$VUZI
Vuzix Corp

2013 Q4 Form 10-Q Financial Statement

#000114420413063065 Filed on November 19, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $610.0K $338.8K $710.0K
YoY Change -14.08% -55.21% -62.83%
Cost Of Revenue $650.0K $190.0K $560.0K
YoY Change 16.07% -65.92% -57.58%
Gross Profit -$40.00K $148.8K $150.0K
YoY Change -126.67% -25.17% -74.14%
Gross Profit Margin -6.56% 43.91% 21.13%
Selling, General & Admin $900.0K $778.9K $860.0K
YoY Change 4.65% -1.39% -31.2%
% of Gross Profit 523.5% 573.33%
Research & Development $540.0K $470.3K $420.0K
YoY Change 28.57% 75.99% 50.0%
% of Gross Profit 316.09% 280.0%
Depreciation & Amortization $100.0K $90.00K $90.00K
YoY Change 11.11% -25.0% -35.71%
% of Gross Profit 60.49% 60.0%
Operating Expenses $1.530M $1.249M $1.360M
YoY Change 12.5% 18.17% -18.07%
Operating Profit -$1.570M -$1.196M -$1.210M
YoY Change 29.75% 21.76% 12.04%
Interest Expense -$3.330M $307.5K -$160.0K
YoY Change 1981.25% 152.33% 33.33%
% of Operating Profit
Other Income/Expense, Net $550.0K -$660.7K $0.00
YoY Change 416.0%
Pretax Income -$5.740M -$1.857M -$1.420M
YoY Change 304.23% 67.22% 15.45%
Income Tax -$40.00K $0.00 -$30.00K
% Of Pretax Income
Net Earnings -$5.700M -$1.857M -$1.420M
YoY Change 301.41% 57.2% -11.8%
Net Earnings / Revenue -934.43% -548.0% -200.0%
Basic Earnings Per Share -$0.26
Diluted Earnings Per Share -$591.3K -$0.26 -$401.1K
COMMON SHARES
Basic Shares Outstanding 9.541M shares 7.192M shares
Diluted Shares Outstanding 0.000 shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $2.600M $100.0K
YoY Change 200.0% 1200.0% -75.0%
Cash & Equivalents $310.1K $2.569M $66.55K
Short-Term Investments
Other Short-Term Assets $200.0K $100.0K $300.0K
YoY Change -33.33% 0.0% 200.0%
Inventory $953.6K $645.3K $687.2K
Prepaid Expenses
Receivables $214.9K $163.8K $170.6K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.680M $3.461M $1.210M
YoY Change 38.85% 188.45% -70.76%
LONG-TERM ASSETS
Property, Plant & Equipment $446.3K $519.3K $665.0K
YoY Change -32.88% -25.81% -30.85%
Goodwill
YoY Change
Intangibles $495.6K $550.0K $551.3K
YoY Change -10.1% -23.49%
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $1.182M $1.069M $1.216M
YoY Change -2.78% -17.74% -27.7%
TOTAL ASSETS
Total Short-Term Assets $1.680M $3.461M $1.210M
Total Long-Term Assets $1.182M $1.069M $1.216M
Total Assets $2.862M $4.531M $2.426M
YoY Change 17.98% 81.23% -58.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.421M $2.395M $2.897M
YoY Change -16.43% 4.12% -23.1%
Accrued Expenses $591.2K $612.1K $519.7K
YoY Change 13.76% 206.05% 69.92%
Deferred Revenue
YoY Change
Short-Term Debt $300.0K $400.0K $400.0K
YoY Change -25.0% -42.86%
Long-Term Debt Due $99.32K $100.1K $1.060M
YoY Change -90.63% -88.88% -78.47%
Total Short-Term Liabilities $3.661M $3.697M $5.151M
YoY Change -28.92% 5.63% -49.45%
LONG-TERM LIABILITIES
Long-Term Debt $170.5K $219.7K $1.715M
YoY Change -90.06% -88.44% 60.0%
Other Long-Term Liabilities $12.10M $8.600M $1.700M
YoY Change 611.76% 352.63% 30.77%
Total Long-Term Liabilities $12.24M $8.829M $3.485M
YoY Change 251.22% 132.35% 41.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.661M $3.697M $5.151M
Total Long-Term Liabilities $12.24M $8.829M $3.485M
Total Liabilities $15.90M $12.53M $8.636M
YoY Change 84.13% 71.6% -31.7%
SHAREHOLDERS EQUITY
Retained Earnings -$36.29M -$30.60M -$26.15M
YoY Change 38.81% -1.22%
Common Stock $9.600K $9.541K $3.537K
YoY Change 171.42% -98.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.04M -$7.996M -$6.210M
YoY Change
Total Liabilities & Shareholders Equity $2.862M $4.531M $2.426M
YoY Change 17.98% 81.23% -58.31%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income -$5.700M -$1.857M -$1.420M
YoY Change 301.41% 57.2% -11.8%
Depreciation, Depletion And Amortization $100.0K $90.00K $90.00K
YoY Change 11.11% -25.0% -35.71%
Cash From Operating Activities -$2.240M -$2.110M -$310.0K
YoY Change 622.58% 77.31% -720.0%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K -$100.0K -$40.00K
YoY Change 700.0% 42.86% -89.19%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$320.0K -$100.0K -$30.00K
YoY Change 966.67% -28.57% -91.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 4.700M 240.0K
YoY Change 25.0% -15766.67% -27.27%
NET CHANGE
Cash From Operating Activities -2.240M -2.110M -310.0K
Cash From Investing Activities -320.0K -100.0K -30.00K
Cash From Financing Activities 300.0K 4.700M 240.0K
Net Change In Cash -2.260M 2.490M -100.0K
YoY Change 2160.0% -283.09% -1100.0%
FREE CASH FLOW
Cash From Operating Activities -$2.240M -$2.110M -$310.0K
Capital Expenditures -$320.0K -$100.0K -$40.00K
Free Cash Flow -$1.920M -$2.010M -$270.0K
YoY Change 611.11% 79.46% -164.29%

Facts In Submission

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IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.95
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.93
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.93
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7191649 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3536856 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4773042 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3536856 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
0 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3747164 shares
