0001437749-22-026927 | 10-Q | XBRL Viewer | Liquidmetal Technologies INC

Schedule of Inventory, Current [Table Text Block]

	September 30,		December 31,
	2022		2021

Work in progress	$	55	$	35
Finished goods		-		-
Total	$	55	$	35

Note 5 - Trade Accounts Receivable - Trade Accounts Receivable Table (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Trade accounts receivable	$ 0	$ 147
Less: Allowance for doubtful accounts	0	0
Trade accounts receivable	$ 0	$ 147

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,100,000,000	1,100,000,000
Common stock, shares issued (in shares)	917,285,149	914,449,957
Common stock, shares outstanding (in shares)	917,285,149	914,449,957

Note 15 - Consolidated Statements of Changes in Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note Disclosure [Text Block]

15. Consolidated Statements of Changes in Equity

The following table provides the Company’s changes in equity for the three months ended September 30, 2022:

	Preferred Shares		Common Shares		Common Stock		Warrants part of Additional Paid-in Capital		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Income			Non- Controlling Interest			Total
Balance, June 30, 2022		-		917,285,149	$	917	$	18,179	$	287,947	$	(273,584	)	$	(347	)	$	(78	)	$	33,034

Stock-based compensation										32											32
Net loss												(571	)					-			(571	)
Other comprehensive income															(62	)					(62	)

Balance, September 30, 2022		-		917,285,149	$	917	$	18,179	$	287,979	$	(274,155	)	$	(409	)	$	(78	)	$	32,433

The following table provides the Company’s changes in equity for the nine months ended September 30, 2022:

	Preferred Shares		Common Shares		Common Stock		Warrants part of Additional Paid-in Capital		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Income			Non- Controlling Interest			Total
Balance, December 31, 2021		-		914,449,957	$	914	$	18,179	$	287,641	$	(272,303	)	$	(62	)	$	(77	)	$	34,292

Common stock issuance				2,835,192		3				209											212
Stock-based compensation										129											129
Net loss												(1,852	)					(1	)		(1,853	)
Other comprehensive loss															(347	)					(347	)

Balance, September 30, 2022		-		917,285,149	$	917	$	18,179	$	287,979	$	(274,155	)	$	(409	)	$	(78	)	$	32,433

The following table provides the Company’s changes in equity for the three months ended September 30, 2021:

	Preferred Shares		Common Shares		Common Stock		Warrants part of Additional Paid-in Capital		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Income			Non- Controlling Interest			Total
Balance, June 30, 2021		-		914,449,957	$	914	$	18,179	$	287,390	$	(270,241	)	$	26		$	(77	)	$	36,191

Stock-based compensation										195											195
Net loss												(1,403	)								(1,403	)
Other comprehensive income															(15	)					(15	)

Balance, September 30, 2021		-		914,449,957	$	914	$	18,179	$	287,585	$	(271,644	)	$	11		$	(77	)	$	34,968

The following table provides the Company’s changes in equity for the nine months ended September 30, 2021:

	Preferred Shares		Common Shares		Common Stock		Warrants part of Additional Paid-in Capital		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Income			Non- Controlling Interest			Total
Balance, December 31, 2020		-		914,449,957	$	914	$	18,179	$	287,183	$	(268,926	)	$	116		$	(76	)	$	37,390

Stock-based compensation										402											402
Net loss												(2,718	)					(1	)		(2,719	)
Other comprehensive loss															(105	)					(105	)

Balance, September 30, 2021		-		914,449,957	$	914	$	18,179	$	287,585	$	(271,644	)	$	11		$	(77	)	$	34,968

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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Note 4 - Investments in Debt Securities (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest and Investment Income [Member]
Debt Securities, Available-for-Sale, Realized Gain (Loss), Total	$ 56	$ 35	$ 51	$ 138

Note 14 - Facility Lease (Tables)

9 Months Ended

Sep. 30, 2022

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]

Year	Base Rents

2022 (remaining three months)	$	122
2023		651
2024		699
2025		237
2026		-
Thereafter		-
	$	1,709

Note 16 - Accumulated Other Comprehensive Income ("AOCI") - Summary of Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Balance	$ 33,034	$ 36,191	$ 34,292	$ 37,390
Other comprehensive income, net of tax	(62)	(15)	(347)	(105)
Balance	32,433	34,968	32,433	34,968
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest [Member]
Balance	(347)	26	(62)	116
Other comprehensive income/ loss before reclassifications	(62)	(15)	(347)	(105)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Other comprehensive income, net of tax	(62)	(15)	(347)	(105)
Balance	(409)	11	(409)	11
AOCI Attributable to Parent [Member]
Balance	(347)	26	(62)	116
Other comprehensive income/ loss before reclassifications	(62)	(15)	(347)	(105)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Other comprehensive income, net of tax	(62)	(15)	(347)	(105)
Balance	$ (409)	$ 11	$ (409)	$ 11

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Note 10 - Other Assets

9 Months Ended

Sep. 30, 2022

Other Assets Disclosure [Text Block]

10. Other Assets

Other assets totaled $342 and $306 as of September 30, 2022 and December 31, 2021, respectively. Included within these totals are the following:

	September 30,		December 31,
	2022		2021

Utility deposits	$	14	$	14
Prepaid lease costs and receivables- long term		328		292
Total	$	342	$	306

As of September 30, 2022, prepaid lease costs and receivables-long term are comprised of $33 in unamortized prepaid broker commissions that are not expected to be amortized within the next twelve months and $295 in straight-line rent accruals.

Note 1 - Description of Business

9 Months Ended

Sep. 30, 2022

Business Description and Basis of Presentation [Text Block]

1. Description of Business

Liquidmetal Technologies, Inc. (the “Company”) is a materials technology company that develops and commercializes products made from amorphous alloys. The Company’s family of alloys consists of a variety of bulk alloys and composites that utilize the advantages offered by amorphous alloys technology. The Company designs, develops, and sells products and custom parts from bulk amorphous alloys to customers in a wide range of industries. The Company also partners with third-party manufacturers and licensees to develop and commercialize Liquidmetal alloy products.

