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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0258 | 3.21% | 0.8299 | 0.76 | 0.89 | 0.87 | 0.7816 | 0.8292 | 2,011,998 | 05:00:14 |
|
|
|
|
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
|
|
¨
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Smaller reporting company
|
|
¨
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Class
|
Outstanding as of November 4, 2016
|
|
|
Common Stock, par value $.01
|
66,740,502
|
|
|
|
|
|
|
Page
No.
|
|
||
Item 1.
|
||
|
Condensed Consolidated Balance Sheets at September 24, 2016 (Unaudited) and December 26, 2015
|
|
|
Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 24, 2016 and September 26, 2015
|
|
|
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the three and nine months ended September 24, 2016 and September 26, 2015
|
|
|
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the nine months ended September 24, 2016
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 24, 2016 and September 26, 2015
|
|
|
Notes to
Unaudited Condensed Consolidated Financial Statements
|
|
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
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|
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Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
|
Item 1:
|
Condensed Consolidated Financial Statements (Unaudited)
|
|
September 24,
2016 |
|
December 26,
2015 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
20,998,402
|
|
|
$
|
19,767,889
|
|
Marketable debt securities, at fair value
|
63,034,380
|
|
|
60,942,891
|
|
||
Accounts receivable, net of allowance of $153,000 in 2016 and 2015, respectively
|
1,666,306
|
|
|
1,487,633
|
|
||
Unbilled receivables
|
94,970
|
|
|
87,340
|
|
||
Inventory
|
3,197,984
|
|
|
2,512,473
|
|
||
Prepaid taxes
|
94,623
|
|
|
437,586
|
|
||
Prepaid expenses and other current assets
|
986,126
|
|
|
920,410
|
|
||
Note receivable
|
—
|
|
|
15,000,000
|
|
||
Total current assets
|
90,072,791
|
|
|
101,156,222
|
|
||
Property, plant and equipment, net
|
2,936,621
|
|
|
2,677,103
|
|
||
Goodwill
|
869,984
|
|
|
946,082
|
|
||
Other assets
|
618,563
|
|
|
461,416
|
|
||
Property and plant held for sale
|
—
|
|
|
819,263
|
|
||
Total assets
|
$
|
94,497,959
|
|
|
$
|
106,060,086
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
3,888,707
|
|
|
$
|
3,959,704
|
|
Accrued payroll and expenses
|
1,815,618
|
|
|
1,631,292
|
|
||
Accrued warranty
|
518,000
|
|
|
518,000
|
|
||
Billings in excess of revenue earned
|
1,274,826
|
|
|
1,407,566
|
|
||
Other accrued liabilities
|
3,152,649
|
|
|
2,553,282
|
|
||
Deferred tax liabilities
|
2,547,717
|
|
|
1,207,000
|
|
||
Total current liabilities
|
13,197,517
|
|
|
11,276,844
|
|
||
Asset retirement obligations
|
259,404
|
|
|
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 78,842,759
shares in 2016 and 78,271,659 shares in 2015; outstanding 64,047,985 shares in 2016 and 63,977,385 shares in 2015
|
761,502
|
|
|
760,796
|
|
||
Additional paid-in capital
|
328,339,749
|
|
|
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
|
3,307,825
|
|
|
771,774
|
|
||
Accumulated deficit
|
(208,852,911
|
)
|
|
(190,608,671
|
)
|
||
Total Kopin Corporation stockholders’ equity
|
80,814,614
|
|
|
94,740,875
|
|
||
Noncontrolling interest
|
226,424
|
|
|
(256,096
|
)
|
||
Total stockholders’ equity
|
81,041,038
|
|
|
94,484,779
|
|
||
Total liabilities and stockholders’ equity
|
$
|
94,497,959
|
|
|
$
|
106,060,086
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 24,
2016 |
|
September 26,
2015 |
|
September 24,
2016 |
|
September 26,
2015 |
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Net product revenues
|
$
|
5,522,584
|
|
|
$
|
7,119,145
|
|
|
$
|
15,597,247
|
|
|
$
|
23,734,238
|
|
Research and development revenues
|
272,222
|
|
|
881,781
|
|
|
671,972
|
|
|
3,708,286
|
|
||||
|
5,794,806
|
|
|
8,000,926
|
|
|
16,269,219
|
|
|
