We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0379 | 4.86% | 0.8179 | 0.8002 | 0.8138 | 926 | 12:50:50 |
|
|
|
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
04-2833935
|
(State or other jurisdiction
of incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
125 North Drive, Westborough, MA
|
01581-3335
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code:
|
(508) 870-5959
|
Securities registered pursuant to Section 12(b) of the Act:
|
Common Stock, par value $.01 per share
|
|
(Title of Class)
|
Name of each exchange on which registered
|
NASDAQ Global Market
|
Securities registered pursuant to Section 12(g) of the Act:
|
None
|
Large Accelerated Filer
|
¨
|
Accelerated Filer
|
x
|
Non-Accelerated Filer
|
¨
|
Smaller Reporting Company
|
¨
|
|
|
|
Item 1.
|
Business
|
|
|
Percent of Total
Revenues
|
||||
Customer
|
|
2016
|
|
2015
|
|
2014
|
Military Customers in Total
|
|
24%
|
|
32%
|
|
45%
|
Raytheon Company
|
|
*
|
|
18%
|
|
26%
|
Google Inc.
|
|
*
|
|
22%
|
|
11%
|
Rockwell Collins
|
|
12%
|
|
*
|
|
*
|
Shenzhen Oriscape
|
|
20%
|
|
*
|
|
*
|
U.S. Government funded research and development contracts
|
|
3%
|
|
3%
|
|
4%
|
•
|
Greater miniaturization;
|
•
|
Higher pixel density;
|
•
|
Full color capability;
|
•
|
Lower power consumption; and
|
•
|
Higher brightness
|
•
|
Consumer-oriented headsets that resemble typical eyeglasses but include voice and audio capabilities allowing the user to communicate with other users;
|
•
|
Augmented reality health and fitness sunglasses, called Solos Smart glasses, that have voice and audio capabilities, a Pupil display module which overlays situational information on the glasses, and
|
•
|
Industrial headset reference design, called Golden-i, which is essentially a complete head-worn computer that includes an optical pod with one of our display products, a microprocessor, battery, camera, memory and various commercially available software packages that we license.
|
•
|
Broad Portfolio of Intellectual Property.
We believe that our extensive portfolio of patents, trade secrets and non-patented know-how provides us with a competitive advantage in the wearable computing industry and we have been accumulating, either by internal efforts or through acquisition, a significant patent and know-how portfolio. We own, exclusively license or have the exclusive right to sublicense approximately 300 patents and patent applications issued and pending worldwide. An important piece of our strategy is to continue to accumulate valuable patented and non-patented technical know-how relating to our micro displays as well as other critical technologies for advanced wearable services.
|
•
|
Maintain Our Technological Leadership.
We are a recognized leader in the design, development and manufacture of high resolution micro displays and modules which incorporate our micro displays with optics and ASICs and, in 2016 we introduced our audio IC, Whisper Chip. In 2017 we introduced our Lightning OLED microdisplay. We believe our ability to develop components, software and noise canceling technology and innovative headset system designs enhances our opportunity to grow within our targeted markets. By continuing to invest in research and development, we are able to add to our expertise as a system and components supplier for our original equipment manufacturer (our “OEM”) customers, and we intend to continue to focus our development efforts on proprietary wearable computing systems.
|
•
|
Develop Headset Systems.
The Wearable device market is just beginning and part of our strategy is to develop headset systems which we will either sell directly or license to our customers in order to facilitate our customers’ design-in process of our components into their finished products. We believe our understanding of the needs associated with wearable headset systems and our customers’ products has been an important reason we have previously been successful in developing customer relationships. We believe our system know-how is a compelling reason customers choose us as their supplier.
|
•
|
Internally Manufactured Products and Use of Third Party Manufacturing.
We manufacture our display products in facilities that we lease and manage. Our optical lenses, backlights and ASICs are manufactured by third parties who are only authorized to manufacture and supply to us. We plan on using third parties to manufacture and supply Whisper Chips to us. The use of these third party manufacturers reduces our investments in plant and equipment and working capital for new products and enables us to update designs as trends change.
|
•
|
Strong U.S. Government Program Support.
We perform under research and development contracts with U.S. government agencies, such as the U.S. Night Vision Laboratory and the U.S. Department of Defense. Under these contracts, the U.S. Government funds a portion of our efforts to develop next-generation micro-display related technologies. This enables us to supplement our internal research and development budget with additional funding.
|
John C.C. Fan, age 73
|
|
Bor-Yeu Tsaur, age 61
|
||||
|
l
|
President, Chief Executive Officer and Chairman
|
|
|
l
|
Executive Vice President—Display Operations
|
|
l
|
Founded Kopin in 1984
|
|
|
l
|
Joined Kopin in 1997
|
|
|
|
|
|
|
|
Richard A. Sneider, age 56
|
|
Hong Choi, age 65
|
||||
|
l
|
Treasurer and Chief Financial Officer
|
|
|
l
|
Vice President and Chief Technology Officer
|
|
l
|
Joined Kopin in 1998
|
|
|
l
|
Joined Kopin in 2000
|
|
|
|
|
|
|
|
Item 1A.
|
Risk Factors
|
•
|
Lack of control over production capacity and delivery schedules;
|
•
|
Limited control over quality assurance, manufacturing yields and production costs;
|
•
|
The risks associated with international commerce, including unexpected changes in legal and regulatory requirements, changes in tariffs and trade policies and political and economic instability; and
|
•
|
Natural disasters such as earthquakes, tsunami, mudslides, drought, hurricanes and tornadoes.
|
•
|
the security capabilities, reliability and availability of cloud-based services;
|
•
|
our ability to implement upgrades and other changes to our software without disrupting our service;
|
•
|
the level of customization or configuration we offer; and
|
•
|
the price, performance and availability of competing products and services.
|
•
|
The timing of the initial selection of our Wearable technology and display products as components in our customers' new products;
|
•
|
Availability of interface electronics for our display products;
|
•
|
Competitive pressures on selling prices of our products;
|
•
|
The timing and cancellation of customer orders;
|
•
|
Our ability to introduce new products and technologies on a timely basis;
|
•
|
Our ability to successfully reduce costs;
|
•
|
The cancellation of U.S. government contracts; and
|
•
|
Our ability to secure agreements from our major customers for the purchase of our products.
|
•
|
The Federal Acquisition Regulation, which comprehensively regulates the formation, administration and performance of federal government contracts;
|
•
|
The Truth in Negotiations Act, which requires certification and disclosure of all cost and pricing data in connection with contract negotiations;
|
•
|
The Cost Accounting Standards and Cost Principles, which impose accounting requirements that govern our right to reimbursement under certain cost-based federal government contracts; and
|
•
|
Laws, regulations and executive orders restricting the use and dissemination of information classified for national security purposes and the export of certain products, services and technical data. We engage in international work falling under the jurisdiction of U.S. export control laws. Failure to comply with these control regimes can lead to severe penalties, both civil and criminal, and can include debarment from contracting with the U.S. government.
|
•
|
Termination of contracts;
|
•
|
Forfeiture of profits;
|
•
|
Cost associated with triggering of price reduction clauses;
|
•
|
Suspension of payments;
|
Item 1B.
|
Unresolved Staff Comments
|
Item 2.
|
Properties
|
Item 3.
|
Legal Proceedings
|
Item 4.
|
Mine Safety Disclosures
|
|
High
|
|
Low
|
||||
Fiscal Year Ended December 31, 2016
|
|
|
|
||||
First Quarter
|
$
|
2.83
|
|
|
$
|
1.60
|
|
Second Quarter
|
2.40
|
|
|
1.58
|
|
||
Third Quarter
|
2.54
|
|
|
2.04
|
|
||
Fourth Quarter
|
2.96
|
|
|
1.99
|
|
||
Fiscal Year Ended December 26, 2015
|
|
|
|
||||
First Quarter
|
$
|
4.36
|
|
|
$
|
3.37
|
|
Second Quarter
|
3.77
|
|
|
3.30
|
|
||
Third Quarter
|
3.45
|
|
|
2.60
|
|
||
Fourth Quarter
|
3.18
|
|
|
2.67
|
|
Plan Category
|
Number of securities to be issued upon exercise of outstanding options,
warrants and rights (a)
|
|
Weighted-average exercise price of outstanding options, warrants and rights (b)
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column a) (c)
|
|
||||
Equity compensation plans approved by security holders
|
—
|
|
|
$
|
—
|
|
|
563,562
|
|
(1)
|
Equity compensation plans not approved by security holders
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
(1)
|
Amount includes shares available under the 2010 Equity Incentive Plan.
|
Item 6.
