$PRKR
PARKERVISION INC

2020 Q3 Form 10-Q Financial Statement

#000091413920000061 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $25.00K
YoY Change -37.5%
Cost Of Revenue $25.00K
YoY Change -64.29%
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.445M $2.328M $1.851M
YoY Change -25.9% 25.77% -36.17%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $139.0K $150.0K $199.0K
YoY Change -27.98% -24.62% -35.81%
% of Gross Profit
Operating Expenses $1.445M $2.328M $1.851M
YoY Change -25.9% 25.77% -52.66%
Operating Profit -$1.445M -$2.328M -$1.851M
YoY Change -25.9% 25.77% -53.14%
Interest Expense $119.0K $115.0K $76.00K
YoY Change 14.42% 51.32% -480.0%
% of Operating Profit
Other Income/Expense, Net -$223.0K -$1.257M $289.0K
YoY Change 31.95% -534.95% -153.52%
Pretax Income -$1.668M -$3.585M -$1.562M
YoY Change -21.28% 129.51% -65.21%
Income Tax
% Of Pretax Income
Net Earnings -$1.668M -$3.585M -$1.562M
YoY Change -21.28% 129.51% -65.21%
Net Earnings / Revenue -6248.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$33.01K -$78.98K -$50.57K
COMMON SHARES
Basic Shares Outstanding 49.81M 44.93M 30.64M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.0K $543.0K $63.00K
YoY Change 13.08% 761.9% -30.0%
Cash & Equivalents $147.0K $543.0K $63.00K
Short-Term Investments
Other Short-Term Assets $8.000K $25.00K $687.0K
YoY Change -98.97% -96.36% -31.98%
Inventory $58.00K
Prepaid Expenses $660.0K $569.0K
Receivables $1.000K
Other Receivables $0.00
Total Short-Term Assets $815.0K $1.137M $809.0K
YoY Change -12.18% 40.54% -65.13%
LONG-TERM ASSETS
Property, Plant & Equipment $11.00K $14.00K $460.0K
YoY Change -97.22% -96.96% 48.39%
Goodwill
YoY Change
Intangibles $2.447M
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.00K $74.00K $16.00K
YoY Change 325.0% 362.5% -20.0%
Total Long-Term Assets $2.405M $2.535M $3.817M
YoY Change -32.91% -33.59% -21.14%
TOTAL ASSETS
Total Short-Term Assets $815.0K $1.137M $809.0K
Total Long-Term Assets $2.405M $2.535M $3.817M
Total Assets $3.220M $3.672M $4.626M
YoY Change -28.65% -20.62% -35.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.321M $4.284M $1.087M
YoY Change 135.61% 294.11% -15.08%
Accrued Expenses $1.153M $1.236M $1.987M
YoY Change -37.71% -37.8% -22.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $124.0K $122.0K $1.933M
YoY Change -92.87% -93.69% 408.68%
Total Short-Term Liabilities $5.638M $5.706M $5.007M
YoY Change -0.19% 13.96% 18.09%
LONG-TERM LIABILITIES
Long-Term Debt $7.509M $7.249M $3.198M
YoY Change 118.09% 126.67% 661.43%
Other Long-Term Liabilities $154.0K $130.0K $25.11M
YoY Change -99.39% -99.48% 36.16%
Total Long-Term Liabilities $36.65M $36.30M $28.31M
YoY Change 28.22% 28.25% 50.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.638M $5.706M $5.007M
Total Long-Term Liabilities $36.65M $36.30M $28.31M
Total Liabilities $42.29M $42.01M $33.31M
YoY Change 23.53% 26.1% 44.15%
SHAREHOLDERS EQUITY
Retained Earnings -$415.0M -$413.3M
YoY Change
Common Stock $375.9M $375.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$39.07M -$38.33M -$28.69M
YoY Change
Total Liabilities & Shareholders Equity $3.220M $3.672M $4.626M
YoY Change -28.65% -20.62% -35.39%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.668M -$3.585M -$1.562M
YoY Change -21.28% 129.51% -65.21%
Depreciation, Depletion And Amortization $139.0K $150.0K $199.0K
YoY Change -27.98% -24.62% -35.81%
Cash From Operating Activities -$1.205M -$1.676M -$877.0K
YoY Change 61.96% 91.11% -68.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$3.000K -$9.000K
YoY Change -100.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $9.000K
YoY Change -100.0% -100.0% -10.0%
Cash From Investing Activities $0.00 -$3.000K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 809.0K 2.049M 565.0K
YoY Change -0.49% 262.65% -78.27%
NET CHANGE
Cash From Operating Activities -1.205M -1.676M -877.0K
Cash From Investing Activities 0.000 -3.000K 0.000
Cash From Financing Activities 809.0K 2.049M 565.0K
Net Change In Cash -396.0K 370.0K -312.0K
YoY Change -691.04% -218.59% 73.33%
FREE CASH FLOW
Cash From Operating Activities -$1.205M -$1.676M -$877.0K
Capital Expenditures $0.00 -$3.000K -$9.000K
Free Cash Flow -$1.205M -$1.673M -$868.0K
YoY Change 63.28% 92.74% -68.78%

