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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30March 31, 20222023

 

OR

 

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____to_____to

 

Commission file number: 1-11916

 

WIRELESS TELECOM GROUP, INC.

(Exact name of Registrant as specified in its charter)

 

New Jersey   22-2582295
(State or other jurisdiction   (I.R.S. Employer Identification No.)
of incorporation or organization)    
   

 

25 Eastmans Road, Parsippany, New Jersey

  07054
(Address of principal executive offices)   (Zip Code)

 

(973) 386-9696

(Registrant’s telephone number, including area code)

 

 

  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class    Trading Symbol    Name of each exchange on which registered
Common Stock    WTT    NYSE American

 

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 for 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “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
        
      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

 

Number of shares of Common Stock outstanding as of November 7May 2, 20222023: 21,556321,751047

  

 

 

 

 

 

WIRELESS TELECOM GROUP, INC.

Form 10-Q

Table of Contents

 

 

PART I – FINANCIAL INFORMATION  
   
Item 1. Financial Statements (Unaudited) 3
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 15
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 17
   
Item 4. Controls and Procedures 17
   
PART II – OTHER INFORMATION  
   
Item 1. Legal Proceedings 18
   
Item 1A. Risk Factors 18
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18
   
Item 3. Defaults Upon Senior Securities 18
   
Item 4. Mine Safety Disclosures 18
   
Item 5. Other Information 18
   
Item 6. Exhibits 18
   
SIGNATURES 19

 

2

 

 

WIRELESS TELECOM GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except number of shares and par value)

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

  

March 31

2023

  

December 31

2022

 
   (Unaudited)     
  

March 31

2023

  

December 31

2022

 
CURRENT ASSETS          
Cash & cash equivalents  $19,555   $20,707 
Accounts receivable - net of reserves of $100 and $100, respectively   3,921    4,762 
Inventories - net of reserves of $503 and $499, respectively   6,208    5,087 
Prepaid expenses and other current assets   2,151    1,685 
TOTAL CURRENT ASSETS   31,835    32,241 
           
PROPERTY PLANT AND EQUIPMENT - NET   420    467 
           
OTHER ASSETS          
Goodwill   6,000    6,000 
Acquired intangible assets, net   2,444    2,588 
Deferred income taxes   3,075    2,913 
Right of use assets   432    579 
Other assets   173    185 
TOTAL OTHER ASSETS   12,124    12,265 
           
TOTAL ASSETS  $44,379   $44,973 
           
CURRENT LIABILITIES          
Accounts payable  $1,482   $480 
Short term leases   132    251 
Accrued expenses and other current liabilities   2,198    2,693 
Deferred revenue   129    123 
TOTAL CURRENT LIABILITIES   3,941    3,547 
           
LONG TERM LIABILITIES          
Long term leases   330    364 
Other long term liabilities   17    24 
TOTAL LONG TERM LIABILITIES   347    388 
           
COMMITMENTS AND CONTINGENCIES   -       
           
SHAREHOLDERS’ EQUITY          
Preferred stock, $.01 par value, 2,000,000 shares authorized, none issued   -    - 
Common stock, $.01 par value, 75,000,000 shares authorized
36,437,693 and 36,440,636 shares issued, 21,371,047 and 21,438,571 shares outstanding
   365    365 
Additional paid in capital   52,880    52,764 
Retained earnings   14,202    15,143 
Treasury stock at cost, 15,066,646 and 15,002,965 shares   (27,356)   (27,234)
TOTAL SHAREHOLDERS’ EQUITY   40,091    41,038 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $44,379   $44,973 

 

See accompanying Notes to Consolidated Financial Statements.

 

3

 

 

WIRELESS TELECOM GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

(UNAUDITED)

(In thousands, except per share amounts)

 

 

   2023   2022 
   For the Three Months Ended 
   March 31 
   2023   2022 
Net revenues  $5,175   $6,059 
           
Cost of revenues   2,227    2,551 
           
Gross profit   2,948    3,508 
           
Operating expenses          
Research and development   409    495 
Sales and marketing   1,040    994 
General and administrative   2,881    2,797 
Total operating expenses   4,330    4,286 
           
Operating loss   (1,382)   (778)
           
Loss on extinguishment of debt   -    (792)
Other income/(expense)   104    95 
Interest income/(expense)   175    (177)
           
Loss before taxes   (1,103)   (1,652)
           
Tax benefit   (162)   (856)
           
Net loss from continuing operations  $(941)  $(796)
           
Net income from discontinued operations, net of taxes   -    10,993 
Net income/(loss)  $(941)  $10,197 
           
Other comprehensive income/(loss):          
Foreign currency translation adjustments   -    (137)
Comprehensive income/(loss)  $(941)  $10,060 
           
Loss per share from continuing operations:          
Basic  $(0.04)  $(0.04)
Diluted  $(0.04)  $(0.04)
           
Income per share from discontinued operations:          
Basic  $-   $0.49 
Diluted  $-   $0.49 
           
Income/(loss) per share:          
Basic  $(0.04)  $0.45 
Diluted  $(0.04)  $0.45 
           
Weighted average shares outstanding:          
Basic   21,363    22,603 
Diluted   21,363    22,603 

 

In periods with a net loss, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive.

 

See accompanying Notes to Consolidated Financial Statements.

 

4

 

 

WIRELESS TELECOM GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

 

   2023   2022 
   For the Three Months 
   Ended March 31 
   2023   2022 
CASH FLOWS USED BY OPERATING ACTIVITIES          
Net income/(loss)  $(941)  $10,197 
Adjustments to reconcile net (loss)/income to net cash used by operating activities:          
Depreciation and amortization   231    433 
Loss on extinguishment of term debt   -    792 
Gain on sale of Microlab   -    (16,403)
Amortization of debt issuance fees   -    55 
Share-based compensation expense   116    330 
Deferred rent   (7)   (7)
Deferred income taxes   (162)   3,265 
Provision for doubtful accounts   -    (16)
Inventory reserves   6    24 
Changes in assets and liabilities, net of divestiture:          
Accounts receivable   842    (1,411)
Inventories   (1,127)   (132)
Prepaid expenses and other assets   (322)   (184)
Accounts payable   1,002    304 
Deferred revenue   5    (317)
Accrued expenses and other liabilities   (648)   (505)
Net cash used by operating activities   (1,005)   (3,575)
           
CASH FLOWS PROVIDED/(USED) BY INVESTING ACTIVITIES          
Capital expenditures   (25)   (151)
Deferred purchase price payment   -    (250)
Divestiture of Microlab, net   -    22,753 
Net cash provided/(used) by investing activities   (25)   22,352 
           
CASH FLOWS USED BY FINANCING ACTIVITIES          
Term loan repayments   -    (4,104)
Proceeds from exercise of stock options   -    24 
Shares withheld for employee taxes   (122)   (19)
Net cash (used) by financing activities   (122)   (4,099)
           
Effect of Exchange Rate Changes on Cash and Cash Equivalents   -    (78)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS   (1,152)   14,600 
           
Cash and Cash Equivalents, at Beginning of Period   20,707    4,472 
           
CASH AND CASH EQUIVALENTS, AT END OF PERIOD  $19,555   $19,072 
           
SUPPLEMENTAL INFORMATION:          
Cash paid during the period for interest  $-   $122 
Cash paid during the period for income taxes  $-   $12 

 

See accompanying Notes to Consolidated Financial Statements.

 

5

 

 

WIRELESS TELECOM GROUP, INC.

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

(In thousands, except share amounts)

 

 

  

Common

Stock

Issued

  

Common

Stock

Amount

  

Additional

Paid

In Capital

  

Retained

Earnings

  

Treasury

Stock

  

Accumulated

Other

Comprehensive

Income/(Loss)

  

Total

Shareholders’

Equity

 
Balances at January 1, 2022   35,915,636   $359   $51,555   $554   $(24,619)  $         771   $          28,620 
                                    
Net income/(loss)   -    -    -    10,197    -    -    10,197 
Issuance of shares in connection with stock options exercised   15,000    -    24    -    -    -    24 
Issuance of restricted stock   300,000    3    (3)   -    -    -    - 
Shares withheld for employee taxes   -    -    -    -    (19)   -    (19)
Share-based compensation expense   -    -    330    -    -    -    330 
Cumulative translation adjustment   -    -    -    -    -    (137)   75 
Balances at March 31, 2022   36,230,636   $362   $51,906   $10,751   $(24,638)  $634   $39,015 

The quarterly amounts above may not add to the full year Consolidated Statement of Operations due to rounding.

 

  

Common

Stock

Issued

  

Common

Stock

Amount

  

Additional

Paid

In Capital

  

Retained

Earnings

  

Treasury

Stock

  

Accumulated

Other

Comprehensive

Income/(Loss)

  

Total

Shareholders’

Equity

 
Balances at January 1, 2023   36,440,636   $365   $52,764   $15,143   $(27,234)  $             -   $          41,038 
                                    
Net income/(loss)   -    -    -    (941)   -    -    (941)
Forfeiture of common stock   (2,943)   -    -    -    -    -    - 
Shares withheld for employee taxes   -    -    -    -    (122)   -    (122)
Share-based compensation expense   -    -    116    -    -    -    116 
Balances at March 31, 2023   36,437,693   $365   $52,880   $14,202   $(27,356)  $-   $40,091 

 

See accompanying Notes to Consolidated Financial Statements.

 

6

 

 

WIRELESS TELECOM GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

NOTE 1 - Summary of Significant Accounting Principles and Policies

 

Basis of Presentation and Preparation

 

Wireless Telecom Group, Inc., a New Jersey corporation, together with its subsidiaries (“we”, “us”, “our” or the “Company”), specializes in the design and manufactureis pursuing strategic alternatives to accelerate the realization of advanced radio frequency and microwave devicesvalue for our shareholders. On January which enable the development, testing and deployment of wireless technology. The Company provides unique, highly customized and configured solutions which drive innovation across a wide range of traditional and emerging wireless technologies.

 

The consolidated financial statements for the twelve months ended December 31, 2021 included the accounts1, 2022, the Company was comprised of Wireless Telecom Group, Inc., doing business as, and operating under the trade name Noise ComNoiseCom, Inc., and its wholly owned subsidiaries including Boonton Electronics Corporation, Microlab/FXR, Wireless Telecommunications Group Ltd., CommAgility Limited and Holzworth Instrumentation, Inc. Noise Com(NoiseCom, Inc., Boonton Electronics Corporation, Microlab/FXR LLC, CommAgility Limited Ltd., and Holzworth Instrumentation, Inc. are hereinafter referred to as “Noisecom”, “Boonton”, “Microlab”, “CommAgility” and “Holzworth”, respectively). Our product groups were organized as follows: Radio Frequency Components (“RFC”) was comprised of our Microlab brand; Radio, Baseband, Software (“RBS”) was comprised of our CommAgility brand; and Test and Measurement (“T&M”) was comprised of our Boonton, Noisecom and Holzworth brands.