|
Selected Financial Data
|
|
Fiscal Year Ended
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(in thousands, except per share data)
|
||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net component revenues
|
$
|
21,115
|
|
|
$
|
28,163
|
|
|
$
|
26,957
|
|
|
$
|
20,575
|
|
|
$
|
31,299
|
|
Research and development revenues
|
1,528
|
|
|
3,891
|
|
|
4,851
|
|
|
2,323
|
|
|
3,343
|
|
|||||
Total revenues
|
22,643
|
|
|
32,054
|
|
|
31,808
|
|
|
22,898
|
|
|
34,642
|
|
|||||
Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of component revenues
|
17,814
|
|
|
21,525
|
|
|
19,592
|
|
|
20,655
|
|
|
22,042
|
|
|||||
Research and development—funded programs
|
787
|
|
|
3,006
|
|
|
5,237
|
|
|
1,551
|
|
|
2,178
|
|
|||||
Research and development—internal
|
15,253
|
|
|
14,625
|
|
|
15,499
|
|
|
15,983
|
|
|
12,121
|
|
|||||
Selling, general and administrative
|
16,962
|
|
|
18,135
|
|
|
19,909
|
|
|
19,125
|
|
|
17,166
|
|
|||||
Gain on sale of property, plant & equipment
|
(7,701
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Impairment of intangible assets and goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
1,511
|
|
|
1,705
|
|
|||||
|
43,115
|
|
|
57,291
|
|
|
60,237
|
|
|
58,825
|
|
|
55,212
|
|
|||||
Loss from operations
|
(20,472
|
)
|
|
(25,237
|
)
|
|
(28,429
|
)
|
|
(35,927
|
)
|
|
(20,570
|
)
|
|||||
Other income and (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
658
|
|
|
758
|
|
|
966
|
|
|
1,119
|
|
|
1,126
|
|
|||||
Other (expense) income, net
|
(448
|
)
|
|
(210
|
)
|
|
58
|
|
|
235
|
|
|
174
|
|
|||||
Foreign currency transaction (losses) gains
|
(673
|
)
|
|
661
|
|
|
259
|
|
|
(387
|
)
|
|
(1,032
|
)
|
|||||
Impairment of investments
|
—
|
|
|
—
|
|
|
(1,319
|
)
|
|
(5,000
|
)
|
|
—
|
|
|||||
Loss on remeasurement of investment in Kopin Software Ltd.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(558
|
)
|
|||||
Gain on sales of investments
|
1,034
|
|
|
9,207
|
|
|
—
|
|
|
1,899
|
|
|
856
|
|
|||||
|
571
|
|
|
10,416
|
|
|
(36
|
)
|
|
(2,134
|
)
|
|
566
|
|
|||||
Loss before (provision) benefit for income taxes, equity losses in unconsolidated affiliates and net (income) loss of noncontrolling interest
|
(19,901
|
)
|
|
(14,821
|
)
|
|
(28,465
|
)
|
|
(38,061
|
)
|
|
(20,004
|
)
|
|||||
Tax (provision) benefit
|
(3,130
|
)
|
|
25
|
|
|
180
|
|
|
12,933
|
|
|
(1,099
|
)
|
|||||
Loss before equity losses in unconsolidated affiliates and net (income) loss of noncontrolling interest
|
(23,031
|
)
|
|
(14,796
|
)
|
|
(28,285
|
)
|
|
(25,128
|
)
|
|
(21,103
|
)
|
|||||
Equity losses in unconsolidated affiliates
|
—
|
|
|
(47
|
)
|
|
(386
|
)
|
|
(625
|
)
|
|
(680
|
)
|
|||||
Loss from continuing operations
|
$
|
(23,031
|
)
|
|
$
|
(14,843
|
)
|
|
$
|
(28,671
|
)
|
|
$
|
(25,753
|
)
|
|
$
|
(21,783
|
)
|
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
20,147
|
|
|
2,789
|
|
|||||
Net loss
|
(23,031
|
)
|
|
(14,843
|
)
|
|
(28,671
|
)
|
|
(5,606
|
)
|
|
(18,994
|
)
|
Net (income) loss attributable to the noncontrolling interest
|
(403
|
)
|
|
150
|
|
|
459
|
|
|
896
|
|
|
632
|
|
|||||
Net loss attributable to the controlling interest
|
$
|
(23,434
|
)
|
|
$
|
(14,693
|
)
|
|
$
|
(28,212
|
)
|
|
$
|
(4,710
|
)
|
|
$
|
(18,362
|
)
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Continuing operations
|
$
|
(0.37
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.45
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(0.33
|
)
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.32
|
|
|
0.04
|
|
|||||
Net loss per share:
|
$
|
(0.37
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.45
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.29
|
)
|
Diluted:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
(0.37
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.45
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(0.33
|
)
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.32
|
|
|
0.04
|
|
|||||
Net loss per share:
|
$
|
(0.37
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.45
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.29
|
)
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
64,046
|
|
|
63,466
|
|
|
62,639
|
|
|
62,348
|
|
|
63,618
|
|
|||||
Diluted
|
64,046
|
|
|
63,466
|
|
|
62,639
|
|
|
62,348
|
|
|
63,618
|
|
|
Fiscal Year Ended
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and equivalents and marketable debt securities
|
$
|
77,198
|
|
|
$
|
80,711
|
|
|
$
|
90,859
|
|
|
$
|
112,729
|
|
|
$
|
92,485
|
|
Working capital
|
70,028
|
|
|
89,879
|
|
|
86,682
|
|
|
108,369
|
|
|
106,791
|
|
|||||
Total assets
|
87,832
|
|
|
106,060
|
|
|
122,941
|
|
|
146,132
|
|
|
176,209
|
|
|||||
Long-term obligations
|
247
|
|
|
298
|
|
|
311
|
|
|
329
|
|
|
946
|
|
|||||
Total stockholders’ equity
|
74,078
|
|
|
94,741
|
|
|
109,847
|
|
|
134,563
|
|
|
155,086
|
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Revenues by Category (in millions)
|
2016
|
|
2015
|
||||
Military Applications
|
$
|
5.3
|
|
|
$
|
10.2
|
|
Wearable Applications
|
7.4
|
|
|
12.3
|
|
||
Industrial Applications
|
6.3
|
|
|
4.0
|
|
||
Consumer Applications
|
2.1
|
|
|
1.7
|
|
||
Research & Development
|
1.5
|
|
|
3.9
|
|
||
Total
|
$
|
22.6
|
|
|
$
|
32.1
|
|
|
2016
|
|
2015
|
||||
Cost of component revenues (in millions)
|
$
|
17.8
|
|
|
$
|
21.5
|
|
Cost of component revenues as a % of net component revenues
|
84.4
|
%
|
|
76.4
|
%
|
(in millions)
|
2016
|
|
2015
|
||||
Funded
|
$
|
0.8
|
|
|
$
|
3.0
|
|
Internal
|
15.2
|
|
|
14.6
|
|
||
Total
|
$
|
16.0
|
|
|
$
|
17.6
|
|
|
2016
|
|
2015
|
||||
Selling, general and administrative expense (in millions)
|
$
|
17.0
|
|
|
$
|
18.1
|
|
Selling, general and administrative expense as a % of revenues
|
74.9
|
%
|
|
56.6
|
%
|
(in millions)
|
2016
|
|
2015
|
||||
Interest income
|
$
|
0.7
|
|
|
$
|
0.8
|
|
Other (expense) and income, net
|
(0.4
|
)
|
|
(0.2
|
)
|
||
Foreign currency transaction (losses) gains
|
(0.7
|
)
|
|
0.6
|
|
||
Subtotal
|
(0.4
|
)
|
|
1.2
|
|
||
Gain on sales of investments
|
1.0
|
|
|
9.2
|
|
||
Other income and expense
|
$
|
0.6
|
|
|
$
|
10.4
|
|
(in millions)
|
2016
|
|
2015
|
||||
Kopin Software Ltd.
|
$
|
—
|
|
|
$
|
0.1
|
|
Kowon
|
0.3
|
|
|
—
|
|
||
eMDT
|
0.1
|
|
|
—
|
|
||
Total
|
$
|
0.4
|
|
|
$
|
0.1
|
|
Revenues by Category (in millions)
|
2015
|
|
2014
|
||||
Military Applications
|
$
|
10.2
|
|
|
$
|
14.3
|
|
Wearable Applications
|
12.3
|
|
|
6.2
|
|
||
Industrial Applications
|
4.0
|
|
|
3.7
|
|
||
Consumer Electronic Applications
|
1.7
|
|
|
2.8
|
|
||
Research & Development
|
3.9
|
|
|
4.8
|
|
||
Total
|
$
|
32.1
|
|
|
$
|
31.8
|
|
|
2015
|
|
2014
|
||||
Cost of component revenues (in millions)
|
$
|
21.5
|
|
|
$
|
19.6
|
|
Cost of product revenues as a % of net component revenues
|
76.4
|
%
|
|
72.7
|
%
|
(in millions)
|
2015
|
|
2014
|
||||
Funded
|
$
|
3.0
|
|
|
$
|
5.2
|
|
Internal
|
14.6
|
|
|
15.5
|
|
||
Total
|
$
|
17.6
|
|
|
$
|
20.7
|
|
|
2015
|
|
2014
|
||||
Selling, general and administrative expense (in millions)
|
$
|
18.1
|
|
|
$
|
19.9
|
|
Selling, general and administrative expense as a % of revenues
|
56.6
|
%
|
|
62.6
|
%
|
(in millions)
|
2015
|
|
|
2014
|
|
||
Interest income
|
$
|
0.8
|
|
|
$
|
0.9
|
|
Other (expense) income, net
|
(0.2
|
)
|
|
0.1
|
|
||
Foreign currency transaction gains
|
0.6
|
|
|
0.3
|
|
||
Subtotal
|
1.2
|
|
|
1.3
|
|
||
Gain on sales of investments
|
9.2
|
|
|
—
|
|
||
Impairment of investments
|
—
|
|
|
(1.3
|
)
|
||
Other income and expense
|
$
|
10.4
|
|
|
$
|
—
|
|
(in millions)
|
2015
|
|
|
2014
|
|
||
Kopin Software Ltd.
