2015 Q2 Form 10-Q Financial Statement

#000114420415049041 Filed on August 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $427.8K $850.0K $723.3K
YoY Change -40.85% 39.34% 3.29%
Cost Of Revenue $392.5K $730.0K $462.2K
YoY Change -15.08% 12.31% 13.68%
Gross Profit $35.26K $120.0K $261.0K
YoY Change -86.49% -400.0% -11.09%
Gross Profit Margin 8.24% 14.12% 36.09%
Selling, General & Admin $1.369M $1.260M $789.3K
YoY Change 73.38% 40.0% -11.31%
% of Gross Profit 3880.75% 1050.0% 302.4%
Research & Development $732.5K $580.0K $295.6K
YoY Change 147.84% 7.41% -29.8%
% of Gross Profit 2077.16% 483.33% 113.23%
Depreciation & Amortization $150.0K $90.00K $100.0K
YoY Change 50.0% -10.0% 11.11%
% of Gross Profit 425.36% 75.0% 38.31%
Operating Expenses $2.101M $1.850M $1.085M
YoY Change 93.66% 20.92% 157.68%
Operating Profit -$2.144M -$1.730M -$925.3K
YoY Change 131.74% 10.19% -16.48%
Interest Expense $37.69K -$4.480M $25.47K
YoY Change 47.98% 34.53% -88.99%
% of Operating Profit
Other Income/Expense, Net -$258.0K -$30.00K $1.164M
YoY Change -122.16% -105.45% -312.15%
Pretax Income -$2.402M -$6.320M $239.1K
YoY Change -1104.7% 10.1% -114.43%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$2.402M -$6.320M $239.1K
YoY Change -1104.7% 10.88% -114.43%
Net Earnings / Revenue -561.54% -743.53% 33.06%
Basic Earnings Per Share -$0.17 $0.02
Diluted Earnings Per Share -$0.17 -$570.4K $0.02
COMMON SHARES
Basic Shares Outstanding 15.93M shares 11.15M shares 10.29M shares
Diluted Shares Outstanding 15.93M shares 11.23M shares

Balance Sheet

Concept 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00M $100.0K $2.000M
YoY Change 900.0% -66.67% 1900.0%
Cash & Equivalents $15.05M $84.97K $1.979M
Short-Term Investments $5.000M
Other Short-Term Assets $1.400M $600.0K $100.0K
YoY Change 1300.0% 200.0% -75.0%
Inventory $1.087M $900.0K $916.8K
Prepaid Expenses
Receivables $84.38K $400.0K $166.1K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.60M $1.959M $3.115M
YoY Change 625.5% 16.66% 155.83%
LONG-TERM ASSETS
Property, Plant & Equipment $500.0K $417.0K $353.6K
YoY Change 41.39% -6.58% -31.04%
Goodwill
YoY Change
Intangibles $514.3K $423.5K $514.6K
YoY Change -0.06% -14.55% -6.69%
Long-Term Investments
YoY Change
Other Assets $89.49K $112.5K $134.7K
YoY Change -33.56% -32.66%
Total Long-Term Assets $1.701M $1.628M $1.726M
YoY Change -1.45% 37.69% 34.57%
TOTAL ASSETS
Total Short-Term Assets $22.60M $1.959M $3.115M
Total Long-Term Assets $1.701M $1.628M $1.726M
Total Assets $24.30M $3.588M $4.841M
YoY Change 401.99% 25.35% 93.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.0K $2.184M $2.093M
YoY Change -66.55% -9.79% -40.2%
Accrued Expenses $719.8K $699.1K $582.7K
YoY Change 23.54% 18.25% -47.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $100.0K $200.0K
YoY Change -100.0% -66.67% -66.67%
Long-Term Debt Due $100.0K $128.4K $100.0K
YoY Change 0.0% 29.3% -94.12%
Total Short-Term Liabilities $1.594M $3.387M $3.114M
YoY Change -48.82% -7.49% -60.81%
LONG-TERM LIABILITIES
Long-Term Debt $1.100M $1.089M $1.208M
YoY Change -8.92% 538.72% -8.44%
Other Long-Term Liabilities $300.0K $13.60M $9.000M
YoY Change -96.67% 12.4% 373.68%
Total Long-Term Liabilities $1.372M $14.71M $10.20M
YoY Change -86.55% 20.2% 214.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.594M $3.387M $3.114M
Total Long-Term Liabilities $1.372M $14.71M $10.20M
Total Liabilities $2.966M $18.10M $13.31M
YoY Change -77.72% 13.82% 18.93%
SHAREHOLDERS EQUITY
Retained Earnings -$51.65M -$44.16M -$34.54M
YoY Change 49.54% 21.68%
Common Stock $11.30K $10.32K
YoY Change 17.67% 191.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.37M -$14.40M -$8.472M
YoY Change
Total Liabilities & Shareholders Equity $24.33M $3.588M $4.841M
YoY Change 402.69% 25.35% 93.9%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income -$2.402M -$6.320M $239.1K
YoY Change -1104.7% 10.88% -114.43%
Depreciation, Depletion And Amortization $150.0K $90.00K $100.0K
YoY Change 50.0% -10.0% 11.11%
Cash From Operating Activities -$2.540M -$1.260M -$910.0K
YoY Change 179.12% -43.75% 89.58%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K $0.00 -$260.0K
YoY Change 3.85% -100.0% 2500.0%
Acquisitions
YoY Change
Other Investing Activities -$5.000M
YoY Change
Cash From Investing Activities -$5.270M $0.00 -$260.0K
YoY Change 1926.92% -100.0% 2500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K 780.0K 2.870M
YoY Change -100.7% 160.0% 7075.0%
NET CHANGE
Cash From Operating Activities -2.540M -1.260M -910.0K
Cash From Investing Activities -5.270M 0.000 -260.0K
Cash From Financing Activities -20.00K 780.0K 2.870M
Net Change In Cash -7.830M -480.0K 1.700M
YoY Change -560.59% -78.76% -477.78%
FREE CASH FLOW
Cash From Operating Activities -$2.540M -$1.260M -$910.0K
Capital Expenditures -$270.0K $0.00 -$260.0K
Free Cash Flow -$2.270M -$1.260M -$650.0K
YoY Change 249.23% -34.38% 38.3%

