2017 Q2 Form 10-Q Financial Statement
#000114420417026040 Filed on May 10, 2017
Income Statement
| Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
|---|---|---|---|
| Revenue | $1.325M | $1.211M | $364.00 |
| YoY Change | 236085.38% | 332592.31% | -99.96% |
| Cost Of Revenue | $1.755M | $1.062M | $603.0K |
| YoY Change | 155.45% | 76.11% | -4.41% |
| Gross Profit | -$429.0K | $149.0K | -$239.00 |
| YoY Change | 340376.19% | -62443.1% | -100.13% |
| Gross Profit Margin | -32.38% | 12.3% | -65.66% |
| Selling, General & Admin | $2.109M | $2.266M | $2.013M |
| YoY Change | 13.92% | 12.59% | -38.87% |
| % of Gross Profit | 1520.93% | ||
| Research & Development | $1.199M | $1.669M | $1.275M |
| YoY Change | -28.17% | 30.93% | 147.66% |
| % of Gross Profit | 1120.1% | ||
| Depreciation & Amortization | $310.0K | $310.0K | $240.0K |
| YoY Change | 24.0% | 29.17% | 302.42% |
| % of Gross Profit | 208.05% | ||
| Operating Expenses | $3.550M | $4.175M | $3.457M |
| YoY Change | 0.87% | 20.78% | -10.61% |
| Operating Profit | -$3.980M | -$4.026M | -$3.696M |
| YoY Change | 3.92% | 8.94% | 0.2% |
| Interest Expense | $24.29K | $40.97K | $33.55K |
| YoY Change | -27.58% | 22.1% | -34.85% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$90.13K | -$155.6K | -$79.89K |
| YoY Change | -67.07% | 94.78% | -94.3% |
| Pretax Income | -$4.070M | -$4.182M | -$3.776M |
| YoY Change | -0.81% | 10.75% | -25.83% |
| Income Tax | $0.00 | $0.00 | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$4.070M | -$4.182M | -$3.776K |
| YoY Change | 99095.71% | 110652.12% | -99.93% |
| Net Earnings / Revenue | -307.17% | -345.33% | -1037.36% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$186.3K | -$206.3K | -$234.8K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 20.41M shares | 20.21M shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $6.100M | $10.40M | $8.200M |
| YoY Change | 32.61% | 26.83% | -64.19% |
| Cash & Equivalents | $6.129M | $10.40M | $8.214M |
| Short-Term Investments | |||
| Other Short-Term Assets | $700.0K | $800.0K | $800.0K |
| YoY Change | -46.15% | 0.0% | 100.0% |
| Inventory | $3.400M | $2.700M | $3.400M |
| Prepaid Expenses | |||
| Receivables | $600.0K | $300.0K | $100.0K |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $10.80M | $14.20M | $12.50M |
| YoY Change | 13.68% | 13.6% | -48.98% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $3.586M | $3.413M | $2.300M |
| YoY Change | 37.93% | 48.4% | 475.0% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $4.368M | $4.100M | $3.200M |
| YoY Change | 28.47% | 28.13% | 88.24% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $10.80M | $14.20M | $12.50M |
| Total Long-Term Assets | $4.368M | $4.100M | $3.200M |
| Total Assets | $15.17M | $18.30M | $15.70M |
| YoY Change | 17.58% | 16.56% | -40.08% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.809M | $1.000M | $400.0K |
| YoY Change | 64.47% | 150.0% | -50.0% |
| Accrued Expenses | $1.064M | $1.200M | $800.0K |
| YoY Change | 18.27% | 50.0% | 14.29% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $0.00 | $500.0K | $100.0K |
| YoY Change | -100.0% | 400.0% | 24.85% |
| Total Short-Term Liabilities | $3.063M | $3.200M | $1.400M |
| YoY Change | -19.4% | 128.57% | -17.65% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $1.300M |
| YoY Change | -100.0% | 20.7% | |
| Other Long-Term Liabilities | $200.0K | $200.0K | $400.0K |
| YoY Change | -33.33% | -50.0% | 33.33% |
| Total Long-Term Liabilities | $187.3K | $0.00 | $1.700M |
| YoY Change | -31.17% | -100.0% | 57.84% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $3.063M | $3.200M | $1.400M |
| Total Long-Term Liabilities | $187.3K | $0.00 | $1.700M |
| Total Liabilities | $3.250M | $3.400M | $3.100M |
| YoY Change | -19.3% | 9.68% | 0.0% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$85.09M | ||
| YoY Change | |||
| Common Stock | $20.61K | ||
| YoY Change | 27.56% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $11.92M | $14.90M | $12.60M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $15.17M | $18.30M | $15.70M |
| YoY Change | 17.74% | 16.56% | -40.08% |
Cashflow Statement
| Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$4.070M | -$4.182M | -$3.776K |
| YoY Change | 99095.71% | 110652.12% | -99.93% |
| Depreciation, Depletion And Amortization | $310.0K | $310.0K | $240.0K |
| YoY Change | 24.0% | 29.17% | 302.42% |
| Cash From Operating Activities | -$3.720M | -$3.833M | -$3.213M |
| YoY Change | 16.98% | 19.32% | 16.91% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$550.0K | $262.8K | $411.4K |
| YoY Change | 22.22% | -36.13% | 2147.08% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | |||
| YoY Change | |||
| Cash From Investing Activities | -$550.0K | -$305.1K | -$442.1K |
| YoY Change | 22.22% | -31.0% | 1586.37% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $0.00 | ||
| YoY Change | |||
| Debt Paid & Issued, Net | $0.00 | $8.479K | |
| YoY Change | -100.0% | -91.59% | |
| Cash From Financing Activities | 0.000 | $0.00 | -$8.479K |
| YoY Change | -100.0% | -100.03% | |
| NET CHANGE | |||
| Cash From Operating Activities | -3.720M | -$3.833M | -$3.213M |
| Cash From Investing Activities | -550.0K | -$305.1K | -$442.1K |
| Cash From Financing Activities | 0.000 | $0.00 | -$8.479K |
| Net Change In Cash | -4.270M | -$4.138M | -$3.663M |
| YoY Change | 17.63% | 12.97% | -116.07% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$3.720M | -$3.833M | -$3.213M |
| Capital Expenditures | -$550.0K | $262.8K | $411.4K |
| Free Cash Flow | -$3.170M | -$4.096M | -$3.624M |
| YoY Change | 16.12% | 13.02% | 31.01% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2016Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.26 | |
| CY2016Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
|
28333 | USD |