 

As more fully described in Note 3 below, on March 1, 2022, the Company completed the sale of Microlab to RF Industries, Ltd. In accordance withand on December applicable accounting guidance, the results30, 2022 completed the sale of CommAgility to E-Space Acquisitions, LLC. Subsequent to the divestitures of Microlab are presented as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income/(Loss) and, as such, have been excluded from continuing operations. Furtherand CommAgility, the Company reclassified the assets and liabilities of Microlab as assets and liabilities of discontinued operations in the Consolidated Balance Sheet as of December 31, 2021. The Consolidated Statementsis comprised of the T&M business which is made up of our Boonton, Noisecom and Holzworth brands. The T&M business of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operationsprovides radio frequency (“RF”) and microwave test equipment and low phase noise RF synthesizers to equipment manufacturers, aerospace and defense companies, military and government agencies, satellite communication companies, semiconductor companies and other global technology companies.

 

Our consolidated financial statements from continuing operationsas of and for the three months ended March 31, 2023 include the accounts of NoisecomNoiscom, Boonton, Holzworth, and CommAgilityHolzworth and have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”). In accordance with applicable accounting guidance, the results of Microlab and CommAgility are presented as discontinued operations in the consolidated financial statements for the three months ended March 31, 2022. All intercompany transactions and balances have been eliminated in consolidation.

 

It is suggested that these interim consolidated financial statements be read in conjunction with the audited consolidated financial statements, and the notes thereto, included in the Company’s latest annual report (Form 10-K).

 

The Company’s fiscal periods are based on the calendar year. Except as otherwise specified, references to “thirdfirst quarter(s)” or “three months” indicate the Company’s fiscal periods ended September 30March 31, 2023 and March 31, 2022 and September 30, 2021, and references to “year-end” indicate the fiscal year ended December 31, 20212022.

 

Consolidated Financial Statements

 

In the opinion of management, the accompanying consolidated financial statements referred to above contain all necessaryallnecessary adjustments, consisting of normal accruals and recurring entries, which are necessary to fairly present the Company’s results for the interim periods being presented.

 

The accounting policies followed by the Company are set forth in Note 1 to the Company’s consolidated financial statements included in its annual report on Form 10-K for the year ended December 31, 20212022. Specific reference is made to that report since certain information and footnote disclosures normally included in financial statements in accordance with US GAAP have been reduced for interim periods in accordance with SEC rules.

 

The results of operations for the three and nine months ended September 30March 31, 20222023 are not necessarily indicative of the results to be expected for the full year ending December 31, 20222023.

 

Critical Accounting Estimates

 

The preparation of our consolidated financial statements requires the Company to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amount of revenues and expenses for each period. We base our assumptions, judgements and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. At least quarterly, we evaluate our assumptions, judgments and estimates, and make changes as deemed necessary. 

 

The COVID-19 pandemic,

7

 

 

Recent inflationary pressures and the conflict between Russia and Ukraine and the impact of global inflation and supply chain disruption have negatively impacted regional and global economies, disrupted global supply chains and created significant volatility and disruption of financial markets. Although these disruptions did not impact our estimates and judgements as of the date of this report, it is reasonably possible that our accounting estimates and judgements may change as new events occur and additional information becomes available or is obtained. Furthermore, actual results could differ materially from our estimates as of the date of issuance of this Quarterly Report on Form 10-Q under different assumptions or conditions.

 

7

 

 

For further information about our critical accounting estimates, see the discussion in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” under the heading “Critical Accounting Policies” in our Annual Report on Form 10-K for the fiscal year ended December 31, 20212022.

 

Concentration Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable.

 

Credit evaluations are performed on customers requiring credit over a certain amount. Credit risk is mitigated to a lesser extent through collateral such as letters of credit, bank guarantees or payment terms like cash in advance.

 

One customer accounted for 16.619.0% and 14.1% of consolidated revenue for the three months ended September 30, 2022. A different customer accounted for 10.5% of consolidated revenue for the nine months ended September 30, 2022. One customer accounted for 10.8% of consolidated revenue for the three months ended September 30, 2021. Two customers accounted for 15.9% and 10.4% of consolidated revenue, respectively, for the nine months ended September 30, 2021March 31, 2023 and 2022, respectively.

 

TwoOne customerscustomer accounted for 2315.64% and 1016.75%, respectively, of consolidated accounts receivable as of September 30March 31, 2022.2023 Atand December 31, 2021, no one customer accounted for greater than 10% of consolidated accounts receivable2022, respectively.

 

Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

 

Level 1 - Quoted prices in active markets for identical assets or liabilities.

 

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as 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.

 

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.

 

The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement.

 

The carrying amounts of the Company’s financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities.

 

Contingent ConsiderationAccounts Receivable

 

Under the terms of the Holzworth Share Purchase Agreement,Accounts receivable are recorded and carried at the original invoiced amount less allowances for credits and for any potential uncollectible amounts due to credit losses in accordance with ASU 2016-13 Financial Instruments – Credit Losses (Topic 326). We make estimates of the expected credit and collectability trends for the Company was required to pay additional purchase price in the form of an earnoutallowance for credit losses based on Holzworth’s financial results for the years ended December 31, 2020 and 2021.

 

As of September 30, 2022, the amount dueour assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, and other factors that may affect our ability to collect from our customers. Expected credit losses are recorded as general and administrative expenses on our condensed consolidated statements of operations. As of March 31, 2023 and December 31, 2022, the allowance for the Holzworth earnoutcredit losses was $1.8100,000 million and is included in accrued expenses and other current liabilities in the Consolidated Balance Sheet.

.

 

Segments

 

The Company evaluates its financial reporting in accordance with ASC 280 Segment Reporting. As a result of March 1, 2022, the Companythe Microlab and CommAgility divestitures and the reclassification of their results of operations to discontinued operations in accordance with ASC 205-20, the Company’s determined that the chief operating decision maker makes financial decisions and allocates resources based on segment operating profit. See Note 12results from continuing operations are considered one segment.

 

8

 

 

NOTE 2 – Accounting Pronouncements

 

Recently Adopted Accounting Standards

 

There have been no changes to our significant accounting policies as described in the 2021 Form 10-K that had a material impact on our consolidated financial statements and related notes.

 

Recent Accounting Pronouncements Not Yet AdoptedRecently Adopted Accounting Standards

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). ASU 2016-13 changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. This pronouncement is effective for small reporting companies for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2022. The Company plans to adoptadoption of the standard effectiveon January 1, 2023. We do not expect the adoption of this standard todid not have a material impact on our consolidated financial statements.

 

NOTE 3 – Discontinued Operations

 

On March 1, 2022, the Company completed the sale of  

Microlab

 

On December 16, 2021, the Company and its wholly owned subsidiary Microlab entered into a Membership Interest Purchase Agreement (the “Microlab Purchase Agreement”) with RF Industries, Ltd., a Nevada corporation (the “RF Industries”) whereby RF Industries agreed to purchase 100% of the membership interests in Microlab for a purchase price of $24,250,000, subject to certain adjustments as set forth in the Microlab Purchase Agreement. The board of directors of each of the Company and the Buyer unanimously approved the Microlab Purchase Agreement and the transactions contemplated thereby (collectively, the “Microlab Transaction”). On February 25, 2022, the shareholders of the Company approved the transaction at a Special Meeting of Shareholders held virtually via live webcast and on March 1, 2022, the Microlab to RF Industries, Ltd (the “Transaction”). At closing,Transaction closed.

 

At closing the Company received approximately $22.8 million in proceeds net of indemnification and purchase price adjustment holdbacks of $150,000 and $100,000, respectively, and direct expenses. The indemnification holdback expires one year from close of approximately $1.1 million including fees to our advisors. In July, the Company received $225,000 2022, the Company received $225,000 in final purchase price adjustment primarily related to the working capital adjustment. This amount is recorded as proceeds of the Microlab divestiture in and on March 1, 2023 the Company received the indemnification holdback amount of $150,000. In total, the Company received net proceeds of approximately $23.1 million related to the Microlab Transaction. In 2022 the Consolidated Statements of Cash Flows. Approximately,Company used $4.12 million of the netMicrolab Transaction proceeds were used to repay in full our outstanding Term Loan Facility (as defined in Note 4)term loan with Muzinich BDC, and approximately $600,000 of the net proceeds werewas used to repay in full our outstanding revolver balance related to the Bank of America Credit Facility (as defined in Note 4) and approximately $486,000 were used to pay our advisors.

 

The Company terminated its Term Loan Facility withcredit agreement. The Company terminated both the Muzinich BDCterm loan and Credit Facility with Bank of America N.A.credit facility as of the Microlab Transaction close date (see Note 4 below). Additionally, concurrent with the closing, the Company entered into a sublease with RF Industries, Ltd for approximately one-half of the square footage of our corporate headquarters in Parsippany, NJ (see Note 5 below).

 

The Transaction was treated as a sale of the assets and liabilities of Microlab to RF Industries, Ltd. for U.S. federal and applicable state income tax purposes. The Company has approximately $14.9 million of U.S. federal net operating loss carryforwards and approximately $41.2 million of New Jersey state net operating loss carryforwards as of December 31, 2021. We expect to utilize all of our federal net operating loss carryforwards and approximately 50% of our state net operating loss carryforwards to offset the taxable gain generated from the Microlab divestiture. for U.S. federal and applicable state income tax purposes.

 

In accordance with Accounting Standards Codification (“ASC”)ASC 205-20 Discontinued Operations, the results of Microlab are presented as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income/(Loss) for the three months ended March 31, 2022 and, as such, have been excluded from continuing operations. Further, the Company reclassified the assets and liabilities of Microlab as assets and liabilities of

 

The following table summarizes the significant items included in income from discontinued operations for Microlab, net of tax in the Consolidated Balance Sheet as of December 31, 2021.Statement of Operations and Comprehensive Income/(Loss) for the three months ended March 31, 2022 The Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations.(in thousands):

 

9

 

 

The following table summarizes the significant items included in income from discontinued operations
  

March 31,

2022

 
Net revenues  $2,477 
Cost of revenues   1,626 
Gross profit   851 
Operating expenses   693 
Gain on divestiture, net of expenses   16,403 
Income from Discontinued Operations before income taxes   16,561 
Income tax expense   4,891 
Income from Discontinued Operations, net of income taxes  $11,670 

 

9

 

 

On December 4, 2022, the Company, and its wholly owned subsidiary, Wireless Telecommunications Group, LTD, a company organized under the laws of England and Wales (“Holdings”), which owns 100% of the outstanding securities of CommAgility, entered into a Securities Purchase Agreement (the “CommAgility Purchase Agreement”) with E-Space Acquisitions LLC, a Delaware limited liability company (“Buyer”), and eSpace Inc., a Delaware corporation, as guarantor. The CommAgility Purchase Agreement provided for the purchase by the Buyer of 100% of the issued and outstanding equity interests of Holdings (the “Securities”) from the Company. The board of directors or other governing body of each of the Company and the Buyer unanimously approved the CommAgility Purchase Agreement and the transactions contemplated thereby (collectively, the “CommAgility Transaction”). Under the terms of the CommAgility Purchase Agreement, the purchase price for the Securities was estimated to be approximately $14.5 million, inclusive of $13.8 million in cash consideration and a $750,000 note payable, subject to agreed-upon reductions of $650,000.

