of the lease, if that lease term is shorter than the estimated useful life.

Upon retirement or sale of property and equipment, cost and accumulated depreciation and amortization are removed from the accounts and any gains or losses are reflected in the condensed consolidated statement of operations. Maintenance and repairs are charged to expense as incurred.

Long-lived Assets

We assess any impairment by estimating the future cash flow from the associated asset in accordance with relevant accounting guidance. If the estimated undiscounted future cash flow related to these assets decreases or the useful life is shorter than originally estimated, we may incur charges for impairment of these assets. As of March 31, 2017, we believe there was no impairment of our long-lived assets. There can be no assurance, however, that market conditions will not change or sufficient demand for our products and services will continue, which could result in impairment of long-lived assets in the future.

Foreign Currency Translation and Transaction Gains and Losses

The functional currency of our foreign subsidiaries is the applicable local currency, the Swedish Krona, the Japanese Yen, the South Korean Won and the Taiwan Dollar. The translation from Swedish Krona, Japanese Yen, South Korean Won and Taiwan Dollar to U.S. Dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using a weighted-average exchange rate during the period. Gains or (losses) resulting from translation are included as a separate component of accumulated other comprehensive income (loss). Foreign currency translation gains (losses) were $7,000 and $(35,000) during the three months ended March 31, 2017 and 2016, respectively. Gains resulting from foreign currency transactions are included in general and administrative expenses in the accompanying condensed consolidated statements of operations and were $20,000 and $13,000 during the three months ended March 31, 2017 and 2016, respectively.

Concentration of Credit and Business Risks

Our customers are located in U.S., Europe and Asia.

As of March 31, 2017, three customers represented approximately 72% of the Company’s accounts receivable.

As of December 31, 2016, three customers represented approximately 59% of the Company’s accounts receivable.

Customers who accounted for 10% or more of our net revenues during the three months ended March 31, 2017 are as follows:

	●	Hewlett Packard Company – 31%

	●	Canon – 17%

	●	Amazon – 12%

	●	Robert Bosch – 11%

Customers who accounted for 10% or more of our net revenues during the three months ended March 31, 2016 are as follows:

	●	Hewlett Packard Company – 40%

	●	Amazon – 18%

	●	Autoliv Development AB – 12%

Revenue Recognition

Licensing Revenues:

We derive revenue from the licensing of internally developed intellectual property (“IP”). We enter into IP licensing agreements that generally provide licensees the right to incorporate our IP components in their products with terms and conditions that vary by licensee. Fees under these agreements may include license fees relating to our IP and royalties payable following the distribution by our licensees of products incorporating the licensed technology. The license for our IP has standalone value and can be used by the licensee without maintenance and support. We follow U.S. GAAP for revenue recognition as per unit royalty products are distributed or licensed by our customers. For technology license arrangements that do not require significant modification or customization of the underlying technology, we recognize technology license revenue when: (1) we enter into a legally binding arrangement with a customer for the license of technology; (2) the customer distributes or licenses the products; (3) the customer payment is deemed fixed or determinable and free of contingencies or significant uncertainties; and (4) collection is reasonably assured. Our customers report to us the quantities of products distributed or licensed by them after the end of the reporting period stipulated in the contract, generally 30 to 45 days after the end of the month or quarter. We recognize licensing revenue in the period in which royalty reports are received, rather than the period in which the products are distributed or to which the license relates.

Explicit return rights are not offered to customers. There have been no returns through March 31, 2017.

Engineering Services:

We may sell engineering consulting services to our customers on a flat rate or hourly rate basis. We recognize revenue from these services when all of the following conditions are met: (1) evidence existed of an arrangement with the customer, typically consisting of a purchase order or contract; (2) our services were performed and risk of loss passed to the customer; (3) we completed all of the necessary terms of the contract; (4) the amount of revenue to which we were entitled was fixed or determinable; and (5) we believed it was probable that we would be able to collect the amount due from the customer. To the extent that one or more of these conditions has not been satisfied, we defer recognition of revenue.

Generally, we recognize revenue as the engineering services stipulated under the contract are completed and accepted by our customers. Engineering services are performed under a signed Statement of Work (“SOW”) with a customer. The deliverables and payment terms stipulated under the SOW provide guidance on the project revenue recognition.

Revenues from contracts that are short-term in nature and related costs that are difficult to estimate are accounted for under the completed contract method.

Revenues from contracts with substantive defined milestones that we have determined are reasonable, relevant to all the deliverables and payment terms in the SOW that are commensurate with the efforts required to achieve the milestones are recognized under the milestone recognition method.

Estimated losses on all SOW projects are recognized in full as soon as they become evident. In the quarters ended March 31, 2017 and 2016, no losses related to SOW projects were recorded.

Optical Sensor Modules Revenues:

We derive revenue from the sales of sensor modules hardware products sold directly to our OEM and Tier 1 supplier customers who embed our hardware into their products and from sales of branded consumer products that incorporate our sensor modules sold to distributors or directly to end users. These distributors are generally given business terms that allow them to return a portion of inventory, receive credits for changes in selling prices, and participate in various cooperative marketing programs. We enter into sales agreements that generally provide customers with limited rights of return and warranty provisions. U.S. GAAP allows companies to make reasonable aggregations and approximations of returns data with regard to returns. Our returns and warranty experience to date has enabled us to make reasonable returns estimates, which are further supported by the fact that our product sales involve homogenous transactions.

Revenue is recognized when all of the following criteria have been met:

	●	Persuasive evidence of an arrangement exists. Contracts, Internet commerce agreements, and customer purchase orders are generally used to determine the existence of an arrangement.

	●	Delivery has occurred. Shipping documents and customer acceptance, when applicable, are used to verify delivery.

	●	The fee is fixed or determinable. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.

	●	Collectability is reasonably assured. We assess collectability based primarily on the creditworthiness of the customer as determined by credit checks and analysis, as well as the customer’s payment history.

In instances where final acceptance of the product is specified by the customer, revenue is deferred until all acceptance criteria have been met. As our business and offerings are expected to evolve over time, our pricing practices may be required to be modified accordingly, which could result in changes in selling prices.

We make sales to distributors and revenue from distributors is recognized based on a sell-through basis using sales and inventory information provided by these distributors. Under the sell-through basis, accounts receivable are recognized and inventory is relieved upon shipment to the distributor as title to the inventory is transferred upon shipment, at which point we have a legally enforceable right to collection under normal terms. The associated sales and cost of sales are deferred and are included in deferred revenues in the consolidated balance sheet. When the related product is sold by our distributors to their end customers, at which time the ultimate price we receive is known, we recognize previously deferred revenues as sales and cost of sales. Distributors participate in various cooperative marketing and other incentive programs, and we maintain estimated accruals and allowances for these programs. If actual credits received by distributors under these programs were to deviate significantly from our estimates, which are based on historical experience, our revenue could be adversely affected.

A reserve for future sales returns is established based on historical trends in product return rates. The reserve for future sales returns is recorded as a reduction of our accounts receivable and revenue and was insignificant as of March 31, 2017 and December 31, 2016. If the actual future returns were to deviate from the historical data on which the reserve had been established, our revenue could be adversely affected.

Product Warranty

The following table summarizes the activity related to the product warranty liability (in thousands):

	March 31, 2017		December 31, 2016
Balance at beginning of period	$	11	$	-
Provisions for warranty issued		1		11
Balance at end of period	$	12	$	11

The Company accrues for warranty costs as part of its cost of sales of sensor modules based on estimated costs. The Company’s products are generally covered by a warranty for a period of 12 to 36 months from the customer receipt of the product.

Deferred Revenues

We defer license fees until we have met all accounting requirements for revenue recognition as per unit royalty products are distributed and royalty reports are received. Engineering development fee revenues are deferred until such time as the engineering work has been completed and accepted by our customers. As of March 31, 2017 and December 31, 2016, we have $1.3 million and $1.8 million, respectively, of deferred license fee revenue related to prepayments for future license fees from four customers, respectively. We defer AirBar revenues until distributors sell the AirBar to their end customers. As of March 31, 2017 and December 31, 2016 we had $0.1 million of deferred revenue from our AirBar sales. As of March 31, 2017 we had $0.1 million of deferred engineering development fees from two customers. As of December 31, 2016 there were no deferred engineering development fees.

Advertising

Advertising costs are expensed as incurred. Advertising costs for the three months ended March 31, 2017 and 2016 amounted to approximately $147,000 and $80,000, respectively.

Research and Development

Research and development (“R&D”) costs are expensed as incurred. R&D costs consist mainly of personnel related costs in addition to some external consultancy costs such as testing, certifying and measurements.

Stock-Based Compensation Expense

We measure the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the estimated fair value of the award on the grant date, and recognize the value as compensation expense over the period the employee is required to provide services in exchange for the award, usually the vesting period, net of estimated forfeitures.

We account for equity instruments issued to non-employees at their estimated fair value. The measurement date for the estimated fair value for the equity instruments issued is determined at the earlier of (1) the date at which a commitment for performance by the consultant or vendor is reached, or (2) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instruments is primarily recognized over the term of the consulting agreement. The estimated fair value of the stock-based compensation is periodically re-measured and income or expense is recognized during the vesting term.

When determining stock-based compensation expense involving options and warrants, we determine the estimated fair value of options and warrants using the Black-Scholes option pricing model.

Noncontrolling Interests

The Company recognizes noncontrolling interests as equity in the condensed consolidated financial statements separate from the parent company’s equity. Noncontrolling interests’ partners have less than 50% share of voting rights at any one of the subsidiary level companies. The amount of net income (loss) attributable to non-controlling interests is included in consolidated net income (loss) on the face of the condensed consolidated statements of operations. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income (loss) when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the noncontrolling equity investment on the deconsolidation date. Additionally, operating losses are allocated to noncontrolling interests even when such allocation creates a deficit balance for the noncontrolling interest partner.

The Company provides either in the condensed consolidated statement of stockholders’ equity, if presented, or in the notes to condensed consolidated financial statements, a reconciliation at the beginning and the end of the period of the carrying amount of total equity (net assets), equity (net assets) attributable to the parent, and equity (net assets) attributable to the noncontrolling interest that separately discloses:

	(1)	Net income or loss.
	(2)	Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners.
	(3)	Each component of other comprehensive income or loss.

Income Taxes

We recognize deferred tax liabilities and assets for the expected future tax consequences of items that have been included in the consolidated financial statements or tax returns. We estimate income taxes based on rates in effect in each of the jurisdictions in which we operate. Deferred income tax assets and liabilities are determined based upon differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The realization of deferred tax assets is based on historical tax positions and expectations about future taxable income. Valuation allowances are recorded against net deferred tax assets when, in our opinion, realization is uncertain based on the “more likely than not” criteria of the accounting guidance.

Based on the uncertainty of future pre-tax income, we fully reserved our net deferred tax assets as of March 31, 2017 and December 31, 2016. In the event we were to determine that we would be able to realize our deferred tax assets in the future, an adjustment to the deferred tax asset would increase income in the period such determination was made. The provision for income taxes represents the net change in deferred tax amounts, plus income taxes paid or payable for the current period.

We follow U.S. GAAP related accounting for uncertainty in income taxes, which provisions include a two-step approach to recognizing, de-recognizing and measuring uncertainty in income taxes. As a result, we did not recognize a liability for unrecognized tax benefits. As of March 31, 2017 and December 31, 2016, we had no unrecognized tax benefits.

Net Loss per Share

Net loss per share amounts has been computed based on the weighted average number of shares of common stock outstanding during the three months ended March 31, 2017 and 2016. Net loss per share, assuming dilution amounts from common stock equivalents, is computed based on the weighted-average number of shares of common stock and potential common stock equivalents outstanding during the period. The weighted-average number of shares of common stock and potential common stock equivalents used in computing the net loss per share for the three months ended March 31, 2017 and 2016 exclude the potential common stock equivalents, as the effect would be anti-dilutive (See Note 7).

Other Comprehensive Income (Loss)

Our other comprehensive income (loss) includes foreign currency translation gains and losses. The cumulative amount of translation gains and losses are reflected as a separate component of stockholders’ equity in the condensed consolidated balance sheets as accumulated other comprehensive loss.

Cash Flow Information

Cash flows in foreign currencies have been converted to U.S. Dollars at an approximate weighted-average exchange rate for the respective reporting periods. The weighted-average exchange rate for the condensed consolidated statements of operations was as follows:

	Three months ended March 31,
	2017		2016
Swedish Krona		8.92		8.45
Japanese Yen		113.71		115.36
South Korean Won		1,150.18		1,193.75
Taiwan Dollar		31.05		33.06

Exchange rate for the consolidated balance sheets was as follows:

	Periods Ended
	March 31,		December 31,
	2017		2016
Swedish Krona		8.94		9.07
Japanese Yen		111.75		116.97
South Korean Won		1,116.94		1,205.11
Taiwan Dollar		30.35		32.28

Fair Value of Financial Instruments

We disclose the estimated fair values for all financial instruments for which it is practicable to estimate fair value. Financial instruments including cash, accounts receivable, accounts payable and accrued expenses and are deemed to approximate fair value due to their short maturities.

New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include the capitalization and amortization of certain contract costs, ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. On July 9, 2015, the FASB approved amendments deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date and permitting early adoption of the standard, but not before the original effective date or for reporting periods beginning after December 15, 2016. We have not yet selected a transition method and are currently assessing the impact the adoption of ASU 2014-09 will have on our consolidated financial statements and disclosures.

In November 2015, FASB issued ASU 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”), which eliminates the current requirement for an entity to separate deferred income tax liabilities and assets into current and non-current amounts in a classified balance sheet. Instead, the ASU requires deferred tax liabilities, deferred tax assets and valuation allowances be classified as non-current in a classified balance sheet. The Company adopted ASU 2015-17 for the quarter ended March 31, 2017. We adopted this guidance at the beginning of our first quarter of fiscal year 2017, and determined there is no impact on our condensed consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees may not apply a full retrospective transition approach. We have not yet selected a transition method and are currently assessing the impact of adoption of ASU No. 2016-02 will have on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-07, “Investments- Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting” (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. The Company adopted ASU 2016-07 in the quarter ended March 31, 2017. We adopted this guidance at the beginning of our first quarter of fiscal year 2017, and determined there is no impact on our condensed consolidated financial statements and disclosures.

In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”), which simplified certain aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification in the statement of cash flows. The Company adopted ASU 2016-09 in the first quarter ended March 31, 2017. We adopted this guidance at the beginning of our first quarter of fiscal year 2017, and determined there is no impact on our condensed consolidated financial statements and disclosures.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments”, (“ASU 2016-13”). The new standard requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13 will become effective for the Company for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact ASU 2016-13 will have on its consolidated financial statements.

3. Stockholders’ Equity

Common Stock

During the three months ended March 31, 2017, there were no activities that affected common stock.

Preferred Stock

We have one class of preferred stock outstanding. There were no activities that affected preferred stock during the three months ended March 31, 2017.

Conversion of Preferred Stock Issued to Common Stock

The following table summarizes the amounts as of March 31, 2017.

	Shares of Preferred Stock Not Exchanged as of March 31, 2017		Conversion Ratio		Shares of Common Stock after Conversion of all Outstanding Shares of Preferred Stock Not yet Exchanged at March 31, 2017

Series B Preferred stock		83		132.07		10,962

4. Stock-Based Compensation

The stock-based compensation expense for the three months ended March 31, 2017 and 2016 reflects the estimated fair value of the vested portion of options granted to employees, directors and eligible consultants. Stock-based compensation expense in the accompanying condensed consolidated statements of operations is as follows (in thousands):

	Three months ended March 31,
	2017		2016
Research and development	$	-	$	43
Sales and marketing		14		62
General and administrative		6		9
Total stock-based compensation expense	$	20	$	114

		Remaining unrecognized expense at March 31, 2017
Stock-based compensation		$	64

The remaining unrecognized expense related to stock options will be recognized on a straight line basis monthly as compensation expense over the remaining vesting period, which approximates 0.9 years.

The estimated fair value of stock-based awards is calculated using the Black-Scholes option pricing model, even though this model was developed to estimate the fair value of freely tradable, fully transferable options without vesting restrictions, which differ significantly from our stock options. The Black-Scholes model also requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. The expected term and forfeiture rate of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior, as well as expected behavior on outstanding options. The risk-free rate is based on the U.S. Treasury rates in effect during the corresponding period of grant. The expected volatility is based on the historical volatility of our stock price. These factors could change in the future, which would affect fair values of stock options granted in such future periods, and could cause volatility in the total amount of the stock-based compensation expense reported in future periods.

Stock Options

We have adopted equity incentive plans for which stock options and restricted stock awards are available to grant to employees, consultants and directors. Except for 265,000 options issued to certain Swedish employees during 2015, all employee, consultant and director stock options granted under our stock option plans have an exercise price equal to the market value of the underlying common stock on the grant date. There are no vesting provisions tied to performance conditions for any options, as vesting for all outstanding option grants was based only on continued service as an employee, consultant or director. All of our outstanding stock options and restricted stock awards are classified as equity instruments.

As of March 31, 2017 we had two equity incentive plans:

	●	The 2006 Equity Incentive Plan; and

	●	The 2015 Stock Incentive Plan

A summary of the combined activity under all of the stock option plans is set forth below:

	Number of Options Outstanding			Weighted Average Exercise Price
Outstanding at January 1, 2017		1,846,000		$	4.39
Granted		-			-
Forfeited		(90,000	)		8.21
Outstanding at March 31, 2017		1,756,000		$	4.20

The aggregate intrinsic value of the 1,756,000 stock options that are outstanding, vested and expected to vest as of March 31, 2017 was approximately $4,000.

