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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0107 | 1.37% | 0.7907 | 0.7907 | 0.8202 | 258 | 09:22:40 |
|
|
|
|
x
|
QUARTERLY 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)
|
|
|
Large accelerated filer
|
|
¨
|
Accelerated filer
|
|
x
|
Non-accelerated filer
|
|
¨
|
Smaller reporting company
|
|
¨
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Class
|
Outstanding as of July 29, 2016
|
|
|
Common Stock, par value $.01
|
66,769,502
|
|
|
|
|
|
|
Page
No.
|
|
||
Item 1.
|
||
|
Condensed Consolidated Balance Sheets at June 25, 2016 (Unaudited) and December 26, 2015
|
|
|
Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 25, 2016 and June 27, 2015
|
|
|
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) for the three and six months ended June 25, 2016 and June 27, 2015
|
|
|
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the six months ended June 25, 2016
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 25, 2016 and June 27, 2015
|
|
|
Notes to
Unaudited Condensed Consolidated Financial Statements
|
|
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
|
Item 1:
|
Condensed Consolidated Financial Statements (Unaudited)
|
|
June 25,
2016 |
|
December 26,
2015 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
25,812,429
|
|
|
$
|
19,767,889
|
|
Marketable debt securities, at fair value
|
65,709,596
|
|
|
60,942,891
|
|
||
Accounts receivable, net of allowance of $169,000 and $153,000 in 2016 and 2015, respectively
|
1,326,341
|
|
|
1,487,633
|
|
||
Unbilled receivables
|
82,535
|
|
|
87,340
|
|
||
Inventory
|
2,935,699
|
|
|
2,512,473
|
|
||
Prepaid taxes
|
119,543
|
|
|
437,586
|
|
||
Prepaid expenses and other current assets
|
895,741
|
|
|
920,410
|
|
||
Note receivable
|
—
|
|
|
15,000,000
|
|
||
Total current assets
|
96,881,884
|
|
|
101,156,222
|
|
||
Property, plant and equipment, net
|
2,728,951
|
|
|
2,677,103
|
|
||
Goodwill
|
887,512
|
|
|
946,082
|
|
||
Other assets
|
716,679
|
|
|
461,416
|
|
||
Property and plant held for sale
|
—
|
|
|
819,263
|
|
||
Total assets
|
$
|
101,215,026
|
|
|
$
|
106,060,086
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
4,327,008
|
|
|
$
|
3,959,704
|
|
Accrued payroll and expenses
|
1,791,883
|
|
|
1,631,292
|
|
||
Accrued warranty
|
516,000
|
|
|
518,000
|
|
||
Accrued income taxes
|
721,202
|
|
|
—
|
|
||
Billings in excess of revenue earned
|
1,254,694
|
|
|
1,407,566
|
|
||
Other accrued liabilities
|
2,662,518
|
|
|
2,553,282
|
|
||
Deferred tax liabilities
|
2,570,000
|
|
|
1,207,000
|
|
||
Total current liabilities
|
13,843,305
|
|
|
11,276,844
|
|
||
Asset retirement obligations
|
274,034
|
|
|
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 78,875,534
shares in 2016 and 78,271,659 shares in 2015; outstanding 64,039,260 shares in 2016 and 63,977,385 shares in 2015
|
761,415
|
|
|
760,796
|
|
||
Additional paid-in capital
|
327,754,462
|
|
|
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
|
1,766,202
|
|
|
771,774
|
|
||
Accumulated deficit
|
(200,655,234
|
)
|
|
(190,608,671
|
)
|
||
Total Kopin Corporation stockholders’ equity
|
86,885,294
|
|
|
94,740,875
|
|
||
Noncontrolling interest
|
212,393
|
|
|
(256,096
|
)
|
||
Total stockholders’ equity
