2017 Q3 Form 10-Q Financial Statement
#000114420417057779 Filed on November 09, 2017
Income Statement
Concept | 2017 Q3 | 2016 Q3 |
---|---|---|
Revenue | $1.405M | $583.00 |
YoY Change | 240894.85% | -99.94% |
Cost Of Revenue | $1.497M | $819.1K |
YoY Change | 82.77% | 27.14% |
Gross Profit | -$92.00K | -$237.00 |
YoY Change | 38718.57% | -100.07% |
Gross Profit Margin | -6.55% | -40.65% |
Selling, General & Admin | $2.521M | $2.114M |
YoY Change | 19.26% | 32.93% |
% of Gross Profit | ||
Research & Development | $1.506M | $2.178M |
YoY Change | -30.84% | 130.61% |
% of Gross Profit | ||
Depreciation & Amortization | $320.0K | $270.0K |
YoY Change | 18.52% | 68.75% |
% of Gross Profit | ||
Operating Expenses | $5.430M | $4.292M |
YoY Change | 26.52% | 69.33% |
Operating Profit | -$5.522M | -$4.725M |
YoY Change | 16.88% | 105.71% |
Interest Expense | $12.59K | $33.98K |
YoY Change | -62.94% | -17.03% |
% of Operating Profit | ||
Other Income/Expense, Net | $20.25K | -$310.8K |
YoY Change | -106.52% | 142.85% |
Pretax Income | -$5.502M | -$5.036M |
YoY Change | 9.26% | 107.67% |
Income Tax | $0.00 | $0.00 |
% Of Pretax Income | ||
Net Earnings | -$5.502M | -$5.036K |
YoY Change | 109153.38% | -99.79% |
Net Earnings / Revenue | -391.6% | -863.81% |
Basic Earnings Per Share | ||
Diluted Earnings Per Share | -$257.4K | -$292.7K |
COMMON SHARES | ||
Basic Shares Outstanding | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2017 Q3 | 2016 Q3 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $8.700M | $5.900M |
YoY Change | 47.46% | -63.35% |
Cash & Equivalents | $8.677M | $5.942M |
Short-Term Investments | ||
Other Short-Term Assets | $900.0K | $1.000M |
YoY Change | -10.0% | -37.5% |
Inventory | $2.800M | $4.000M |
Prepaid Expenses | ||
Receivables | $1.200M | $100.0K |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $13.60M | $11.10M |
YoY Change | 22.52% | -44.78% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $3.900M | $3.070M |
YoY Change | 27.02% | 283.81% |
Goodwill | ||
YoY Change | ||
Intangibles | $540.1K | |
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | ||
YoY Change | ||
Total Long-Term Assets | $4.900M | $3.868M |
YoY Change | 26.66% | 93.42% |
TOTAL ASSETS | ||
Total Short-Term Assets | $13.60M | $11.10M |
Total Long-Term Assets | $4.900M | $3.868M |
Total Assets | $18.50M | $14.97M |
YoY Change | 23.59% | -32.27% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $1.800M | $1.530M |
YoY Change | 17.68% | 282.39% |
Accrued Expenses | $1.200M | $1.053M |
YoY Change | 13.93% | 50.47% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $0.00 | $1.334M |
YoY Change | -100.0% | 1233.71% |
Total Short-Term Liabilities | $3.300M | $4.354M |
YoY Change | -24.21% | 234.93% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | -100.0% | |
Other Long-Term Liabilities | $0.00 | $300.0K |
YoY Change | -100.0% | 0.0% |
Total Long-Term Liabilities | $0.00 | $328.8K |
YoY Change | -100.0% | -78.08% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $3.300M | $4.354M |
Total Long-Term Liabilities | $0.00 | $328.8K |
Total Liabilities | $3.300M | $4.683M |
YoY Change | -29.53% | 73.44% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | $76.84M | |
YoY Change | ||
Common Stock | $17.48K | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $15.20M | $10.29M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $18.50M | $14.97M |
YoY Change | 23.59% | -32.27% |
Cashflow Statement
Concept | 2017 Q3 | 2016 Q3 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$5.502M | -$5.036K |
YoY Change | 109153.38% | -99.79% |
Depreciation, Depletion And Amortization | $320.0K | $270.0K |
YoY Change | 18.52% | 68.75% |
Cash From Operating Activities | -$4.540M | -$3.650M |
YoY Change | 24.38% | 1.96% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$820.0K | -$760.0K |
YoY Change | 7.89% | 80.95% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | -$820.0K | -$760.0K |
YoY Change | 7.89% | -116.59% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | $7.978M | |
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 7.920M | 5.770M |
YoY Change | 37.26% | 19133.33% |
NET CHANGE | ||
Cash From Operating Activities | -4.540M | -3.650M |
Cash From Investing Activities | -820.0K | -760.0K |
Cash From Financing Activities | 7.920M | 5.770M |
Net Change In Cash | 2.560M | 1.360M |
YoY Change | 88.24% | 32.04% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$4.540M | -$3.650M |
Capital Expenditures | -$820.0K | -$760.0K |
Free Cash Flow | -$3.720M | -$2.890M |
YoY Change | 28.72% | -8.54% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2016Q4 | vuzi |
Accrued Revenuecurrent
AccruedRevenuecurrent
|
0 | USD |
CY2017Q3 | vuzi |
Accrued Revenuecurrent
AccruedRevenuecurrent
|
687001 | USD |
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
1367766 | USD | |
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
3002744 | USD | |
us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
139500 | USD | |
us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
938281 | USD | |
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Sales Revenue Net
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|
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Sales Revenue Net
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|
3941025 | USD | |
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Cost Of Goods Sold
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|
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us-gaap |
Cost Of Goods Sold
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|
3441650 | USD | |
us-gaap |
Cost Of Services
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|
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us-gaap |
Cost Of Services
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|
872137 | USD | |
us-gaap |
Cost Of Revenue
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|
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us-gaap |
Cost Of Revenue
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|
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Gross Profit
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|
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Gross Profit
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|
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Research And Development Expense
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|
5121713 | USD | |
us-gaap |
Research And Development Expense
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|
4374202 | USD | |
us-gaap |
Selling And Marketing Expense
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|
2627543 | USD | |
us-gaap |
Selling And Marketing Expense
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|
2739978 | USD | |
us-gaap |
General And Administrative Expense
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|
3350441 | USD | |
us-gaap |
General And Administrative Expense
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|
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Depreciation And Amortization
