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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 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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04-2833935
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State or other jurisdiction of
incorporation or organization
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(I.R.S. Employer
Identification No.)
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125 North Drive, Westborough, MA
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01581-3335
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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¨
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Accelerated filer
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x
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Non-accelerated filer
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¨
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(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Class
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Outstanding as of November 6, 2017
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Common Stock, par value $0.01
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75,336,563
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Page
No.
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Item 1.
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||
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Item 2.
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Item 3.
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Item 4.
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||
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Item 1.
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||
Item 1A.
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Item 2.
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Item 6.
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||
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Item 1:
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Condensed Consolidated Financial Statements (Unaudited)
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September 30, 2017
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December 31, 2016
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||||
ASSETS
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|
||||
Current assets:
|
|
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|
||||
Cash and equivalents
|
$
|
25,882,554
|
|
|
$
|
15,822,495
|
|
Marketable debt securities, at fair value
|
51,454,910
|
|
|
61,375,401
|
|
||
Accounts receivable, net of allowance of $149,000 in 2017 and $136,000 in 2016
|
2,023,618
|
|
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1,664,488
|
|
||
Unbilled receivables
|
124,068
|
|
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34,707
|
|
||
Inventory
|
5,949,010
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|
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3,302,112
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|
||
Prepaid taxes
|
166,461
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|
|
341,144
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|
||
Prepaid expenses and other current assets
|
1,089,948
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|
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853,757
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|
||
Total current assets
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86,690,569
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83,394,104
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Property, plant and equipment, net
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3,660,925
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2,976,006
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|
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Goodwill
|
2,376,577
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844,023
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|
||
Intangible assets, net
|
1,356,546
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|
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—
|
|
||
Other assets
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968,083
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|
|
618,139
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||
Total assets
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$
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95,052,700
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$
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87,832,272
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||
Current liabilities:
|
|
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|
||||
Accounts payable
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$
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3,965,760
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|
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$
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4,355,462
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Accrued payroll and expenses
|
2,755,150
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1,443,976
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||
Accrued warranty
|
585,000
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518,000