 

The CommAgility Transaction closed on December 30, 2022 and the Company received net proceeds of $12.2 million which is comprised of the cash consideration of $13.8 million less direct expenses of approximately $1.6 million. The note payable of $750,000 was offset by agreed-upon reductions of $650,000 for a net balance of approximately $100,000 which is due one year from the transaction close or upon a change in control as defined in the CommAgility Purchase Agreement. The note receivable balance of $100,000 was further offset by the 2023 UK transaction taxes of approximately $69,000 so the expected net proceeds of the note now is approximately $31,000.

 

In accordance with ASC 205-20 Discontinued Operations, the results of CommAgility are presented as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income/(Loss) for the three months ended March 31, 2022 and, as such, have been excluded from continuing operations.

 

The following table summarizes the significant items included in income from discontinued operation for CommAgility, net of tax in the Consolidated Statement of Operations and Comprehensive Income/(Loss) for the three and nine months ended September 30March 31, 2022 and 2021 (in thousands):

 

 

The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of December 31, 2021:

 

  

March 31,

2022

 
Net revenues  $1,537 
Cost of revenues   690 
Gross profit   847 
Operating expenses   1,526 
Other income   6 
Gain on divestiture, net of expenses   - 
Income from Discontinued Operations before income taxes   (673)
Income tax (benefit)   4 
Income from Discontinued Operations, net of income taxes  $(677)

 

The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows for all periods presented. Microlab depreciation expense for the ninethe three months ended September 30, 2021 and included in the consolidated statement of cash flow was $186,000. Depreciation March 31, 2022. Depreciation and amortization expense recorded in the three months ended March 31, 2022 for Microlab was not material and there were no capital expenditures for Microlabfor CommAgility was $154,000. Capital expenditures in the three months ended March 31, 2022. Capital expenditures infor Microlab was thenot threematerial and nine months ended September, 2021 were approximatelyfor CommAgility was $38,000 and $88,000, respectively.

 

10

 

 

NOTE 4 – Debt

 

Termination of Muzinich Term Loan Facility and Bank of America N.A. Credit Facility

 

On March 1, 2022, the Company repaid in full and terminated that certain Credit Agreement dated February 7, 2020, among the Company, its subsidiaries and Muzinich BDC, Inc., as amended on May 4, 2020, February 25, 2021, May 27, 2021, and September 28, 2021 (the “Term Loan Facility”). The Company repaid the outstanding principal balance of $4.1 million and accrued interest thereon. Additionally, on March 1, 2022, the Company terminated that certain Loan and Security Agreement dated as of February 16, 2017 among the Company, its subsidiaries and Bank of America, as amended on June 30, 2017, January 23, 2019, February 27, 2019, November 8, 2019, February 7, 2020, May 1, 2020, February 25, 2021 and September 28, 2021 (the “Credit Facility”), which included an asset based revolving loan (“revolver”) which was subject to a borrowing base calculation. The outstanding balance of the revolver at March 1, 2022 was approximately $600,000. The repayment of the Term Loan Facility and Revolver were funded by the proceeds of the Microlab divestiture.

 

The Company accounted for the termination of the Term Loan Facility and Credit Facility as an extinguishment of debt in accordance with ASC 470 Debt. The Company recognized a loss on extinguishment of debt of $792,000 which was primarily comprised of unamortized debt issuance costs.

 

CIBLS Loan

 

On May 27, 2021, CommAgility entered into the Coronavirus Business Interruption Loan Agreement (“CIBLS Loan”) with Lloyds Bank PLC (“Lloyds”). Under the terms of the CIBLS Loan CommAgility can draw up to a maximum of £250,000 for purposes of supporting daily business cash flow. The CIBLS Loan is repayable in 48 consecutive equal monthly installments beginning in month 13 after the initial loan drawdown (12 month principal repayment holiday). Interest is payable monthly at the official bank rate of the Bank of England plus an interest margin of 2.35% per annum. Interest payments begin in month 13 after the initial loan drawdown. The first twelve months of interest payments are paid by the U.K. government. The CIBLS Loan is secured by the assets of CommAgility.

 

On July 1, 2021, CommAgility executed a draw down of the maximum amount of £250,000. On May 30, 2022, CommAgility repaid the CIBLS Loan in full.

 

As of September 30, 2022, the Company has no outstanding debt obligations.

 

NOTE 5108,000.

 

NOTE 4Leases

 

The Company’s lease agreements consist of building leases for its operating locations and office equipment leases for printers and copiers with lease terms that range from less than 12 months to 8 years. At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. The Company’s leases for office equipment such as printers and copiers contain lease and non-lease components (i.e. maintenance). The Company accounts for lease and non-lease components of office equipment as a single lease component.

 

10

 

 

All of the Company’s leases are operating leases and are presented as right of use lease asset, short term lease liability and long term lease liability on the consolidated balance sheets as of JuneMarch 3031, 20222023 and December 31, 20212022. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s incremental borrowing rate. Short-term leases, which have an initial term of 12 months or less, are not recorded on the balance sheet.

 

Lease expense is recognized on a straight-line basis over the lease term and is included in cost of revenues and general and administrative expenses on the Consolidated Statement of Operations and Comprehensive Income/(Loss).

 

An initial right-of-use asset of $1.9 million was recognized as a non-cash asset addition with the adoption of the new lease accounting standard on January 1, 2019. With our acquisition of Holzworth on February 7, 2020, we acquired a right-of-use asset of $789,000. There have been no other right-of-use assets recognized since the date of adoption of the new lease standard. Cash paid for amounts included in the present value of operating lease liabilities was $160169,000 and $476156,000 forduring the three and nine months ended September 30, 2022, respectively, and was included in operating cash flows. Cash paid for amounts included in the present value of operating lease liabilities for the three and nine months ended September 30, 2021, was $155,000 and $463,000, respectivelyMarch 31, 2023 and 2022, respectively, and was included in operating cash flows.

 

Operating lease costs for the three and nine months ended September 30March 31, 2023 and March 31, 2022, were $299,000 and $787,000, respectively. Operating lease costs for the three and nine months ended September 30, 2021, were $250,000 and $801,000, respectively.

 

11

 

147,000.

 

The following table presents information about the amount and timing of cash flows arising from the Company’s leases as of September 30March 31, 20222023:

  

(in thousands) 

March 31,

2023

 
Maturity of Lease Liabilities     
Remainder of 2023  $116 
2024   158 
2025   163 
2026   69 
Total undiscounted operating lease payments   506 
Less:  imputed interest   (44)
Present value of operating lease liabilities  $462 
      
Balance sheet classification     
Current lease liabilities  $132 
Long-term lease liabilities   330 
Total operating lease liabilities  $462 
      
Other information     
Weighted-average remaining term (months) for operating leases   41 
Weighted-average discount rate for operating leases   5.88%

 

On March 31, 2023, the Company entered into the Sixth Amendment to the lease for our corporate headquarters and operating facility for our Boonton and Noisecom brands in Parsippany, New Jersey. The term of the lease was extended for a period of twelve months, commencing April 1, 2023 and expiring on March 31, 2024 for a fixed monthly rent of $60,933. Due to the short term nature of this extension the lease extension will not be recorded on the balance sheet.

 

On March 1, 2022, the Company entered into a sublease for approximately one-half of the corporate headquarters in Parsippany N.J. with RF Industries, Ltd. The sublease co-terminatesterminated with the master lease on March 31, 2023. The Company evaluated the sublease in accordance with ASC 842 Leases and determined that the sublease is an operating lease. Accordingly, sublease income is recognized on the Consolidated Statement of Operations as other income.

 

NOTE 6On March 31, 2023 Revenue

 

Revenue is recognized upon transferthe sublease was extended for a period of control of promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company’s performance obligations are satisfied either over time or at a pointfour months at a fixed in time. Revenue from performance obligations that transferred at a point in time accounted for approximately 94% and 96% of the Company’s consolidated revenue for the three months ended September 30, 2022 and 2021, respectively. Revenue recognized over time was 6% and 4% of the Company’s consolidated revenue for the three months ended September 30, 2022 and 2021, respectively. Revenue from performance obligations that transferred at a point in time accounted for approximately 92% and 97% of the Company’s consolidated revenue for the nine months ended September 30, 2022 and 2021, respectively. Revenue recognized over time was 8% and 3% of the Company’s consolidated revenue for the nine months ended September 30, 2022 and 2021, respectively.

 

Nature of Products and Services

 

Hardware

 

The Company generally has one performance obligation in its arrangements involving the sales of digital signal processing hardware, power meters, analyzers, noise/signal generators, phase noise analyzers and other components. When the terms of a contract include the transfer of multiple products, each distinct product is identified as a separate performance obligation. Generally, satisfaction occurs when control of the promised goods is transferred to the customer in exchange for consideration in an amount for which we expect to be entitled. Generally, control is transferred when legal title of the asset moves from the Company to the customer. We sell our products to a customer based on a purchase order, and the shipping terms per each individual order are primarily used to satisfy the single performance obligation. However, in order to determine when control has transferred to the customer, the Company also considers:

 

 when the Company has a present right to payment for the asset;
 when the Company has transferred physical possession of the asset to the customer;
 when the customer has the significant risks and rewards of ownership of the asset; and
 when the customer has accepted the asset.

 

12

 

 

Software

 

Arrangements involving licenses of software in the CommAgility brand may involve multiple performance obligations, most notably subsequent releases of the software. The Company has concluded that each software release in a multiple deliverable arrangement involving CommAgility software licenses is a distinct performance obligation and, accordingly, transaction price is allocated to each release when the customer obtains control of the software.

 

Performance obligations that are not distinct at contract inception are combined. Specifically, with the Company’s sales of software, contracts that include customization may result in the combination of the customization services with the license as one distinct performance obligation and recognized over time. The duration of these performance obligations are typically one year or less.

 

Services

 

Arrangements involving calibration and repair services of the Company’s products are generally considered a single performance obligation and are recognized as the services are rendered.

 

Shipping and Handling

 

Shipping and handling activities performed after the customer obtains control are accounted for as fulfillment activities and recognized as cost of revenues.

 

Significant Judgments

 

For the Company’s more complex software and services arrangements, significant judgment is required in determining whether licenses and services are distinct performance obligations that should be accounted for separately or are not distinct and thus accounted for together. Further, in cases where we determine that performance obligations should be accounted for separately, judgment is required to determine the standalone selling price for each distinct performance obligation.