|
87,097,687
|
|
|
94,484,779
|
|
||
Total liabilities and stockholders’ equity
|
$
|
101,215,026
|
|
|
$
|
106,060,086
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
June 25,
2016 |
|
June 27,
2015 |
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Net component revenues
|
$
|
4,096,529
|
|
|
$
|
9,486,723
|
|
|
$
|
10,074,663
|
|
|
$
|
16,615,093
|
|
Research and development revenues
|
258,746
|
|
|
1,369,883
|
|
|
399,750
|
|
|
2,826,505
|
|
||||
|
4,355,275
|
|
|
10,856,606
|
|
|
10,474,413
|
|
|
19,441,598
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of component revenues
|
4,682,846
|
|
|
6,359,780
|
|
|
9,329,888
|
|
|
11,643,513
|
|
||||
Research and development
|
4,119,401
|
|
|
4,884,010
|
|
|
8,159,352
|
|
|
9,744,202
|
|
||||
Selling, general and administration
|
4,282,264
|
|
|
5,108,229
|
|
|
8,043,113
|
|
|
9,494,442
|
|
||||
Gain on sale of property and plant
|
(7,700,522
|
)
|
|
—
|
|
|
(7,700,522
|
)
|
|
—
|
|
||||
|
5,383,989
|
|
|
16,352,019
|
|
|
17,831,831
|
|
|
30,882,157
|
|
||||
Loss from operations
|
(1,028,714
|
)
|
|
(5,495,413
|
)
|
|
(7,357,418
|
)
|
|
(11,440,559
|
)
|
||||
Other income and expense:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
175,765
|
|
|
198,898
|
|
|
340,713
|
|
|
408,561
|
|
||||
Other income, net
|
3,718
|
|
|
25,758
|
|
|
41,626
|
|
|
45,269
|
|
||||
Foreign currency transaction gains (losses)
|
27,503
|
|
|
529,138
|
|
|
(524,437
|
)
|
|
349,549
|
|
||||
Gain on sale of investments
|
—
|
|
|
5,460,399
|
|
|
—
|
|
|
7,602,820
|
|
||||
|
206,986
|
|
|
6,214,193
|
|
|
(142,098
|
)
|
|
8,406,199
|
|
||||
(Loss) income before provision for income taxes, equity loss in unconsolidated affiliate and net (income) loss attributable to noncontrolling interest
|
(821,728
|
)
|
|
718,780
|
|
|
(7,499,516
|
)
|
|
(3,034,360
|
)
|
||||
Tax provision
|
(1,963,000
|
)
|
|
(12,500
|
)
|
|
(2,104,000
|
)
|
|
(25,000
|
)
|
||||
(Loss) income before equity loss in unconsolidated affiliate and net (income) loss attributable to noncontrolling interest
|
(2,784,728
|
)
|
|
706,280
|
|
|
(9,603,516
|
)
|
|
(3,059,360
|
)
|
||||
Equity loss in unconsolidated affiliate
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,443
|
)
|
||||
Net (loss) income
|
(2,784,728
|
)
|
|
706,280
|
|
|
(9,603,516
|
)
|
|
(3,106,803
|
)
|
||||
Net (income) loss attributable to the noncontrolling interest
|
(344,374
|
)
|
|
74,690
|
|
|
(443,047
|
)
|
|
49,784
|
|
||||
Net (loss) income attributable to the controlling interest
|
$
|
(3,129,102
|
)
|
|
$
|
780,970
|
|
|
$
|
(10,046,563
|
)
|
|
$
|
(3,057,019
|
)
|
Net (loss) income per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.05
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.16
|
)
|
|
$
|
(0.05
|
)
|
Diluted
|
$
|
(0.05
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.16
|
)
|
|
$
|
(0.05
|
)
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
64,011,571
|
|
|
63,066,031
|
|
|
63,994,809
|
|
|
63,074,842
|
|
||||
Diluted
|
64,011,571
|
|
|
63,300,781
|
|
|
63,994,809
|
|
|
63,074,842
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||||||
Net (loss) income
|
$
|
(2,784,728
|
)
|
|
$
|
706,280
|
|
|
$
|
(9,603,516
|
)
|
|
$
|
(3,106,803
|
)
|
Other comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(92,228