vuzi Conversion Of Accrued Interest Into Common Stock
ConversionOfAccruedInterestIntoCommonStock
1076250 USD
vuzi Debt Conversion Converted Instrument Value Of Warrants Or Options Issued
DebtConversionConvertedInstrumentValueOfWarrantsOrOptionsIssued
8446271 USD
vuzi Conversion Of Accrued Interest Into Common Stock
ConversionOfAccruedInterestIntoCommonStock
0 USD
vuzi Debt Conversion Converted Instrument Value Of Warrants Or Options Issued
DebtConversionConvertedInstrumentValueOfWarrantsOrOptionsIssued
0 USD
us-gaap Depreciation
Depreciation
284556 USD
us-gaap Depreciation
Depreciation
382262 USD
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
9268 USD
us-gaap Share Based Compensation
ShareBasedCompensation
139926 USD
vuzi Amortization Of Debt Discount Relating To Discontinued Opeartions
AmortizationOfDebtDiscountRelatingToDiscontinuedOpeartions
639989 USD
vuzi Amortization Of Debt Discount Relating To Discontinued Opeartions
AmortizationOfDebtDiscountRelatingToDiscontinuedOpeartions
771225 USD
vuzi Amortization Of Debt Issuance Costs
AmortizationOfDebtIssuanceCosts
257692 USD
vuzi Amortization Of Debt Issuance Costs
AmortizationOfDebtIssuanceCosts
0 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
5837607 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-513503 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-74072 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-41887 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-706717 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2604 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-78 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-501802 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1488215 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
92427 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
29448 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
11653 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-327258 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
8692 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
183 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
116667 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
150000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
459029 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
586267 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2854498 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2505632 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
7509255 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
98723 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
167016 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
38925 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
43536 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-137648 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
7298703 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-112500 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-652081 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
48601 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
72597 USD
CY2012Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
93788 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1952327 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4464795 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
1000000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
191088 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
382884 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
150000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5494727 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5039473 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2502581 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-246402 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
417976 USD
CY2012Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
171574 USD
us-gaap Interest Paid
InterestPaid
-460083 USD
us-gaap Interest Paid
InterestPaid
-338785 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
-32533 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
-23257 USD
vuzi Discount Senior Convertible Debenture Attributed To Warrants
DiscountSeniorConvertibleDebentureAttributedToWarrants
621012 USD
vuzi Discount Senior Convertible Debenture Attributed To Warrants
DiscountSeniorConvertibleDebentureAttributedToWarrants
0 USD
vuzi Warrants Granted For Senior Convertible Debenture Issuance Costs
WarrantsGrantedForSeniorConvertibleDebentureIssuanceCosts
66603 USD
vuzi Warrants Granted For Senior Convertible Debenture Issuance Costs
WarrantsGrantedForSeniorConvertibleDebentureIssuanceCosts
0 USD
us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
0 USD
us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
46037 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8050000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1633641 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
2882333 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
All per share amounts, outstanding shares, warrants, options and shares issuable pursuant to convertible securities for all periods reflect the 1-for-75 reverse split of the Company’s common stock, which was effective February 6, 2013.