For the three months ended March 31, 2017 and 2016, we recorded $20,000 and $0.1 million, respectively, of compensation expense related to the vesting of stock options. The fair value of the stock-based compensation was calculated using the Black-Scholes option pricing model as of the date of grant of the stock option.

During the three months ended March 31, 2017, we did not grant any options to purchase shares of our common stock to employees or members of our board of directors.

Warrants

As of March 31, 2017 and December 31, 2016, there were 7,913,676 warrants to purchase common stock outstanding. There was no activity during the three months ended March 31, 2017.

5. Commitments and Contingencies

Indemnities and Guarantees

Our bylaws require that we indemnify each of our executive officers and directors for certain events or occurrences arising as a result of the officer or director serving in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited. However, we have a directors’ and officers’ liability insurance policy that should enable us to recover a portion of future amounts paid. As a result of our insurance policy coverage, we believe the estimated fair value of these indemnification agreements is minimal and we have no liabilities recorded for these agreements as of March 31, 2017 and December 31, 2016.

We enter into indemnification provisions under our agreements with other companies in the ordinary course of business, typically with business partners, contractors, customers and landlords. Under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities or, in some cases, as a result of the indemnified party’s activities under the agreement. These indemnification provisions often include indemnifications relating to representations made by us with regard to intellectual property rights. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited. We have not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, we believe the estimated fair value of these agreements is minimal. Accordingly, we have no liabilities recorded for these indemnification provisions as of March 31, 2017 and December 31, 2016.

Non-Recurring Engineering Development Costs

On April 25, 2013, we entered into an Analog Device Development Agreement with an effective date of December 6, 2012 (the “NN1002 Agreement”) with Texas Instruments pursuant to which Texas Instruments will integrate Neonode’s intellectual property into an ASIC. The NN1002 ASIC only can be sold by Texas Instruments exclusively to licensees of Neonode. Under the terms of the NN1002 Agreement, we will reimburse Texas Instruments up to $500,000 of non-recurring engineering costs based on shipments of the NN1002. Under the terms of the NN1002 Agreement we will reimburse Texas Instruments a non-recurring engineering fee of $0.25 per unit for each of the first two million units sold. The NN1002 began shipping to customers in 2015. As of March 31, 2017, we had made no payments under the NN1002 Agreement.

On December 4, 2014, we entered into an Analog Device Development Agreement (the “NN1003 Agreement”) with ST Microelectronics International N.V pursuant to which ST Microelectronics will integrate Neonode’s intellectual property into an ASIC. The NN1003 ASIC only can be sold by ST Microelectronics exclusively to licensees of Neonode. Under the terms of the NN1003 Agreement, we will reimburse ST Microelectronics up to $835,000 of non-recurring engineering costs as follows:

●

$235,000 at the feasibility review and contract signature (paid on January 20, 2015)

●

$300,000 on completion of tape-out (paid on October 31, 2015)

●

$300,000 on completion on product validation ($100,000 paid and $200,000 accrued as of March 31, 2017)

Under the terms of the NN1003 Agreement, we also will reimburse ST Microelectronics a non-recurring engineering fee of $5.00 per each of the first 10,000 units sold. As of March 31, 2017, we had paid $635,000 under the NN1003 Agreement.

6. Segment Information

We have one reportable segment, which is comprised of the touch technology licensing and sensor module business. All of our sales for the three months ended March 31, 2017 and 2016 were to customers located in the U.S., Europe and Asia. Of our total assets, 29% and 43% were held in the U.S. as of March 31, 2017 and December 31, 2016, respectively, and 69% and 55% were held in Sweden, respectively.

The following table presents net revenues by geographic region for the three months ended March 31, 2017 and 2016 (in thousands):

	Three months ended March 31, 2017					Three months ended March 31, 2016
	Amount		Percentage			Amount		Percentage
Net revenues from customers in the Americas	$	1,167		50	%	$	2,005		64	%
Net revenues from customers in Asia		834		36	%		560		18	%
Net revenues from customers in Europe		331		14	%		567		18	%
	$	2,332		100	%	$	3,132		100	%

7. Net Loss per Share

Basic net loss per common share for the three months ended March 31, 2017 and 2016 was computed by dividing the net loss attributable to Neonode Inc. for the relevant period by the weighted average number of shares of common stock outstanding. Diluted loss per common share is computed by dividing net loss attributable to Neonode Inc. by the weighted average number of shares of common stock and common stock equivalents outstanding.

Potential common stock equivalents of approximately 3,000 and 1,000 outstanding stock options and 4.9 million and 0 outstanding stock warrants under the treasury stock method, and 11,000 and 11,000 shares issuable upon conversion of preferred stock are excluded from the diluted earnings per share calculation for the three months ended March 31, 2017 and 2016, respectively, due to their anti-dilutive effect.

(in thousands, except per share amounts)	Three months ended March 31,
	2017			2016
BASIC AND DILUTED
Weighted average number of common shares outstanding		48,845			43,810
Net loss attributable to Neonode Inc.	$	(873	)	$	(1,367	)

Net loss per share - basic and diluted	$	(0.02	)	$	(0.03	)

8. Subsequent Events

We have evaluated subsequent events through the filing date of this Form 10-Q, and determined that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes thereto other than as discussed in the accompanying notes.

Item 2.

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

Forward Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some forward-looking statements by the use of words such as “believes,” “anticipates,” “expects,” “intends” and similar expressions. Forward looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect our future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to risks relating to the uncertainty of growth in market acceptance for our technology, our history of losses since inception, our ability to remain competitive in response to new technologies, the costs to defend, as well as risks of losing, patents and intellectual property rights, a reliance on our future customers’ ability to develop and sell products that incorporate our technology, our customer concentration and dependence on a limited number of customers, the uncertainty of demand for our technology in certain markets, the length of a product development and release cycle, our ability to manage growth effectively, our dependence on key members of our management and development team, our remediation and detection of material weaknesses in our internal control over financial reporting and our ability to obtain adequate capital to fund future operations, For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and in our publicly available filings with the Securities and Exchange Commission. Forward-looking statements reflect our analysis only as of the filing date of this Quarterly Report on Form 10-Q. Because actual events or results may differ materially from those discussed in or implied by forward-looking statements made by us or on our behalf, you should not place undue reliance on any forward-looking statement. We do not undertake responsibility to update or revise any of these factors or to announce publicly any revision to forward-looking statements, whether as a result of new information, future events or otherwise.

The following Management’s Discussion and Analysis should be read in conjunction with the condensed consolidated financial statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q and consolidated financial statements for the year ended December 31, 2016 included in our Annual Report on Form 10-K.

Neonode Inc., collectively with its subsidiaries, is referred to in this Form 10-Q as “Neonode”, “we”, “us”, “our”, “registrant”, or the “Company”.

Overview

Neonode Inc. develops user interface and optical interactive touch and gesture solutions. Our patented technology offers multiple features including the ability to sense an object’s size, depth, velocity, pressure, and proximity to any type of surface. In 2010 we began licensing our technology to Original Equipment Manufacturers (“OEMs”) and Tier 1 suppliers who in-turn embed our technology into products they develop, manufacture and sell. Since 2010, our customers have sold approximately 45 million devices under our licensing agreements that use our technology. In 2016, we augmented our licensing business and started to manufacture and sell standardized sensor modules that incorporate our technology to OEMs and Tier 1 suppliers, distributors and our branded products directly to consumers.

Licensing

As of March 31, 2017, we had forty-one technology license agreements with global OEMs and ODMs. During the three months ended March 31, 2017, we had sixteen customers using our touch technology in products that were being shipped to customers. In addition, we are currently developing prototype products and are engaged in product engineering design discussions with numerous global OEMs and ODMs who are in the process of qualifying our touch technology for incorporation in various products. The development and release cycle for these products typically takes six to thirty-six months.

We also offer engineering consulting services to our OEM and ODM customers on a flat rate or hourly rate basis. Typically, our customers require engineering support during the development and initial manufacturing phase for their products using our technology.

In late 2016, we stopped entering into new license agreements with customers. However, we anticipate continuing to earn license fees from our current license customers. Our plan is to transition current customers with license agreements to purchase agreements using our sensor modules. This conversion process is expected to take several years.

Sensor Module

In 2015, we completed development on zForce AIR. This optical interactive touch and gesture enabling technology led to the development of a series of standardized sensors that provide our customers with an easy to install touch and gesture enabling solution in a senor hardware module.

During 2016, we invested in developing a new robotic manufacturing process designed specifically for zForce AIR module optical sensing technology and in the last quarter of 2016 we started mass production of our first sensor modules. Industry specific standardized sensor modules using a common technology platform will allow us to enter and compete in numerous markets without being encumbered with the project specific custom design solutions of our licensing business.

We currently have signed development agreements with customers in the automotive market to embed our sensor modules in steering wheels and entry system products. We expect the integration of our sensor modules will continue to gain momentum as we expand our product offerings. Over time, we expect the majority of our revenue to be derived from the sale of sensor modules.

Consumer Products

In 2016, we developed our first consumer product, AirBar. As a plug and play accessory, AirBar enables touch and gesture functionality for notebook computers. AirBar is powered by one of our sensor modules.

We produce the sensor modules for AirBar at our manufacturing facility in Sweden. Salutica Allied Solutions (“Salutica”) in Malaysia provides the final product assembly, packaging and distribution fulfillment for AirBar.

Our strategy has been to focus production of AirBar on Windows-based 15.6 inch display notebook PCs, which is the largest addressable market for non-touch computers. In the fourth quarter of 2016, we started mass production of the 15.6 inch version of AirBar and began initial shipments to customers in the United States and Europe. We also are rolling out AirBar versions for 13.3 inch and 14 inch Windows-based notebook PCs and a version for the 13.3 inch Apple MacBook Air. Our plan is to continue to expand our AirBar portfolio to include additional sizes and devices.

Results of Operations

A summary of our financial results is as follows (in thousands, except percentages):

	Three months ended March 31,						2017 vs 2016
	2017			2016			Variance in Dollars			Variance in Percent
Revenue:
License Fees	$	2,121		$	2,468		$	(347	)		(14.1	)%
Percentage of revenue		91.0	%		78.8	%
Sensor Modules	$	210		$	-		$	210			100	%
Percentage of revenue		9.0	%		-
NRE	$	1		$	664		$	(663	)		(99.8	)%
Percentage of revenue		-	%		21.2	%
Total Revenue	$	2,332		$	3,132		$	(800	)		(25.5	)%

Cost of Sales:
Sensor Modules	$	101		$	-		$	101			100	%
Percentage of revenue		4.3	%		-
NRE	$	4		$	595		$	(591	)		(99.3	)%
Percentage of revenue		0.2	%		19.0	%
Total Cost of Sales	$	105		$	595		$	(490	)		(82.4	)%

Total Gross Margin	$	2,227		$	2,537		$	(310	)		(12.2	)%

Operating Expense:
Research and development	$	1,315		$	1,949		$	(634	)		(32.5	)%
Percentage of revenue		56.4	%		62.2	%
Sales and marketing		702			816			(114	)		(14.0	)%
Percentage of revenue		30.1	%		26.1	%
General and administrative		1,088			1,060			28			2.6	%
Percentage of revenue		46.7	%		33.8	%
Total Operating Expenses	$	3,105		$	3,825		$	(720	)		(18.8	)%
Percentage of revenue		133.1	%		122.1	%

Operating Loss	$	(878	)	$	(1,288	)	$	(410	)		(31.8	)%
Percentage of revenue		37.7	%		41.1	%
Other Expenses		(17	)		(44	)		(27	)		(61.4	)%
Percentage of revenue		0.7	%		1.4	%
Net Loss		(873	)		(1,367	)		(494	)		(36.1	)%
Percentage of revenue		37.4	%		43.6	%
Net Loss per share	$	(0.02	)	$	(0.03	)	$	(0.01	)		(33.3	)%
Percentage of revenue		0.0	%		0.0	%

Net Revenues

All of our sales for the three months ended March 31, 2017 and 2016 were to customers located in the U.S., Europe and Asia

The following table presents revenues by market for the three months ended March 31, 2017 and 2016 (dollars in thousands):

	2017
	Amount		Percentage
Revenues from Automotive	$	597		26	%
Revenue from Consumer Electronics		1,525		65	%
Revenues from AirBar		210		9	%
Total	$	2,332		100	%

	2016
	Amount		Percentage
Revenues from Automotive	$	1,015		32	%
Revenues from Consumer Electronics		2,117		68	%
Total	$	3,132		100	%

Net revenues for the three months ended March 31, 2017 and 2016 were $2.3 million and $3.1 million, respectively. Our net revenues for the three months ended March 31, 2017 and 2016 included $2.1 million and $2.5 million, respectively, from technology license fees, $0.01million and $0.6 million, respectively, in non-recurring engineering services (“NRE”) related to our touch solutions for customers and $0.2 million and $0 from sales of Airbar, respectively.

The decrease of 26% in net revenues for the three month period 2017 as compared to the same period in 2016 is primarily due to a decrease in engineering development fees and a onetime $0.3 million increase in license fees in the first quarter 2016 related to a catch-up of license fees from HP.

Gross Margin

Our combined total gross margin was 95% and 81% in the three months ended March 31, 2017 and 2016. The increase in total gross margin in 2017 as compared to 2016 is primarily due to license fees with a 100% gross margin are a higher percentage of our total revenue in 2017 compared to 2016. In the three months ended March 31, 2017, license fees accounted for 91% of total revenue compared to 79% in the same period in 2016. There were no NRE revenues in the three months ended March 31, 2017. NRE projects had a 10% margin in the three months ended March 31, 2016. Gross margin on Airbar sales in the three months ended March 31, 2017 was 52%.

Our cost of revenues includes the direct cost of production of certain customer prototypes, costs of engineering personnel, engineering consultants to complete the engineering design contract and cost of goods sold for AirBar includes fully burdened manufacturing, outsourced final assembly and component costs.

Research and Development

Research and development (“R&D”) expenses for the three months ended March 31, 2017 and 2016 were $1.3 million and $1.9 million, respectively. The decrease is mainly related to a reduction in full custom design projects requiring fewer resources and external consultants. R&D costs mainly consist of personnel related costs in addition to some external consultancy costs, such as testing, certifying and measurements, along with costs related to developing and building new product prototypes. There was no non-cash stock-based compensation expense included in R&D expenses in the three months ended March 31, 2017. Included in R&D expenses is $43,000 of non-cash stock-based compensation expense for the three months ended March 31, 2016.

Sales and Marketing

Sales and marketing expenses for the three months ended March 31, 2017 and 2016 were $0.7 million and $0.8 million, respectively. The expenses for the three months ended March 31, 2017 had a slight reduction compared to the same period in 2016 primarily due to a reduction of non-cash stock-based compensation expense to $14,000 for the three months ended March 31, 2017 compared to $62,000 for the same period in 2016. Our sales activities focus primarily on OEM customers who will integrate our touch technology into their products and the sale of our AirBar device to qualified global distributors.

General and Administrative

General and administrative (“G&A”) expenses for the three months ended March 31, 2017 and 2016 were $1.1 million and $1.1 million, respectively. Included in G&A expenses is $6,000 and $9,000 of non-cash stock-based compensation expense for the three months ended March 31, 2017 and 2016, respectively. These are stock options issued to employees, consultants and members of our Board of Directors.

Income Taxes

Our effective tax rate was (8%) and (5%) for the three months ended March 31, 2017 and 2016, respectively. The negative tax rate in the three months ended March 31, 2017 is due to withholding taxes from sales in Asia. We recorded valuation allowances for the three month periods ended March 31, 2017 and 2016 for deferred tax assets related to net operating losses due to the uncertainty of realization.

Net Loss

As a result of the factors discussed above, we recorded a net loss attributable to Neonode Inc. of $0.9 million and $1.4 million for the three months ended March 31, 2017 and 2016, respectively.

Off-Balance Sheet Arrangements

We do not have any transactions, arrangements, or other relationships with unconsolidated entities that are reasonably likely to affect our liquidity or capital resources other than operating leases. We have no special purpose or limited purpose entities that provide off-balance sheet financing, liquidity, or market or credit risk support; or engage in leasing, hedging, research and development services, or other relationships that expose us to liability that is not reflected on the face of the condensed consolidated financial statements.

Contractual Obligations and Commercial Commitments

Non-Recurring Engineering Development Costs

On December 4, 2014, we entered into an additional Analog Device Development Agreement (the “NN1003 Agreement”) with ST Microelectronics International N.V pursuant to which ST Microelectronics will integrate Neonode’s intellectual property into an ASIC. The NN1003 ASIC only can be sold by ST Microelectronics exclusively to licensees of Neonode. Under the terms of the NN1003 Agreement, we will reimburse ST Microelectronics up to $835,000 of non-recurring engineering costs as follows:

●

$235,000 at the feasibility review and contract signature (paid on January 20, 2015)

●

$300,000 on completion of tape-out (paid on October 31, 2015)

●

$300,000 on completion on product validation ($100,000 paid and $200,000 accrued as of March 31, 2017).

Operating Leases

We lease office space located at 2880 Zanker Road, San Jose, CA 95134 USA. The annual payment for this space equates to approximately $15,000. This lease was effective on August 22, 2016 and can be terminated with one month’s notice.

Our subsidiary Neonode Technologies AB leases 7,007 square feet of office space located at Storgatan 23C, Stockholm, Sweden. The annual payment for this space is approximately $406,000 per year including property tax (excluding VAT). This lease is valid through November 30, 2017. The lease can be extended on a yearly basis.

