Any investments we make in our sales and marketing organization or research and development will occur in advance of experiencing any benefits from such investments, and the return on these investments may be lower than we expect. View the IOTS annual company financial performance report by date. The extent of the impact from the COVID-19 pandemic on our business will depend largely on future developments that are highly uncertain and cannot be predicted. This decrease was due primarily to decreased unit shipments of NVM products to Tier 1 customers along with a decrease in revenues from the S3 Semiconductors and Echelon businesses of $4.6 million.Impairment and Other Charges. Acquisition related expenses are those costs incurred as a result of the S3 Semiconductors and Echelon acquisitions and the proposed merger with Dialog Semiconductor plc and include bankingResearch and Development. We expect our gross margin to fluctuate over time depending on the factors described above.acquisitions, our business and operating results will depend on our ability to continually target new customers and retain existing customers that place large orders, particularly those in growth markets which are less dependent on macroeconomic conditions.fees, legal, accounting, and tax fees, and certain professional fees including costs related to the valuation of each acquisition.Cost of revenue decreased by $3.5 million, or 24%, during the three months ended March 31, 2020 as compared to the three months ended March 31, 2019.
Designs in the industrial market led the way and included wins for not only our DataFlash products, but also other product families. Amortization of intangible assets is the periodic expense related to the use of intangible assets created as a result of the acquisitions with respect to S3 Semiconductors, Echelon and Atmel Corporation. We generated 55% and 61% of our revenue from distributors in each of the three months ended March 31, 2020 and March 31, 2019, respectively. In recent years, we have invested in developing new flash memory products that are well suited for low-power, high-growth applications. Please wait while we load the requested 10-K report or click the link below:During the year ended December 31, 2018, cash used in operating activities was $17.7 million and was due primarily to a net loss of $21.4 million, the revaluation of the earn-out liability of $2.6 million, change in deferred taxes of $0.2 million and an increase in net assets and liabilities of $6.7 million partially offset by non-cash charges of $3.2 million for stock-based compensation expense, $2.4 million for depreciation and amortization, $3.9 million for amortization of intangible assets, $1.1 for the amortization of debt discount, and impairment and other losses of $2.7 million.© 2012 – 2020 Last10K.com All Rights ReservedLoading SEC Filing Financial Summary...This decrease was due to expenses and costs related to exiting the lighting business which was part of the Echelon acquisition.This increase was primarily due to an increase in personnel related expenses of $2.4 million, an increase in facilities related costs of $0.9 million, an increase in consulting expense of $0.7 million, and increase in travel and tradeshows of $0.6 million, an increase in accounting and tax services of $0.4 million, and an increase in third party rep commissions of $0.1 million.Within changes in working capital, changes in accounts receivable, inventory and accounts payable generally account for the largest adjustments, as we typically use more cash to fund accounts receivable and build inventory as our business grows.Adesto Technologies Corp provided additional information to their SEC Filing as exhibitsThis increase was due primarily to a higher percentage of our overall revenue being derived from our ASIC and Embedded products, which generally carry higher gross margins than our memory products.
Revenue from our next-generation NVM products were $13.7 million and $17.2 million for the three months ended March 31, 2020 and March 31, 2019, respectively.
It also has created and may continue to create significant uncertainty in the global economy. For financial reporting, their fiscal year ends on December 31st. We encourage you to read that section carefully.Research and Development. A. We also secured a number of design wins with new customers in the smart home market with our newly-released DataFlash-L family. Design wins with new and existing customers. This decrease was due primarily to a decrease in unit shipments of NVM products to Tier 1 customers offset by relatively stable expenses resulting from our S3 Semiconductors and Echelon businesses.For the three months ended March 31, 2020, our products were sold to more than 5,000 end customers. We have undertaken measures to protect our employees, partners, customers, and vendors. Other expense, net consists of foreign exchange gains and losses and the change in the fair value of the earn-out liability which was part of the S3 Semiconductors share purchase agreement.
Research and development expense decreased by $0.1 million, or 2%, during the three months ended March 31, 2020 as compared to the three months ended March 31, 2019.
There was no change in the amortization of intangible assets for the three months ended March 31, 2020 as compared to the three months ended March 31, 2019.We are a leading provider of innovative, application-specific semiconductors and embedded systems that provide the key building blocks of Internet of Things ("IOT") edge devices operating on networks worldwide. During the three months ended March 31, 2019 we recorded $1.7 million of impairment and other charges for inventory write-downs and additional warranty and other liabilities related to exiting the Echelon lighting business.The global COVID-19 pandemic has impacted the operations and purchasing decisions of companies worldwide. Forward-looking statements generally relate to future events or to our future financial or operating performance. (c) 1995-2020 Cybernet Data Systems, Inc. All Rights ReservedThree Months Ended March 31, Change 2020 2019 $ % Benefit from income taxes $ (103) $ (31) $ 72 232 %Forward-looking statements and factors that may affect future resultsThe following is a discussion and analysis of our financial condition and results of operations and should be read together with our condensed consolidated financial statements and related notes to condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes to audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. One end customer accounted for 10% or more of our revenue in 2019.
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adesto technologies annual report