| CY2017Q1 | us-gaap |
Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
|
25832 | USD |
| CY2016Q1 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
363839 | USD |
| CY2017Q1 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
959383 | USD |
| CY2016Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
0 | USD |
| CY2017Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
251280 | USD |
| CY2016Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
363839 | USD |
| CY2017Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
1210663 | USD |
| CY2016Q1 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
602977 | USD |
| CY2017Q1 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
953903 | USD |
| CY2016Q1 | us-gaap |
Cost Of Services
CostOfServices
|
0 | USD |
| CY2017Q1 | us-gaap |
Cost Of Services
CostOfServices
|
108000 | USD |
| CY2016Q1 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
602977 | USD |
| CY2017Q1 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
1061903 | USD |
| CY2016Q1 | us-gaap |
Gross Profit
GrossProfit
|
-239138 | USD |
| CY2017Q1 | us-gaap |
Gross Profit
GrossProfit
|
148760 | USD |
| CY2016Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1274713 | USD |
| CY2017Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1668956 | USD |
| CY2016Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
1126499 | USD |
| CY2017Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
1030999 | USD |
| CY2016Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
886315 | USD |
| CY2017Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1235183 | USD |
| CY2016Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
169188 | USD |
| CY2017Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
239830 | USD |
| CY2016Q1 | us-gaap |
Taxes Other
TaxesOther
|
20721 | USD |
| CY2017Q1 | us-gaap |
Taxes Other
TaxesOther
|
10550 | USD |
| CY2016Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-3949 | USD |
| CY2017Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
1097 | USD |
| CY2016Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-79886 | USD |
| CY2017Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-155604 | USD |
| CY2016Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-3775739 | USD |
| CY2017Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-4181812 | USD |
| CY2016Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
| CY2017Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
| CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3775739 | USD |
| CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4181812 | USD |
| CY2016Q1 | us-gaap |
Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
|
393824 | USD |
| CY2017Q1 | us-gaap |
Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
|
413464 | USD |
| CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-4169563 | USD |
| CY2017Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-4595276 | USD |
| CY2016Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
11581 | USD |
| CY2017Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
11453 | USD |
| CY2016Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
9455 | USD |
| CY2017Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
17900 | USD |
| CY2016Q1 | us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
101666 | USD |
| CY2017Q1 | us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
22560 | USD |
| CY2016Q1 | us-gaap |
Interest Expense
InterestExpense
|
33550 | USD |
| CY2017Q1 | us-gaap |
Interest Expense
InterestExpense
|
40966 | USD |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.23 | |
| CY2017Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
4174968 | USD |
| CY2016Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
3456715 | USD |
| CY2017Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4026208 | USD |
| CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-3695853 | USD |
| CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
210074 | USD |
| CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
173816 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
217261 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-269233 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
69614 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
57026 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-246687 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-169204 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-82323 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-469658 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
49262 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
32119 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
|
42123 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
|
24530 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
-1169 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
8122 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
40926 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
23647 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-3833199 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-3212575 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
262774 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
411440 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
42315 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
30709 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-305089 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-442149 | USD |
| CY2017Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
0 | USD |
| CY2016Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
8479 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
0 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-8479 | USD |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-4138288 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-3663203 | USD |