Neonode Technologies AB’s majority-owned subsidiary Pronode Technologies AB leases 9,040 square feet of workshop located at Faktorvägen 17, Kungsbacka, Sweden. The annual payment for this space equates to approximately $89,000 per year. The lease is valid through December 9, 2017.

Our subsidiary Neonode Japan K.K. leases office space located at at 405 Elpulimento Shinjuku, 6-7-1, Shinjuku-ku, Tokyo. The annual payment for this space equates to approximately $24,000 per year. The lease can be terminated with one month’s notice.

Our subsidiary Neonode Korea Ltd. entered into a lease agreement located at B-1807, Daesung D-Polis. 543-1, Seoul, South Korea in January, 2015. The annual payment for this space equates to approximately $9,000 per year. We can terminate the lease with 2 months written notice.

Our subsidiary Neonode Taiwan Ltd. entered into a lease agreement located at Rm. 2406, International Trade Building, Keelung Rd., Sec.1, Taipei, Taiwan. The annual payment for this space equates to approximately $14,000 per year. The lease is renewed every three months unless termination is notified.

For the three months ended March 31, 2017 and 2016, we recorded approximately $161,000 and $218,000, respectively, for rent expense.

We believe our existing facilities are in good condition and suitable for the conduct of our business.

A summary of future minimum payments under non-cancellable operating lease commitments as of March 31, 2017 is as follows (in thousands):

Years ending December 31,	Total
2017	$	333
2018		-
2019		-
	$	333

Equipment Subject to Capital Lease

In April 2014, we entered into a lease for certain specialized milling equipment. Under the terms of the lease agreement we are obligated to purchase the equipment at the end of the original 6 year lease term for 10% of the original purchase price of the equipment. In accordance with relevant accounting guidance the lease is classified as a capital lease. The lease payments and depreciation period began on July 1, 2014 when the equipment went into service. The implicit interest rate of the lease is 4% per annum.

In 2016, we have entered into six leases for component production equipment. Under the terms of five of the lease agreements we are obligated to purchase the equipment at the end of the original 3-5 year lease terms for 5-10% of the original purchase price of the equipment. In accordance with relevant accounting guidance the leases are classified as capital leases. The lease payments and depreciation periods began between June and November 2016 when the equipment went into service. The implicit interest rate of the leases is currently approximately 3% per annum. One of the leases is a hire-purchase agreement where the equipment will be paid off after 5 years. In accordance with relevant accounting guidance the lease is classified as a capital lease. The lease payments and depreciation period began on July 1, 2016 when the equipment went into service. The implicit interest rate of the lease is currently approximately 3% per annum.

The following is a schedule of minimum future rentals on the non-cancelable capital leases as of March 31, 2017 (in thousands):

Year ending December 31,	Total
2017	$	199
2018		265
2019		262
2020		264
2021		245
Total minimum payments required:		1,235
Less amount representing interest:		(86	)
Present value of net minimum lease payments:		1,149
Less current portion		(233	)
	$	916

Equipment under capital lease	$	1,694
Less: accumulated depreciation		(300	)
Net book value	$	1,394

Liquidity and Capital Resources

Our liquidity is dependent on many factors, including sales volume, operating profit and the efficiency of asset use and turnover. Our future liquidity will be affected by, among other things:

	●	actual versus anticipated licensing of our technology;

	●	actual versus anticipated operating expenses;

	●	timing of our OEM customer product shipments;

	●	timing of payment for our technology licensing agreements;

	●	actual versus anticipated gross profit margin;

	●	ability to raise additional capital, if necessary; and

	●	ability to secure credit facilities, if necessary.

As of March 31, 2017, we had cash of $1.7 million compared to $3.5 million as of December 31, 2016.

Working capital (current assets less current liabilities) was $2.1 million as of March 31, 2017, compared to $3.1 million as of December 31, 2016.

Net cash used in operating activities for the three months ended March 31, 2017 was $1.6 million and was primarily the result of (1) a net loss of approximately $1.0 million and (2) approximately $0.8 million in net cash used in changes in operating assets and liabilities and (3) approximately $0.2 million in non-cash operating expenses, comprised of depreciation and amortization.

Accounts receivable decreased by approximately $0.5 million as of March 31, 2017 compared with December 31, 2016. This is due to the timing of the payments received from customers.

Deferred revenues increased by approximately $0.3 million during the three months ended March 31, 2017 compared with December 31, 2016, mainly due to recognition of revenue from customers that have prepaid license fees.

Net cash provided by operating activities for the three months ended March 31, 2016 was $21,000 and was primarily the result of (1) a net loss of approximately $1.4 million and (2) approximately $1.2 million in net cash provided by changes in operating assets and liabilities and (3) approximately $0.2 million in non-cash operating expenses, comprised of depreciation and amortization, loss on disposal of property and equipment and stock-based compensation.

In the three months ended March 31, 2017 and 2016, we purchased approximately $104,000 and $156,000 respectively, of property and equipment, primarily furniture and test equipment.

Net cash used in financing activities of $58,000 during the three months ended March 31, 2017 was the result of principal payments on a capital leases.

Net cash used in financing activities of $15,000 during the three months ended March 31, 2016 was the result of principal payments on a capital lease.

We incurred significant operating losses and negative cash flows from operations since our inception. The Company incurred net losses of approximately $1.0 million and $1.4 million for the three months ended March 31, 2017 and 2016, respectively, and had an accumulated deficit of approximately $179.9 million and $179.0 million as of March 31, 2017 and December 31, 2016, respectively. In addition, operating activities used cash of approximately $1.6 million for the three months ended March 31, 2017 and operating activities provided cash of approximately $21,000 for the three months ended March 31, 2016.

In August 2016, we entered into a the Securities Purchase Agreement with institutional and accredited investors as part of a private placement pursuant to which we issued a total of 8,627,352 shares of common stock, as described below, and warrants for an aggregate purchase price of $7.9million in net proceeds. The total number of shares included (i) an aggregate of 427,352 shares at $1.17 per share to Thomas Eriksson, Chief Executive Officer of Neonode, and Remo Behdasht, SVP AirBar Devices at Neonode for gross proceeds of approximately $500,000, (ii) an aggregate of 4,600,000shares at a price of $1.00 per share to outside investors for gross proceeds of $4,600,000, and (iii) up to 3,600,000 shares issuable upon exercise of warrants (the “Pre-Funded Warrants”) by outside investors for which we received $3,564,000 pre-funded in proceeds and will receive up to $36,000 in proceeds upon future cash exercises.

Under the terms of the August 2016 Securities Purchase Agreement, we issued warrants (the “Purchase Warrants”) to all investors in the private placement to purchase up to a total of 4,313,676 shares of common stock at an exercise price of $1.12 per share. The Purchase Warrants became exercisable February 17, 2017 and will expire February 17, 2022. None of the Purchase Warrants have been exercised as of March 10, 2017. If the warrants are fully exercised, we will receive approximately $4.8 million in proceeds.

We expect that our revenues will increase, which will provide us with improved cash flows from operations for at least the next twelve months. In the event that we are unable to meet our revenue targets, we will have to explore alternative methods to conserve our cash position. Should we find it necessary to delay or scale back certain activities, our business, financial condition, and results of operations could be materially affected. While there is no assurance that the Company can meet its revenue targets, management anticipates that it can continue operations for at least the next twelve months.

In the future, we may require sources of capital in addition to cash on hand to continue operations and to implement our strategy. If our operations do not become cash flow positive, we may be forced to seek credit line facilities from financial institutions, equity investments or debt arrangements. No assurances can be given that we will be successful in obtaining such additional financing on reasonable terms, or at all. If adequate funds are not available on acceptable terms, or at all, we may be unable to adequately fund our business plans and it could have a negative effect on our business, results of operations and financial condition. In addition, if funds are available, the issuance of equity securities or securities convertible into equity could dilute the value of shares of our common stock and cause the market price to fall, and the issuance of debt securities could impose restrictive covenants that could impair our ability to engage in certain business transactions.

The functional currency of our foreign subsidiaries is the applicable local currency, the Swedish Krona, the Japanese Yen, the South Korean Won and the Taiwan Dollar. They are subject to foreign currency exchange rate risk. Any increase or decrease in the exchange rate of the U.S. Dollar compared to the Swedish Krona, Japanese Yen, South Korean Won or Taiwan Dollar will impact our future operating results.

Critical Accounting Policies

There have been no material changes from the critical accounting policies as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

The functional currency of our foreign subsidiaries is the applicable local currency, the Swedish Krona, the Japanese Yen, the South Korean Won and the Taiwan Dollar, and is subject to foreign currency exchange rate risk. Any increase or decrease in the exchange rate of the U.S. Dollar compared to the Swedish Krona, Japanese Yen, South Korean Won or Taiwan Dollar will impact our future operating results. Our consolidated net revenues for the three months ended March 31, 2017 are denominated in U.S. Dollars and approximately 79% of our consolidated operating costs for the three months ended March 31, 2017 are denominated in Swedish Krona, Japanese Yen, South Korean Won and Taiwan Dollar. We do not currently enter into forward-exchange contracts to hedge exposure denominated in foreign currencies or any other derivative financial instruments for trading or speculative purposes. In the future, if our operations change and we determine that our foreign exchange exposure has increased, we may consider entering into hedging transactions to mitigate such risk.

Item 4.

Controls and Procedures

Evaluation of disclosure controls and procedures

Under the supervision of and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2017. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective.

Changes in internal control over financial reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the period covered by this report that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. Other Information

Item 1.

Legal Proceedings

We are not currently involved in any material legal proceedings. However, from time to time, we may become subject to legal proceedings, claims, and litigation arising in the ordinary course of business, including, but not limited to, employee, customer and vendor disputes.

Item 1A.

Risk Factors

There have been no material changes from the risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016.

Item 6.

Exhibits

Exhibit #			Description
3.1			Amended and Restated Certificate of Incorporation of Neonode Inc., dated April 17, 2009 (incorporated by reference to Exhibit 10.22 of our Quarterly Report on Form 10-Q filed on August 4, 2009 (file no. 0-08419))
3.1.1			Certificate of Amendment, dated December 13, 2010 (incorporated by reference to Exhibit 3.1.1 of our Annual Report on Form 10-K filed on March 31, 2011 (file no. 0-08419))
3.1.2			Certificate of Amendment, dated March 18, 2011 (incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K filed on March 28, 2011 (file no. 0-08419))
3.1.3			Certificate of Correction, dated February 29, 2011 (incorporated by reference to Exhibit 3.1.3 of our Annual Report on Form 10-K filed on March 30, 2012 (file no. 0-08419))
3.2			Bylaws (incorporated by reference to Exhibit 3.2 of our Annual Report on Form 10-K filed on April 15, 2008 (file no. 0-08419))
31.1			Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002*
31.2			Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act Of 2002*
32			Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

101. INS			XBRL Instance Document
101. SCH			XBRL Taxonomy Extension Schema Document
101. CAL			XBRL Taxonomy Extension Calculation Linkbase Document
101. DEF			XBRL Taxonomy Extension Definition Linkbase Document
101. LAB			XBRL Taxonomy Extension Label Linkbase Document
101. PRE			XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NEONODE INC.

Date: May 9, 2017	By:	/s/ Lars Lindqvist
		Lars Lindqvist
		Chief Financial Officer,
		Vice President, Finance,
		Treasurer and Secretary
		(Principal Financial and Accounting Officer)

EX-31.1 2 f10q0317ex31i_neonodeinc.htm CERTIFICATION

Exhibit 31.1

Certification OF PRINCIPAL EXECUTIVE OFFICER Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Thomas Eriksson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Neonode Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 9, 2017	By:	/s/ Thomas Eriksson
		Thomas Eriksson
		President and Chief Executive Officer

EX-31.2 3 f10q0317ex31ii_neonodeinc.htm CERTIFICATION

Exhibit 31.2

Certification OF PRINCIPAL FINANCIAL OFFICER Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Lars Lindqvist, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Neonode Inc.

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fiscal fourth quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 9, 2017	By:	/s/ Lars Lindqvist
		Lars Lindqvist
		Chief Financial Officer,
		Vice President, Finance,
		Treasurer and Secretary

EX-32.1 4 f10q0317ex32i_neonodeinc.htm CERTIFICATION

Exhibit 32.1

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Neonode Inc. (the “Company”) on Form 10-Q for the fiscal period ended March 31, 2017 as filed with the Securities and Exchange Commission (the “Report”), the undersigned principal executive officer and principal financial officer of the Company, each hereby certify, solely for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to our knowledge:

	1.	The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 9, 2017	By:	/s/ Thomas Eriksson
		Thomas Eriksson
		President and Chief Executive Officer

Date: May 9, 2017	By:	/s/ Lars Lindqvist
		Lars Lindqvist
		Chief Financial Officer,
		Vice President, Finance,
		Treasurer and Secretary

This certification is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Act of 1934, as amended, whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing.

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<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">1. Interim Period Reporting <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The accompanying unaudited interim condensed consolidated financial statements, include all adjustments, consisting of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations and cash flows for the interim periods presented. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of results for a full fiscal year or any other period. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The accompanying condensed consolidated financial statements for the three months ended March 31, 2017 and 2016 have been prepared by us, pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally contained in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Operations <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Neonode Inc. (collectively with its subsidiaries, is referred to in this Form 10-Q Report as “Neonode”, “we”, “us”, “our”, “registrant”, or “Company”) develops optical touch and gesture solutions for human interaction with devices. In 2010 we began licensing our technology to Original Equipment Manufacturers (“OEMs”) and Tier 1 suppliers who in-turn embed our technology into products they develop, manufacture and sell. Since 2010, our customers have sold approximately 45 million devices under our licensing agreements that use our technology. In 2016, we augmented our licensing business and started to manufacture and sell standardized embedded sensors that incorporate our technology to OEMs, Tier 1 Suppliers, distributors and our branded products sold directly to consumers. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Reclassifications <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Revenues and cost of sales for the period ended March 31, 2016 are now reported as license fees, sensor module sales and non-recurring engineering instead of net revenues in the accompanying condensed consolidated statement of operations, in order to conform to current period presentation. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Liquidity <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">We have incurred significant operating losses and negative cash flows from operations since our inception. The Company incurred net losses of approximately $0.9 million and $1.4 million for the three months ended March 31, 2017 and 2016, respectively, and had an accumulated deficit of approximately $179.9 million and $179.0 million as of March 31, 2017 and December 31, 2016, respectively. In addition, operating activities used cash of approximately $1.6 million for the three months ended March 31, 2017 and operating activities provided cash of approximately $21,000 for the three months ended March 31, 2016. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In March 2017, we filed a $20 million shelf registration statement with the SEC that became effective on March 24, 2017. We may from time to time issue shares of our common stock under our shelf registration in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in a prospectus supplement and any other offering materials, at the time of the offering. Our shelf registration statement will expire on March 24, 2020. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In June 2014, we filed a shelf registration statement with the SEC that became effective on June 12, 2014. We may from time to time issue shares of our common stock under our shelf registration in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in a prospectus supplement and any other offering materials, at the time of the offering. As of March 31, 2017 there were 1,800,000 shares remaining for issuance under this existing shelf registration statement. This shelf registration statement will expire on June 12, 2017. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In August 2016, we entered into a Securities Purchase Agreement with institutional and accredited investors as part of a private placement pursuant to which we issued a total of 8,627,352 shares of common stock, as described below, and warrants for an aggregate purchase price of $7.9 million in net proceeds. The total number of shares included (i) an aggregate of 427,352 shares at $1.17 per share to Thomas Eriksson, Chief Executive Officer of Neonode, and Remo Behdasht, SVP AirBar Devices at Neonode for gross proceeds of approximately $500,000, (ii) an aggregate of 4,600,000 shares at a price of $1.00 per share to outside investors for gross proceeds of $4,600,000, and (iii) up to 3,600,000 shares issuable upon exercise of warrants (the “Pre-Funded Warrants”) by outside investors for which we received $3,564,000 pre-funded in proceeds and will receive up to $36,000 in proceeds upon future cash exercises. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Under the terms of the August 2016 Securities Purchase Agreement, we issued warrants (the “Purchase Warrants”) to all investors in the private placement to purchase up to a total of 4,313,676 shares of common stock at an exercise price of $1.12 per share. The Purchase Warrants became exercisable February 17, 2017 and will expire February 17, 2022. None of the Purchase Warrants have been exercised as of May 5, 2017. If the warrants are fully exercised, we will receive approximately $4.8 million in proceeds. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">We expect our revenues from license fees, non-recurring engineering fees and AirBar sales will enable us to reduce our operating losses in 2017. We have received purchase orders from our distributors for AirBar and entered into an agreement with an OEM customer for our sensor modules. In addition, we have improved the overall cost efficiency of our operations, as a result of the transition from providing our customers a full custom design solution to providing standardized sensor modules which require limited to no custom design work. We intend to continue to implement various measures to improve our operational efficiencies. No assurances can be given that management will be successful in meeting its revenue targets and reducing its operating loss. <p style="font: 10pt/normal 'times new roman', serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates continuity of operations and the realization of assets and the repayment of liabilities in the ordinary course of business Management evaluated the significance of the Company’s operating loss and determined that the Company’s current operating plan and sources of capital would be sufficient to alleviate concerns about the Company’s ability to continue as a going concern. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As described above, upon the exercise of the Purchase Warrants issued in August 2016, we will receive up to approximately $4.8 million in proceeds. These Purchase Warrants are presently exercisable and are “in-the-money.” In the future, we may require sources of capital in addition to cash on hand to continue operations and to implement our strategy. If our operations do not become cash flow positive, we may be forced to seek equity investments or debt arrangements. No assurances can be given that we will be successful in obtaining such additional financing on reasonable terms, or at all. If adequate funds are not available on acceptable terms, or at all, we may be unable to adequately fund our business plans and it could have a negative effect on our business, results of operations and financial condition. In addition, if funds are available, the issuance of equity securities or securities convertible into equity could dilute the value of shares of our common stock and cause the market price to fall, and the issuance of debt securities could impose restrictive covenants that could impair our ability to engage in certain business transactions. </div>