|
)
|
|
(569,644
|
)
|
|
643,956
|
|
|
(555,222
|
)
|
||||
Unrealized holding gain on marketable securities
|
92,596
|
|
|
500,602
|
|
|
410,106
|
|
|
1,325,524
|
|
||||
Reclassification of holding gains in net loss
|
(38,360
|
)
|
|
(21,785
|
)
|
|
(34,192
|
)
|
|
(399,345
|
)
|
||||
Other comprehensive (loss) income
|
(37,992
|
)
|
|
(90,827
|
)
|
|
1,019,870
|
|
|
370,957
|
|
||||
Comprehensive (loss) income
|
$
|
(2,822,720
|
)
|
|
$
|
615,453
|
|
|
$
|
(8,583,646
|
)
|
|
$
|
(2,735,846
|
)
|
Comprehensive (income) loss attributable to the noncontrolling interest
|
(337,788
|
)
|
|
(76,524
|
)
|
|
(468,489
|
)
|
|
(18,726
|
)
|
||||
Comprehensive (loss) income attributable to controlling interest
|
$
|
(3,160,508
|
)
|
|
$
|
538,929
|
|
|
$
|
(9,052,135
|
)
|
|
$
|
(2,754,572
|
)
|
|
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 26, 2015
|
76,079,643
|
|
|
$
|
760,796
|
|
|
$
|
326,558,527
|
|
|
$
|
(42,741,551
|
)
|
|
$
|
771,774
|
|
|
$
|
(190,608,671
|
)
|
|
$
|
94,740,875
|
|
|
$
|
(256,096
|
)
|
|
$
|
94,484,779
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,198,054
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,198,054
|
|
|
—
|
|
|
1,198,054
|
|
||||||||
Vesting of restricted stock
|
62,500
|
|
|
625
|
|
|
(625
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
994,428
|
|
|
—
|
|
|
994,428
|
|
|
25,442
|
|
|
1,019,870
|
|
||||||||
Restricted stock for tax withholdings
|
(625
|
)
|
|
(6
|
)
|
|
(1,494
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,500
|
)
|
|
—
|
|
|
(1,500
|
)
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,046,563
|
)
|
|
(10,046,563
|
)
|
|
443,047
|
|
|
(9,603,516
|
)
|
||||||||
Balance, June 25, 2016
|
76,141,518
|
|
|
$
|
761,415
|
|
|
$
|
327,754,462
|
|
|
$
|
(42,741,551
|
)
|
|
$
|
1,766,202
|
|
|
$
|
(200,655,234
|
)
|
|
$
|
86,885,294
|
|
|
$
|
212,393
|
|
|
$
|
87,097,687
|
|
|
Six Months Ended
|
||||||
|
June 25,
2016 |
|
June 27,
2015 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(9,603,516
|
)
|
|
$
|
(3,106,803
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
651,687
|
|
|
1,190,413
|
|
||
Accretion (amortization) of premium or discount on marketable debt securities
|
78,261
|
|
|
302,466
|
|
||
Stock-based compensation
|
951,053
|
|
|
2,022,043
|
|
||
Foreign currency losses (gains)
|
563,548
|
|
|
(280,173
|
)
|
||
Change in allowance for bad debt
|
(17,644
|
)
|
|
74,500
|
|
||
Deferred income taxes
|
1,363,000
|
|
|
—
|
|
||
Gain on sale of property and plant
|
(7,700,522
|
)
|
|
—
|
|
||
Gain on sale of investments
|
—
|
|
|
(7,602,820
|
)
|
||
Other non-cash items
|
244,956
|
|
|
1,130,162
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
145,076
|
|
|
(4,388,730
|
)
|
||
Inventory
|
(696,705
|
)
|
|
(110,325
|
)
|
||
Prepaid expenses and other current assets
|
295,257
|
|
|
177,843
|
|
||
Accounts payable and accrued expenses
|
1,682,820
|
|
|
(1,351,835
|
)
|
||
Billings in excess of revenue earned
|
(152,872
|
)
|
|
3,085,945
|
|
||
Net cash used in operating activities
|
(12,195,601
|
)
|
|
(8,857,314
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Other assets
|
(187,646
|
)
|
|
(8,486
|
)
|
||
Capital expenditures
|
(305,059
|
)
|
|
(651,814
|
)
|
||
Proceeds from sale of marketable debt securities