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
11877058 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
8213855 | USD |
| CY2017Q1 | us-gaap |
Interest Paid
InterestPaid
|
10690 | USD |
| CY2016Q1 | us-gaap |
Interest Paid
InterestPaid
|
7431 | USD |
| CY2016Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
38925 | USD |
| CY2017Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
0 | USD |
| CY2016Q1 | us-gaap |
Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
|
71612 | USD |
| CY2017Q1 | us-gaap |
Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
|
71613 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
44994 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-211399 | USD |
| CY2016Q1 | vuzi |
Increase Decrease In Vendors Prepayments
IncreaseDecreaseInVendorsPrepayments
|
-33337 | USD |
| CY2017Q1 | vuzi |
Increase Decrease In Vendors Prepayments
IncreaseDecreaseInVendorsPrepayments
|
68111 | USD |
| CY2016Q1 | us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
22500 | USD |
| CY2017Q1 | us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
1197341 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
0 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-25110 | USD |
| CY2017Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
22560 | USD |
| CY2016Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
101666 | USD |
| CY2017Q1 | us-gaap |
Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
|
1998111 | USD |
| CY2017Q1 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
364329 | USD |
| CY2017Q1 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
938520 | USD |
| CY2017Q1 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
580128 | USD |
| CY2017Q1 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
136988 | USD |
| CY2017Q1 | vuzi |
Accrued Compensation
AccruedCompensation
|
623609 | USD |
| CY2017Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
157885 | USD |
| CY2017Q1 | us-gaap |
Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
|
54592 | USD |
| CY2016Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
10000 | USD |
| CY2016Q4 | us-gaap |
Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
|
375560 | USD |
| CY2016Q4 | us-gaap |
Accrued Employee Benefits Current And Noncurrent
AccruedEmployeeBenefitsCurrentAndNoncurrent
|
358720 | USD |
| CY2017Q1 | us-gaap |
Accrued Employee Benefits Current And Noncurrent
AccruedEmployeeBenefitsCurrentAndNoncurrent
|
333609 | USD |
| CY2016Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
141645 | USD |
| CY2017Q1 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
156914 | USD |
| CY2017Q1 | us-gaap |
Accrued Bonuses Current
AccruedBonusesCurrent
|
290000 | USD |
| CY2017Q1 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
54592 | USD |
| CY2017Q1 | us-gaap |
Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
|
24188 | USD |
| CY2017Q1 | us-gaap |
Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
|
37648 | USD |
| CY2017Q1 | vuzi |
Percentage Of Outstanding Warrants Issued By Parent
PercentageOfOutstandingWarrantsIssuedByParent
|
0.86 | pure |
| CY2014Q4 | us-gaap |
Convertible Debt
ConvertibleDebt
|
3000000 | USD |
| CY2014Q2 | vuzi |
Fair Value Of Debt Embedded Conversion Price Adjustment Option
FairValueOfDebtEmbeddedConversionPriceAdjustmentOption
|
1938988 | USD |
| CY2017Q1 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
150571 | USD |
| CY2017Q1 | us-gaap |
Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
|
150571 | USD |
| CY2016Q4 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
173131 | USD |
| CY2016Q4 | us-gaap |
Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
|
173131 | USD |
| CY2017Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
0 | USD |
| CY2016Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
0 | USD |
| CY2017Q1 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
29616 | USD |
| CY2017Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
518374 | USD |
| CY2017Q1 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
3547594 | USD |
| CY2017Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2017Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2016Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
401859 | shares |
| CY2017Q1 | vuzi |
Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
|
250009 | shares |
| CY2017Q1 | vuzi |
Class Of Warrant Or Right Grants In Period
ClassOfWarrantOrRightGrantsInPeriod
|
0 | shares |
| CY2017Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
| CY2017Q1 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
151850 | shares |
| CY2017Q1 | vuzi |
Class Of Warrant Or Right Expired In Period
ClassOfWarrantOrRightExpiredInPeriod
|
0 | shares |
| CY2017Q1 | vuzi |
Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Terms
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerms
|
P1Y2M12D | |
| CY2017Q1 | invest |
Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
|
2.66 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
624032 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
4.75 | |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P6Y10M24D | |
| CY2017Q1 | us-gaap |
Lease Expiration Date1
LeaseExpirationDate1
|
2020-10-03 | |
| CY2017Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2017Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2017Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-03-31 | |
| CY2017Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | |
| CY2017Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2017Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
Vuzix Corp | |
| CY2017Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001463972 | |
