2020 Q2 Form 10-Q Financial Statement
#000091413920000045 Filed on May 15, 2020
Income Statement
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q1 |
|---|---|---|---|
| Revenue | $10.00K | ||
| YoY Change | -87.01% | ||
| Cost Of Revenue | $10.00K | ||
| YoY Change | -81.13% | ||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $2.328M | $5.495M | $2.156M |
| YoY Change | 25.77% | 154.87% | -27.58% |
| % of Gross Profit | |||
| Research & Development | $334.0K | ||
| YoY Change | -61.78% | ||
| % of Gross Profit | |||
| Depreciation & Amortization | $150.0K | $208.0K | $212.0K |
| YoY Change | -24.62% | -1.89% | -33.75% |
| % of Gross Profit | |||
| Operating Expenses | $2.328M | $5.495M | $2.490M |
| YoY Change | 25.77% | 120.68% | -35.34% |
| Operating Profit | -$2.328M | -$5.495M | -$2.490M |
| YoY Change | 25.77% | 120.68% | -34.94% |
| Interest Expense | $115.0K | $186.0K | $62.00K |
| YoY Change | 51.32% | 200.0% | 287.5% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$1.257M | -$2.426M | $396.0K |
| YoY Change | -534.95% | -712.63% | -185.53% |
| Pretax Income | -$3.585M | -$7.921M | -$2.094M |
| YoY Change | 129.51% | 278.27% | -51.19% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$3.585M | -$7.921M | -$2.094M |
| YoY Change | 129.51% | 278.27% | -51.19% |
| Net Earnings / Revenue | -20940.0% | ||
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$78.98K | -$206.7K | -$71.75K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 44.93M | 43.10M | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $543.0K | $173.0K | $375.0K |
| YoY Change | 761.9% | -53.87% | 368.75% |
| Cash & Equivalents | $543.0K | $173.0K | $375.0K |
| Short-Term Investments | |||
| Other Short-Term Assets | $25.00K | $112.0K | $10.00K |
| YoY Change | -96.36% | 1020.0% | -99.01% |
| Inventory | $84.00K | ||
| Prepaid Expenses | $569.0K | $627.0K | $526.0K |
| Receivables | $2.000K | ||
| Other Receivables | $0.00 | ||
| Total Short-Term Assets | $1.137M | $912.0K | $1.053M |
| YoY Change | 40.54% | -13.39% | -54.61% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $14.00K | $62.00K | $115.0K |
| YoY Change | -96.96% | -46.09% | -66.18% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | $2.447M | $3.725M | |
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $74.00K | $16.00K | $16.00K |
| YoY Change | 362.5% | 0.0% | -20.0% |
| Total Long-Term Assets | $2.535M | $3.044M | $4.321M |
| YoY Change | -33.59% | -29.55% | -16.26% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $1.137M | $912.0K | $1.053M |
| Total Long-Term Assets | $2.535M | $3.044M | $4.321M |
| Total Assets | $3.672M | $3.956M | $5.374M |
| YoY Change | -20.62% | -26.39% | -28.16% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $4.284M | $4.816M | $965.0K |
| YoY Change | 294.11% | 399.07% | 0.52% |
| Accrued Expenses | $1.236M | $1.407M | $1.634M |
| YoY Change | -37.8% | -13.89% | -25.05% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $122.0K | $121.0K | $1.677M |
| YoY Change | -93.69% | -92.78% | 319.25% |
| Total Short-Term Liabilities | $5.706M | $6.344M | $4.276M |
| YoY Change | 13.96% | 48.36% | 20.11% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $7.249M | $6.151M | $2.869M |
| YoY Change | 126.67% | 114.4% | 567.21% |
| Other Long-Term Liabilities | $130.0K | $27.74M | $25.51M |
| YoY Change | -99.48% | 8.73% | 55.45% |
| Total Long-Term Liabilities | $36.30M | $33.89M | $28.38M |
| YoY Change | 28.25% | 19.41% | 68.52% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $5.706M | $6.344M | $4.276M |
| Total Long-Term Liabilities | $36.30M | $33.89M | $28.38M |
| Total Liabilities | $42.01M | $40.23M | $32.65M |
| YoY Change | 26.1% | 23.2% | 60.07% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$413.3M | -$394.4M | |
| YoY Change | |||
| Common Stock | $375.0M | $431.0K | $365.7M |
| YoY Change | -99.88% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | -$38.33M | -$36.28M | -$27.28M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $3.672M | $3.956M | $5.374M |
| YoY Change | -20.62% | -26.39% | -28.16% |
Cashflow Statement
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$3.585M | -$7.921M | -$2.094M |
| YoY Change | 129.51% | 278.27% | -51.19% |
| Depreciation, Depletion And Amortization | $150.0K | $208.0K | $212.0K |
| YoY Change | -24.62% | -1.89% | -33.75% |
| Cash From Operating Activities | -$1.676M | -$1.301M | -$1.673M |
| YoY Change | 91.11% | -22.24% | -50.07% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$3.000K | $0.00 | -$8.000K |
| YoY Change | -66.67% | -100.0% | -260.0% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $0.00 | $14.00K |
| YoY Change | -100.0% | -100.0% | -30.0% |
| Cash From Investing Activities | -$3.000K | $0.00 | $6.000K |
| YoY Change | -100.0% | -60.0% | |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | $1.209M | $800.0K | |
| YoY Change | 51.13% | ||
| Cash From Financing Activities | 2.049M | 1.417M | 515.0K |
| YoY Change | 262.65% | 175.15% | -77.13% |
| NET CHANGE | |||
| Cash From Operating Activities | -1.676M | -1.301M | -1.673M |
| Cash From Investing Activities | -3.000K | 0.000 | 6.000K |
| Cash From Financing Activities | 2.049M | 1.417M | 515.0K |
| Net Change In Cash | 370.0K | 116.0K | -1.152M |
| YoY Change | -218.59% | -110.07% | 6.27% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$1.676M | -$1.301M | -$1.673M |
| Capital Expenditures | -$3.000K | $0.00 | -$8.000K |
| Free Cash Flow | -$1.673M | -$1.301M | -$1.665M |
| YoY Change | 92.74% | -21.86% | -50.39% |
Facts In Submission
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NatureOfOperations
|