<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">2.   Summary of Significant Accounting Policies <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Principles of Consolidation <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Neonode Inc. and its wholly owned subsidiaries, as well as Pronode Technologies AB, a 51% majority owned subsidiary of Neonode Technologies AB. The remaining 49% of Pronode Technologies AB is owned by Propoint AB, located in Gothenburg, Sweden. Pronode Technologies AB was organized to sell engineering services within the automotive markets. All inter-company accounts and transactions have been eliminated in consolidation. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Neonode consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights, and variable interest entities (VIEs) in which Neonode is the primary beneficiary. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In June 2016, we entered into a Joint Venture (“JV”) with a Swedish based eye-tracking company SMART EYE AB. By combining our technologies, we plan to bring multi-chip modules to the market for the consumer and automotive markets that provide new opportunities for interaction with cars and devices. The name of the newly established JV is Neoeye AB (“Neoeye”).  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We use the equity method of accounting to record our investments in the common stock of each entity in which Neonode has the ability to exercise significant influence, but does not own a majority equity interest. Under the equity method, our investment is originally included in equity interests at cost, and is adjusted to recognize our share of net earnings or losses of the investee, in our condensed consolidated balance sheets; our share of net income (loss) is reported in our condensed consolidated statements of operations according to our equity ownership in each entity. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The condensed consolidated balance sheets at March 31, 2017 and December 31, 2016 and the condensed consolidated statements of operations, comprehensive loss and cash flows for the three months ended March 31, 2017 and 2016 include our accounts and those of our wholly owned subsidiaries, Neonode Technologies AB (Sweden), Neonode Americas Inc. (U.S.), Neonode Japan Inc. (Japan), NEON Technology Inc. (U.S.), Neno User Interface Solutions AB (Sweden), Neonode Korea Ltd. (South Korea) and Neonode Taiwan Ltd. (Taiwan), as well as Pronode Technologies AB (Sweden), a 51% majority owned subsidiary of Neonode Technologies AB. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Estimates <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The preparation of financial statements in conformity with U.S. GAAP requires making estimates and assumptions that affect, at the date of the financial statements, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Actual results could differ from these estimates. Significant estimates include, but are not limited to, provisions for uncollectible receivables and sales returns, warranty liabilities, the achievement of substantive milestones and vendor-specific objective evidence (“VSOE”) of fair value for purposes of revenue recognition (or deferral of revenue), net realizable value of inventory, recoverability of capitalized project costs and long-lived assets, the valuation allowance related to our deferred tax assets, and the fair value of options and warrants issued for stock-based compensation. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Cash <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We have not had any liquid investments other than normal cash deposits with bank institutions to date. The Company considers all highly liquid investments with original maturities of three months of less to be cash equivalents. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Concentration of Cash Balance Risks <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Cash balances are maintained at various banks in the U.S., Japan, Korea, Taiwan and Sweden. For deposits held with financial institutions in the U.S. the U.S. Federal Deposit Insurance Corporation, provides basic deposit coverage with limits up to $250,000 per owner. The Swedish government provides insurance coverage up to 100,000 Euro per customer and covers deposits in all types of accounts. The Japanese government provides insurance coverage up to 10,000,000 Yen per customer. The Korea Deposit Insurance Corporation provides insurance coverage up to 50,000,000 Won per customer. The Central Deposit Insurance Corporation in Taiwan provides insurance coverage up to 3,000,000 Taiwan Dollar per customer. At times, deposits held with financial institutions may exceed the amount of insurance provided. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accounts Receivable and Allowance for Doubtful Accounts   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our accounts receivable are stated at net realizable value. Our policy is to maintain allowances for estimated losses resulting from the inability of our customers to make required payments. Credit limits are established through a process of reviewing the financial history and stability of each customer. Where appropriate, we obtain credit rating reports and financial statements of the customer when determining or modifying its credit limits. We regularly evaluate the collectability of our trade receivable balances based on a combination of factors. When a customer’s account balance becomes past due, we initiate dialogue with the customer to determine the cause. If it is determined that the customer will be unable to meet its financial obligation, such as in the case of a bankruptcy filing, deterioration in the customer’s operating results or financial position or other material events impacting its business, we record a specific allowance to reduce the related receivable to the amount we expect to recover. Should all efforts fail to recover the related receivable, we will write-off the account. We also record an allowance for all customers based on certain other factors including the length of time the receivables are past due and historical collection experience with customers. Our allowance for doubtful accounts was approximately $149,000 as of March 31, 2017 and December 31, 2016, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Projects in Process <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Projects in process consist of costs incurred toward the completion of various projects for certain customers. These costs are primarily comprised of direct engineering labor costs and project-specific equipment costs. These costs are capitalized on our condensed consolidated balance sheet as an asset and deferred until revenue for each project is recognized in accordance with our revenue recognition policy. Costs capitalized in projects in process were $159,000 as of March 31, 2017. There were no costs capitalized in projects in process as of December 31, 2016.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Inventory <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Inventory is stated at the lower of cost, computed using the first-in, first-out method (“FIFO”) and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. As of March 31, 2017 and December 31, 2016, the Company’s inventory consists primarily of components that will be used in the manufacturing of our first sensor module, AirBar. We segregate inventory for reporting purposes by raw materials, work-in-process, and finished goods. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Raw materials, work-in-process, and finished goods are as follows (in thousands): <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">March 31,</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">December 31,</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Raw materials</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">806</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">522</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Work-in-Process</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">168</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">42</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt;">Finished goods</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">570</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">132</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt;">Ending inventory</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,544</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">696</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Investment in JV <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We have invested $3,000, for a 50% interest in Neoeye AB (see above). We account for our investment using the equity method of accounting since the investment provides us the ability to exercise significant influence, but not control, over the investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of the investee of between 20% and 50%, although other factors, such as representation on the investee’s Board of Directors, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the investee and will be recognized in the consolidated statements of operations and will also be adjusted by contributions to and distributions from Neoeye. The Company is not required to guarantee any obligations of the JV. There have been no operations of Neoeye through March 31, 2017. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Neoeye, as an unconsolidated equity investee, will recognize revenue from technology license agreements at the time a contract is entered into, the license method is determined (paid-in-advance or on-going royalty), performance obligations under the license agreement are satisfied, and the realization of revenue is assured, which is generally upon the receipt of the license proceeds. Neoeye may at times enter into license agreements whereby contingent revenues are recognized as one or more contractual milestones have been met. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We review our investment in Neoeye to determine whether events or changes in circumstances indicate that the carrying amount may not be recoverable. The primary factors we consider in our determination are the financial condition, operating performance and near term prospects of Neoeye. If a decline in value is deemed to be other than temporary, we would recognize an impairment loss. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Property and Equipment <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon estimated useful lives of the assets as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 7%; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Estimated useful lives <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 36pt; background-color: white;"> </td> <td style="text-align: left;">Computer equipment</td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 1018px; text-align: right;">3 years         </td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="background-color: white;"> </td> <td style="text-align: left;">Furniture and fixtures</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5 years         </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: white;"> </td> <td>Equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7 years         </td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Equipment purchased under a capital lease is recognized over the term of the lease, if that lease term is shorter than the estimated useful life. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Upon retirement or sale of property and equipment, cost and accumulated depreciation and amortization are removed from the accounts and any gains or losses are reflected in the condensed consolidated statement of operations. Maintenance and repairs are charged to expense as incurred.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Long-lived Assets <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We assess any impairment by estimating the future cash flow from the associated asset in accordance with relevant accounting guidance. If the estimated undiscounted future cash flow related to these assets decreases or the useful life is shorter than originally estimated, we may incur charges for impairment of these assets. As of March 31, 2017, we believe there was no impairment of our long-lived assets. There can be no assurance, however, that market conditions will not change or sufficient demand for our products and services will continue, which could result in impairment of long-lived assets in the future. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Foreign Currency Translation and Transaction Gains and Losses <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The functional currency of our foreign subsidiaries is the applicable local currency, the Swedish Krona, the Japanese Yen, the South Korean Won and the Taiwan Dollar. The translation from Swedish Krona, Japanese Yen, South Korean Won and Taiwan Dollar to U.S. Dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using a weighted-average exchange rate during the period. Gains or (losses) resulting from translation are included as a separate component of accumulated other comprehensive income (loss). Foreign currency translation gains (losses) were $7,000 and $(35,000) during the three months ended March 31, 2017 and 2016, respectively. Gains resulting from foreign currency transactions are included in general and administrative expenses in the accompanying condensed consolidated statements of operations and were $20,000 and $13,000 during the three months ended March 31, 2017 and 2016, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 39.6pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Concentration of Credit and Business Risks <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our customers are located in U.S., Europe and Asia. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of March 31, 2017, three customers represented approximately 72% of the Company’s accounts receivable.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of December 31, 2016, three customers represented approximately 59% of the Company’s accounts receivable.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Customers who accounted for 10% or more of our net revenues during the three months ended March 31, 2017 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 48px; line-height: 14.26px;"> </td> <td style="width: 24px; line-height: 14.26px;">●</td> <td style="line-height: 14.26px;">Hewlett Packard Company – 31%</td> </tr> <tr style="vertical-align: top;"> <td style="line-height: 14.26px;"> </td> <td style="line-height: 14.26px;"> </td> <td style="line-height: 14.26px;"> </td> </tr> <tr style="vertical-align: top;"> <td style="line-height: 14.26px;"> </td> <td style="line-height: 14.26px;">●</td> <td style="line-height: 14.26px;">Canon – 17%</td> </tr> <tr style="vertical-align: top;"> <td style="line-height: 14.26px;"> </td> <td style="line-height: 14.26px;"> </td> <td style="line-height: 14.26px;"> </td> </tr> <tr style="vertical-align: top;"> <td style="line-height: 14.26px;"> </td> <td style="line-height: 14.26px;">●</td> <td style="line-height: 14.26px;">Amazon – 12%</td> </tr> <tr style="vertical-align: top;"> <td style="line-height: 14.26px;"> </td> <td style="line-height: 14.26px;"> </td> <td style="line-height: 14.26px;"> </td> </tr> <tr style="vertical-align: top;"> <td style="line-height: 14.26px;"> </td> <td style="line-height: 14.26px;">●</td> <td style="line-height: 14.26px;">Robert Bosch – 11%</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Customers who accounted for 10% or more of our net revenues during the three months ended March 31, 2016 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 24px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Hewlett Packard Company – 40%</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Amazon – 18%</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Autoliv Development AB – 12%</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Revenue Recognition <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Licensing Revenues: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We derive revenue from the licensing of internally developed intellectual property (“IP”). We enter into IP licensing agreements that generally provide licensees the right to incorporate our IP components in their products with terms and conditions that vary by licensee. Fees under these agreements may include license fees relating to our IP and royalties payable following the distribution by our licensees of products incorporating the licensed technology. The license for our IP has standalone value and can be used by the licensee without maintenance and support. We follow U.S. GAAP for revenue recognition as per unit royalty products are distributed or licensed by our customers. For technology license arrangements that do not require significant modification or customization of the underlying technology, we recognize technology license revenue when: (1) we enter into a legally binding arrangement with a customer for the license of technology; (2) the customer distributes or licenses the products; (3) the customer payment is deemed fixed or determinable and free of contingencies or significant uncertainties; and (4) collection is reasonably assured. Our customers report to us the quantities of products distributed or licensed by them after the end of the reporting period stipulated in the contract, generally 30 to 45 days after the end of the month or quarter. We recognize licensing revenue in the period in which royalty reports are received, rather than the period in which the products are distributed or to which the license relates. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Explicit return rights are not offered to customers. There have been no returns through March 31, 2017. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Engineering Services: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We may sell engineering consulting services to our customers on a flat rate or hourly rate basis. We recognize revenue from these services when all of the following conditions are met: (1) evidence existed of an arrangement with the customer, typically consisting of a purchase order or contract; (2) our services were performed and risk of loss passed to the customer; (3) we completed all of the necessary terms of the contract; (4) the amount of revenue to which we were entitled was fixed or determinable; and (5) we believed it was probable that we would be able to collect the amount due from the customer. To the extent that one or more of these conditions has not been satisfied, we defer recognition of revenue.   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Generally, we recognize revenue as the engineering services stipulated under the contract are completed and accepted by our customers.  Engineering services are performed under a signed Statement of Work (“SOW”) with a customer. The deliverables and payment terms stipulated under the SOW provide guidance on the project revenue recognition. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Revenues from contracts that are short-term in nature and related costs that are difficult to estimate are accounted for under the completed contract method. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Revenues from contracts with substantive defined milestones that we have determined are reasonable, relevant to all the deliverables and payment terms in the SOW that are commensurate with the efforts required to achieve the milestones are recognized under the milestone recognition method. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Estimated losses on all SOW projects are recognized in full as soon as they become evident. In the quarters ended March 31, 2017 and 2016, no losses related to SOW projects were recorded. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Optical Sensor Modules Revenues: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We derive revenue from the sales of sensor modules hardware products sold directly to our OEM and Tier 1 supplier customers who embed our hardware into their products and from sales of branded consumer products that incorporate our sensor modules sold to distributors or directly to end users. These distributors are generally given business terms that allow them to return a portion of inventory, receive credits for changes in selling prices, and participate in various cooperative marketing programs. We enter into sales agreements that generally provide customers with limited rights of return and warranty provisions. U.S. GAAP allows companies to make reasonable aggregations and approximations of returns data with regard to returns. Our returns and warranty experience to date has enabled us to make reasonable returns estimates, which are further supported by the fact that our product sales involve homogenous transactions. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Revenue is recognized when all of the following criteria have been met: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 48px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 24px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Persuasive evidence of an arrangement exists. Contracts, Internet commerce agreements, and customer purchase orders are generally used to determine the existence of an arrangement.</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Delivery has occurred. Shipping documents and customer acceptance, when applicable, are used to verify delivery.</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">The fee is fixed or determinable. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Collectability is reasonably assured. We assess collectability based primarily on the creditworthiness of the customer as determined by credit checks and analysis, as well as the customer’s payment history.</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In instances where final acceptance of the product is specified by the customer, revenue is deferred until all acceptance criteria have been met. As our business and offerings are expected to evolve over time, our pricing practices may be required to be modified accordingly, which could result in changes in selling prices. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We make sales to distributors and revenue from distributors is recognized based on a sell-through basis using sales and inventory information provided by these distributors. Under the sell-through basis, accounts receivable are recognized and inventory is relieved upon shipment to the distributor as title to the inventory is transferred upon shipment, at which point we have a legally enforceable right to collection under normal terms. The associated sales and cost of sales are deferred and are included in deferred revenues in the consolidated balance sheet. When the related product is sold by our distributors to their end customers, at which time the ultimate price we receive is known, we recognize previously deferred revenues as sales and cost of sales. Distributors participate in various cooperative marketing and other incentive programs, and we maintain estimated accruals and allowances for these programs. If actual credits received by distributors under these programs were to deviate significantly from our estimates, which are based on historical experience, our revenue could be adversely affected. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">A reserve for future sales returns is established based on historical trends in product return rates. The reserve for future sales returns is recorded as a reduction of our accounts receivable and revenue and was insignificant as of March 31, 2017 and December 31, 2016. If the actual future returns were to deviate from the historical data on which the reserve had been established, our revenue could be adversely affected. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 18pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Product Warranty <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the activity related to the product warranty liability (in thousands): <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">March 31, 2017</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px;">Balance at beginning of period</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">11</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">-</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Provisions for warranty issued</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;">Balance at end of period</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company accrues for warranty costs as part of its cost of sales of sensor modules based on estimated costs. The Company’s products are generally covered by a warranty for a period of 12 to 36 months from the customer receipt of the product. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Deferred Revenues <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We defer license fees until we have met all accounting requirements for revenue recognition as per unit royalty products are distributed and royalty reports are received. Engineering development fee revenues are deferred until such time as the engineering work has been completed and accepted by our customers. As of March 31, 2017 and December 31, 2016, we have $1.3 million and $1.8 million, respectively, of deferred license fee revenue related to prepayments for future license fees from four customers, respectively. We defer AirBar revenues until distributors sell the AirBar to their end customers. As of March 31, 2017 and December 31, 2016 we had $0.1 million of deferred revenue from our AirBar sales. As of March 31, 2017 we had $0.1 million of deferred engineering development fees from two customers. As of December 31, 2016 there were no deferred engineering development fees. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Advertising <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Advertising costs are expensed as incurred. Advertising costs for the three months ended March 31, 2017 and 2016 amounted to approximately $147,000 and $80,000, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Research and Development <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Research and development (“R&D”) costs are expensed as incurred. R&D costs consist mainly of personnel related costs in addition to some external consultancy costs such as testing, certifying and measurements. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Stock-Based Compensation Expense <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We measure the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the estimated fair value of the award on the grant date, and recognize the value as compensation expense over the period the employee is required to provide services in exchange for the award, usually the vesting period, net of estimated forfeitures. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We account for equity instruments issued to non-employees at their estimated fair value. The measurement date for the estimated fair value for the equity instruments issued is determined at the earlier of (1) the date at which a commitment for performance by the consultant or vendor is reached, or (2) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instruments is primarily recognized over the term of the consulting agreement. The estimated fair value of the stock-based compensation is periodically re-measured and income or expense is recognized during the vesting term. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">When determining stock-based compensation expense involving options and warrants, we determine the estimated fair value of options and warrants using the Black-Scholes option pricing model. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Noncontrolling Interests <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company recognizes noncontrolling interests as equity in the condensed consolidated financial statements separate from the parent company’s equity. Noncontrolling interests’ partners have less than 50% share of voting rights at any one of the subsidiary level companies. The amount of net income (loss) attributable to non-controlling interests is included in consolidated net income (loss) on the face of the condensed consolidated statements of operations. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income (loss) when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the noncontrolling equity investment on the deconsolidation date. Additionally, operating losses are allocated to noncontrolling interests even when such allocation creates a deficit balance for the noncontrolling interest partner. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company provides either in the condensed consolidated statement of stockholders’ equity, if presented, or in the notes to condensed consolidated financial statements, a reconciliation at the beginning and the end of the period of the carrying amount of total equity (net assets), equity (net assets) attributable to the parent, and equity (net assets) attributable to the noncontrolling interest that separately discloses: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 48px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 24px; text-indent: 0px; font-stretch: normal;">(1)</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Net income or loss.</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">(2)</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners.</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">(3)</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Each component of other comprehensive income or loss.</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Income Taxes <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 18pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We recognize deferred tax liabilities and assets for the expected future tax consequences of items that have been included in the consolidated financial statements or tax returns. We estimate income taxes based on rates in effect in each of the jurisdictions in which we operate. Deferred income tax assets and liabilities are determined based upon differences between the financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The realization of deferred tax assets is based on historical tax positions and expectations about future taxable income. Valuation allowances are recorded against net deferred tax assets when, in our opinion, realization is uncertain based on the “more likely than not” criteria of the accounting guidance. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Based on the uncertainty of future pre-tax income, we fully reserved our net deferred tax assets as of March 31, 2017 and December 31, 2016. In the event we were to determine that we would be able to realize our deferred tax assets in the future, an adjustment to the deferred tax asset would increase income in the period such determination was made. The provision for income taxes represents the net change in deferred tax amounts, plus income taxes paid or payable for the current period. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We follow U.S. GAAP related accounting for uncertainty in income taxes, which provisions include a two-step approach to recognizing, de-recognizing and measuring uncertainty in income taxes. As a result, we did not recognize a liability for unrecognized tax benefits. As of March 31, 2017 and December 31, 2016, we had no unrecognized tax benefits. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Net Loss per Share <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Net loss per share amounts has been computed based on the weighted average number of shares of common stock outstanding during the three months ended March 31, 2017 and 2016. Net loss per share, assuming dilution amounts from common stock equivalents, is computed based on the weighted-average number of shares of common stock and potential common stock equivalents outstanding during the period. The weighted-average number of shares of common stock and potential common stock equivalents used in computing the net loss per share for the three months ended March 31, 2017 and 2016 exclude the potential common stock equivalents, as the effect would be anti-dilutive (See Note 7). <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other Comprehensive Income (Loss) <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our other comprehensive income (loss) includes foreign currency translation gains and losses. The cumulative amount of translation gains and losses are reflected as a separate component of stockholders’ equity in the condensed consolidated balance sheets as accumulated other comprehensive loss. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Cash Flow Information <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Cash flows in foreign currencies have been converted to U.S. Dollars at an approximate weighted-average exchange rate for the respective reporting periods. The weighted-average exchange rate for the condensed consolidated statements of operations was as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended March 31,</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Swedish Krona</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 142px; text-align: right;">8.92</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 141px; text-align: right;">8.45</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Japanese Yen</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">113.71</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">115.36</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">South Korean Won</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,150.18</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,193.75</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Taiwan Dollar</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">31.05</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">33.06</td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Exchange rate for the consolidated balance sheets was as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 39.6pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 39.6pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Periods Ended</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif;" colspan="2">March 31,</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif;" colspan="2">December 31,</td> <td style="font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left; font-family: 'times new roman', serif;">Swedish Krona</td> <td style="width: 16px; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">8.94</td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">9.07</td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Japanese Yen</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">111.75</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">116.97</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman', serif;">South Korean Won</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">1,116.94</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">1,205.11</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Taiwan Dollar</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">30.35</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">32.28</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 39.6pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Fair Value of Financial Instruments <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 18pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We disclose the estimated fair values for all financial instruments for which it is practicable to estimate fair value. Financial instruments including cash, accounts receivable, accounts payable and accrued expenses and are deemed to approximate fair value due to their short maturities. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">New Accounting Pronouncements <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include the capitalization and amortization of certain contract costs, ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. On July 9, 2015, the FASB approved amendments deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date and permitting early adoption of the standard, but not before the original effective date or for reporting periods beginning after December 15, 2016. We have not yet selected a transition method and are currently assessing the impact the adoption of ASU 2014-09 will have on our consolidated financial statements and disclosures. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In November 2015, FASB issued ASU 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”), which eliminates the current requirement for an entity to separate deferred income tax liabilities and assets into current and non-current amounts in a classified balance sheet. Instead, the ASU requires deferred tax liabilities, deferred tax assets and valuation allowances be classified as non-current in a classified balance sheet. The Company adopted ASU 2015-17 for the quarter ended March 31, 2017. We adopted this guidance at the beginning of our first quarter of fiscal year 2017, and determined there is no impact on our condensed consolidated financial statements and disclosures. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 31.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees may not apply a full retrospective transition approach. We have not yet selected a transition method and are currently assessing the impact of adoption of ASU No. 2016-02 will have on our consolidated financial statements. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In March 2016, the FASB issued ASU No. 2016-07, “Investments- Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting” (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. The Company adopted ASU 2016-07 in the quarter ended March 31, 2017. We adopted this guidance at the beginning of our first quarter of fiscal year 2017, and determined there is no impact on our condensed consolidated financial statements and disclosures. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”), which simplified certain aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification in the statement of cash flows. The Company adopted ASU 2016-09 in the first quarter ended March 31, 2017. We adopted this guidance at the beginning of our first quarter of fiscal year 2017, and determined there is no impact on our condensed consolidated financial statements and disclosures. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments”, (“ASU 2016-13”). The new standard requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13 will become effective for the Company for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact ASU 2016-13 will have on its consolidated financial statements.

