$VUZI
Vuzix Corp Stock $vuzi

$vuzi Overview Financials Valuation SEC Filings Company Website

2016 Q1 Form 10-Q Financial Statement

#000114420416101293 Filed on May 12, 2016

Income Statement

Concept	2016 Q1	2015 Q1
Revenue	$364.00	$809.2K
YoY Change	-99.96%	1.34%
Cost Of Revenue	$603.0K	$630.8K
YoY Change	-4.41%	40.11%
Gross Profit	-$239.00	$178.3K
YoY Change	-100.13%	-48.78%
Gross Profit Margin	-65.66%	22.04%
Selling, General & Admin	$2.013M	$3.292M
YoY Change	-38.87%	290.01%
% of Gross Profit		1846.24%
Research & Development	$1.275M	$514.7K
YoY Change	147.66%	29.51%
% of Gross Profit		288.62%
Depreciation & Amortization	$240.0K	$59.64K
YoY Change	302.42%	-40.18%
% of Gross Profit		33.44%
Operating Expenses	$3.457M	$3.867M
YoY Change	-10.61%	188.28%
Operating Profit	-$3.696M	-$3.688M
YoY Change	0.2%	271.39%
Interest Expense	$33.55K	$51.50K
YoY Change	-34.85%	33.8%
% of Operating Profit
Other Income/Expense, Net	-$79.89K	-$1.402M
YoY Change	-94.3%	-155.98%
Pretax Income	-$3.776M	-$5.091M
YoY Change	-25.83%	-436.72%
Income Tax	$0.00	$0.00
% Of Pretax Income
Net Earnings	-$3.776K	-$5.091M
YoY Change	-99.93%	-436.72%
Net Earnings / Revenue	-1037.36%	-629.16%
Basic Earnings Per Share		-$0.40
Diluted Earnings Per Share	-$234.8K	-$0.40
COMMON SHARES
Basic Shares Outstanding		13.56M shares
Diluted Shares Outstanding		13.56M shares

Balance Sheet

Concept	2016 Q1	2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$8.200M	$22.90M
YoY Change	-64.19%	7533.33%
Cash & Equivalents	$8.214M	$22.88M
Short-Term Investments
Other Short-Term Assets	$800.0K	$400.0K
YoY Change	100.0%	300.0%
Inventory	$3.400M	$1.000M
Prepaid Expenses
Receivables	$100.0K	$300.0K
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$12.50M	$24.50M
YoY Change	-48.98%	1470.33%
LONG-TERM ASSETS
Property, Plant & Equipment	$2.300M	$400.0K
YoY Change	475.0%	-3.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets		$101.1K
YoY Change
Total Long-Term Assets	$3.200M	$1.700M
YoY Change	88.24%	18.74%
TOTAL ASSETS
Total Short-Term Assets	$12.50M	$24.50M
Total Long-Term Assets	$3.200M	$1.700M
Total Assets	$15.70M	$26.20M
YoY Change	-40.08%	775.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$400.0K	$800.0K
YoY Change	-50.0%	-64.82%
Accrued Expenses	$800.0K	$700.0K
YoY Change	14.29%	29.49%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change		-100.0%
Long-Term Debt Due	$100.0K	$80.10K
YoY Change	24.85%	-19.35%
Total Short-Term Liabilities	$1.400M	$1.700M
YoY Change	-17.65%	-49.95%
LONG-TERM LIABILITIES
Long-Term Debt	$1.300M	$1.077M
YoY Change	20.7%	539.77%
Other Long-Term Liabilities	$400.0K	$300.0K
YoY Change	33.33%	-96.43%
Total Long-Term Liabilities	$1.700M	$1.077M
YoY Change	57.84%	-87.42%
TOTAL LIABILITIES
Total Short-Term Liabilities	$1.400M	$1.700M
Total Long-Term Liabilities	$1.700M	$1.077M
Total Liabilities	$3.100M	$3.100M
YoY Change	0.0%	-74.07%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$12.60M	$23.10M
YoY Change
Total Liabilities & Shareholders Equity	$15.70M	$26.20M
YoY Change	-40.08%	775.7%