Amorphous alloys are, in general, unique materials that are distinguished by their ability to retain a random atomic structure when they solidify, in contrast to the crystalline atomic structure that forms in other metals and alloys when they solidify. Liquidmetal alloys are proprietary amorphous alloys that possess a combination of performance, processing, and potential cost advantages that the Company believes will make them preferable to other materials in a variety of applications. The amorphous atomic structure of bulk alloys enables them to overcome certain performance limitations caused by inherent weaknesses in crystalline atomic structures, thus facilitating performance and processing characteristics superior in many ways to those of their crystalline counterparts. The Company believes that the alloys and the molding technologies it employs may result in components, for many applications, that exhibit: exceptional dimensional control and repeatability that rivals precision machining, excellent corrosion resistance, brilliant surface finish, high strength, high hardness, high elastic limit, alloys that are non-magnetic, and the ability to form complex shapes common to the injection molding of plastics. Interestingly, all of these characteristics are achievable from the molding process, so design engineers often do not have to select specific alloys to achieve one or more of the characteristics as is the case with crystalline materials. The Company believes these advantages could result in Liquidmetal alloys supplanting high-performance alloys, such as titanium and stainless steel, and other incumbent materials in a wide variety of applications. Moreover, the Company believes these advantages could enable the introduction of entirely new products and applications that are not possible or commercially viable with other materials.

The Company’s revenues are derived from i) selling bulk Liquidmetal alloy products to customers who produce medical devices, automotive assemblies, sports and leisure goods, and non-consumer electronic devices, ii) selling tooling and prototype parts such as demonstration parts and test samples for customers with products in development, iii) product licensing and royalty revenue, and iv) research and development revenue. The Company expects that these sources of revenue will continue to significantly change the character of the Company’s revenue mix.

Note 9 - Patents and Trademarks, Net

9 Months Ended

Sep. 30, 2022

Intangible Assets Disclosure [Text Block]

9. Patents and Trademarks, net

Net patents and trademarks totaled $79 and $102 as of September 30, 2022 and December 31, 2021, respectively, and primarily consisted of purchased patent rights and internally developed patents.

Purchased patent rights represent the exclusive right to commercialize the bulk amorphous alloy and other amorphous alloy technology acquired from California Institute of Technology (“Caltech”), through a license agreement with Caltech and other institutions. All fees and other amounts payable by the Company for these rights and licenses have been paid or accrued in full, and no further royalties, license fees, or other amounts will be payable in the future under the license agreement.

In addition to the purchased and licensed patents, the Company has internally developed patents. Internally developed patents include legal and registration costs incurred to obtain the respective patents. The Company currently holds various patents and numerous pending patent applications in the United States, as well as numerous foreign counterparts to these patents outside of the United States.

The Company amortizes capitalized patents and trademarks over an average of 10 to 17 year periods. Amortization expense for patents and trademarks was $6 and $23 for the three and nine months ended September 30, 2022, respectively. This compares to $21 and $63 for the three and nine months ended September 30, 2021, respectively

Note 5 - Trade Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	September 30,		December 31,
	2022		2021
Trade accounts receivable	$	-	$	147
Less: Allowance for doubtful accounts		-		-
Trade accounts receivable	$	-	$	147

Note 10 - Other Assets (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Other Assets, Noncurrent [Table Text Block]

	September 30,		December 31,
	2022		2021

Utility deposits	$	14	$	14
Prepaid lease costs and receivables- long term		328		292
Total	$	342	$	306

Note 10 - Other Assets (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets, Total	$ 342	$ 306
Unamortized Prepaid Broker Commissions	33
Prepaid Rent Noncurrent	$ 295

Note 11 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued payroll, vacation, and bonuses	$ 103	$ 111
Accrued severance	56	56
Accrued audit fees	84	79
Total	$ 243	$ 246

Note 12 - Other Long-term Liabilities (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities, Noncurrent	$ 902	$ 899
Loans Payable, Noncurrent, Total	$ 856
Period for Outstanding Liability (Year)	5 years
Lease Deposit Liability	$ 43	$ 43
Tenant Deposits	$ 3

Note 2 - Basis of Presentation and Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale	$ 0	$ 0	$ 0	$ 0
Lessor, Operating Lease, Term of Contract (Year)	62 years		62 years

Note 7 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Work in progress	$ 55	$ 35
Finished goods	0	0
Total	$ 55	$ 35

Note 6 - Prepaid Expenses and Other Current Assets (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current	$ 563	$ 505
Prepaid Broker Commission	17
Allocated Unity Cost [Member]
Receivables, Net, Current, Total	$ 8

Note 2 - Basis of Presentation and Recent Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Fair Value		Level 1		Level 2		Level 3

Investments in debt securities (short-term)	$	11,526	$	8,362	$	3,164	$	-
Investments in debt securities (long-term)		7,682		2,650		5,032		-

	Fair Value		Level 1		Level 2		Level 3

Investments in debt securities (short-term)	$	13,852	$	10,138	$	3,714	$	-
Investments in debt securities (long-term)		8,267		199		8,068		-

Note 8 - Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Table Text Block]

	September 30,			December 31,
	2022			2021

Land, building, and improvements	$	9,610		$	9,610
Machinery and equipment		1,304			1,304
Computer equipment		272			272
Office equipment, furnishings, and improvements		51			51
Total		11,237			11,237
Accumulated depreciation		(3,178	)		(2,942	)
Total property and equipment, net	$	8,059		$	8,295

Note 14 - Facility Lease

9 Months Ended

Sep. 30, 2022

Lessor, Operating Leases [Text Block]

14. Facility Lease

Amounts collected under the Facility Lease are comprised of base rents and reimbursements for direct facility expenses (property taxes and insurance), common area maintenance, and utilities. Amounts recorded to lease income are comprised of base rents and direct facility expenses, recorded on a straight-line basis over the lease term. Reimbursements for common area maintenance and utility expense are recorded as reductions to like expenses within sales, general, and administrative costs.

The future minimum rents due to the Company under the Facility Lease are as follows:

Year	Base Rents

2022 (remaining three months)	$	122
2023		651
2024		699
2025		237
2026		-
Thereafter		-
	$	1,709

Note 6 - Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2022

Prepaid Expenses and Other Current Assets [Text Block]

6. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets totaled $563 and $505 as of September 30, 2022 and December 31, 2021, respectively. Included within these totals are the following:

	September 30,		December 31,
	2022		2021

Prepaid service invoices	$	59	$	110
Prepaid insurance premiums		365		265
Prepaid lease costs and receivables- short term		25		22
Interest and other receivables		114		108
Total	$	563	$	505

As of September 30, 2022, prepaid lease costs and receivables-short term are comprised of $17 in prepaid broker commissions that are expected to be amortized within the next twelve months and $8 in receivables for allocated utility costs.

