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Share Name | Share Symbol | Market | Type |
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Kopin Corporation | NASDAQ:KOPN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0258 | 3.21% | 0.8299 | 0.76 | 0.89 | 0.87 | 0.7816 | 0.8292 | 2,011,998 | 05:00:14 |
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DELAWARE
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000-19882
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04-2833935
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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125 North Drive, Westborough, MA 01581
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(Address of Principal Executive Offices) (Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press Release dated August 6, 2018, entitled, “KOPIN PROVIDES BUSINESS UPDATE AND SECOND QUARTER 2018 OPERATING RESULTS”.
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KOPIN CORPORATION
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Dated:
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August 6, 2018
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/s/ Richard A. Sneider
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Richard A. Sneider
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Treasurer and Chief Financial Officer
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(Principal Financial and Accounting Officer)
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•
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SOLOS
®
Smart Glasses Begin Shipping
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•
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Launches Golden-i™ Infinity
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•
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Received First Production Order for FWS-I Units
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•
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Revises Full Year Revenue Guidance to $30 million to $35 million
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Three Months Ended June 30, 2018
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Statement of Operations
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As Reported
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Balances Without Adoption of Topic 606
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Effect of Change Higher/(Lower)
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||||||
Net product revenues
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$
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4.5
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$
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4.5
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$
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—
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Research and development revenues
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1.5
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1.6
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(0.1
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)
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Cost of product revenues
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3.5
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3.5
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—
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Net loss attributable to the controlling interest
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$
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(9.2
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)
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$
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(9.1
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)
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$
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(0.1
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)
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Six Months Ended June 30, 2018
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Statement of Operations
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As Reported
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Balances Without Adoption of Topic 606
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Effect of Change Higher/(Lower)
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||||||
Net product revenues
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$
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9.5
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$
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11
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$
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(1.5
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)
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Research and development revenues
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2.1
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2.3
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(0.2
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)
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Cost of product revenues
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7.6
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8.6
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(1
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)
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Net loss attributable to the controlling interest
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$
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(14.8
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)
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$
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(14.1
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)
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$
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(0.6
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)
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Kopin Corporation
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Condensed Consolidated Statements of Operations
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(Unaudited)
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Three Months Ended
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Six Months Ended
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June 30, 2018
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July 1, 2017
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June 30, 2018
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July 1, 2017
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Revenues:
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Net product revenues
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$
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4,472,079
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$
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4,979,400
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$
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9,516,888
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$
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8,912,543
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Research and development revenues
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1,471,819
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948,069
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2,080,630
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1,393,054
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5,943,898
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5,927,469
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11,597,518
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10,305,597
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Expenses:
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Cost of product revenues
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3,497,750
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4,117,226
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7,559,941
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7,234,583
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Research and development
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4,526,156
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4,678,221
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8,977,809
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8,960,090
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Selling, general and administrative
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6,913,503
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5,200,261
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13,844,913
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10,841,947
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14,937,409
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13,995,708
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30,382,663
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27,036,620
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Loss from operations
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(8,993,511
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)
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(8,068,239
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)
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(18,785,145
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)
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(16,731,023
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)
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Other (expense) income, net
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(52,162
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)
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807,699
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4,267,368
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384,606
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Loss before (provision) benefit for income taxes and net loss (income) from noncontrolling interest
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(9,045,673
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)
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(7,260,540
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)
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(14,517,777
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)
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(16,346,417
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)
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(Provision) benefit for income taxes
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(201,000
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)
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—
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(201,000
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)
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1,146,000
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Net loss
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(9,246,673
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)
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(7,260,540
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)
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(14,718,777
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)
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(15,200,417
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)
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Net loss (income) attributable to noncontrolling interest
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5,716
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(71,431
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)
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(58,458
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)
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10,007
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Net loss attributable to the controlling interest
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$
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(9,240,957
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)
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$
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(7,331,971
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)
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$
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(14,777,235
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)
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$
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(15,190,410
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)
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Net loss per share:
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Basic and diluted
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$
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(0.13
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)
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$
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(0.10
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)
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$
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(0.20
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)
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$
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(0.22
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)
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Weighted average number of common shares outstanding:
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Basic and diluted
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73,916,548
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70,626,542
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73,497,446
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67,582,615
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Kopin Corporation
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Condensed Consolidated Balance Sheets
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(Unaudited)
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June 30, 2018
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December 30, 2017
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ASSETS
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Current assets:
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Cash and marketable securities
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$
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53,423,704
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$
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68,755,684
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Accounts receivable, net
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2,785,081
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4,659,986
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Inventory
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4,257,702
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5,080,797
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Contract assets and unbilled receivables
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2,384,307
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—
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Prepaid and other current assets
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1,274,005
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1,243,029
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Total current assets
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64,124,799
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79,739,496
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Land, equipment and improvements, net
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5,125,629
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5,077,043
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Goodwill and intangible assets
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2,210,357
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2,663,883
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Equity investment
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3,759,000
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—
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Other assets
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4,123,244
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3,842,068
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Total assets
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$
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79,343,029
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$
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91,322,490
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$
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3,894,049
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$
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4,918,605
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Accrued expenses
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4,054,172
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4,351,537
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Income tax payable
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161,620
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1,416,892
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Deferred income taxes
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863,000
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520,000
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Contract liabilities and billings in excess of revenue earned
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317,094
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896,479
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Total current liabilities
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9,289,935
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12,103,513
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Other long term liabilities
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1,939,618
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1,569,253
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Lease commitments
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264,238
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269,877
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Total Kopin Corporation stockholders' equity
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68,539,215
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78,099,269
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Noncontrolling interest
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(689,977
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)
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(719,422
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)
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Total stockholders' equity
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67,849,238
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77,379,847
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Total liabilities and stockholders' equity
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$
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79,343,029
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$
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91,322,490
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Kopin Corporation
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||||||||
Supplemental Information
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(Unaudited)
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||||||||
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||||||||
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Three Months Ended
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Six Months Ended
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||||||||||||
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June 30, 2018
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July 1, 2017
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June 30, 2018
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July 1, 2017
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Display Revenues by Category (in millions)
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Military Applications
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$
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1.6
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$
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2.2
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$
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3.9
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$
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3.6
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Industrial Applications
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1.2
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1.4
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3.0
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2.9
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|
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Consumer Electronics Applications
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1.5
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0.9
|
|
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2.4
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1.5
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|
||||
Research and Development
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1.5
|
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1.0
|
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2.1
|
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1.4
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|
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Other
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0.1
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0.4
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0.2
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0.9
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|
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Total
|
$
|
5.9
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|
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$
|
5.9
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$
|
11.6
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$
|
10.3
|
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|
||||||||
Stock-Based Compensation Expense
|
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|
||||||||
Cost of component revenues
|
$
|
156,000
|
|
|
$
|
159,000
|
|
|
$
|
266,000
|
|
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$
|
263,000
|
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Research and development
|
194,000
|
|
|
195,000
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|
|
468,000
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|
413,000
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Selling, general and administrative
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939,000
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|
322,000
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1,954,000
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1,292,000
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||||
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$
|
1,289,000
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|
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$
|
676,000
|
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$
|
2,688,000
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$
|
1,968,000
|
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Other Financial Information
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Depreciation and amortization
|
$
|
575,000
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$
|
699,000
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$
|
1,130,000
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|
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$
|
1,143,000
|
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1 Year Kopin Chart |
1 Month Kopin Chart |
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