|
$
|
0.1
|
|
|
$
|
0.3
|
|
eMDT
|
—
|
|
|
0.1
|
|
||
Total
|
$
|
0.1
|
|
|
$
|
0.4
|
|
Domestic
|
$
|
57,913,388
|
|
Foreign
|
9,377,679
|
|
|
Subtotal cash and marketable debt securities
|
67,291,067
|
|
|
Cash and marketable debt securities held in other currencies and converted to U.S. dollars
|
9,906,829
|
|
|
Total cash and marketable debt securities
|
$
|
77,197,896
|
|
Contractual Obligations
|
Total
|
|
Less than 1 year
|
|
1-3 Years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
Operating Lease Obligations
|
$
|
5,746,000
|
|
|
$
|
1,219,000
|
|
|
$
|
1,965,000
|
|
|
$
|
2,361,000
|
|
|
$
|
201,000
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
•
|
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company.
|
•
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made in accordance with authorizations of management and directors of the company; and
|
•
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.
|
•
|
We did not maintain effective controls related to segregation of duties with respect to the establishment of bank accounts, cash disbursements, the cash reconciliation process, and posting of journal entries.
|
•
|
We did not maintain effective controls related to the monitoring and oversight of accounting and financial reporting functions and reviews of financial statements.
|
a)
|
ineffective controls related to the segregation of duties over the establishment of bank accounts, cash disbursements, cash reconciliation process and posting of journal entries and,
|
b)
|
ineffective controls over the monitoring and oversight of financial accounting and reporting functions and reviews of financial statements.
|
Item 9B.
|
Other Information
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accounting Fees and Services
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation
|
(2
|
)
|
|
3.2
|
|
Amendment to Certificate of Incorporation
|
(5
|
)
|
|
3.3
|
|
Amendment to Certificate of Incorporation
|
(5
|
)
|
|
3.4
|
|
Fifth Amended and Restated By-laws
|
(8
|
)
|
|
4
|
|
Specimen Certificate of Common Stock
|
(1
|
)
|
|
10.1
|
|
Form of Employee Agreement with Respect to Inventions and Proprietary Information
|
(1
|
)
|
|
10.2
|
|
Kopin Corporation 2001 Equity Incentive Plan
|
(7
|
)
|
*
|
10.3
|
|
Kopin Corporation 2001 Equity Incentive Plan Amendment
|
(9
|
)
|
*
|
10.4
|
|
Kopin Corporation 2001 Equity Incentive Plan Amendment
|
(10
|
)
|
*
|
10.5
|
|
Kopin Corporation 2001 Equity Incentive Plan Amendment
|
(11
|
)
|
*
|
10.6
|
|
Kopin Corporation 2001 Equity Incentive Plan Amendment
|
(13
|
)
|
*
|
10.7
|
|
Kopin Corporation 2001 Supplemental Equity Incentive Plan
|
(6
|
)
|
*
|
10.8
|
|
Form of Key Employee Stock Purchase Agreement
|
(1
|
)
|
*
|
10.9
|
|
License Agreement by and between the Company and Massachusetts Institute of Technology dated April 22, 1985, as amended
|
(1
|
)
|
|
10.10
|
|
Facility Lease, by and between the Company and Massachusetts Technology Park Corporation, dated October 15, 1993
|
(3
|
)
|
|
10.11
|
|
Joint Venture Agreement, by and among the Company, Kowon Technology Co., Ltd., and Korean Investors, dated as of March 3, 1998
|
(4
|
)
|
|
10.12
|
|
Eighth Amended and Restated Employment Agreement between the Company and Dr. John C.C. Fan, dated as of December 31, 2014
|
(16
|
)
|
|
10.13
|
|
Kopin Corporation Form of Stock Option Agreement under 2001 and 2010 Equity Incentive Plans
|
(12
|
)
|
*
|
10.14
|
|
Kopin Corporation 2001 and 2010 Equity Incentive Plan Form of Restricted Stock Purchase Agreement
|
(12
|
)
|
*
|
10.15
|
|
Kopin Corporation Fiscal Year 2012 Incentive Bonus Plan
|
*
|
|
|
10.16
|
|
Kopin Corporation 2010 Equity Incentive Plan
|
(14
|
)
|
|
10.17
|
|
Purchase Agreement, dated January 10, 2013, by and among Kopin Corporation, IQE KC, LLC and IQE plc
|
(15
|
)
|
|
21.1
|
|
Subsidiaries of Kopin Corporation
|
|
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm
|
|
|
|
31.1
|
|
Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2
|
|
Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.1
|
|
Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
**
|
|
|
32.2
|
|
Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
**
|
|
|
101
|
|
The following materials from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Loss, (iv) Consolidated Statements of Stockholder's Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text
|
|
|
*
|
|
|
Management contract or compensatory plan required to be filed as an Exhibit to this Annual Report on Form 10-K.
|
**
|
|
|
This exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filing.
|
(1
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-1, File No. 33-45853, and incorporated herein by reference.
|
(2
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-1, File No. 33-57450, and incorporated herein by reference.
|
(3
|
)
|
|
Filed as an exhibit to Annual Report on Form 10-K for the fiscal year ended December 31, 1993 and incorporated herein by reference.
|
(4
|
)
|
|
Filed as an exhibit to Annual Report on Form 10-Q for the quarterly period ended June 27, 1998 and incorporated herein by reference.
|
(5
|
)
|
|
Filed as an exhibit to Quarterly Report on Form 10-Q for the quarterly period ended July 1, 2000 and incorporated herein by reference.
|
(6
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-8, filed on November 13, 2011 and incorporated herein by reference.
|
(7
|
)
|
|
Filed as an appendix to Proxy Statement filed on April 20, 2001 and incorporated herein by reference.
|
(8
|
)
|
|
Filed as an exhibit to Current Report on Form 8-K filed on July 18, 2016 and incorporated herein by reference.
|
(9
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-8 filed on August 16, 2002 and incorporated herein by reference
|
(10
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-8 filed on March 15, 2004 and incorporated herein by reference.
|
(11
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-8 filed on May 10, 2004 and incorporated herein by reference.
|
(12
|
)
|
|
Filed as an exhibit to Annual Report on Form 10-K for the fiscal year ended December 25, 2004 and incorporated herein by reference.
|
(13
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-8 filed on April 15, 2008 and incorporated herein by reference.
|
(14
|
)
|
|
Filed with the Company's Definitive Proxy Statement on Schedule 14 filed as of April 5, 2013 and incorporated by reference herein.
|
(15
|
)
|
|
Filed as an exhibit to Current Report on Form 8-K on January 10, 2013 and incorporated herein by reference.
|
(16
|
)
|
|
Filed as an exhibit to Quarterly Report on Form 10-Q for the quarterly period ended March 28, 2015 and incorporated herein by reference.
