Tuesday, November 06, 2018 4:45:18 PM
During the third quarter of 2018, the Company recorded a $641 write-down to raw materials inventory, with a corresponding increase to cost of sales. The write-down, comprising the full capitalized amount of raw materials inventory, was recorded in response to market conditions regarding part pricing for the Company’s technology and the overall view of the platform and materials that will be used to fulfill future prototyping and production contracts. Given market entry challenges for a new technology, and continued pressure to be price competitive with existing solutions, the Company cannot objectively predict the timing of volume production, the materials that will support such production, nor if such production can be fulfilled at a profit. While the Company continues to expect that volume production is achievable, and with viable economics, the lack of a current sales backlog and the Company’s lack of sales history does not support any future value with respect to on-hand raw materials as of September 30, 2018.
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