ParkerVision Extends Note Maturities, Adjusts Interest Rates

TL;DR

ParkerVision pushing debt maturities out, cutting rates on director's note. Watch those extensions.

AI Summary

ParkerVision Inc. filed its 10-Q for the period ending June 30, 2024. The company reported a net loss of $0.01 per share. Significant amendments were made to several notes between June and July 2024, extending maturity dates, with one note held by a director having its maturity extended to March 15, 2026, and its interest rate reduced from 8% to 5%.

Why It Matters

The company is actively managing its debt obligations by extending maturity dates and adjusting interest rates, which could impact its financial flexibility and cost of capital.

Risk Assessment

Risk Level: medium — The company's financial health is subject to its ability to manage its debt obligations and operational performance, as indicated by the net loss and note amendments.

Key Numbers

• $0.01 — Net Loss Per Share (Indicates profitability for the reporting period.)
• $400,000 — Note Face Value (Amount of a specific note that was amended for extensions.)

Key Players & Entities

• ParkerVision Inc. (company) — Filer of the 10-Q
• $0.01 (dollar_amount) — Net loss per share for the period
• June 30, 2024 (date) — End of the reporting period
• December 1, 2024 (date) — Extended maturity date for a note
• January 15, 2026 (date) — Extended maturity date for notes
• March 19, 2026 (date) — Extended maturity date for notes
• March 15, 2026 (date) — Extended maturity date for a director's note
• 8% (dollar_amount) — Original interest rate on a director's note
• 5% (dollar_amount) — Reduced interest rate on a director's note

FAQ

Filing Documents

• prkr20240630_10q.htm (10-Q) — 766KB
• ex_687529.htm (EX-31.1) — 13KB
• ex_687530.htm (EX-31.2) — 13KB
• ex_687531.htm (EX-32.1) — 6KB
• 0001437749-24-026374.txt ( ) — 4380KB
• prkr-20240630.xsd (EX-101.SCH) — 47KB
• prkr-20240630_cal.xml (EX-101.CAL) — 29KB
• prkr-20240630_def.xml (EX-101.DEF) — 315KB
• prkr-20240630_lab.xml (EX-101.LAB) — 230KB
• prkr-20240630_pre.xml (EX-101.PRE) — 335KB
• prkr20240630_10q_htm.xml (XML) — 657KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 2

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 25

SIGNATURES

SIGNATURES 26 1 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

ITEM 1. Financial Statements (Unaudited) PARKERVISION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except par value data) June 30, 2024 December 31, 2023 CURRENT ASSETS: Cash and cash equivalents $ 1,025 $ 2,560 Prepaid expenses 70 61 Other current assets 36 34 Total current assets 1,131 2,655 Intangible assets, net 945 1,055 Other assets, net 312 313 Total assets $ 2,388 $ 4,023 CURRENT LIABILITIES: Accounts payable $ 438 $ 573 Accrued expenses: Salaries and wages 25 23 Professional fees 55 67 Other accrued expenses 462 447 Related party note payable, current portion 136 134 Convertible notes, current portion 1,300 1,045 Total current liabilities 2,416 2,289 LONG-TERM LIABILITIES: Secured contingent payment obligation 29,235 29,402 Unsecured contingent payment obligations 7,063 7,618 Related party note payable, net of current portion 271 340 Convertible notes, net of current portion 3,588 3,893 Total long-term liabilities 40,157 41,253 Total liabilities 42,573 43,542 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' DEFICIT: Common stock, $ 0.01 par value, 175,000 shares authorized, 88,890 and 87,681 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 889 877 Additional paid-in capital 393,656 393,314 Accumulated deficit ( 434,730 ) ( 433,710 ) Total shareholders' deficit ( 40,185 ) ( 39,519 ) Total liabilities and shareholders' deficit $ 2,388 $ 4,023 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents PARKERVISION, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ - $ - $ 25,000 Cost of sales ( 58 ) ( 63 ) ( 117 ) ( 106 ) Gross margin ( 58 ) ( 63 ) ( 117 ) 24,894 Sellin

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