2014 Q1 Form 10-Q Financial Statement

#000114420414031190 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $798.4K $739.2K
YoY Change 8.01% -74.08%
Cost Of Revenue $450.2K $337.4K
YoY Change 33.45% -80.59%
Gross Profit $348.2K $401.8K
YoY Change -13.35% -63.92%
Gross Profit Margin 43.61% 54.36%
Selling, General & Admin $844.2K $691.4K
YoY Change 22.09% -31.9%
% of Gross Profit 242.47% 172.08%
Research & Development $397.4K $317.7K
YoY Change 25.1% -22.75%
% of Gross Profit 114.15% 79.07%
Depreciation & Amortization $99.71K $98.35K
YoY Change 1.38% -27.59%
% of Gross Profit 28.64% 24.48%
Operating Expenses $1.341M $1.107M
YoY Change 21.12% -29.53%
Operating Profit -$993.2K -$705.7K
YoY Change 40.74% 54.05%
Interest Expense $38.49K $179.8K
YoY Change -78.6% -40.35%
% of Operating Profit
Other Income/Expense, Net $2.505M -$230.6K
YoY Change -1186.21% -37.57%
Pretax Income $1.512M -$936.3K
YoY Change -261.48% 13.15%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $1.512M -$936.3K
YoY Change -261.48% 10.87%
Net Earnings / Revenue 189.36% -126.67%
Basic Earnings Per Share $0.15 -$0.26
Diluted Earnings Per Share $0.13 -$0.26
COMMON SHARES
Basic Shares Outstanding 9.972M shares 3.537M shares
Diluted Shares Outstanding 11.52M shares 3.537M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $500.0K
YoY Change -40.0% 25.0%
Cash & Equivalents $271.8K $532.4K
Short-Term Investments
Other Short-Term Assets $100.0K $300.0K
YoY Change -66.67% 200.0%
Inventory $1.036M $600.0K
Prepaid Expenses
Receivables $187.8K $200.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.560M $1.700M
YoY Change -8.22% -45.95%
LONG-TERM ASSETS
Property, Plant & Equipment $415.8K $600.0K
YoY Change -30.7% -31.8%
Goodwill
YoY Change
Intangibles $494.7K
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K
YoY Change
Total Long-Term Assets $1.432M $1.400M
YoY Change 2.26% -11.52%
TOTAL ASSETS
Total Short-Term Assets $1.560M $1.700M
Total Long-Term Assets $1.432M $1.400M
Total Assets $2.992M $3.100M
YoY Change -3.49% -34.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.274M $3.200M
YoY Change -28.94% -14.11%
Accrued Expenses $540.6K $800.0K
YoY Change -32.43% 231.08%
Deferred Revenue
YoY Change
Short-Term Debt $200.0K $500.0K
YoY Change -60.0% 25.0%
Long-Term Debt Due $99.32K $1.300M
YoY Change -92.36% -74.72%
Total Short-Term Liabilities $3.397M $6.600M
YoY Change -48.54% -33.52%
LONG-TERM LIABILITIES
Long-Term Debt $168.3K $1.700M
YoY Change -90.1% 84.83%
Other Long-Term Liabilities $8.400M $1.800M
YoY Change 366.67% 20.0%
Total Long-Term Liabilities $8.558M $3.500M
YoY Change 144.52% 45.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.397M $6.600M
Total Long-Term Liabilities $8.558M $3.500M
Total Liabilities $11.95M $10.10M
YoY Change 18.36% -18.15%
SHAREHOLDERS EQUITY
Retained Earnings -$34.78M
YoY Change
Common Stock $10.24K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.963M -$7.100M
YoY Change
Total Liabilities & Shareholders Equity $2.992M $3.100M
YoY Change -3.49% -34.43%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $1.512M -$936.3K
YoY Change -261.48% 10.87%
Depreciation, Depletion And Amortization $99.71K $98.35K
YoY Change 1.38% -27.59%
Cash From Operating Activities -$1.073M -$259.0K
YoY Change 314.4% -188.03%
INVESTING ACTIVITIES
Capital Expenditures $57.01K $9.051K
YoY Change 529.86% -75.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$348.9K -$27.17K
YoY Change 1184.04% -39.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $55.50K $119.4K
YoY Change -53.54%
Cash From Financing Activities $1.384M $752.0K
YoY Change 84.02% -394.56%
NET CHANGE
Cash From Operating Activities -$1.073M -$259.0K
Cash From Investing Activities -$348.9K -$27.17K
Cash From Financing Activities $1.384M $752.0K
Net Change In Cash -$38.33K $465.9K
YoY Change -108.23% -7707.32%
FREE CASH FLOW
Cash From Operating Activities -$1.073M -$259.0K
Capital Expenditures $57.01K $9.051K
Free Cash Flow -$1.130M -$268.1K
YoY Change 321.68% -204.23%