 

Contract Balances

 

The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets (unbilled revenue) or contract liabilities (deferred revenue) on the Company’s Consolidated Balance Sheet. The Company records unbilled revenue when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. Unbilled revenue was $100monthly rent of $31,000 and $292,000 as of September 30, 2022 and December 31, 2021, respectively, and recorded in prepaid expenses and other current assets. Deferred revenue was $92,000 and $408,000 as of September 30, 2022 and December 31, 2021, respectively. The decrease in deferred revenue from December 31, 2021 is due to recognition of revenue for certain CommAgility projects involving multiple performance obligations075.

 

1311

 

 

NOTE 5 – Disaggregated Revenue

 

We disaggregate our revenue from contracts with customers by product family and geographic location as we believe it best depicts how the nature, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the tables below (in thousands).

 

 

 

  

Three Months

Ended

March 31, 2023

  

Three Months Ended

March 31, 2022

 
Total net revenues by revenue type          
Signal generators and components  $3,240   $3,472 
Signal analyzers and power meters   1,391    2,093 
Services   544    494 
Total net revenue  $5,175   $6,059 
           
Total net revenues by geographic areas          
Americas  $4,041   $4,081 
EMEA   565    632 
APAC   569    1,346 
Total net revenue  $5,175   $6,059 

 

NOTE 76Income Taxes

 

The Company records deferred taxes in accordance with ASC 740, Accounting for Income Taxes. ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance.

 

Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in the appropriate tax jurisdictions in future years to obtain benefit from the reversal of net deductible temporary differences and from utilization of net operating losses. The Company’s major tax jurisdictions are New Jersey, Colorado, and California and the United Kingdom (“U.K.”). The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are changed.

 

As of September 30March 31, 20222023, the Company’s net deferred tax asset of $23.41 million is net of a valuation allowance of approximately $23.81 million which is associated with the Company’s state net operating loss carryforward and a state research and development credit. The net deferred tax asset decreased approximately $3.2 million from December 31, 2021 due to the reduction in federal and New Jersey net operating loss carryforwards due to the taxable gain to be recognized on the Microlab divestiture. The Company expects to utilize in 2022 all of its federal net operating loss carryforwards and approximately one-half of its New Jersey state net operating loss carryforwards to offset the taxable gain recognized on the Microlab divestiture.

 

In accordance with Accounting Standards Update (“ASU”) 2019-12 the Company recorded a tax benefit from continuing operations of $341,000 and $1.5 million for the three and nine months ended September 30, 2022, respectively. The Company recorded a tax The Company recorded a tax benefit of $162,000 in the three months ended March 31, 2023 based on the estimated effective annual tax rate. In accordance with Accounting Standards Update (“ASU”) 2019-12 the Company recorded a tax provision of approximately $54.09  million related to income from discontinued operations for the nine months ended September 30, 2022. The Company recorded a tax benefit from continuing operations of $1.3 million and $1.4 million for the three and nine months ended September 30, 2021, respectively. The Company recorded a tax provisionand a tax benefit of approximately $500,000 and $1.0 million related to income856,000 related to loss from discontinuedcontinuing operations for the three and nine months ended September 30March 31, 20212022. 

 

1412

 

 

NOTE 87Earnings (Loss) Per Share

 

Basic earnings (loss) per share is calculated by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period and, when dilutive, potential shares from stock options using the treasury stock method, the weighted average number of unvested restricted shares, the weighted-average number of restricted stock units, the number of shares issuable under the terms of the Holzworth earnout and the weighted average number of warrants to purchase common stock outstanding for the period. Shares from stock options are included in the diluted earnings per share calculation only when options exercise prices are lower than the average market value of the common shares for the period presented. In periods with a net loss, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. In accordance with ASC 260, “Earnings Per Share”, the following table reconciles basic shares outstanding to fully diluted shares outstanding.

 

 

   2023   2022 
   For the Three Months 
   Ended March 31, 
   2023   2022 
Weighted average common shares outstanding   21,363,015    22,603,330 
Potentially dilutive equity awards   681,656    2,467,056 
Weighted average common shares outstanding, assuming dilution   22,044,671    25,070,386 

  

For the three and nine months ended September 30months ended March 31, 2023, the weighted average number of option to purchase common stock not included in potentially dilutive equity awards because the effects are anti-dilutive, or the performance condition was not met was 895,000.

 

For the three months ended March 31, 2022, the weighted average number of options to purchase common stock not included in potentially dilutive equity awards because the effects are anti-dilutive, or the performance condition was not met was 1,965,000 and 1,317,216, respectively320,000. The number of shares issuable under the terms of the Holzworth earnout as of September 30, 2022, if all paid in shares of common stock, iswas 8391,161 and is included in potentially dilutive equity awards in the chart above.

 

The weighted average number of options to purchase common stock not included in potentially dilutive equity awards because the effects are anti-dilutive, or the performance condition was not met was 1,205,000 for the three and nine month periods ended September 30, 2021. The number of shares issuable under the terms of the Holzworth earnout as of September 30, 2021, if all paid in shares of common stock, is 1,430,889 and is340,637 and was included in potentially dilutive equity awards in the chart above.

 

NOTE 98Inventories

 

Inventory carrying value is net of inventory reserves of $686503,000 at September 30March 31, 20222023 and $681499,000 at December 31, 20212022.

 

Inventories consist of (in thousands):        
   March 31,
2023
   December 31,
2022
 
Raw materials  $3,875   $3,450 
Work-in-process   765    602 
Finished goods   1,568    1,035 
Total Inventory  $6,208   $5,087 

 

15

 

  

NOTE 109Accrued Expenses and Other Current Liabilities

 

As of September 30March 31, 20222023, and December 31, 20212022 accrued expenses and other current liabilities consisted of the following (in thousands):

  

   March 31,
2023
   December 31
2022
 
Payroll and related benefits   370    193 
Accrued severance   308    

-

 
Accrued bonus   -    625 
Goods received not invoiced   306    148 
Accrued commissions   317    461 
Accrued professional fees   369    795 
Sales and use tax   176    180 
Warranty reserve   76    76 
Other   276    215 
Total  $2,198   $2,693 

 

13

 

 

NOTE 11 -10 – Accounting for Stock Based Compensation

 

The Company’s results for the three months ended September 30March 31, 20222023 and 20212022 include $300116,000 and $99,000, respectively, related to stock based compensation expense. The Company’s results for the nine months ended September 30, 2022 and 2021 include $950,000 and $302,000, respectively related to stock based compensation expenses330,000, respectively, related to stock based compensation expense. Such amounts have been included in the Consolidated Statement of Operations and Comprehensive Income/(Loss) within general and administrative expenses in operating expenses. The Company accounts for forfeitures when they occur.

 

Incentive Compensation Plan

 

In the second quarter of 2021, the Company’s Board of Directors and shareholders approved the 2021 Long Term Incentive Plan (the “2021 Incentive Plan”), which provides for the grant of equity-based and cash incentives, including restricted stock awards, restricted stock unit awards, performance unit awards, non-qualified stock options, incentive stock options and cash awards, including dividend equivalent rights to employees, officers, directors or other service providers of the Company who are expected to contribute to the Company’s future growth and success. The 2021 Incentive Plan provides for the grant of awards relating to 1.5 million shares of common stock. As of September 30March 31, 20222023, there are 161378,250125 shares available for grant under the 2021 Incentive Plan.

 

All service-based (time vesting) options granted have ten-year terms from the date of grant and typically vest annually and become fully exercisable after a maximum of five years. However, vesting conditions are determined on a grant by grant basis. 

 

On January 6, 2022, the Compensation Committee of the Board of Directors approved the grant of restricted common stock awards to named executive officers Tim Whelan, Mike Kandell, Dan Monopoli and Alfred Rodriguez of 125,000, 75,000, 50,000 and 50,000 shares respectively which vest in equal annual installments over two years. If an executive’s service with the Company terminates before the restricted awards are fully vested, then the shares that are not then fully vested are forfeited and immediately returned to the Company. The grant date value per share was $2.11.

 

16

 

 

An employee grant of 20,000 shares was issued on June 16, 2022, with a grant date per share value of $1.28. The grant vests in equal installments over two years.

 

An employee grant of 50,000 shares was issued on July 5, 2022, with a grant date per share value of $1.26. The grant vests in equal installments over two years.

 

NOTE 12 – Reportable Segments

 

In March 2022, the Company reorganized into two segments – Test and Measurement (T&M) and Radio, Baseband and Software (RBS). The T&M segment is comprised of the Boonton, Noisecom and Holzworth brands. T&M is primarily engaged in supplying noise source components and instruments and electronic testing and measurement instruments to customers in the semiconductor, military, aerospace, medical and commercial communications industries.

 

The RBS segment is comprised of CommAgility and develops the software which enables specialized LTE and 5G deployments, applications and private network solutions including the LTE physical layer and stack software, for mobile network and related applications. RBS engineers work closely with customers to provide hardware and software solutions in specialized applications and use-cases in wireless baseband, private networks, and non-terrestrial (“NTN”) communications. Additionally, CommAgility licenses, implements and customizes 5G and LTE physical layer and stack software for private networks supporting satellite communications, the military and aerospace industries, offering our customers unique implementation capabilities built on 3rd Generation Partnership Project (“3GPP”) standards.

 

For internal reporting purposes, the Company’s chief operating decision maker makes financial decisions and allocates resources based on segment profit information obtained from the Company’s internal management systems. Segment profitability includes the direct expenses of each segment and certain corporate allocations for rent and insurance. Management does not include in its measures of segment profitability of certain corporate expenses such as information technology expenses, finance and accounting expenses, legal and professional fees, public company expenses and other discreet items that are not core to the measurement of segment management’s performance but rather are controlled at the corporate level.

 

Summarized financial information relating to the Company’s reportable segments is shown in the following table:

 

 

NOTE 13 – COMMITMENTS AND CONTINGENCIES

 

NOTE 11 – COMMITMENTS AND CONTINGENCIES

 

There have been no material changes in our commitments and contingencies and risks and uncertainties as of September 30March 31, 2022,2023 from that previously disclosed in our annual report on Form 10-K for the year ended December 31, 20212022.

 

NOTE 1412SHARE REPURCHASE PROGRAMSUBSEQUENT EVENTS

 

On May 4, 2022, the Board of Directors ofThere were no subsequent events or transactions other than previously disclosed (See Note 4) requiring recognition or disclosure in the consolidated financial statements, and the Company authorized up to $4 million for a share repurchase program for the Company’s outstanding stock which expires on December 31, 2022. During the nine months ended September 30, 2022, the Company repurchased 1,683,160 shares of common stock for $2.5 million inclusive of commissions. These shares have been recorded as treasury stock on the Consolidated Balance Sheetnotes thereto, through the date the financial statements were issued.