27,442,524
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of product revenues
|
4,573,581
|
|
|
5,357,217
|
|
|
13,856,469
|
|
|
17,000,729
|
|
||||
Research and development
|
4,123,268
|
|
|
4,008,391
|
|
|
12,282,620
|
|
|
13,752,593
|
|
||||
Selling, general and administration
|
3,980,605
|
|
|
4,558,609
|
|
|
12,023,717
|
|
|
14,053,050
|
|
||||
Gain on sale of property and plant
|
—
|
|
|
—
|
|
|
(7,700,522
|
)
|
|
—
|
|
||||
|
12,677,454
|
|
|
13,924,217
|
|
|
30,462,284
|
|
|
44,806,372
|
|
||||
Loss from operations
|
(6,882,648
|
)
|
|
(5,923,291
|
)
|
|
(14,193,065
|
)
|
|
(17,363,848
|
)
|
||||
Other income and expense:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
191,472
|
|
|
175,803
|
|
|
532,185
|
|
|
584,364
|
|
||||
Other (expense) income, net
|
(257,384
|
)
|
|
42,137
|
|
|
(415,758
|
)
|
|
87,404
|
|
||||
Foreign currency transaction (losses) gains
|
(1,124,526
|
)
|
|
623,999
|
|
|
(1,581,962
|
)
|
|
973,548
|
|
||||
Gain on sale of investments
|
—
|
|
|
357,202
|
|
|
—
|
|
|
7,960,022
|
|
||||
|
(1,190,438
|
)
|
|
1,199,141
|
|
|
(1,465,535
|
)
|
|
9,605,338
|
|
||||
Loss before (provision) benefit for income taxes, equity loss in unconsolidated affiliate and net (income) loss attributable to noncontrolling interest
|
(8,073,086
|
)
|
|
(4,724,150
|
)
|
|
(15,658,600
|
)
|
|
(7,758,510
|
)
|
||||
Tax (provision) benefit
|
(114,000
|
)
|
|
62,500
|
|
|
(2,218,000
|
)
|
|
37,500
|
|
||||
Loss before equity loss in unconsolidated affiliate and net loss (income) attributable to noncontrolling interest
|
(8,187,086
|
)
|
|
(4,661,650
|
)
|
|
(17,876,600
|
)
|
|
(7,721,010
|
)
|
||||
Equity loss in unconsolidated affiliate
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,443
|
)
|
||||
Net loss
|
(8,187,086
|
)
|
|
(4,661,650
|
)
|
|
(17,876,600
|
)
|
|
(7,768,453
|
)
|
||||
Net loss (income) attributable to the noncontrolling interest
|
69,782
|
|
|
(13,690
|
)
|
|
(367,640
|
)
|
|
36,094
|
|
||||
Net loss attributable to the controlling interest
|
$
|
(8,117,304
|
)
|
|
$
|
(4,675,340
|
)
|
|
$
|
(18,244,240
|
)
|
|
$
|
(7,732,359
|
)
|
Net loss per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.13
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.12
|
)
|
Diluted
|
$
|
(0.13
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.12
|
)
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
64,047,852
|
|
|
63,068,321
|
|
|
64,012,490
|
|
|
63,072,668
|
|
||||
Diluted
|
64,047,852
|
|
|
63,068,321
|
|
|
64,012,490
|
|
|
63,072,668
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||||||
Net loss
|
$
|
(8,187,086
|
)
|
|
$
|
(4,661,650
|
)
|
|
$
|
(17,876,600
|
)
|
|
$
|
(7,768,453
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
1,718,596
|
|
|
(886,963
|
)
|
|
2,362,552
|
|
|
(1,442,185
|
)
|
||||
Unrealized holding (losses) gains on marketable securities
|
(73,443
|
)
|
|
(416,768
|
)
|
|
336,663
|
|
|
908,756
|
|
||||
Reclassification of holding gains in net loss
|
(14,092
|
)
|
|
(422,489
|
)
|
|
(48,284
|
)
|
|
(821,835
|
)
|
||||
Other comprehensive income (loss)
|
1,631,061
|
|
|
(1,726,220
|
)
|
|
2,650,931
|
|
|
(1,355,264
|
)
|
||||
Comprehensive loss
|
$
|
(6,556,025
|
)
|
|
$
|
(6,387,870
|
)
|
|
$
|
(15,225,669
|
)
|
|
$
|
(9,123,717
|
)
|
Comprehensive (income) loss attributable to the noncontrolling interest
|
(19,656
|
)
|
|
95,056
|
|
|
(482,520
|
)
|
|
76,330
|
|
||||
Comprehensive loss attributable to controlling interest
|
$
|
(6,575,681
|
)
|
|
$
|
(6,292,814
|
)
|
|
$
|
(15,708,189
|
)
|
|
$
|
(9,047,387
|
)
|
|
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
|
—
|
|
|
—
|
|
|
1,791,081
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,791,081
|
|
|
—
|
|
|
1,791,081
|
|
||||||||
Vesting of restricted stock
|
75,000
|
|
|
750
|
|
|
(750
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,536,051
|
|
|
—
|
|
|
2,536,051
|
|
|
114,880
|
|
|
2,650,931
|
|
||||||||
Restricted stock for tax withholdings