|
|
Page
|
Consolidated Balance Sheets at December 31, 2016 and December 26, 2015
|
|
|
December 31,
2016 |
|
December 26,
2015 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
15,822,495
|
|
|
$
|
19,767,889
|
|
Marketable debt securities, at fair value
|
61,375,401
|
|
|
60,942,891
|
|
||
Accounts receivable, net of allowance of $136,000 and $153,000 in 2016 and 2015, respectively
|
1,664,488
|
|
|
1,487,633
|
|
||
Unbilled receivables
|
34,707
|
|
|
87,340
|
|
||
Inventory
|
3,302,112
|
|
|
2,512,473
|
|
||
Prepaid taxes
|
341,144
|
|
|
437,586
|
|
||
Prepaid expenses and other current assets
|
853,757
|
|
|
920,410
|
|
||
Note receivable
|
—
|
|
|
15,000,000
|
|
||
Total current assets
|
83,394,104
|
|
|
101,156,222
|
|
||
Property, plant and equipment, net
|
2,976,006
|
|
|
2,677,103
|
|
||
Goodwill
|
844,023
|
|
|
946,082
|
|
||
Other assets
|
618,139
|
|
|
461,416
|
|
||
Property and plant held for sale
|
—
|
|
|
819,263
|
|
||
Total assets
|
$
|
87,832,272
|
|
|
$
|
106,060,086
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
4,355,462
|
|
|
$
|
3,959,704
|
|
Accrued payroll and expenses
|
1,443,976
|
|
|
1,631,292
|
|
||
Accrued warranty
|
518,000
|
|
|
518,000
|
|
||
Billings in excess of revenue earned
|
981,761
|
|
|
1,407,566
|
|
||
Other accrued liabilities
|
2,560,144
|
|
|
2,553,282
|
|
||
Income tax payable
|
935,364
|
|
|
—
|
|
||
Deferred tax liabilities
|
2,571,000
|
|
|
1,207,000
|
|
||
Total current liabilities
|
13,365,707
|
|
|
11,276,844
|
|
||
Asset retirement obligations
|
246,922
|
|
|
298,463
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, par value $.01 per share: authorized, 3,000 shares; none issued
|
—
|
|
|
—
|
|
||
Common stock, par value $.01 per share: authorized, 120,000,000 shares; issued 79,648,618 shares in 2016 and 78,271,659 shares in 2015; outstanding 64,538,686 in 2016 and 63,977,385 in 2015, respectively
|
766,409
|
|
|
760,796
|
|
||
Additional paid-in capital
|
328,524,644
|
|
|
326,558,527
|
|
||
Treasury stock (12,102,258 shares in 2016 and 2015, respectively, at cost)
|
(42,741,551
|
)
|
|
(42,741,551
|
)
|
||
Accumulated other comprehensive income
|
1,570,971
|
|
|
771,774
|
|
||
Accumulated deficit
|
(214,042,787
|
)
|
|
(190,608,671
|
)
|
||
Total Kopin Corporation stockholders’ equity
|
74,077,686
|
|
|
94,740,875
|
|
||
Noncontrolling interest
|
141,957
|
|
|
(256,096
|
)
|
||
Total stockholders’ equity
|
74,219,643
|
|
|
94,484,779
|
|
||
Total liabilities and stockholders’ equity
|
$
|
87,832,272
|
|
|
$
|
106,060,086
|
|
Fiscal year ended
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Net component revenues
|
$
|
21,115,125
|
|
|
$
|
28,163,118
|
|
|
$
|
26,956,741
|
|
Research and development revenues
|
1,527,441
|
|
|
3,891,301
|
|
|
4,850,724
|
|
|||
|
22,642,566
|
|
|
32,054,419
|
|
|
31,807,465
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Cost of component revenues
|
17,814,271
|
|
|
21,524,826
|
|
|
19,592,149
|
|
|||
Research and development-funded programs
|
786,867
|
|
|
3,006,352
|
|
|
5,236,791
|
|
|||
Research and development-internal
|
15,252,794
|
|
|
14,625,061
|
|
|
15,499,230
|
|
|||
Selling, general and administrative
|
16,961,773
|
|
|
18,134,580
|
|
|
19,908,020
|
|
|||
Gain on sale of property, plant and equipment
|
(7,700,522
|
)
|
|
—
|
|
|
—
|
|
|||
|
43,115,183
|
|
|
57,290,819
|
|
|
60,236,190
|
|
|||
Loss from operations
|
(20,472,617
|
)
|
|
(25,236,400
|
)
|
|
(28,428,725
|
)
|
|||
Other income and expense:
|
|
|
|
|
|
||||||
Interest income
|
658,384
|
|
|
758,153
|
|
|
966,403
|
|
|||
Other (expense) income, net
|
(448,581
|
)
|
|
(210,488
|
)
|
|
58,537
|
|
|||
Foreign currency transaction (losses) gains
|
(672,727
|
)
|
|
661,192
|
|
|
258,725
|
|
|||
Gain on sales of investments
|
1,034,396
|
|
|
9,206,919
|
|
|
—
|
|
|||
Impairment of equity and cost investments
|
—
|
|
|
—
|
|
|
(1,319,287
|
)
|
|||
|
571,472
|
|
|
10,415,776
|
|
|
(35,622
|
)
|
|||
Loss before (provision) benefit for income taxes, and equity losses in unconsolidated affiliates and net (income) loss of noncontrolling interest
|
(19,901,145
|
)
|
|
(14,820,624
|
)
|
|
(28,464,347
|
)
|
|||
Tax (provision) benefit
|
(3,130,000
|
)
|
|
25,000
|
|
|
180,000
|
|
|||
Loss before equity losses in unconsolidated affiliates and net (income) loss of noncontrolling interest
|
(23,031,145
|
)
|
|
(14,795,624
|
)
|
|
(28,284,347
|
)
|
|||
Equity losses in unconsolidated affiliates
|
—
|
|
|
(47,443
|
)
|
|
(386,442
|
)
|
|||
Net loss
|
(23,031,145
|
)
|
|
(14,843,067
|
)
|
|
(28,670,789
|
)
|
|||
Net (income) loss attributable to the noncontrolling interest
|
(402,971
|
)
|
|
149,651
|
|
|
458,745
|
|
|||
Net loss attributable to the controlling interest
|
$
|
(23,434,116
|
)
|
|
$
|
(14,693,416
|
)
|
|
$
|
(28,212,044
|
)
|
Net loss per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
(0.37
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.45
|
)
|
Diluted
|
$
|
(0.37
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.45
|
)
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
64,045,675
|
|
|
63,465,797
|
|
|
62,638,675
|
|
|||
Diluted
|
64,045,675
|
|
|
63,465,797
|
|
|
62,638,675
|
|
Fiscal years ended
|
2016
|
|
2015
|
|
2014
|
||||||
Net loss
|
$
|
(23,031,145
|
)
|
|
$
|
(14,843,067
|
)
|
|
$
|
(28,670,789
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
809,099
|
|
|
(1,060,186
|
)
|
|
(1,102,859
|
)
|
|||
Unrealized holding gain (loss) on marketable securities
|
33,464
|
|
|
104,362
|
|
|
681,346
|
|
|||
Reclassifications of gains in net loss
|
(48,284
|
)
|
|
(1,490,776
|
)
|
|
(6,477
|
)
|
|||
Other comprehensive income (loss)
|
$
|
794,279
|
|
|
$
|
(2,446,600
|
)
|
|
$
|
(427,990
|
)
|
Comprehensive loss
|
(22,236,866
|
)
|
|
(17,289,667
|
)
|
|
(29,098,779
|
)
|
|||
Comprehensive (gain) loss attributable to the noncontrolling interest
|
(398,051
|
)
|
|
(91,200
|
)
|
|
570,977
|
|
|||
Comprehensive loss attributable to the controlling interest
|
$
|
(22,634,917
|
)
|
|
$
|
(17,380,867
|
)
|
|
$
|
(28,527,802
|
)
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive
Income
|
|
Accumulated
Deficit
|
|
Total Kopin
Corporation
Stockholders’
Equity
|
|
Noncontrolling
interest
|
|
Total
Stockholders’
Equity
|
|||||||||||||||||||
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||||||||
Balance December 28, 2013
|
74,593,483
|
|
|
$
|
745,935
|
|
|
$
|
320,511,458
|
|
|
$
|
(42,442,932
|
)
|
|
$
|
3,441,997
|
|
|
$
|
(147,703,212
|
)
|
|
$
|
134,553,246
|
|
|
$
|
9,939
|
|
|
$
|
134,563,186
|
|
Exercise of stock options
|
36,750
|
|
|
368
|
|
|
137,445
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
137,812
|
|
|
—
|
|
|
137,812
|
|
||||||||
Vesting of restricted stock
|
843,116
|
|
|
8,431
|
|
|
(8,431
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
5,059,572
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,059,572
|
|
|
—
|
|
|
5,059,572
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(315,758
|
)
|
|
—
|
|
|
(315,758
|
)
|
|
(112,232
|
)
|
|
(427,990
|
)
|
||||||||
Acquisition of eMDT
|
—
|
|
|
—
|
|
|
(101,382
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(101,382
|
)
|
|
101,382
|
|
|
—
|
|
||||||||
Restricted stock for tax withholding obligations
|
(290,142
|
)
|
|
(2,901
|
)
|
|
(972,968
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(975,869
|
)
|
|
—
|
|
|
(975,869
|
)
|
||||||||
Treasury stock purchase
|
—
|
|
|
—
|
|
|
—
|
|
|
(298,619
|
)
|
|
—
|
|
|
—
|
|
|
(298,619
|
)
|
|
—
|
|
|
(298,619
|
)
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,212,044
|
)
|
|
(28,212,044
|
)
|
