$PRKR
PARKERVISION INC

2021 Q3 Form 10-Q Financial Statement

#000091413921000030 Filed on August 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $144.0K
YoY Change
Cost Of Revenue $1.000K
YoY Change
Gross Profit $143.0K
YoY Change
Gross Profit Margin 99.31%
Selling, General & Admin $2.024M $1.848M $2.328M
YoY Change 40.07% -20.62% 25.77%
% of Gross Profit 1415.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $90.00K $94.00K $150.0K
YoY Change -35.25% -37.33% -24.62%
% of Gross Profit 62.94%
Operating Expenses $2.024M $1.848M $2.328M
YoY Change 40.07% -20.62% 25.77%
Operating Profit -$1.881M -$1.848M -$2.328M
YoY Change 30.17% -20.62% 25.77%
Interest Expense $70.00K $78.00K $115.0K
YoY Change -41.18% -32.17% 51.32%
% of Operating Profit
Other Income/Expense, Net -$223.0K -$2.558M -$1.257M
YoY Change 0.0% 103.5% -534.95%
Pretax Income -$2.104M -$4.406M -$3.585M
YoY Change 26.14% 22.9% 129.51%
Income Tax
% Of Pretax Income
Net Earnings -$2.104M -$4.406M -$3.585M
YoY Change 26.14% 22.9% 129.51%
Net Earnings / Revenue -1461.11%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$28.48K -$61.25K -$78.98K
COMMON SHARES
Basic Shares Outstanding 74.01M 72.24M 44.93M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $760.0K $1.487M $543.0K
YoY Change 417.01% 173.85% 761.9%
Cash & Equivalents $800.0K $1.500M $543.0K
Short-Term Investments
Other Short-Term Assets $18.00K $62.00K $25.00K
YoY Change 125.0% 148.0% -96.36%
Inventory
Prepaid Expenses $707.0K $636.0K $569.0K
Receivables
Other Receivables
Total Short-Term Assets $1.485M $2.185M $1.137M
YoY Change 82.21% 92.17% 40.54%
LONG-TERM ASSETS
Property, Plant & Equipment $21.00K $37.00K $14.00K
YoY Change 90.91% 164.29% -96.96%
Goodwill
YoY Change
Intangibles $1.887M $1.974M $2.447M
YoY Change -19.33%
Long-Term Investments
YoY Change
Other Assets $74.00K
YoY Change 362.5%
Total Long-Term Assets $1.916M $2.020M $2.535M
YoY Change -20.33% -20.32% -33.59%
TOTAL ASSETS
Total Short-Term Assets $1.485M $2.185M $1.137M
Total Long-Term Assets $1.916M $2.020M $2.535M
Total Assets $3.401M $4.205M $3.672M
YoY Change 5.62% 14.52% -20.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $589.0K $564.0K $4.284M
YoY Change -86.37% -86.83% 294.11%
Accrued Expenses $808.0K $774.0K $1.236M
YoY Change -29.92% -37.38% -37.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $103.0K $758.0K $122.0K
YoY Change -16.94% 521.31% -93.69%
Total Short-Term Liabilities $1.500M $2.096M $5.706M
YoY Change -73.39% -63.27% 13.96%
LONG-TERM LIABILITIES
Long-Term Debt $9.395M $9.218M $7.249M
YoY Change 25.12% 27.16% 126.67%
Other Long-Term Liabilities $1.000K $35.84M $130.0K
YoY Change -99.35% 27469.23% -99.48%
Total Long-Term Liabilities $45.37M $45.06M $36.30M
YoY Change 23.8% 24.13% 28.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.500M $2.096M $5.706M
Total Long-Term Liabilities $45.37M $45.06M $36.30M
Total Liabilities $46.87M $47.15M $42.01M
YoY Change 10.84% 12.26% 26.1%
SHAREHOLDERS EQUITY
Retained Earnings -$430.1M -$428.0M -$413.3M
YoY Change 3.65% 3.56%
Common Stock $386.6M $385.0M $375.0M
YoY Change 2.85% 2.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$43.47M -$42.95M -$38.33M
YoY Change
Total Liabilities & Shareholders Equity $3.401M $4.205M $3.672M
YoY Change 5.62% 14.52% -20.62%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$2.104M -$4.406M -$3.585M
YoY Change 26.14% 22.9% 129.51%
Depreciation, Depletion And Amortization $90.00K $94.00K $150.0K
YoY Change -35.25% -37.33% -24.62%
Cash From Operating Activities -$819.0K -$1.112M -$1.676M
YoY Change -32.03% -33.65% 91.11%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$1.000K -$3.000K
YoY Change -66.67% -66.67%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$1.000K -$3.000K
YoY Change -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 92.00K 353.0K 2.049M
YoY Change -88.63% -82.77% 262.65%
NET CHANGE
Cash From Operating Activities -819.0K -1.112M -1.676M
Cash From Investing Activities 0.000 -1.000K -3.000K
Cash From Financing Activities 92.00K 353.0K 2.049M
Net Change In Cash -727.0K -760.0K 370.0K
YoY Change 83.59% -305.41% -218.59%
FREE CASH FLOW
Cash From Operating Activities -$819.0K -$1.112M -$1.676M
Capital Expenditures $0.00 -$1.000K -$3.000K
Free Cash Flow -$819.0K -$1.111M -$1.673M
YoY Change -32.03% -33.59% 92.74%

