10-Q Filing

MICROVISION, INC. CIK: 65770 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001136261-19-000135`
Period End Date	20190331
Filing Date	20190426
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	mvis-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 22 Cash Flow Statement 54 Stockholders Equity 14

Balance Sheet 83 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`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.77M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowances of $0 and $0, respectively	`AccountsReceivableNetCurrent`	$476.00K	USD	Point-in-time
Accounts receivable, net of allowances of $0 and $0, respectively	`AccountsReceivableNetCurrent`	$274.00K	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
Costs and estimated earnings in excess of billings on uncompleted contracts	`ReceivablesLongTermContractsOrPrograms`	$987.00K	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`ReceivablesLongTermContractsOrPrograms`	$1.20M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$1.06M	USD	Point-in-time
Inventory	`InventoryNet`	$1.11M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.09M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.31M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.61M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$17.65M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.99M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	102.11M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.67M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	100.11M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	100.11M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	102.11M	shares	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$1.56M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$435.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$435.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$457.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$486.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.47M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.47M	USD	Point-in-time
Total assets	`Assets`	$17.20M	USD	Point-in-time
Total assets	`Assets`	$23.03M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.41M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.60M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.09M	USD	Point-in-time
Billings on uncompleted contracts in excess of related costs	`ContractWithCustomerLiability`	-	USD	Point-in-time
Billings on uncompleted contracts in excess of related costs	`ContractWithCustomerLiability`	$5.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$10.10M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$10.15M	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$642.00K	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Current portion of finance lease obligations	`FinanceLeaseLiabilityCurrent`	$21.00K	USD	Point-in-time
Current portion of finance lease obligations	`FinanceLeaseLiabilityCurrent`	$22.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.86M	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.75M	USD	Point-in-time
Finance lease obligations, net of current portion	`FinanceLeaseLiabilityNoncurrent`	$28.00K	USD	Point-in-time
Finance lease obligations, net of current portion	`FinanceLeaseLiabilityNoncurrent`	$33.00K	USD	Point-in-time
Deferred rent, net of current portion	`DeferredRentCreditNoncurrent`	$695.00K	USD	Point-in-time
Deferred rent, net of current portion	`DeferredRentCreditNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$19.63M	USD	Point-in-time
Total liabilities	`Liabilities`	$18.92M	USD	Point-in-time
Commitments and contingencies (Note 9)	`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; 150,000 shares authorized; 102,105 and 100,105 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$102.00K	USD	Point-in-time
Common stock, par value $0.001; 150,000 shares authorized; 102,105 and 100,105 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$551.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$550.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsUnappropriated`	$-546.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsUnappropriated`	$-554.18M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.12M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.43M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$23.03M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$17.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.77M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$435.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$435.00K	USD	Point-in-time
Cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.40M	USD	Point-in-time
Cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.41M	USD	Point-in-time
Cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.20M	USD	Point-in-time
Cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.66M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$1.85M	USD	1 Quarter
Revenues	`Revenues`	$2.19M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$1.24M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$1.87M	USD	1 Quarter
Gross profit	`GrossProfit`	$608.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$315.00K	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$4.83M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$5.97M	USD	1 Quarter
Sales, marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$2.61M	USD	1 Quarter
Sales, marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$2.70M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.43M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.67M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.06M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.12M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-4.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-12.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.13M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.07M	USD	1 Quarter
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.08	USD	1 Quarter
Net loss per share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.09	USD	1 Quarter
Weighted-average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	101.97M	shares	1 Quarter
Weighted-average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	78.61M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.13M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.07M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$448.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$552.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$351.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$320.00K	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$4.00K	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	-	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	$-10.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$2.49M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-202.00K	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$-422.00K	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$212.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-18.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-47.00K	USD	1 Quarter
Other current and non-current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-702.00K	USD	1 Quarter
Other current and non-current assets	`IncreaseDecreaseInOtherCurrentAssets`	$220.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-1.01M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-193.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-332.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$755.00K	USD	1 Quarter
Billings on uncompleted contracts in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$5.00K	USD	1 Quarter
Billings on uncompleted contracts in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-1.00K	USD	1 Quarter
Other currrent liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-39.00K	USD	1 Quarter
Other currrent liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-59.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-160.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	-	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-142.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.56M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.65M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$313.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$182.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-182.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-313.00K	USD	1 Quarter
Principal payments under finance leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	-	USD	1 Quarter
Principal payments under finance leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$4.00K	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.18M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.17M	USD	1 Quarter
Change in cash and cash equivalents, and restricted cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.79M	USD	1 Quarter
Change in cash and cash equivalents, and restricted cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.74M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.41M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.20M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.66M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.41M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.20M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.66M	USD	Point-in-time
Non-cash additions to property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$101.00K	USD	1 Quarter
Non-cash additions to property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$221.00K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balances	`StockholdersEquity`	$4.12M	USD	Point-in-time
Beginning balances	`StockholdersEquity`	$-2.43M	USD	Point-in-time
Beginning balances	`StockholdersEquity`	$4.87M	USD	Point-in-time
Beginning balances	`StockholdersEquity`	$3.29M	USD	Point-in-time
Adoption of New Accounting Pronouncement, Revenue from Contracts with Customers	`NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification`	$5.22M	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$332.00K	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$351.00K	USD	1 Quarter
Sales of common stock	`StockIssuedDuringPeriodValueNewIssues`	$1.17M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.13M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.07M	USD	1 Quarter
Ending balances	`StockholdersEquity`	$4.12M	USD	Point-in-time
Ending balances	`StockholdersEquity`	$-2.43M	USD	Point-in-time
Ending balances	`StockholdersEquity`	$4.87M	USD	Point-in-time
Ending balances	`StockholdersEquity`	$3.29M	USD	Point-in-time

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