Note 15 - Consolidated Statements of Changes in Equity (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Stockholders Equity [Table Text Block]

	Preferred Shares		Common Shares		Common Stock		Warrants part of Additional Paid-in Capital		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Income			Non- Controlling Interest			Total
Balance, June 30, 2022		-		917,285,149	$	917	$	18,179	$	287,947	$	(273,584	)	$	(347	)	$	(78	)	$	33,034

Stock-based compensation										32											32
Net loss												(571	)					-			(571	)
Other comprehensive income															(62	)					(62	)

Balance, September 30, 2022		-		917,285,149	$	917	$	18,179	$	287,979	$	(274,155	)	$	(409	)	$	(78	)	$	32,433

	Preferred Shares		Common Shares		Common Stock		Warrants part of Additional Paid-in Capital		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Income			Non- Controlling Interest			Total
Balance, December 31, 2021		-		914,449,957	$	914	$	18,179	$	287,641	$	(272,303	)	$	(62	)	$	(77	)	$	34,292

Common stock issuance				2,835,192		3				209											212
Stock-based compensation										129											129
Net loss												(1,852	)					(1	)		(1,853	)
Other comprehensive loss															(347	)					(347	)

Balance, September 30, 2022		-		917,285,149	$	917	$	18,179	$	287,979	$	(274,155	)	$	(409	)	$	(78	)	$	32,433

	Preferred Shares		Common Shares		Common Stock		Warrants part of Additional Paid-in Capital		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Income			Non- Controlling Interest			Total
Balance, June 30, 2021		-		914,449,957	$	914	$	18,179	$	287,390	$	(270,241	)	$	26		$	(77	)	$	36,191

Stock-based compensation										195											195
Net loss												(1,403	)								(1,403	)
Other comprehensive income															(15	)					(15	)

Balance, September 30, 2021		-		914,449,957	$	914	$	18,179	$	287,585	$	(271,644	)	$	11		$	(77	)	$	34,968

	Preferred Shares		Common Shares		Common Stock		Warrants part of Additional Paid-in Capital		Additional Paid-in Capital		Accumulated Deficit			Accumulated Other Comprehensive Income			Non- Controlling Interest			Total
Balance, December 31, 2020		-		914,449,957	$	914	$	18,179	$	287,183	$	(268,926	)	$	116		$	(76	)	$	37,390

Stock-based compensation										402											402
Net loss												(2,718	)					(1	)		(2,719	)
Other comprehensive loss															(105	)					(105	)

Balance, September 30, 2021		-		914,449,957	$	914	$	18,179	$	287,585	$	(271,644	)	$	11		$	(77	)	$	34,968

Note 18 - Related Party Transactions

9 Months Ended

Sep. 30, 2022

18. Related Party Transactions

On March 10, 2016, the Company entered into a Securities Purchase Agreement (the “2016 Purchase Agreement”) with Liquidmetal Technology Limited, a Hong Kong company (the “Investor”), which is controlled by the Company’s Chairman, Professor Li. The 2016 Purchase Agreement provided for the purchase by the Investor of a total of 405,000,000 shares of the Company’s common stock for an aggregate purchase price of $63,400. In relation to the foregoing investment, the Company issued to the Investor a warrant to acquire 10,066,809 shares of common stock at an exercise price of $0.07 per share. The warrant will expire on the tenth anniversary of its issuance date.

On March 20, 2016, in connection with the 2016 Purchase Agreement, the Company and Eontec, entered into a cross-license agreement to share their respective technologies. Eontec is a publicly held Hong Kong corporation of which Professor Li is the Chairman and major shareholder. Eontec is also an affiliate of Yihao. Yihao is currently the Company’s primary outsourced manufacturer. As of September 30, 2022, Professor Li is a greater-than 5% beneficial owner of the Company and serves as the Company’s Chairman. Equipment and services procured from Eontec, and their affiliates, were $10 and $165 during the three and nine months ended September 30, 2022, respectively. Equipment and services procured from Eontec, and their affiliates, were $136 and $409 during the three and nine months ended September 30, 2021, respectively.

On May 10, 2022, Mr. Abdi Mahamedi resigned as a director of the Company. Mr. Mahamedi did not resign because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. In connection with Mr. Mahamedi’s resignation, the Board of Directors of the Company approved an amendment to Mr. Mahamedi’s previously granted options to purchase an aggregate of 1,870,000 shares of Company common stock to provide for the extension of the exercise period of the options through May 10, 2025.

Upon Mr. Mahamedi’s resignation as a director, the Company entered into a Consulting Agreement, dated May 10, 2022, with Rosewood LLC pursuant to which Mr. Mahamedi as the owner of Rosewood LLC will assess and present business opportunities for the licensing and sublicensing of the Company’s technology. Mr. Mahamedi will also provide business development services and perform other special projects as requested by the Company. The Consulting Agreement has a term of 5 years, subject to the right of the Company or Mr. Mahamedi to terminate the agreement at any time after December 1, 2022 and subject to certain other early-termination rights. As sole consideration for the Consulting Agreement, the Company granted to Mr. Mahamedi an option to purchase up to 2.0 million shares of Company common stock at an exercise price of the closing market price of the Company’s common stock on May 10, 2022 that will vest 33% on the first anniversary of the grant date and the remainder vesting monthly over the ensuing two years, provided that Mr. Mahamedi continues to be engaged as a consultant on each such vesting date. The options have a term of 5 years.