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent"> <b><font style="FONT-SIZE: 10pt">Note&#160;1&#160;&#151; Basis of Presentation</font></b></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent"> <b><font style="FONT-SIZE: 10pt">&#160;</font></b></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The accompanying unaudited Condensed Consolidated Financial Statements of Vuzix Corporation and Subsidiaries (&#8220;the Company") have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information (&#8220;GAAP&#8221;) and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the unaudited Condensed Consolidated Financial Statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2012 was derived from the audited Consolidated Financial Statements in Form 10-K.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The accompanying condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company as of December 31, 2012, as reported in the Company&#8217;s Annual Report on Form 10-K filed with the Securities and Exchange Commission.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The results of the Company&#8217;s operations for any interim period are not necessarily indicative of the results of the Company&#8217;s operations for any other interim period or for a full fiscal year.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The results of the Company&#8217;s former Tactical Display Group business have been classified and presented as discontinued operations in the accompanying unaudited condensed Consolidated Statement of Operations (Note 3). Prior period results have been adjusted to conform to this presentation. No other adjustments have been made to the unaudited condensed Consolidated Financial Statements and following notes.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">All per share amounts, outstanding shares, warrants, options and shares issuable pursuant to convertible securities for all periods reflect the 1-for-75 reverse split of the Company&#8217;s common stock, which was effective February 6, 2013.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q3 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
200000 USD
CY2013Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
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CY2012 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
4747387 USD
CY2011 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
5332866 USD
CY2013Q1 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
800000 USD
CY2013Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4025000 shares
CY2013Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
4025000 shares
CY2013Q3 vuzi Common Stock Price Per Share
CommonStockPricePerShare
2.00 pure
CY2013Q3 vuzi Class Of Warrant Or Right Share Price Of Warrants Or Rights
ClassOfWarrantOrRightSharePriceOfWarrantsOrRights
0.0001 pure
CY2013Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
2.25
CY2013Q3 vuzi Investment Warrants Expirationterm
InvestmentWarrantsExpirationterm
P5Y
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
1273907 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
0 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
0 USD
us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
0 USD
us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
853768 USD
CY2013Q3 vuzi Proceeds From Issuance Public Offering
ProceedsFromIssuancePublicOffering
8050000 USD
CY2013Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.16 pure
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
5837607 USD
us-gaap Professional Fees
ProfessionalFees
825596 USD
vuzi Sales Taxes
SalesTaxes
-14000 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
2127675 USD
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
0 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
0 USD
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
0 USD
CY2013Q3 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
0 USD
CY2012Q3 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
-65056 USD
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
0 USD
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
5837607 USD
CY2013Q3 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0 USD
CY2012Q3 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0 USD
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0 USD
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0 USD
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 USD
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-65056 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
5090027 USD
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.0184
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
1.40
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.0184
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
1.36
CY2013Q3 vuzi Discontinued Operations Weighted Average Number Of Shares Outstanding Basic
DiscontinuedOperationsWeightedAverageNumberOfSharesOutstandingBasic
0 shares
CY2012Q3 vuzi Discontinued Operations Weighted Average Number Of Shares Outstanding Basic
DiscontinuedOperationsWeightedAverageNumberOfSharesOutstandingBasic
3536865 shares
vuzi Discontinued Operations Weighted Average Number Of Shares Outstanding Basic
DiscontinuedOperationsWeightedAverageNumberOfSharesOutstandingBasic
0 shares
vuzi Discontinued Operations Weighted Average Number Of Shares Outstanding Basic
DiscontinuedOperationsWeightedAverageNumberOfSharesOutstandingBasic
3536865 shares
CY2013Q3 vuzi Discontinued Operations Weighted Average Number Of Diluted Shares Outstanding
DiscontinuedOperationsWeightedAverageNumberOfDilutedSharesOutstanding
0 shares
CY2012Q3 vuzi Discontinued Operations Weighted Average Number Of Diluted Shares Outstanding
DiscontinuedOperationsWeightedAverageNumberOfDilutedSharesOutstanding
0 shares
vuzi Discontinued Operations Weighted Average Number Of Diluted Shares Outstanding
DiscontinuedOperationsWeightedAverageNumberOfDilutedSharesOutstanding
0 shares
vuzi Discontinued Operations Weighted Average Number Of Diluted Shares Outstanding
DiscontinuedOperationsWeightedAverageNumberOfDilutedSharesOutstanding
3747164 shares
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
0 USD
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
0 USD
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
0 USD
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-747580 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7422579 shares
CY2013Q3 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
354369 USD
CY2012Q4 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
422516 USD
