10-Q Filing

MICROVISION, INC. CIK: 65770 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001136261-17-000250`
Period End Date	20170930
Filing Date	20171102
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	mvis-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 64 Cash Flow Statement 56

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$26.00K	USD	Point-in-time
Allowance for doubtful accounts receivable, current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$26.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.80M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowances of $26 and $26, respectively	`AccountsReceivableNetCurrent`	$245.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowances of $26 and $26, respectively	`AccountsReceivableNetCurrent`	$240.00K	USD	Point-in-time
Inventory	`InventoryNet`	$1.23M	USD	Point-in-time
Inventory	`InventoryNet`	$4.25M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$731.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.19M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$17.35M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.99M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.54M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.20M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$435.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	68.09M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	78.59M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$435.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$718.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$631.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	68.09M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	78.59M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$68.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$50.00K	USD	Point-in-time
Total assets	`Assets`	$37.30M	USD	Point-in-time
Total assets	`Assets`	$20.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.19M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.70M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$999.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$999.00K	USD	Point-in-time
Billings on uncompleted contracts in excess of related costs	`BillingsInExcessOfCostCurrent`	$1.45M	USD	Point-in-time
Billings on uncompleted contracts in excess of related costs	`BillingsInExcessOfCostCurrent`	$168.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$10.03M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$178.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.34M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$5.15M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$4.40M	USD	Point-in-time
Deferred rent, net of current portion	`DeferredRentCreditNoncurrent`	$185.00K	USD	Point-in-time
Deferred rent, net of current portion	`DeferredRentCreditNoncurrent`	$59.00K	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$53.00K	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$27.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$12.63M	USD	Point-in-time
Total liabilities	`Liabilities`	$24.83M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.001; 25,000 shares authorized; 0 and 0 shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001; 25,000 shares authorized; 0 and 0 shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.001; 100,000 shares authorized; 78,594 and 68,093 shares issued and outstanding	`CommonStockValue`	$79.00K	USD	Point-in-time
Common stock, par value $0.001; 100,000 shares authorized; 78,594 and 68,093 shares issued and outstanding	`CommonStockValue`	$68.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$528.62M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$507.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsUnappropriated`	$-499.84M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsUnappropriated`	$-516.23M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.47M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$12.48M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$37.30M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$20.11M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Product revenue	`SalesRevenueGoodsNet`	$3.62M	USD	1 Quarter
Product revenue	`SalesRevenueGoodsNet`	$10.30M	USD	3 Qtrs
Product revenue	`SalesRevenueGoodsNet`	$2.30M	USD	3 Qtrs
Product revenue	`SalesRevenueGoodsNet`	$2.30M	USD	1 Quarter
Royalty revenue	`RoyaltyRevenue`	$331.00K	USD	1 Quarter
Royalty revenue	`RoyaltyRevenue`	$359.00K	USD	1 Quarter
Royalty revenue	`RoyaltyRevenue`	$1.24M	USD	3 Qtrs
Royalty revenue	`RoyaltyRevenue`	$1.48M	USD	3 Qtrs
Contract revenue	`ContractsRevenue`	$52.00K	USD	1 Quarter
Contract revenue	`ContractsRevenue`	$72.00K	USD	3 Qtrs
Contract revenue	`ContractsRevenue`	$3.43M	USD	1 Quarter
Contract revenue	`ContractsRevenue`	$4.79M	USD	3 Qtrs
Total revenue	`Revenues`	$8.33M	USD	3 Qtrs
Total revenue	`Revenues`	$11.86M	USD	3 Qtrs
Total revenue	`Revenues`	$4.00M	USD	1 Quarter
Total revenue	`Revenues`	$6.09M	USD	1 Quarter
Cost of product revenue	`CostOfGoodsSold`	$7.94M	USD	3 Qtrs
Cost of product revenue	`CostOfGoodsSold`	$3.22M	USD	1 Quarter
Cost of product revenue	`CostOfGoodsSold`	$2.77M	USD	1 Quarter
Cost of product revenue	`CostOfGoodsSold`	$3.57M	USD	3 Qtrs
Cost of contract revenue	`ContractRevenueCost`	$3.75M	USD	3 Qtrs
Cost of contract revenue	`ContractRevenueCost`	$26.00K	USD	1 Quarter
Cost of contract revenue	`ContractRevenueCost`	$2.62M	USD	1 Quarter
Cost of contract revenue	`ContractRevenueCost`	$32.00K	USD	3 Qtrs
Total cost of revenue	`CostOfRevenue`	$5.84M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$7.33M	USD	3 Qtrs
Total cost of revenue	`CostOfRevenue`	$7.97M	USD	3 Qtrs
Total cost of revenue	`CostOfRevenue`	$2.79M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.88M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.00M	USD	3 Qtrs