Note 4 - Investments in Debt Securities (Tables)

9 Months Ended

Sep. 30, 2022

Debt Securities, Available-for-Sale [Table Text Block]

		Amortized Cost				Fair Value
		September 30,		December 31,		September 30,		December 31,
	Longest Maturity Date	2022		2021		2022		2021

U.S. government and agency securities	2024		7,792		7,327		7,718		7,323
Corporate bonds	2024		11,583		11,635		11,240		11,576
Certificates of deposit	One-year		250		-		250		-
			19,625		18,962		19,208		18,899

Note 15 - Consolidated Statements of Changes in Equity - Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Balance	$ 33,034	$ 36,191	$ 34,292	$ 37,390
Stock-based compensation	32	195	129	402
Net loss	(571)	(1,403)	(1,853)	(2,719)
Other comprehensive income	(62)	(15)	(347)	(105)
Common stock issuance			212
Stock-based compensation	32	195	129	402
Balance	$ 32,433	$ 34,968	$ 32,433	$ 34,968
Common Stock [Member]
Balance (in shares)	917,285,149	914,449,957	914,449,957	914,449,957
Balance	$ 917	$ 914	$ 914	$ 914
Common stock issuance (in shares)			2,835,192
Common stock issuance			$ 3
Balance (in shares)	917,285,149	914,449,957	917,285,149	914,449,957
Balance	$ 917	$ 914	$ 917	$ 914
Additional Paid in Capital, Attributable to Warrants [Member]
Balance	18,179	18,179	18,179	18,179
Balance	18,179	18,179	18,179	18,179
Additional Paid-in Capital [Member]
Balance	287,947	287,390	287,641	287,183
Stock-based compensation	32	195	129	402
Common stock issuance			209
Stock-based compensation	32	195	129	402
Balance	287,979	287,585	287,979	287,585
Retained Earnings [Member]
Balance	(273,584)	(270,241)	(272,303)	(268,926)
Net loss	(571)	(1,403)	(1,852)	(2,718)
Balance	(274,155)	(271,644)	(274,155)	(271,644)
AOCI Attributable to Parent [Member]
Balance	(347)	26	(62)	116
Other comprehensive income	(62)	(15)	(347)	(105)
Balance	(409)	11	(409)	11
Noncontrolling Interest [Member]
Balance	(78)	(77)	(77)	(76)
Net loss	0		(1)	(1)
Balance	$ (78)	$ (77)	$ (78)	$ (77)

Note 14 - Facility Lease - Base Rents (Details) $ in Thousands	Sep. 30, 2022 USD ($)
2022 (remaining three months)	$ 122
2023	651
2024	699
2025	237
2026	0
Thereafter	0
Lessor, Operating Lease, Payments to be Received, Total	$ 1,709

Note 17 - Loss Per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Text Block]

17. Loss Per Common Share

Basic earnings per share (“EPS”) is computed by dividing earnings (loss) attributable to common shareholders by the weighted average number of common shares outstanding for the applicable period. Diluted EPS reflects the potential dilution of securities that could share in the earnings.

Options to purchase 26,615,667 shares of common stock, at prices ranging from $0.07 to $0.38 per share, were outstanding at September 30, 2022, but were not included in the computation of diluted EPS for the same period as the inclusion would have been antidilutive, given the Company’s net loss. Warrants to purchase 10,066,809 shares of common stock, with a price of $0.07 per share, outstanding at September 30, 2022, were not included in the computation of diluted EPS for the same period as the inclusion would have been antidilutive, given the Company’s net loss.

Options to purchase 25,450,859 shares of common stock, at prices ranging from $0.07 to $0.38 per share, were outstanding at September 30, 2021, but were not included in the computation of diluted EPS for the same period as the inclusion would have been antidilutive, given the Company’s net loss. Warrants to purchase 10,066,809 shares of common stock, with a price of $0.07 per share, outstanding at September 30, 2021, were not included in the computation of diluted EPS for the same period as the inclusion would have been antidilutive, given the Company’s net loss.

Note 13 - Stock Compensation Plans

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Text Block]

13. Stock Compensation Plans

On June 28, 2012, the Company adopted the 2012 Equity Incentive Plan (“2012 Plan”), with the approval of the shareholders, which provides for the grant of stock options to officers, employees, consultants, and directors of the Company and its subsidiaries. The 2012 Plan provides for the granting to employees of incentive stock options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, and for the granting to employees and consultants of non-statutory stock options. In addition, the Plan permits the granting of stock appreciation rights, or SARs, with or independently of options, as well as stock bonuses and rights to purchase restricted stock. A total of 30,000,000 shares of the Company’s common stock may be granted under the 2012 Plan, and all options granted under the 2012 Plan had exercise prices that were equal to the fair market value on the date of grant. Under this plan, the Company had outstanding grants of options to purchase 5,674,000 and 7,009,192 shares of the Company’s common stock as of September 30, 2022 and December 31, 2021, respectively.

On January 27, 2015, the Company adopted its 2015 Equity Incentive Plan (“2015 Plan”), which provided for the grant of stock options to officers, employees, consultants, and directors of the Company and its subsidiaries. A total of 40,000,000 shares of the Company’s common stock are available for issuance under the 2015 Plan. All options granted under the 2015 Plan had exercise prices that were equal to the fair market value on the dates of grant. Under this plan, the Company had outstanding grants of options to purchase 20,941,667 and 20,441,667 shares of the Company’s common stock as of September 30, 2022 and December 31, 2021, respectively.

Stock based compensation expense attributable to these plans was $32 and $129 for the three and nine months ended September 30, 2022, respectively. This compares to $195 and $402 for the three and nine months ended September 30, 2021, respectively.

Note 11 - Accrued Liabilities (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current, Total	$ 243	$ 246

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 5,415	$ 4,091
Restricted cash	5	5
Investments in debt securities- short term	11,526	13,852
Trade accounts receivable, net of allowance for doubtful accounts	0	147
Inventory	55	35
Prepaid expenses and other current assets	563	505
Total current assets	17,564	18,635
Investments in debt securities- long term	7,682	8,267
Property and equipment, net	8,059	8,295
Patents and trademarks, net	79	102
Other Assets	342	306
Total assets	33,726	35,605
Current liabilities:
Accounts payable	88	112
Accrued liabilities	243	246
Deferred revenue	60	56
Total current liabilities	391	414
Long-term liabilities
Other long-term liabilities	902	899
Total liabilities	1,293	1,313
Shareholders' equity:
Common stock, $0.001 par value; 1,100,000,000 shares authorized; 917,285,149 and 914,449,957 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	917	914
Warrants	18,179	18,179
Additional paid-in capital	287,979	287,641
Accumulated deficit	(274,155)	(272,303)
Accumulated other comprehensive loss	(409)	(62)
Non-controlling interest in subsidiary	(78)	(77)
Total shareholders' equity	32,433	34,292
Total liabilities and shareholders' equity	$ 33,726	$ 35,605