|
(458,745
|
)
|
|
(28,670,789
|
)
|
||||||||
Balance December 27, 2014
|
75,183,207
|
|
|
751,833
|
|
|
324,625,694
|
|
|
(42,741,551
|
)
|
|
$
|
3,126,239
|
|
|
(175,915,255
|
)
|
|
109,846,959
|
|
|
(459,656
|
)
|
|
109,387,303
|
|
|||||||
Exercise of stock options
|
39,798
|
|
|
398
|
|
|
85,649
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,047
|
|
|
—
|
|
|
86,047
|
|
||||||||
Vesting of restricted stock
|
1,226,992
|
|
|
12,270
|
|
|
(12,270
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
3,373,479
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,373,479
|
|
|
—
|
|
|
3,373,479
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,388,148
|
)
|
|
—
|
|
|
(2,388,148
|
)
|
|
(58,452
|
)
|
|
(2,446,600
|
)
|
||||||||
Acquisition of Kopin Software Limited
|
—
|
|
|
—
|
|
|
(445,344
|
)
|
|
—
|
|
|
33,683
|
|
|
|
|
(411,661
|
)
|
|
411,663
|
|
|
2
|
|
|||||||||
Restricted stock for tax withholding obligations
|
(370,354
|
)
|
|
(3,704
|
)
|
|
(1,068,681
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,072,385
|
)
|
|
—
|
|
|
(1,072,385
|
)
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,693,416
|
)
|
|
(14,693,416
|
)
|
|
(149,651
|
)
|
|
(14,843,067
|
)
|
||||||||
Balance, December 26, 2015
|
76,079,643
|
|
|
760,797
|
|
|
326,558,527
|
|
|
(42,741,551
|
)
|
|
771,774
|
|
|
(190,608,671
|
)
|
|
94,740,875
|
|
|
(256,096
|
)
|
|
94,484,779
|
|
||||||||
Vesting of restricted stock
|
736,842
|
|
|
7,368
|
|
|
(7,368
|
)
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
2,482,326
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,482,326
|
|
|
—
|
|
|
2,482,326
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
799,197
|
|
|
—
|
|
|
799,197
|
|
|
(4,918
|
)
|
|
794,279
|
|
||||||||
Restricted stock for tax withholding obligations
|
(175,542
|
)
|
|
(1,755
|
)
|
|
(508,841
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(510,596
|
)
|
|
—
|
|
|
(510,596
|
)
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,434,116
|
)
|
|
(23,434,116
|
)
|
|
402,971
|
|
|
(23,031,145
|
)
|
||||||||
Balance, December 31, 2016
|
76,640,943
|
|
|
$
|
766,409
|
|
|
$
|
328,524,644
|
|
|
$
|
(42,741,551
|
)
|
|
$
|
1,570,971
|
|
|
$
|
(214,042,787
|
)
|
|
$
|
74,077,686
|
|
|
$
|
141,957
|
|
|
$
|
74,219,643
|
|
Fiscal year ended
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net loss
|
$
|
(23,031,145
|
)
|
|
$
|
(14,843,067
|
)
|
|
$
|
(28,670,789
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
993,621
|
|
|
2,138,982
|
|
|
3,002,014
|
|
|||
Accretion of premium or discount on marketable debt securities
|
130,032
|
|
|
168,217
|
|
|
53,437
|
|
|||
Stock-based compensation
|
2,425,326
|
|
|
3,145,479
|
|
|
4,827,772
|
|
|||
Net gain on investment transactions
|
(1,034,396
|
)
|
|
(9,206,919
|
)
|
|
—
|
|
|||
Loss on disposal of equipment
|
—
|
|
|
180,715
|
|
|
—
|
|
|||
Losses in unconsolidated affiliates
|
—
|
|
|
—
|
|
|
102,305
|
|
|||
Gain on sale of equipment
|
—
|
|
|
—
|
|
|
283,333
|
|
|||
Deferred income taxes
|
1,451,858
|
|
|
(75,000
|
)
|
|
(230,725
|
)
|
|||
Foreign currency (gains) losses
|
711,356
|
|
|
(455,614
|
)
|
|
(96,819
|
)
|
|||
Gain on sale of property and plant
|
(7,700,522
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment of investments
|
—
|
|
|
—
|
|
|
1,319,287
|
|
|||
Change in allowance for bad debt
|
(17,000
|
)
|
|
(112,500
|
)
|
|
63,340
|
|
|||
Other non-cash items
|
677,330
|
|
|
1,560,259
|
|
|
489,332
|
|
|||
Change in warranty reserves
|
—
|
|
|
(200,000
|
)
|
|
—
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
(39,629
|
)
|
|
2,850,942
|
|
|
(1,286,407
|
)
|
|||
Inventory
|
(1,527,602
|
)
|
|
(8,484
|
)
|
|
(1,520,824
|
)
|
|||
Prepaid expenses and other current assets
|
48,295
|
|
|
(207,421
|
)
|
|
191,367
|
|
|||
Accounts payable and accrued expenses
|
1,163,586
|
|
|
(2,632,385
|
)
|
|
1,829,591
|
|
|||
Billings in excess of revenue earned
|
(425,805
|
)
|
|
777,247
|
|
|
38,790
|
|
|||
Net cash used in operating activities
|
(26,174,695
|
)
|
|
(16,919,549
|
)
|
|
(19,604,996
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Proceeds from sale of marketable debt securities
|
50,835,253
|
|
|
38,055,759
|
|
|
39,801,276
|
|
|||
Purchase of marketable debt securities
|
(51,828,988
|
)
|
|
(22,835,740
|
)
|
|
(19,867,896
|
)
|
|||
Proceeds from sale of investments
|
1,034,396
|
|
|
9,206,919
|
|
|
—
|
|
|||
Proceeds from sale of equipment
|
—
|
|
|
—
|
|
|
250,000
|
|
|||
Proceeds from sale of III-V product line
|
15,000,000
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of property and plant
|
8,106,819
|
|
|
—
|
|
|
—
|
|
|||
Other assets
|
80,793
|
|
|
(1,772
|
)
|
|
(38,134
|
)
|
|||
Capital expenditures
|
(394,897
|
)
|
|
(1,122,808
|
)
|
|
(1,489,986
|
)
|
|||
Net cash provided by investing activities
|
22,833,376
|
|
|
23,302,358
|
|
|
18,655,260
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Treasury stock purchases
|
—
|
|
|
—
|
|
|
(298,619
|
)
|
|||
Proceeds from exercise of stock options and warrants
|
—
|
|
|
86,047
|
|
|
137,813
|
|
|||
Settlements of restricted stock for tax withholding obligations
|
(510,596
|
)
|
|
(1,072,385
|
)
|
|
(975,869
|
)
|
|||
Net cash used in financing activities
|
(510,596
|
)
|
|
(986,338
|
)
|
|
(1,136,675
|
)
|
|||
Effect of exchange rate changes on cash
|
(93,479
|
)
|
|
(264,383
|
)
|
|
(34,454
|
)
|
|||
Net decrease in cash and equivalents
|
(3,945,394
|
)
|
|
5,132,088
|
|
|
(2,120,865
|
)
|
|||
Cash and equivalents:
|
|
|
|
|
|
||||||
Beginning of year
|
19,767,889
|
|
|
14,635,801
|
|
|
16,756,666
|
|
|||
End of year
|
$
|
15,822,495
|
|
|
$
|
19,767,889
|
|
|
$
|
14,635,801
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Income taxes paid
|
$
|
723,000
|
|
|
$
|
50,000
|
|
|
$
|
(18,000
|
)
|
Supplemental schedule of noncash investing activities:
|
|
|
|
|
|
||||||
Construction in progress included in accrued expenses
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
373,000
|
|
|
2016
|
|
2015
|
||||
Raw materials
|
$
|
1,986,491
|
|
|
$
|
844,475
|
|
Work-in-process
|
1,186,162
|
|
|
1,281,891
|
|
||
Finished goods
|
129,459
|
|
|
386,107
|
|
||
|
$
|
3,302,112
|
|
|
$
|
2,512,473
|
|
|
2016
|
|
2015
|
||||
Beginning balance
|
$
|
298,463
|
|
|
$
|
311,187
|
|
Additions
|
—
|
|
|
—
|
|
||
Charges
|
—
|
|
|
—
|
|
||
Exchange rate change
|
(51,541
|
)
|
|
(12,724
|
)
|
||
Ending balance
|
$
|
246,922
|
|
|
$
|
298,463
|
|
|
2016
|
|
2015
|
|
2014
|
|||
Nonvested restricted common stock
|
3,007,674
|
|
|
2,192,016
|
|
|
2,551,631
|
|
Stock options
|
—
|
|
|
—
|
|
|
130,500
|
|
Total
|
3,007,674
|
|
|
2,192,016
|
|
|
2,682,131
|
|
|
Cumulative
Translation
Adjustment
|
|
Unrealized Holding
Gain (Loss) on
Marketable
Securities
|
|
Acquisition of Minority Interest in KSL
|
|
Accumulated Other
Comprehensive
Income
|
||||||||
Balance as of December 28, 2013
|
$
|
2,524,701
|
|
|
$
|
917,296
|
|
|
$
|
—
|
|
|
$
|
3,441,997
|
|
Changes during year
|
(990,626
|
)
|
|
674,868
|
|
|
—
|
|
|
(315,758
|
)
|
||||
Balance as of December 27, 2014
|
1,534,075
|
|
|
1,592,164
|
|
|
—
|
|
|
3,126,239
|
|
||||
Changes during year
|
(1,001,733
|
)
|
|
(1,386,415
|
)
|
|
33,683
|
|
|
(2,354,465
|
)
|
||||
Balance as of December 26, 2015
|
532,342
|
|
|
205,749
|
|
|
33,683
|
|
|
771,774
|
|
||||
Changes during year
|
814,017
|
|
|
(14,820
|
)
|
|
—
|
|
|
799,197
|
|
||||
Balance as of December 31, 2016
|
$
|
1,346,359
|
|
|
$
|
190,929
|
|
|
$
|
33,683
|
|
|
$
|
1,570,971
|
|
|
Useful Life
|
|
2016
|
|
2015
|
||||
Equipment
|
3-5 years
|
|
$
|
17,886,124
|
|
|
$
|
18,765,548
|
|