Facts In Submission

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us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
40214 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
24813000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
214169 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
vuzi Common Stock Awards Compensation Expense
CommonStockAwardsCompensationExpense
1475000 USD
vuzi Common Stock Awards Compensation Expense
CommonStockAwardsCompensationExpense
0 USD
vuzi Common Stock Issued And Warrant Issued For Services Prepaid Expense
CommonStockIssuedAndWarrantIssuedForServicesPrepaidExpense
843937 USD
vuzi Common Stock Issued And Warrant Issued For Services Prepaid Expense
CommonStockIssuedAndWarrantIssuedForServicesPrepaidExpense
0 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
427500 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
vuzi Reclassification Of Derivative Liability To Paidin Capital Upon Waiver Of Certain Antidilutive Provisions Of Warrants And Convertible Debt
ReclassificationOfDerivativeLiabilityToPaidinCapitalUponWaiverOfCertainAntidilutiveProvisionsOfWarrantsAndConvertibleDebt
11543354 USD
vuzi Reclassification Of Derivative Liability To Paidin Capital Upon Waiver Of Certain Antidilutive Provisions Of Warrants And Convertible Debt
ReclassificationOfDerivativeLiabilityToPaidinCapitalUponWaiverOfCertainAntidilutiveProvisionsOfWarrantsAndConvertibleDebt
0 USD
vuzi Reclassification Of Derivative Liability Upon Warrant Exercises
ReclassificationOfDerivativeLiabilityUponWarrantExercises
2855463 USD
vuzi Reclassification Of Derivative Liability Upon Warrant Exercises
ReclassificationOfDerivativeLiabilityUponWarrantExercises
0 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1260019 shares
CY2014Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
101445 USD
CY2015Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
107474 USD
CY2014Q4 vuzi Accrued Compensation
AccruedCompensation
428786 USD
CY2015Q2 vuzi Accrued Compensation
AccruedCompensation
417286 USD
CY2014Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
45000 USD
CY2015Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
52000 USD
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
39624 USD
CY2015Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
46663 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
0 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8741 USD
CY2015Q2 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
96414 USD
CY2014Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
75471 USD
vuzi Officers Compensation Payable Compounding Monthly Interest Rate
OfficersCompensationPayableCompoundingMonthlyInterestRate
0.08 pure
CY2015Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
71076 USD
CY2014Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
62801 USD
CY2014Q4 us-gaap Interest Payable Current
InterestPayableCurrent
8994 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
38032 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
45071 USD
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
46663 USD
CY2015Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
4168267 shares
vuzi Percentage Of Outstanding Warrants Issued By Parent
PercentageOfOutstandingWarrantsIssuedByParent
0.86 pure
CY2014Q4 us-gaap Convertible Debt
ConvertibleDebt
3000000 USD
CY2015Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
45100 shares
CY2014Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
4730992 shares
CY2014Q2 vuzi Fair Value Of Debt Embedded Conversion Price Adjustment Option
FairValueOfDebtEmbeddedConversionPriceAdjustmentOption
1938988 USD
CY2015Q2 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
5000000 USD
CY2015Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
5000000 USD
CY2015Q2 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
169027 USD
CY2015Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
169027 USD
CY2014Q4 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
0 USD
CY2014Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0 USD
CY2014Q4 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
13541138 USD
CY2014Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
2806942 USD
CY2014Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
10734196 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
107766 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
24393 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1902500 USD
CY2015Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2034659 USD
CY2015Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
874643 USD
CY2015Q2 us-gaap Long Term Debt
LongTermDebt
1160016 USD
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q2 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
1000
vuzi Preferred Stock Shares Outstanding In Percent Liquidation Or Amendment Actions
PreferredStockSharesOutstandingInPercentLiquidationOrAmendmentActions
0.6 pure
CY2014Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5236660 shares