Note 8 - Property and Equipment, Net

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment Disclosure [Text Block]

8. Property and Equipment, net

Property and equipment consist of the following:

	September 30,			December 31,
	2022			2021

Land, building, and improvements	$	9,610		$	9,610
Machinery and equipment		1,304			1,304
Computer equipment		272			272
Office equipment, furnishings, and improvements		51			51
Total		11,237			11,237
Accumulated depreciation		(3,178	)		(2,942	)
Total property and equipment, net	$	8,059		$	8,295

Depreciation expense for three and nine months ended September 30, 2022 was $78 and $236, respectively. Depreciation expense for three and nine months ended September 30, 2021 was $79 and $239, respectively. Such amounts were included in selling, marketing, general, and administrative expenses within Company’s consolidated statements of operations.

Note 18 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	May 10, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 10, 2016
Former Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	1,870,000
Former Director [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	33.00%
Maximum [Member] \| Former Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	2.0
Chairman of Eontec [Member] \| Minimum [Member]
Beneficial Ownership Percentage		5.00%		5.00%
Eontec [Member] \| License Agreement [Member]
Related Party Transaction, Amounts of Transaction		$ 10	$ 136	$ 165	$ 409
Investor Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)						10,066,809
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)						$ 0.07
The 2016 Purchase Agreement [Member]
Common Stock Purchase Agreement, Number of Shares Authorized to Issue and Sell to Investors (in shares)						405,000,000
Common Stock Purchase Agreement, Value of Shares Authorized to Issue and Sell to Investors						$ 63,400

Note 16 - Accumulated Other Comprehensive Income (Loss) ("AOCI")

9 Months Ended

Sep. 30, 2022

Comprehensive Income (Loss) Note [Text Block]

16. Accumulated Other Comprehensive Income (Loss) (“AOCI”)

The following table presents a summary of the changes in each component of AOCI for the three months ended September 30, 2022:

	Unrealized gains (losses) on available- for-sale securities			Total
Accumulated other comprehensive income (loss), net of tax, as of June 30, 2022	$	(347	)	$	(347	)

Other comprehensive loss before reclassifications		(62	)		(62	)
Amounts reclassified from accumulated other comprehensive income (loss)		-			-
Net increase in other comprehensive income (loss)		(62	)		(62	)
Accumulated other comprehensive income (loss), net of tax, as of September 30, 2022	$	(409	)	$	(409	)

The following table presents a summary of the changes in each component of AOCI for the nine months ended September 30, 2022:

	Unrealized gains (losses) on available- for-sale securities			Total
Accumulated other comprehensive income (loss), net of tax, as of December 31, 2021	$	(62	)	$	(62	)

Other comprehensive loss before reclassifications		(347	)		(347	)
Amounts reclassified from accumulated other comprehensive income (loss)		-			-
Net increase in other comprehensive income (loss)		(347	)		(347	)
Accumulated other comprehensive income (loss), net of tax, as of September 30, 2022	$	(409	)	$	(409	)

The following table presents a summary of the changes in each component of AOCI for the three months ended September 30, 2021:

	Unrealized gains (losses) on available- for-sale securities			Total
Accumulated other comprehensive income (loss), net of tax, as of June 30, 2021	$	26		$	26

Other comprehensive loss before reclassifications		(15	)		(15	)
Amounts reclassified from accumulated other comprehensive income (loss)		-			-
Net increase in other comprehensive income (loss)		(15	)		(15	)
Accumulated other comprehensive income (loss), net of tax, as of September 30, 2021	$	11		$	11

The following table presents a summary of the changes in each component of AOCI for the nine months ended September 30, 2021:

	Unrealized gains (losses) on available- for-sale securities			Total
Accumulated other comprehensive income (loss), net of tax, as of December 31, 2020	$	116		$	116

Other comprehensive loss before reclassifications		(105	)		(105	)
Amounts reclassified from accumulated other comprehensive income (loss)		-			-
Net increase in other comprehensive income (loss)		(105	)		(105	)
Accumulated other comprehensive income (loss), net of tax, as of September 30, 2021	$	11		$	11

Note 17 - Loss Per Common Share (Details Textual) - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	26,615,667	25,450,859
Share-Based Payment Arrangement, Option [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	$ 0.07	$ 0.07
Share-Based Payment Arrangement, Option [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	$ 0.38	$ 0.38
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	10,066,809	10,066,809
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	$ 0.07
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 0.07

Note 13 - Stock Compensation Plans (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jan. 27, 2015
Share-Based Payment Arrangement, Expense	$ 32	$ 195	$ 129	$ 402
Equity Incentive Plan 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	30,000,000		30,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	5,674,000		5,674,000		7,009,192
Equity Incentive Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)						40,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	20,941,667		20,941,667		20,441,667

Note 6 - Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Prepaid Expenses and Other Current Assets [Table Text Block]

	September 30,		December 31,
	2022		2021

Prepaid service invoices	$	59	$	110
Prepaid insurance premiums		365		265
Prepaid lease costs and receivables- short term		25		22
Interest and other receivables		114		108
Total	$	563	$	505

Note 2 - Basis of Presentation and Recent Accounting Pronouncements - Fair Value of Items Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments in debt securities (short-term)	$ 11,526	$ 13,852
Investments in debt securities (long-term)	7,682	8,267
Fair Value, Recurring [Member]
Investments in debt securities (short-term)	11,526	13,852
Investments in debt securities (long-term)	7,682	8,267
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Investments in debt securities (short-term)	8,362	10,138
Investments in debt securities (long-term)	2,650	199
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Investments in debt securities (short-term)	3,164	3,714
Investments in debt securities (long-term)	5,032	8,068
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Investments in debt securities (short-term)	0	0
Investments in debt securities (long-term)	$ 0	$ 0

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2022	Nov. 10, 2022
Document Information [Line Items]
Entity Central Index Key	0001141240
Entity Registrant Name	LIQUIDMETAL TECHNOLOGIES INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-31332
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0264467
Entity Address, Address Line One	20321 Valencia Circle
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92630
City Area Code	949
Local Phone Number	635-2100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		917,285,149