|
30,488,413
|
|
|
12,000,622
|
|
||
Purchase of marketable debt securities
|
(35,064,288
|
)
|
|
(7,777,277
|
)
|
||
Proceeds from sale of investments
|
—
|
|
|
7,330,203
|
|
||
Proceeds from sale of property and plant
|
8,106,819
|
|
|
—
|
|
||
Proceeds from sale of III-V product line
|
15,000,000
|
|
|
—
|
|
||
Net cash provided by investing activities
|
18,038,239
|
|
|
10,893,248
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from exercise of stock options and warrants
|
—
|
|
|
86,048
|
|
||
Settlements of restricted stock for tax withholding obligations
|
(1,500
|
)
|
|
(183,259
|
)
|
||
Net cash used in financing activities
|
(1,500
|
)
|
|
(97,211
|
)
|
||
Effect of exchange rate changes on cash
|
203,402
|
|
|
(97,023
|
)
|
||
Net increase in cash and equivalents
|
6,044,540
|
|
|
1,841,700
|
|
||
Cash and equivalents:
|
|
|
|
||||
Beginning of period
|
19,767,889
|
|
|
14,635,801
|
|
||
End of period
|
$
|
25,812,429
|
|
|
$
|
16,477,501
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Income taxes paid
|
$
|
—
|
|
|
$
|
50,000
|
|
Supplemental schedule of noncash investing activities:
|
|
|
|
||||
Construction in progress included in accrued expenses
|
$
|
—
|
|
|
$
|
228,000
|
|
Non cash proceeds from exercise of warrants
|
$
|
—
|
|
|
$
|
1,330,000
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
CASH AND EQUIVALENTS AND MARKETABLE SECURITIES
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
U.S. government and agency backed securities
|
$
|
44,742,363
|
|
|
$
|
46,586,224
|
|
|
$
|
118,565
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(121,561
|
)
|
|
$
|
44,860,928
|
|
|
$
|
46,464,663
|
|
Corporate debt and certificates of deposit
|
20,914,514
|
|
|
14,534,247
|
|
|
—
|
|
|
—
|
|
|
(65,846
|
)
|
|
(56,019
|
)
|
|
20,848,668
|
|
|
14,478,228
|
|
||||||||
Total
|
$
|
65,656,877
|
|
|
$
|
61,120,471
|
|
|
$
|
118,565
|
|
|
$
|
—
|
|
|
$
|
(65,846
|
)
|
|
$
|
(177,580
|
)
|
|
$
|
65,709,596
|
|
|
$
|
60,942,891
|
|
|
Less than
One year
|
|
One to
Five years
|
|
Greater than
Five years
|
|
Total
|
||||||||
U.S. government and agency backed securities
|
$
|
17,582,380
|
|
|
$
|
20,207,958
|
|
|
$
|
7,070,590
|
|
|
$
|
44,860,928
|
|
Corporate debt and certificates of deposit
|
16,448,550
|
|
|
4,400,118
|
|
|
—
|
|
|
20,848,668
|
|
||||
Total
|
$
|
34,030,930
|
|
|
$
|
24,608,076
|
|
|
$
|
7,070,590
|
|
|
$
|
65,709,596
|
|
3.
|
FAIR VALUE MEASUREMENTS
|
4.
|
INVENTORY
|
|
June 25,
2016 |
|
December 26,
2015 |
||||
Raw materials
|
$
|
1,113,639
|
|
|
$
|
844,475
|
|
Work-in-process
|
1,393,398
|
|
|
1,281,891
|
|
||
Finished goods
|
428,662
|
|
|
386,107
|
|
||
|
$
|
2,935,699
|
|
|
$
|
2,512,473
|
|
5.
|
NET LOSS PER SHARE
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||
Weighted average common shares outstanding-basic
|
64,011,571
|
|
|
63,066,031
|
|
|
63,994,809
|
|
|
63,074,842
|
|
Stock options and non-vested restricted common stock
|
—
|
|
|
234,750
|
|
|
—
|
|
|
—
|
|
Weighted average common shares outstanding-diluted
|
64,011,571
|
|
|
63,300,781
|
|
|
63,994,809
|
|
|
63,074,842
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||
Non-vested restricted common stock
|
2,734,016
|
|
|
1,374,000
|
|
|
2,734,016
|
|
|
3,074,111
|
|
6.
