Richard Sneider
Treasurer & CFO at Kopin
Company also implemented several programs and hired additional resources to improve manufacturing quality and efficiencies. R and D expenses for 'twenty four were $9,600,000 compared to $10,800,000 for 'twenty three, an 11% decrease year over year. Funded R and D for 2024 decreased $3,300,000 as compared to 'twenty three, primarily due to the completion of contracts for defense program awarded prior to 'twenty four. Internal R and D expenses for 'twenty four increased $2,200,000 as compared to the prior year, primarily due to an increase in display development costs and in costs incurred to establish European foundry service. Selling, general and administrative expenses were $22,800,000 for 'twenty four, compared to $21,800,000 for 'twenty three. SG and A expenses for 'twenty four increased as compared to 'twenty three, primarily due to an increase of $1,400,000 in legal and professional fees, dollars 2,000,000 in excise taxes, partially offset by $400,000 of lower bad debt expense and $200,000 decrease in non cash stock based compensation. Net loss attributable to for the year ended 2024 was $43,900,000 or $0.33 per share compared with a net loss attributable to Copen of Corporation of 19,700,000.0 or $0.18 per share for the year ended 2023. Excluding the $24,800,000 of litigation accrual, the adjusted net loss attributable to Copen would have been $19,100,000 or $0.14 per share. Net cash used in operating activities for 2024 were approximately $14,200,000 Copen's cash and equivalents and marketable securities were approximately $36,600,000 at the end of the year. Listeners should review our Form 10 ks for the year ended December 28 for all the additional disclosures. And with that, I'll turn it back to Michael.