Consolidated Statements of Operations (Unaudited) - USD ($) $ / shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue
Revenues	$ 18	$ 406	$ 306	$ 721
Cost of sales	15	319	243	528
Gross profit	3	87	63	193
Operating expenses
Selling, marketing, general and administrative	744	1,643	2,319	3,372
Research and development	19	14	46	74
Total operating expenses	763	1,657	2,365	3,446
Operating loss	(760)	(1,570)	(2,302)	(3,253)
Lease income	133	132	398	396
Interest and investment income	56	35	51	138
Loss before income taxes	(571)	(1,403)	(1,853)	(2,719)
Income taxes	0	0	0	0
Net loss	(571)	(1,403)	(1,853)	(2,719)
Net loss attributable to non-controlling interest	0	0	1	1
Net loss attributable to Liquidmetal Technologies shareholders	$ (571)	$ (1,403)	$ (1,852)	$ (2,718)
Per common share basic and diluted:
Net loss per common share attributable to Liquidmetal Technologies shareholders, basic and diluted (in dollars per share)	$ (0)	$ (0)	$ (0)	$ (0)
Number of weighted average shares - basic and diluted (in shares)	917,285,149	914,449,957	916,970,128	914,449,957
Product [Member]
Revenue
Revenues	$ 18	$ 406	$ 284	$ 700
License [Member]
Revenue
Revenues	$ 0	$ 0	$ 22	$ 21

Note 3 - Significant Transactions (Details Textual)	Jan. 13, 2022	Jan. 12, 2022	Jan. 31, 2020	Feb. 16, 2017 USD ($) ft²	Sep. 30, 2022	Jan. 23, 2020 USD ($) ft²
Area of Land (Square Foot) \| ft²				41,000
Lessor, Operating Lease, Term of Contract (Year)					62 years
Royalty Fee, Percentage of Net Sales	3.00%
Liquidmetal Golf [Member]
Noncontrolling Interest, Ownership Percentage by Parent					79.00%
Light Industrial and Office Building [Member]
Area of Real Estate Property (Square Foot) \| ft²						32,534
Lessor, Operating Lease, Term of Contract (Year)						62 months
Lessor, Operating Lease Receivable, Per Month Initially						$ 32,534
Lessor, Operating Lease Receivable Per Month Maximum						$ 54,000
Percentage of Common Operating Expresses						79.00%
Lessee, Operating Lease, Extend Term of Contract (Month)						60 months
Yihao [Member]
Manufacturing Agreement, Term (Year)		5 years
Valencia Circle, LLC [Member]
Payments to Acquire Buildings				$ 7,818,000
Eutectix [Member]
Business Development Agreement, Royalty Percentage			6.00%
Business Development Agreement, Term (Year)			5 years
ATJ [Member]
Sublicense Agreement, Term (Year)	3 years

Note 4 - Investments in Debt Securities

9 Months Ended

Sep. 30, 2022

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

4. Investments in Debt Securities

The following table sets forth amortized cost fair value, and unrealized gains (losses) of investments in debt securities (short-term and long-term):

		Amortized Cost				Fair Value
		September 30,		December 31,		September 30,		December 31,
	Longest Maturity Date	2022		2021		2022		2021

U.S. government and agency securities	2024		7,792		7,327		7,718		7,323
Corporate bonds	2024		11,583		11,635		11,240		11,576
Certificates of deposit	One-year		250		-		250		-
			19,625		18,962		19,208		18,899

Loss from these investments totaled $56 and $51 during the three and nine months ended September 30 30, 2022, respectively. Income from these investments totaled $35 and $138 during the three and nine months ended September 30, 2021, respectively. Such amounts are included as a portion of interest and investment income on the Company’s consolidated statements of operations.

Based on the Company’s review of its debt securities that are individually in an unrealized loss position at September 30, 2022, it determined that the losses were primarily the result current economic factors, impacting all global debt and equity markets, that are the result of global macro events. The impact to the Company’s investment portfolio is considered to be temporary, rather than a deterioration of overall credit quality. As of September 30, 2022, all investments are current on their schedule interest and dividend payments. The Company does not intend to sell and it is not more likely than not that the Company will be required to sell these securities prior to recovering their amortized cost. As such, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2022.

Note 3 - Significant Transactions

9 Months Ended

Sep. 30, 2022

Significant Transactions [Text Block]

3. Significant Transactions

Yihao Manufacturing Agreement

On January 12, 2022, the Company entered into a manufacturing agreement (“Manufacturing Agreement”) with Dongguan Yihao Metal Materials Technology Co. Ltd. (“Yihao”) to become the primary contract manufacturer of the Company’s products. Under the Manufacturing Agreement, which has a term of five years, Yihao has agreed to serve as a non-exclusive contract manufacturer for amorphous alloy parts offered and sold by the Company at prices determined on a “cost-plus” basis. Yihao is an affiliate of Dongguan Eontec Co. Ltd. and Professor Lugee Li, the Company’s Chairman and largest beneficial owner of the Company’s capital stock.

Manufacturing Facility Purchase and Lease

On February 16, 2017, the Company purchased a 41,000 square foot manufacturing facility (the “Facility”) located in Lake Forest, CA, where operations commenced during July 2017. The purchase price for the Facility was $7,818.

On January 23, 2020, 20321 Valencia, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, entered into a lease agreement (the “Facility Lease”) pursuant to which the Company leased to MatterHackers, Inc., a Delaware corporation (“Tenant”), an approximately 32,534 square foot portion of the Facility. The lease term is for 5 years and 2 months and is scheduled to expire on April 30, 2025. The base rent payable under the Facility Lease is $32,534 per month initially and is subject to periodic increases up to a maximum of approximately $54,000 per month. Tenant will pay approximately 79% of common operating expresses. The Facility Lease has other customary provisions, including provisions relating to default and usage restrictions. The Facility Lease grants to Tenant a right to extend the lease for one additional 60-month period at market rental value.