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11000
CY2021Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
4000
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
17000
CY2021Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
636000
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
599000
us-gaap Professional Fees
ProfessionalFees
500000
CY2020 us-gaap Professional Fees
ProfessionalFees
100000
prkr Proceeds From Warrant And Stock Option Exercised
ProceedsFromWarrantAndStockOptionExercised
822000
prkr Proceeds From Warrant And Stock Option Exercised
ProceedsFromWarrantAndStockOptionExercised
875000
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
14826000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
14948000
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12852000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12778000
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1974000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2170000
prkr Contingent Payment Obligation Minimum Return
ContingentPaymentObligationMinimumReturn
45600000
CY2020 prkr Contingent Payment Obligation Minimum Return
ContingentPaymentObligationMinimumReturn
42000000.0
CY2021Q2 prkr Contingent Payment Obligation Maximum Obligation
ContingentPaymentObligationMaximumObligation
10800000
CY2020Q4 prkr Gain Contingency Damages Sought
GainContingencyDamagesSought
1300000000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
5186000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
2578000
CY2018Q1 prkr Loss Contingency Patents Number Motion To Dismiss
LossContingencyPatentsNumberMotionToDismiss
3
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1251000
prkr Increase Decrease In Lease Payable
IncreaseDecreaseInLeasePayable
-69000
prkr Increase Decrease In Lease Payable
IncreaseDecreaseInLeasePayable
-154000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
772000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
8529000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6101000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2977000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1244000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
45000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1231000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5963000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3466000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-140000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
486000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1627000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1487000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
543000
us-gaap Nature Of Operations
NatureOfOperations
<span style="white-space:pre-wrap; font-size: 12pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">1. Description of Business</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">ParkerVision, Inc. and its wholly-owned German subsidiary, ParkerVision GmbH (collectively “ParkerVision”, “we” or the “Company”), is </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">in the business of innovating fundamental wireless technologies and products. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">We have designed and developed proprietary radio frequency (“</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">RF</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">”) 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. We currently have patent enforcement actions ongoing in various U.S. district courts against providers of mobile handsets, smart televisions and other WiFi products and, in certain cases, their chip suppliers for the infringement of a number of our RF patents. We have made significant investments in developing and protecting our technologies.</span></p>
us-gaap Net Income Loss
NetIncomeLoss
-6900000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6100000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1500000
CY2021Q2 prkr Net Working Capital
NetWorkingCapital
100000
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-428000000.0
prkr Proceeds From Issuance Of Debt And Equity Securities
ProceedsFromIssuanceOfDebtAndEquitySecurities
5200000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
800000
prkr Repayment Of Debt And Other Accrued Expenses
RepaymentOfDebtAndOtherAccruedExpenses
4300000
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.75
CY2021Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued
500000
CY2021Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
330000
CY2021Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
9800000
CY2021Q2 prkr Estimated Fair Market Value Of Stock And Warrants
EstimatedFairMarketValueOfStockAndWarrants
2800000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
870000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
303000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1823000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
764000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4500000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
12000000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
27000000

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