 

1714

 

 

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion of our financial condition and results of operations should be read in conjunction with our interim consolidated financial statements and the notes to those statements included in Part I, Item I of this Quarterly Report on Form 10-Q and in conjunction with the audited consolidated financial statements contained in our annual report on Form 10-K for the year ended December 31, 20212022.

 

RESULTS OF OPERATIONS

 

Three Months Ended September 30March 31, 20222023 Compared with Three Months Ended September 30March 31, 20212022

 

NetRevenue Revenues (in thousands)

 and Gross Profit

 

Net consolidated revenues decreased 27.7% from$884,000 or 15% due primarily to delays in shipping caused by supply chain disruption and delays in obtaining export licenses for international shipments. Backlog as of March 31, 2023 was $1.6 million higher than the prior year period due primarilywhich underscores to lower sales at our T&M segment. T&M revenues were negatively impacted by general economic and global uncertainties which delayed capital expenditure decisions for our product portfolios by our customers specifically in the miliary and aerospace sectors. Additionally, RBS revenues were down from the prior year period 13.5% due to lower services revenues which are largely impacted by timing of projects.

 

Gross Profit (in thousands)

 strong customer demand and bookings for our products.

 

Consolidated gross profit declined 34.2$560,000 or 16% due primarily to lower sales at our T&M segment. The T&M gross profit margin declined from the prior year due tovolumes which resulted in lower absorption of fixed manufacturing labor and overhead costs and, to a lesser extent, increasing component costs due to supply chain disruption. The impact of increasing component costs was partially offset by price increases to our productsand overhead costs.

 

Operating Expenses (in thousands)

 

 

18

 

   Three months ended March 31, 
   Operating Expenses   % of Revenue   Change 
   2023   2022   2023   2022   Amount   Pct. 
Research and development  $409   $495    7.9%   8.2%  $(86)   -17.4%
Sales and marketing   1,040    994    20.1%   16.4%   46    4.6%
General and administrative   2,881    2,797    55.7%   46.2%   84    3.0%
Total operating expenses  $4,330   $4,286    83.7%   70.7%  $44    1.0%

 

Research and development expenses decreased 11declined 17.7% from the prior year4% due primarily to lower headcount and third party research and development expenses, lower headcountconsulting expenses due to allocations of RBS headcount to costs of revenues and favorable foreign exchange impact due to the weakening of the GBP against the U.S. dollaras compared to the prior year.

 

Sales and marketing expenses decreased 8increased 4.4%6% from the prior year period due primarily to lower external commissions expense on lower revenue, lower marketing expenses and favorable foreign exchange impact due to the weakening of the GBP against the U.S. dollar. This washigher headcount compared to the prior year partially offset by higher headcount related expenseslower commissions expense.

 

General and administrative expenses increased 12.0% due primarily to expenses related to our strategic initiatives process and higher stock compensation expense which were only partially offset by lower intangible asset amortization expense as CommAgility intangible assets were fully amortized and favorable foreign exchange impact due to the weakening of the GBP against the U.S. dollar.

 

The loss on change in contingent consideration of $1.0 million recorded in the prior year period was related to an upward adjustment of the Holzworth earnout due to better than expected results for fiscal year 2021.

 

Other Income/(Expense)

 

Other expense increased $66,000 due primarily to foreign exchange losses on transactions denominated in currencies other than our functional currencies.

 

Interest Expense/(Income)

 

Consolidated interest expense decreased $383,000 due to the termination of our Term Loan Facility and Credit Facility on March 1, 2022.

 

Taxes

 

Consolidated tax benefit decreased $914,000 from the prior year period due to a higher estimated taxable loss from continuing operations in the prior year as well as a lower effective tax rate in the current year.

 

Net loss from continuing operations

 

Consolidated net loss from continuing operations was $2.3 million for the three months ended September 30, 2022 as compared to a net loss of $1.2 million in the same period in the prior year due primarily to lower consolidated gross profit driven by lower T&M revenues and a lower tax benefit only partially offset by lower operating expenses.

 

Net income from discontinued operations, net of tax

 

Net income from discontinued operations of $87,000 in the three months ended September 30, 2022 is comprised of the working capital settlement of $225,000 received in the third quarter offset by an adjustment to increase the net assets of Microlab which were disposed in the first quarter of 2022 in the amount of $138,000. The adjustment to Microlab net assets reduced the overall gain recognized on the divestiture. Net income from discontinued operations, net of tax in the three months ended September 30, 2021 is comprised of the results of Microlab of $1.6 million, net of tax provision of $546,000.

 

19

 

 

Nine Months Ended September 30, 2022 Compared with Nine Months Ended September 30, 2021

 

Net Revenues (in thousands)

 

 

Net consolidated revenues decreased 18.6% due primarily to lower sales of our digital signal processing cards and lower software sales at our RBS segment. The lower digital signal processing revenue is due to the reduction in use of our hardware in our formerly largest customer’s product. The lower software revenue is the result, in part, of more volatile quarter to quarter revenue recognition patterns due to the timing, delivery and complexity of RBS projects. T&M revenues decreased 6.9% due to general economic and global uncertainties which delayed customer capital expenditures for our product portfolios specifically in the military and aerospace sectors.

 

Gross Profit (in thousands)

 

 

Consolidated gross profit declined 21.4% due to lower sales at our RBS segment. T&M gross profit margin decreased marginally due to lower absorption of fixed manufacturing labor and overhead costs as well as higher component costs due to supply chain disruption.

 

Operating Expenses (in thousands)

 

 

Research and development expenses decreased 7.1% from the prior year period due primarly to lower third party research and development expenses, lower headcount costs at our RBS segment due to allocations to customer projects and favorable foreign exchange impact due to the weakening of the GBP against the U.S. dollar.

 

Sales and marketing expenses marginally increased from the prior year period as lower internal and external commissions were offset by higher headcount related expenses and favorable foreign exchange impact due to the weakening of the GBP against the U.S. dollar.

 

20

 

 

General and administrative expenses increased 9.4% from the prior year period due primarily to 3.0% from the prior year period due primarily to higher accrued severance expenses related toassociated with our strategic initiatives processan employee separation and higher stock compensation expense which were onlylegal expenses partially offset by lower intangible asset amortizationstock compensation expense as CommAgility intangible assets were fully amortized and favorable foreign exchange impact due to the weakening of the GBP against the U.S. dollar.

 

The loss on change in contingent consideration of $1.0 million recorded in the prior year period was related to an upward adjustment of the Holzworth earnout due to better than expected results for fiscal year 2021and various other reductions in administrative expenses as compared to the prior year.

 

Gain/(loss)Loss on Extinguishment of Debt

 

The gain on extinguishment of debt in 2021 represents the forgiveness of the PPP loan. The loss on extinguishment of debt in 2022the is related toprior year represents the write off of unamortized debt costs associated with our Term Loan Facility with Muzinich BDC and Credit Facility with Bank of America N.A. which were repaid in full and terminated on March 1, 2022.

 

Other Income/(Expense)

 

Other income increased $589,000 from the prior year primarily due to higher sublease income because of our sublease arrangement with RF Industries Ltd. offset by higher foreign exchange losses on transactions denominated in currencies other than our functional currencieswhich was partially offset partially by lower gains on sales of assets.

 

Interest Income/(Expense )

 

Consolidated interest Interest income in the three months ended March 31, 2023 is due to interest received on our cash balance. Interest expense decreased $788,000in the prior year period is due primarily to the termination ofto our Term Loan Facility and Credit Facilitythen outstanding term loan which was repaid on March 1, 2022.

 

Taxes

 

Consolidated tax benefit increaseddecreased $150694,000 from the prior year period due to a higher estimated taxable lossincome from continuing operations before taxesin the current year.

 

Net income/(loss) from continuing operations

 

Consolidated net loss from continuing operations for the nine months ended September 30, 2022 was $5.0 million as compared to a net loss of $738,000 for the same period infirst quarter 2023 increased $145,000 from the prior year. The loss from continuing operations in 2022 is primarily the result ofdue to lower gross profit driven by lower revenuessales volumes and a lower gross margin, and atax benefit only partially offset by interest income in the current year and the loss on extinguishment of debt. Additionally, in the prior year period included a $2.0 million gain on the extinguishment of our PPP loan.

 

Net income from discontinued operations, net of tax

 

Net income from discontinued operations, net of tax forin the nine months ended September 30,first quarter of 2022 is comprised of the pre divestiture net income of Microlab of $158,000 and the net gain on sale of Microlab of approximately $16.54 million net of tax provision of approximately $54.09 million and net loss of CommAgility net of tax of $677,000.

 

Net income from discontinued operations, net of tax for the nine months ended September 30, 2021 is comprised of the results of Microlab of $2.9 million net of tax provision of $1.0 million.

15

 

 

LIQUIDITY AND CAPITAL RESOURCES

 

On March 1, 2022, the Company completed the divestiture of Microlab and received net proceeds of $22.8 million, of which, the Company used approximately $4.1 million and $600,000 to repay in full and terminate the Muzinich Term Loan Facility and Bank of America Credit Facility, respectively. As of March 31, 2022, the Company’s only debt obligation was the CIBLS loan in the U.K. which has an outstanding principal balance of $329,000 as of March 31, 2022 and is more fully described in Note 4 of the consolidated financial statements. The Company repaid in full the CIBLS loan on May 30,2022 and as of September 30, 2022 had zero debt obligations. In July, the Company received the final purchase price adjustment related to the Microlab transaction of $225,000 representing the final working capital adjustment.

 

21

 

 

As of September 30, 2022, our consolidated cash balance was approximately $10As of March 31, 2023 our consolidated cash balance was approximately $19.7 million6 million. Our cash is disbursed amongst three operating accounts, a liquid money market account and a liquid overnight investment account which is fully insured by the Federal Deposit Insurance Corporation (“FDIC”). Our cash balances in the operating accounts and the money market account at times may exceed FDIC limits. We expect our cash balance and cash generated from operations will be sufficient to meet our liquidity needs for at least the next twelve months. Our ability to meet our cash requirements will depend on our ability to generate cash in the future, which is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control, including the fact that the Company will no longer benefit from the performance of the Microlab brand which historically accounted for a substantial portion of our consolidated revenue and that we will be entirely dependent on the RBS and T&M segments.

 

The Microlab divestiture willTransaction was be treated as a sale of the assets and liabilities of Microlab to RF Industries for U.S. federal and applicable state income tax purposes and resulted in a net taxable gain. The Company has approximately $14.9 millionCommAgility Transaction was treated as a sale of stock for U.S. federal net operatingand applicable state income tax purposes and resulted in a net taxable loss carryforwards and. We utilized approximately $419.2 million of New Jersey state net operating loss carryforwards as of December 31, 2021. We expect to utilize in 2022 all8 million of our federal net operating loss carryforwards and approximately 50%$8.0 million of our New Jersey state net operating loss carryforwards to offset the net taxable gain generated from the Microlab divestiture. Accordingly, in the future2022 divestitures. As of December 31, 2022, after utilization of the net operating loss carryforwards, the Company couldhas be subject to cash income taxes which is expected to reduce our liquidity. Additionally, CommAgility benefits from a research$5.2 million in U.S. federal net operating loss carryforwards and development deduction which significantly reduces the cash needed to pay taxes in the UK$33.3 million in New Jersey state net operating loss carryforwards.