Facts In Submission

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CY2013Q1 us-gaap Increase Decrease In Customer Deposits
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-3678 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-27172 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2013Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
800000 USD
CY2013Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
160439 USD
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
532426 USD
CY2014Q1 us-gaap Interest Paid
InterestPaid
-32779 USD
CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
-10764 USD
CY2013Q1 vuzi Discount Senior Convertible Debenture Attributed To Warrants
DiscountSeniorConvertibleDebentureAttributedToWarrants
621012 USD
CY2014Q1 vuzi Discount Senior Convertible Debenture Attributed To Warrants
DiscountSeniorConvertibleDebentureAttributedToWarrants
0 USD
CY2013Q1 vuzi Warrants Granted For Senior Convertible Debenture Issuance Costs
WarrantsGrantedForSeniorConvertibleDebentureIssuanceCosts
66603 USD
CY2014Q1 vuzi Warrants Granted For Senior Convertible Debenture Issuance Costs
WarrantsGrantedForSeniorConvertibleDebentureIssuanceCosts
0 USD
CY2014Q1 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
0 USD
CY2014Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0 USD
CY2014Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
8363751 USD
CY2014Q1 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
8363751 USD
CY2014Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
8363751 USD
CY2013Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
12035816 USD
CY2014Q1 us-gaap Long Term Debt
LongTermDebt
267662 USD
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
269816 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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99320 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
100064 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
68278 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 USD
CY2014Q1 vuzi Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
0 USD
CY2014Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 0in" align="justify"><b>Note&#160;1&#160;&#151; Basis of Presentation</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN: 0pt 40.1pt 0pt 34.55pt; FONT: 10pt Times New Roman, Times, Serif"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 0in" align="left">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 (&#8220;GAAP&#8221;)&#160;for interim financial information&#160;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, 2013 was derived from the audited Consolidated Financial Statements in Form 10-K.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 0in" align="left">The accompanying Condensed&#160;Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company as of December 31, 2013, as reported in the Company&#8217;s Annual Report on Form 10-K filed with the Securities and Exchange Commission.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0px; TEXT-INDENT: 0.25in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 0in" align="left">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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11405522 USD
CY2014Q1 vuzi Federal And State Net Operating Loss Carryforwards
FederalAndStateNetOperatingLossCarryforwards
28395033 USD
CY2014Q1 vuzi Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
2018
CY2013Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7147775 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.72
CY2013Q4 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerLimit
1.71
CY2013Q4 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperLimit
17.50
CY2014Q1 vuzi Share Based Compensation Arrangement By Share Based Payment Award Options Granted Exercise Price Range
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedExercisePriceRange
0
CY2014Q1 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit Balance
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimitBalance
1.71
CY2014Q1 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit Balance
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimitBalance
17.50
CY2014Q1 vuzi Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
-665000 shares
CY2014Q1 vuzi Class Of Warrant Or Right Grants In Period
ClassOfWarrantOrRightGrantsInPeriod
0 shares
CY2014Q1 vuzi Class Of Warrant Or Right Expired In Period
ClassOfWarrantOrRightExpiredInPeriod
57668 shares
CY2014Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6425107 shares
CY2014Q1 vuzi Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Terms
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerms
P4Y
CY2014Q1 invest Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
2.74
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
214518 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
214518 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.72
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
206791 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.68
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M6D
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
69871 USD
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P9M18D
CY2014Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
33510 USD
CY2013Q1 us-gaap Taxes Other
TaxesOther
13696 USD
CY2014Q1 us-gaap Taxes Other
TaxesOther
21442 USD
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
1107472 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
1341319 USD
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Trading Symbol
TradingSymbol
VUZI
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10302641 shares
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Vuzix Corp
CY2014Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
280585 USD
CY2013Q1 vuzi Deferred Offering Costs Other
DeferredOfferingCostsOther
43069 USD
CY2014Q1 vuzi Deferred Offering Costs Other
DeferredOfferingCostsOther
0 USD
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001463972
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
699495 USD
CY2013Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
573967 USD
CY2013 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
39700 USD
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
52217 USD
CY2014Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1447425 USD
CY2013Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
0 USD
CY2013Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
CY2014Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
521146 USD
CY2013Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
240561 USD
CY2014Q1 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercised In Period Exercise Price Range
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisedInPeriodExercisePriceRange
0
CY2014Q1 vuzi Share Based Compensation Arrangement By Share Based Payment Award Options Expired And Forfeited Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredAndForfeitedExercisePrice
0
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
7727 shares
CY2014Q1 vuzi Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageExercisePrice
10.82
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P6Y4M24D
CY2014Q1 vuzi Working Capital Deficit
WorkingCapitalDeficit
1836319 USD
CY2014Q1 vuzi Officers Compensation Payable Compounding Monthly Interest Rate
OfficersCompensationPayableCompoundingMonthlyInterestRate
0.08 pure

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