|
(4,400
|
)
|
|
(44
|
)
|
|
(9,109
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,153
|
)
|
|
—
|
|
|
(9,153
|
)
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,244,240
|
)
|
|
(18,244,240
|
)
|
|
367,640
|
|
|
(17,876,600
|
)
|
||||||||
Balance, September 24, 2016
|
76,150,243
|
|
|
$
|
761,502
|
|
|
$
|
328,339,749
|
|
|
$
|
(42,741,551
|
)
|
|
$
|
3,307,825
|
|
|
$
|
(208,852,911
|
)
|
|
$
|
80,814,614
|
|
|
$
|
226,424
|
|
|
$
|
81,041,038
|
|
|
Nine Months Ended
|
||||||
|
September 24,
2016 |
|
September 26,
2015 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(17,876,600
|
)
|
|
$
|
(7,768,453
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
949,854
|
|
|
1,860,300
|
|
||
Accretion (amortization) of premium or discount on marketable debt securities
|
104,282
|
|
|
291,252
|
|
||
Stock-based compensation
|
1,479,481
|
|
|
2,786,494
|
|
||
Foreign currency losses (gains)
|
1,715,901
|
|
|
(1,012,904
|
)
|
||
Change in allowance for bad debt
|
—
|
|
|
74,500
|
|
||
Deferred income taxes
|
1,192,128
|
|
|
(75,000
|
)
|
||
Gain on sale of property and plant
|
(7,700,522
|
)
|
|
—
|
|
||
Gain on sale of investments
|
—
|
|
|
(7,960,022
|
)
|
||
Other non-cash items
|
503,115
|
|
|
1,405,369
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(524,084
|
)
|
|
1,398,155
|
|
||
Inventory
|
(1,231,705
|
)
|
|
88,853
|
|
||
Prepaid expenses and other current assets
|
213,028
|
|
|
71,409
|
|
||
Accounts payable and accrued expenses
|
1,271,171
|
|
|
(2,349,429
|
)
|
||
Billings in excess of revenue earned
|
(132,740
|
)
|
|
1,048,675
|
|
||
Net cash used in operating activities
|
(20,036,691
|
)
|
|
(10,140,801
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Other assets
|
(7,801
|
)
|
|
17,063
|
|
||
Capital expenditures
|
(329,414
|
)
|
|
(993,299
|
)
|
||
Proceeds from sale of marketable debt securities
|
43,836,978
|
|
|
18,483,666
|
|
||
Purchase of marketable debt securities
|
(45,905,075
|
)
|
|
(14,465,311
|
)
|
||
Proceeds from sale of investments
|
—
|
|
|
7,960,022
|
|
||
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
|
20,701,507
|
|
|
11,002,141
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from exercise of stock options and warrants
|
—
|
|
|
86,047
|
|
||
Settlements of restricted stock for tax withholding obligations
|
(9,153
|
)
|
|
(459,609
|
)
|
||
Net cash used in financing activities
|
(9,153
|
)
|
|
(373,562
|
)
|
||
Effect of exchange rate changes on cash
|
574,850
|
|
|
(146,096
|
)
|
||
Net increase in cash and equivalents
|
1,230,513
|
|
|
341,682
|
|
||
Cash and equivalents:
|
|
|
|
||||
Beginning of period
|
19,767,889
|
|
|
14,635,801
|
|
||
End of period
|
$
|
20,998,402
|
|
|
$
|
14,977,483
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Income taxes paid
|
$
|
366,000
|
|
|
$
|
57,000
|
|
Supplemental schedule of noncash investing activities:
|
|
|
|
||||
Construction in progress included in accrued expenses
|
$
|
—
|
|
|
$
|
—
|
|
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
|
$
|
42,366,974
|
|
|
$
|
46,586,224
|
|
|
$
|
71,208
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(121,561
|
)
|
|
$
|
42,438,182
|
|
|
$
|
46,464,663
|
|
Corporate debt and certificates of deposit
|
20,654,599
|
|
|
14,534,247
|
|
|
—
|
|
|
—
|
|
|
(58,401
|
)
|
|
(56,019
|
)
|
|
20,596,198
|
|
|
14,478,228
|
|
||||||||
Total
|
$
|
63,021,573
|
|
|
$
|
61,120,471
|
|
|
$
|
71,208
|
|
|
$
|
—
|
|
|
$
|
(58,401
|
)
|
|
$
|
(177,580
|
)
|
|
$
|
63,034,380
|
|
|
$
|
60,942,891
|
|
|
Less than
One year
|
|
One to
Five years
|
|
Greater than
Five years
|
|
Total
|
||||||||
U.S. government and agency backed securities
|
$
|
16,904,660
|
|
|
$
|
18,479,622
|
|
|
$
|
7,053,900
|
|
|
$
|
42,438,182
|
|
Corporate debt and certificates of deposit
|
16,491,826
|
|
|
4,104,372
|
|
|
—
|
|
|
20,596,198
|
|
||||
Total
|
$
|
33,396,486
|
|
|
$
|
22,583,994
|
|
|
$
|
7,053,900
|
|
|
$
|
63,034,380
|
|
3.