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|
||
Billings in excess of revenue earned
|
728,281
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|
981,761
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|
||
Other accrued liabilities
|
4,792,347
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2,560,144
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|
||
Income tax payable
|
724,688
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935,364
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|
||
Deferred tax liabilities
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2,606,312
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2,571,000
|
|
||
Total current liabilities
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16,157,538
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|
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13,365,707
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Asset retirement obligations
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268,068
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246,922
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Commitments and contingencies
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|
||||
Stockholders’ equity:
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|
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|
||||
Preferred stock, par value $.01 per share: authorized, 3,000 shares; none issued
|
—
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|
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—
|
|
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Common stock, par value $.01 per share: authorized, 120,000,000 shares; issued 79,669,818
shares in 2017 and 79,648,618 in 2016; outstanding 72,187,688 shares in 2017 and 64,538,686 shares in 2016
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767,009
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766,409
|
|
||
Additional paid-in capital
|
331,008,801
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328,524,644
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Treasury stock (4,513,256 shares in 2017 and 12,102,258 shares in 2016, at cost)
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(17,238,669
|
)
|
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(42,741,551
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)
|
||
Accumulated other comprehensive income
|
2,346,909
|
|
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1,570,971
|
|
||
Accumulated deficit
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(238,319,253
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)
|
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(214,042,787
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)
|
||
Total Kopin Corporation stockholders’ equity
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78,564,797
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74,077,686
|
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Noncontrolling interest
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62,297
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141,957
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|
||
Total stockholders’ equity
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78,627,094
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74,219,643
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|
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Total liabilities and stockholders’ equity
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$
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95,052,700
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$
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87,832,272
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|
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Three Months Ended
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Nine Months Ended
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||||||||||||
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September 30, 2017
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September 24, 2016
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September 30, 2017
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September 24, 2016
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||||||||
Revenues:
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||||||||
Net product revenues
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$
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5,589,402
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$
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5,522,584
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$
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14,501,945
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$
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15,597,247
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Research and development revenues
|
549,765
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272,222
|
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1,942,819
|
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671,972
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||||
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6,139,167
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5,794,806