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">3. Stockholders’ Equity<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Common Stock<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">During the three months ended March 31, 2017, there were no activities that affected common stock.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Preferred Stock<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We have one class of preferred stock outstanding. There were no activities that affected preferred stock during the three months ended March 31, 2017.<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Conversion of Preferred Stock Issued to Common Stock<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table summarizes the amounts as of March 31, 2017. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Shares of Preferred Stock Not Exchanged as of March 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Conversion Ratio</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Shares of Common Stock after Conversion of all Outstanding Shares of Preferred Stock Not yet Exchanged at March 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 1003px;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 141px; text-align: right;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;"> </td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Series B Preferred stock</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">83</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">132.07</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,962</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">4. Stock-Based Compensation<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 18pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The stock-based compensation expense for the three months ended March 31, 2017 and 2016 reflects the estimated fair value of the vested portion of options granted to employees, directors and eligible consultants. Stock-based compensation expense in the accompanying condensed consolidated statements of operations is as follows (in thousands):<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended March 31,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Research and development</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">43</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Sales and marketing</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">14</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">62</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">General and administrative</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">9</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Total stock-based compensation expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">20</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">114</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Remaining unrecognized  expense at March 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: left; padding-bottom: 4pt;">Stock-based compensation</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">64</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The remaining unrecognized expense related to stock options will be recognized on a straight line basis monthly as compensation expense over the remaining vesting period, which approximates 0.9 years.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 39.6pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The estimated fair value of stock-based awards is calculated using the Black-Scholes option pricing model, even though this model was developed to estimate the fair value of freely tradable, fully transferable options without vesting restrictions, which differ significantly from our stock options. The Black-Scholes model also requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. The expected term and forfeiture rate of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior, as well as expected behavior on outstanding options. The risk-free rate is based on the U.S. Treasury rates in effect during the corresponding period of grant. The expected volatility is based on the historical volatility of our stock price. These factors could change in the future, which would affect fair values of stock options granted in such future periods, and could cause volatility in the total amount of the stock-based compensation expense reported in future periods.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Stock Options<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We have adopted equity incentive plans for which stock options and restricted stock awards are available to grant to employees, consultants and directors. Except for 265,000 options issued to certain Swedish employees during 2015, all employee, consultant and director stock options granted under our stock option plans have an exercise price equal to the market value of the underlying common stock on the grant date. There are no vesting provisions tied to performance conditions for any options, as vesting for all outstanding option grants was based only on continued service as an employee, consultant or director. All of our outstanding stock options and restricted stock awards are classified as equity instruments.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of March 31, 2017 we had two equity incentive plans:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 0.5in; text-indent: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 24px; text-indent: 0px; font-stretch: normal;">●</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">The 2006 Equity Incentive Plan; and</td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">●</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">The 2015 Stock Incentive Plan</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">A summary of the combined activity under all of the stock option plans is set forth below:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Number of Options Outstanding</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px;">Outstanding at January 1, 2017</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">1,846,000</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">4.39</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Granted</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Forfeited</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(90,000</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">8.21</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Outstanding at March 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,756,000</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4.20</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The aggregate intrinsic value of the 1,756,000 stock options that are outstanding, vested and expected to vest as of March 31, 2017 was approximately $4,000.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For the three months ended March 31, 2017 and 2016, we recorded $20,000 and $0.1 million, respectively, of compensation expense related to the vesting of stock options. The fair value of the stock-based compensation was calculated using the Black-Scholes option pricing model as of the date of grant of the stock option.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">During the three months ended March 31, 2017, we did not grant any options to purchase shares of our common stock to employees or members of our board of directors.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Stock options granted under the 2006 and 2015 Plans are exercisable over a maximum term of ten years from the date of grant, vest in various installments over a one to four-year period and have exercise prices reflecting the market value of the shares of common stock on the date of grant.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 18pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Warrants<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of March 31, 2017 and December 31, 2016, there were 7,913,676 warrants to purchase common stock outstanding. There was no activity during the three months ended March 31, 2017.</div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Investment in JV <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">We have invested $3,000, for a 50% interest in Neoeye AB (see above). We account for our investment using the equity method of accounting since the investment provides us the ability to exercise significant influence, but not control, over the investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of the investee of between 20% and 50%, although other factors, such as representation on the investee’s Board of Directors, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the investee and will be recognized in the consolidated statements of operations and will also be adjusted by contributions to and distributions from Neoeye. The Company is not required to guarantee any obligations of the JV. There have been no operations of Neoeye through March 31, 2017. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Neoeye, as an unconsolidated equity investee, will recognize revenue from technology license agreements at the time a contract is entered into, the license method is determined (paid-in-advance or on-going royalty), performance obligations under the license agreement are satisfied, and the realization of revenue is assured, which is generally upon the receipt of the license proceeds. Neoeye may at times enter into license agreements whereby contingent revenues are recognized as one or more contractual milestones have been met. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">We review our investment in Neoeye to determine whether events or changes in circumstances indicate that the carrying amount may not be recoverable. The primary factors we consider in our determination are the financial condition, operating performance and near term prospects of Neoeye. If a decline in value is deemed to be other than temporary, we would recognize an impairment loss. </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Revenue Recognition <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Licensing Revenues: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">We derive revenue from the licensing of internally developed intellectual property (“IP”). We enter into IP licensing agreements that generally provide licensees the right to incorporate our IP components in their products with terms and conditions that vary by licensee. Fees under these agreements may include license fees relating to our IP and royalties payable following the distribution by our licensees of products incorporating the licensed technology. The license for our IP has standalone value and can be used by the licensee without maintenance and support. We follow U.S. GAAP for revenue recognition as per unit royalty products are distributed or licensed by our customers. For technology license arrangements that do not require significant modification or customization of the underlying technology, we recognize technology license revenue when: (1) we enter into a legally binding arrangement with a customer for the license of technology; (2) the customer distributes or licenses the products; (3) the customer payment is deemed fixed or determinable and free of contingencies or significant uncertainties; and (4) collection is reasonably assured. Our customers report to us the quantities of products distributed or licensed by them after the end of the reporting period stipulated in the contract, generally 30 to 45 days after the end of the month or quarter. We recognize licensing revenue in the period in which royalty reports are received, rather than the period in which the products are distributed or to which the license relates. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Explicit return rights are not offered to customers. There have been no returns through March 31, 2017. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Engineering Services: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">We may sell engineering consulting services to our customers on a flat rate or hourly rate basis. We recognize revenue from these services when all of the following conditions are met: (1) evidence existed of an arrangement with the customer, typically consisting of a purchase order or contract; (2) our services were performed and risk of loss passed to the customer; (3) we completed all of the necessary terms of the contract; (4) the amount of revenue to which we were entitled was fixed or determinable; and (5) we believed it was probable that we would be able to collect the amount due from the customer. To the extent that one or more of these conditions has not been satisfied, we defer recognition of revenue.   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Generally, we recognize revenue as the engineering services stipulated under the contract are completed and accepted by our customers.  Engineering services are performed under a signed Statement of Work (“SOW”) with a customer. The deliverables and payment terms stipulated under the SOW provide guidance on the project revenue recognition. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Revenues from contracts that are short-term in nature and related costs that are difficult to estimate are accounted for under the completed contract method. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Revenues from contracts with substantive defined milestones that we have determined are reasonable, relevant to all the deliverables and payment terms in the SOW that are commensurate with the efforts required to achieve the milestones are recognized under the milestone recognition method. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Estimated losses on all SOW projects are recognized in full as soon as they become evident. In the quarters ended March 31, 2017 and 2016, no losses related to SOW projects were recorded. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Optical Sensor Modules Revenues: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">We derive revenue from the sales of sensor modules hardware products sold directly to our OEM and Tier 1 supplier customers who embed our hardware into their products and from sales of branded consumer products that incorporate our sensor modules sold to distributors or directly to end users. These distributors are generally given business terms that allow them to return a portion of inventory, receive credits for changes in selling prices, and participate in various cooperative marketing programs. We enter into sales agreements that generally provide customers with limited rights of return and warranty provisions. U.S. GAAP allows companies to make reasonable aggregations and approximations of returns data with regard to returns. Our returns and warranty experience to date has enabled us to make reasonable returns estimates, which are further supported by the fact that our product sales involve homogenous transactions. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Revenue is recognized when all of the following criteria have been met: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 48px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 24px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Persuasive evidence of an arrangement exists. Contracts, Internet commerce agreements, and customer purchase orders are generally used to determine the existence of an arrangement.</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Delivery has occurred. Shipping documents and customer acceptance, when applicable, are used to verify delivery.</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">The fee is fixed or determinable. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">●</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Collectability is reasonably assured. We assess collectability based primarily on the creditworthiness of the customer as determined by credit checks and analysis, as well as the customer’s payment history.</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In instances where final acceptance of the product is specified by the customer, revenue is deferred until all acceptance criteria have been met. As our business and offerings are expected to evolve over time, our pricing practices may be required to be modified accordingly, which could result in changes in selling prices. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">We make sales to distributors and revenue from distributors is recognized based on a sell-through basis using sales and inventory information provided by these distributors. Under the sell-through basis, accounts receivable are recognized and inventory is relieved upon shipment to the distributor as title to the inventory is transferred upon shipment, at which point we have a legally enforceable right to collection under normal terms. The associated sales and cost of sales are deferred and are included in deferred revenues in the consolidated balance sheet. When the related product is sold by our distributors to their end customers, at which time the ultimate price we receive is known, we recognize previously deferred revenues as sales and cost of sales. Distributors participate in various cooperative marketing and other incentive programs, and we maintain estimated accruals and allowances for these programs. If actual credits received by distributors under these programs were to deviate significantly from our estimates, which are based on historical experience, our revenue could be adversely affected. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A reserve for future sales returns is established based on historical trends in product return rates. The reserve for future sales returns is recorded as a reduction of our accounts receivable and revenue and was insignificant as of March 31, 2017 and December 31, 2016. If the actual future returns were to deviate from the historical data on which the reserve had been established, our revenue could be adversely affected. </div>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="2">March 31,</td><td> </td><td> </td><td style="text-align: center;" colspan="2">December 31,</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Raw materials</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">806</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">522</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Work-in-Process</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">168</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">42</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Finished goods</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">570</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">132</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;">Ending inventory</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,544</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">696</td></tr></table>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">March 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px;">Balance at beginning of period</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">11</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">-</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Provisions for warranty issued</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Balance at end of period</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended March 31,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Swedish Krona</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">8.92</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">8.45</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Japanese Yen</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">113.71</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">115.36</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">South Korean Won</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,150.18</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,193.75</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Taiwan Dollar</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">31.05</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">33.06</td><td style="text-align: left;"> </td></tr></table>

<table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Periods Ended</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif;" colspan="2">March 31,</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif;" colspan="2">December 31,</td> <td style="font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left; font-family: 'times new roman', serif;">Swedish Krona</td> <td style="width: 16px; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif;">8.94</td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif;">9.07</td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Japanese Yen</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">111.75</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">116.97</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman', serif;">South Korean Won</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">1,116.94</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">1,205.11</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; font-family: 'times new roman', serif;">Taiwan Dollar</td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">30.35</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> <td style="text-align: right; font-family: 'times new roman', serif;">32.28</td> <td style="text-align: left; font-family: 'times new roman', serif;"> </td> </tr> </table>

<div><table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Shares of Preferred Stock Not Exchanged as of March 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Conversion Ratio</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Shares of Common Stock after Conversion of all Outstanding Shares of Preferred Stock Not yet Exchanged at March 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 64%;"> </td><td style="width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> </td><td style="width: 1%; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Series B Preferred stock</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">83</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">132.07</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,962</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended March 31,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Research and development</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">43</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Sales and marketing</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">14</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">62</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">General and administrative</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">9</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Total stock-based compensation expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">20</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">114</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Remaining unrecognized  expense at March 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: left; padding-bottom: 4pt;">Stock-based compensation</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">64</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6">Three months ended  March 31, 2017</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6">Three months ended  March 31, 2016</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Amount</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Percentage</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Amount</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Percentage</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 815px; text-align: left; font-stretch: normal;">Net revenues from customers in the Americas</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">1,167</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">50</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">%</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">2,005</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">64</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Net revenues from customers in Asia</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">834</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">36</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">%</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">560</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">18</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">%</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Net revenues from customers in Europe</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">331</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">14</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">%</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">567</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">18</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; font-size: 10pt;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">2,332</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">100</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;">%</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">3,132</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">100</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;">%</td></tr></table></div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 39.6pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>(in thousands, except per share amounts)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended March 31,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-weight: bold;">BASIC AND DILUTED</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; padding-bottom: 1.5pt;">Weighted average number of common shares outstanding</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">48,845</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">43,810</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Net loss attributable to Neonode Inc.</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(873</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(1,367</td><td style="text-align: left; padding-bottom: 4pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Net loss per share - basic and diluted</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(0.02</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(0.03</td><td style="text-align: left; padding-bottom: 4pt;">)</td></tr></table></div>

45000000

1800000

4800000

427352

4600000

8627352

4313676

500000

4600000

7900000

1.17

1.00

1.12

Up to 3,600,000 shares issuable upon exercise of warrants (the "Pre-Funded Warrants") by outside investors for which we received $3,564,000 pre-funded in proceeds and will receive up to $36,000 in proceeds upon future cash exercises. 20000000

4800000

2022-02-17

522000

806000

42000

168000

132000

570000

P3Y

P5Y

P7Y

11000

12000

11000 1000 8.45 115.36 1193.75 33.06 8.92 113.71 1150.18 31.05

9.07

116.97

1205.11

32.28

8.94

111.75

1116.94

30.35

3 4 3 4 2

50000000000

10000000000

100000000

250000

3000000000

149000

159000

13000

20000

0.50

0.20

0.40

0.18

0.12

0.43

0.59

0.55

0.29

0.31

0.12

0.72

0.69

0.17

0.11

80000

147000

0.51

0.49

Noncontrolling interests' partners have less than 50% share of voting rights at any one of the subsidiary level companies.