Eontec License Agreement

On March 10, 2016, the Company and DongGuan Eontec Co., Ltd., a Hong Kong corporation (“Eontec”), entered into a Parallel License Agreement (the “License Agreement”) pursuant to which the parties agreed to cross-license certain patents, technical information, and trademarks between the Company and Eontec. In particular, the Company granted to Eontec a paid-up, royalty-free, perpetual license to the Company’s patents and related technical information to make, have made, use, offer to sell, sell, export, and import products in certain geographic areas outside of North America and Europe. In turn, Eontec granted to the Company a paid-up, royalty-free, perpetual license to Eontec’s patents and related technical information to make, have made, use, offer to sell, sell, export, and import products in certain geographic areas outside of specified countries in Asia. The license granted by the Company to Eontec is exclusive (including to the exclusion of the Company) in the countries of Brunei, Cambodia, China (P.R.C and R.O.C.), East Timor, Indonesia, Japan, Laos, Malaysia, Myanmar, Philippines, Singapore, South Korea, Thailand, and Vietnam. The license granted by Eontec to the Company is exclusive (including to the exclusion of Eontec) in North America and Europe. The cross-licenses are non-exclusive in geographic areas outside of the foregoing exclusive territories.

Beyond the License Agreement, the Company collaborates with Eontec to accelerate the commercialization of amorphous alloy technology. This includes but is not limited to developing technologies to reduce the cost of amorphous alloys, working on die cast machine technology platforms to pursue broader markets, sharing knowledge to broaden our intellectual property portfolio, and utilizing Eontec’s volume production capabilities as a third party contract manufacturer.

Eutectix Business Development Agreement

On January 31, 2020, the Company entered into a Business Development Agreement (the “Agreement”) with Eutectix, LLC, a Delaware limited liability company (“Eutectix”), which provides for collaboration, joint development efforts, and the manufacturing of products based on the Company’s proprietary amorphous metal alloys. Under the Agreement, the Company licensed to Eutectix specified equipment owned by the Company, including two injection molding machines, two diecasting machines, and other machines and equipment, all of which will be used to make product for Company customers and Eutectix customers. The licensed machines and equipment represented substantially all of the machinery and equipment then held by the Company. The Company has also licensed to Eutectix various patents and technical information related to the Company’s proprietary technology. Under the Agreement, Eutectix agreed to pay the Company a royalty of six percent (6%) of the net sales price of licensed products sold by Eutectix, and Eutectix will also manufacture for the Company product ordered by the Company. The Agreement has a term of five years, subject to renewal provisions and the ability of either party to terminate earlier upon specified circumstances.

Apple License Transaction

On August 5, 2010, the Company entered into a license transaction with Apple Inc. (“Apple”) pursuant to which (i) the Company contributed substantially all of its intellectual property assets to a newly organized special-purpose, wholly-owned subsidiary, called Crucible Intellectual Property, LLC (“CIP”), (ii) CIP granted to Apple a perpetual, worldwide, exclusive license to commercialize such intellectual property in the field of consumer electronic products, as defined in the license agreement, in exchange for a one-time, upfront license fee, and (iii) CIP granted back to the Company a perpetual, worldwide, fully-paid, exclusive license to commercialize such intellectual property in all other fields of use.

Under the agreements relating to the license transaction with Apple, the Company was obligated to contribute, to CIP, all intellectual property developed through February 2016. The Company is also obligated to maintain certain limited liability company formalities with respect to CIP at all times after the closing of the license transaction.

Liquidmetal Golf Sublicense Agreement

Liquidmetal Golf Inc. (“Liquidmetal Golf” or “LMG”) is a majority-owned subsidiary which has the exclusive right and license to utilize the Company’s Liquidmetal alloy technology for purposes of golf equipment applications. This right and license is set forth in an intercompany license agreement dated January 1, 2002 between Liquidmetal Technologies and Liquidmetal Golf. This license agreement provides that Liquidmetal Golf has a perpetual and exclusive license to use Liquidmetal alloy technology for the purpose of manufacturing, marketing, and selling golf club components and other products used in the sport of golf. The Company owns 79% of the outstanding common stock in Liquidmetal Golf.

On January 13, 2022, Liquidmetal Golf entered into a sublicense agreement (“LMG Sublicense Agreement”) with Amorphous Technologies Japan, Inc. (“ATJ”), a newly formed Japanese entity that was established by Twins Corporation, a sporting goods company operating in Japan. Under the agreement, LMG granted to ATJ a nonexclusive worldwide sublicense to the Company’s amorphous alloy technology and related trademarks to manufacture and sell golf clubs and golf related products. The LMG Sublicense Agreement has a term of three years and provides for the payment of a running royalty to LMG of 3% of the net sales price of licensed products.

Swatch Group License

In March 2009, the Company entered into a license agreement with Swatch Group, Ltd. (“Swatch”) under which Swatch was granted a non-exclusive license to the Company’s technology to produce and market watches and certain other luxury products. In March 2011, this license agreement was amended to grant Swatch exclusive rights as to watches as against all third parties (including the Company), but non-exclusive as to Apple. The Company will receive royalty payments over the life of the contract on all Liquidmetal products produced and sold by Swatch. The license agreement with Swatch will expire on the expiration date of the last licensed patent.

Note 8 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property and equipment, gross	$ 11,237	$ 11,237
Accumulated depreciation	(3,178)	(2,942)
Total property and equipment, net	8,059	8,295
Land, Buildings and Improvements [Member]
Property and equipment, gross	9,610	9,610
Machinery and Equipment [Member]
Property and equipment, gross	1,304	1,304
Computer Equipment [Member]
Property and equipment, gross	272	272
Office Equipment, Furnishings and Improvements [Member]
Property and equipment, gross	$ 51	$ 51

Note 12 - Other Long-term Liabilities

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Text Block]

12. Other Long-Term Liabilities

Other long-term liabilities were $902 as of September 30, 2022 and $899 as of December 31, 2021, and consisted primarily of $856 of long-term, aged payables to vendors, individuals, and other third parties that have been outstanding for more than 5 years. The Company is in the process of researching and resolving the balances for settlement and/or escheatment in accordance with applicable state law. Included in the balance for September 30, 2022 is $43 in tenant deposits and $3 credit for ConMed Corporation. Included in the balance for December 31, 2021 is $43 in tenant deposits.