Gross profit	`GrossProfit`	$243.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.21M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$3.05M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$3.43M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$10.42M	USD	3 Qtrs
Research and development expense	`ResearchAndDevelopmentExpense`	$8.53M	USD	3 Qtrs
Sales, marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$6.97M	USD	3 Qtrs
Sales, marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$2.23M	USD	1 Quarter
Sales, marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$6.47M	USD	3 Qtrs
Sales, marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$2.06M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.38M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$5.49M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$15.00M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-16.38M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-5.25M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-11.12M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-4.08M	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$7.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$15.00K	USD	3 Qtrs
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-3.00K	USD	3 Qtrs
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.10M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-16.38M	USD	3 Qtrs
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.08	USD	1 Quarter
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.23	USD	3 Qtrs
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.07	USD	1 Quarter
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.22	USD	3 Qtrs
Weighted-average shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	50.42M	shares	3 Qtrs
Weighted-average shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	52.11M	shares	1 Quarter
Weighted-average shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	70.83M	shares	3 Qtrs
Weighted-average shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	74.92M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.10M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-16.38M	USD	3 Qtrs
Depreciation	`Depreciation`	$602.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$679.00K	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$87.00K	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$95.00K	USD	3 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$980.00K	USD	3 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$1.03M	USD	3 Qtrs
Inventory write-downs	`InventoryWriteDown`	$202.00K	USD	3 Qtrs
Inventory write-downs	`InventoryWriteDown`	$187.00K	USD	3 Qtrs
Other non-cash adjustments	`OtherNoncashIncomeExpense`	$47.00K	USD	3 Qtrs
Other non-cash adjustments	`OtherNoncashIncomeExpense`	$-47.00K	USD	3 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-5.00K	USD	3 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$134.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$577.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$3.22M	USD	3 Qtrs
Other current and non-current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-2.43M	USD	3 Qtrs
Other current and non-current assets	`IncreaseDecreaseInOtherCurrentAssets`	$177.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-145.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$1.77M	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$102.00K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-277.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-748.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-685.00K	USD	3 Qtrs
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	-	USD	3 Qtrs
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$1.28M	USD	3 Qtrs
Other currrent liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-26.00K	USD	3 Qtrs
Other currrent liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$9.86M	USD	3 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-26.00K	USD	3 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.86M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.85M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$282.00K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$2.45M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.45M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-282.00K	USD	3 Qtrs
Net proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$20.46M	USD	3 Qtrs
Net proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$9.05M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$20.46M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.05M	USD	3 Qtrs
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.08M	USD	3 Qtrs
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$10.16M	USD	3 Qtrs
Cash and cash equivalents, at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.89M	USD	Point-in-time
Cash and cash equivalents, at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.14M	USD	Point-in-time
Cash and cash equivalents, at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.30M	USD	Point-in-time
Cash and cash equivalents, at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.80M	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.89M	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.14M	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.30M	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.80M	USD	Point-in-time
Non-cash additions to property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$276.00K	USD	3 Qtrs
Non-cash additions to property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$245.00K	USD	3 Qtrs
Issuance of common stock for commitment fee	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	3 Qtrs
Issuance of common stock for commitment fee	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$721.00K	USD	3 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.