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|
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us-gaap |
Depreciation And Amortization
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|
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us-gaap |
Taxes Other
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|
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us-gaap |
Taxes Other
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|
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us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
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|
-21267 | USD | |
us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-30299 | USD | |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-664392 | USD | |
us-gaap |
Nonoperating Income Expense
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|
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us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-12915091 | USD | |
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
-13754038 | USD | |
us-gaap |
Net Income Loss
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|
-12915091 | USD | |
us-gaap |
Preferred Stock Dividends And Other Adjustments
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|
1203693 | USD | |
us-gaap |
Preferred Stock Dividends And Other Adjustments
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|
1273029 | USD | |
us-gaap |
Amortization Of Financing Costs
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|
34867 | USD | |
us-gaap |
Amortization Of Financing Costs
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|
19500 | USD | |
us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.86 | ||
us-gaap |
Earnings Per Share Basic And Diluted
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|
-0.73 | ||
us-gaap |
Operating Income Loss
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|
-13528559 | USD | |
us-gaap |
Operating Income Loss
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|
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Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
155760 | USD | |
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
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CY2017Q3 | us-gaap |
Sales Revenue Goods Net
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|
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CY2016Q3 | us-gaap |
Sales Revenue Goods Net
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|
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CY2017Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
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CY2016Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
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CY2017Q3 | us-gaap |
Sales Revenue Net
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|
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CY2016Q3 | us-gaap |
Sales Revenue Net
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|
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CY2016Q3 | us-gaap |
Cost Of Goods Sold
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|
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CY2017Q3 | us-gaap |
Cost Of Goods Sold
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|
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CY2016Q3 | us-gaap |
Cost Of Services
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|
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Cost Of Services
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|
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CY2017Q3 | us-gaap |
Cost Of Revenue
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|
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CY2016Q3 | us-gaap |
Cost Of Revenue
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|
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Gross Profit
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|
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Gross Profit
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|
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Research And Development Expense
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|
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General And Administrative Expense
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|
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Depreciation And Amortization
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|
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Depreciation And Amortization
DepreciationAndAmortization
|
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Operating Income Loss
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|
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|
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Investment Income Interest
InvestmentIncomeInterest
|
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Investment Income Interest
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|
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Investment Income Interest
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|
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|
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Taxes Other
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|
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Taxes Other
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|
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Foreign Currency Transaction Gain Loss Before Tax
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|
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CY2016Q3 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
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|
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|
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Gain Loss On Derivative Instruments Net Pretax
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|
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Amortization Of Financing Costs
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|
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Amortization Of Financing Costs
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|
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Interest Expense
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|
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Interest Expense
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|
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CY2016Q3 | us-gaap |
Interest Expense
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|
33981 | USD |
CY2016Q3 | us-gaap |
Nonoperating Income Expense
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|
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CY2017Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-5035861 | USD |
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Income Tax Expense Benefit
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|
