Kopin Corp Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Kopin Corp filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

KOPIN CORP (KOPN) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Kopin Corp filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 30. Kopin Corp is incorporated in Delaware. The company's principal business is in Semiconductors & Related Devices.

Why It Matters

For investors and stakeholders tracking KOPIN CORP, this filing contains several important signals. This filing provides investors with an update on Kopin Corp's financial health and operational status for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's performance against previous periods and its strategic direction.

Risk Assessment

Risk Level: low — KOPIN CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would indicate a high-risk event.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Kopin Corp's performance and outlook.

Key Numbers

• 2024-03-30 — Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 1230 — Fiscal Year End (Fiscal year end)
• 000-19882 — SEC File Number (SEC file number)

Key Players & Entities

• KOPIN CORP (company) — Filer name
• KOPN (company) — Ticker symbol
• 10-Q (regulator) — Form type
• 2024-03-30 (date) — Period of report
• 2024-05-14 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• 3674 (industry_code) — Standard Industrial Classification
• WESTBOROUGH, MA (location) — Business address

FAQ

Industry Context

Kopin Corp operates in the Semiconductors & Related Devices industry, a sector characterized by rapid technological advancements and significant R&D investment.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the revenue segments and growth rates for Kopin Corp.
2. Examine the balance sheet for changes in assets, liabilities, and equity.
3. Review any disclosures related to new products, partnerships, or market trends.

Key Dates

• 2024-03-30: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an initial look at the company's performance in the current year.

Key Financial Figures

• $0.01 K — ch registered Common Stock, par value $0.01 KOPN Nasdaq Capital Market Indicate
• $0.01 — f May 3, 2024 Common Stock, par value $0.01 118,428,000 Indicate by check mark

Filing Documents

• form10-q.htm (10-Q) — 744KB
• ex10-1.htm (EX-10.1) — 191KB
• ex31-1.htm (EX-31.1) — 20KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-019194.txt (&nbsp;) — 4859KB
• kopn-20240330.xsd (EX-101.SCH) — 42KB
• kopn-20240330_cal.xml (EX-101.CAL) — 66KB
• kopn-20240330_def.xml (EX-101.DEF) — 116KB
• kopn-20240330_lab.xml (EX-101.LAB) — 312KB
• kopn-20240330_pre.xml (EX-101.PRE) — 240KB
• form10-q_htm.xml (XML) — 646KB

– Financial Information

Part I – Financial Information Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets at March 30, 2024 (Unaudited) and December 30, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 30, 2024 and April 1, 2023 4 Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the three months ended March 30, 2024 and April 1, 2023 5 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the three months ended March 30, 2024 and April 1, 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 30, 2024 and April 1, 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

– Other Information

Part II – Other Information 23 Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 6. Exhibits 24

Signatures

Signatures 25 2 Part 1. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) KOPIN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS March 30, 2024 December 30, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 14,118,762 $ 5,710,685 Restricted cash 750,000 500,000 Marketable debt securities, at fair value 6,941,080 11,692,000 Accounts receivable, net of allowance of $ 987,000 in 2024 and $ 1,025,000 in 2023 6,801,658 9,706,036 Contract assets and unbilled receivables 5,687,165 3,409,809 Inventory 6,120,355 7,601,806 Prepaid taxes 86,578 85,572 Prepaid expenses and other current assets 1,483,049 1,124,635 Total current assets 41,988,647 39,830,543 Property, plant and equipment, net 2,212,691 2,163,417 Operating lease right-of-use assets 2,328,152 2,504,909 Other assets 124,925 124,925 Equity investments 4,611,510 4,688,522 Total assets $ 51,265,925 $ 49,312,316 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,993,894 $ 7,076,759 Accrued payroll and expenses 1,826,176 1,701,506 Accrued warranty 2,160,000 2,160,000 Contract liabilities and billings in excess of revenues earned 886,432 916,826 Operating lease liabilities 628,019 651,503 Accrued post-retirement benefits 602,500 790,000 Other accrued liabilities 1,440,364 1,702,681 Customer deposits 701,777 408,156 Deferred tax liabilities 470,884 470,884 Accrued litigation damages 24,800,000 — Total current liabilities 42,510,046 15,878,315 Noncurrent contract liabilities and asset retirement obligations 361,779 278,112 Operating lease liabilities, net of current portion 1,680,063 1,832,982 Accrued post-retirement benefits, net of current portion 279,996 319,996 Other long-term obligations, net of current portion 1,494,016 1,494,016 Total liabilities 46,325,900 19,803,421 Commitments and continge

financial statements

financial statements. 3. CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES The Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents. Restricted cash of approximately $ 0.8 million is included on the consolidated balance sheet as of March 30, 2024, and represents cash deposited by the Company into a separate account and designated as collateral for a standby letter of credit in the same amount in accordance with a contractual agreement with a vendor. The restricted cash balance at March 30, 2024 and December 30, 2023 is invested in a certificate of deposit and is classified as a Corporate debt available-for-sale marketable debt security. Marketable debt securities consist primarily of commercial paper, medium-term corporate notes, and U.S. Government and agency backed securities. The Company classifies these marketable debt securities as available-for-sale at fair value in "Marketable debt securities, at fair value." The Company records the amortization of premiums and accretion of discounts on marketable debt securities in the results of operations. The Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect to marketable debt securities. The gross gains and losses realized related to sales and maturities of marketable debt securities were not material during the three months ended March 30, 2024 and April 1, 2023. Investments in available-for-sale marketable debt securities were as follows at March 30, 2024 and December 30, 2023: SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES Amortized Cost Unrealized Losses Fair Value 2024 2023 2024 2023 2024 2023 U.S. Government and agency backed securities $ 1,500,018 $ 4,500,030 $ ( 14,343 ) $ ( 25,655 ) $ 1,485,675 $ 4,474,375 Corporate debt 6,230,138 7,750,174 ( 24,733 ) ( 32,549 ) 6,205,405

View Full Filing

View this 10-Q filing on SEC EDGAR