vuzi Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
4706517 shares
vuzi Class Of Warrant Or Right Grants In Period
ClassOfWarrantOrRightGrantsInPeriod
60000 shares
CY2015Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
575329 shares
vuzi Class Of Warrant Or Right Expired In Period
ClassOfWarrantOrRightExpiredInPeriod
14814 shares
vuzi Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Terms
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerms
P2Y8M12D
invest Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
2.40
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
347222 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.48
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
552329 shares
vuzi Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageExercisePrice
3.69
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P9Y9M18D
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y2M12D
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1843903 USD
CY2015Q2 us-gaap Contractual Obligation
ContractualObligation
40000 USD
CY2015Q2 vuzi Prepaid Manufacturing Vendor Payments
PrepaidManufacturingVendorPayments
843772 USD
CY2014Q4 vuzi Prepaid Manufacturing Vendor Payments
PrepaidManufacturingVendorPayments
156091 USD
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
49626 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
49626 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16001434 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16001434 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11295387 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11295387 shares
vuzi Increase Decrease In Vendors Prepayments
IncreaseDecreaseInVendorsPrepayments
687681 USD
vuzi Increase Decrease In Vendors Prepayments
IncreaseDecreaseInVendorsPrepayments
0 USD
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
941467 shares
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
39624 USD
CY2014Q4 us-gaap Long Term Debt
LongTermDebt
1217421 USD
CY2015Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
335248 USD
us-gaap Description Of Lessor Leasing Arrangements Operating Leases
DescriptionOfLessorLeasingArrangementsOperatingLeases
The Company leases office and manufacturing space under operating leases that expire on September 30, 2015 through to March 1, 2016.
us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P5Y
us-gaap Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
P3Y
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
138090 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
3000000 USD
vuzi Discount On Senior Convertible Debt Attributed To Embedded Conversion Price Adjustment Option
DiscountOnSeniorConvertibleDebtAttributedToEmbeddedConversionPriceAdjustmentOption
0 USD
vuzi Discount On Senior Convertible Debt Attributed To Embedded Conversion Price Adjustment Option
DiscountOnSeniorConvertibleDebtAttributedToEmbeddedConversionPriceAdjustmentOption
1938988 USD
CY2014Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
0 USD
CY2015Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
5000000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
0 USD
CY2015Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
376545 USD
CY2014Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
735483 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2778872 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
239110 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8228662 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1751016 USD
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15934279 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10285453 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14754298 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10135387 shares
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
5000000 USD
CY2015Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
5000000 USD
CY2015Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
735483 USD
CY2015Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
11580 USD
CY2014Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3405 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
23032 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3405 USD
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 0pt 34.55pt; FONT: 10pt Times New Roman, Times, Serif"> <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 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;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> 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 GAAP 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, 2014 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 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company as of December 31, 2014, 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 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> 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>
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD

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