 

The Company currently is pursuing possible strategic opportunities, including potential divestitures, acquisitions, mergers, or other activities, which may require significant use of the Company’s capital resources. The Company may incur costs as a result of such activities and such activities may affect the Company’s liquidity in future periods.

 

Operating Activities

 

Cash used by operating activities increaseddecreased $82.26 million from the prior year period primarily due to the loss from operations in the current year as well as an increase ina lower working capital of $3.9investment resulting million. The increase in working capital was due primarily to an increase in accounts receivable driven by lower accounts receivable balances at December 31, 2021 and an increase in number of days sales outstanding in the current year. Also contributing to the increase in working capital are higher inventory stocking levels of hard to procure components and lower accrued expenses due to lower bonus accruals and commissionsfrom increased accounts payable and decreased accounts receivable.

 

Investing Activities

 

Cash used by investing activities in the current quarter was $25,000 due to capital expenditures. Prior year cash provided by investing activities increasedof $22.4 million included $22.8 million from the prior year period due to the net proceeds received related to the Microlabof proceeds from the divestiture of $23.0 millionMicrolab.

 

Financing Activities

 

Cash used by financing activities increaseddecreased $4.40 million from the prior year period due primarily to the full repayment of the Muzinich Term Loan Facility on March 1, 2022, share repurchases of $2.5 million in the second quarter of 2022 and an increase in contingent consideration payments related to the Holzworth earnout.

.

 

Off-Balance Sheet Arrangements

 

Other than contractual obligations incurred in the normal course of business, the Company does not have any off-balance sheet arrangements.

 

Critical Accounting Policies

 

There have been no changes in our critical accounting policies other than adoption of ASU 2016-13 or significant accounting estimates as disclosed in our 20212022 Form 10-K.

 

2216

 

 

Forward Looking Statements

 

The statements contained in this Quarterly Report on Form 10-Q that are not historical facts, including, without limitation, some of the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements about our expectations that our existing cash balance and cash generated by operations will be sufficient to meet our liquidity needs for at least the next twelve months. Investors are cautioned that such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results, including, among others, the ongoing impact that the conflict in Ukraine and related sanctions have had and may continue to have on our business, supply chain, transportation costs, and our backlog; the impact that the evolving COVID-19 pandemicinflation has had and mayis expected to continue to have on our supply chain, human capital and the general economy in the future; the impact of inflation on our business and the economy in general, our dependency on capital spending on data and communication networks by our customers and end users; our dependency on the deployment of 4G LTE and 5G NR private networks and related services which in some cases has been and may continue to be delayed because of supply chain and labor shortages, inflation, the Ukraine crisis, COVID-19 and economic uncertainty in general, including a potential recession, among other thingswireless test equipment by our customers and end users; the impact of the loss of any significant customers; the ability of our management to successfully implement our evolving business plan including our strategic initiatives process; the impact of competitive products and pricing; our abilities to protect our intellectual property rights and our ability to manage risks related to our information technology and cyber security as well as other risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 20212022. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

 

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

 

Not applicable.

 

ITEM 4. Controls and Procedures

 

(a) Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, as of the end of the period covered by this report, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended. Our disclosure controls and procedures are designed to ensure that the information required to be included in our Securities and Exchange Commission (“SEC”) reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that the information relating to Wireless Telecom Group, Inc., including our consolidated subsidiaries, is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of the period covered by this report, our disclosure controls and procedures are effective.

 

(b) Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during the ninethree months ended September 30March 31, 20222023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, as described in our 20212022 Annual Report on Form 10-K.

 

2317

 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

No material changes in the quarter.

 

Item 1A. Risk FactorsItem 1A. Risk Factors

 

The Federal debt ceiling negotiations may introduce additional volatility in the U.S. economy

 

The U.S. government is expected to hit its debt ceiling in June 2023. Protracted negotiations concerning the debt ceiling, the government’s failure or expected failure to raise the ceiling, or the possibility of a government shutdown, including the risk of a U.S. credit rating downgrade or default, may introduce additional volatility in the U.S. economy. This may cause disruptions in the financial markets, impact interest rates, and result in other potential unforeseen consequences. In such an event, our liquidity, financial condition and results of operations may be materially and adversely affected.

 

There have been no other material changes in our risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form10-K for the year ended December 31, 20212022.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults upon Senior Securities

 

None.

 

Item 4. Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit

Number

 Exhibit Description
3.1  Restated Certificate of Incorporation of Wireless Telecom Group, Inc. (incorporated herein by reference to Exhibit 3.1 to Wireless Telecom Group Inc.’s Annual Report on Form 10-K/A filed on April 22, 2005, Commission File No. 1-11916)
    
3.2  Amended and Restated By-laws, as amended on April 7, 2020 (incorporated by reference to Exhibit 3.2 to our Quarterly Report on Form 10-Q filed with the SEC on May 13, 2020, Commission File No. 001-11916)
    
10.1  Sixth Amendment to Lease (incorporated by reference to Exhibit 10.1 to our Form 8-K filed with the SEC on April 3, 2023).
    
10.2  Ratification of Assignment and Assumption of Sublease and Amendment to Sublease (incorporated by reference to Exhibit 10.1 to our Form 8-K filed with the SEC on April 3, 2023)
    
10.3  Confidential Separation Agreement and General Release by and between Alfred Rodriguez and Wireless Telecom Group, Inc.
    
10.4  Amended Employment Letter Agreement, dated January 31, 2022, between Wireless Telecom Group, Inc. and Daniel Monopoli (incorporated by reference to Exhibit 10.45 to our Current Report on Form 10-K filed with the SEC on March 17, 2022, Commission File No. 001-11916)
    
10.5  Amended Employment Letter Agreement, dated January 31, 2022, between Wireless Telecom Group, Inc. and Alfred Rodriguez (incorporated by reference to Exhibit 10.44 to our Current Report on Form 10-K filed with the SEC on March 17, 2022, Commission File No. 001-11916)
    
10.6  Sublease Agreement dated as of December 16, 2021, by and between Boonton Electronics Corp. and RF Industries Ltd (incorporated by reference to Exhibit 10.6 to our Current Report on Form 10-Q filed with the SEC on May 11, 2022, Commission File No. 001-11916).
    
31.1  Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
    
31.2  Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
    
32.1  Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
    
32.2  Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
    
101**  The following financial information from Wireless Telecom Group, Inc.’s Quarterly Report on Form 10-Q for the three months ended March 31,2021, filed on May 13, 2021, formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income/(Loss), (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Statements of Shareholders’ Equity, and (v) the Notes to the Consolidated Financial Statements.
    
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

 

** Furnished herewith.

 

2418

 

 

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.

 

  WIRELESS TELECOM GROUP, INC.
   
Dated: November 14May 15, 20222023  
  By: /s/ Timothy Whelan
    Timothy Whelan
    Chief Executive Officer
   
Dated: November 14May 15, 20222023  
  By: /s/ Michael Kandell
    Michael Kandell
    Chief Financial Officer

 

2519

 

 

Exhibit 10.3

 

CONFIDENTIAL SEPARATION Agreement and GENERAL Release

 

This Confidential Separation Agreement and General Release (“Agreement”) is made and entered by and between Alfred Rodriguez (the “Employee”) and Wireless Telecom Group, Inc. and its subsidiaries (the “Company”). Employee and the Company, together, may be referred to herein as the “Parties”.

 

WHEREAS, the Company finds it necessary to terminate Employee’s at-will employment; and

 

WHEREAS, the Company and Employee wish to confirm the terms of Employee’s separation from employment and to settle, release and discharge, with prejudice, any and all claims, causes of action or disputes Employee has or may have against any of the Releasees (defined in Section 5(a) below), including but not limited to those arising or which may be arising out of his/her employment with the Company and/or his/her separation from that employment;

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the legal sufficiency of which is hereby acknowledged, the Company and Employee do hereby agree as follows:

 

1. Separation from Employment. Employee’s at-will employment with the Company ends on April 1, 2023 (his/her “Separation Date”). Employee understands that, following his/her Separation Date, he/she will have no right to any salary or employee benefits provided by the Company under any health benefit, stock options, bonus, incentive compensation, profit sharing or other employee benefit plans and the receipt of benefits hereunder will not extend his/her service date. Similarly, Employee acknowledges that, as of the Separation Date, his/her duties and obligations to the Company will be extinguished with the exception of his/her duties and obligations to continue to protect the Company’s confidential and proprietary information and those duties and obligations otherwise stated herein.

 

2. Review and Revocation Periods; Effective Date. Employee understands that he/she has a period of twenty-one (21) calendar days from his/her receipt of this Agreement to consider the terms and conditions of this Agreement, except that if the last day of this period falls on a Saturday, Sunday, or holiday observed by the Company, Employee shall have until the close of business on the next immediate business day (the “Review Period”). Employee may accept this Agreement by fully signing, notarizing, and returning it to Michelle Lutkowski, Director of Human Resources, Wireless Telecom Group, Inc., 25 Eastmans Road, Parsippany, New Jersey 07054, by no later than 5:00 p.m. on the last day of his/her Review Period (“Agreement and Release Return Date”). By signing this Agreement, Employee expressly acknowledges and agrees that (a) he/she has had up to twenty-one (21) calendar days to carefully read and fully consider the terms of this Agreement and that he/she understands he/she can use as much of the Review Period or all of the Review Period before signing this Agreement; (b) to the extent that he/she signs this Agreement prior to the expiration of the Review Period, he/she is voluntarily and knowingly waiving the balance of the Review Period; (c) he/she has been advised in writing to discuss this Agreement with an attorney before signing it and the time afforded him/her provided him/her a full and fair opportunity to do so; (d) he/she has consulted an attorney or knowingly waived the right to do so before signing this Agreement; (e) he/she has carefully read this Agreement and fully understands the terms and information stated therein; (f) he/she is physically and emotionally competent and of sound mind to execute this Agreement; and (g) he/she is knowingly and voluntarily signing this Agreement of his/her own free will, act, and deed. He/she warrants that he/she has made such investigation of the facts pertaining to this Agreement and all matters contained herein as he/she deems necessary, desirable, and appropriate, and agrees that the Release provided for herein shall remain in all respects effective and enforceable and not subject to termination or rescission by reason of any later discovery of new, different, or additional facts. Employee understands that he/she has an additional period of seven (7) calendar days after he/she signs this Agreement to revoke his/her acceptance of this Agreement by sending written notice of his/her revocation of this Agreement to the Company’s Director of Human Resources at the address set forth above, except that if the seventh (7th) calendar day after Employee signs this Agreement falls on a Saturday, Sunday, or legal holiday, he/she will have until the close of business on the next immediate business day (the “Revocation Period”). Employee agrees that this Agreement shall become fully effective and enforceable on the first calendar day following the expiration of the Revocation Period, provided he/she does not first timely provide a notice of revocation to the Company (the “Effective Date”). Employee understands that if he/she does not sign this Agreement and return it to the Company by the end of his/her Review Period, or if he/she exercises his/her right to revoke this Agreement, he/she will not be entitled to receive the Severance Payments and other benefits described below in Section 3, and the terms of this Agreement shall be deemed null and void.