| CY2017Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2017Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | |
| CY2017Q1 | dei |
Trading Symbol
TradingSymbol
|
VUZI | |
| CY2017Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
20408926 | shares |
| CY2017Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3413262 | USD |
| CY2016Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3364908 | USD |
| CY2017Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2016Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2016Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
| CY2017Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
49626 | shares |
| CY2016Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
49626 | shares |
| CY2017Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
49626 | shares |
| CY2016Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
49626 | shares |
| CY2016Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2016Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
19569247 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
19569247 | shares |
| CY2017Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
1197341 | USD |
| CY2017Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
210074 | USD |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
19714396 | shares |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
16102374 | shares |
| CY2017Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
134192 | USD |
| CY2016Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
121206 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
1258972 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
0 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
276503 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
339910 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
335248 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
307311 | USD |
| CY2017Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
110369 | USD |
| CY2016Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
123814 | USD |
| CY2017Q1 | vuzi |
Operating Lease Commencement Date
OperatingLeaseCommencementDate
|
2015-10-03 | |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y4M24D | |
| CY2016 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y7M6D | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
417647 | shares |
| CY2017Q1 | vuzi |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageExercisePrice
|
4.73 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
|
P8Y2M12D | |
| CY2017Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
1870106 | USD |
| CY2017Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y4M24D | |
| CY2017Q1 | us-gaap |
Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
|
134192 | USD |
| CY2016Q1 | us-gaap |
Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
|
121206 | USD |
| CY2017Q1 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
11453 | USD |
| CY2016Q1 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
11581 | USD |
| CY2016 | us-gaap |
Net Income Loss
NetIncomeLoss
|
19250082 | USD |
| CY2015 | us-gaap |
Net Income Loss
NetIncomeLoss
|
13427478 | USD |
| CY2016Q4 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
3134129 | USD |
| CY2017Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
20293173 | shares |
| CY2016Q4 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
41132 | USD |
| CY2017Q1 | vuzi |
Officers Compensation Payable Compounding Monthly Interest Rate
OfficersCompensationPayableCompoundingMonthlyInterestRate
|
0.08 | pure |
| CY2016Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
173131 | USD |
| CY2017Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
|
-22560 | USD |
| CY2017Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
150571 | USD |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
| CY2016 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
| CY2017Q1 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
|
38100 | shares |
| CY2016Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
|
38100 | shares |
| CY2016Q4 | us-gaap |
Accrued Bonuses Current
AccruedBonusesCurrent
|
290000 | USD |
| CY2017Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
20293173 | shares |
| CY2017Q1 | vuzi |
Receivable From Stock Option Excercised
ReceivableFromStockOptionExcercised
|
14820 | USD |
| CY2016Q1 | vuzi |
Receivable From Stock Option Excercised
ReceivableFromStockOptionExcercised
|
0 | USD |
| CY2017Q1 | 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;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 34.55pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent"> <b><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Note 1 — Basis of Presentation</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 34.55pt; BACKGROUND: transparent"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">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 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, 2016 was derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K (the “Annual Report”).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements of the Company as of December 31, 2016, as reported in the Company’s Annual Report.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">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></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> In the first quarter of 2017, Toshiba Japan represented <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 20</font>% of revenues as compared to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0</font>% in the same 2016 period. As of March 31, 2017 and 2016, Toshiba Japan accounted for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 75</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0</font>% of accounts receivables, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">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 Company incurred a net loss for the first three months of 2017 of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,181,812</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">19,250,082</font> in 2016 and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">13,427,478</font> in 2015, and has an accumulated deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">81,020,762</font> as of March 31, 2017.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company’s cash requirements are primarily for funding operating losses, research, capital expenditures and working capital. Historically, the Company has met these cash needs by borrowings under notes, sales of convertible debt, and the sales of equity. In 2016, we received total net proceeds from public equity offerings of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">19,238,015</font>, after underwriting discounts and commissions and other offering expenses payable by Vuzix.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">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 significantly increase.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent"> <font style="FONT-SIZE: 10pt"> </font></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"> The Company’s management intends to take actions necessary to continue as a going concern, as discussed herein. The Company will need to grow its business significantly to become profitable and self-sustaining on a cash flow basis. Management’s plans concerning these matters and managing our liquidity includes among other things:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 22.5pt; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif">  </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"></td> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"><font style="FONT-FAMILY:Symbol">⋅</font></td> <td style="TEXT-ALIGN: justify">the commencement of full volume manufacturing of the new M300 Smart Glasses this spring, along with expected margin improvements from higher production volumes and assembly off shore;</td> </tr> </table> <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">  </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"></td> <td style="WIDTH: 0.25in"><font style="FONT-FAMILY:Symbol"> ⋅</font></td> <td>the recent award of a Smart Glasses development program with Toshiba, which we expect to be completed by September 2017 and represents a further $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">905,000</font> in revenues during the next two fiscal quarters.</td> </tr> </table> <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">  </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"></td> <td style="WIDTH: 0.25in"> <div><font style="FONT-FAMILY:Symbol">⋅</font></div> </td> <td> <div>tightly control operating costs and reduce spending growth rates wherever possible;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"></td> <td style="WIDTH: 0.25in"> <div><font style="FONT-FAMILY:Symbol">⋅</font></div> </td> <td> <div>delay or curtail discretionary and non-essential capital expenditures not related to near-term new products;</div> </td> </tr> </table> <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">  </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"></td> <td style="WIDTH: 0.25in"> <div><font style="FONT-FAMILY:Symbol">⋅</font></div> </td> <td> <div>reduce the rate of research and development spending on new technologies, particularly the use of costly external contractors</div> </td> </tr> </table> <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">  </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"></td> <td style="WIDTH: 0.25in"> <div><font style="FONT-FAMILY:Symbol">⋅</font></div> </td> <td> <div>delay some planned new products based on new technology; and</div> </td> </tr> </table> <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">  </div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"></td> <td style="WIDTH: 0.25in"> <div><font style="FONT-FAMILY:Symbol">⋅</font></div> </td> <td> <div>the Company has $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">547,990</font> in convertible senior secured notes payable, that are convertible at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.25</font> per share, which are due on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">June 3, 2017</font>. We expect that the remaining holders of these notes, whom are also current stockholders, will convert all their notes and related accrued interest.</div> </td> </tr> </table> <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">  </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"> However, if these actions 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;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif">  </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"> If the Company raises additional funds, 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;BACKGROUND-COLOR: transparent; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif">  </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"> Based upon our current amount of cash on hand, management’s historical ability to raise capital, and our ability to manage our cost structure and adjust operating plans if and as required, we have concluded that substantial doubt of our ability to continue as a going concern has been alleviated.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2016 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
19238015 | USD |
| CY2017Q1 | us-gaap |
Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
|
6,446,784 | |
| CY2016 | us-gaap |
Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
|
7,227,738 |