|
FAIR VALUE MEASUREMENTS
|
4.
|
INVENTORY
|
|
September 24,
2016 |
|
December 26,
2015 |
||||
Raw materials
|
$
|
1,786,401
|
|
|
$
|
844,475
|
|
Work-in-process
|
1,242,020
|
|
|
1,281,891
|
|
||
Finished goods
|
169,563
|
|
|
386,107
|
|
||
|
$
|
3,197,984
|
|
|
$
|
2,512,473
|
|
5.
|
NET LOSS PER SHARE
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||
Weighted average common shares outstanding-basic
|
64,047,852
|
|
|
63,068,321
|
|
|
64,012,490
|
|
|
63,072,668
|
|
Stock options and non-vested restricted common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Weighted average common shares outstanding-diluted
|
64,047,852
|
|
|
63,068,321
|
|
|
64,012,490
|
|
|
63,072,668
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||
Non-vested restricted common stock
|
2,692,516
|
|
|
2,924,811
|
|
|
2,692,516
|
|
|
2,924,811
|
|
6.
|
STOCK-BASED COMPENSATION
|
|
Nine Months Ended
|
||||||
|
September 24,
2016 |
|
September 26,
2015 |
||||
Cost of component revenues
|
$
|
426,357
|
|
|
$
|
620,494
|
|
Research and development
|
378,156
|
|
|
669,605
|
|
||
Selling, general and administrative
|
674,968
|
|
|
1,496,395
|
|
||
Total
|
$
|
1,479,481
|
|
|
$
|
2,786,494
|
|
7.
|
OTHER ASSETS AND NOTE RECEIVABLE
|
8.
|
GOODWILL
|
Balance, December 26, 2015
|
$
|
946,082
|
|
Change due to exchange rate fluctuations
|
(76,098
|
)
|
|
Balance, September 24, 2016
|
$
|
869,984
|
|
9.
|
ACCRUED WARRANTY
|
Balance, December 26, 2015
|
$
|
518,000
|
|
Additions
|
442,305
|
|
|
Claims
|
(442,305
|
)
|
|
Balance, September 24, 2016
|
$
|
518,000
|
|
10.
|
INCOME TAXES
|
|
Three Months Ended
|
||||||||||||||||||||||
|
September 24, 2016
|
|
September 26, 2015
|
||||||||||||||||||||
|
Kopin
|
|
FDD
|
|
Total
|
|
Kopin
|
|
FDD
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
$
|
4,707
|
|
|
$
|
1,087
|
|
|
$
|
5,794
|
|
|
$
|
7,036
|
|
|
$
|
965
|
|
|
$
|
8,001
|
|
Net loss attributable to the controlling interest
|
(7,982
|
)
|
|
(216
|
)
|
|
(8,198
|
)
|
|
(4,029
|
)
|
|
(646
|
)
|
|
(4,675
|
)
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
September 24, 2016
|
|
September 26, 2015
|
||||||||||||||||||||
|
Kopin
|
|
FDD
|
|
Total
|
|
Kopin
|
|
FDD
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
$
|
13,176
|
|
|
$
|
3,093
|
|
|
$
|
16,269
|
|
|
$
|
24,800
|
|
|
$
|
2,643
|
|
|
$
|
27,443
|
|
Net loss attributable to the controlling interest
|
(17,628
|
)
|
|
(616
|
)
|
|
(18,244
|
)
|
|
(6,548
|
)
|
|
(1,184
|
)
|
|
(7,732
|
)
|
||||||
Total assets
|
92,799
|
|
|
1,699
|
|
|
94,498
|
|
|
113,510
|
|
|
1,367
|
|
|
114,877
|
|
||||||
Long-lived assets
|
2,937
|
|
|
—
|
|
|
2,937
|
|
|
3,550
|
|
|
92
|
|
|
3,642
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||
United States
|
49
|
%
|
|
68
|
%
|
|
36
|
%
|
|
73
|
%
|
Others
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1
|
%
|
Americas
|
49
|
%
|
|
68
|
%
|
|
36
|
%
|
|
74
|
%
|
Asia-Pacific
|
37
|
%
|
|
22
|
%
|
|
48
|
%
|
|
19
|
%
|
Europe
|
14
|
%
|
|
10
|
%
|
|
16
|
%
|
|
7
|
%
|
Total Revenues
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
12.
