$VUZI
Vuzix Corp

2016 Q2 Form 10-Q Financial Statement

#000114420416118913 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $561.00 $427.8K
YoY Change -99.87% -40.85%
Cost Of Revenue $686.9K $392.5K
YoY Change 74.99% -15.08%
Gross Profit -$126.00 $35.26K
YoY Change -100.36% -86.49%
Gross Profit Margin -22.46% 8.24%
Selling, General & Admin $1.851M $1.369M
YoY Change 35.26% 73.38%
% of Gross Profit 3880.75%
Research & Development $1.669M $732.5K
YoY Change 127.86% 147.84%
% of Gross Profit 2077.16%
Depreciation & Amortization $250.0K $150.0K
YoY Change 66.67% 50.0%
% of Gross Profit 425.36%
Operating Expenses $3.520M $2.101M
YoY Change 67.54% 93.66%
Operating Profit -$3.830M -$2.144M
YoY Change 78.6% 131.74%
Interest Expense $33.54K $37.69K
YoY Change -11.01% 47.98%
% of Operating Profit
Other Income/Expense, Net -$273.7K -$258.0K
YoY Change 6.08% -122.16%
Pretax Income -$4.103M -$2.402M
YoY Change 70.81% -1104.7%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.103K -$2.402M
YoY Change -99.83% -1104.7%
Net Earnings / Revenue -731.37% -561.54%
Basic Earnings Per Share -$0.17
Diluted Earnings Per Share -$254.0K -$0.17
COMMON SHARES
Basic Shares Outstanding 15.93M shares
Diluted Shares Outstanding 15.93M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.600M $20.00M
YoY Change -77.0% 900.0%
Cash & Equivalents $4.586M $15.05M
Short-Term Investments $5.000M
Other Short-Term Assets $1.300M $1.400M
YoY Change -7.14% 1300.0%
Inventory $3.500M $1.087M
Prepaid Expenses
Receivables $100.0K $84.38K
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.500M $22.60M
YoY Change -57.96% 625.5%
LONG-TERM ASSETS
Property, Plant & Equipment $2.600M $500.0K
YoY Change 420.0% 41.39%
Goodwill
YoY Change
Intangibles $514.3K
YoY Change -0.06%
Long-Term Investments
YoY Change
Other Assets $89.49K
YoY Change -33.56%
Total Long-Term Assets $3.400M $1.701M
YoY Change 99.92% -1.45%
TOTAL ASSETS
Total Short-Term Assets $9.500M $22.60M
Total Long-Term Assets $3.400M $1.701M
Total Assets $12.90M $24.30M
YoY Change -46.91% 401.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M $700.0K
YoY Change 57.14% -66.55%
Accrued Expenses $900.0K $719.8K
YoY Change 25.03% 23.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.468M $100.0K
YoY Change 1368.4% 0.0%
Total Short-Term Liabilities $3.800M $1.594M
YoY Change 138.41% -48.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.100M
YoY Change -100.0% -8.92%
Other Long-Term Liabilities $300.0K $300.0K
YoY Change 0.0% -96.67%
Total Long-Term Liabilities $272.1K $1.372M
YoY Change -80.17% -86.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.800M $1.594M
Total Long-Term Liabilities $272.1K $1.372M
Total Liabilities $4.027M $2.966M
YoY Change 35.79% -77.72%
SHAREHOLDERS EQUITY
Retained Earnings -$51.65M
YoY Change 49.54%
Common Stock $16.16K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.855M $21.37M
YoY Change
Total Liabilities & Shareholders Equity $12.88M $24.33M
YoY Change -47.06% 402.69%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$4.103K -$2.402M
YoY Change -99.83% -1104.7%
Depreciation, Depletion And Amortization $250.0K $150.0K
YoY Change 66.67% 50.0%
Cash From Operating Activities -$3.180M -$2.540M
YoY Change 25.2% 179.12%
INVESTING ACTIVITIES
Capital Expenditures -$450.0K -$270.0K
YoY Change 66.67% 3.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$5.000M
YoY Change -100.0%
Cash From Investing Activities -$450.0K -$5.270M
YoY Change -91.46% 1926.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -20.00K
YoY Change -100.0% -100.7%
NET CHANGE
Cash From Operating Activities -3.180M -2.540M
Cash From Investing Activities -450.0K -5.270M
Cash From Financing Activities 0.000 -20.00K
Net Change In Cash -3.630M -7.830M
YoY Change -53.64% -560.59%
FREE CASH FLOW
Cash From Operating Activities -$3.180M -$2.540M
Capital Expenditures -$450.0K -$270.0K
Free Cash Flow -$2.730M -$2.270M
YoY Change 20.26% 249.23%

