2014 Q3 Form 10-Q Financial Statement

#000114420414050138 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q4
Revenue $664.6K $723.3K $610.0K
YoY Change 96.15% 3.29% -14.08%
Cost Of Revenue $460.2K $462.2K $650.0K
YoY Change 142.19% 13.68% 16.07%
Gross Profit $204.4K $261.0K -$40.00K
YoY Change 37.34% -11.09% -126.67%
Gross Profit Margin 30.75% 36.09% -6.56%
Selling, General & Admin $929.0K $789.3K $900.0K
YoY Change 19.27% -11.31% 4.65%
% of Gross Profit 454.61% 302.4%
Research & Development $484.5K $295.6K $540.0K
YoY Change 3.02% -29.8% 28.57%
% of Gross Profit 237.1% 113.23%
Depreciation & Amortization $60.00K $100.0K $100.0K
YoY Change -33.33% 11.11% 11.11%
% of Gross Profit 29.36% 38.31%
Operating Expenses $1.414M $1.085M $1.530M
YoY Change 13.15% 157.68% 12.5%
Operating Profit -$1.269M -$925.3K -$1.570M
YoY Change 6.09% -16.48% 29.75%
Interest Expense $66.33K $25.47K -$3.330M
YoY Change -78.43% -88.99% 1981.25%
% of Operating Profit
Other Income/Expense, Net -$2.032M $1.164M $550.0K
YoY Change 207.63% -312.15%
Pretax Income -$3.301M $239.1K -$5.740M
YoY Change 77.81% -114.43% 304.23%
Income Tax $0.00 $0.00 -$40.00K
% Of Pretax Income 0.0%
Net Earnings -$3.301M $239.1K -$5.700M
YoY Change 77.81% -114.43% 301.41%
Net Earnings / Revenue -496.75% 33.06% -934.43%
Basic Earnings Per Share -$0.31 $0.02
Diluted Earnings Per Share -$312.5K $0.02 -$591.3K
COMMON SHARES
Basic Shares Outstanding 10.56M shares 10.29M shares 9.541M shares
Diluted Shares Outstanding 11.23M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.0K $2.000M $300.0K
YoY Change -76.92% 1900.0% 200.0%
Cash & Equivalents $564.3K $1.979M $310.1K
Short-Term Investments
Other Short-Term Assets $200.0K $100.0K $200.0K
YoY Change 100.0% -75.0% -33.33%
Inventory $1.100M $916.8K $953.6K
Prepaid Expenses
Receivables $100.0K $166.1K $214.9K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.000M $3.115M $1.680M
YoY Change -42.22% 155.83% 38.85%
LONG-TERM ASSETS
Property, Plant & Equipment $400.0K $353.6K $446.3K
YoY Change -22.98% -31.04% -32.88%
Goodwill
YoY Change
Intangibles $514.6K $495.6K
YoY Change -6.69% -10.1%
Long-Term Investments
YoY Change
Other Assets $124.2K $134.7K $0.00
YoY Change -32.66%
Total Long-Term Assets $1.900M $1.726M $1.182M
YoY Change 77.68% 34.57% -2.78%
TOTAL ASSETS
Total Short-Term Assets $2.000M $3.115M $1.680M
Total Long-Term Assets $1.900M $1.726M $1.182M
Total Assets $3.900M $4.841M $2.862M
YoY Change -13.92% 93.63% 17.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700M $2.093M $2.421M
YoY Change -29.01% -40.2% -16.43%
Accrued Expenses $634.3K $582.7K $591.2K
YoY Change 3.63% -47.03% 13.76%
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $200.0K $300.0K
YoY Change -75.0% -66.67% -25.0%
Long-Term Debt Due $98.11K $100.0K $99.32K
YoY Change -1.96% -94.12% -90.63%
Total Short-Term Liabilities $2.875M $3.114M $3.661M
YoY Change -22.24% -60.81% -28.92%
LONG-TERM LIABILITIES
Long-Term Debt $1.100M $1.208M $170.5K
YoY Change 400.61% -8.44% -90.06%
Other Long-Term Liabilities $10.00M $9.000M $12.10M
YoY Change 16.28% 373.68% 611.76%
Total Long-Term Liabilities $11.10M $10.20M $12.24M
YoY Change 25.72% 214.2% 251.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.875M $3.114M $3.661M
Total Long-Term Liabilities $11.10M $10.20M $12.24M
Total Liabilities $13.90M $13.31M $15.90M
YoY Change 10.96% 18.93% 84.13%
SHAREHOLDERS EQUITY
Retained Earnings -$34.54M -$36.29M
YoY Change 38.81%
Common Stock $10.32K $9.600K
YoY Change 191.63% 171.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.00M -$8.472M -$13.04M
YoY Change
Total Liabilities & Shareholders Equity $3.900M $4.841M $2.862M
YoY Change -13.92% 93.9% 17.98%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income -$3.301M $239.1K -$5.700M
YoY Change 77.81% -114.43% 301.41%
Depreciation, Depletion And Amortization $60.00K $100.0K $100.0K
YoY Change -33.33% 11.11% 11.11%
Cash From Operating Activities -$1.370M -$910.0K -$2.240M
YoY Change -35.07% 89.58% 622.58%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$260.0K -$320.0K
YoY Change 190.0% 2500.0% 700.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$290.0K -$260.0K -$320.0K
YoY Change 190.0% 2500.0% 966.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 260.0K 2.870M 300.0K
YoY Change -94.47% 7075.0% 25.0%
NET CHANGE
Cash From Operating Activities -1.370M -910.0K -2.240M
Cash From Investing Activities -290.0K -260.0K -320.0K
Cash From Financing Activities 260.0K 2.870M 300.0K
Net Change In Cash -1.400M 1.700M -2.260M
YoY Change -156.22% -477.78% 2160.0%
FREE CASH FLOW
Cash From Operating Activities -$1.370M -$910.0K -$2.240M
Capital Expenditures -$290.0K -$260.0K -$320.0K
Free Cash Flow -$1.080M -$650.0K -$1.920M
YoY Change -46.27% 38.3% 611.11%

