Innovative Eyewear Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Innovative Eyewear Inc. has filed its 2023 10-K report detailing its operations and financial standing.</b>

AI Summary

Innovative Eyewear Inc (LUCYW) filed a Annual Report (10-K) with the SEC on March 25, 2024. Innovative Eyewear Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Florida and operates in the Ophthalmic Goods industry. Key dates include the fiscal year end of December 31, 2023, and the filing date of March 25, 2024. The report covers the period from January 1, 2023, to December 31, 2023. The company's ticker symbol is LUCY.

Why It Matters

For investors and stakeholders tracking Innovative Eyewear Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Innovative Eyewear Inc.'s business, financial condition, and results of operations for the fiscal year 2023, crucial for investors to assess performance and future prospects. The detailed information within the 10-K allows stakeholders to understand the company's strategic direction, market position, and potential risks and opportunities in the ophthalmic goods sector.

Risk Assessment

Risk Level: medium — Innovative Eyewear Inc shows moderate risk based on this filing. The company's financial performance and future growth are subject to market demand for its products and competition within the ophthalmic goods industry, as indicated by its SIC code and business address.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess the company's operational health and growth potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-25 — Filing Date (As of date)
• 2023-01-01 — Reporting Period Start Date (Fiscal year)
• 2023-12-31 — Reporting Period End Date (Fiscal year)

Key Players & Entities

• Innovative Eyewear Inc. (company) — Filer name
• LUCY (company) — Ticker symbol
• 10-K (regulator) — Filing type
• 3851 (dollar_amount) — Standard Industrial Classification
• FL (company) — State of incorporation
• Miami (company) — Business address city
• Tekcapital And Affiliates (company) — Related entity
• Tekcapital Europe Ltd (company) — Related entity

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risk due to customer concentration, with a single customer accounting for a significant portion of accounts receivable.

Industry Context

Innovative Eyewear Inc. operates within the Ophthalmic Goods industry, which involves the design, manufacturing, and distribution of eyewear products.

Regulatory Implications

The filing is a 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section, particularly concerning customer concentration.
3. Monitor future filings for updates on product development and market expansion.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-25: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 31, 2023, providing a baseline for future comparisons.

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 par value LUCY NASDAQ Capital Marke
• $35.2 billion — eyewear in the U.S. is projected to be $35.2 billion in 2024. The market for digital assista
• $4.5 billion — rapidly worldwide, and is projected at $4.5 billion in revenue in 2023. We view the popular
• $249 M — e audio quality at a higher list price ($249 MSRP) than Lucyd Lyte 2.0 ($149-$199). Ho
• $149 — price ($249 MSRP) than Lucyd Lyte 2.0 ($149-$199). However, Bose has recently annou
• $199 — e ($249 MSRP) than Lucyd Lyte 2.0 ($149-$199). However, Bose has recently announced
• $329 — e Bluetooth eyewear space, offered at a $329 - $389 list price. Not available direct
• $389 — ooth eyewear space, offered at a $329 - $389 list price. Not available directly from
• $380 — ectacles version 3 have a list price of $380. Key advantages of Lucyd Lyte over Spe
• $299 — ted brand, and a list price starting at $299, which makes them 100% more expensive t

Filing Documents

• innovative_10k.htm (10-K) — 1288KB
• innovativeeye_ex4-7.htm (EX-4.7) — 39KB
• innovativeeye_ex19-1.htm (EX-19.1) — 118KB
• innovativeeye_ex23-1.htm (EX-23.1) — 6KB
• innovativeeye_ex31-1.htm (EX-31.1) — 14KB
• innovativeeye_ex31-2.htm (EX-31.2) — 14KB
• innovativeeye_ex32-1.htm (EX-32.1) — 5KB
• innovativeeye_ex32-2.htm (EX-32.2) — 5KB
• innovativeeye_ex97-1.htm (EX-97.1) — 16KB
• img_001.jpg (GRAPHIC) — 7KB
• img_002.jpg (GRAPHIC) — 47KB
• fin_001.jpg (GRAPHIC) — 4KB
• fin_002.jpg (GRAPHIC) — 3KB
• ex23-1_001.jpg (GRAPHIC) — 4KB
• ex23-1_002.jpg (GRAPHIC) — 3KB
• 0001829126-24-001847.txt (&nbsp;) — 5255KB
• lucy-20231231.xsd (EX-101.SCH) — 36KB
• lucy-20231231_cal.xml (EX-101.CAL) — 49KB
• lucy-20231231_def.xml (EX-101.DEF) — 135KB
• lucy-20231231_lab.xml (EX-101.LAB) — 323KB
• lucy-20231231_pre.xml (EX-101.PRE) — 256KB
• innovative_10k_htm.xml (XML) — 493KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 44 Item 1C. Cybersecurity 45 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. Reserved 46 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 59 Item 9A.

Controls and Procedures

Controls and Procedures 59 Item 9B. Other Information 59 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 PART III Item 10. Directors, Executive Officers and Corporate Governance 60 Item 11.

Executive Compensation

Executive Compensation 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70 Item 13. Certain Relationships and Related Transactions, and Director Independence 71 Item 14. Principal Accounting Fees and Services 73 PART IV Item 15. Exhibit and Financial Statement Schedules 74 Item 16. Form 10-K Summary 75 i CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Information included in this Annual Report on Form 10-K (this "Report") contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. We generally use the words "believes," "expects," "intends," "plans," "anticipates," "likely," "will" and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, those factors set forth in this Report under "Item 1A. – Risk Factors" below. Except as required by applicable law, including the securities laws of the United States, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this Report. CERTAIN TERMS USED IN THIS REPORT References in this Report to "we," "us," "our," the "Company" or "Innovative Eyewear" means Innovat

Business

Item 1. Business . Our History We develop and sell smart eyeglasses and sunglasses, which are designed to allow our customers to remain connected to their digital lives, while also offering prescription eyewear and sun protection. Founded and headquartered in Miami, Florida, we were initially organized as a Florida limited liability company effective August 15, 2019. We were founded by Lucyd Ltd., the inventor and licensor of the technology that our products are based upon, which is a portfolio company of Tekcapital Europe Ltd. ("Tekcapital"). Tekcapital is a U.K. based university intellectual property accelerator which builds portfolio companies around new technologies. On March 26, 2020, we converted from a Florida limited liability company into a Florida corporation. Our Products In January 2020, we introduced our first beta product and began market testing. In January 2021, we officially launched our first commercial product, Lucyd Lyte ("Lucyd Lyte"). This initial product offering embodied our goal of creating smart eyewear for all day wear that looks like and is priced similarly to designer eyewear, but is also light weight and comfortable, and enables the wearer to remain connected to their digital lives. The product was initially launched with six styles, and in September 2021, an additional six styles were added. In February 2023, we launched version 2.0 of our Lucyd Lyte eyewear with 15 different styles, incorporating several key breakthroughs for the smart eyewear product category – including a four-speaker audio array, 12-hour music playback and call time, and improved styling as well as technical upgrades. In October 2023, we launched six new styles of smart eyewear, branded as Lyte XL, bringing even more advancements – including patent-pending flexible hinges for a more comfortable fit and a wider range of suitable head sizes, significant improvements to speaker and microphone quality, thinner and more ergonomic temples, and post-consumer recy

View Full Filing

View this 10-K filing on SEC EDGAR