ParkerVision Q3 2024: Notes Extended & Converted to Stock

TL;DR

ParkerVision's Q3 2024 10-Q shows debt maturity extensions and note conversions into stock.

AI Summary

ParkerVision Inc. filed its Q3 2024 10-Q report, detailing financial activities up to September 30, 2024. Key events include amendments to notes, such as extending maturity dates and converting notes into common stock on October 28, 2024. One note with a $400,000 face value was amended on July 8, 2024, to allow for automatic extensions.

Why It Matters

This filing provides insight into ParkerVision's debt management and equity structure changes, impacting its financial obligations and shareholder base.

Risk Assessment

Risk Level: medium — The company is actively managing its debt through extensions and conversions, indicating potential financial pressures or strategic shifts.

Key Numbers

• $400,000 — Note Face Value (Amount of a note amended on July 8, 2024, for extended maturity options.)
• 10 — Automatic Extensions (Number of one-year automatic extensions possible for a note amended on July 8, 2024.)
• 5% — Reduced Interest Rate (Interest rate reduction from 8% to 5% on a note amended on May 10, 2024.)
• 20240930 — Reporting Period End Date (End date for the Q3 2024 financial reporting period.)

Key Players & Entities

• ParkerVision Inc. (company) — Filer of the 10-Q report
• October 28, 2024 (date) — Date notes were converted into common stock
• $400,000 (dollar_amount) — Face value of a note amended on July 8, 2024
• June 3, 2024 (date) — Date a note was amended to extend maturity
• January 15, 2026 (date) — Extended maturity date for some notes
• March 19, 2026 (date) — Extended maturity date for some notes
• March 15, 2026 (date) — Extended maturity date for a note amended on May 10, 2024

FAQ

Filing Documents

• prkr20240930c_10q.htm (10-Q) — 798KB
• ex_722807.htm (EX-31.1) — 13KB
• ex_722808.htm (EX-31.2) — 13KB
• ex_722809.htm (EX-32.1) — 6KB
• 0001437749-24-034894.txt ( ) — 4603KB
• prkr-20240930.xsd (EX-101.SCH) — 49KB
• prkr-20240930_cal.xml (EX-101.CAL) — 29KB
• prkr-20240930_def.xml (EX-101.DEF) — 345KB
• prkr-20240930_lab.xml (EX-101.LAB) — 239KB
• prkr-20240930_pre.xml (EX-101.PRE) — 362KB
• prkr20240930c_10q_htm.xml (XML) — 689KB

- 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) September 30, 2024 December 31, 2023 CURRENT ASSETS: Cash and cash equivalents $ 821 $ 2,560 Prepaid expenses 85 61 Other current assets 36 34 Total current assets 942 2,655 Intangible assets, net 889 1,055 Other assets, net 2 313 Total assets $ 1,833 $ 4,023 CURRENT LIABILITIES: Accounts payable $ 466 $ 573 Accrued expenses: Salaries and wages 54 23 Professional fees 101 67 Other accrued expenses 597 447 Related party note payable, current portion 138 134 Convertible notes, current portion 1,050 1,045 Total current liabilities 2,406 2,289 LONG-TERM LIABILITIES: Secured contingent payment obligation 39,280 29,402 Unsecured contingent payment obligations 6,694 7,618 Related party note payable, net of current portion 236 340 Convertible notes, net of current portion 3,513 3,893 Total long-term liabilities 49,723 41,253 Total liabilities 52,129 43,542 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' DEFICIT: Common stock, $ 0.01 par value, 175,000 shares authorized, 96,351 and 87,681 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 964 877 Additional paid-in capital 394,277 393,314 Accumulated deficit ( 445,537 ) ( 433,710 ) Total shareholders' deficit ( 50,296 ) ( 39,519 ) Total liabilities and shareholders' deficit $ 1,833 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ - $ - $ 25,000 Cost of sales ( 57 ) ( 61 ) ( 174 ) ( 167 ) Gross margin ( 57

View Full Filing

View this 10-Q filing on SEC EDGAR