<SEC-DOCUMENT>0000950170-23-064169.txt : 20231220
<SEC-HEADER>0000950170-23-064169.hdr.sgml : 20231220
<ACCEPTANCE-DATETIME>20231115160503
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950170-23-064169
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNIVERSAL DISPLAY CORP \PA\
		CENTRAL INDEX KEY:			0001005284
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS & ACCESSORIES [3670]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				232372688
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		250 PHILLIPS BOULEVARD
		CITY:			EWING
		STATE:			NJ
		ZIP:			08618
		BUSINESS PHONE:		6096710980

	MAIL ADDRESS:	
		STREET 1:		250 PHILLIPS BOULEVARD
		CITY:			EWING
		STATE:			NJ
		ZIP:			08618
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><img src="img205146299_0.jpg" alt="img205146299_0.jpg" style="width:165px;height:84px;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:11pt;font-family:'Calibri',sans-serif;min-width:fit-content;"><br></font><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:11pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Universal Display Corporation</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">250 Phillips Boulevard</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Ewing, NJ  08618</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">November 15, 2023</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">VIA EDGAR SUBMISSION</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">United States Securities and Exchange Commission</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Division of Corporation Finance</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Office of Manufacturing</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">100 F Street, NE</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Washington, DC  20549</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">		</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Re:	  </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Universal Display Corporation</font></p>
  <p style="margin-left:2.133%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Form 10-K for the Fiscal Year Ended December 31, 2022</font></p>
  <p style="margin-left:2.133%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Filed February 23, 2023</font></p>
  <p style="margin-left:2.133%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">File No. 001-12031							</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Dear Sir or Madam:</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">This letter sets forth the response of Universal Display Corporation (&#x201c;we,&#x201d; &#x201c;us,&#x201d; &#x201c;our&#x201d; or the &#x201c;Company&#x201d;) to the comments contained in your letter dated November 7, 2023, with respect to the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the &#x201c;Form 10-K&#x201d;).</font><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The comments of the Staff of the Commission (the &#x201c;Staff&#x201d;) are set forth in bold text below, and the Company&#x2019;s response is set forth in plain text immediately beneath each such comment.</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Form 10-K for the Fiscal Year Ended December 31, 2022</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Note 2. Summary of Significant Accounting Policies Goodwill and Purchased Intangible Assets, page F-12</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <div style="text-indent:0;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:12pt;font-family:Times New Roman;justify-content:flex-start;min-width:6.667%;">1.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">It appears that the second step of your goodwill impairment test policy is not consistent with the guidance outlined in ASC 350-20-35-8 and ASC 350-20-55-25. Please advise us if you have adopted ASU 2017-04 and, if not, how your historical accounting treatment would have been impacted had you appropriately applied such guidance.</font></div></div>
  <p style="margin-left:10%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <hr style="page-break-after:always;">
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">We have previously adopted ASU 2017-4 and will revise future filings to properly reflect the disclosure requirements consistent with the guidance outlined in ASC 350-20-35-8 and ASC 350-20-55-25. We plan to include the following disclosure in future filings:</font><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="margin-left:6.667%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#x201c;If after assessing the totality of events or circumstances as those described in the qualitative assessment, it is determined that it is more likely than not the fair value of a reporting unit is less than its carrying amount, then a quantitative goodwill impairment test will be performed. Under the quantitative test, the fair value of the reporting unit is compared to its carrying amount including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit would be considered not impaired. However, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss would be recognized in the amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit.&#x201d;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Since adoption of ASU 2017-4, we have consistently applied the qualitative assessment (&#x201c;Step 0&#x201d;) of whether it is more likely than not that goodwill is impaired. We determined under Step 0, in all of the years under consideration, that it was more likely than not that the fair value of the relevant reporting unit exceeded its carrying amount, rendering the quantitative goodwill impairment test unnecessary.</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Revenue Recognition and Deferred Revenue, page F-14</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <div style="text-indent:0;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:12pt;font-family:Times New Roman;justify-content:flex-start;min-width:6.667%;">2.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Your revenue recognition policy disclosures indicate that technology license agreements and material supply agreements are combined as a single performance obligation and recognized over the contract term. We further note that you allocate the total contract consideration under these agreements to material sales and royalty and licensing fees on the Consolidated Statements of Income based on contract pricing. Please explain to us your basis for separating a single performance obligation into multiple line items on your income statement and within your disaggregated revenue disclosures under ASC 606-10-50-5. In doing so, ensure you tell us and clarify your disclosures to specify if you have revenue arrangements that include just material sales or just royalties and license fees.</font></div></div>
  <p style="text-indent:-7.143%;padding-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">We respectfully refer the Staff to our previous response dated November 23, 2020, to the SEC Comment Letter dated October 19, 2020, in which we indicated that we consider our technology license agreements and material supply agreements to be a combined performance obligation, and as such, consider total consideration in the aggregate as our key decision variable when executing these contracts, not the various cash streams of which total consideration is composed. Of the total revenue recognized for the fiscal years of 2020, 2021 and 2022, ninety-seven percent (97%) was determined by contractual arrangements with our significant customers that include fees for both material sales and intellectual property in the form of royalty and license fees. The remaining revenue arrangements were composed of material sales or contract research services revenue from our subsidiary, Adesis, Inc., which provides support services to the pharmaceutical, biotechnology and other industries on a contractual basis for those third-party customers, and the Company&#x2019;s occasional material sale to less significant customers. None of the revenue recognized for the fiscal periods of 2020, 2021 or 2022 was solely for royalty and license fees.</font><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <hr style="page-break-after:always;">
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Also, as noted in our previous response dated November 23, 2020, since our Form 10-K filing for the year ended December 31, 2020, filed on February 18, 2021 we have disclosed disaggregated revenue information with respect to material sales and royalty and license fees in our Forms 10-K and 10-Q, which information we had disclosed only in our press releases and investor presentations prior to the SEC Comment Letter dated October 19, 2020.</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">In formulating this approach, which we have done with attention to ASC 606-10-50-5, we note that we include the disaggregated information in both our Forms 10-K and 10-Q, as well as our press releases and our investor presentations, in response to past requests for such information by users of our financial statements. However, our chief operating decision makers utilize aggregate consideration to be received from a given contract when deciding to enter those transactions and in evaluating strategic decisions, as well as when examining the financial performance of the Company. Distinctions between material and technology license streams will vary across customers and are not key decision factors when entering into contractual arrangements with our customers. However, in consideration of the continued use of this disaggregation of material sales and royalty and license fees by readers of our press releases and investor presentations, as well as those of the Forms 10-K and 10-Q, we continue to present this disaggregation.</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">We plan to include the following disclosure in future filings:</font><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
  <p style="margin-left:6.667%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:9.167%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#x201c;The vast majority of revenue attributed to material sales is determined through technology license agreements and material supply agreements that are jointly agreed upon with the Company&#x2019;s customers. The remaining revenue recognized is in the form of contract research services revenue earned by the Company&#x2019;s subsidiary, Adesis, Inc., and the Company&#x2019;s occasional material sale to less significant customers. None of the revenue recognized during the fiscal years 2020, 2021 or 2022 was solely from royalty or license fee arrangements that did not have material sales associated with it.&#x201d;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