Cashflow Statement

Concept	2016 Q1	2015 Q1
OPERATING ACTIVITIES
Net Income	-$3.776K	-$5.091M
YoY Change	-99.93%	-436.72%
Depreciation, Depletion And Amortization	$240.0K	$59.64K
YoY Change	302.42%	-40.18%
Cash From Operating Activities	-$3.213M	-$2.748M
YoY Change	16.91%	156.03%
INVESTING ACTIVITIES
Capital Expenditures	$411.4K	$18.31K
YoY Change	2147.08%	-67.88%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	-$442.1K	-$26.22K
YoY Change	1586.37%	-92.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net	$8.479K	$100.8K
YoY Change	-91.59%	81.64%
Cash From Financing Activities	-$8.479K	$25.57M
YoY Change	-100.03%	1747.95%
NET CHANGE
Cash From Operating Activities	-$3.213M	-$2.748M
Cash From Investing Activities	-$442.1K	-$26.22K
Cash From Financing Activities	-$8.479K	$25.57M
Net Change In Cash	-$3.663M	$22.80M
YoY Change	-116.07%	-59584.82%
FREE CASH FLOW
Cash From Operating Activities	-$3.213M	-$2.748M
Capital Expenditures	$411.4K	$18.31K
Free Cash Flow	-$3.624M	-$2.766M
YoY Change	31.01%	144.73%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2015Q1	us-gaap	Depreciation And Amortization DepreciationAndAmortization	59638	USD
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CY2015Q1	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	695574	USD
CY2016Q1	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	0	USD
CY2015Q1	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	113581	USD
CY2016Q1	us-gaap	Sales Revenue Net SalesRevenueNet	363839	USD
CY2015Q1	us-gaap	Sales Revenue Net SalesRevenueNet	809155	USD
CY2016Q1	us-gaap	Cost Of Goods Sold CostOfGoodsSold	602977	USD
CY2015Q1	us-gaap	Cost Of Goods Sold CostOfGoodsSold	585390	USD
CY2016Q1	us-gaap	Cost Of Services CostOfServices	0	USD
CY2015Q1	us-gaap	Cost Of Services CostOfServices	45432	USD
CY2016Q1	us-gaap	Cost Of Revenue CostOfRevenue	602977	USD
CY2015Q1	us-gaap	Cost Of Revenue CostOfRevenue	630822	USD
CY2016Q1	us-gaap	Gross Profit GrossProfit	-239138	USD
CY2015Q1	us-gaap	Gross Profit GrossProfit	178333	USD
CY2016Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	1274713	USD
CY2015Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	514707	USD
CY2016Q1	us-gaap	Selling And Marketing Expense SellingAndMarketingExpense	1126499	USD
CY2015Q1	us-gaap	Selling And Marketing Expense SellingAndMarketingExpense	357547	USD
CY2016Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	886315	USD
CY2015Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	2934907	USD
CY2016Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-3695853	USD
CY2015Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-3688466	USD
CY2016Q1	us-gaap	Taxes Other TaxesOther	20721	USD
CY2015Q1	us-gaap	Taxes Other TaxesOther	11774	USD
CY2016Q1	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	-3949	USD
CY2015Q1	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	5271	USD
CY2016Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-79886	USD
CY2015Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-1402386	USD
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CY2016Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	0	USD
CY2015Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	0	USD
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CY2015Q1	us-gaap	Interest Expense InterestExpense	51496	USD
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CY2016Q1	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	57026	USD
CY2015Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-164821	USD
CY2016Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-169204	USD
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CY2016Q1	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-469658	USD
CY2015Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-25330	USD
CY2016Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	32119	USD
CY2015Q1	us-gaap	Increase Decrease In Customer Deposits IncreaseDecreaseInCustomerDeposits	-101493	USD
CY2016Q1	us-gaap	Increase Decrease In Customer Deposits IncreaseDecreaseInCustomerDeposits	24530	USD
CY2015Q1	us-gaap	Increase Decrease In Accrued Income Taxes Payable IncreaseDecreaseInAccruedIncomeTaxesPayable	-6060	USD
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CY2016Q1	vuzi	Reclassification Of Derivative Liability To Paidin Capital Upon Waiver Of Certain Antidilutive Provisions Of Warrants And Convertible Debt ReclassificationOfDerivativeLiabilityToPaidinCapitalUponWaiverOfCertainAntidilutiveProvisionsOfWarrantsAndConvertibleDebt	0	USD
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CY2015Q1	us-gaap	Lease And Rental Expense LeaseAndRentalExpense	26551	USD
CY2016Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.001
CY2015Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.001
CY2015Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	5000000	shares
CY2015Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	49626	shares
CY2016Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1	P7Y3M18D
CY2016Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	5000000	shares
CY2016Q1	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	49626	shares
CY2015Q4	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	1514081	USD
CY2016Q1	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2016Q1	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	16105451	shares
CY2015Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	16087951	shares
CY2016Q1	vuzi	Operating Lease Commencement Date OperatingLeaseCommencementDate	2015-10-03
CY2016Q1	us-gaap	Lease Expiration Date1 LeaseExpirationDate1	2020-10-03
CY2016Q1	us-gaap	Operating Leases Future Minimum Payments Due In Three Years OperatingLeasesFutureMinimumPaymentsDueInThreeYears	335248	USD
CY2016Q1	us-gaap	Operating Leases Future Minimum Payments Due In Four Years OperatingLeasesFutureMinimumPaymentsDueInFourYears	335248	USD
CY2016Q1	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	49626	shares
CY2015Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	49626	shares
CY2015Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2015Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2016Q1	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	16105451	shares
CY2015Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	16087951	shares
CY2016Q1	us-gaap	Earnings Per Share Potentially Dilutive Securities EarningsPerSharePotentiallyDilutiveSecurities	7,340,753
CY2015	us-gaap	Earnings Per Share Potentially Dilutive Securities EarningsPerSharePotentiallyDilutiveSecurities	7,012,767
CY2015Q4	us-gaap	Product Warranty Accrual ProductWarrantyAccrual	64002	USD
CY2016Q1	us-gaap	Interest Payable Current And Noncurrent InterestPayableCurrentAndNoncurrent	106341	USD
CY2016Q1	us-gaap	Interest Payable Current InterestPayableCurrent	8540	USD
CY2015Q4	us-gaap	Long Term Debt LongTermDebt	1283340	USD
CY2016Q1	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	1907905	USD
CY2016Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber	528829	shares
CY2016Q1	vuzi	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageExercisePrice	7.39
CY2016Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms	P4Y
CY2016Q1	us-gaap	Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized	2049644	USD
CY2016Q1	us-gaap	Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1 EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1	P1Y10M24D
CY2015Q4	us-gaap	Accrued Employee Benefits Current And Noncurrent AccruedEmployeeBenefitsCurrentAndNoncurrent	327469	USD
CY2015Q4	us-gaap	Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight	45100	shares
CY2016Q1	us-gaap	Debt Conversion Converted Instrument Amount1 DebtConversionConvertedInstrumentAmount1	22500	USD
CY2015Q1	us-gaap	Debt Conversion Converted Instrument Amount1 DebtConversionConvertedInstrumentAmount1	337500	USD
CY2016Q1	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	173816	USD
CY2016Q1	us-gaap	Net Income Loss NetIncomeLoss	-3775739	USD
CY2016Q1	us-gaap	Operating Leases Future Minimum Payments Remainder Of Fiscal Year OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear	305452	USD
CY2015Q1	us-gaap	Proceeds From Repayments Of Lines Of Credit ProceedsFromRepaymentsOfLinesOfCredit	-112500	USD
CY2016Q1	us-gaap	Proceeds From Repayments Of Lines Of Credit ProceedsFromRepaymentsOfLinesOfCredit	0	USD
CY2016Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P7Y10M24D
CY2016Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	1.097	pure
CY2016Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate	0.0168	pure
CY2016Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments	0	USD
CY2016Q1	us-gaap	Stock Granted During Period Value Sharebased Compensation Gross StockGrantedDuringPeriodValueSharebasedCompensationGross	37555	USD
CY2015	us-gaap	Net Income Loss NetIncomeLoss	13427478	USD
CY2014	us-gaap	Net Income Loss NetIncomeLoss	7868858	USD
CY2016Q1	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: 0pt 0px 0pt 34.55pt; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN: 0in 0px 0in 0.48in; FONT: 10pt Times New Roman, Times, Serif"> <b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Note 1  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> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0in; FONT: 10pt Times New Roman, Times, Serif"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in; CLEAR: both"> The accompanying unaudited Condensed Consolidated Financial Statements of Vuzix Corporation and Subsidiaries (“the Company") have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) 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, 2015 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;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in; CLEAR: both"> The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company as of December 31, 2015, as reported in the Company’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;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in; CLEAR: both"> The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in; CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in"> The accompanying Condensed Consolidated Financial Statements have been prepared assuming that we will continue as a going concern. This basis of accounting contemplates the recovery of our assets and the satisfaction of liabilities in the normal course of business. These Condensed Consolidated Financial Statements do not include any adjustments to the specific amounts and classifications of assets and liabilities, which might be necessary should we be unable to continue as a going concern. The net loss for the first three months of 2016 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,775,739</font>. The Company has incurred a net loss consistently over the last 2 years. The Company incurred annual net losses of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">13,427,478</font> in 2015 and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7,868,858</font> in 2014, and has an accumulated deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">61,364,607</font> as of March 31, 2016.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in"> The Company’s cash requirements are primarily for funding operating losses, working capital, research, debt service and capital expenditures. Our cash requirements related to funding operating losses depend on numerous factors, including new product development activities, our ability to commercialize our products, our products’ timely market acceptance, selling prices and gross margins, and other factors. In order for us to achieve positive cash flow from operations, our product sales will need to increase. The Company in the second half of 2016 will be shipping all new models and products as compared to its offerings in 2015. However, if these products are not successful within a reasonable time period, we will have to raise additional capital to maintain operations and/or materially reduce our operating and new product development costs.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in"> The Company must grow its business significantly to become profitable and self-sustaining on a cash flow basis or it will be required to raise new capital.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in"> On January 2, 2015 we closed a sale of Series A Preferred Stock to Intel Corporation (the “Series A Private Placement”), for an aggregate purchase price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">24,813,000</font>. Since the closing of the Company’s Series A Series A Private Placement in January 2015, the Company has had the financial resources to better execute on its business plan. However, the Company will need to become profitable and continue with a focused new product development plan that can help grow revenues within reasonable timeframes.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in"> Historically, the Company has met these cash needs by borrowings under notes, sales of convertible debt, and the sales of equity. If the Company raises additional funds by these methods, the ownership interest of existing stockholders may be diluted. The amount of such dilution could increase due to the issuance of new warrants or securities with other dilutive characteristics, such as full ratchet anti-dilution clauses or price resets.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-LEFT: 0.5in"> However, there can be no assurance that we will be able to raise capital in the future or that if we raise additional capital it will be sufficient to execute our business plan. To the extent that we are unable to raise sufficient additional capital, we will be required to substantially modify our business plan and our plans for operations, which could have a material adverse effect on us and our financial condition.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1	us-gaap	Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear	68396	USD
CY2016Q1	us-gaap	Long Term Debt Maturities Repayments Of Principal In Next Twelve Months LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths	1896240	USD
CY2016Q1	us-gaap	Stock Issued During Period Value Conversion Of Convertible Securities StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	22500	USD
CY2016Q1	us-gaap	Stock Issued During Period Value Issued For Services StockIssuedDuringPeriodValueIssuedForServices	38925	USD

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vuzi-20160331_def.xml	Edgar Link	unprocessable
vuzi-20160331_lab.xml	Edgar Link	unprocessable
vuzi-20160331_pre.xml	Edgar Link	unprocessable

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$VUZI
Vuzix Corp Stock $vuzi

2016 Q1 Form 10-Q Financial Statement

#000114420416101293 Filed on May 12, 2016

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VUZI Vuzix Corp Stock $vuzi

2016 Q1 Form 10-Q Financial Statement

#000114420416101293 Filed on May 12, 2016

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VUZI
Vuzix Corp Stock $vuzi