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Net Income Loss
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|
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CY2017Q3 | us-gaap |
Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
|
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CY2016Q3 | us-gaap |
Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
|
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CY2017Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-5937563 | USD |
CY2016Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
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us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
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us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
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Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD | |
CY2016Q3 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.32 | |
CY2016Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
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us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
20515363 | shares | |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
16489522 | shares | |
us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
77537 | USD | |
us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
-142347 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-12091984 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-10038160 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1197452 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1551141 | USD | |
us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
155284 | USD | |
us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
103375 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1681940 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1654516 | USD | |
us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
0 | USD | |
us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
52416 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
7917321 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
5757279 | USD | |
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-5856603 | USD | |
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-5935397 | USD | |
CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
11877058 | USD |
CY2016Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
5941661 | USD |
us-gaap |
Interest Paid Net
InterestPaidNet
|
310 | USD | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
7860 | USD | |
us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
241300 | USD | |
us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
100000 | USD | |
us-gaap |
Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
|
214836 | USD | |
us-gaap |
Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
|
214838 | USD | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
300796 | USD | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-392242 | USD | |
vuzi |
Increase Decrease In Vendors Prepayments
IncreaseDecreaseInVendorsPrepayments
|
-163471 | USD | |
vuzi |
Increase Decrease In Vendors Prepayments
IncreaseDecreaseInVendorsPrepayments
|
-26644 | USD | |
us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
342034 | USD | |
us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
1861283 | USD | |
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
0 | USD | |
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-240110 | USD | |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
50598 | USD | |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-57133 | USD | |
us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
19500 | USD | |
us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
34867 | USD | |
us-gaap |
Payments To Develop Software
PaymentsToDevelopSoftware
|
329204 | USD | |
us-gaap |
Payments To Develop Software
PaymentsToDevelopSoftware
|
0 | USD | |
us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
0 | USD | |
us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
45000 | USD | |
vuzi |
Increasedecrease In Accrued Revenue
IncreasedecreaseInAccruedRevenue
|
687001 | USD | |
vuzi |
Increasedecrease In Accrued Revenue
IncreasedecreaseInAccruedRevenue
|
0 | USD | |
CY2016 | us-gaap |
Net Income Loss
NetIncomeLoss
|
19250082 | USD |
CY2015 | us-gaap |
Net Income Loss
NetIncomeLoss
|
13427478 | USD |
CY2016 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
19238015 | USD |
us-gaap |
Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
|
6,532,259 | ||
CY2016 | us-gaap |
Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
|
7,227,738 | |
CY2017Q3 | us-gaap |
Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
|
2069378 | USD |
CY2016Q4 | us-gaap |
Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
|
1990026 | USD |
CY2017Q3 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
212444 | USD |
CY2016Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
454120 | USD |
CY2017Q3 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
1217700 | USD |
CY2016Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
831069 | USD |
CY2017Q3 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
656931 | USD |
CY2016Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
623997 | USD |
CY2017Q3 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
183553 | USD |
CY2016Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
141645 | USD |
CY2017Q3 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
114056 | USD |
us-gaap |
Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
|
102260 | USD | |
us-gaap |
Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
|
175184 | USD | |
vuzi |
Percentage Of Outstanding Warrants Issued By Parent
PercentageOfOutstandingWarrantsIssuedByParent
|
0.86 | pure | |
CY2017Q3 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
|
38100 | shares |
CY2017Q3 | us-gaap |
Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
|
122533 | USD |
CY2017Q3 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
122533 | USD |
CY2016Q4 | us-gaap |
Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
|
173131 | USD |
CY2016Q4 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
173131 | USD |
us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
|
-50598 | USD | |
CY2017Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
122533 | USD |
CY2017Q3 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
0 | USD |
CY2016Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
0 | USD |
CY2017Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2017Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
49626 | shares |
CY2016Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
49626 | shares |
CY2017Q3 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
4407158 | USD |
CY2016Q4 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
3134129 | USD |
CY2017Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2017Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
CY2017Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
