$PRKR
PARKERVISION INC

2018 Q4 Form 10-Q Financial Statement

#000156276218000355 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2018 Q2
Revenue $7.000K $13.00K $40.00K
YoY Change -93.0%
Cost Of Revenue $7.000K $12.00K $70.00K
YoY Change -96.5%
Gross Profit $0.00 -$974.0K -$40.00K
YoY Change -100.0%
Gross Profit Margin 0.0% -7492.31% -100.0%
Selling, General & Admin $2.026M $2.522M $2.900M
YoY Change -55.76% -26.32% 7.41%
% of Gross Profit
Research & Development $315.0K $685.0K $1.000M
YoY Change -61.11% -24.81% -2.91%
% of Gross Profit
Depreciation & Amortization $262.0K $317.0K $310.0K
YoY Change -20.61% -0.94% -3.13%
% of Gross Profit
Operating Expenses $2.541M $3.814M $3.910M
YoY Change -52.86% -12.0% 5.11%
Operating Profit -$2.541M -$4.788M -$3.950M
YoY Change -53.72% 10.48% 6.18%
Interest Expense -$58.00K $24.00K -$20.00K
YoY Change 190.0% 50.0%
% of Operating Profit
Other Income/Expense, Net -$4.648M -$50.00K -$540.0K
YoY Change 453.33% 8.7%
Pretax Income -$7.247M -$4.838M -$4.490M
YoY Change 14.31% 10.46% 20.38%
Income Tax
% Of Pretax Income
Net Earnings -$7.247M -$4.838M -$4.490M
YoY Change 14.31% 10.46% 20.38%
Net Earnings / Revenue -103528.57% -37215.38% -11225.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$260.0K -$186.1K -$182.8K
COMMON SHARES
Basic Shares Outstanding 26.20M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.527M $267.0K $90.00K
YoY Change 301.84% -40.67% -96.47%
Cash & Equivalents $1.527M $267.0K $99.00K
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $55.00K $210.0K $1.010M
YoY Change 511.11% -84.33% -50.73%
Inventory $98.00K $225.0K $1.200M
Prepaid Expenses $538.0K $459.0K
Receivables $2.000K $3.000K $10.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.285M $1.164M $2.320M
YoY Change -33.63% -60.0% -52.75%
LONG-TERM ASSETS
Property, Plant & Equipment $129.0K $272.0K $310.0K
YoY Change -65.69% -32.0% 6.9%
Goodwill
YoY Change
Intangibles $3.902M $4.243M
YoY Change -23.13%
Long-Term Investments
YoY Change
Other Assets $15.00K $18.00K $20.00K
YoY Change 0.0% -10.0% 0.0%
Total Long-Term Assets $4.046M $4.533M $4.840M
YoY Change -25.99% -21.57% -18.38%
TOTAL ASSETS
Total Short-Term Assets $2.285M $1.164M $2.320M
Total Long-Term Assets $4.046M $4.533M $4.840M
Total Assets $6.331M $5.697M $7.160M
YoY Change -28.95% -34.44% -33.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $655.0K $678.0K $1.280M
YoY Change -3.39% -11.95% 190.91%
Accrued Expenses $1.264M $810.0K $2.580M
YoY Change -52.48% -32.5% 200.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.437M $2.788M $380.0K
YoY Change 740.34% 235.9% -54.22%
Total Short-Term Liabilities $4.356M $4.276M $4.240M
YoY Change 19.05% 51.1% 95.39%
LONG-TERM LIABILITIES
Long-Term Debt $1.727M $1.260M $420.0K
YoY Change 225.85%
Other Long-Term Liabilities $1.000K $2.000K $18.44M
YoY Change -98.53% -99.99% 31.53%
Total Long-Term Liabilities $27.29M $19.67M $18.86M
YoY Change 65.41% 39.51% 34.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.356M $4.276M $4.240M
Total Long-Term Liabilities $27.29M $19.67M $18.86M
Total Liabilities $31.64M $23.95M $23.11M
YoY Change 57.0% 41.45% 42.74%
SHAREHOLDERS EQUITY
Retained Earnings -$392.3M -$385.0M
YoY Change 5.62%
Common Stock $365.2M $364.5M
YoY Change 1.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$25.31M -$18.25M -$15.94M
YoY Change
Total Liabilities & Shareholders Equity $6.331M $5.697M $7.160M
YoY Change -28.95% -34.44% -33.95%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$7.247M -$4.838M -$4.490M
YoY Change 14.31% 10.46% 20.38%
Depreciation, Depletion And Amortization $262.0K $317.0K $310.0K
YoY Change -20.61% -0.94% -3.13%
Cash From Operating Activities -$1.231M -$2.940M -$2.780M
YoY Change -59.1% -7.37% -26.65%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$1.000K $0.00
YoY Change -80.0% -99.33% -100.0%
Acquisitions
YoY Change
Other Investing Activities $46.00K $0.00 $10.00K
YoY Change -54.0% -100.0% -99.64%
Cash From Investing Activities $36.00K $2.000K $0.00
YoY Change -10.0% -99.89% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $100.0K
YoY Change
Cash From Financing Activities 2.455M 3.106M 2.600M
YoY Change -36.73% 215.33% -8766.67%
NET CHANGE
Cash From Operating Activities -1.231M -2.940M -2.780M
Cash From Investing Activities 36.00K 2.000K 0.000
Cash From Financing Activities 2.455M 3.106M 2.600M
Net Change In Cash 1.260M 168.0K -180.0K
YoY Change 38.46% -140.38% -83.33%
FREE CASH FLOW
Cash From Operating Activities -$1.231M -$2.940M -$2.780M
Capital Expenditures -$10.00K -$1.000K $0.00
Free Cash Flow -$1.221M -$2.939M -$2.780M
YoY Change -58.75% -2.81% -25.27%