 

 

 

 

3. Payment and Benefits to Employee in Exchange for Release. In exchange for and in consideration of Employee’s promises as set forth in this Agreement, and contingent upon the Company’s receipt of a signed and effective original and its Effective Date, the Company agrees to provide Employee with the following payment and other benefits on behalf of all Releasees:

 

(a) The Company will pay Employee, as severance, nine (9) months of base salary continuation at his base salary rate in effect as of the Separation Date in the total gross amount of $195,000.00, less all applicable income and employment taxes and other required or elected withholdings (the “Salary Continuation Payments”). Payment of the Salary Continuation Payments will commence with the first pay date following the expiration of the Review Period (the “Applicable Pay Date”). Also on the Applicable Pay Date, the Company will pay Employee the lump sum amount of $112,500.00 representing a payment in full satisfaction of Employee’s fiscal 2023 annual bonus opportunity (together with the Salary Continuation Payments, the “Severance Payments”). In addition, also on the Applicable Pay Date, the Company will pay Employee for accrued but unused vacation time as of his/her Separation Date in the approximate amount of $4,333.75. The post-employment treatment of each equity incentive award previously granted to Employee that remains outstanding as of the Separation Date shall be governed exclusively by the written terms of such award.

 

(b) To the extent Employee is eligible for and timely elects COBRA continuation coverage in accordance with the Company’s COBRA healthcare continuation coverage policies for group medical, dental, and vision coverage (but not any flexible spending account) and continues to pay the premiums for such plans at the active monthly rate applicable to the health coverage in effect for active employees (the “Active Rate”), the Company will pay, on his/her behalf and for a period equal to the lesser of (i) the initial nine (9) months of COBRA healthcare continuation coverage or (ii) the period during which the Employee is eligible to continue COBRA healthcare continuation coverage (the “COBRA Subsidy Period”), an amount equal to the portion of his/her COBRA healthcare continuation coverage premium for such plans that exceeds the Active Rate based upon the type of coverage Employee elected prior to his/her Separation Date, subject to all applicable taxes (the “COBRA Subsidy”).

 

i. Employee understands that if he/she does not elect healthcare continuation coverage pursuant to COBRA or chooses to reduce his/her coverage level pursuant to COBRA, he/she will not receive the cash equivalent of the Company’s share of the premium, or any difference in the Company’s share of the premium between his/her election prior to termination and his/her COBRA election.

 

ii. Employee also understands that if he/she remains eligible for COBRA healthcare continuation coverage after the month when the COBRA Subsidy is in effect, he/she will be responsible to pay the full premiums with respect to such coverage at the COBRA rate. He/she understands and agrees that the Company has and will have no obligation to make any payments toward COBRA healthcare continuation coverage for him/her and his/her eligible dependents beyond the COBRA Subsidy Period and that the COBRA Subsidy will not extend the period of his/her eligibility or the eligibility of his/her dependents for healthcare continuation coverage under COBRA.

 

2

 

 

(c) Employee agrees that the Severance Payments and COBRA Subsidy described in Sections 3(a) and (b) of this Agreement constitute good and adequate consideration in exchange for his/her promises and releases herein and are in addition to anything of value to which he/she is presently entitled by virtue of his/her employment with the Company and any of the Releasees’ policies, practices, plans, or prior understandings with him/her regarding compensation, vacation, bonuses, severance, on-call time, paid time off, commissions, incentive compensation stock options, offer letters, or any other fringe benefit plan, program, policy, or practice.

 

4. Receipt of All Prior Pay and Benefits Due; No Injuries. Employee agrees that he/she has previously reported to the Company all of his/her hours worked and that, as of the date he/she signs this Agreement, the Company does not owe Employee any further compensation, remuneration, overtime payments, bonuses, incentives, benefits, severance, commissions, or other employment payments of any kind whatsoever. In the event Employee has any Incentive Stock Options that vested prior to the Separation Date, Employee should refer to his/her Incentive Stock Option Agreement for specific instructions and details regarding any such “vested” Incentive Stock Options. Finally, Employee warrants that he/she has not suffered any work-related injuries, has not contracted any known occupational diseases, and has been provided all family, medical, and other benefits to which he/she was ever entitled.

 

5. Release of Claims and Covenant Not to Sue.

 

(a) In exchange for the Company providing Employee with the payment and benefits described above, Employee, on his/her own behalf and on behalf his/her heirs, executors, personal representatives, administrators and assigns (hereinafter collectively referred to as the “Releasers”), forever releases and discharges the Company and all of its parent corporations, subsidiaries, divisions, affiliated entities, predecessors, successors and assigns (including Wireless Telecom Group, Inc., Noise Com, Inc., Boonton Electronics Corp., Microlab/FXR, Wireless Telecom Group LTD, and CommAgility Limited LTD), all of its and their employee benefit and/or pension plans or funds, and all of its and their past and present officers, directors, stockholders, agents, trustees, administrators, employees, managers, attorneys, insurers, reinsurers, contractors and assigns (whether acting as agents for such entities or in their individual capacities) (hereinafter collectively referred to as “Releasees”), from any and all claims, demands, causes of action, fees and liabilities of any kind whatsoever (based upon any legal or equitable theory, whether contractual, common-law, statutory, federal, state, local or otherwise), whether known or unknown, which Employee ever had, now has, or may have against Releasees by reason of any actual or alleged act, omission, transaction, practice, conduct, occurrence or other matter up to and including the Effective Date of this Agreement.

 

i. Without limiting the generality of the foregoing, this Agreement is intended to and shall release the Releasees from any and all waivable claims arising out of or alleged to be arising out of and in any way concerning Employee’s employment with the Company, the terms, conditions, and privileges of that employment, the termination of that employment and/or any and all violations and/or alleged violations of any federal, state and local fair employment practices or other laws by any of the Releasees for any reason and under any legal theory including but not limited to the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act (“OWBPA”), Title VII of the Civil Rights Act of 1964 (“Title VII”), the Genetic Information Nondiscrimination Act of 2008 (“GINA”), the Worker Adjustment and Retraining Notification Act (“WARN”), the Occupational Safety and Health Act (“OSHA”), the Americans with Disabilities Act (“ADA”), the Employee Retirement Income Security of 1974, (“ERISA”), the National Labor Relations Act (“NLRA”), the Labor Management Relations Act (“LMRA”), the Fair Labor Standards Act (“FLSA”), the Family and Medical Leave Act (“FMLA”), the Uniformed Services Employment and Reemployment Act (“USERRA”), the Fair Credit Reporting Act (“FCRA”), the Equal Pay Act of 1963 (the “EPA”), 42 U.S.C. §§ 1981, 1985 and 1988, the Lilly Ledbetter Fair Pay Act, the Civil Rights Act of 1991, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall-Street Reform and Consumer Protection Act, the New Jersey Law Against Discrimination (“NJLAD”), the New Jersey Conscientious Employee Protection Act (“CEPA”), the New Jersey Fair Credit Reporting Act (“NJFCRA”), the New Jersey Wage and Hour Law, the New Jersey Wage Payment Law, the New Jersey Family Leave Act, the New Jersey Security and Financial Empowerment Act, the anti-retaliation/anti-discrimination provisions of the New Jersey Workers’ Compensation Act, the New Jersey Temporary Disability Benefits and Family Leave Insurance Law, the New Jersey Discrimination in Wages Law, the New Jersey Millville Dallas Airmotive Plant Job Loss Notification Act, the New Jersey Civil Rights Act, all as amended, the United States Constitution, the New Jersey Constitution, and any other federal, state or local laws against discrimination or retaliation or relating to employment, protection of whistleblowers, wages, hours, or any other terms and conditions of employment.

 

3

 

 

ii. Employee also forever waives and releases all claims, whether accrued or unaccrued, real or perceived, liquidated or contingent, or known or unknown, for breach of implied or express contract (including without limitation any claim for breach of any employment agreement or any claim under Employee’s at-will offer letter dated as of July 15, 2020, as amended by that letter agreement dated January 31, 2022), breach of promise, breach of the covenant of good faith and fair dealing, fraud, misrepresentation, negligence, estoppel, defamation, intentional infliction of emotional distress, violation of public policy, wrongful, retaliatory or constructive discharge, or any other claim or tort arising under any federal, state or local law, statute, rule, regulation, ordinance, judicial decision and/or the United States or New Jersey constitutions, including any and all claims arising out of the terms and conditions of Employee’s employment, the termination of such employment, the benefits and attributes of that employment, any of the events relating directly or indirectly to or surrounding that termination, and all claims for attorneys’ fees, costs, disbursements and/or the like.

 

(b) Employee represents and warrants that: (i) he/she is the lawful owner of all claims released through this Agreement; (ii) he/she has the beneficial interest in the payment and benefits that he/she will receive under this Agreement; (iii) he/she has not assigned, and will not assign, any interest in any claim released through this Agreement; (iv) he/she has not filed, and is not and has not been subject to, a voluntary or involuntary bankruptcy petition in the past three (3) years; (v) he/she is not a debtor in any pending bankruptcy case; (vi) no receiver, bankruptcy trustee or other third party may assert a right to any claim released through this Agreement or the payment tendered or to be tendered under this Agreement. Employee agrees that the foregoing representations and warranties shall survive the execution, performance and consummation or termination of this Agreement.

 

(c) Employee warrants that he/she has not filed or initiated any complaint, charge, arbitration demand, grievance and/or administrative action against any of the Releasees in any federal, state or local court, in any administrative agency, or with any arbitration panel. He/she further agrees not to file any claim or lawsuit against any of the Releasees in any federal, state or local court concerning any claim, demand or cause of action released through this Agreement and not specifically excluded in Section 6 below. Should Employee file a lawsuit or commence an arbitration proceeding against the Releasees with any court or arbitration panel regarding any claim that is waived above and not excluded in Section 6 below, he/she agrees that he/she will be responsible to pay the legal fees and costs incurred by the Releasees in defending such suit and nothing shall limit the Releasees’ rights to obtain restitution, repayment, recoupment or set off of any monies paid to Employee under this Agreement.

