$PRKR
PARKERVISION INC

2020 Q4 Form 10-Q Financial Statement

#000091413920000071 Filed on November 16, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $0.00 $35.00K
YoY Change -100.0% 169.23%
Cost Of Revenue $0.00 $35.00K
YoY Change -100.0% 191.67%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $1.396M $1.445M $1.950M
YoY Change -15.14% -25.9% -22.68%
% of Gross Profit
Research & Development $0.00
YoY Change
% of Gross Profit
Depreciation & Amortization $135.0K $139.0K $193.0K
YoY Change -41.56% -27.98% -39.12%
% of Gross Profit
Operating Expenses $1.396M $1.445M $1.950M
YoY Change -15.14% -25.9% -48.87%
Operating Profit -$1.396M -$1.445M -$1.950M
YoY Change -15.09% -25.9% -59.27%
Interest Expense -$128.0K $119.0K $104.0K
YoY Change -28.49% 14.42% 333.33%
% of Operating Profit
Other Income/Expense, Net -$4.880M -$223.0K -$169.0K
YoY Change 163.93% 31.95% 238.0%
Pretax Income -$6.404M -$1.668M -$2.119M
YoY Change 74.12% -21.28% -56.2%
Income Tax
% Of Pretax Income
Net Earnings -$6.404M -$1.668M -$2.119M
YoY Change 74.12% -21.28% -56.2%
Net Earnings / Revenue -6054.29%
Basic Earnings Per Share
Diluted Earnings Per Share -$119.1K -$33.01K -$66.19K
COMMON SHARES
Basic Shares Outstanding 52.88M 49.81M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.627M $147.0K $130.0K
YoY Change 2754.39% 13.08% -51.31%
Cash & Equivalents $1.627M $147.0K $130.0K
Short-Term Investments
Other Short-Term Assets $8.000K $8.000K $777.0K
YoY Change -93.16% -98.97% 270.0%
Inventory $21.00K
Prepaid Expenses $599.0K $660.0K
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $2.234M $815.0K $928.0K
YoY Change 229.01% -12.18% -20.27%
LONG-TERM ASSETS
Property, Plant & Equipment $30.00K $11.00K $395.0K
YoY Change -57.14% -97.22% 45.22%
Goodwill
YoY Change
Intangibles $2.170M
YoY Change -24.6%
Long-Term Investments
YoY Change
Other Assets $12.00K $68.00K $16.00K
YoY Change -25.0% 325.0% -11.11%
Total Long-Term Assets $2.222M $2.405M $3.585M
YoY Change -31.57% -32.91% -20.91%
TOTAL ASSETS
Total Short-Term Assets $2.234M $815.0K $928.0K
Total Long-Term Assets $2.222M $2.405M $3.585M
Total Assets $4.456M $3.220M $4.513M
YoY Change 13.5% -28.65% -20.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.318M $4.321M $1.834M
YoY Change 85.48% 135.61% 170.5%
Accrued Expenses $1.480M $1.153M $1.851M
YoY Change -35.0% -37.71% 128.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $126.0K $124.0K $1.739M
YoY Change -90.37% -92.87% -37.63%
Total Short-Term Liabilities $5.989M $5.638M $5.649M
YoY Change -2.43% -0.19% 32.11%
LONG-TERM LIABILITIES
Long-Term Debt $8.943M $7.509M $3.443M
YoY Change 153.63% 118.09% 173.25%
Other Long-Term Liabilities $129.0K $154.0K $25.14M
YoY Change -67.99% -99.39% 1256950.0%
Total Long-Term Liabilities $42.29M $36.65M $28.58M
YoY Change 36.92% 28.22% 45.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.989M $5.638M $5.649M
Total Long-Term Liabilities $42.29M $36.65M $28.58M
Total Liabilities $48.28M $42.29M $34.23M
YoY Change 30.4% 23.53% 42.95%
SHAREHOLDERS EQUITY
Retained Earnings -$421.4M -$415.0M
YoY Change 4.87%
Common Stock $377.5M $375.9M
YoY Change 2.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$43.82M -$39.07M -$29.72M
YoY Change
Total Liabilities & Shareholders Equity $4.456M $3.220M $4.513M
YoY Change 13.5% -28.65% -20.78%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$6.404M -$1.668M -$2.119M
YoY Change 74.12% -21.28% -56.2%
Depreciation, Depletion And Amortization $135.0K $139.0K $193.0K
YoY Change -41.56% -27.98% -39.12%
Cash From Operating Activities -$595.0K -$1.205M -$744.0K
YoY Change 653.16% 61.96% -74.69%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$6.000K
YoY Change -100.0% 500.0%
Acquisitions
YoY Change
Other Investing Activities $2.000K $0.00 $4.000K
YoY Change -33.33% -100.0%
Cash From Investing Activities $2.000K $0.00 -$2.000K
YoY Change -33.33% -100.0% -200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.073M 809.0K 813.0K
YoY Change 69000.0% -0.49% -73.82%
NET CHANGE
Cash From Operating Activities -595.0K -1.205M -744.0K
Cash From Investing Activities 2.000K 0.000 -2.000K
Cash From Financing Activities 2.073M 809.0K 813.0K
Net Change In Cash 1.480M -396.0K 67.00K
YoY Change -2127.4% -691.04% -60.12%
FREE CASH FLOW
Cash From Operating Activities -$595.0K -$1.205M -$744.0K
Capital Expenditures $0.00 $0.00 -$6.000K
Free Cash Flow -$595.0K -$1.205M -$738.0K
YoY Change 653.16% 63.28% -74.89%

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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</font><font style="display: inline;font-size:11pt;"> providers of</font><font style="display: inline;font-size:11pt;"> mobile handset</font><font style="display: inline;font-size:11pt;">s and providers of smart televisions and other WiFi products </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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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Operating Expenses
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us-gaap Operating Expenses
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us-gaap Proceeds From Issuance Of Long Term Debt
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3057000
us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Warrant Exercises
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us-gaap Repayments Of Long Term Debt
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us-gaap Research And Development Expense
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CY2019 us-gaap Professional Fees
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us-gaap Professional Fees
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us-gaap Repayments Of Long Term Capital Lease Obligations
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CY2019Q3 us-gaap Research And Development Expense
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25000
us-gaap Selling General And Administrative Expense
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CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
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CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
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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
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CY2020Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
26000
CY2019Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2850000
CY2020Q2 us-gaap Stock Issued During Period Value New Issues
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CY2020Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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67000
CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
48000
CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
286000
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
CY2019Q4 us-gaap Unsecured Debt Current
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225000
CY2020Q3 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
40000
CY2020Q3 us-gaap Unsecured Long Term Debt
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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30706000
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32012000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44772000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50530000

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