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16,444,764
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16,269,219
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|
||||
Expenses:
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|
||||||||
Cost of product revenues
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4,144,884
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4,573,581
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11,379,467
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13,856,469
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|
||||
Research and development
|
5,253,860
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4,123,268
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14,213,950
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12,282,620
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|
||||
Selling, general and administration
|
5,344,999
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3,980,605
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16,186,946
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|
12,023,717
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|
||||
Gain on sale of property and plant
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,700,522
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)
|
||||
|
14,743,743
|
|
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12,677,454
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41,780,363
|
|
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30,462,284
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|
||||
Loss from operations
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(8,604,576
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)
|
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(6,882,648
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)
|
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(25,335,599
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)
|
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(14,193,065
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
191,613
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|
|
191,472
|
|
|
611,532
|
|
|
532,185
|
|
||||
Other (expense) income, net
|
(109,546
|
)
|
|
(257,384
|
)
|
|
215,883
|
|
|
(415,758
|
)
|
||||
Foreign currency transaction gains (losses)
|
224,370
|
|
|
(1,124,526
|
)
|
|
(410,373
|
)
|
|
(1,581,962
|
)
|
||||
Gain on investments
|
—
|
|
|
—
|
|
|
274,000
|
|
|
—
|
|
||||
|
306,437
|
|
|
(1,190,438
|
)
|
|
691,042
|
|
|
(1,465,535
|
)
|
||||
Loss before (provision) benefit for income taxes and net loss (income) attributable to noncontrolling interest
|
(8,298,139
|
)
|
|
(8,073,086
|
)
|
|
(24,644,557
|
)
|
|
(15,658,600
|
)
|
||||
Tax (provision) benefit
|
(4,500
|
)
|
|
(114,000
|
)
|
|
1,141,500
|
|
|
(2,218,000
|
)
|
||||
Net loss
|
(8,302,639
|
)
|
|
(8,187,086
|
)
|
|
(23,503,057
|
)
|
|
(17,876,600
|
)
|
||||
Net loss (income) attributable to the noncontrolling interest
|
55,217
|
|
|
69,782
|
|
|
65,223
|
|
|
(367,640
|
)
|
||||
Net loss attributable to the controlling interest
|
$
|
(8,247,422
|
)
|
|
$
|
(8,117,304
|
)
|
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$
|
(23,437,834
|
)
|
|
$
|
(18,244,240
|
)
|
Net loss per share
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
$
|
(0.11
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.34
|
)
|
|
$
|
(0.29
|
)
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
72,187,688
|
|
|
64,047,852
|
|
|
69,117,640
|
|
|
64,012,490
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
Net loss
|
$
|
(8,302,639
|
)
|
|
$
|
(8,187,086
|
)
|
|
$
|
(23,503,057
|
)
|
|
$
|
(17,876,600
|
)
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(272,618
|
)
|
|
1,718,596
|
|
|
658,443
|
|
|
2,362,552
|
|
||||
Unrealized holding gains on marketable securities
|
(29,584
|
)
|
|
(73,443
|
)
|
|
108,196
|
|
|
336,663
|
|
||||
Reclassification of holding losses in net loss
|
(1,238
|
)
|
|
(14,092
|
)
|
|
(5,138
|
)
|
|
(48,284
|
)
|
||||
Other comprehensive (loss) income
|
(303,440
|
)
|
|
1,631,061
|
|
|
761,501
|
|
|
2,650,931
|
|
||||
Comprehensive loss
|
$
|
(8,606,079
|
)
|
|
$
|
(6,556,025
|
)
|
|
$
|
(22,741,556
|
)
|
|
$
|
(15,225,669
|
)
|
Comprehensive income (loss) attributable to the noncontrolling interest
|
63,306
|
|
|
(19,656
|
)
|
|
79,660
|
|
|
(482,520
|
)
|
||||
Comprehensive loss attributable to controlling interest
|
$
|
(8,542,773
|
)
|
|
$
|
(6,575,681
|
)
|
|
$
|
(22,661,896
|
)
|
|
$
|
(15,708,189
|
)
|
|
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 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
|
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,484,757
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,484,757
|
|
|
—
|
|
|
2,484,757
|
|
||||||||||||
Vesting of restricted stock
|
60,000
|
|
|
600
|
|
|
(600
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
775,938
|
|
|
—
|
|
|
775,938
|
|
|
(14,437
|
)
|
|
761,501
|
|
||||||||||||
Sale of unregistered stock
|
—
|
|
|
—
|
|
|
—
|
|
|
25,502,882
|
|
|
—
|
|
—
|
|
(838,632
|
)
|
—
|
|
24,664,250
|
|
—
|
|
—
|
|
—
|
|
24,664,250
|
|
||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,437,834
|
)
|
|
(23,437,834
|
)
|
|
(65,223
|
)
|
|
(23,503,057
|
)
|
||||||||||||
Balance, September 30, 2017
|
76,700,943
|
|
|
$
|
767,009
|
|
|
$
|
331,008,801
|
|
|
$
|
(17,238,669
|
)
|
|
$
|
2,346,909
|
|
|
$
|
(238,319,253
|
)
|