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-weight:bold;font-size:12pt;"></font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-weight:bold;font-size:11pt;">1. Description of Business</font> </p> <p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-size:11pt;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-size:11pt;">ParkerVision, Inc. and its wholly-owned German subsidiary, ParkerVision GmbH (collectively “ParkerVision”, “we” or the “Company”) is </font><font style="display: inline;font-size:11pt;">in the business of innovating fundamental wireless technologies and products. </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-size:11pt;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-size:11pt;">We have designed and developed proprietary radio frequency (“</font><font style="display: inline;font-size:11pt;">RF</font><font style="display: inline;font-size:11pt;">”) technologies and integrated circuits for use in wireless communication products. We have expended significant financial and other resources to research and develop our RF technologies and to obtain patent protection for those technologies in the United States of America (“U.S.”) and certain foreign jurisdictions. We believe certain patents protecting our proprietary technologies have been broadly infringed by others and therefore the primary focus of our business plan is the enforcement of our intellectual property rights through patent infringement litigation and licensing efforts. </font><font style="display: inline;font-size:11pt;">We currently have patent enforcement actions ongoing in various U.S. district courts against mobile handset providers and their chip suppliers for the infringement of a number of our RF patents. We have made significant investments in developing and protecting our technologies, the returns on which are dependent upon the generation of future revenues for realization.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-size:11pt;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-size:11pt;">We also designed, developed and marketed a distributed WiFi product line under the brand name Milo®. We restructured our operations during the third quarter of 2018 in order to reduce operating expenses in light of our limited capital resources. Accordingly, we significantly reduced our ongoing investment in the Milo product. In early 2019, we ceased substantially all ongoing research and development efforts and, where applicable, repurposed resources to support our patent enforcement and product sales and support efforts. We ceased sales of our Milo products in the fourth quarter of 2019.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;"> </font> </p> <p><font size="1"> </font></p> </div> </div> | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1417000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
6000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1673000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1301000 | |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2094000 | |
| CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7921000 | |
| CY2019Q1 | us-gaap |
Nonoperating Gains Losses
NonoperatingGainsLosses
|
458000 | |
| CY2020Q1 | us-gaap |
Nonoperating Gains Losses
NonoperatingGainsLosses
|
-2240000 | |
| CY2019Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
396000 | |
| CY2020Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-2426000 | |
| CY2019Q4 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
86000 | |
| CY2020Q1 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
97000 | |
| CY2019Q4 | us-gaap |
Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
|
793000 | |
| CY2020Q1 | us-gaap |
Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
|
771000 | |
| CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
2490000 | |
| CY2020Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
5495000 | |
| CY2019Q4 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
62000 | |
| CY2019Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1081000 | |
| CY2020Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
552000 | |
| CY2019Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
117000 | |
| CY2020Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
112000 | |
| CY2019Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
16000 | |
| CY2020Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
16000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
||
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
||
| CY2019Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
403000 | |
| CY2019Q4 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
17000 | |
| CY2020Q1 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
16000 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
8000 | |
| CY2019Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
505000 | |
| CY2020Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
627000 | |
| CY2020Q1 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
58000 | |
| CY2019Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
1300000 | |
| CY2020Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
1050000 | |
| CY2020Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
1075000 | |
| CY2019Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
14000 | |
| CY2020Q1 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
500000 | |
| CY2019 | us-gaap |
Professional Fees
ProfessionalFees
|
100000 | |
| CY2020Q1 | us-gaap |
Professional Fees
ProfessionalFees
|
300000 | |
| CY2019Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
70000 | |
| CY2020Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
62000 | |
| CY2019Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
800000 | |
| CY2020Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
1209000 | |
| CY2019Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
334000 | |
| CY2020Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
||
| CY2019Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-401783000 | |
| CY2019Q1 | us-gaap |
Revenues
Revenues
|
10000 | |
| CY2020Q1 | us-gaap |
Revenues
Revenues
|
||
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
67000 | |
| CY2020Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
461000 | |
| CY2019Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-33097000 | |
| CY2020Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-36275000 | |
| CY2019Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
|
-27280000 | |
| CY2020Q1 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
224000 | |
| CY2020Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
2850000 | |
| CY2019Q4 | us-gaap |
Secured Debt
SecuredDebt
|
26651000 | |
| CY2020Q1 | us-gaap |
Secured Debt
SecuredDebt
|
27465000 | |
| CY2019Q4 | us-gaap |
Secured Debt Current
SecuredDebtCurrent
|
1222000 | |
| CY2020Q1 | us-gaap |
Secured Debt Current
SecuredDebtCurrent
|
24000 | |
| CY2019Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
2156000 | |
| CY2020Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
5495000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
67000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
461000 | |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-25310000 | |
| CY2019Q4 | us-gaap |
Unsecured Debt Current
UnsecuredDebtCurrent
|
225000 | |
| CY2020Q1 | us-gaap |
Unsecured Long Term Debt
UnsecuredLongTermDebt
|
2429000 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
29186000 | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
38329000 |