|
STOCK-BASED COMPENSATION
|
|
Shares
|
|
Weighted
Average Grant Fair Value |
|||
Balance, December 26, 2015
|
2,192,016
|
|
|
$
|
3.82
|
|
Granted
|
604,500
|
|
|
1.86
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Vested
|
(62,500
|
)
|
|
3.55
|
|
|
Balance, June 25, 2016
|
2,734,016
|
|
|
$
|
3.39
|
|
|
Six Months Ended
|
||||||
|
June 25,
2016 |
|
June 27,
2015 |
||||
Cost of component revenues
|
$
|
289,937
|
|
|
$
|
461,094
|
|
Research and development
|
248,848
|
|
|
503,523
|
|
||
Selling, general and administrative
|
412,268
|
|
|
1,057,426
|
|
||
Total
|
$
|
951,053
|
|
|
$
|
2,022,043
|
|
7.
|
OTHER ASSETS AND NOTE RECEIVABLE
|
8.
|
GOODWILL AND INTANGIBLES
|
|
|
||
Balance, December 26, 2015
|
$
|
946,082
|
|
Change due to exchange rate fluctuations
|
(58,570
|
)
|
|
Balance, June 25, 2016
|
$
|
887,512
|
|
9.
|
ACCRUED WARRANTY
|
Balance, December 26, 2015
|
$
|
518,000
|
|
Additions
|
356,000
|
|
|
Claims
|
(358,000
|
)
|
|
Balance, June 25, 2016
|
$
|
516,000
|
|
10.
|
INCOME TAXES
|
11.
|
SEGMENTS AND GEOGRAPHICAL INFORMATION
|
|
Three Months Ended
|
||||||||||||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
||||||||||||||||||||
|
Kopin
|
|
FDD
|
|
Total
|
|
Kopin
|
|
FDD
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
$
|
3,321
|
|
|
$
|
1,034
|
|
|
$
|
4,355
|
|
|
$
|
10,177
|
|
|
$
|
679
|
|
|
$
|
10,856
|
|
Net loss attributable to the controlling interest
|
(3,075
|
)
|
|
(54
|
)
|
|
(3,129
|
)
|
|
853
|
|
|
(72
|
)
|
|
781
|
|
|
Six Months Ended
|
||||||||||||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
||||||||||||||||||||
|
Kopin
|
|
FDD
|
|
Total
|
|
Kopin
|
|
FDD
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
$
|
8,469
|
|
|
$
|
2,005
|
|
|
$
|
10,474
|
|
|
$
|
17,764
|
|
|
$
|
1,678
|
|
|
$
|
19,442
|
|
Net loss attributable to the controlling interest
|
(9,646
|
)
|
|
(401
|
)
|
|
(10,047
|
)
|
|
(2,519
|
)
|
|
(538
|
)
|
|
(3,057
|
)
|
||||||
Total assets
|
99,593
|
|
|
1,622
|
|
|
101,215
|
|
|
122,604
|
|
|
1,403
|
|
|
124,007
|
|
||||||
Long-lived assets from continuing operations
|
2,726
|
|
|
3
|
|
|
2,729
|
|
|
3,972
|
|
|
135
|
|
|
4,107
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||
United States
|
28
|
%
|
|
77
|
%
|
|
28
|
%
|
|
75
|
%
|
Others
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1
|
%
|
Americas
|
28
|
%
|
|
77
|
%
|
|
28
|
%
|
|
76
|
%
|
Asia-Pacific
|
59
|
%
|
|
18
|
%
|
|
55
|
%
|
|
17
|
%
|
Europe
|
13
|
%
|
|
5
|
%
|
|
17
|
%
|
|
7
|
%
|
Total Revenues
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
12.