 

6. Exclusions from Release of Claims and Covenant Not to Sue. Employee understands that this Agreement, including his/her release set forth in Section 5 above, the confidentiality and non-disparagement provisions of Section 7 below and the cooperation provisions of Section 8 below: (a) does not limit his/her right to bring any action to enforce the terms of this Agreement; (b) does not waive his/her right to purchase or continue to purchase continuation health benefits coverage to the extent he/she and his/her eligible dependents are eligible for such coverage under law; (c) does not prohibit him/her from filing a charge, communicating, cooperating with or participating in any proceeding with the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration (“OSHA”), the Securities and Exchange Commission (“SEC”) or any similar federal, state or local board or agency, although Employee does waive his/her right to receive or recover any damages or other monetary relief that any such board or agency may pursue or obtain on his/her behalf based on any claim asserted in a filing or proceeding before such governmental board or agency, except where such waiver is prohibited by law and except that this Agreement does not limit Employee’s right to receive an award for information provided to a governmental agency as provided by law; (d) does not waive his/her vested rights in any 401(k) plan; and (e) does not prohibit him/her from filing any claim for governmental unemployment compensation benefits or from collecting any award of unemployment compensation benefits granted to him/her.

 

4

 

 

7. Continuing Protection of Confidential Information; Non-Disparagement; and Return of Company Property.

 

(a) Employee warrants that he/she has not used or disclosed any confidential or proprietary information belonging to the Company, except as permitted in connection with his/her performance of his/her job duties during his/her employment. Employee also agrees that he/she has not and will not, at any time, engage in any conduct that is injurious to Releasees’ reputation or interest, including but not limited to (i) divulging, communicating, or in any way making use of confidential information and/or intellectual property acquired or disclosed to him/her in the performance of his/her employment duties with the Company for him/herself or any third party; and (ii) publicly disparaging (or inducing or encouraging others to publicly disparage) any of the Releasees. Employee agrees that, as of the date he/she signs this Agreement, he/she will return, by no later than two weeks after the Separation Date, to the Company all confidential and proprietary information and other property in his/her possession (including but not limited to identification badges, keys, keyfobs, access cards, computers and equipment, personal digital assistance, cellular telephones, documents, pricing, customer and supplier lists, personnel information, product information, electronic passwords, memoranda, marketing and sales information and/or files in whatever form, including any electronic data format, and that he/she has retained no copies of any such information. Employee further represents that he/she has reconciled to the Company’s satisfaction any outstanding amounts due to the Company on account of charges incurred by him/her prior to his/her Separation Date.

 

(b) Employee agrees that, to the extent he/she transferred any confidential information, intellectual property and/or other business information belonging to the Company and/or any of the Releasees onto any personal computer equipment, personal electronic storage devices, or any cloud or other file sharing service to which he/she has access, he/she has properly disposed of such materials after returning a complete, true copy of the same to the Company and has also fully deleted and otherwise appropriately removed all electronic copies of the same from his/her personal computer equipment, other electronic devices and any cloud or other file sharing services to which he/she has access in a manner reasonably performed to effectively prevent the disclosure of any sensitive personal data and/or other confidential information, intellectual property and/or other business information belonging to the Company. Company agrees that Employee can retain material from the 2022 CommAgility Strategic Analysis from vendors Mobile Experts and Analysis Mason.

 

(c) Pursuant to the federal Defend Trade Secrets Act of 2016, the Company notifies Employee as follows:

 

i. An individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.

 

5

 

 

ii. Further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer’s trade secrets to the attorney and use the trade secret information in the court proceeding if the individual: (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.

 

8. Cooperation; Response to Subpoenas.

 

(a) Employee will cooperate with the Company and all other Releasees and its/their counsel in connection with any investigation, administrative proceeding or litigation relating to any matter in which Employee was involved or of which Employee has knowledge. Employee agrees that such cooperation shall not, in any way, be construed as compensatory time and that he/she shall not be entitled to payment for the time spent in connection with the same; however, he/she will be reimbursed for all associated reasonable and necessary travel and parking expenses.

 

(b) Employee agrees that in the event he/she is subpoenaed by any person or entity (including, but not limited to, any government agency) to give testimony (in a deposition, court proceeding or otherwise) which in any way relates to Employee’s employment with the Company or any other Releasees, he/she will immediately give notice of such request to the Company’s Chief Financial Officer unless otherwise prohibited by law and will make a reasonable attempt to prevent any disclosure until the Company has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure. However, consistent with Section 6(c) above, nothing in this Agreement limits Employee’s ability to communicate with a government agency or participate in an investigation or proceeding that may be conducted by a government agency (including providing documents or other information), without notice to the Company.

 

9. Confidentiality. Employee agrees the terms and conditions of this Agreement are and shall be deemed to be confidential and shall not be disclosed by Employee to any person or entity without the Company’s prior written consent, except to the extent otherwise required or permitted by law. Notwithstanding the foregoing, Employee may disclose the terms of this Agreement to his/her accountants, attorneys, spouse or legal domestic partner (Employee’s “Confidants”), provided that the Confidants first agree to maintain the confidentiality of this Agreement. Employee further represents that he/she has not disclosed the terms and conditions of this Agreement to anyone other than his/her Confidants.

 

10. No Admission of Liability; No Future Employment. Employee understands that the making of this Agreement is not intended and shall not, in any way, be construed, as an admission that Releasees have violated any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract, or committed any wrong whatsoever against the Employee. Employee understands that, to the contrary, the Company maintains that all of the Releasees have treated him/her in a fair, lawful, non-discriminatory and non-retaliatory manner. Employee also acknowledges and agrees that the fact that the Company has entered into this Agreement does not make Employee a “prevailing party” or “successful party” under any law, statute, regulation, court rule, the common law or under any contractual provision. The Parties agree that this Agreement may only be used as evidence in a subsequent proceeding in which any of the Parties allege a breach of this Agreement. In order to avoid future disputes, Employee agrees that Employee is not eligible and will not apply for future employment with the Company.

 

11. Binding Nature. This Agreement is binding upon, and shall inure to the benefit of, the Parties and their respective heirs, executors, administrators, successors and assigns.

 

6

 

 

12. Governing Law and Venue. This Agreement shall in all respects be interpreted, enforced and governed under the laws of the State of New Jersey, exclusive of any choice of law rules. Any dispute regarding this Agreement shall be brought in, and the Parties consent to the exclusive personal jurisdiction of, the state and federal courts of the State of New Jersey (to the extent that subject matter jurisdiction exists).

 

13. Severability. The Parties agree that the terms of this Agreement are severable. If any provision of this Agreement shall be held by a court of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force and effect. However, the illegality or unenforceability of such provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Agreement; however, if the release within Section 5 of this Agreement is deemed illegal, void or unenforceable by a court of competent jurisdiction, Employee agrees either to return promptly to the Company the value of the Severance Payments and other benefits provided to him/her under this Agreement or to execute a release, waiver and/or covenant that is legal and enforceable. Further, if Employee seeks to challenge the validity of or otherwise vitiate this Agreement or any other provision thereof (including, without limitation, the terms of Section 5), Employee shall, as a precondition and subject to applicable law, be required to repay to the Company the value of the Severance Payments and other benefits provided to him/her under this Agreement. Finally, any breach by Employee of the terms of Sections 5, 7, 8 or 9 shall constitute a material breach of this Agreement as to which the Company may seek appropriate relief (including but not limited to repayment of the value of the benefits to him/her under this Agreement) in a court of competent jurisdiction.

 

14. No Reliance Upon Verbal Representations; Entire Agreement; Amendments. This Agreement constitutes the complete understanding between the Parties with respect to its subject matter and supersedes any and all agreements, understandings, and discussions, whether written or oral, between the Parties concerning its subject matter, except for any other confidentiality, non-disclosure, or other form of restrictive covenants agreement Employee may have entered at any time with the Company, which agreements Employee acknowledges and agrees shall remain in full force and effect. Employee agrees that no promises or inducements have been made to Employee to cause him/her to sign this Agreement other than those expressly provided for in this Agreement. Employee also understands and agrees that no other promises or agreements, and no amendments to this Agreement, shall be binding unless in writing and signed by the Parties to be bound thereby after the date that the Employee returns this Agreement, duly executed and acknowledged.

 

[Remainder of Page Intentionally Left Blank]

 

7

 

 

IN WITNESS WHEREOF, intending to be forever legally bound hereby, the Parties have executed this Agreement on the dates set forth below:

 

Wireless telecom group, inc. (d/b/a noise com)

 

By: /s/ Michelle Lutkowski   Date: 4/4/2023
  Michelle Lutkowski      
  Director of Human Resources      
         
By: /s/ Alfred Rodriquez   Date: 3/22/2023
  Alfred Rodriguez      

 

ACKNOWLEDGMENT

 

STATE OF NEW JERSEY   )
    :ss
COUNTY OF   )

 

On this _____ day of _______________________ 2023 before me personally came Alfred Rodriguez known and identified to me known to be the person described herein, who executed the foregoing Confidential Separation Agreement and General Release, duly acknowledging to me that he signed the same on his own free will, act and deed for the uses and purposes therein mentioned.

 

IN WITNESS WHEREOF, I have hereunto set my hand and seal at _____________ on the day and year aforesaid.

 

   
Notary Public’s Official Signature  
   
   
Commission Expiration  

 

8

 

 

Exhibit 31.1

  

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Timothy Whelan, certify that:

  

   1.I have reviewed this Quarterly Report on Form 10-Q of Wireless Telecom Group, 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 to 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 controls over financial reporting.

 

Dated: November 14May 15, 20222023

 

 

  By: /s/ Timothy Whelan
    Timothy Whelan
    Chief Executive Officer

  

 

 

 

Exhibit 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Michael Kandell, certify that:

 

   1. I have reviewed this Quarterly Report on Form 10-Q of Wireless Telecom Group, 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 to 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 controls over financial reporting.

 

Dated: November 14May 15, 20222023

 

 

  By: /s/ Michael Kandell
    Michael Kandell
    Chief Financial Officer

 

 

 

 

 

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

 

I, Timothy Whelan, Chief Executive Officer of Wireless Telecom Group, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

The Quarterly Report on Form 10-Q of the Company for the quarter ended September 30March 31, 20222023 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

 

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

 

Dated: November 14May 15, 20222023

  

  By: /s/ Timothy Whelan
    Timothy Whelan
    Chief Executive Officer

  


A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff on request.

 

 

 

 

 

 

 

Exhibit 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE 

  

I, Michael Kandell, Chief Financial Officer of Wireless Telecom Group, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

The Quarterly Report on Form 10-Q of the Company for the quarter ended September 30March 31, 20222023 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

 

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

 

Dated: November 14May 15, 20222023

  

  By: /s/ Michael Kandell
    Michael Kandell
 

 

Chief Financial Officer

  


A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff on request.

  

 

 

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