22178911 | shares |
CY2016Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
401859 | shares |
vuzi |
Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
|
250009 | shares | |
vuzi |
Class Of Warrant Or Right Grants In Period
ClassOfWarrantOrRightGrantsInPeriod
|
0 | shares | |
CY2017Q3 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
151850 | shares |
vuzi |
Class Of Warrant Or Right Expired In Period
ClassOfWarrantOrRightExpiredInPeriod
|
0 | shares | |
vuzi |
Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Terms
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerms
|
P8M12D | ||
invest |
Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
|
2.66 | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y8M12D | ||
CY2016 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y7M6D | |
CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
716046 | shares |
CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
4.63 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P6Y8M12D | ||
CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
701763 | shares |
vuzi |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageExercisePrice
|
5.41 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
|
P8Y8M12D | ||
CY2017Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
3512000 | USD |
us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P3Y | ||
CY2016Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
192000 | USD |
us-gaap |
Lease Expiration Date1
LeaseExpirationDate1
|
2020-10-03 | ||
vuzi |
Operating Lease Commencement Date
OperatingLeaseCommencementDate
|
2015-10-03 | ||
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
1091254 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
0 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
93053 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
348900 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
341990 | USD |
CY2017Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
307311 | USD |
us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
344227 | USD | |
us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
371239 | USD | |
us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
1861283 | USD | |
vuzi |
Stock Issued During Period Value Exercise Of Warrants
StockIssuedDuringPeriodValueExerciseOfWarrants
|
0 | USD | |
us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
0 | USD | |
us-gaap |
Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
912102 | USD | |
CY2017Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
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 |
CY2017Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
22178911 | shares |
us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
100000 | USD | |
CY2016Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
19569247 | shares |
CY2016Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
19569247 | shares |
CY2016Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
173131 | USD |
CY2016Q4 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
41132 | USD |
CY2017Q3 | us-gaap |
Long Term Debt
LongTermDebt
|
0 | USD |
CY2016Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
1416480 | USD |
CY2017Q3 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
1490000 | shares |
CY2017Q3 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
5.75 | |
CY2017Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
7978321 | USD |
CY2017Q3 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
1151482 | USD |
us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
335000 | USD | |
us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
8628500 | USD | |
us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
650179 | USD | |
us-gaap |
Inventory Write Down
InventoryWriteDown
|
0 | USD | |
CY2016Q3 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
0 | USD |
us-gaap |
Inventory Write Down
InventoryWriteDown
|
1151482 | USD | |
CY2017Q3 | us-gaap |
Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
|
-585 | USD |
CY2016Q3 | us-gaap |
Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
|
-25890 | USD |
us-gaap |
Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
|
-585 | USD | |
us-gaap |
Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
|
-25890 | USD | |
vuzi |
Common Stock Awards Compensation Expense
CommonStockAwardsCompensationExpense
|
83750 | USD | |
vuzi |
Common Stock Awards Compensation Expense
CommonStockAwardsCompensationExpense
|
174025 | USD | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
8567500 | USD | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
6612500 | USD | |
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
650179 | USD | |
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
847805 | USD | |
CY2017Q3 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
122533 | USD |
CY2016Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
0 | USD |
CY2016Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
|
38100 | shares |
CY2017Q3 | vuzi |
Subscription Receivable From Officer
SubscriptionReceivableFromOfficer
|
61000 | USD |
CY2016Q4 | vuzi |
Subscription Receivable From Officer
SubscriptionReceivableFromOfficer
|
0 | USD |
us-gaap |
Increase Decrease In Due From Officers And Stockholders Current
IncreaseDecreaseInDueFromOfficersAndStockholdersCurrent
|
0 | USD | |
us-gaap |
Increase Decrease In Due From Officers And Stockholders Current
IncreaseDecreaseInDueFromOfficersAndStockholdersCurrent
|
61000 | USD | |
us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 34.55pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; BACKGROUND: transparent; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <b><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Note 1 — Basis of Presentation</font></font></b></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 34.55pt; FONT-FAMILY: Calibri,sans-serif; BACKGROUND: transparent; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <b><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></b></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; 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 for the year ended December 31, 2016 (the “Annual Report”).</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">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.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; 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;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">For the nine months ended September 30, 2017, Toshiba Japan represented substantially all of engineering revenues and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 24</font>% of total revenues as compared to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0</font>% in the same 2016 period. As of September 30, 2017 and 2016, Toshiba Japan accounted for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 59</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0</font>% of accounts receivables and accrued project revenue, respectively.