CY2013Q3 vuzi Inventory Deposit
InventoryDeposit
113098 USD
CY2012Q4 vuzi Inventory Deposit
InventoryDeposit
0 USD
CY2013Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
61671 USD
CY2012Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
42597 USD
CY2013Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
116156 USD
CY2012Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
222068 USD
CY2013Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
112500 USD
CY2012Q4 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
112500 USD
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
banks prime rate plus 1
CY2013Q3 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
0 USD
CY2013Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
69929 USD
CY2012Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
31197 USD
CY2013Q3 vuzi Accrued Compensation
AccruedCompensation
333533 USD
CY2012Q4 vuzi Accrued Compensation
AccruedCompensation
181322 USD
CY2013Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
60077 USD
CY2012Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
181227 USD
CY2013Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
45101 USD
CY2012Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
93788 USD
CY2013Q3 vuzi Accrued Product Costs
AccruedProductCosts
97900 USD
CY2012Q4 vuzi Accrued Product Costs
AccruedProductCosts
0 USD
CY2013Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5559 USD
CY2012Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
32138 USD
CY2013Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
41042 USD
CY2013Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
12507 USD
CY2013Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
65253 USD
CY2013Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
38374 USD
CY2013Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
17529 USD
CY2013Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
44408 USD
CY2013Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
11783 USD
CY2013Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
12476 USD
CY2013Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
45101 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0139 pure
CY2013Q1 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
186480 shares
CY2013Q1 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
800000 USD
CY2013Q3 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
38168 shares
CY2013Q3 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
200000 USD
CY2013Q3 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
6004288 shares
CY2013Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
8576160 USD
CY2013Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
9067283 USD
CY2013Q3 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
0 USD
CY2013Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0 USD
CY2013Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
8576160 USD
CY2013Q3 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
8576160 USD
vuzi Percentage Of Interest On Accrued Compensation
PercentageOfInterestOnAccruedCompensation
0.08 pure
CY2013Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
2.00
CY2012Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
636678 USD
us-gaap Debt Issuance Costs
DebtIssuanceCosts
257691 USD
CY2013Q3 us-gaap Long Term Debt
LongTermDebt
319797 USD
CY2012Q4 us-gaap Long Term Debt
LongTermDebt
2775441 USD
CY2013Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
100064 USD
CY2013Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
100064 USD
CY2013Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
91585 USD
CY2013Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
28084 USD
CY2013Q3 vuzi Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
0 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5151000 USD
CY2013Q3 vuzi Federal And State Net Operating Loss Carryforwards
FederalAndStateNetOperatingLossCarryforwards
24950000 USD
vuzi Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
2018
vuzi Tax Credit Carryforward Expiration Year
TaxCreditCarryforwardExpirationYear
2017
vuzi Class Of Warrant Or Right Grants In Period
ClassOfWarrantOrRightGrantsInPeriod
6551654 shares
vuzi Warrants Issued Aggregate Fair Value
WarrantsIssuedAggregateFairValue
9067283 USD
vuzi Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Terms
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerms
P4Y6M
invest Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
2.87
CY2012Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
656641 shares
vuzi Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
0 shares
vuzi Class Of Warrant Or Right Expired In Period
ClassOfWarrantOrRightExpiredInPeriod
1220 shares
CY2013Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7207075 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.25
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.67
CY2012Q4 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerLimit
1.70
CY2012Q4 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperLimit
17.50
CY2013Q3 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit Balance
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimitBalance
1.70
CY2013Q3 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit Balance
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimitBalance
17.50
CY2013Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
108564 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
vuzi Share Based Compensation Arrangement By Share Based Payment Award Options Granted Exercise Price Range
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedExercisePriceRange
2.00
vuzi Share Based Compensation Arrangement By Share Based Payment Award Options Expired And Forfeited Exercise Price Range Lower Limit
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredAndForfeitedExercisePriceRangeLowerLimit
1.94
vuzi Share Based Compensation Arrangement By Share Based Payment Award Options Expired And Forfeited Exercise Price Range Upper Limit
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredAndForfeitedExercisePriceRangeUpperLimit
11.25
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
192729 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
45000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
22225 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
215504 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.68
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2013Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
37245 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
63576 USD

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