Leasehold improvements
|
Life of the lease
|
|
3,721,176
|
|
|
3,659,559
|
|
||
Furniture and fixtures
|
3 years
|
|
488,802
|
|
|
789,067
|
|
||
Equipment under construction
|
|
|
88,227
|
|
|
312,916
|
|
||
|
|
|
22,184,329
|
|
|
23,527,090
|
|
||
Accumulated depreciation and amortization
|
|
|
(19,208,323
|
)
|
|
(20,849,987
|
)
|
||
Net property, plant and equipment
|
|
|
$
|
2,976,006
|
|
|
$
|
2,677,103
|
|
|
2015
|
|
2014
|
||||
KoBrite
|
$
|
—
|
|
|
$
|
(102,305
|
)
|
Ask Ziggy
|
$
|
(47,443
|
)
|
|
$
|
(284,137
|
)
|
Total
|
$
|
(47,443
|
)
|
|
$
|
(386,442
|
)
|
|
Fiscal Year Ended
|
||||||
|
December 31, 2016
|
|
December 26, 2015
|
||||
Beginning Balance
|
$
|
946,082
|
|
|
$
|
976,451
|
|
Change due to exchange rate fluctuations
|
(102,059
|
)
|
|
(30,369
|
)
|
||
Ending Balance
|
$
|
844,023
|
|
|
$
|
946,082
|
|
|
|
|
Fair Value Measurement at December 31, 2016 Using:
|
||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Money Markets and Cash Equivalents
|
$
|
15,822,495
|
|
|
$
|
15,822,495
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. Government Securities
|
36,091,261
|
|
|
7,144,767
|
|
|
28,946,494
|
|
|
—
|
|
||||
Corporate Debt
|
7,557,029
|
|
|
—
|
|
|
7,557,029
|
|
|
—
|
|
||||
Certificates of Deposit
|
17,727,111
|
|
|
—
|
|
|
17,727,111
|
|
|
—
|
|
||||
GCS Holdings
|
331,454
|
|
|
331,454
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
77,529,350
|
|
|
$
|
23,298,716
|
|
|
$
|
54,230,634
|
|
|
$
|
—
|
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
U.S. government and agency backed securities
|
$
|
36,343,817
|
|
|
$
|
46,586,224
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(252,556
|
)
|
|
$
|
(121,561
|
)
|
|
$
|
36,091,261
|
|
|
$
|
46,464,663
|
|
Corporate debt and certificates of deposits
|
25,323,428
|
|
|
14,534,247
|
|
|
—
|
|
|
—
|
|
|
(39,288
|
)
|
|
(56,019
|
)
|
|
25,284,140
|
|
|
14,478,228
|
|
||||||||
Total
|
$
|
61,667,245
|
|
|
$
|
61,120,471
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(291,844
|
)
|
|
$
|
(177,580
|
)
|
|
$
|
61,375,401
|
|
|
$
|
60,942,891
|
|
|
Less than
One year
|
|
One to
Five years
|
|
Greater than
Five years
|
|
Total
|
||||||||
U.S. government and agency backed securities
|
$
|
14,473,073
|
|
|
$
|
16,690,738
|
|
|
$
|
4,927,450
|
|
|
$
|
36,091,261
|
|
Corporate debt and certificates of deposits
|
22,562,101
|
|
|
2,722,039
|
|
|
—
|
|
|
25,284,140
|
|
||||
Total
|
$
|
37,035,174
|
|
|
$
|
19,412,777
|
|
|
$
|
4,927,450
|
|
|
$
|
61,375,401
|
|
|
Shares
|
|
Weighted
Average
Grant
Fair Value
|
|||
Balance, December 26, 2015
|
2,192,016
|
|
|
$
|
3.82
|
|
Granted
|
1,663,000
|
|
|
2.40
|
|
|
Forfeited
|
(110,500
|
)
|
|
3.21
|
|
|
Vested
|
(736,842
|
)
|
|
3.17
|
|
|
Balance, December 31, 2016
|
3,007,674
|
|
|
$
|
3.21
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cost of component revenues
|
$
|
561,791
|
|
|
$
|
729,715
|
|
|
$
|
766,221
|
|
Research and development
|
527,081
|
|
|
776,946
|
|
|
965,945
|
|
|||
Selling, general and administrative
|
1,336,454
|
|
|
1,638,818
|
|
|
3,095,606
|
|
|||
Total
|
$
|
2,425,326
|
|
|
$
|
3,145,479
|
|
|
$
|
4,827,772
|
|
|
Sales as a Percent
of Total Revenue
|
||||
|
Fiscal Year
|
||||
Customer
|
2016
|
|
2015
|
|
2014
|
Military Customers in Total
|
24
|
|
32
|
|
45
|
Company A
|
*
|
|
18
|
|
26
|
Company C
|
*
|
|
22
|
|
11
|
Company E
|
12
|
|
*
|
|
*
|
Company F
|
20
|
|
*
|
|
*
|
Funded Research and Development Contracts
|
7
|
|
12
|
|
15
|
|
Fiscal Year
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Current
|
|
|
|
|
|
||||||
Federal
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
State
|
33,000
|
|
|
50,000
|
|
|
50,000
|
|
|||
Foreign
|
1,656,000
|
|
|
—
|
|
|
—
|
|
|||
Total current provision
|
1,689,000
|
|
|
50,000
|
|
|
50,000
|
|
|||
Deferred
|
|
|
|
|
|
||||||
Federal
|
(8,718,000
|
)
|
|
(5,356,000
|
)
|
|
(9,554,000
|
)
|
|||
State
|
(1,264,000
|
)
|
|
(62,000
|
)
|
|
(1,709,000
|
)
|
|||
Foreign
|
2,308,000
|
|
|
188,000
|
|
|
411,000
|
|
|||
Change in valuation allowance
|
9,115,000
|
|
|
5,155,000
|
|
|
10,622,000
|
|
|||
Total deferred provision (benefit)
|
1,441,000
|
|
|
(75,000
|
)
|
|
(230,000
|
)
|
|||
Total provision (benefit) for income taxes
|
$
|
3,130,000
|
|
|
$
|
(25,000
|
)
|
|
$
|
(180,000
|
)
|
($ in millions)
|
2016
|
Unrecognized tax benefits- beginning balance
|
$—
|
Gross increases- prior year tax positions
|
374,000
|
Gross increases- current year tax positions
|
$—
|
Gross decreases -FIN 48 liability release
|
$—
|
Gross decreases- expired statute of limitations
|
—
|
Unrecognized tax benefits- ending balance
|
$374,000
|
|
Fiscal Year
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Tax provision at federal statutory rates
|
$
|
(6,965,000
|
)
|
|
$
|
(5,187,000
|
)
|
|
$
|
(9,964,000
|
)
|
State tax liability
|
22,000
|
|
|
33,000
|
|
|
33,000
|
|
|||
Foreign deferred tax rate differential
|
(678,000
|
)
|
|
153,000
|
|
|
371,000
|
|
|||
Foreign withholding
|
1,441,000
|
|
|
(75,000
|
)
|
|
(196,000
|
)
|
|||
Outside basis in Kowon, net unremitted earnings
|
958,000
|
|
|
(180,000
|
)
|
|
(394,000
|
)
|
|||
Permanent items
|
259,000
|
|
|
(402,000
|
)
|
|
(21,000
|
)
|
|||
Increase in net state operating loss carryforwards
|
(502,000
|
)
|
|
(158,000
|
)
|
|
(177,000
|
)
|
|||
Utilization of net operating losses for U.K. research and development refund
|
(142,000
|
)
|
|
719,000
|
|
|
1,089,000
|
|
|||
Provision to tax return adjustments and state tax rate change
|
(66,000
|
)
|
|
264,000
|
|
|
(516,000
|
)
|
|||
Tax credits
|
(762,000
|
)
|
|
(501,000
|
)
|
|
(610,000
|
)
|
|||
Non-deductible 162M compensation limitations
|
—
|
|
|
40,000
|
|
|
196,000
|
|
|||
Non-deductible equity compensation
|
(360,000
|
)
|
|
(34,000
|
)
|
|
(687,000
|
)
|
|||
Uncertain tax position for transfer pricing
|
671,000
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
139,000
|
|
|
148,000
|
|
|
74,000
|
|
|||
Change in valuation allowance
|
9,115,000
|
|
|
5,155,000
|
|
|
10,622,000
|
|
|||
|
$
|
3,130,000
|
|
|
$
|
(25,000
|
)
|
|
$
|
(180,000
|
)
|
|
Fiscal Year
|
||||||
|
2016
|
|
2015
|
||||
Deferred tax liability:
|
|
|
|
||||
Foreign withholding liability
|
$
|
(2,571,000
|
)
|
|
$
|
(1,207,000
|
)
|
Foreign unremitted earnings
|
(3,659,000
|
)
|
|
(2,701,000
|
)
|
||
Deferred tax assets:
|
|
|
|
||||
Federal net operating loss carryforwards
|
46,968,000
|
|
|
28,984,000
|
|
||
State net operating loss carryforwards
|
2,129,000
|
|
|
1,913,000
|
|
||
Foreign net operating loss carryforwards
|
1,375,000
|
|
|
2,430,000
|
|
||
Equity awards
|
2,258,000
|
|
|
2,249,000
|
|
||
Tax credits
|
7,495,000
|
|
|
6,768,000
|
|
||
Property, plant and equipment
|
814,000
|
|
|
1,113,000
|
|
||
Unrealized losses on investments
|
3,535,000
|
|
|
3,240,000
|
|
||
Other
|
5,823,000
|
|
|
3,667,000
|
|
||
Net deferred tax assets
|
64,167,000
|
|
|
46,456,000
|
|
||
Valuation allowance
|
(66,738,000
|
)
|
|
(47,663,000
|
)
|
||
|
$
|
(2,571,000
|
)
|
|
$
|
(1,207,000
|
)
|
|
Fiscal Year Ended
|
|
||||||||
|
December 31,
2016 |
|
December 26,
2015 |
December 27,
2014 |
||||||
Beginning Balance
|
$
|
518,000
|
|
|
$
|
716,000
|
|
$
|
716,000
|
|
Additions
|
440,000
|
|
|
598,000
|
|
798,000
|
|
|||
Claim and reversals
|
(440,000
|
)
|
|
(796,000
|
)
|
(798,000
|
)
|
|||
Ending Balance
|
$
|
518,000
|
|
|
$
|
518,000
|
|
$
|
716,000
|
|
Fiscal Year ending,
|
Amount
|
||
2017
|
$
|
1,219,000
|
|
2018
|
1,031,000
|
|
|
2019
|
934,000
|
|
|
2020
|
902,000
|
|
|
2021
|
843,000
|
|
|
Thereafter
|
817,000
|
|
|
Total minimum lease payments
|
$
|
5,746,000
|
|
14.