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; 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 nine months ended September 30, 2017 of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">13,754,038</font>. The Company has incurred a net loss consistently over recent 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">90,592,988</font> as of September 30, 2017.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; 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. On August 14, 2017 the Company closed on the sale of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,490,000</font> shares of its common stock to investors in a public offering at an offering price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.75</font> per share. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">As part of the same offering, we sold an additional <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,000</font> shares of common stock to an executive officer at the closing market price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6.10</font> per share, to comply with certain Nasdaq rules. As of September 30, 2017, there was a subscription receivable </font> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">61,000</font> related to the above offering due from that executive officer. The total balance of that subscription receivable was paid in-full on October 3, 2017. The Company’s net proceeds after commissions and expenses wer</font>e $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7,978,321</font>.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Our cash requirements related to funding operating losses depend upon 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>.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">   </font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">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 include among other things:</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 22.5pt; MARGIN: 0in 0in 0pt 0.5in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <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;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 107%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">the commencement of full and higher volume manufacturing of the new M300 Smart Glasses with assembly offshore in the summer of 2017, on a turnkey basis, which should result in further product margin improvements and supply chain investments, as demonstrated in our third quarter;</font></font></div> </td> </tr> </table> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <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;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 107%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;CLEAR: both"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">the award of a Smart Glasses development program with Toshiba, which we expect to be completed by end of 2017 and represents approximately a further $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">221,000</font> in revenues, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">which thereafter should move into volume production in early 2018 with a proposed supply and purchase agreement that we expect will result in a minimum of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,000,000</font> in new revenues for the Company in the 12 month period following the commencement of volume deliveries;</font></font></div> </div> </td> </tr> </table> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <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;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 107%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">tighter control of operating costs and reduction in spending growth rates wherever possible;</font></font></div> </td> </tr> </table> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <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;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 107%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">slowing of planned new product development based on new technologies as well as reduced discretionary and non-essential capital expenditures not related to select near-term new products</font>;</font></div> </td> </tr> </table> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <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;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 107%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">reducing the rate of research and development spending on new technologies, particularly the use of costly external contractors, for our upcoming smart glasses models that will first be manufactured at our Rochester plant rather than at external contractors, where we incur high start-up costs and the requirement for bigger production commitments that consume working capital;</font></font></div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt">  </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font> </div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"><font style="FONT-FAMILY:Symbol"> ⋅</font></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:times new roman,times,serif"> better leveraging our product and technology base and creating new product models that are derivatives (rather than completely new) and which therefore are less costly to develop and introduce to the marketplace; and</font></font> </td> </tr> </table> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <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;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 107%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">attempting to utilize conventional bank operating loan financing to help grow our working capital base to support our investments in accounts receivable and inventory as sales revenues grow.</font></div> </td> </tr> </table> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">   </font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">However, if these actions are not successful in the near term, we will have to raise additional capital to maintain operations and/or materially reduce our operating and new product development costs.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">If the Company raises additional funds by selling equity, the ownership interest of existing stockholders may be diluted. The amount of such dilution could increase further due to the issuance of securities with new warrants or convertibility features with other dilutive characteristics, such as anti-dilution clauses or price resets</font>.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in; FONT-FAMILY: Calibri,sans-serif; BACKGROUND: transparent; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">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.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
CY2017Q3 | vuzi |
Subscription Receivable From Officer
SubscriptionReceivableFromOfficer
|
61000 | USD |
CY2017Q3 | us-gaap |
Significant Supply Commitment Remaining Minimum Amount Committed
SignificantSupplyCommitmentRemainingMinimumAmountCommitted
|
5000000 | USD |