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. We have designed and developed a distributed WiFi product line for consumers and small businesses that is being marketed under the brand name Milo&#xAE;. We have also designed and developed proprietary radio frequency (&#x201C;</font><font style="display: inline;font-style:italic;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 and certain foreign jurisdictions. We believe certain patents protecting&nbsp;our&nbsp;proprietary technologies have been broadly infringed by others and therefore our business plan includes enforcement of our intellectual property rights through patent infringement litigation and licensing efforts.</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 restructured our operations during the third quarter of 2018 in order to reduce operating expenses in light of our limited capital resources.&nbsp;&nbsp;Our primary business is to support and defend the investments we have made in developing and protecting our technologies by focusing on our patent enforcement program.&nbsp;&nbsp;We have made significant investments in developing and protecting our technologies and products, 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: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2017Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
985000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2018Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-335000
CY2017Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1773000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
19000
CY2018Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11054000
CY2017Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2018Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2940000
us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
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CY2017Q3 us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
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us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
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NonoperatingIncomeExpense
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OperatingExpenses
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OperatingExpenses
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OperatingLeaseExpense
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-4000
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OtherLiabilitiesNoncurrent
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OtherPrepaidExpenseCurrent
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OtherRestructuringCosts
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CY2018Q3 us-gaap Other Restructuring Costs
OtherRestructuringCosts
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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34000
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2018Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
14000
us-gaap Payments To Acquire Available For Sale Securities
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4813000
CY2017Q3 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
2000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
40000
CY2017Q3 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
14000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6000
CY2018Q3 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2017Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5000
CY2017Q4 us-gaap Prepaid Advertising
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CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
940000
CY2018Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
459000
CY2017Q4 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2018Q3 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2017 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
1000000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
1500000
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CY2017Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
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ProceedsFromIssuanceOrSaleOfEquity
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us-gaap Proceeds From Sale Of Available For Sale Securities
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CY2017Q3 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
4000
CY2018Q3 us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
4000
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us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
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RepaymentsOfLongTermCapitalLeaseObligations
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CY2018Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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CY2018Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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us-gaap Research And Development Expense
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us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
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CY2018Q3 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
607000
CY2018Q3 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
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CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Revenues
Revenues
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CY2018Q3 us-gaap Revenues
Revenues
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CY2017Q4 us-gaap Secured Debt
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SecuredDebt
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us-gaap Selling General And Administrative Expense
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SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Severance Costs1
SeveranceCosts1
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CY2018Q3 us-gaap Severance Costs1
SeveranceCosts1
116000
us-gaap Share Based Compensation
ShareBasedCompensation
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ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
-18250000
CY2017Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
826000
CY2018Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
2285000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16923000
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18026000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23282000
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25997000

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