Facts In Submission

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<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;">&#xFEFF;</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.&nbsp;&nbsp;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;">&#xFEFF;</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 &#x201C;ParkerVision&#x201D;, &#x201C;we&#x201D; or the &#x201C;Company&#x201D;) 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;">&#xFEFF;</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 (&#x201C;</font><font style="display: inline;font-size:11pt;">RF</font><font style="display: inline;font-size:11pt;">&#x201D;) 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 (&#x201C;U.S.&#x201D;) and certain foreign jurisdictions. We believe certain patents protecting&nbsp;our&nbsp;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</font><font style="display: inline;font-size:11pt;"> and smart television providers </font><font style="display: inline;font-size:11pt;">and</font><font style="display: inline;font-size:11pt;">, in certain cases,</font><font style="display: inline;font-size:11pt;"> their chip suppliers for the infringement of </font><font style="display: inline;font-size:11pt;">several</font><font style="display: inline;font-size:11pt;"> of our RF patents.&nbsp;&nbsp;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;">&#xFEFF;</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&#xAE;.&nbsp;&nbsp;We restructured our operations </font><font style="display: inline;font-size:11pt;">in </font><font style="display: inline;font-size:11pt;">2018 to reduce operating expenses in light of our limited capital resources.&nbsp;&nbsp;Accordingly, we significantly reduced our ongoing investment in the Milo product</font><font style="display: inline;font-size:11pt;">s</font><font style="display: inline;font-size:11pt;">.&nbsp;&nbsp;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.&nbsp;&nbsp;We ceased sales of our Milo products in the fourth quarter of 2019</font><font style="display: inline;font-size:11pt;"> and are currently focused exclusively on our patent enforcement litigation and licensing efforts</font><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;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
86000
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
74000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-401783000
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-413289000
us-gaap Revenues
Revenues
35000
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
130000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
17000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
3000
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
505000
CY2020Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
569000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1865000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1244000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
2578000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
23000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
900000
CY2019 us-gaap Professional Fees
ProfessionalFees
100000
us-gaap Professional Fees
ProfessionalFees
200000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
800000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1231000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
334000
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
CY2019Q2 us-gaap Revenues
Revenues
25000
CY2020Q2 us-gaap Revenues
Revenues
CY2019Q4 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
225000
CY2020Q2 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
64000
CY2020Q2 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
3522000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30042000
CY2019Q4 us-gaap Secured Debt
SecuredDebt
26651000
CY2020Q2 us-gaap Secured Debt
SecuredDebt
28685000
CY2019Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
1222000
CY2020Q2 us-gaap Secured Debt Current
SecuredDebtCurrent
24000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4007000
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1851000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7823000
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2328000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-25310000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-27280000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
-28686000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-33097000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
-38334000
CY2020Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
224000
CY2020Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
14000
CY2019Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
60000
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2850000
CY2020Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
768000
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
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
303000
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30888000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41861000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45393000

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