|
Embezzlement and Immaterial Restatement
|
Year
|
Amount
|
2016
|
$480,000
|
2015
|
338,000
|
2014
|
213,000
|
Prior to 2014
|
558,000
|
|
$1,589,000
|
Year
|
Cost of component revenues
|
Foreign currency transaction (losses) gains
|
Other (expense) income, net
|
2015
|
$(85,000)
|
$(253,000)
|
$(338,000)
|
2014
|
(46,000)
|
(167,000)
|
(213,000)
|
|
Kopin
|
|
FDD
|
|
Total
|
||||||
2016
|
|
|
|
|
|
||||||
Revenues
|
$
|
18,733
|
|
|
$
|
3,909
|
|
|
$
|
22,643
|
|
Net loss attributable to the controlling interest
|
(22,623
|
)
|
|
(812
|
)
|
|
(23,434
|
)
|
|||
Total assets
|
86,084
|
|
|
1,748
|
|
|
87,832
|
|
|||
Long-lived assets
|
2,976
|
|
|
—
|
|
|
2,976
|
|
|||
2015
|
|
|
|
|
|
||||||
Revenues
|
$
|
28,538
|
|
|
$
|
3,516
|
|
|
$
|
32,054
|
|
Net loss attributable to the controlling interest
|
(13,429
|
)
|
|
(1,264
|
)
|
|
(14,693
|
)
|
|||
Total assets
|
104,536
|
|
|
1,524
|
|
|
106,060
|
|
|||
Long-lived assets
|
2,639
|
|
|
38
|
|
|
2,677
|
|
|||
Property and plant held for sale
|
819
|
|
|
—
|
|
|
819
|
|
|||
2014
|
|
|
|
|
|
||||||
Revenues
|
$
|
28,333
|
|
|
$
|
3,474
|
|
|
$
|
31,807
|
|
Net loss attributable to the controlling interest
|
(26,402
|
)
|
|
(1,810
|
)
|
|
(28,212
|
)
|
|||
Total assets
|
121,300
|
|
|
1,641
|
|
|
122,941
|
|
|||
Long-lived assets
|
4,343
|
|
|
246
|
|
|
4,589
|
|
|
Fiscal Year
|
|||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Revenue
|
|
% of Total
|
|
Revenue
|
|
% of Total
|
|
Revenue
|
|
% of Total
|
|||||||||
US
|
$
|
9,237
|
|
|
41
|
%
|
|
$
|
21,758
|
|
|
68
|
%
|
|
$
|
19,695
|
|
|
62
|
%
|
Other Americas
|
41
|
|
|
—
|
%
|
|
395
|
|
|
1
|
%
|
|
416
|
|
|
1
|
%
|
|||
Total Americas
|
9,278
|
|
|
41
|
%
|
|
22,153
|
|
|
69
|
%
|
|
20,111
|
|
|
63
|
%
|
|||
Asia-Pacific
|
9,849
|
|
|
43
|
%
|
|
7,160
|
|
|
22
|
%
|
|
8,245
|
|
|
26
|
%
|
|||
Europe
|
3,516
|
|
|
16
|
%
|
|
2,741
|
|
|
9
|
%
|
|
3,451
|
|
|
11
|
%
|
|||
Total Revenues
|
$
|
22,643
|
|
|
100
|
%
|
|
$
|
32,054
|
|
|
100
|
%
|
|
$
|
31,807
|
|
|
100
|
%
|
|
Fiscal Years
|
||||||
|
2016
|
|
2015
|
||||
United States of America
|
$
|
2,976
|
|
|
$
|
2,613
|
|
United Kingdom
|
—
|
|
|
64
|
|
||
|
$
|
2,976
|
|
|
$
|
2,677
|
|
|
Three months
ended March 26, 2016 |
|
Three months
ended June 25, 2016 (3) |
|
Three months ended September 24, 2016
|
|
Three months
ended December 31, 2016 (4) |
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Revenue
|
$
|
6,119
|
|
|
$
|
4,355
|
|
|
$
|
5,795
|
|
|
$
|
6,373
|
|
Gross profit (2)
|
$
|
1,342
|
|
|
$
|
(550
|
)
|
|
$
|
949
|
|
|
$
|
1,560
|
|
Loss from operations
|
$
|
(6,317
|
)
|
|
$
|
(993
|
)
|
|
$
|
(6,883
|
)
|
|
$
|
(6,280
|
)
|
Net (loss) gain attributable to the controlling interest
|
$
|
(6,932
|
)
|
|
$
|
(3,194
|
)
|
|
$
|
(8,117
|
)
|
|
$
|
(5,190
|
)
|
Net (loss) gain per share (1):
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.11
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.08
|
)
|
Diluted
|
$
|
(0.11
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.08
|
)
|
Shares used in computing net loss per share from continuing operations:
|
|
|
|
|
|
|
|
||||||||
Basic
|
63,978
|
|
|
64,011
|
|
|
64,048
|
|
|
64,138
|
|
||||
Diluted
|
63,978
|
|
|
64,011
|
|
|
64,048
|
|
|
64,138
|
|
(1)
|
Net loss per share is computed independently for each of the quarters presented; accordingly, the sum of the quarterly net income per share may not equal the total computed for the year.
|
(2)
|
Gross profit is defined as net product revenue less cost of product revenues.
|
(3)
|
Includes
$7.7 million
impact on net gain attributable to the controlling interest relating to the gain on sale of a facility for the three month period ended
June 25, 2016
.
|
(4)
|
Includes
$1.0 million
impact on net gain attributable to the controlling interest relating to the gain on sale of an investment for the three month period ended
December 31, 2016
.
|
|
Three months
ended March 28, 2015 (3) |
|
Three months
ended June 27, 2015 (4) |
|
Three months
ended September 26, 2015 |
|
Three months
ended December 26, 2015 |
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Revenue
|
$
|
8,585
|
|
|
$
|
10,857
|
|
|
$
|
8,001
|
|
|
$
|
4,612
|
|
Gross profit (2)
|
$
|
1,857
|
|
|
$
|
3,148
|
|
|
$
|
1,762
|
|
|
$
|
(118
|
)
|
(Loss) income from operations
|
$
|
(5,933
|
)
|
|
$
|
(5,474
|
)
|
|
$
|
(5,923
|
)
|
|
$
|
(7,906
|
)
|
Net loss attributable to the controlling interest
|
$
|
(3,885
|
)
|
|
$
|
683
|
|
|
$
|
(4,720
|
)
|
|
$
|
(6,771
|
)
|
Net loss per share from continuing operations (1):
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.06
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.11
|
)
|
Diluted
|
$
|
(0.06
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.11
|
)
|
Shares used in computing net loss per share from continuing operations:
|
|
|
|
|
|
|
|
||||||||
Basic
|
63,084
|
|
|
63,066
|
|
|
63,068
|
|
|
63,608
|
|
||||
Diluted
|
63,084
|
|
|
65,030
|
|
|
63,068
|
|
|
63,608
|
|
(1)
|
Net loss per share is computed independently for each of the quarters presented; accordingly, the sum of the quarterly net income per share may not equal the total computed for the year.
|
(2)
|
Gross profit is defined as net component revenue less cost of component revenues.