P36M

P12M

100000

7913676 83 132.07

10962

114000

43000

62000

9000

20000

14000

6000

64000

1846000

1756000

90000

4.39

4.20

265000

P10M24D

4000

Stock options granted under the 2006 and 2015 Plans are exercisable over a maximum term of ten years from the date of grant, vest in various installments over a one to four-year period and have exercise prices reflecting the market value of the shares of common stock on the date of grant. 213676 500000 835000 Under the terms of the NN1001 Agreement, we have reimbursed Texas Instruments a non-recurring engineering fee of $0.08 per unit for each of the first one million units sold and $0.05 for the next eight million units sold. Under the terms of the NN1002 Agreement we will reimburse Texas Instruments a non-recurring engineering fee of $0.25 per unit for each of the first two million units sold. 0.08 0.05 0.25 <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; line-height: 14.26px; font-size: 10pt;"> </td><td style="width: 24px; line-height: 14.26px; font-size: 10pt;">●</td><td style="line-height: 14.26px; font-size: 10pt;">$235,000 at the feasibility review and contract signature (paid on January 20, 2015)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; line-height: 14.26px;"> </td><td style="width: 24px; line-height: 14.26px;">●</td><td style="line-height: 14.26px;">$300,000 on completion of tape-out (paid on October 31, 2015)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; line-height: 14.26px;"> </td><td style="width: 24px; line-height: 14.26px;">●</td><td style="line-height: 14.26px;">$300,000 on completion on product validation ($100,000 paid and $200,000 accrued as of March 31, 2017)</td></tr></table></div>

Under the terms of the NN1003 Agreement, we also will reimburse ST Microelectronics a non-recurring engineering fee of $5.00 per each of the first 10,000 units sold.

635000 1.00 0.18 0.18 0.64 1.00 0.14 0.36 0.50

43810

48845

4900000

1000

11000

3000

11000

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(In the event of dissolution, each share of Series B Preferred stock has a liquidation preference equal to par value of $0.001 per share over the shares of common stock) Preferred Stock, Value, Issued, Total Preferred Stock, Value, Issued, Beginning Balance Preferred Stock, Value, Issued, Ending Balance Common Stock, Value, Issued Common Stock, Value Common stock, 70,000,000 shares authorized with par value $0.001 per share; 48,844,503 and 48,844,503 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Additional Paid In Capital Additional paid-in capital Additional paid-in-capital Additional Paid in Capital, Beginning Balance Additional Paid in Capital, Ending Balance Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net Of Tax Accumulated other comprehensive loss Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Beginning Balance Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance Accumulated deficit Accumulated deficit Accumulated deficit Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Stockholders' Equity Attributable to Parent Total Neonode Inc. stockholders' equity Stockholders' Equity Attributable to Noncontrolling Interest Noncontrolling interests Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total stockholders' equity Liabilities and Equity Total liabilities and stockholders' deficit Total liabilities and stockholders' equity Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Series B Preferred Stock Series B Preferred Stock [Member] Series B Preferred Stock Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Par Or Stated Value Per Share Preferred stock, par value Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Issued, Total Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Preferred Stock, Shares Outstanding, Beginning Balance Preferred Stock, Shares Outstanding, Ending Balance Preferred Stock, Liquidation Preference Per Share Preferred stock, liquidation preference Common stock, shares authorized Common stock, shares authorized Common Stock, Par Or Stated Value Per Share Common stock, par value Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Statements of Operations [Abstract] Revenues [Abstract] Revenue: Licenses Revenue License fees Sensor Modules Sales Sensor module sales Aggregate revenue during the period from sensor modules sales rendered in the normal course of business. Non Recurring Engineering Non-recurring engineering The aggregate total of non-recurring engineering. Revenues Amount Total revenues Total revenues Cost of Revenue [Abstract] Cost of revenues: Sensor Modules Sensor Module Sensor module Aggregate revenue during the period from sensor modules sales rendered in the normal course of business. Non Recurring Engineering One Non-recurring engineering The aggregate total of non-recurring engineering. Cost of Revenue Cost of sales expected to losses Cost of revenues Total cost of revenues Gross Profit Gross profit Gross margin Total gross margin Operating Expenses [Abstract] Operating expenses: Product research and development Research and development Research and development Product research and development Sales and marketing Sales and marketing General and Administrative Expense General and administrative Operating Expenses Neonode Technologies AB (formerly AB Cypressen) Total operating expenses Total operating expenses Total operating expenses Operating Income (Loss) Operating loss Operating loss Other Expense, Nonoperating [Abstract] Other expense: Interest Expense Interest expense Interest expense Other Nonoperating Income (Expense) Other expense, net Other expense, net Nonoperating Income (Expense) Total other expense Total other expense Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Loss before provision for income taxes Loss before provision for income taxes Income Tax Expense (Benefit) Provision for income taxes Provision for income taxes Provision for income taxes Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net loss Net loss (including noncontrolling interests) Net loss including noncontrolling interests Net Income (Loss) Attributable to Noncontrolling Interest Less: Net loss attributable to noncontrolling interests Net loss attributable to Neonode Inc. Net loss attributable to Neonode Inc. Net loss Net loss (including noncontrolling interests) Net loss attributable to Neonode Inc. Net loss (including noncontrolling interests) Net loss (including noncontrolling interests) Net Loss Per Share [Abstract] Loss per common share: Earnings Per Share, Basic and Diluted Net loss per share - basic and diluted Basic and diluted loss per share Net loss per share - basic and diluted Net loss per basic and diluted common share Weighted Average Number Of Shares Outstanding, Basic and Diluted Basic and diluted - weighted average number of common shares outstanding Statements of Comprehensive Loss [Abstract] Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] Other comprehensive income (loss): Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Foreign currency translation adjustment Foreign currency translation adjustments Foreign currency translation adjustment Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive loss Comprehensive loss Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Less: Comprehensive loss attributable to Noncontrolling interests Less: Comprehensive loss attributable to noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive loss attributable to Neonode Inc. Comprehensive loss attributable to Neonode Inc. Statements of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash (used in) operating activities: Stock-Based Compensation Expense Stock-based compensation expense Stock-based compensation expense Stock-based compensation expense Stock-based compensation expense Gain (Loss) on Disposition of Property Plant Equipment Loss on disposal of property and equipment Loss on disposal of property and equipment Depreciation, Depletion and Amortization Depreciation and amortization expense for the year ended Depreciation and amortization Depreciation and amortization expense Depreciation and amortization Increase (Decrease) In Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) In Accounts Receivable Accounts receivable Accounts receivable Increase Decrease In Projects In Process Projects in process The increase (decrease) during the reporting period in the projects in process. Projects in process Increase (Decrease) in Inventories Inventory Inventory Prepaid expenses and other current assets Prepaid expenses and other assets Prepaid expenses and other current assets Increase (Decrease) In Other Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Accounts payable and accrued expenses Increase (Decrease) In Deferred Revenue Deferred revenues Net Cash Provided by (Used in) Operating Activities Net cash used in operating activities Net cash (used in) provided by operating activities Net Cash Provided By (Used In) Investing Activities [Abstract] Cash flows from investing activities: Payments to Acquire Property, Plant, and Equipment Purchase of property and equipment Purchase of property, plant and equipment Purchase of property and equipment Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Net cash used in investing activities Net cash used in investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] Cash flows from financing activities: Repayments of Long-term Capital Lease Obligations Principal payments on capital lease Principal payments on capital lease obligation Net Cash Provided By (Used In) Financing Activities Net cash provided by financing activities Net cash used in financing activities Effect Of Exchange Rate On Cash and Cash Equivalents Effect of exchange rate changes on cash Effect of exchange rates on cash Cash and Cash Equivalents, Period Increase (Decrease) Net increase in cash Net decrease in cash Supplemental Cash Flow Information [Abstract] Supplemental disclosure of cash flow information: Income Taxes Paid Cash paid for income taxes Interest Paid Cash paid for interest Interim Period Reporting [Abstract] Interim Period Reporting [Text Block] Interim Period Reporting Interim period reporting. Summary of Significant Accounting Policies [Abstract] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Summary of Significant Accounting Policies Stockholders' Equity [Abstract] Stockholders Equity Note Disclosure [Text Block] Stockholders' Equity Stock-Based Compensation [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block] Stock-Based Compensation Commitments and Contingencies [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Segment Information [Abstract] Segment Reporting [Abstract] Segment Reporting Disclosure [Text Block] Segment Information Earnings Per Share [Text Block] Net Loss per Share Subsequent Events [Abstract] Subsequent Events [Abstract] Subsequent Events [Text Block] Subsequent Events Consolidation, Policy [Policy Text Block] Principles of Consolidation Use Of Estimates, Policy [Policy Text Block] Estimates Cash and Cash Equivalents, Policy [Policy Text Block] Cash Concentration Of Cash Balance Risks [Policy Text Block] Concentration of Cash Balance Risks Disclosure of accounting policy for concentration of cash balance risks. 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Inventory, Policy [Policy Text Block] Inventory Investment, Policy [Policy Text Block] Investment in JV Property, Plant and Equipment, Policy [Policy Text Block] Property and Equipment Impairment Or Disposal Of Long-Lived Assets, Policy [Policy Text Block] Long-lived Assets Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign Currency Translation and Transaction Gains and Losses Concentration Risk, Credit Risk, Policy [Policy Text Block] Concentration of Credit and Business Risks Revenue Recognition, Policy [Policy Text Block] Revenue Recognition Extended Product Warranty, Policy [Policy Text Block] Product Warranty Revenue Recognition, Deferred Revenue [Policy Text Block] Deferred Revenues Advertising Costs, Policy [Policy Text Block] Advertising Research and Development Expense, Policy [Policy Text Block] Research and Development Share-Based Compensation, Option and Incentive Plans Policy [Policy Text Block] Stock-Based Compensation Expense Noncontrolling Interests [Policy Text Block] Noncontrolling Interests Disclosure of accounting policy for non controlling interests. Income Tax, Policy [Policy Text Block] Income Taxes Earnings Per Share, Policy [Policy Text Block] Net Loss per Share Other Comprehensive Income [Policy Text Block] Other Comprehensive Income (Loss) Disclosure of accounting policy for other comprehensive income. Cash Flow Information [Policy Text Block] Cash Flow Information Disclosure of accounting policy for determining the cash flow information. Fair Value of Financial Instruments, Policy [Policy Text Block] Fair Value of Financial Instruments New Accounting Pronouncements, Policy [Policy Text Block] New Accounting Pronouncements Schedule of Inventory, Current [Table Text Block] Schedule of Inventory Property, Plant and Equipment [Table Text Block] Schedule of estimated useful lives of property and equipment Schedule of Product Warranty Liability [Table Text Block] Schedule of activity related to the product warranty liability Condensed Income Statement [Table Text Block] Schedule of weighted-average exchange rate for consolidated statements of operations Condensed Balance Sheet [Table Text Block] Schedule of exchange rate for consolidated balance sheets Schedule of Conversions of Stock [Table Text Block] Schedule of conversion of preferred stock issued to common stock Stock Based Compensation Expense Related To Stock Options and Warrants [Table Text Block] Summary of stock-based compensation expense Summary of stock-based compensation expense Stock based compensation expense related to stock options and warrants. Schedule of Stock Options Roll Forward [Table Text Block] Summary of all stock option plans activity Summary of combined activity under stock option plans Schedule Of Revenue By Major Customers By Reporting Segments [Table Text Block] Summary of net revenues by geographic region Schedule Of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of basic and diluted for net loss per share Interim Period Reporting [Table] Investment Type [Axis] Investments [Domain] Securities Purchase Agreement [Member] Securities purchase agreement. Employee Investor Shares [Member] Employee investor shares. Outside Investor Shares [Member] Outside investor shares. Pre Funded Warrant Shares [Member] Pre-Funded Warrant Shares [Member] Pre-funded warrant shares. Interim Period Reporting [Line Items] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Interim Period Reporting Textual [Abstract] Interim Period Reporting (Textual) Number Of Equipment Sold Number of equipment sold Number of equipment sold. Common Stock, Capital Shares Reserved for Future Issuance Common stock available for issuance under shelf registration Class of Warrant or Right, Number of Securities Called by Warrants or Rights Common stock purchased by exercise of warrants Stock Issued During Period, Shares, New Issues Shares issued during period Issuance of common stock Proceeds from Issuance of Common Stock Proceeds from issuance of common stock, net of offering Net proceeds from issuance of common stock Sale of Stock, Price Per Share Shares price per share Share price Exercise price per share Securities Purchase Agreement Description Securities purchase agreement, description Description of securities purchase agreement. Aggregate Common Stock Offering Price Shelf registration common stock offering price Aggregate common stock offering price. Proceeds from Issuance of Warrants Proceeds from warrants Investment Warrants Expiration Date Warrant expiration date Inventory, Raw Materials, Gross Raw materials Inventory, Work in Process, Gross Work-in-Process EX-101.PRE 10 neond-20170331_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 05, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Neonode, Inc
Entity Central Index Key	0000087050
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Trading Symbol	NEON
Entity Common Stock, Shares Outstanding		48,844,503

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash	$ 1,706	$ 3,476
Accounts receivable, net	1,007	1,548
Projects in process	159
Inventory	1,544	696
Prepaid expenses and other current assets	2,007	1,949
Total current assets	6,423	7,669
Investment in joint venture	3	3
Property and equipment, net	2,008	2,031
Total assets	8,434	9,703
Current liabilities:
Accounts payable	1,355	1,286
Accrued payroll and employee benefits	1,018	1,001
Accrued expenses	139	172
Deferred revenues	1,580	1,921
Current portion of capital lease obligations	233	228
Total current liabilities	4,325	4,608
Capital lease obligations, net of current portion	916	960
Total liabilities	5,241	5,568
Commitments and contingencies
Stockholders' equity:
Series B Preferred stock, 54,425 shares authorized with par value $0.001 per share; 83 shares issued and outstanding at March 31, 2017 and December 31, 2016. (In the event of dissolution, each share of Series B Preferred stock has a liquidation preference equal to par value of $0.001 per share over the shares of common stock)
Common stock, 70,000,000 shares authorized with par value $0.001 per share; 48,844,503 and 48,844,503 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	49	49
Additional paid-in capital	183,687	183,667
Accumulated other comprehensive loss	(164)	(171)
Accumulated deficit	(179,913)	(179,040)
Total Neonode Inc. stockholders' equity	3,659	4,505
Noncontrolling interests	(466)	(370)
Total stockholders' equity	3,193	4,135
Total liabilities and stockholders' equity	$ 8,434	$ 9,703

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Common stock, shares authorized	70,000,000	70,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	48,844,503	48,844,503
Common stock, shares outstanding	48,844,503	48,844,503
Series B Preferred Stock
Preferred stock, shares authorized	54,425	54,425
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	83	83
Preferred stock, shares outstanding	83	83
Preferred stock, liquidation preference	$ 0.001	$ 0.001

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
License fees	$ 2,121	$ 2,468
Sensor module sales	210
Non-recurring engineering	1	664
Total revenues	2,332	3,132
Cost of revenues:
Sensor module	101
Non-recurring engineering	4	595
Total cost of revenues	105	595
Total gross margin	2,227	2,537
Operating expenses:
Research and development	1,315	1,949
Sales and marketing	702	816
General and administrative	1,088	1,060
Total operating expenses	3,105	3,825
Operating loss	(878)	(1,288)
Other expense:
Interest expense	17	3
Other expense, net		41
Total other expense	17	44
Loss before provision for income taxes	(895)	(1,332)
Provision for income taxes	74	67
Net loss including noncontrolling interests	(969)	(1,399)
Less: Net loss attributable to noncontrolling interests	96	32
Net loss attributable to Neonode Inc.	$ (873)	$ (1,367)
Loss per common share:
Basic and diluted loss per share	$ (0.02)	$ (0.03)
Basic and diluted - weighted average number of common shares outstanding	48,845	43,810

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Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statements of Comprehensive Loss [Abstract]
Net loss	$ (969)	$ (1,399)
Other comprehensive income (loss):
Foreign currency translation adjustments	7	(35)
Comprehensive loss	(962)	(1,434)
Less: Comprehensive loss attributable to noncontrolling interests	96	32
Comprehensive loss attributable to Neonode Inc.	$ (866)	$ (1,402)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss (including noncontrolling interests)	$ (969)	$ (1,399)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Stock-based compensation expense	20	114
Loss on disposal of property and equipment		41
Depreciation and amortization	160	57
Changes in operating assets and liabilities:
Accounts receivable	542	697
Projects in process	(159)	36
Inventory	(845)
Prepaid expenses and other current assets	(31)	(325)
Accounts payable and accrued expenses	18	339
Deferred revenues	(341)	461
Net cash (used in) provided by operating activities	(1,605)	21
Cash flows from investing activities:
Purchase of property and equipment	(104)	(156)
Net cash used in investing activities	(104)	(156)
Cash flows from financing activities:
Principal payments on capital lease obligation	(58)	(15)
Net cash used in financing activities	(58)	(15)
Effect of exchange rate changes on cash	(3)	8
Net decrease in cash	(1,770)	(142)
Cash at beginning of period	3,476	3,082
Cash at end of period	1,706	2,940
Supplemental disclosure of cash flow information:
Cash paid for income taxes	4	7
Cash paid for interest	$ 17	$ 3

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Interim Period Reporting	3 Months Ended
Interim Period Reporting	Mar. 31, 2017
Interim Period Reporting [Abstract]
Interim Period Reporting	1. Interim Period Reporting The accompanying unaudited interim condensed consolidated financial statements, include all adjustments, consisting of normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations and cash flows for the interim periods presented. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of results for a full fiscal year or any other period. The accompanying condensed consolidated financial statements for the three months ended March 31, 2017 and 2016 have been prepared by us, pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally contained in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016. *Operations* Neonode Inc. (collectively with its subsidiaries, is referred to in this Form 10-Q Report as “Neonode”, “we”, “us”, “our”, “registrant”, or “Company”) develops optical touch and gesture solutions for human interaction with devices. In 2010 we began licensing our technology to Original Equipment Manufacturers (“OEMs”) and Tier 1 suppliers who in-turn embed our technology into products they develop, manufacture and sell. Since 2010, our customers have sold approximately 45 million devices under our licensing agreements that use our technology. In 2016, we augmented our licensing business and started to manufacture and sell standardized embedded sensors that incorporate our technology to OEMs, Tier 1 Suppliers, distributors and our branded products sold directly to consumers. *Reclassifications* Revenues and cost of sales for the period ended March 31, 2016 are now reported as license fees, sensor module sales and non-recurring engineering instead of net revenues in the accompanying condensed consolidated statement of operations, in order to conform to current period presentation. *Liquidity* We have incurred significant operating losses and negative cash flows from operations since our inception. The Company incurred net losses of approximately $0.9 million and $1.4 million for the three months ended March 31, 2017 and 2016, respectively, and had an accumulated deficit of approximately $179.9 million and $179.0 million as of March 31, 2017 and December 31, 2016, respectively. In addition, operating activities used cash of approximately $1.6 million for the three months ended March 31, 2017 and operating activities provided cash of approximately $21,000 for the three months ended March 31, 2016. In March 2017, we filed a $20 million shelf registration statement with the SEC that became effective on March 24, 2017. We may from time to time issue shares of our common stock under our shelf registration in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in a prospectus supplement and any other offering materials, at the time of the offering. Our shelf registration statement will expire on March 24, 2020. In June 2014, we filed a shelf registration statement with the SEC that became effective on June 12, 2014. We may from time to time issue shares of our common stock under our shelf registration in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in a prospectus supplement and any other offering materials, at the time of the offering. As of March 31, 2017 there were 1,800,000 shares remaining for issuance under this existing shelf registration statement. This shelf registration statement will expire on June 12, 2017. In August 2016, we entered into a Securities Purchase Agreement with institutional and accredited investors as part of a private placement pursuant to which we issued a total of 8,627,352 shares of common stock, as described below, and warrants for an aggregate purchase price of $7.9 million in net proceeds. The total number of shares included (i) an aggregate of 427,352 shares at $1.17 per share to Thomas Eriksson, Chief Executive Officer of Neonode, and Remo Behdasht, SVP AirBar Devices at Neonode for gross proceeds of approximately $500,000, (ii) an aggregate of 4,600,000 shares at a price of $1.00 per share to outside investors for gross proceeds of $4,600,000, and (iii) up to 3,600,000 shares issuable upon exercise of warrants (the “Pre-Funded Warrants”) by outside investors for which we received $3,564,000 pre-funded in proceeds and will receive up to $36,000 in proceeds upon future cash exercises. Under the terms of the August 2016 Securities Purchase Agreement, we issued warrants (the “Purchase Warrants”) to all investors in the private placement to purchase up to a total of 4,313,676 shares of common stock at an exercise price of $1.12 per share. The Purchase Warrants became exercisable February 17, 2017 and will expire February 17, 2022. None of the Purchase Warrants have been exercised as of May 5, 2017. If the warrants are fully exercised, we will receive approximately $4.8 million in proceeds. We expect our revenues from license fees, non-recurring engineering fees and AirBar sales will enable us to reduce our operating losses in 2017. We have received purchase orders from our distributors for AirBar and entered into an agreement with an OEM customer for our sensor modules. In addition, we have improved the overall cost efficiency of our operations, as a result of the transition from providing our customers a full custom design solution to providing standardized sensor modules which require limited to no custom design work. We intend to continue to implement various measures to improve our operational efficiencies. No assurances can be given that management will be successful in meeting its revenue targets and reducing its operating loss. The condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates continuity of operations and the realization of assets and the repayment of liabilities in the ordinary course of business Management evaluated the significance of the Company’s operating loss and determined that the Company’s current operating plan and sources of capital would be sufficient to alleviate concerns about the Company’s ability to continue as a going concern. As described above, upon the exercise of the Purchase Warrants issued in August 2016, we will receive up to approximately $4.8 million in proceeds. These Purchase Warrants are presently exercisable and are “in-the-money.” In the future, we may require sources of capital in addition to cash on hand to continue operations and to implement our strategy. If our operations do not become cash flow positive, we may be forced to seek equity investments or debt arrangements. No assurances can be given that we will be successful in obtaining such additional financing on reasonable terms, or at all. If adequate funds are not available on acceptable terms, or at all, we may be unable to adequately fund our business plans and it could have a negative effect on our business, results of operations and financial condition. In addition, if funds are available, the issuance of equity securities or securities convertible into equity could dilute the value of shares of our common stock and cause the market price to fall, and the issuance of debt securities could impose restrictive covenants that could impair our ability to engage in certain business transactions.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

Estimates

Cash

Concentration of Cash Balance Risks

Accounts Receivable and Allowance for Doubtful Accounts

Projects in Process

Inventory

Raw materials, work-in-process, and finished goods are as follows (in thousands):

	March 31,		December 31,
	2017		2016
Raw materials	$	806	$	522
Work-in-Process		168		42
Finished goods		570		132
Ending inventory	$	1,544	$	696

Investment in JV

Property and Equipment

Estimated useful lives

	Computer equipment			3 years
	Furniture and fixtures			5 years
	Equipment			7 years

Equipment purchased under a capital lease is recognized over the term of the lease, if that lease term is shorter than the estimated useful life.

Long-lived Assets

Foreign Currency Translation and Transaction Gains and Losses

Concentration of Credit and Business Risks

Our customers are located in U.S., Europe and Asia.

As of March 31, 2017, three customers represented approximately 72% of the Company’s accounts receivable.

As of December 31, 2016, three customers represented approximately 59% of the Company’s accounts receivable.

Customers who accounted for 10% or more of our net revenues during the three months ended March 31, 2017 are as follows:

	●	Hewlett Packard Company – 31%

	●	Canon – 17%

	●	Amazon – 12%

	●	Robert Bosch – 11%

Customers who accounted for 10% or more of our net revenues during the three months ended March 31, 2016 are as follows:

	●	Hewlett Packard Company – 40%

	●	Amazon – 18%

	●	Autoliv Development AB – 12%

Revenue Recognition

Licensing Revenues:

Explicit return rights are not offered to customers. There have been no returns through March 31, 2017.

Engineering Services:

Revenues from contracts that are short-term in nature and related costs that are difficult to estimate are accounted for under the completed contract method.

Estimated losses on all SOW projects are recognized in full as soon as they become evident. In the quarters ended March 31, 2017 and 2016, no losses related to SOW projects were recorded.

Optical Sensor Modules Revenues:

Revenue is recognized when all of the following criteria have been met:

	●	Persuasive evidence of an arrangement exists. Contracts, Internet commerce agreements, and customer purchase orders are generally used to determine the existence of an arrangement.

	●	Delivery has occurred. Shipping documents and customer acceptance, when applicable, are used to verify delivery.

	●	The fee is fixed or determinable. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.

	●	Collectability is reasonably assured. We assess collectability based primarily on the creditworthiness of the customer as determined by credit checks and analysis, as well as the customer’s payment history.

Product Warranty

The following table summarizes the activity related to the product warranty liability (in thousands):

	March 31, 2017		December 31, 2016
Balance at beginning of period	$	11	$	-
Provisions for warranty issued		1		11
Balance at end of period	$	12	$	11

Deferred Revenues

Advertising

Advertising costs are expensed as incurred. Advertising costs for the three months ended March 31, 2017 and 2016 amounted to approximately $147,000 and $80,000, respectively.

Research and Development

Stock-Based Compensation Expense

When determining stock-based compensation expense involving options and warrants, we determine the estimated fair value of options and warrants using the Black-Scholes option pricing model.

Noncontrolling Interests

	(1)	Net income or loss.
	(2)	Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners.
	(3)	Each component of other comprehensive income or loss.

Income Taxes

Net Loss per Share

Other Comprehensive Income (Loss)

Cash Flow Information

	Three months ended March 31,
	2017		2016
Swedish Krona		8.92		8.45
Japanese Yen		113.71		115.36
South Korean Won		1,150.18		1,193.75
Taiwan Dollar		31.05		33.06

Exchange rate for the consolidated balance sheets was as follows:

	Periods Ended
	March 31,		December 31,
	2017		2016
Swedish Krona		8.94		9.07
Japanese Yen		111.75		116.97
South Korean Won		1,116.94		1,205.11
Taiwan Dollar		30.35		32.28

Fair Value of Financial Instruments

New Accounting Pronouncements

XML 19 R9.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Stockholders' Equity [Abstract]

Stockholders' Equity

3. Stockholders’ Equity

Common Stock

During the three months ended March 31, 2017, there were no activities that affected common stock.

Preferred Stock

We have one class of preferred stock outstanding. There were no activities that affected preferred stock during the three months ended March 31, 2017.

Conversion of Preferred Stock Issued to Common Stock

The following table summarizes the amounts as of March 31, 2017.

	Shares of Preferred Stock Not Exchanged as of March 31, 2017		Conversion Ratio		Shares of Common Stock after Conversion of all Outstanding Shares of Preferred Stock Not yet Exchanged at March 31, 2017

Series B Preferred stock		83		132.07		10,962

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
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-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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+ Details

XML 20 R10.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Stock-Based Compensation [Abstract]

Stock-Based Compensation

4. Stock-Based Compensation

	Three months ended March 31,
	2017		2016
Research and development	$	-	$	43
Sales and marketing		14		62
General and administrative		6		9
Total stock-based compensation expense	$	20	$	114

		Remaining unrecognized expense at March 31, 2017
Stock-based compensation		$	64

Stock Options

As of March 31, 2017 we had two equity incentive plans:

	●	The 2006 Equity Incentive Plan; and

	●	The 2015 Stock Incentive Plan

A summary of the combined activity under all of the stock option plans is set forth below:

	Number of Options Outstanding			Weighted Average Exercise Price
Outstanding at January 1, 2017		1,846,000		$	4.39
Granted		-			-
Forfeited		(90,000	)		8.21
Outstanding at March 31, 2017		1,756,000		$	4.20

The aggregate intrinsic value of the 1,756,000 stock options that are outstanding, vested and expected to vest as of March 31, 2017 was approximately $4,000.

During the three months ended March 31, 2017, we did not grant any options to purchase shares of our common stock to employees or members of our board of directors.

Warrants

As of March 31, 2017 and December 31, 2016, there were 7,913,676 warrants to purchase common stock outstanding. There was no activity during the three months ended March 31, 2017.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 21 R11.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

Indemnities and Guarantees

Non-Recurring Engineering Development Costs

●

$235,000 at the feasibility review and contract signature (paid on January 20, 2015)

●

$300,000 on completion of tape-out (paid on October 31, 2015)

●

$300,000 on completion on product validation ($100,000 paid and $200,000 accrued as of March 31, 2017)

XML 22 R12.htm IDEA: XBRL DOCUMENT

Segment Information

3 Months Ended

Mar. 31, 2017

Segment Information [Abstract]

Segment Information

6. Segment Information

The following table presents net revenues by geographic region for the three months ended March 31, 2017 and 2016 (in thousands):

	Three months ended March 31, 2017					Three months ended March 31, 2016
	Amount		Percentage			Amount		Percentage
Net revenues from customers in the Americas	$	1,167		50	%	$	2,005		64	%
Net revenues from customers in Asia		834		36	%		560		18	%
Net revenues from customers in Europe		331		14	%		567		18	%
	$	2,332		100	%	$	3,132		100	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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XML 23 R13.htm IDEA: XBRL DOCUMENT

Net Loss Per Share

3 Months Ended

Mar. 31, 2017

Net Loss Per Share [Abstract]

Net Loss per Share

7. Net Loss per Share

(in thousands, except per share amounts)	Three months ended March 31,
	2017			2016
BASIC AND DILUTED
Weighted average number of common shares outstanding		48,845			43,810
Net loss attributable to Neonode Inc.	$	(873	)	$	(1,367	)

Net loss per share - basic and diluted	$	(0.02	)	$	(0.03	)

XML 24 R14.htm IDEA: XBRL DOCUMENT

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events We have evaluated subsequent events through the filing date of this Form 10-Q, and determined that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes thereto other than as discussed in the accompanying notes.

XML 25 R15.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

Estimates

Estimates

Cash

Cash

Concentration of Cash Balance Risks

Concentration of Cash Balance Risks

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

Projects in process

Projects in Process

Inventory

Inventory

Raw materials, work-in-process, and finished goods are as follows (in thousands):

	March 31,		December 31,
	2017		2016
Raw materials	$	806	$	522
Work-in-Process		168		42
Finished goods		570		132
Ending inventory	$	1,544	$	696

Investment in JV

Investment in JV

Property and Equipment

Property and Equipment

Estimated useful lives

	Computer equipment			3 years
	Furniture and fixtures			5 years
	Equipment			7 years

Equipment purchased under a capital lease is recognized over the term of the lease, if that lease term is shorter than the estimated useful life.

Long-lived Assets

Long-lived Assets

Foreign Currency Translation and Transaction Gains and Losses

Foreign Currency Translation and Transaction Gains and Losses

Concentration of Credit and Business Risks

Concentration of Credit and Business Risks

Our customers are located in U.S., Europe and Asia.

As of March 31, 2017, three customers represented approximately 72% of the Company’s accounts receivable.

As of December 31, 2016, three customers represented approximately 59% of the Company’s accounts receivable.

Customers who accounted for 10% or more of our net revenues during the three months ended March 31, 2017 are as follows:

	●	Hewlett Packard Company – 31%

	●	Canon – 17%

	●	Amazon – 12%

	●	Robert Bosch – 11%

Customers who accounted for 10% or more of our net revenues during the three months ended March 31, 2016 are as follows:

	●	Hewlett Packard Company – 40%

	●	Amazon – 18%

	●	Autoliv Development AB – 12%

Revenue Recognition

Revenue Recognition

Licensing Revenues:

Explicit return rights are not offered to customers. There have been no returns through March 31, 2017.

Engineering Services:

Revenues from contracts that are short-term in nature and related costs that are difficult to estimate are accounted for under the completed contract method.

Estimated losses on all SOW projects are recognized in full as soon as they become evident. In the quarters ended March 31, 2017 and 2016, no losses related to SOW projects were recorded.

Optical Sensor Modules Revenues:

Revenue is recognized when all of the following criteria have been met:

	●	Persuasive evidence of an arrangement exists. Contracts, Internet commerce agreements, and customer purchase orders are generally used to determine the existence of an arrangement.

	●	Delivery has occurred. Shipping documents and customer acceptance, when applicable, are used to verify delivery.

	●	The fee is fixed or determinable. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.

	●	Collectability is reasonably assured. We assess collectability based primarily on the creditworthiness of the customer as determined by credit checks and analysis, as well as the customer’s payment history.