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CY2013Q4 us-gaap Other Accrued Liabilities Current
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CY2013Q4 us-gaap Product Warranty Accrual
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Warranties Issued
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CY2014Q2 us-gaap Product Warranty Accrual
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vuzi Officers Compensation Payable Compounding Monthly Interest Rate
OfficersCompensationPayableCompoundingMonthlyInterestRate
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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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vuzi Amortization Of Debt Issuance Costs
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12573 USD
vuzi Amortization Of Debt Issuance Costs
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3405 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
54940 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-48783 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-201080 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-36801 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1197 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-140200 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
615635 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-327655 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
105899 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
28427 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-19268 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-103671 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
6417 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-37051 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
100000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
0 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
316431 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
24513 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-738789 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10051 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
0 USD
CY2014Q1 vuzi Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
665000 shares
us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
36074 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
15171 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
148421 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
183624 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
800000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
3000000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
208237 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
138090 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
382884 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
790152 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4249806 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
14368 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1661171 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
66554 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
80922 USD
us-gaap Interest Paid
InterestPaid
-85036 USD
us-gaap Interest Paid
InterestPaid
-42854 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
CY2014Q2 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
0 USD
CY2014Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0 USD
CY2014Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
8961351 USD
CY2014Q2 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
8961351 USD
CY2014Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
8363751 USD
CY2014Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
7052566 USD
CY2013Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
12035816 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
294548 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
3793616 USD
CY2013Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
280261 USD
CY2014Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1218354 USD
CY2014Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
5218092 shares
CY2014Q2 us-gaap Long Term Debt
LongTermDebt
1305900 USD
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
269816 USD
CY2014Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
123408 USD
CY2014Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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123408 USD
CY2014Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
29559 USD
CY2014Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3000000 USD
CY2014Q2 vuzi Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
0 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11405522 USD
CY2014Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
30500000 USD
vuzi Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
2018
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;BACKGROUND-COLOR: transparent; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <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 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> 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;) for interim financial information 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 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> The accompanying Condensed 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 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> 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 Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7147775 shares
CY2014Q2 vuzi Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
61896 shares
CY2014Q1 vuzi Class Of Warrant Or Right Grants In Period
ClassOfWarrantOrRightGrantsInPeriod
0 shares
CY2014Q2 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
CY2014Q2 vuzi Class Of Warrant Or Right Expired In Period
ClassOfWarrantOrRightExpiredInPeriod
0 shares
CY2014Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6425107 shares
CY2014Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6363211 shares
vuzi Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Terms
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerms
P3Y8M12D
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 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
0 shares
CY2014Q2 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
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.72
CY2013Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
1.71
CY2013Q4 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperLimit
17.50
vuzi Share Based Compensation Arrangement By Share Based Payment Award Options Expired And Forfeited Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredAndForfeitedExercisePrice
0
CY2014Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
1.71
CY2014Q2 vuzi Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit Balance
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimitBalance
17.50
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
209222 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.69
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M6D
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2014Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
50524 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P7M6D
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
5296 shares
vuzi Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageExercisePrice
10.74
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P6Y1M6D
CY2014Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
15222 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
Vuzix Corp
dei Entity Central Index Key
EntityCentralIndexKey
0001463972
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
VUZI
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10563196 shares
CY2014Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
134685 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
0 USD
vuzi Discount On Senior Convertible Debt Attributed To Embedded Conversion Price Adjustment Option
DiscountOnSeniorConvertibleDebtAttributedToEmbeddedConversionPriceAdjustmentOption
1938988 USD
vuzi Fair Value Of Debt Embedded Conversion Price Adjustment Option
FairValueOfDebtEmbeddedConversionPriceAdjustmentOption
1908786 USD
CY2014Q2 vuzi Fair Value Of Debt Embedded Conversion Price Adjustment Option
FairValueOfDebtEmbeddedConversionPriceAdjustmentOption
1938988 USD
CY2014Q2 us-gaap Convertible Debt
ConvertibleDebt
3000000 USD
CY2014Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3276375 USD
CY2014Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1970475 USD

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