|
$
|
78,564,797
|
|
|
$
|
62,297
|
|
|
$
|
78,627,094
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
|
September 24, 2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(23,503,057
|
)
|
|
$
|
(17,876,600
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,878,363
|
|
|
949,854
|
|
||
Accretion of premium or discount on marketable debt securities
|
40,204
|
|
|
104,282
|
|
||
Stock-based compensation
|
2,990,157
|
|
|
1,479,481
|
|
||
Foreign currency losses
|
400,542
|
|
|
1,715,901
|
|
||
Unrealized gain on warrant
|
(274,000
|
)
|
|
—
|
|
||
Deferred income taxes
|
(1,170,017
|
)
|
|
1,192,128
|
|
||
Gain on sale of property and plant
|
—
|
|
|
(7,700,522
|
)
|
||
Other non-cash items
|
673,720
|
|
|
503,115
|
|
||
Change in warranty reserves
|
68,003
|
|
|
—
|
|
||
Changes in assets and liabilities, net of acquired assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
71,400
|
|
|
(524,084
|
)
|
||
Inventory
|
(2,519,197
|
)
|
|
(1,231,705
|
)
|
||
Prepaid expenses and other current assets
|
13,345
|
|
|
213,028
|
|
||
Accounts payable and accrued expenses
|
1,743,215
|
|
|
1,271,171
|
|
||
Billings in excess of revenue earned
|
(253,480
|
)
|
|
(132,740
|
)
|
||
Net cash used in operating activities
|
(19,840,802
|
)
|
|
(20,036,691
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Other assets
|
(79,916
|
)
|
|
(7,801
|
)
|
||
Capital expenditures
|
(1,341,744
|
)
|
|
(329,414
|
)
|
||
Proceeds from sale of marketable debt securities
|
33,395,422
|
|
|
43,836,978
|
|
||
Purchase of marketable debt securities
|
(22,974,668
|
)
|
|
(45,905,075
|
)
|
||
Proceeds from sale of property and plant
|
—
|
|
|
8,106,819
|
|
||
Cash paid for acquisition, net of cash acquired
|
(3,690,047
|
)
|
|
—
|
|
||
Proceeds from sale of III-V product line
|
—
|
|
|
15,000,000
|
|
||
Net cash provided by investing activities
|
5,309,047
|
|
|
20,701,507
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Sale of unregistered stock
|
24,664,250
|
|
|
—
|
|
||
Settlements of restricted stock for tax withholding obligations
|
—
|
|
|
(9,153
|
)
|
||
Net cash provided by (used in) financing activities
|
24,664,250
|
|
|
(9,153
|
)
|
||
Effect of exchange rate changes on cash
|
(72,436
|
)
|
|
574,850
|
|
||
Net increase in cash and equivalents
|
10,060,059
|
|
|
1,230,513
|
|
||
Cash and equivalents:
|
|
|
|
||||
Beginning of period
|
15,822,495
|
|
|
19,767,889
|
|
||
End of period
|
$
|
25,882,554
|
|
|
$
|
20,998,402
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Income taxes paid
|
$
|
—
|
|
|
$
|
366,000
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
CASH AND EQUIVALENTS AND MARKETABLE SECURITIES
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
U.S. government and agency backed securities
|
$
|
36,365,672
|
|
|
$
|
36,343,817
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(180,768
|
)
|
|
$
|
(252,556
|
)
|
|
$
|
36,184,904
|
|
|
$
|
36,091,261
|
|
Corporate debt and certificates of deposit
|
15,311,458
|
|
|
25,323,428
|
|
|
—
|
|
|
—
|
|
|
(41,452
|
)
|
|
(39,288
|
)
|
|
15,270,006
|
|
|
25,284,140
|
|
||||||||
Total
|
$
|
51,677,130
|
|
|
$
|
61,667,245
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(222,220
|
)
|
|
$
|
(291,844
|
)
|
|
$
|
51,454,910
|
|
|
$
|
61,375,401
|
|
|
Less than
One year
|
|
One to
Five years
|
|
Greater than
Five years
|
|
Total
|
||||||||
U.S. government and agency backed securities
|
$
|
21,245,723
|
|
|
$
|
12,993,121
|
|
|
$
|
1,946,060
|
|
|
$
|
36,184,904
|
|
Corporate debt and certificates of deposit
|
9,585,467
|
|
|
5,684,539
|
|
|
—
|
|
|
15,270,006
|
|
||||
Total
|
$
|
30,831,190
|
|
|
$
|
18,677,660
|
|
|
$
|
1,946,060
|
|
|
$
|
51,454,910
|
|
3.
|
FAIR VALUE MEASUREMENTS
|
|
|
|
Fair Value Measurement September 30, 2017 Using:
|
||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Cash and Equivalents
|
$
|
25,882,554
|
|
|
$
|
25,882,554
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. Government Securities
|
36,184,904
|
|
|
6,923,591
|
|
|
29,261,313
|
|
|
—
|
|
||||
Corporate Debt
|
7,652,455
|
|
|
—
|
|
|
7,652,455
|
|
|
—
|
|
||||
Certificates of Deposit
|
7,617,551
|
|
|
—
|
|
|
7,617,551
|
|
|
—
|
|
||||
GCS Holdings
|
365,017
|
|
|
365,017
|
|
|
—
|
|
|
—
|
|
||||
Warrant
|
274,000
|
|
|
—
|
|
|
—
|
|
|
274,000
|
|
||||
|
$
|
77,976,481
|
|
|
$
|
33,171,162
|
|
|
$
|
44,531,319
|
|
|
$
|
274,000
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurement December 31, 2016 Using:
|
||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Cash and 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
|
|
|
$
|
—
|
|
4.
|
INVENTORY
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Raw materials
|
$
|
2,517,803
|
|
|
$
|
1,986,491
|
|
Work-in-process
|
2,552,517
|
|
|
1,186,162
|
|
||
Finished goods
|
878,690
|
|
|
129,459
|
|
||
|
$
|
5,949,010
|
|
|
$
|
3,302,112
|
|
5.
|
NET LOSS PER SHARE
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||
Non-vested restricted common stock
|
2,968,874
|
|
|
2,692,516
|
|
|
2,968,874
|
|
|
2,692,516
|
|
6.
|
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
Cost of product revenues
|
$
|
142,604
|
|
|
$
|
136,420
|
|
|
$
|
405,778
|
|
|
$
|
426,357
|
|
Research and development
|
203,288
|
|
|
129,308
|
|
|
616,500
|
|
|
378,156
|
|
||||
Selling, general and administrative
|
676,137
|
|
|
262,700
|
|
|
1,967,879
|
|
|
674,968
|
|
||||
Total
|
$
|
1,022,029
|
|
|
$
|
528,428
|
|
|
$
|
2,990,157
|
|
|
$
|
1,479,481
|
|
7.
|
NOTE RECEIVABLE
|
8.
|
ACCRUED WARRANTY
|
Balance, December 31, 2016
|
$
|
518,000
|
|
Additions
|
83,000
|
|
|
Claims
|
(16,000
|
)
|
|
Balance, September 30, 2017
|
$
|
585,000
|
|
9.
|
INCOME TAXES
|
10.
|
BUSINESS COMBINATION AND GOODWILL
|
Cash and marketable securities
|
$
|
2,600
|
|
Accounts receivable
|
490,700
|
|
|
Inventory
|
768,400
|
|
|
Other identifiable assets
|
46,800
|
|
|
Order backlog
|
840,000
|
|
|
Customer relationships
|
1,000,000
|
|
|
Developed technology
|
460,000
|
|
|
Trademark portfolio
|
160,000
|
|
|
Current liabilities
|
(480,500
|
)
|
|
Net deferred tax liabilities
|
(1,084,000
|
)
|
|
Goodwill
|
1,489,000
|
|
|
Total
|
$
|
3,693,000
|
|
Order backlog
|
1
|
Customer relationships
|
2
|
Developed technology
|
2
|
Trademark portfolio
|
2
|
|
Three months ended
|
|
Nine months ended
|
||||||||
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||
Revenues
|
$
|
6,698,701
|
|
|
$
|
17,081,144
|
|
|
$
|
17,894,777
|
|
Net loss
|
(7,710,770
|
)
|
|
(23,271,116
|
)
|
|
(18,226,203
|
)
|
|
Kopin
|
|
Industrial
|
|
Total
|
||||||
Balance, December 31, 2016
|
$
|
844,023
|
|
|
$
|
—
|
|
|
$
|
844,023
|
|
March 2017 acquisition
|
—
|
|
|
1,488,650
|
|
|
1,488,650
|
|
|||
Change due to exchange rate fluctuations
|
43,904
|
|
|
—
|
|
|
43,904
|
|
|||
Balance, September 30, 2017
|
$
|
887,927
|
|
|
$
|
1,488,650
|
|
|
$
|
2,376,577
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
||||||||||||||||||||
|
Kopin
|
|
Industrial
|
|
Total
|
|
Kopin
|
|
Industrial
|
|
Total
|
||||||||||||
Revenues
|
$
|
3,744
|
|
|
$
|
2,395
|
|
|
$
|
6,139
|
|
|
$
|
4,708
|
|
|
$
|
1,087
|
|
|
$
|
5,795
|
|
Net loss attributable to the controlling interest
|
(8,117
|
)
|
|
(130
|
)
|
|
(8,247
|
)
|
|
(7,901
|
)
|
|
(216
|
)
|
|
(8,117
|
)
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
||||||||||||||||||||
|
Kopin
|
|
Industrial
|
|
Total
|
|
Kopin
|
|
Industrial
|
|
Total
|
||||||||||||
Revenues
|
$
|
10,409
|
|
|
$
|
6,036
|
|
|
$
|
16,445
|
|
|
$
|
13,176
|
|
|
$
|
3,093
|
|
|
$
|
16,269
|
|
Net loss attributable to the controlling interest
|
(23,170
|
)
|
|
(268
|
)
|
|
(23,438
|
)
|
|
(17,628
|
)
|
|
(616
|
)
|
|
(18,244
|
)
|
||||||
Total assets
|
87,043
|
|
|
8,010
|
|
|
95,053
|
|
|
92,799
|
|
|
1,699
|
|
|
94,498
|
|
||||||
Long-lived assets
|
3,544
|
|
|
117
|
|
|
3,661
|
|
|
2,937
|
|
|
—
|
|
|
2,937
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||
United States
|
47
|
%
|
|
49
|
%
|
|
48
|
%
|
|
36
|
%
|
Asia-Pacific
|
22
|
%
|
|
37
|
%
|
|
25
|
%
|
|
48
|
%
|
Europe
|
31
|
%
|
|
14
|
%
|
|
27
|
%
|
|
16
|
%
|
Total Revenues
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
12.
|
LITIGATION
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 30, 2017
|
||||||||||||
|
Sales
|
|
Purchases
|
|
Sales
|
|
Purchases
|
||||||||
Goertek
|
$
|
—
|
|
|
$
|
207,694
|
|
|
$
|
—
|
|
|
$
|
390,619
|
|
Affiliate 1
|
48,320
|
|
|
—
|
|
|
109,952
|
|
|
—
|
|
||||
|
$
|
48,320
|
|
|
$
|
207,694
|
|
|
$
|
109,952
|
|
|
$
|
390,619
|
|
|
Receivables
|
|
Payables
|
||||
Goertek
|
$
|
—
|
|
|
$
|
103,100
|
|
14.
|
EMBEZZLEMENT
|
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;
|
•
|
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; and
|
•
|
Professional virtual reality systems that allow customers to visualize and interact with simulated 3D environments.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Display Revenues by Application
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
Consumer
|
$
|
1.3
|
|
|
$
|
1.5
|
|
|
$
|
2.8
|
|
|
$
|
5.9
|
|
Military
|
2.9
|
|
|
1.2
|
|
|
6.1
|
|
|
3.6
|
|
||||
Industrial
|
1.1
|
|
|
2.4
|
|
|
4.3
|
|
|
4.6
|
|
||||
Other
|
0.3
|
|
|
0.4
|
|
|
1.3
|
|
|
1.5
|
|
||||
Research & Development
|
0.5
|
|
|
0.3
|
|
|
1.9
|
|
|
0.7
|
|
||||
Total
|
$
|
6.1
|
|
|
$
|
5.8
|
|
|
$
|
16.4
|
|
|
$
|
16.3
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
Cost of product revenues (in millions):
|
$
|
4.1
|
|
|
$
|
4.6
|
|
|
$
|
11.4
|
|
|
$
|
13.9
|
|
Cost of product revenues as a % of net product revenues
|
74.2
|
%
|
|
82.8
|
%
|
|
78.5
|
%
|
|
88.8
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
Funded
|
$
|
0.8
|
|
|
$
|
0.2
|
|
|
$
|
2.4
|
|
|
$
|
0.4
|
|
Internal
|
4.5
|
|
|
3.9
|
|
|
11.8
|
|
|
11.9
|
|
||||
Total research and development expense
|
$
|
5.3
|
|
|
$
|
4.1
|
|
|
$
|
14.2
|
|
|
$
|
12.3
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
Selling, general and administration expense (in millions)
|
$
|
5.3
|
|
|
$
|
4.0
|
|
|
$
|
16.2
|
|
|
$
|
12.0
|
|
Selling, general and administration expense as a % of revenues
|
87.1
|
%
|
|
68.7
|
%
|
|
98.4
|
%
|
|
73.9
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2017
|
|
September 24, 2016
|
|
September 30, 2017
|
|
September 24, 2016
|
||||||||
Other income (expense), net (in millions):
|
$
|
0.3
|
|
|
$
|
(1.2
|
)
|
|
$
|
0.7
|
|
|
$
|
(1.5
|
)
|
Domestic
|
$
|
58,739,986
|
|
Foreign
|
9,166,205
|
|
|
Subtotal cash and marketable debt securities
|
67,906,191
|
|
|
Cash and marketable debt securities held in other currencies and converted to U.S. dollars
|
9,431,273
|
|
|
Total cash and marketable debt securities
|
$
|
77,337,464
|
|
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
|
Exhibit
No.
|
|
Description
|
|
||
|
||
|
||
|
||
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
|
|
|
|
KOPIN CORPORATION
(Registrant)
|
|
|
|
|
|
|
Date:
|
November 9, 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:
|
November 9, 2017
|
|
By:
|
/
S
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ICHARD
A. S
NEIDER
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Richard A. Sneider
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Treasurer and Chief Financial Officer
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(Principal Financial and Accounting Officer)
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