Product Warranty

Product Warranty

The following table summarizes the activity related to the product warranty liability (in thousands):

	March 31, 2017		December 31, 2016
Balance at beginning of period	$	11	$	-
Provisions for warranty issued		1		11
Balance at end of period	$	12	$	11

Deferred Revenues

Deferred Revenues

Advertising

Advertising

Advertising costs are expensed as incurred. Advertising costs for the three months ended March 31, 2017 and 2016 amounted to approximately $147,000 and $80,000, respectively.

Research and Development

Research and Development

Stock-Based Compensation Expense

Stock-Based Compensation Expense

When determining stock-based compensation expense involving options and warrants, we determine the estimated fair value of options and warrants using the Black-Scholes option pricing model.

Noncontrolling Interests

Noncontrolling Interests

	(1)	Net income or loss.
	(2)	Transactions with owners acting in their capacity as owners, showing separately contributions from and distributions to owners.
	(3)	Each component of other comprehensive income or loss.

Income Taxes

Income Taxes

Net Loss per Share

Net Loss per Share

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

Cash Flow Information

Cash Flow Information

	Three months ended March 31,
	2017		2016
Swedish Krona		8.92		8.45
Japanese Yen		113.71		115.36
South Korean Won		1,150.18		1,193.75
Taiwan Dollar		31.05		33.06

Exchange rate for the consolidated balance sheets was as follows:

	Periods Ended
	March 31,		December 31,
	2017		2016
Swedish Krona		8.94		9.07
Japanese Yen		111.75		116.97
South Korean Won		1,116.94		1,205.11
Taiwan Dollar		30.35		32.28

Fair Value of Financial Instruments

Fair Value of Financial Instruments

New Accounting Pronouncements

New Accounting Pronouncements

XML 26 R16.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies [Abstract]

Schedule of Inventory

	March 31,		December 31,
	2017		2016
Raw materials	$	806	$	522
Work-in-Process		168		42
Finished goods		570		132
Ending inventory	$	1,544	$	696

Schedule of estimated useful lives of property and equipment

	Computer equipment			3 years
	Furniture and fixtures			5 years
	Equipment			7 years

Schedule of activity related to the product warranty liability

	March 31, 2017		December 31, 2016
Balance at beginning of period	$	11	$	-
Provisions for warranty issued		1		11
Balance at end of period	$	12	$	11

Schedule of weighted-average exchange rate for consolidated statements of operations

	Three months ended March 31,
	2017		2016
Swedish Krona		8.92		8.45
Japanese Yen		113.71		115.36
South Korean Won		1,150.18		1,193.75
Taiwan Dollar		31.05		33.06

Schedule of exchange rate for consolidated balance sheets

	Periods Ended
	March 31,		December 31,
	2017		2016
Swedish Krona		8.94		9.07
Japanese Yen		111.75		116.97
South Korean Won		1,116.94		1,205.11
Taiwan Dollar		30.35		32.28

XML 27 R17.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2017

Stockholders' Equity [Abstract]

Schedule of conversion of preferred stock issued to common stock

	Shares of Preferred Stock Not Exchanged as of March 31, 2017		Conversion Ratio		Shares of Common Stock after Conversion of all Outstanding Shares of Preferred Stock Not yet Exchanged at March 31, 2017

Series B Preferred stock		83		132.07		10,962

XML 28 R18.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Stock-Based Compensation [Abstract]

Summary of stock-based compensation expense

	Three months ended March 31,
	2017		2016
Research and development	$	-	$	43
Sales and marketing		14		62
General and administrative		6		9
Total stock-based compensation expense	$	20	$	114

		Remaining unrecognized expense at March 31, 2017
Stock-based compensation		$	64

Summary of all stock option plans activity

	Number of Options Outstanding			Weighted Average Exercise Price
Outstanding at January 1, 2017		1,846,000		$	4.39
Granted		-			-
Forfeited		(90,000	)		-
Outstanding at March 31, 2017		1,756,000		$	4.20

XML 29 R19.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Segment Information [Abstract]

Summary of net revenues by geographic region

	Three months ended March 31, 2017					Three months ended March 31, 2016
	Amount		Percentage			Amount		Percentage
Net revenues from customers in the Americas	$	1,167		50	%	$	2,005		64	%
Net revenues from customers in Asia		834		36	%		560		18	%
Net revenues from customers in Europe		331		14	%		567		18	%
	$	2,332		100	%	$	3,132		100	%

XML 30 R20.htm IDEA: XBRL DOCUMENT

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2017

Net Loss Per Share [Abstract]

Schedule of basic and diluted for net loss per share

(in thousands, except per share amounts)	Three months ended March 31,
	2017			2016
BASIC AND DILUTED
Weighted average number of common shares outstanding		48,845			43,810
Net loss attributable to Neonode Inc.	$	(873	)	$	(1,367	)

Net loss per share - basic and diluted	$	(0.02	)	$	(0.03	)

XML 31 R21.htm IDEA: XBRL DOCUMENT

Interim Period Reporting (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
Interim Period Reporting (Details) - USD ($)	Aug. 31, 2016	Aug. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2010	Mar. 10, 2017	Dec. 31, 2016
Interim Period Reporting (Textual)
Number of equipment sold					$ 45,000,000
Net loss			$ (873,000)	$ (1,367,000)
Accumulated deficit			(179,913,000)				$ (179,040,000)
Net cash used in operating activities			$ (1,605,000)	$ 21,000
Common stock available for issuance under shelf registration			1,800,000
Common stock purchased by exercise of warrants						4,800,000
Shelf registration common stock offering price			$ 20,000,000
Proceeds from warrants			$ 4,800,000
Warrant expiration date			Feb. 17, 2022
Securities Purchase Agreement [Member]
Interim Period Reporting (Textual)
Issuance of common stock	8,627,352	4,313,676
Net proceeds from issuance of common stock	$ 7,900,000
Share price	$ 1.12	$ 1.12
Employee Investor Shares [Member]
Interim Period Reporting (Textual)
Issuance of common stock	427,352
Net proceeds from issuance of common stock	$ 500,000
Share price	$ 1.17	1.17
Outside Investor Shares [Member]
Interim Period Reporting (Textual)
Issuance of common stock	4,600,000
Net proceeds from issuance of common stock	$ 4,600,000
Share price	$ 1.00	$ 1.00
Pre Funded Warrant Shares [Member]
Interim Period Reporting (Textual)
Securities purchase agreement, description	Up to 3,600,000 shares issuable upon exercise of warrants (the "Pre-Funded Warrants") by outside investors for which we received $3,564,000 pre-funded in proceeds and will receive up to $36,000 in proceeds upon future cash exercises.

XML 32 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Raw materials	$ 806	$ 522
Work-in-Process	168	42
Finished goods	570	132
Ending inventory	$ 1,544	$ 696

XML 33 R23.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details 1)	3 Months Ended
Summary of Significant Accounting Policies (Details 1)	Mar. 31, 2017
Computer equipment [Member]
Estimated useful lives of property and equipment
Estimated useful lives	3 years
Furniture and fixtures [Member]
Estimated useful lives of property and equipment
Estimated useful lives	5 years
Equipment [Member]
Estimated useful lives of property and equipment
Estimated useful lives	7 years

XML 34 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Balance at beginning of period	$ 11
Provisions for warranty issued	1	11
Balance at end of period	$ 12	$ 11

XML 35 R25.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details 3)	3 Months Ended
Summary of Significant Accounting Policies (Details 3)	Mar. 31, 2017	Mar. 31, 2016
Swedish Krona [Member]
Weighted average exchange rate consolidated statements of operations
Weighted-average exchange rate for consolidated statements of operations	8.92	8.45
Japanese Yen [Member]
Weighted average exchange rate consolidated statements of operations
Weighted-average exchange rate for consolidated statements of operations	113.71	115.36
South Korean Won [Member]
Weighted average exchange rate consolidated statements of operations
Weighted-average exchange rate for consolidated statements of operations	1,150.18	1,193.75
Taiwan Dollar [Member]
Weighted average exchange rate consolidated statements of operations
Weighted-average exchange rate for consolidated statements of operations	31.05	33.06

XML 36 R26.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details 4)	Mar. 31, 2017	Dec. 31, 2016
Swedish Krona [Member]
Exchange Rate for Consolidated Balance Sheets
Exchange rate for the consolidated balance sheets	8.94	9.07
Japanese Yen [Member]
Exchange Rate for Consolidated Balance Sheets
Exchange rate for the consolidated balance sheets	111.75	116.97
South Korean Won [Member]
Exchange Rate for Consolidated Balance Sheets
Exchange rate for the consolidated balance sheets	1,116.94	1,205.11
Taiwan Dollar [Member]
Exchange Rate for Consolidated Balance Sheets
Exchange rate for the consolidated balance sheets	30.35	32.28

XML 37 R27.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Textual) ₩ in Thousands, ¥ in Thousands, TWD in Thousands, SEK in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017 USD ($) Customers shares	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($) Customers	Mar. 31, 2017 KRW (₩)	Mar. 31, 2017 JPY (¥)	Mar. 31, 2017 SEK	Mar. 31, 2017 TWD
Summary of Significant Accounting Policies (Textual)
Deferred license fee revenue	$ 1,580,000		$ 1,921,000
Basic deposit coverage limits per owner and customer	250,000			₩ 50,000,000	¥ 10,000,000	SEK 100,000	TWD 3,000,000
Allowance for doubtful accounts	149,000		149,000
Costs capitalized in projects in process	159,000
Foreign currency translation adjustments	7,000	$ (35,000)
Foreign currency translation, general and administrative expenses	20,000	13,000
Investment in joint venture	$ 3,000		3,000
Equity ownership percentage	50.00%			50.00%	50.00%	50.00%	50.00%
Advertising costs	$ 147,000	80,000
Noncontrolling interest owned by Pronode Technologies AB	51.00%			51.00%	51.00%	51.00%	51.00%
Noncontrolling interest owned by Propoint AB	49.00%			49.00%	49.00%	49.00%	49.00%
Noncontrolling interest, description	Noncontrolling interests' partners have less than 50% share of voting rights at any one of the subsidiary level companies.
Cost of Revenue	$ 105,000	$ 595,000
Warrants to purchase common stock outstanding \| shares	7,913,676
Prepayments for Future License Fees [Member]
Summary of Significant Accounting Policies (Textual)
Deferred license fee revenue	$ 1,300,000		$ 1,800,000
Number of customer \| Customers	4		4
Deferred Engineering Development Fees [Member]
Summary of Significant Accounting Policies (Textual)
Deferred license fee revenue	$ 100,000
Number of customer \| Customers	2
Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Equity ownership percentage	50.00%			50.00%	50.00%	50.00%	50.00%
Warrant term	36 months
Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Equity ownership percentage	20.00%			20.00%	20.00%	20.00%	20.00%
Warrant term	12 months
SWEDEN
Summary of Significant Accounting Policies (Textual)
Concentration risk, percentage	69.00%		55.00%
Noncontrolling interest owned by Pronode Technologies AB	51.00%			51.00%	51.00%	51.00%	51.00%
Accounts Receivable [Member]
Summary of Significant Accounting Policies (Textual)
Number of customer \| Customers	3		3
Concentration risk, percentage	72.00%		59.00%
Hewlett Packard [Member] \| Sales Revenue, Net [Member]
Summary of Significant Accounting Policies (Textual)
Concentration risk, percentage	31.00%	40.00%
Amazon Inc [Member] \| Sales Revenue, Net [Member]
Summary of Significant Accounting Policies (Textual)
Concentration risk, percentage	12.00%	18.00%
Autoliv Development AB [Member] \| Sales Revenue, Net [Member]
Summary of Significant Accounting Policies (Textual)
Concentration risk, percentage		12.00%
Canon [Member] \| Sales Revenue, Net [Member]
Summary of Significant Accounting Policies (Textual)
Concentration risk, percentage	17.00%
Robert Bosch Car Multimedia [Member] \| Sales Revenue, Net [Member]
Summary of Significant Accounting Policies (Textual)
Concentration risk, percentage	11.00%
Airbar Sales [Member]
Summary of Significant Accounting Policies (Textual)
Deferred revenue	$ 100,000		$ 100,000

XML 38 R28.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details) - Series B Preferred Stock [Member]	3 Months Ended
	Mar. 31, 2017 shares
Schedule of conversion of preferred stock issued to common stock
Shares of Preferred Stock Not Exchanged	83
Conversion Ratio	132.07
Shares of Common Stock after Conversion of all Outstanding Shares of Preferred Stock Not yet Exchanged	10,962

XML 39 R29.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Summary of stock-based compensation expense
Total stock-based compensation expense	$ 20	$ 114
Remaining unrecognized expense of stock-based compensation	64
Research and development [Member]
Summary of stock-based compensation expense
Total stock-based compensation expense		43
Sales and marketing [Member]
Summary of stock-based compensation expense
Total stock-based compensation expense	14	62
General and administrative [Member]
Summary of stock-based compensation expense
Total stock-based compensation expense	$ 6	$ 9

XML 40 R30.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details 1) - Stock options [Member]	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Summary of all stock option plans
Number of Options/Warrants Outstanding, Beginning Balance \| shares	1,846,000
Number of Options Outstanding, Granted \| shares
Number of Options Outstanding, Forfeited \| shares	(90,000)
Number of Options/Warrants Outstanding, Ending Balance \| shares	1,756,000
Weighted Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 4.39
Weighted Average Exercise Price, Granted \| $ / shares
Weighted Average Exercise Price, Expired/cancelled \| $ / shares
Weighted Average Exercise Price, Outstanding, Ending Balance \| $ / shares	$ 4.20

XML 41 R31.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details Textual) - USD ($)	3 Months Ended
Stock-Based Compensation (Details Textual) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Stock-Based Compensation (Textual)
Vesting period	10 months 24 days
Share-based compensation expense	$ 20,000	$ 114,000
Pre-Funded Warrant Shares	213,676
Stock options [Member]
Stock-Based Compensation (Textual)
Aggregate vested options to purchase shares	265,000
Number of options outstanding	1,756,000		1,846,000
Options outstanding, vested and expected to vest, aggregate intrinsic value	$ 4,000
Term of stock options description	Stock options granted under the 2006 and 2015 Plans are exercisable over a maximum term of ten years from the date of grant, vest in various installments over a one to four-year period and have exercise prices reflecting the market value of the shares of common stock on the date of grant.

XML 42 R32.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details) - USD ($)

3 Months Ended

Dec. 04, 2014

Dec. 06, 2012

Jan. 24, 2010

Mar. 31, 2017

Commitments and Contingencies (Textual)

Non-recurring engineering development costs contributed to TI

$ 835,000

$ 500,000

Description of NRE cost distributed to TI

Under the terms of the NN1002 Agreement we will reimburse Texas Instruments a non-recurring engineering fee of $0.25 per unit for each of the first two million units sold.

Under the terms of the NN1001 Agreement, we have reimbursed Texas Instruments a non-recurring engineering fee of $0.08 per unit for each of the first one million units sold and $0.05 for the next eight million units sold.

NRE cost contributed for each of first one million unit sold, Per unit

$ 0.08

NRE cost contributed for next eight million unit sold, Per unit

$ 0.05

NRE fee contributed for each of first two million unit sold, Per unit

$ 0.25

Non recurring engineering costs description

●

$235,000 at the feasibility review and contract signature (paid on January 20, 2015)

●

$300,000 on completion of tape-out (paid on October 31, 2015)

●

$300,000 on completion on product validation ($100,000 paid and $200,000 accrued as of March 31, 2017)

Capital lease payment description

Under the terms of the NN1003 Agreement, we also will reimburse ST Microelectronics a non-recurring engineering fee of $5.00 per each of the first 10,000 units sold.

Non recurring engineering fee amount

$ 635,000

XML 43 R33.htm IDEA: XBRL DOCUMENT

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Summary of net revenues by geographic region
Total revenues	$ 2,332	$ 3,132
Revenues percentage	100.00%	100.00%
Americas [Member]
Summary of net revenues by geographic region
Total revenues	$ 1,167	$ 2,005
Revenues percentage	50.00%	64.00%
Asia [Member]
Summary of net revenues by geographic region
Total revenues	$ 834	$ 560
Revenues percentage	36.00%	18.00%
Europe [Member]
Summary of net revenues by geographic region
Total revenues	$ 331	$ 567
Revenues percentage	14.00%	18.00%

XML 44 R34.htm IDEA: XBRL DOCUMENT

Segment Information (Details Textual) - Segment	3 Months Ended	12 Months Ended
Segment Information (Details Textual) - Segment	Mar. 31, 2017	Dec. 31, 2016
U.S.
Segment Information (Textual)
Number of reportable segments	1
Percentage of sales	29.00%	43.00%
Sweden
Segment Information (Textual)
Percentage of sales	69.00%	55.00%

XML 45 R35.htm IDEA: XBRL DOCUMENT

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
BASIC AND DILUTED
Weighted average number of common shares outstanding	48,845	43,810
Net loss attributable to Neonode Inc.	$ (873)	$ (1,367)
Net loss per share - basic and diluted	$ (0.02)	$ (0.03)

XML 46 R36.htm IDEA: XBRL DOCUMENT

Net Loss Per Share (Details Textual) - shares	3 Months Ended
Net Loss Per Share (Details Textual) - shares	Mar. 31, 2017	Mar. 31, 2016
Stock Option [Member]
Net Loss Per Share (Textual)
Antidilutive securities excluded from computation of earnings per share	3,000	1,000
Warrant [Member]
Net Loss Per Share (Textual)
Antidilutive securities excluded from computation of earnings per share	0	4,900,000
Convertible Preferred Stock [Member]
Net Loss Per Share (Textual)
Antidilutive securities excluded from computation of earnings per share	11,000	11,000

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