Note 4 - Investments in Debt Securities - Amortized Cost and Fair Value of Investments in Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investment in debt securities, amortized cost	$ 19,625	$ 18,962
Investment in debt securities, fair value	19,208	18,899
US Treasury and Government [Member]
Investment in debt securities, amortized cost	7,792	7,327
Investment in debt securities, fair value	7,718	7,323
Corporate Debt Securities [Member]
Investment in debt securities, amortized cost	11,583	11,635
Investment in debt securities, fair value	11,240	11,576
Certificates of Deposit [Member]
Investment in debt securities, amortized cost	250	0
Investment in debt securities, fair value	$ 250	$ 0

Note 7 - Inventory

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Text Block]

7. Inventory

Inventory totaled $55 and $35 as of September 30, 2022 and December 31, 2021, respectively. Included within these totals are the following:

	September 30,		December 31,
	2022		2021

Work in progress	$	55	$	35
Finished goods		-		-
Total	$	55	$	35

Note 2 - Basis of Presentation and Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2022

Basis of Presentation and Significant Accounting Policies [Text Block]

2. Basis of Presentation and Recent Accounting Pronouncements

The accompanying unaudited interim consolidated financial statements as of and for the three and nine months ended September 30, 2022 and September 30, 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in consolidation. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for any future periods or the year ending December 31, 2022. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 29, 2022.

Investments in Debt Securities

The Company will invest excess funds to maximize investment yield, while maintaining liquidity and minimizing credit risk. Debt securities are carried at fair value and consist primarily of investments in obligations of the United States Treasury, various U.S. and foreign corporations, and certificates of deposits. The Company classifies its investments in debt securities as available-for-sale with all unrealized gains or losses included as part of other comprehensive income. The Company evaluates its debt securities with unrealized losses on a quarterly basis for potential other-than-temporary impairments in value. As a result of this assessment, the Company did not recognize any other-than-temporary impairment losses considered to be credit related for the three and nine months ended September 30, 2022 and 2021.

Fair Value Measurements

The estimated fair values of financial instruments reported in the consolidated financial statements have been determined using available market information and valuation methodologies, as applicable. The fair value of cash and restricted cash approximate their carrying value due to their short maturities and are classified as Level 1 instruments within the fair value hierarchy.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Entities are required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value based upon the following fair value hierarchy:

Level 1 —

Quoted prices in active markets for identical assets or liabilities;

Level 2 —

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3 —

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

As of September 30, 2022, the following table represents the Company’s fair value hierarchy for items that are required to be measured at fair value on a recurring basis:

	Fair Value		Level 1		Level 2		Level 3

Investments in debt securities (short-term)	$	11,526	$	8,362	$	3,164	$	-
Investments in debt securities (long-term)		7,682		2,650		5,032		-

As of December 31, 2021, the following table represents the Company’s fair value hierarchy for items that are required to be measured at fair value on a recurring basis:

	Fair Value		Level 1		Level 2		Level 3

Investments in debt securities (short-term)	$	13,852	$	10,138	$	3,714	$	-
Investments in debt securities (long-term)		8,267		199		8,068		-

Leases

The Company leases its manufacturing facility under a long-term contract, which is accounted for as an operating lease. The lease provides for a fixed base rent and variable payments comprised of reimbursements for property taxes, insurance, utilities, and common area maintenance. The lease has a term of sixty-two months, exclusive of options to renew. In accordance with ASC 842, Leases, lease income, which includes escalating rents over the term of the lease, is recorded on a straight-line basis over the expected lease term. The difference between lease income and payments received is recorded as a rent receivable, which is included as a prepaid expense in the consolidated balance sheets. Amounts paid for broker commissions represent prepaid direct lease costs, and will be amortized as an off-set to lease income over the lease term.

Other Recent Pronouncements

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net loss	$ (1,853)	$ (2,719)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	259	285
Stock-based compensation	129	402
Changes in operating assets and liabilities:
Trade accounts receivable	147	(82)
Inventory	(20)	21
Prepaid expenses and other current assets	(58)	(132)
Other assets and liabilities	(33)	(42)
Accounts payable and accrued liabilities	(27)	591
Deferred revenue	4	41
Net cash used in operating activities	(1,452)	(1,635)
Investing Activities:
Purchases of debt securities	(13,252)	(17,788)
Proceeds from sales of debt securities	15,816	23,142
Net cash provided by investing activities	2,564	5,354
Financing Activities:
Common stock issuance	212	0
Net cash provided by financing activities	212	0
Net increase in cash, cash equivalents, and restricted cash	1,324	3,719
Cash, cash equivalents, and restricted cash at beginning of period	4,096	1,519
Cash, cash equivalents, and restricted cash at end of period	$ 5,420	$ 5,238

Note 5 - Trade Accounts Receivable

9 Months Ended

Sep. 30, 2022

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

5. Trade Accounts Receivable

Trade accounts receivable were comprised of the following:

	September 30,		December 31,
	2022		2021
Trade accounts receivable	$	-	$	147
Less: Allowance for doubtful accounts		-		-
Trade accounts receivable	$	-	$	147

Note 11 - Accrued Liabilities

9 Months Ended

Sep. 30, 2022

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

11. Accrued Liabilities

Accrued liabilities totaled $243 and $246 as of September 30, 2022 and December 31, 2021, respectively. Included within these totals are the following:

	September 30		December 31,
	2022		2021

Accrued payroll, vacation, and bonuses	$	103	$	111
Accrued severance		56		56
Accrued audit fees		84		79
Total	$	243	$	246

Note 11 - Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Accrued Liabilities [Table Text Block]

	September 30		December 31,
	2022		2021

Accrued payroll, vacation, and bonuses	$	103	$	111
Accrued severance		56		56
Accrued audit fees		84		79
Total	$	243	$	246

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net loss	$ (571)	$ (1,403)	$ (1,853)	$ (2,719)
Other comprehensive loss, net of tax
Net unrealized losses on available-for-sale securities	(62)	(15)	(347)	(105)
Other comprehensive loss, net of tax	(62)	(15)	(347)	(105)
Comprehensive loss	(633)	(1,418)	(2,200)	(2,824)
Less: Comprehensive loss attributable to noncontrolling interests	1	0	1	1
Comprehensive loss attributable to Liquidmetal Technologies shareholders	$ (632)	$ (1,418)	$ (2,199)	$ (2,823)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

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Note 16 - Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables)

9 Months Ended

Sep. 30, 2022