|
LITIGATION
|
Item 2:
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Consumer-oriented headsets which resemble typical eyeglasses but include voice and audio capabilities allowing the user to communicate with other users and a Pupil display module;
|
•
|
Augmented reality health and fitness sunglasses, called Solos™, that have voice and audio capabilities, a Pupil display module which overlays situational information on the glasses, our Whisper Chip; and an
|
•
|
Industrial headset reference design, 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.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Display Revenues by Application
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||||||
Wearable
|
$
|
1.8
|
|
|
$
|
6.0
|
|
|
$
|
4.4
|
|
|
$
|
7.1
|
|
Military
|
0.9
|
|
|
2.4
|
|
|
2.4
|
|
|
7.0
|
|
||||
Industrial
|
1.0
|
|
|
0.7
|
|
|
2.2
|
|
|
1.7
|
|
||||
Consumer
|
0.4
|
|
|
0.4
|
|
|
1.1
|
|
|
0.8
|
|
||||
Research & Development
|
0.3
|
|
|
1.4
|
|
|
0.4
|
|
|
2.8
|
|
||||
Total
|
$
|
4.4
|
|
|
$
|
10.9
|
|
|
$
|
10.5
|
|
|
$
|
19.4
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||||||
Cost of component revenues (in millions):
|
$
|
4.7
|
|
|
$
|
6.4
|
|
|
$
|
9.3
|
|
|
$
|
11.6
|
|
Cost of component revenues as a % of net component revenues
|
114.3
|
%
|
|
67.0
|
%
|
|
92.6
|
%
|
|
70.1
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||||||
Funded
|
$
|
0.2
|
|
|
$
|
0.6
|
|
|
$
|
0.3
|
|
|
$
|
2.0
|
|
Internal
|
3.9
|
|
|
4.3
|
|
|
7.9
|
|
|
7.7
|
|
||||
Total research and development expense
|
$
|
4.1
|
|
|
$
|
4.9
|
|
|
$
|
8.2
|
|
|
$
|
9.7
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||||||
Selling, general and administration expense (in millions):
|
$
|
4.3
|
|
|
$
|
5.1
|
|
|
$
|
8.0
|
|
|
$
|
9.5
|
|
Selling, general and administration expense as a % of revenues
|
98.3
|
%
|
|
46.3
|
%
|
|
76.8
|
%
|
|
48.4
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||||||
Other income and expense (in millions):
|
$
|
0.2
|
|
|
$
|
6.2
|
|
|
$
|
(0.1
|
)
|
|
$
|
8.4
|
|
|
|
||
Domestic
|
$
|
71,266,644
|
|
Foreign
|
8,986,555
|
|
|
Subtotal cash and marketable debt securities
|
80,253,199
|
|
|
Cash and marketable debt securities held in other currencies and converted to U.S. dollars
|
11,268,826
|
|
|
Total cash and marketable debt securities
|
$
|
91,522,025
|
|
Contractual Obligations
|
Total
|
|
Less than 1 year
|
|
1-3 Years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
Operating Lease Obligations
|
$
|
6,666,601
|
|
|
$
|
1,308,681
|
|
|
$
|
3,179,209
|
|
|
$
|
2,072,044
|
|
|
$
|
106,667
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 6.
|
Exhibits
|
Exhibit
No.
|
|
Description
|
3.1
|
|
Amended and Restated Certificate of Incorporation (1)
|
3.2
|
|
Amendment to Certificate of Incorporation (2)
|
3.3
|
|
Amendment to Certificate of Incorporation (2)
|
3.4
|
|
Fourth Amended and Restated By-laws (3)
|
31.1
|
|
Certification of John C.C. Fan, Chief Executive Officer, filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) *
|
31.2
|
|
Certification of Richard A. Sneider, Chief Financial Officer, filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) *
|
32.1
|
|
Certification of John C.C. Fan, Chief Executive Officer, furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) **
|
32.2
|
|
Certification of Richard A. Sneider, Chief Financial Officer, furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) **
|
101.INS
|
|
XBRL Instance Document*
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document*
|
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document*
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document*
|
101.LAB
|
|
XBRL Taxonomy Label Linkbase Document*
|
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document*
|
*
|
Submitted electronically herewith
|
**
|
Furnished and not filed herewith
|
(1)
|
Filed as an exhibit to Registration Statement on Form S-1, File No. 33-57450, and incorporated herein by reference.
|
(2)
|
Filed as an exhibit to Quarterly Report on Form 10-Q for the quarterly period July 1, 2000 and incorporated herein by reference.
|
(3)
|
Filed as an exhibit to Current Report on Form 8-K filed on December 12, 2008 and incorporated herein by reference.
|
|
|
|
KOPIN CORPORATION
(Registrant)
|
|
|
|
|
|
|
Date:
|
August 3, 2016
|
|
By:
|
/
S
/ John C.C. Fan
|
|
|
|
|
John C.C. Fan
|
|
|
|
|
President, Chief Executive Officer and
Chairman of the Board of Directors
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date:
|
August 3, 2016
|
|
By:
|
/
S
/ R
ICHARD
A. S
NEIDER
|
|
|
|
|
Richard A. Sneider
|
|
|
|
|
Treasurer and Chief Financial Officer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Kopin Chart |
1 Month Kopin Chart |
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