Facts In Submission

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vuzi Common Stock Awards Compensation Expense
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vuzi Common Stock Issued And Warrant Issued For Services Prepaid Expense
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vuzi Reclassification Of Derivative Liability To Paidin Capital Upon Waiver Of Certain Antidilutive Provisions Of Warrants And Convertible Debt
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vuzi Increase Decrease In Vendors Prepayments
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vuzi Common Stock Issued And Warrant Issued For Services Prepaid Expense
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CY2015Q4 vuzi Accrued Compensation
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7,324,230
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45100 shares
vuzi Percentage Of Outstanding Warrants Issued By Parent
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0.86 pure
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1938988 USD
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240786 USD
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CY2015Q4 us-gaap Class Of Warrant Or Right Outstanding
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vuzi Class Of Warrant Or Right Expired In Period
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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5.02
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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480712 shares
vuzi Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price
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4.07
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P7Y1M6D
CY2016Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P7Y1M6D
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335248 USD
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vuzi Operating Lease Commencement Date
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2015-10-03
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us-gaap Lease And Rental Expense
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us-gaap Lease And Rental Expense
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CY2016Q2 us-gaap Preferred Stock Shares Issued
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CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2015Q4 us-gaap Common Stock Shares Authorized
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CY2016Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16087951 shares
us-gaap Basis Of Accounting
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<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: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN: 0pt 0px 0pt 0in; 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; TEXT-INDENT: 0.5in; 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;BACKGROUND-COLOR: transparent; TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0in; FONT: 10pt Times New Roman, Times, Serif"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN-LEFT: 0in; CLEAR: both"> 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, 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"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 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&#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;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; CLEAR: both"> 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 style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; CLEAR: both"> For the six months ended June 30, 2016 one customer accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 22</font>% of sales. There was no single customer in the 2015 period that accounted for over 10% of total sales. Accounts receivable as of June 30, 2016 is <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 64</font>% composed of amounts owed by that same customer.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; CLEAR: both"> 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 six months of 2016 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7,879,229</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"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: transparent">65,468,097</font></font></font> as of June 30, 2016.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; CLEAR: both"> The Company&#8217;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&#8217; timely market acceptance, selling prices and gross margins, and other factors. Historically, the Company has met these cash needs by borrowings under notes, sales of convertible debt, and the sales of equity.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; CLEAR: both"> <font style="FONT-SIZE: 10pt">On July 11, 2016, the Company closed its public offering of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,150,000</font> shares of common stock, at a public offering price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.75</font> per share. Total gross proceeds from the public offering were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6,612,500</font>. Net proceeds after underwriting discounts and commissions and other offering expenses payable by Vuzix</font> <font style="FONT-SIZE: 10pt">were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,996,000</font>.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in"> On January 2, 2015, the Company closed a sale of Series A Preferred Stock to Intel Corporation (the &#8220;Series A Private Placement&#8221;), 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&#8217;s 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 implementing 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;TEXT-INDENT: 0.5in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in"> The Company will need to grow its business significantly to become profitable and self-sustaining on a cash flow basis or it will be required to raise new capital. The Company in the second half of 2016 will begin 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"> &#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in"> 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;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; CLEAR: both"> 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>
CY2016Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.37
vuzi Class Of Warrant Or Right Excercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExcercisePriceOfWarrantsOrRightsIssued
0
vuzi Class Of Warrant Or Right Excercise Price Of Warrants Or Rights Excercised
ClassOfWarrantOrRightExcercisePriceOfWarrantsOrRightsExcercised
3.00
vuzi Class Of Warrant Or Right Excercise Price Of Warrants Or Rights Expired
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0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3461296 USD
CY2015Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
11580 USD
CY2016Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
114816 USD
CY2015Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
178981 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
236022 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
519941 USD
CY2016Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
11580 USD
vuzi Stock Issued During Period Value Exercise Of Warrants
StockIssuedDuringPeriodValueExerciseOfWarrants
45000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
50800 USD
us-gaap Payments To Acquire Marketable Securities
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5000000 USD
CY2016Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16155529 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16087951 shares
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
64002 USD
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
1283340 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y10M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.097 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0168 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 USD
us-gaap Stock Granted During Period Value Sharebased Compensation Gross
StockGrantedDuringPeriodValueSharebasedCompensationGross
37755 USD
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
CY2016Q2 us-gaap Accrued Employee Benefits Current And Noncurrent
AccruedEmployeeBenefitsCurrentAndNoncurrent
327469 USD
CY2016Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
115051 USD
CY2015Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
97801 USD
vuzi Officers Compensation Payable Compounding Monthly Interest Rate
OfficersCompensationPayableCompoundingMonthlyInterestRate
0.08 pure
CY2015Q4 us-gaap Accrued Employee Benefits Current And Noncurrent
AccruedEmployeeBenefitsCurrentAndNoncurrent
327469 USD
vuzi Class Of Warrant Or Right Grants In Period
ClassOfWarrantOrRightGrantsInPeriod
0 shares
vuzi Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
15000 shares
CY2015Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.43
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
23160 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
23032 USD
vuzi Reclassification Of Derivative Liability Upon Warrant Exercises
ReclassificationOfDerivativeLiabilityUponWarrantExercises
0 USD
vuzi Reclassification Of Derivative Liability Upon Warrant Exercises
ReclassificationOfDerivativeLiabilityUponWarrantExercises
2855463 USD
us-gaap Interest Expense Other
InterestExpenseOther
17249 USD
us-gaap Interest Expense Other
InterestExpenseOther
18171 USD

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