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May 2024
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November 2023
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November 2022
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Document and Entity Information - USD ($) | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 | Apr. 15, 2024 | Jun. 30, 2023 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-35955 | ||
Entity Registrant Name | Vuzix Corp | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3392453 | ||
Entity Address, Address Line One | 25 Hendrix Road | ||
Entity Address, City or Town | West Henrietta | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14586 | ||
City Area Code | 585 | ||
Local Phone Number | 359-5900 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | VUZI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Public Float | $ 299,000,000 | ||
Entity Common Stock, Shares Outstanding | 64,725,108 | ||
Auditor Name | Freed Maxick CPAs, P.C. | ||
Auditor Firm ID | 317 | ||
Auditor Location | Buffalo, New York | ||
Entity Central Index Key | 0001463972 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Vuzix Corp.
Vuzix Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:
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Impairment losses are dependent on a number of factors such as general economic trends and major technology advances, and thus could be significantly different from historical results.
We perform a valuation of our goodwill and other intangible assets for impairment at least annually, or more frequently if events or changes in circumstances indicate a potential impairment trigger.
A valuation allowance is established for deferred tax assets in amounts for which realization is not considered more likely than not to occur.
These provisions were included in Cost of Sales on the Consolidated Statements of Operations.
The accounting estimate related to income taxes is considered a “critical accounting estimate” because judgment is exercised in estimating future taxable income, including prudent and feasible tax planning strategies, and in assessing the need for any valuation allowance.
These provisions are included in...Read more
In the event that it...Read more
Future warranty costs are estimated...Read more
The disposal value of the...Read more
The Company capitalizes the costs...Read more
General and administrative expenses include...Read more
General and administrative expenses include...Read more
We do not have any...Read more
We re-evaluate these uncertain tax...Read more
Selling and marketing expenses consist...Read more
Selling and marketing expenses consist...Read more
The warranty period for these...Read more
The increase was due to...Read more
We are the primary beneficiary...Read more
Revenue is recognized in the...Read more
Revenue from engineering consulting and...Read more
Sales of products decreased by...Read more
Research and development expenses for...Read more
We have historically incurred operating...Read more
In addition, the calculation of...Read more
Our operations have historically been...Read more
Each reporting period we assess...Read more
We base our estimates on...Read more
As of December 31, 2023,...Read more
Smart glasses revenue was the...Read more
The performance-based tranches, that are...Read more
It is inherently difficult and...Read more
Inventory is stated at the...Read more
The Company recognizes revenue from...Read more
FOB shipping point is our...Read more
The accounting estimate related to...Read more
There was a decrease in...Read more
Selling and marketing expenses for...Read more
We perform a valuation of...Read more
The remaining Milestones and the...Read more
We periodically re-evaluate these accounting...Read more
These factors initially raise substantial...Read more
Upon the achievement of any...Read more
These issuances would under the...Read more
The factors above do raise...Read more
There was an increase in...Read more
Selling and marketing expenses for...Read more
Cost of product revenues and...Read more
Nonetheless, management monitors the capital...Read more
The accounting estimate related to...Read more
We believe our technology, intellectual...Read more
Our Board of Directors approves...Read more
General and administrative expenses for...Read more
Sales of products increased by...Read more
December 31, 2023 Total Sales December 31, 2022 Total Sales Change (Decrease)...Read more
Cost of product revenues and...Read more
The Company accounts for its...Read more
Should actual performance rates or...Read more
For there ending December 31,...Read more
Purchasing practices, electronic component obsolescence,...Read more
The fair value of options...Read more
●We do not intend to...Read more
General and administrative expenses for...Read more
If the Company’s actual results...Read more
The Company uses the Black-Scholes-Merton...Read more
The increase in depreciation and...Read more
We may experience significant catch-up...Read more
The increase in this expense...Read more
The total reserve write-down recorded...Read more
Until the Company achieves a...Read more
The write-down and obsolescence provisions...Read more
For the year ended December...Read more
During the year ended December...Read more
Warranty obligations are generally incurred...Read more
Our research and development expenses...Read more
The adequacy of the provision...Read more
Research and development expenses for...Read more
The Company adopted the guidance...Read more
Since we cannot determine future...Read more
The equity market condition awards...Read more
In addition to its normal...Read more
For the year ended December...Read more
Our research and development expenses...Read more
Any future recorded value of...Read more
Sales of waveguides and display...Read more
To the extent that current...Read more
For the year ended December...Read more
The decrease in the net...Read more
For the years ended December...Read more
All of our standard product...Read more
Stock-based compensation expense is recorded...Read more
If actual demand, market conditions...Read more
We determine at the inception...Read more
Management’s plans to alleviate the...Read more
Warranty costs are accrued, to...Read more
As of the date of...Read more
Unsuccessful or discontinued software projects...Read more
As a result, management is...Read more
As part of this assessment,...Read more
The costs incurred to provide...Read more
If facts and circumstances indicate...Read more
The application of this pricing...Read more
Such a change in recognition...Read more
The Company’s cash requirements are...Read more
As of December 31, 2023...Read more
For stock options awards under...Read more
We provide deferred income tax...Read more
Atomistic that could ultimately be...Read more
●Valuation of inventories; ●Going Concern●Variable...Read more
This basis of accounting contemplates...Read more
We believe that our application...Read more
The Company collects and remits...Read more
Provisions for excess, obsolete or...Read more
The Company has in the...Read more
Software development expenses to determine...Read more
Software development expenses to determine...Read more
If this review indicates that...Read more
Exposure to inventory valuation risks...Read more
Our current liabilities are comprised...Read more
Historically, we have found our...Read more
With respect to our Smart...Read more
The fair value of our...Read more
We provide for the costs...Read more
The decrease was due to...Read more
The second step requires us...Read more
These devices typically include cameras,...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Vuzix Corp provided additional information to their SEC Filing as exhibits
Ticker: VUZI
CIK: 1463972
Form Type: 10-K Annual Report
Accession Number: 0001558370-24-005117
Submitted to the SEC: Mon Apr 15 2024 4:01:50 PM EST
Accepted by the SEC: Mon Apr 15 2024
Period: Sunday, December 31, 2023
Industry: Radio And Tv Broadcasting And Communications Equipment