|
LITIGATION
|
13.
|
EMBEZZLEMENT
|
14.
|
SUBSEQUENT EVENTS
|
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
|
|
Nine Months Ended
|
||||||||||||
Display Revenues by Application
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||||||
Wearable
|
$
|
1.5
|
|
|
$
|
3.5
|
|
|
$
|
5.9
|
|
|
$
|
10.6
|
|
Military
|
1.2
|
|
|
1.9
|
|
|
3.6
|
|
|
8.9
|
|
||||
Industrial
|
2.4
|
|
|
1.2
|
|
|
4.6
|
|
|
2.9
|
|
||||
Consumer
|
0.4
|
|
|
0.5
|
|
|
1.5
|
|
|
1.3
|
|
||||
Research & Development
|
0.3
|
|
|
0.9
|
|
|
0.7
|
|
|
3.7
|
|
||||
Total
|
$
|
5.8
|
|
|
$
|
8.0
|
|
|
$
|
16.3
|
|
|
$
|
27.4
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||||||
Cost of product revenues (in millions):
|
$
|
4.6
|
|
|
$
|
5.4
|
|
|
$
|
13.9
|
|
|
$
|
17.0
|
|
Cost of product revenues as a % of net product revenues
|
82.8
|
%
|
|
75.3
|
%
|
|
88.8
|
%
|
|
71.6
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||||||
Funded
|
$
|
0.2
|
|
|
$
|
0.7
|
|
|
$
|
0.4
|
|
|
$
|
2.8
|
|
Internal
|
3.9
|
|
|
3.3
|
|
|
11.9
|
|
|
11.0
|
|
||||
Total research and development expense
|
$
|
4.1
|
|
|
$
|
4.0
|
|
|
$
|
12.3
|
|
|
$
|
13.8
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||||||
Selling, general and administration expense (in millions):
|
$
|
4.0
|
|
|
$
|
4.6
|
|
|
$
|
12.0
|
|
|
$
|
14.1
|
|
Selling, general and administration expense as a % of revenues
|
68.7
|
%
|
|
57.0
|
%
|
|
73.9
|
%
|
|
51.2
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||||||
Other income and expense (in millions):
|
$
|
(1.2
|
)
|
|
$
|
1.2
|
|
|
$
|
(1.5
|
)
|
|
$
|
9.6
|
|
|
|
||
Domestic
|
$
|
63,713,314
|
|
Foreign
|
9,012,195
|
|
|
Subtotal cash and marketable debt securities
|
72,725,509
|
|
|
Cash and marketable debt securities held in other currencies and converted to U.S. dollars
|
11,307,273
|
|
|
Total cash and marketable debt securities
|
$
|
84,032,782
|
|
Contractual Obligations
|
Total
|
|
Less than 1 year
|
|
1-3 Years
|
|
3-5 years
|
|
More than 5 years
|
|||||||||||
Operating Lease Obligations
|
$
|
6,094,310
|
|
|
$
|
1,218,401
|
|
|
$
|
2,043,354
|
|
2,488,625
|
|
$
|
2,459,222
|
|
|
$
|
373,333
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
•
|
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.
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
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
|
|
Fifth 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 July 18, 2016 and incorporated herein by reference.
|
|
|
|
KOPIN CORPORATION
(Registrant)
|
|
|
|
|
|
|
Date:
|
March 22, 2017
|
|
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:
|
March 22, 2017
|
|
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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