|
(3)
|
Includes
$2.1 million
impact on net gain attributable to the controlling interest relating to the gain on sale of an investment for the three month period ended
March 28, 2015
.
|
(4)
|
Includes
$5.5 million
impact on net gain attributable to the controlling interest relating to the gain on sale of an investment for the three month period ended
June 27, 2015
.
|
Increase (Decrease)
|
|||||||||||||||||||||||
|
Three months
ended March 26, 2016 |
|
Three months
ended June 25, 2016 |
|
Three months
ended March 28, 2015 |
|
Three months
ended June 27, 2015 |
|
Three months
ended September 26, 2015 |
|
Three months
ended December 26, 2015 |
||||||||||||
(In thousands)
|
|||||||||||||||||||||||
Gross Profit
|
$
|
11
|
|
|
$
|
36
|
|
|
$
|
12
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
52
|
|
Loss from operations
|
11
|
|
|
36
|
|
|
12
|
|
|
21
|
|
|
—
|
|
|
52
|
|
||||||
Net (loss) gain attributable to the controlling interest
|
(15
|
)
|
|
(65
|
)
|
|
(47
|
)
|
|
(98
|
)
|
|
(45
|
)
|
|
189
|
|
|
K
OPIN
C
ORPORATION
|
|
|
|
|
|
By:
|
/s/ J
OHN
C.C. F
AN
|
|
|
John C.C. Fan
Chairman of the Board, Chief Executive Officer, President and Director
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ J
OHN
C.C. F
AN
|
|
Chairman of the Board, Chief Executive Officer, President and Director (Principal Executive Officer)
|
|
March 22, 2017
|
John C.C. Fan
|
|
|
|
|
|
|
|
|
|
/s/ J
AMES
B
REWINGTON
|
|
Director
|
|
March 22, 2017
|
James Brewington
|
|
|
|
|
|
|
|
|
|
/s/ D
AVID
E. B
ROOK
|
|
Director
|
|
March 22, 2017
|
David E. Brook
|
|
|
|
|
|
|
|
|
|
/s/ M
ORTON
C
OLLINS
|
|
Director
|
|
March 22, 2017
|
Morton Collins
|
|
|
|
|
|
|
|
|
|
/s/ A
NDREW
H. C
HAPMAN
|
|
Director
|
|
March 22, 2017
|
Andrew H. Chapman
|
|
|
|
|
|
|
|
|
|
/s/ CHI CHIA HSIEH
|
|
Director
|
|
March 22, 2017
|
Chi Chia Hsieh
|
|
|
|
|
|
|
|
|
|
/s/ M
ICHAEL
J. L
ANDINE
|
|
Director
|
|
March 22, 2017
|
Michael J. Landine
|
|
|
|
|
|
|
|
|
|
/s/ R
ICHARD
A. S
NEIDER
|
|
Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer)
|
|
March 22, 2017
|
Richard A. Sneider
|
|
|
|
|
Description
|
Balance at
Beginning
of Year
|
|
Additions
Charged
to
Income
|
|
Deductions
from
Reserve
|
|
Balance at
End of
Year
|
||||||||
Reserve deducted from assets—allowance for doubtful accounts:
|
|
|
|
|
|
|
|
||||||||
2014
|
$
|
202,000
|
|
|
$
|
81,000
|
|
|
$
|
(17,000
|
)
|
|
$
|
266,000
|
|
2015
|
266,000
|
|
|
—
|
|
|
(113,000
|
)
|
|
153,000
|
|
||||
2016
|
153,000
|
|
|
—
|
|
|
(17,000
|
)
|
|
136,000
|
|
Exhibits
|
|
|
|
Sequential
page number
|
|
|
3.1
|
|
|
Amended and Restated Certificate of Incorporation
|
(2
|
)
|
|
3.2
|
|
|
Amendment to Certificate of Incorporation
|
(5
|
)
|
|
3.3
|
|
|
Amendment to Certificate of Incorporation
|
(5
|
)
|
|
3.4
|
|
|
Fifth Amended and Restated By-laws
|
(8
|
)
|
|
4
|
|
|
Specimen Certificate of Common Stock
|
(1
|
)
|
|
10.1
|
|
|
Form of Employee Agreement with Respect to Inventions and Proprietary Information
|
(1
|
)
|
|
10.2
|
|
|
Kopin Corporation 2001 Equity Incentive Plan
|
(7
|
)
|
*
|
10.3
|
|
|
Kopin Corporation 2001 Equity Incentive Plan Amendment
|
(9
|
)
|
*
|
10.4
|
|
|
Kopin Corporation 2001 Equity Incentive Plan Amendment
|
(10
|
)
|
*
|
10.5
|
|
|
Kopin Corporation 2001 Equity Incentive Plan Amendment
|
(11
|
)
|
*
|
10.6
|
|
|
Kopin Corporation 2001 Equity Incentive Plan Amendment
|
(13
|
)
|
*
|
10.7
|
|
|
Kopin Corporation 2001 Supplemental Equity Incentive Plan
|
(6
|
)
|
*
|
10.8
|
|
|
Form of Key Employee Stock Purchase Agreement
|
(1
|
)
|
*
|
10.9
|
|
|
License Agreement by and between the Company and Massachusetts Institute of Technology dated April 22, 1985, as amended
|
(1
|
)
|
|
10.10
|
|
|
Facility Lease, by and between the Company and Massachusetts Technology Park Corporation, dated October 15, 1993
|
(3
|
)
|
|
10.11
|
|
|
Joint Venture Agreement, by and among the Company, Kowon Technology Co., Ltd., and Korean Investors, dated as of March 3, 1998
|
(4
|
)
|
|
10.12
|
|
|
Eighth Amended and Restated Employment Agreement between the Company and Dr. John C.C. Fan, dated as of December 31, 2014
|
*
|
|
|
10.13
|
|
|
Kopin Corporation Form of Stock Option Agreement under 2001 and 2010 Equity Incentive Plans
|
(12
|
)
|
*
|
10.14
|
|
|
Kopin Corporation 2001 and 2010 Equity Incentive Plan Form of Restricted Stock Purchase Agreement
|
(12
|
)
|
*
|
10.15
|
|
|
Kopin Corporation Fiscal Year 2012 Incentive Bonus Plan
|
*
|
|
|
10.16
|
|
|
Kopin Corporation 2010 Equity Incentive Plan
|
(14
|
)
|
|
10.17
|
|
|
Purchase Agreement, dated January 10, 2013, by and among Kopin Corporation, IQE KC, LLC and IQE plc
|
(15
|
)
|
|
21.1
|
|
|
Subsidiaries of Kopin Corporation
|
|
|
|
23.1
|
|
|
Consent of Independent Registered Public Accounting Firm
|
|
|
|
31.1
|
|
|
Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2
|
|
|
Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.1
|
|
|
Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.2
|
|
|
Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
101.0
|
|
|
The following materials from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Loss, (iv) Consolidated Statements of Stockholder's Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text
|
|
|
*
|
|
|
Management contract or compensatory plan required to be filed as an Exhibit to this Annual Report on Form 10-K.
|
**
|
|
|
This exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filing.
|
(1
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-1, File No. 33-45853, and incorporated herein by reference.
|
(2
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-1, File No. 33-57450, and incorporated herein by reference.
|
(3
|
)
|
|
Filed as an exhibit to Annual Report on Form 10-K for the fiscal year ended December 31, 1993 and incorporated herein by reference.
|
(4
|
)
|
|
Filed as an exhibit to Annual Report on Form 10-Q for the quarterly period ended June 27, 1998 and incorporated herein by reference.
|
(5
|
)
|
|
Filed as an exhibit to Quarterly Report on Form 10-Q for the quarterly period ended July 1, 2000 and incorporated herein by reference.
|
(6
|
)
|
|
Filed as an exhibit to Quarterly Report on Form 10-Q for the quarterly period ended July 1, 2000 and incorporated herein by reference.
|
(7
|
)
|
|
Filed as an appendix to Proxy Statement filed on April 20, 2001 and incorporated herein by reference.
|
(8
|
)
|
|
Filed as an exhibit to Current Report on Form 8-K filed on July 18, 2016 and incorporated herein by reference.
|
(9
|
)
|
|
Filed as an exhibit to Current Report on Form 8-K filed on December 12, 2008 and incorporated herein by reference.
|
(10
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-8 filed on March 15, 2004 and incorporated herein by reference.
|
(11
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-8 filed on May 10, 2004 and incorporated herein by reference.
|
(12
|
)
|
|
Filed as an exhibit to Annual Report on Form 10-K for the fiscal year ended December 25, 2004 and incorporated herein by reference.
|
(13
|
)
|
|
Filed as an exhibit to Registration Statement on Form S-8 filed on April 15, 2008 and incorporated herein by reference.
|
(14
|
)
|
|
Filed with the Company's Definitive Proxy Statement on Schedule 14 filed as of April 5, 2013 and incorporated by reference herein.
|
(15
|
)
|
|
Filed as an exhibit to Current Report on Form 8-K on January 10, 2013 and incorporated by reference herein.
|
1 Year Kopin Chart |
1 Month Kopin Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions