Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 29, 2019 | Aug. 05, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 29, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-19882 | |
Entity Registrant Name | KOPIN CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-2833935 | |
Entity Address, Address Line One | 125 North Drive, | |
Entity Address, City or Town | Westborough | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01581-3335 | |
City Area Code | 508 | |
Local Phone Number | 870-5959 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | KOPN | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 84,086,324 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000771266 | |
Current Fiscal Year End Date | --12-28 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 29, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 12,134,526 | $ 14,326,347 |
Marketable debt securities, at fair value | 19,420,229 | 22,918,016 |
Accounts receivable, net of allowance of $360,000 in 2019 and $304,000 in 2018 | 4,904,247 | 3,088,360 |
Contract assets and unbilled receivables | 1,222,605 | 3,089,663 |
Inventory | 3,700,174 | 4,797,238 |
Prepaid taxes | 104,726 | 399,611 |
Prepaid expenses and other current assets | 802,398 | 784,790 |
Total current assets | 42,288,905 | 49,404,025 |
Plant and equipment, net | 2,029,406 | 2,598,842 |
Operating lease right-of-use assets | 3,242,146 | 0 |
Goodwill | 331,344 | 331,344 |
Other assets | 1,325,163 | 1,361,375 |
Equity investments | 9,141,133 | 5,853,525 |
Total assets | 58,358,097 | 59,549,111 |
Current liabilities: | ||
Accounts payable | 4,116,685 | 3,921,880 |
Accrued payroll and expenses | 2,198,416 | 3,038,005 |
Accrued warranty | 535,000 | 571,000 |
Contract liabilities and billings in excess of revenue earned | 1,227,198 | 388,933 |
Other accrued liabilities | 3,259,119 | 1,901,547 |
Deferred tax liabilities | 527,000 | 546,000 |
Total current liabilities | 12,880,652 | 10,367,365 |
Asset retirement obligations | 254,096 | 254,098 |
Operating lease liabilities, net of current portion | 2,314,032 | 0 |
Other long-term obligations | 1,049,926 | 1,214,827 |
Stockholders’ equity: | ||
Preferred stock, par value $.01 per share: authorized, 3,000 shares; none issued | 0 | 0 |
Common stock, par value $.01 per share: authorized, 120,000,000 shares; issued 88,614,327 shares in 2019 and 80,735,320 shares in 2018; outstanding 82,053,697 shares in 2019 and 74,008,815 shares in 2018 | 865,669 | 785,220 |
Additional paid-in capital | 344,998,149 | 335,692,879 |
Treasury stock (4,513,256 shares in 2019 and 2018, at cost) | (17,238,669) | (17,238,669) |
Accumulated other comprehensive income | 1,872,372 | 1,554,587 |
Accumulated deficit | (288,523,461) | (272,932,143) |
Total Kopin Corporation stockholders’ equity | 41,974,060 | 47,861,874 |
Noncontrolling interest | (114,669) | (149,053) |
Total stockholders’ equity | 41,859,391 | 47,712,821 |
Total liabilities and stockholders’ equity | 58,358,097 | 59,549,111 |
Operating lease liabilities—current | $ 1,017,234 | $ 0 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 29, 2019 | Dec. 29, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 360,000 | $ 304,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 3,000 | 3,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 120,000,000 | 120,000,000 |
Common stock, issued | 88,614,327 | 80,735,320 |
Common stock, outstanding | 82,053,697 | 74,008,815 |
Treasury stock, shares | 4,513,256 | 4,513,256 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Revenues | $ 9,110,133 | $ 5,943,898 | $ 14,653,058 | $ 11,597,518 |
Expenses: | ||||
Research and development | 3,330,202 | 4,526,156 | 8,296,918 | 8,977,809 |
Selling, general and administration | 5,375,671 | 6,913,503 | 11,658,474 | 13,844,913 |
Total expenses | 13,948,387 | 14,937,409 | 31,074,983 | 30,382,663 |
Loss from operations | (4,838,254) | (8,993,511) | (16,421,925) | (18,785,145) |
Other income (expense): | ||||
Interest income | 154,310 | 165,513 | 317,671 | 325,364 |
Other (expense) income | (111,472) | 18,101 | (221,207) | 1,119,356 |
Foreign currency transaction (losses) gains | (183,608) | (235,776) | 52,527 | (27,168) |
Gain on investments | 768,000 | 0 | 768,000 | 2,849,816 |
Total other income and expense | 627,230 | (52,162) | 916,991 | 4,267,368 |
Loss before provision for income taxes and net (income) loss attributable to noncontrolling interest | (4,211,024) | (9,045,673) | (15,504,934) | (14,517,777) |
Provision for income taxes | (26,000) | (201,000) | (52,000) | (201,000) |
Net loss | (4,237,024) | (9,246,673) | (15,556,934) | (14,718,777) |
Net (income) loss attributable to noncontrolling interest | (23,367) | 5,716 | (34,384) | (58,458) |
Net loss attributable to Kopin Corporation | $ (4,260,391) | $ (9,240,957) | $ (15,591,318) | $ (14,777,235) |
Net loss per share | ||||
Basic and diluted (usd per share) | $ (0.05) | $ (0.13) | $ (0.20) | $ (0.20) |
Weighted average number of common shares outstanding | ||||
Basic and diluted (in shares) | 81,950,352 | 73,095,253 | 78,459,666 | 73,086,752 |
Product [Member] | ||||
Revenues: | ||||
Revenues | $ 4,435,401 | $ 4,472,079 | $ 9,049,257 | $ 9,516,888 |
Expenses: | ||||
Cost of Goods and Services Sold | 5,242,514 | 3,497,750 | 11,119,591 | 7,559,941 |
Service [Member] | ||||
Revenues: | ||||
Revenues | $ 4,674,732 | $ 1,471,819 | $ 5,603,801 | $ 2,080,630 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (4,237,024) | $ (9,246,673) | $ (15,556,934) | $ (14,718,777) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 121,026 | (211,217) | (1,038) | (335,697) |
Unrealized holding losses on marketable securities | 104,257 | (73,262) | 326,257 | (210,136) |
Reclassification of holding losses in net loss | (4,815) | 2,982 | (7,434) | (1,768) |
Other comprehensive income (loss), net of tax | 220,468 | (281,497) | 317,785 | (547,601) |
Comprehensive loss | (4,016,556) | (9,528,170) | (15,239,149) | (15,266,378) |
Comprehensive (income) loss attributable to the noncontrolling interest | (23,367) | 38,488 | (34,384) | (29,445) |
Comprehensive loss attributable to Kopin Corporation | $ (4,039,923) | $ (9,489,682) | $ (15,273,533) | $ (15,295,823) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Kopin Corporation Stockholders’ Equity | Noncontrolling Interest |
Beginning balance at Dec. 30, 2017 | $ 77,379,847 | $ 775,720 | $ 331,119,340 | $ (17,238,669) | $ 3,564,779 | $ (240,121,901) | $ 78,099,269 | $ (719,422) |
Beginning Balance (in shares) at Dec. 30, 2017 | 77,572,038 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation | 1,399,415 | 1,399,415 | 1,399,415 | |||||
Vesting of restricted stock (shares) | 20,000 | |||||||
Vesting of restricted stock | $ 200 | (200) | ||||||
Other comprehensive income | (266,104) | (269,863) | (269,863) | 3,759 | ||||
Other comprehensive income (loss) | 3,059,382 | 3,059,382 | ||||||
Net (loss) income | (5,472,104) | (5,536,278) | (5,536,278) | 64,174 | ||||
Ending balance at Mar. 31, 2018 | 76,100,436 | $ 775,920 | 332,518,555 | (17,238,669) | 3,294,916 | (242,598,797) | 76,751,925 | (651,489) |
Ending Balance (in shares) at Mar. 31, 2018 | 77,592,038 | |||||||
Beginning balance at Dec. 30, 2017 | 77,379,847 | $ 775,720 | 331,119,340 | (17,238,669) | 3,564,779 | (240,121,901) | 78,099,269 | (719,422) |
Beginning Balance (in shares) at Dec. 30, 2017 | 77,572,038 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive income | (547,601) | |||||||
Net (loss) income | (14,718,777) | |||||||
Ending balance at Jun. 30, 2018 | 67,849,238 | $ 776,485 | 333,794,962 | (17,238,669) | 3,046,191 | (251,839,754) | 68,539,215 | (689,977) |
Ending Balance (in shares) at Jun. 30, 2018 | 77,648,508 | |||||||
Beginning balance at Dec. 30, 2017 | 77,379,847 | $ 775,720 | 331,119,340 | (17,238,669) | 3,564,779 | (240,121,901) | 78,099,269 | (719,422) |
Beginning Balance (in shares) at Dec. 30, 2017 | 77,572,038 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | 35,800,000 | |||||||
Ending balance at Dec. 29, 2018 | 47,712,821 | $ 785,220 | 335,692,879 | (17,238,669) | 1,554,587 | (272,932,143) | 47,861,874 | (149,053) |
Ending Balance (in shares) at Dec. 29, 2018 | 78,522,066 | |||||||
Beginning balance at Mar. 31, 2018 | 76,100,436 | $ 775,920 | 332,518,555 | (17,238,669) | 3,294,916 | (242,598,797) | 76,751,925 | (651,489) |
Beginning Balance (in shares) at Mar. 31, 2018 | 77,592,038 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation | 1,288,374 | 1,288,374 | 1,288,374 | |||||
Vesting of restricted stock (shares) | 60,000 | |||||||
Vesting of restricted stock | $ 600 | (600) | ||||||
Repurchases of restricted stock to satisfy tax withholding obligations (in shares) | (3,530) | |||||||
Repurchases of restricted stock to satisfy tax withholding obligations | (11,402) | $ (35) | (11,367) | (11,402) | ||||
Other comprehensive income | (281,497) | (248,725) | (248,725) | (32,772) | ||||
Net (loss) income | (9,246,673) | (9,240,957) | (9,240,957) | (5,716) | ||||
Ending balance at Jun. 30, 2018 | 67,849,238 | $ 776,485 | 333,794,962 | (17,238,669) | 3,046,191 | (251,839,754) | 68,539,215 | (689,977) |
Ending Balance (in shares) at Jun. 30, 2018 | 77,648,508 | |||||||
Beginning balance at Dec. 29, 2018 | 47,712,821 | $ 785,220 | 335,692,879 | (17,238,669) | 1,554,587 | (272,932,143) | 47,861,874 | (149,053) |
Beginning Balance (in shares) at Dec. 29, 2018 | 78,522,066 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation | 815,842 | 815,842 | 815,842 | |||||
Vesting of restricted stock (shares) | 10,000 | |||||||
Vesting of restricted stock | $ 100 | (100) | ||||||
Repurchases of restricted stock to satisfy tax withholding obligations (in shares) | (4,294) | |||||||
Repurchases of restricted stock to satisfy tax withholding obligations | (7,128) | $ (43) | (7,085) | (7,128) | ||||
Other comprehensive income | 97,317 | 97,317 | 97,317 | |||||
Sale of registered stock | 7,310,000 | 72,727 | 7,237,273 | 7,310,000 | ||||
Net (loss) income | (11,319,910) | (11,330,927) | (11,330,927) | 11,017 | ||||
Ending balance at Mar. 30, 2019 | 44,608,942 | $ 858,004 | 343,738,809 | (17,238,669) | 1,651,904 | (284,263,070) | 44,746,978 | (138,036) |
Ending Balance (in shares) at Mar. 30, 2019 | 85,800,499 | |||||||
Beginning balance at Dec. 29, 2018 | 47,712,821 | $ 785,220 | 335,692,879 | (17,238,669) | 1,554,587 | (272,932,143) | 47,861,874 | (149,053) |
Beginning Balance (in shares) at Dec. 29, 2018 | 78,522,066 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive income | 317,785 | |||||||
Net (loss) income | (15,556,934) | |||||||
Ending balance at Jun. 29, 2019 | 41,859,391 | $ 865,669 | 344,998,149 | (17,238,669) | 1,872,372 | (288,523,461) | 41,974,060 | (114,669) |
Ending Balance (in shares) at Jun. 29, 2019 | 86,566,953 | |||||||
Beginning balance at Mar. 30, 2019 | 44,608,942 | $ 858,004 | 343,738,809 | (17,238,669) | 1,651,904 | (284,263,070) | 44,746,978 | (138,036) |
Beginning Balance (in shares) at Mar. 30, 2019 | 85,800,499 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation | 538,474 | 538,474 | 538,474 | |||||
Vesting of restricted stock (shares) | 60,000 | |||||||
Vesting of restricted stock | $ 600 | (600) | ||||||
Other comprehensive income | 220,468 | 220,468 | 220,468 | |||||
Sale of registered stock | 728,531 | 7,065 | 721,466 | 728,531 | ||||
Net (loss) income | (4,237,024) | (4,260,391) | (4,260,391) | 23,367 | ||||
Ending balance at Jun. 29, 2019 | $ 41,859,391 | $ 865,669 | $ 344,998,149 | $ (17,238,669) | $ 1,872,372 | $ (288,523,461) | $ 41,974,060 | $ (114,669) |
Ending Balance (in shares) at Jun. 29, 2019 | 86,566,953 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (15,556,934) | $ (14,718,777) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 438,294 | 1,130,169 |
Stock-based compensation | 1,354,316 | 2,687,789 |
Foreign currency (gains) losses | (73,231) | 19,534 |
Change in allowance for bad debt | 330,172 | 219,937 |
Unrealized gain on investments | (768,000) | (2,849,816) |
Deferred income taxes | 52,518 | 196,252 |
Loss on disposal of plant and equipment | 251,291 | 0 |
Write-off of excess inventory | 2,406,492 | 0 |
Other non-cash items | (19,631) | 301,499 |
Changes in assets and liabilities, net of acquired assets and liabilities: | ||
Accounts receivable | (2,144,699) | 687,986 |
Contract assets | 1,867,058 | 1,315,022 |
Inventory | (1,309,827) | (605,154) |
Prepaid expenses and other current assets | 418,317 | 113,537 |
Accounts payable and accrued expenses | 304,955 | (2,018,182) |
Contract liabilities and billings in excess of revenue earned | 1,070,129 | 312,352 |
Net cash used in operating activities | (11,378,780) | (13,207,852) |
Cash flows provided by investing activities: | ||
Other assets | (100,810) | (41,966) |
Capital expenditures | (119,815) | (740,172) |
Proceeds from sale of marketable debt securities | 3,789,139 | 13,109,285 |
Cash paid for equity investment | (2,500,000) | (1,000,000) |
Net cash provided by investing activities | 1,068,514 | 11,327,147 |
Cash flows (used in) provided by financing activities: | ||
Sale of registered stock | 8,128,531 | 0 |
Settlements of restricted stock for tax withholding obligations | 7,128 | 11,402 |
Net cash provided by financing activities | 8,121,403 | (11,402) |
Effect of exchange rate changes on cash | (2,958) | (213,545) |
Net decrease in cash and cash equivalents | (2,191,821) | (2,105,652) |
Cash and cash equivalents: | ||
Beginning of period | 14,326,347 | |
End of period | 12,134,526 | |
Supplemental disclosure of cash flow information: | ||
Issuance costs included in accounts payable and accrued expenses | 90,000 | |
Income taxes paid | $ 0 | $ 1,300,000 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The condensed consolidated financial statements of Kopin Corporation as of June 29, 2019 and for the three and six month periods ended June 29, 2019 and June 30, 2018 are unaudited and include all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the periods then ended. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto, included in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2018 . The results of the Company's operations for any interim period are not necessarily indicative of the results of the Company's operations for any other interim period or for a full fiscal year. As used in this report, the terms "we", "us", "our", "Kopin" and the "Company" mean Kopin Corporation and its subsidiaries, unless the context indicates another meaning. Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses of $35.8 million and net cash outflows from operations of $28.2 million for the fiscal year ended 2018. The Company incurred a net loss of $15.6 million for the six months ended June 29, 2019 and net cash outflows from operations of $11.4 million . In addition, the Company has experienced a significant decline in its cash and cash equivalents and marketable debt securities over the last several years, which was primarily a result of funding operating losses, of which a significant component relates to the Company’s investments in the research and development of Wearable products. The Company had $31.6 million of cash and cash equivalents and marketable debt securities at June 29, 2019 . The Company's historical and current use of cash in operations combined with limited liquidity resources raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company’s products target the industrial wearable headset and military markets. Management believes the industrial wearable market is still developing and cannot predict how long the wearable market will take to develop or if the Company’s products will be accepted. Accordingly, the Company’s current strategy is to continue to invest in research and development, even during unprofitable periods, which has resulted in the Company continuing to incur net losses and negative cash flows from operations. As the Company continues to incur negative cash flows from operations its financial condition will be materially adversely affected. As such, management is actively pursuing strategic alternatives including the reduction of operating expenses and raising additional capital, among other things. While there can be no assurance the Company will be able to successfully reduce operating expenses or raise additional capital, management believes it has sufficient cash for operations through the end of fiscal 2020, based on management’s historical success in managing cash flows and obtaining capital. These condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
ACCOUNTING STANDARDS Accounting
ACCOUNTING STANDARDS Accounting Standards (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Leases [Abstract] | |
Accounting Standards | ACCOUNTING STANDARDS Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) , which requires lessees to recognize operating lease right-of-use assets and lease liability for most lease arrangements. Effective December 30, 2018, the Company adopted the requirements of the new lease standard using the modified retrospective approach, applying the new lease requirements at the beginning of fiscal year 2019. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allows us to carry forward the historical lease classification. The Company did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. The standard resulted in the recognition of operating lease right-of-use assets of $3.7 million and operating lease liabilities of $3.8 million , of which $1.0 million was classified as current at the beginning of fiscal year 2019. The standard had no material impact on the Company's results of operations or cash flows and there was no cumulative impact on accumulated deficit as of December 30, 2018. In addition, new disclosures are provided to enable readers to assess the amount, timing and uncertainty of cash flows arising from leases. Significant Accounting Policies Update The Company's significant accounting policies are detailed in "Note 1: Summary of Significant Accounting Policies" of our Annual Report on Form 10-K for the fiscal year ended December 29, 2018. Effective December 30, 2019, the Company adopted the requirements of ASU 2016-02, Leases (Topic 842) using the modified retrospective approach as discussed below. The Company reclassified certain balance sheet accounts to conform to the Company's current period presentation. All amounts disclosed in this Form 10-Q reflect these changes. Leases The Company determines if an arrangement is a lease or contains an embedded lease at inception. For lease arrangements with both lease and non-lease components (e.g., common-area maintenance costs), the Company accounts for the non-lease components separately. All of the Company's leases are operating leases. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future lease payments over the lease term at the commencement date. The operating lease right-of-use assets also includes any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. For the majority of the Company's leases, the discount rate used to determine the present value of the lease payments is the Company's incremental borrowing rate at the lease commencement date, as the implicit rate is not readily determinable. The discount rate represents a risk-adjusted rate on a secured basis, and is the rate at which the Company would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term. On December 30, 2018, the discount rate used on existing leases at adoption was determined based on the remaining lease term using available data as of that date. For new or renewed leases starting in 2019, the discount rate is determined using available data at lease commencement and based on the lease term including any reasonably certain renewal periods. Some of our leases include options to extend or terminate the lease. The Company includes these options in the recognition of the Company's ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. In most cases, the Company has concluded that renewal and early termination options are not reasonably certain of being exercised by the Company (and thus not included in our ROU asset and lease liability) unless there is an economic, financial or business reason to do so. None of our leases include variable lease-related payments, such as escalation clauses based on the consumer price index ("CPI") rates or residual guarantees. Accounting Standards Issued But Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, amends and removes certain disclosure requirements related to fair value measurements. Among other changes, this standard requires certain additional disclosure surrounding Level 3 assets, including changes in unrealized gains or losses in other comprehensive income and certain inputs in those measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Certain amended or eliminated disclosures in this standard may be adopted early, while certain additional disclosure requirements in this standard can be adopted on its effective date. In addition, certain changes in the standard require retrospective adoption, while other changes must be adopted prospectively. The Company is currently evaluating ASU 2018-13 and its impact on our consolidated financial statements. |
CASH AND EQUIVALENTS AND MARKET
CASH AND EQUIVALENTS AND MARKETABLE SECURITIES | 6 Months Ended |
Jun. 29, 2019 | |
Cash and Equivalents and Marketable Securities Disclosure [Abstract] | |
CASH AND EQUIVALENTS AND MARKETABLE SECURITIES | CASH AND CASH EQUIVALENTS 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. 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 premium 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 and six months ended June 29, 2019 and the fiscal year ended December 29, 2018 . Investments in available-for-sale marketable debt securities were as follows at June 29, 2019 and December 29, 2018 : Amortized Cost Unrealized Losses Fair Value 2019 2018 2019 2018 2019 2018 U.S. government and agency backed securities $ 10,306,091 $ 13,064,418 $ (10,895 ) $ (253,495 ) $ 10,295,196 $ 12,810,923 Corporate debt 9,128,446 10,175,084 (3,413 ) (67,991 ) 9,125,033 10,107,093 Total $ 19,434,537 $ 23,239,502 $ (14,308 ) $ (321,486 ) $ 19,420,229 $ 22,918,016 The contractual maturity of the Company’s marketable debt securities was as follows at June 29, 2019 : Less than One year One to Five years Total U.S. government and agency backed securities $ 999,210 $ 9,295,986 $ 10,295,196 Corporate debt 3,669,413 5,455,620 9,125,033 Total $ 4,668,623 $ 14,751,606 $ 19,420,229 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Financial instruments are categorized as Level 1, Level 2 or Level 3 based upon the method by which their fair value is computed. An investment is categorized as Level 1 when its fair value is based on unadjusted quoted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An investment is categorized as Level 2 if its fair market value is based on quoted market prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, based on observable inputs such as interest rates, yield curves, or derived from or corroborated by observable market data by correlation or other means. An investment is categorized as Level 3 if its fair value is based on assumptions developed by the Company about what a market participant would use in pricing the assets. The following table details the fair value measurements of the Company’s financial assets: Fair Value Measurement June 29, 2019 Using: Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 12,134,526 $ 12,134,526 $ — $ — U.S. Government Securities 10,295,196 — 10,295,196 — Corporate Debt 9,125,033 — 9,125,033 — Equity Investments 9,141,133 300,134 — 8,840,999 $ 40,695,888 $ 12,434,660 $ 19,420,229 $ 8,840,999 Fair Value Measurement December 29, 2018 Using: Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 14,326,347 $ 14,326,347 $ — $ — U.S. Government Securities 12,810,923 — 12,810,923 — Corporate Debt 10,107,093 — 10,107,093 — Equity Investments 5,853,525 288,026 — 5,565,499 $ 43,097,888 $ 14,614,373 $ 22,918,016 $ 5,565,499 Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. During the six months ended June 29, 2019 , there were no transfers between levels of the fair value hierarchy. Changes in Level 3 investments were as follows: December 29, 2018 Net unrealized gains Purchases, issuances and settlements Transfers in and or out of Level 3 June 29, 2019 Equity Investments $ 5,565,499 $ 775,500 $ 2,500,000 $ — $ 8,840,999 The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of their short-term nature. If accrued liabilities were carried at fair value, these would be classified as Level 2 in the fair value hierarchy. Marketable Debt Securities The corporate debt consists of floating rate notes with a maturity that is over multiple years but has interest rates that are reset every three months based on the then-current three-month London Interbank Offering Rate ("three-month Libor"). The Company validates the fair market values of the financial instruments above by using discounted cash flow models, obtaining independent pricing of the securities or through the use of a model that incorporates the three-month Libor, the credit default swap rate of the issuer if applicable and the bid and ask price spread of the same or similar investments which are traded on several markets. Equity Investments The Company adopted the measurement alternative for equity investments without readily determinable fair values (often referred to as cost method investments). As a result, equity investments will be revalued upon occurrence of an observable price change for similar investments and for impairments. The Company acquired an equity interest in a company in the first quarter of 2018. The Company made a $1.0 million capital contribution during the three months ended March 31, 2018. The Company also contributed certain intellectual property. During the three and six months ended June 29, 2019 , the Company recorded less than $0.1 million of unrealized gain on this equity investment due to a fluctuation in the foreign exchange rate. As of June 29, 2019 , the Company owned an 11.4% interest in this investment and the fair value of this equity investment was approximately $3.6 million at June 29, 2019 . The Company acquired an equity interest in a customer by exercising a warrant in the second quarter of 2018 for up to 15% of the customer's Series A equity offering as part of the licensing of technology to the customer. The Company used the customer's capital structure, pricing of the shares being offered and the warrant from the customer's Series A financing round in determining the value upon exercising the warrant. In addition, the Company acquired 368,732 shares of the customer's Series B equity valued at $2.5 million based on the fair value of the Series B at the closing in May 2019. During the three and six months ended June 29, 2019 , the Company recognized a $0.8 million gain based on an observable price change for the Series A shares by using the customer's Series B capital structure, pricing of the shares being offered and the liquidation preference of Series B. As of June 29, 2019 , the Company's total fair value in Series A and Series B equity investments is $5.2 million |
INVENTORY
INVENTORY | 6 Months Ended |
Jun. 29, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY Inventories are stated at standard cost adjusted to approximate the lower of cost (first-in, first-out method) or net realizable value and consist of the following at June 29, 2019 and December 29, 2018 : June 29, 2019 December 29, 2018 Raw materials $ 2,412,961 $ 2,548,139 Work-in-process 887,595 1,526,552 Finished goods 399,618 722,547 $ 3,700,174 $ 4,797,238 |
NET LOSS PER SHARE
NET LOSS PER SHARE | 6 Months Ended |
Jun. 29, 2019 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | NET LOSS PER SHARE Basic net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period less any unvested restricted shares. Diluted net loss per share is calculated using weighted-average shares outstanding and contingently issuable shares, less weighted-average shares reacquired during the period. The net outstanding shares are adjusted for the dilutive effect of shares issuable upon the assumed conversion of the Company’s common stock equivalents, which consist of unvested restricted stock. The following were not included in weighted-average common shares outstanding-diluted because they are anti-dilutive or performance conditions have not been met at the end of the period: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Non-vested restricted common stock 2,047,374 3,442,249 2,047,374 3,442,249 |
STOCKHOLDERS' EQUITY AND STOCK-
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 29, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION | STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION Registered Sale of Equity Securities On March 15, 2019, the Company sold 7.3 million shares of registered common stock for gross proceeds of $8.0 million ( $1.10 per share), before deducting underwriting discounts and offering expenses paid by the Company. This represented approximately 8.9% of Kopin's total outstanding shares of common stock as of the date of purchase. The net proceeds from the offering were used for general corporate purposes, including working capital. On April 10, 2019, the Company sold 0.7 million shares of registered common stock for gross proceeds of $0.8 million ( $1.10 per share), before deducting underwriting discounts and offering expenses paid by the Company, pursuant to the partial exercise of the underwriters' overallotment option in connection with its March 15, 2019 public offering. This represented approximately 0.8% of Kopin's total outstanding shares of common stock as of the date of purchase. Non-Vested Restricted Common Stock The fair value of non-vested restricted common stock awards is generally the market value of the Company’s common stock on the date of grant. The non-vested restricted common stock awards require the employee to fulfill certain obligations, including remaining employed by the Company for one , two or four years (the vesting period) and in certain cases also require meeting either performance criteria or the Company’s stock achieving a certain price. For non-vested restricted common stock awards that solely require the recipient to remain employed with the Company, the stock compensation expense is amortized over the anticipated service period. For non-vested restricted common stock awards that require the achievement of performance criteria, the Company reviews the probability of achieving the performance goals on a periodic basis. If the Company determines that it is probable that the performance criteria will be achieved, the amount of compensation cost derived for the performance goal is amortized over the anticipated service period. If the performance criteria are not met, no compensation cost is recognized and any previously recognized compensation cost is reversed. Restricted stock activity was as follows: Shares Weighted Balance, December 29, 2018 2,213,249 $ 2.51 Granted 130,000 1.20 Forfeited (225,875 ) 2.97 Vested (70,000 ) 3.32 Balance, June 29, 2019 2,047,374 $ 2.35 On December 31, 2017, the Company amended the employment agreement with our CEO, Dr. John Fan, to expire on December 31, 2020 and as part of the amendment issued restricted stock grants. Of the restricted stock grants issued to Dr. Fan, 640,000 shares will vest upon the first 20 consecutive trading day period following the grant date during which the Company's common stock trades at a price equal to or greater than $5.25 , 150,000 shares will vest at the end of the first 20 consecutive trading day period following the grant date during which the Company’s common stock trades at a price per share equal to or greater than $6.00 , and 150,000 shares will vest at the end of the first 20 consecutive trading day period following the grant date during which the Company’s common stock trades at a price per share equal to or greater than $7.00 . All of the grants are subject to certain acceleration events and expire on December 31, 2020. The total fair value of these awards on December 31, 2017 was $1.7 million . The value of restricted stock grants that vest based on market conditions is computed on the date of grant using the Monte Carlo model with the following assumptions: For the three months ended June 29, 2019 Performance price target $ 5.25 $ 6.00 $ 7.00 Expected volatility 48.3 % 48.3 % 48.3 % Interest rate 1.97 % 1.97 % 1.97 % Expected life (years) 3 3 3 Dividend yield — % — % — % Stock-Based Compensation The following table summarizes stock-based compensation expense within each of the categories below as it relates to non-vested restricted common stock awards for the six months ended June 29, 2019 and June 30, 2018 (no tax benefits were recognized): Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Cost of product revenues $ 32,107 $ 155,925 $ 64,215 $ 266,151 Research and development 83,785 193,767 188,515 468,083 Selling, general and administrative 422,582 938,682 1,101,586 1,953,555 Total $ 538,474 $ 1,288,374 $ 1,354,316 $ 2,687,789 Unrecognized compensation expense for non-vested restricted common stock as of June 29, 2019 totaled $1.9 million and is expected to be recognized over a weighted average period of approximately two years . |
(Notes)
(Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Product Warranties Disclosures [Abstract] | |
ACCRUED WARRANTY | ACCRUED WARRANTY The Company typically warrants its products against defect for 12 to 18 months , however, for certain products a customer may purchase an extended warranty. A provision for estimated future costs and estimated returns for credit relating to such warranty is recorded in the period when product is shipped and revenue recognized, and is updated as additional information becomes available. The Company’s estimate of future costs to satisfy warranty obligations is based primarily on historical warranty expense experienced and a provision for potential future product failures. Changes in the accrued warranty for the six months ended June 29, 2019 were as follows: Balance, December 29, 2018 $ 571,000 Additions 290,000 Claims (326,000 ) Balance, June 29, 2019 $ 535,000 Extended Warranties Deferred revenue represents the purchase of extended warranties by the Company's customers. The Company recognizes revenue from an extended warranty on the straight-line method over the life of the extended warranty, which is typically 12 to 15 months beyond the standard 12 to 18 month warranty. The Company classifies the current portion of deferred revenue under Contract liabilities and billings in excess of revenue earned and classifies the long-term portion of deferred revenue under Other long-term obligations in its condensed consolidated balance sheets. At June 29, 2019 , the Company had $0.2 million of deferred revenue related to extended warranties. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded a provision for income taxes of less than $0.1 million and $0.2 million in the three months ended June 29, 2019 and June 30, 2018 , respectively. The Company recorded a provision for income taxes of less than $0.1 million and $0.2 million in the six months ended June 29, 2019 and June 30, 2018 , respectively. As of June 29, 2019 , the Company has available for tax purposes U.S. federal NOLs of approximately $210.2 million expiring 2022 through 2037. The Company had recognized a full valuation allowance on its domestic and certain foreign net deferred tax assets due to the uncertainty of realization of such assets. The Company recognizes both accrued interest and penalties related to its uncertain tax positions related to intercompany loan interest and potential transfer pricing exposure related to its foreign subsidiaries. |
CONTRACT ASSETS AND LIABILITIES
CONTRACT ASSETS AND LIABILITIES (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Contract Assets and Contract Liabilities [Abstract] | |
CONTRACT ASSETS AND LIABILITIES | 10. CONTRACT ASSETS AND LIABILITIES Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized from customer arrangements, including licensing, exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are generally classified as current. The Company classifies the noncurrent portion of contract assets under other assets in its condensed consolidated balance sheets. Contract liabilities consist of advance payments and billings in excess of cost incurred and deferred revenue. Net contract assets (liabilities) consisted of the following: June 29, 2019 December 29, 2018 $ Change % Change Contract assets—current $ 1,222,605 $ 3,089,663 $ (1,867,058 ) (60 )% Contract liabilities—current (1,227,198 ) (388,933 ) (838,265 ) 216 % Contract liabilities—noncurrent (14,813 ) (17,294 ) 2,481 (14 )% Net contract (liabilities) assets $ (19,406 ) $ 2,683,436 $ (2,702,842 ) (101 )% The $2.7 million decrease in the Company's net contract assets (liabilities) from December 29, 2018 to June 29, 2019 was primarily due the shipment of inventory that was in process at December 29, 2018 and advanced payments in excess of amounts earned on development contracts. In the three and six months ended June 29, 2019 , the Company recognized revenue of $0.1 million and $0.3 million , respectively, related to our contract liabilities at December 30, 2018. In the three and six months ended June 30, 2018 , the Company recognized revenue of less than $0.1 million related to our contract liabilities at December 31, 2017. The Company did not recognize impairment losses on our contract assets in the three and six months ended June 29, 2019 or June 30, 2018 . |
LEASES AND COMMITMENTS (Notes)
LEASES AND COMMITMENTS (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | Commitments The Company has entered into an investment agreement to make a one-time capital contribution of approximately $5.1 million (the Company's capital contribution under the agreement is 35.0 million Chinese Yuan Renminbi) in which the Company will receive a 3.5% equity interest in the investment. The Company’s ability to make its capital contribution is subject to Chinese laws which include restrictions on direct foreign investment. Accordingly, the Company may need to make the capital contribution through its Chinese subsidiary’s operations. The investment agreement has penalty clauses in the event the Company does not make its capital contribution in a timely manner. Due to delays in making its contribution the Company has accrued $0.4 million in penalties related to this agreement. |
LEASES | 11. LEASES AND COMMITMENTS Leases The Company enters into operating leases primarily for: real estate, including for manufacturing, engineering, research, administration and sales facilities, and information technology ("IT") equipment. At June 29, 2019 and December 29, 2018, the Company did not have any finance leases. Approximately 87% of our future lease commitments, and related lease liability, relate to the Company's real estate leases. Some of the Company's leases include options to extend or terminate the lease. The components of lease expense were as follows: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Operating lease cost $ 308,080 $ 359,574 $ 603,565 $ 716,402 At June 29, 2019 , the Company's future lease payments under non-cancellable leases were as follows: 2019 (excluding the six months ended June 29, 2019) $ 599,762 2020 1,220,272 2021 1,028,781 2022 654,473 2023 201,333 Thereafter — Total future lease payments 3,704,621 Less imputed interest (373,355 ) Total $ 3,331,266 The Company's lease liabilities recognized in the Company's condensed consolidated balance sheets at June 29, 2019 was as follows: June 29, 2019 Operating lease liabilities—current $ 1,017,234 Operating lease liabilities—noncurrent 2,314,032 Total lease liabilities $ 3,331,266 Supplemental cash flow information related to leases was as follows: Six months ended June 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 602,166 Right-of-use assets obtained in exchange for new operating lease obligations 489,252 Other information related to leases was as follows: June 29, 2019 Weighted Average Discount Rate—Operating Leases 6.16 % Weighted Average Remaining Lease Term—Operating Leases (in years) 3.8 Prior to December 30, 2018, the Company accounted for its leases in accordance with Topic 840, Leases . At December 29, 2018, the Company was committed under operating leases for buildings, office space and equipment, which expired at various dates. As previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 29, 2018 and under previous lease guidance, future minimum lease payments under non-cancelable operating leases as of December 29, 2018 were as follows: Fiscal year ending, Amount 2019 $ 1,210,000 2020 1,112,000 2021 921,000 2022 616,000 2023 201,000 Thereafter — Total $ 4,060,000 |
SEGMENTS AND GEOGRAPHICAL INFOR
SEGMENTS AND GEOGRAPHICAL INFORMATION | 6 Months Ended |
Jun. 29, 2019 | |
Segment Reporting [Abstract] | |
SEGMENTS AND GEOGRAPHICAL INFORMATION | SEGMENTS AND DISAGGREGATION OF REVENUE The Company’s chief operating decision maker is its Chief Executive Officer. The Company has determined it has two reportable segments: Industrial, which includes the operations that develop and manufacture its reflective display products and virtual reality systems for test and simulation products, and Kopin, which includes the operations that develop and manufacture its other products. Segment financial results were as follows: Three Months Ended Six Months Ended Total Revenue (in thousands) June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Kopin $ 7,673 $ 4,405 $ 11,129 $ 7,403 Industrial 1,647 1,948 4,224 4,604 Eliminations (210 ) (409 ) (700 ) (409 ) Total $ 9,110 $ 5,944 $ 14,653 $ 11,598 Three Months Ended Six Months Ended Total Intersegment Revenue (in thousands) June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Kopin $ — $ — $ — $ — Industrial 210 409 700 409 Total $ 210 $ 409 $ 700 $ 409 Three Months Ended Six Months Ended Net Loss Attributable to Kopin (in thousands) June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Kopin $ (4,153 ) $ (8,844 ) $ (16,047 ) $ (14,834 ) Industrial (107 ) (397 ) 456 57 Total $ (4,260 ) $ (9,241 ) $ (15,591 ) $ (14,777 ) Total Assets (in thousands) June 29, 2019 December 29, 2018 Kopin $ 50,944 $ 50,995 Industrial 7,414 8,554 Total $ 58,358 $ 59,549 Total long-live assets by country at June 29, 2019 and December 29, 2018 were: Total Long-lived Assets (in thousands) June 29, 2019 December 29, 2018 U.S. $ 1,763 $ 2,101 United Kingdom 179 197 China 51 251 Japan 36 50 Total $ 2,029 $ 2,599 We disaggregate our revenue from contracts with customers by geographic location and by display application, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. During the three and six months ended June 29, 2019 and June 30, 2018 , the Company derived its sales from the following geographies: Three Months Ended June 29, 2019 Kopin Industrial Total (In thousands, except percentages) Revenue % of Total Revenue % of Total Revenue % of Total United States $ 2,164 24 % $ 441 5 % $ 2,605 29 % Other Americas 7 — — — 7 — Total Americas 2,171 24 441 5 2,612 29 Asia-Pacific 5,171 57 646 7 5,817 64 Europe 331 3 340 4 671 7 Other — — 10 — 10 — Total Revenues $ 7,673 84 % $ 1,437 16 % $ 9,110 100 % Three Months Ended June 30, 2018 Kopin Industrial Total (In thousands, except percentages) Revenue % of Total Revenue % of Total Revenue % of Total United States $ 2,950 50 % $ 608 10 % $ 3,558 60 % Other Americas 26 — 18 — 44 1 Total Americas 2,976 50 626 11 3,602 61 Asia-Pacific 987 17 468 8 1,455 25 Europe 442 7 425 7 867 14 Other — — 20 — 20 — Total Revenues $ 4,405 74 % $ 1,539 26 % $ 5,944 100 % Six Months Ended June 29, 2019 Kopin Industrial Total (In thousands, except percentages) Revenue % of Total Revenue % of Total Revenue % of Total United States $ 4,191 29 % $ 820 6 % $ 5,011 35 % Other Americas 18 — 7 — 25 — Total Americas 4,209 29 827 6 5,036 35 Asia-Pacific 6,203 42 1,487 10 7,690 52 Europe 717 5 1,200 8 1,917 13 Other — — 10 — 10 — Total Revenues $ 11,129 76 % $ 3,524 24 % $ 14,653 100 % Six Months Ended June 30, 2018 Kopin Industrial Total (In thousands, except percentages) Revenue % of Total Revenue % of Total Revenue % of Total United States $ 5,160 44 % $ 1,994 17 % $ 7,154 61 % Other Americas 28 — 22 — 50 — Total Americas 5,188 44 2,016 17 7,204 61 Asia-Pacific 1,467 14 1,161 10 2,628 24 Europe 748 6 995 9 1,743 15 Other — — 23 — 23 — Total Revenues $ 7,403 64 % $ 4,195 36 % $ 11,598 100 % During the three and six months ended June 29, 2019 and June 30, 2018 , the Company derived its sales from the following display applications: Three Months Ended June 29, 2019 Three Months Ended June 30, 2018 (In thousands) Kopin Industrial Total Kopin Industrial Total Military $ 1,277 $ 520 $ 1,797 $ 1,067 $ 570 $ 1,637 Industrial 1,218 917 2,135 472 748 1,220 Consumer 503 — 503 1,505 — 1,505 Other — — — 39 71 110 R&D 455 — 455 1,322 150 1,472 License and royalties 4,220 — 4,220 — — — Total Revenues $ 7,673 $ 1,437 $ 9,110 $ 4,405 $ 1,539 $ 5,944 Six Months Ended June 29, 2019 Six Months Ended June 30, 2018 (In thousands) Kopin Industrial Total Kopin Industrial Total Military $ 2,355 $ 883 $ 3,238 $ 1,865 $ 2,056 $ 3,921 Industrial 2,154 2,484 4,638 1,220 1,759 2,979 Consumer 1,149 — 1,149 2,396 — 2,396 Other 7 17 24 39 182 221 R&D 1,059 140 1,199 1,883 198 2,081 License and royalties 4,405 — 4,405 — — — Total Revenues $ 11,129 $ 3,524 $ 14,653 $ 7,403 $ 4,195 $ 11,598 |
LITIGATION
LITIGATION | 6 Months Ended |
Jun. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION The Company may engage in legal proceedings arising in the ordinary course of business. Claims, suits, investigations and proceedings are inherently uncertain and it is not possible to predict the ultimate outcome of such matters and our business, financial condition, results of operations or cash flows could be affected in any particular period. BlueRadios, Inc. v. Kopin Corporation, Civil Action No. 16-02052-JLK (D. Col.): On August 12, 2016, BlueRadios, Inc. ("BlueRadios") filed a complaint in the U.S. District Court for the District of Colorado, alleging that the Company breached a contract between it and BlueRadios concerning an alleged joint venture between the Company and BlueRadios to design, develop and commercialize micro-display products with embedded wireless technology referred to as “Golden-i” breached the covenant of good faith and fair dealing associated with that contract, breached its fiduciary duty to BlueRadios, and misappropriated trade secrets owned by BlueRadios in violation of Colorado law (C.R.S. § 7-74-104(4)) and the Defend Trade Secrets Act (18 U.S.C. § 1836(b)(1)). BlueRadios further alleges that the Company was unjustly enriched by its alleged misconduct, BlueRadios is entitled to an accounting to determine the amount of profits obtained by the Company as a result of its alleged misconduct, and the inventorship on at least ten patents or patent applications owned by the Company need to be corrected to list BlueRadios’ employees as inventors and thereby list BlueRadios as co-assignees of the patents. BlueRadios seeks monetary, declaratory, and injunctive relief, including for alleged non-payment of engineering retainer fees. On October 11, 2016, the Company filed its Answer and Affirmative Defenses. The parties are in the midst of discovery, with the close of all discovery currently set for October 15, 2019. On July 30, 2019, the Court granted Kopin’s Motion for Partial Summary Judgment against claims for alleged non-payment of engineering retainer fees. A trial date has not yet been set by the Court as to BlueRadios’ remaining claims. The Company has not concluded a loss from this matter is probable; therefore, we have not recorded an accrual for litigation or claims related to this matter for the period ended June 29, 2019 . The Company will continue to evaluate information as it becomes known and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 29, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company may from time to time enter into agreements with stockholders, affiliates and other companies engaged in certain aspects of the display, electronics, optical and software industries as part of our business strategy. In addition, the wearable computing product market is relatively new and there may be other technologies the Company needs to purchase from affiliates to enhance its product offering. During the three and six month periods ended June 29, 2019 and June 30, 2018 , the Company had the following transactions with related parties: Three Months Ended June 29, 2019 June 30, 2018 Sales Purchases Sales Purchases Goertek $ — $ — $ — $ 78,905 RealWear, Inc. 4,667,258 — 261,605 — $ 4,667,258 $ — $ 261,605 $ 78,905 Six Months Ended June 29, 2019 June 30, 2018 Sales Purchases Sales Purchases Goertek $ — $ 1,246,077 $ — $ 298,909 RealWear, Inc. 5,192,644 — 512,956 — $ 5,192,644 $ 1,246,077 $ 512,956 $ 298,909 The Company had the following receivables, contract assets and payables with related parties: June 29, 2019 December 29, 2018 Receivables Contract assets Payables Receivables Contract assets Payables Goertek $ — $ — $ 873,923 $ — $ — $ 207,530 RealWear, Inc. 2,060,537 400,000 — 1,041,334 400,000 — $ 2,060,537 $ 400,000 $ 873,923 $ 1,041,334 $ 400,000 $ 207,530 |
ACCOUNTING STANDARDS (Policies)
ACCOUNTING STANDARDS (Policies) | 6 Months Ended |
Jun. 29, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company determines if an arrangement is a lease or contains an embedded lease at inception. For lease arrangements with both lease and non-lease components (e.g., common-area maintenance costs), the Company accounts for the non-lease components separately. All of the Company's leases are operating leases. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future lease payments over the lease term at the commencement date. The operating lease right-of-use assets also includes any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. For the majority of the Company's leases, the discount rate used to determine the present value of the lease payments is the Company's incremental borrowing rate at the lease commencement date, as the implicit rate is not readily determinable. The discount rate represents a risk-adjusted rate on a secured basis, and is the rate at which the Company would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term. On December 30, 2018, the discount rate used on existing leases at adoption was determined based on the remaining lease term using available data as of that date. For new or renewed leases starting in 2019, the discount rate is determined using available data at lease commencement and based on the lease term including any reasonably certain renewal periods. Some of our leases include options to extend or terminate the lease. The Company includes these options in the recognition of the Company's ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option. In most cases, the Company has concluded that renewal and early termination options are not reasonably certain of being exercised by the Company (and thus not included in our ROU asset and lease liability) unless there is an economic, financial or business reason to do so. None of our leases include variable lease-related payments, such as escalation clauses based on the consumer price index ("CPI") rates or residual guarantees. |
CASH AND EQUIVALENTS AND MARK_2
CASH AND EQUIVALENTS AND MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Cash and Equivalents and Marketable Securities Disclosure [Abstract] | |
Cash Cash Equivalents and Marketable Securities Table | Investments in available-for-sale marketable debt securities were as follows at June 29, 2019 and December 29, 2018 : Amortized Cost Unrealized Losses Fair Value 2019 2018 2019 2018 2019 2018 U.S. government and agency backed securities $ 10,306,091 $ 13,064,418 $ (10,895 ) $ (253,495 ) $ 10,295,196 $ 12,810,923 Corporate debt 9,128,446 10,175,084 (3,413 ) (67,991 ) 9,125,033 10,107,093 Total $ 19,434,537 $ 23,239,502 $ (14,308 ) $ (321,486 ) $ 19,420,229 $ 22,918,016 |
Marketable Debt Securities | The contractual maturity of the Company’s marketable debt securities was as follows at June 29, 2019 : Less than One year One to Five years Total U.S. government and agency backed securities $ 999,210 $ 9,295,986 $ 10,295,196 Corporate debt 3,669,413 5,455,620 9,125,033 Total $ 4,668,623 $ 14,751,606 $ 19,420,229 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Instruments | Fair Value Measurement June 29, 2019 Using: Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 12,134,526 $ 12,134,526 $ — $ — U.S. Government Securities 10,295,196 — 10,295,196 — Corporate Debt 9,125,033 — 9,125,033 — Equity Investments 9,141,133 300,134 — 8,840,999 $ 40,695,888 $ 12,434,660 $ 19,420,229 $ 8,840,999 Fair Value Measurement December 29, 2018 Using: Total Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 14,326,347 $ 14,326,347 $ — $ — U.S. Government Securities 12,810,923 — 12,810,923 — Corporate Debt 10,107,093 — 10,107,093 — Equity Investments 5,853,525 288,026 — 5,565,499 $ 43,097,888 $ 14,614,373 $ 22,918,016 $ 5,565,499 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. During the six months ended June 29, 2019 , there were no transfers between levels of the fair value hierarchy. Changes in Level 3 investments were as follows: December 29, 2018 Net unrealized gains Purchases, issuances and settlements Transfers in and or out of Level 3 June 29, 2019 Equity Investments $ 5,565,499 $ 775,500 $ 2,500,000 $ — $ 8,840,999 |
INVENTORY (Tables)
INVENTORY (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Stated at the Lower of Cost or Market | and consist of the following at June 29, 2019 and December 29, 2018 : June 29, 2019 December 29, 2018 Raw materials $ 2,412,961 $ 2,548,139 Work-in-process 887,595 1,526,552 Finished goods 399,618 722,547 $ 3,700,174 $ 4,797,238 |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Earnings Per Share [Abstract] | |
Weighted Average Common Shares Outstanding-Diluted | The following were not included in weighted-average common shares outstanding-diluted because they are anti-dilutive or performance conditions have not been met at the end of the period: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Non-vested restricted common stock 2,047,374 3,442,249 2,047,374 3,442,249 |
STOCKHOLDERS' EQUITY AND STOC_2
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Share-based Payment Arrangement [Abstract] | |
NonVested Restricted Common Stock | Shares Weighted Balance, December 29, 2018 2,213,249 $ 2.51 Granted 130,000 1.20 Forfeited (225,875 ) 2.97 Vested (70,000 ) 3.32 Balance, June 29, 2019 2,047,374 $ 2.35 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The value of restricted stock grants that vest based on market conditions is computed on the date of grant using the Monte Carlo model with the following assumptions: For the three months ended June 29, 2019 Performance price target $ 5.25 $ 6.00 $ 7.00 Expected volatility 48.3 % 48.3 % 48.3 % Interest rate 1.97 % 1.97 % 1.97 % Expected life (years) 3 3 3 Dividend yield — % — % — % |
Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense within each of the categories below as it relates to non-vested restricted common stock awards for the six months ended June 29, 2019 and June 30, 2018 (no tax benefits were recognized): Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Cost of product revenues $ 32,107 $ 155,925 $ 64,215 $ 266,151 Research and development 83,785 193,767 188,515 468,083 Selling, general and administrative 422,582 938,682 1,101,586 1,953,555 Total $ 538,474 $ 1,288,374 $ 1,354,316 $ 2,687,789 |
ACCRUED WARRANTY (Tables)
ACCRUED WARRANTY (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Product Warranties Disclosures [Abstract] | |
Accrued Warranty | Changes in the accrued warranty for the six months ended June 29, 2019 were as follows: Balance, December 29, 2018 $ 571,000 Additions 290,000 Claims (326,000 ) Balance, June 29, 2019 $ 535,000 |
CONTRACT ASSETS AND LIABILITI_2
CONTRACT ASSETS AND LIABILITIES (Tables) | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Contract Assets and Contract Liabilities [Abstract] | ||
Contract with Customer, Asset and Liability | Net contract assets (liabilities) consisted of the following: June 29, 2019 December 29, 2018 $ Change % Change Contract assets—current $ 1,222,605 $ 3,089,663 $ (1,867,058 ) (60 )% Contract liabilities—current (1,227,198 ) (388,933 ) (838,265 ) 216 % Contract liabilities—noncurrent (14,813 ) (17,294 ) 2,481 (14 )% Net contract (liabilities) assets $ (19,406 ) $ 2,683,436 $ (2,702,842 ) (101 )% | |
Satisfaction of Performance Obligations | The Company's revenue recognition related to performance obligations that were satisfied at a point in time and over time were as follows: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Point in time 78 % 59 % 75 % 63 % Over time 22 % 41 % 25 % 37 % |
LEASES AND COMMITMENTS (Tables)
LEASES AND COMMITMENTS (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease, Cost | The components of lease expense were as follows: Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Operating lease cost $ 308,080 $ 359,574 $ 603,565 $ 716,402 |
Lessee, Operating Lease, Liability, Maturity | At June 29, 2019 , the Company's future lease payments under non-cancellable leases were as follows: 2019 (excluding the six months ended June 29, 2019) $ 599,762 2020 1,220,272 2021 1,028,781 2022 654,473 2023 201,333 Thereafter — Total future lease payments 3,704,621 Less imputed interest (373,355 ) Total $ 3,331,266 |
Operating Lease Payments Recognized in Consolidated Balance Sheets | The Company's lease liabilities recognized in the Company's condensed consolidated balance sheets at June 29, 2019 was as follows: June 29, 2019 Operating lease liabilities—current $ 1,017,234 Operating lease liabilities—noncurrent 2,314,032 Total lease liabilities $ 3,331,266 |
Other Information Related to Operating Leases | Supplemental cash flow information related to leases was as follows: Six months ended June 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 602,166 Right-of-use assets obtained in exchange for new operating lease obligations 489,252 Other information related to leases was as follows: June 29, 2019 Weighted Average Discount Rate—Operating Leases 6.16 % Weighted Average Remaining Lease Term—Operating Leases (in years) 3.8 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Prior to December 30, 2018, the Company accounted for its leases in accordance with Topic 840, Leases . At December 29, 2018, the Company was committed under operating leases for buildings, office space and equipment, which expired at various dates. As previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 29, 2018 and under previous lease guidance, future minimum lease payments under non-cancelable operating leases as of December 29, 2018 were as follows: Fiscal year ending, Amount 2019 $ 1,210,000 2020 1,112,000 2021 921,000 2022 616,000 2023 201,000 Thereafter — Total $ 4,060,000 |
SEGMENTS AND GEOGRAPHICAL INF_2
SEGMENTS AND GEOGRAPHICAL INFORMATION (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment financial results were as follows: Three Months Ended Six Months Ended Total Revenue (in thousands) June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Kopin $ 7,673 $ 4,405 $ 11,129 $ 7,403 Industrial 1,647 1,948 4,224 4,604 Eliminations (210 ) (409 ) (700 ) (409 ) Total $ 9,110 $ 5,944 $ 14,653 $ 11,598 Three Months Ended Six Months Ended Total Intersegment Revenue (in thousands) June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Kopin $ — $ — $ — $ — Industrial 210 409 700 409 Total $ 210 $ 409 $ 700 $ 409 Three Months Ended Six Months Ended Net Loss Attributable to Kopin (in thousands) June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Kopin $ (4,153 ) $ (8,844 ) $ (16,047 ) $ (14,834 ) Industrial (107 ) (397 ) 456 57 Total $ (4,260 ) $ (9,241 ) $ (15,591 ) $ (14,777 ) Total Assets (in thousands) June 29, 2019 December 29, 2018 Kopin $ 50,944 $ 50,995 Industrial 7,414 8,554 Total $ 58,358 $ 59,549 |
Long-lived Assets by Geographic Areas | Total long-live assets by country at June 29, 2019 and December 29, 2018 were: Total Long-lived Assets (in thousands) June 29, 2019 December 29, 2018 U.S. $ 1,763 $ 2,101 United Kingdom 179 197 China 51 251 Japan 36 50 Total $ 2,029 $ 2,599 |
Percentage of Net Revenues by Geographies | uring the three and six months ended June 29, 2019 and June 30, 2018 |
Segment Information by Revenue Type | es: Three Months Ended June 29, 2019 Kopin Industrial Total (In thousands, except percentages) Revenue % of Total Revenue % of Total Revenue % of Total United States $ 2,164 24 % $ 441 5 % $ 2,605 29 % Other Americas 7 — — — 7 — Total Americas 2,171 24 441 5 2,612 29 Asia-Pacific 5,171 57 646 7 5,817 64 Europe 331 3 340 4 671 7 Other — — 10 — 10 — Total Revenues $ 7,673 84 % $ 1,437 16 % $ 9,110 100 % Three Months Ended June 30, 2018 Kopin Industrial Total (In thousands, except percentages) Revenue % of Total Revenue % of Total Revenue % of Total United States $ 2,950 50 % $ 608 10 % $ 3,558 60 % Other Americas 26 — 18 — 44 1 Total Americas 2,976 50 626 11 3,602 61 Asia-Pacific 987 17 468 8 1,455 25 Europe 442 7 425 7 867 14 Other — — 20 — 20 — Total Revenues $ 4,405 74 % $ 1,539 26 % $ 5,944 100 % Six Months Ended June 29, 2019 Kopin Industrial Total (In thousands, except percentages) Revenue % of Total Revenue % of Total Revenue % of Total United States $ 4,191 29 % $ 820 6 % $ 5,011 35 % Other Americas 18 — 7 — 25 — Total Americas 4,209 29 827 6 5,036 35 Asia-Pacific 6,203 42 1,487 10 7,690 52 Europe 717 5 1,200 8 1,917 13 Other — — 10 — 10 — Total Revenues $ 11,129 76 % $ 3,524 24 % $ 14,653 100 % Six Months Ended June 30, 2018 Kopin Industrial Total (In thousands, except percentages) Revenue % of Total Revenue % of Total Revenue % of Total United States $ 5,160 44 % $ 1,994 17 % $ 7,154 61 % Other Americas 28 — 22 — 50 — Total Americas 5,188 44 2,016 17 7,204 61 Asia-Pacific 1,467 14 1,161 10 2,628 24 Europe 748 6 995 9 1,743 15 Other — — 23 — 23 — Total Revenues $ 7,403 64 % $ 4,195 36 % $ 11,598 100 % During the three and six months ended June 29, 2019 and June 30, 2018 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | During the three and six month periods ended June 29, 2019 and June 30, 2018 , the Company had the following transactions with related parties: Three Months Ended June 29, 2019 June 30, 2018 Sales Purchases Sales Purchases Goertek $ — $ — $ — $ 78,905 RealWear, Inc. 4,667,258 — 261,605 — $ 4,667,258 $ — $ 261,605 $ 78,905 Six Months Ended June 29, 2019 June 30, 2018 Sales Purchases Sales Purchases Goertek $ — $ 1,246,077 $ — $ 298,909 RealWear, Inc. 5,192,644 — 512,956 — $ 5,192,644 $ 1,246,077 $ 512,956 $ 298,909 The Company had the following receivables, contract assets and payables with related parties: June 29, 2019 December 29, 2018 Receivables Contract assets Payables Receivables Contract assets Payables Goertek $ — $ — $ 873,923 $ — $ — $ 207,530 RealWear, Inc. 2,060,537 400,000 — 1,041,334 400,000 — $ 2,060,537 $ 400,000 $ 873,923 $ 1,041,334 $ 400,000 $ 207,530 |
BASIS OF PRESENTATION Basis of
BASIS OF PRESENTATION Basis of Presentation (Details) - USD ($) $ / shares in Units, shares in Millions | Apr. 10, 2019 | Mar. 15, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 |
Basis of Presentation [Abstract] | |||||||||
Net (loss) income | $ (4,237,024) | $ (11,319,910) | $ (9,246,673) | $ (5,472,104) | $ (15,556,934) | $ (14,718,777) | $ 35,800,000 | ||
Net cash used in operating activities | (11,378,780) | $ (13,207,852) | $ 28,200,000 | ||||||
Sale of registered stock (in shares) | 0.7 | ||||||||
Proceeds from sale of equity, gross | $ 800,000 | $ 8,000,000 | |||||||
Shares issued (in usd per share) | $ 1.10 | $ 1.10 | |||||||
Cash and cash equivalents and marketable debt securities | $ 31,600,000 | $ 31,600,000 |
ACCOUNTING STANDARDS - Adoption
ACCOUNTING STANDARDS - Adoption of Accounting Standards (Details) - USD ($) | Jun. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2018 |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 3,242,146 | $ 3,700,000 | $ 0 |
Lease liability | 3,331,266 | 3,800,000 | |
Operating lease liabilities—current | $ 1,017,234 | $ 1,000,000 | $ 0 |
CASH AND EQUIVALENTS AND MARK_3
CASH AND EQUIVALENTS AND MARKETABLE SECURITIES (Details) - USD ($) | Jun. 29, 2019 | Dec. 29, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 19,434,537 | $ 23,239,502 |
Unrealized Losses | (14,308) | (321,486) |
Fair Value | 19,420,229 | 22,918,016 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Less than One year | 4,668,623 | |
One to Five years | 14,751,606 | |
Total | 19,420,229 | |
U.S. government and agency backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,306,091 | 13,064,418 |
Unrealized Losses | (10,895) | (253,495) |
Fair Value | 10,295,196 | 12,810,923 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Less than One year | 999,210 | |
One to Five years | 9,295,986 | |
Total | 10,295,196 | |
Corporate debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,128,446 | 10,175,084 |
Unrealized Losses | (3,413) | (67,991) |
Fair Value | 9,125,033 | $ 10,107,093 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Less than One year | 3,669,413 | |
One to Five years | 5,455,620 | |
Total | $ 9,125,033 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | 6 Months Ended | ||
Jun. 29, 2019 | Dec. 29, 2018 | Jun. 30, 2018 | |
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | $ 40,695,888 | $ 43,097,888 | |
Level 1 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 12,434,660 | 14,614,373 | |
Level 2 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 19,420,229 | 22,918,016 | |
Level 3 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 8,840,999 | 5,565,499 | |
Equity Investment One | Level 3 | |||
Fair Value Measurements [Line Items] | |||
Unrealized Gain (Loss) on Securities | 100,000 | ||
Financial instrument fair value | $ 3,600,000 | ||
Percentage Owned of an Equity Investment | 11.40% | ||
Cash and Cash Equivalents | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | $ 12,134,526 | 14,326,347 | |
Cash and Cash Equivalents | Level 1 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 12,134,526 | 14,326,347 | |
Cash and Cash Equivalents | Level 3 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 0 | 0 | |
U.S. Government Securities | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 10,295,196 | 12,810,923 | |
U.S. Government Securities | Level 1 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 0 | 0 | |
U.S. Government Securities | Level 2 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 10,295,196 | 12,810,923 | |
U.S. Government Securities | Level 3 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 0 | 0 | |
Corporate debt | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 9,125,033 | 10,107,093 | |
Corporate debt | Level 2 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 9,125,033 | 10,107,093 | |
Corporate debt | Level 3 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 0 | 0 | |
Equity Investments | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 9,141,133 | 5,853,525 | |
Equity Investments | Level 1 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 300,134 | 288,026 | |
Equity Investments | Level 2 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 0 | 0 | |
Equity Investments | Level 3 | |||
Fair Value Measurements [Line Items] | |||
Financial instrument fair value | 8,840,999 | 5,565,499 | |
RealWear, Inc. | Level 3 | |||
Fair Value Measurements [Line Items] | |||
Unrealized Gain (Loss) on Securities | $ 800,000 | ||
Financial instrument fair value | $ 5,200,000 | ||
Percentage Owned of an Equity Investment | 15.00% |
FAIR VALUE MEASUREMENTS - Trans
FAIR VALUE MEASUREMENTS - Transfers Between Levels of Fair Value Hierarchy (Details) | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Transfers Between Levels of Fair Value | |
Financial instrument fair value | $ 43,097,888 |
Financial instrument fair value | 40,695,888 |
Level 3 | |
Transfers Between Levels of Fair Value | |
Financial instrument fair value | 5,565,499 |
Financial instrument fair value | 8,840,999 |
Equity Investments | Level 3 | |
Transfers Between Levels of Fair Value | |
Financial instrument fair value | 5,565,499 |
Purchases, issuances and settlements | 2,500,000 |
Transfers in and or out of Level 3 | 0 |
Financial instrument fair value | 8,840,999 |
Equity Investment One | Level 3 | |
Transfers Between Levels of Fair Value | |
Net unrealized gains | $ 775,500 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) | 6 Months Ended | |||
Jun. 29, 2019 | May 31, 2019 | Dec. 29, 2018 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial instrument fair value | $ 40,695,888 | $ 43,097,888 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial instrument fair value | 8,840,999 | 5,565,499 | ||
Equity Investments | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial instrument fair value | 8,840,999 | 5,565,499 | ||
Equity Investment One | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net unrealized gains | 775,500 | |||
RealWear, Inc. | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Percentage Owned of an Equity Investment | 15.00% | |||
Financial instrument fair value | $ 5,200,000 | |||
Shares Acquired in an Equity Security | 368,732 | |||
Equity Securities, FV-NI | $ 2,500,000 | |||
Unrealized Gain (Loss) on Securities | $ 800,000 | |||
Equity Investment One | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Payments to acquire an equity investment | $ 1,000,000 | |||
Percentage Owned of an Equity Investment | 11.40% | |||
Financial instrument fair value | $ 3,600,000 | |||
Unrealized Gain (Loss) on Securities | $ 100,000 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) | Jun. 29, 2019 | Dec. 29, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,412,961 | $ 2,548,139 |
Work-in-process | 887,595 | 1,526,552 |
Finished goods | 399,618 | 722,547 |
Inventory | $ 3,700,174 | $ 4,797,238 |
NET LOSS PER SHARE (Details)
NET LOSS PER SHARE (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Non-vested restricted common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Non-vested restricted common stock (in shares) | 2,047,374 | 3,442,249 | 2,047,374 | 3,442,249 |
STOCKHOLDERS' EQUITY AND STOC_3
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION (Details) - USD ($) | Apr. 10, 2019 | Mar. 15, 2019 | Jun. 29, 2019 | Dec. 30, 2017 | Dec. 29, 2018 |
Class of Warrant or Right [Line Items] | |||||
Sale of registered stock (in shares) | 700,000 | ||||
Proceeds from sale of equity, gross | $ 800,000 | $ 8,000,000 | |||
Shares issued (in usd per share) | $ 1.10 | $ 1.10 | |||
Noncontrolling interest ownership percentage | 0.80% | 8.90% | |||
Weighted average grant date fair value (in usd per shares) | $ 1,700,000 | ||||
Restricted Stock | |||||
Class of Warrant or Right [Line Items] | |||||
Unrecognized compensation cost related to nonvested stock awards | $ 1,900,000 | ||||
Unrecognized compensation cost related to nonvested stock awards, period of recognition (in years) | 2 years | ||||
Share-based Compensation Award, Tranche One | |||||
Class of Warrant or Right [Line Items] | |||||
Nonvested common stock awards employment obligations (in years) | 1 year | ||||
Share-based Compensation Award, Tranche One | Restricted Stock | |||||
Class of Warrant or Right [Line Items] | |||||
Equity instruments granted in period (in shares) | 640,000 | ||||
Award vesting period | 20 days | ||||
Vesting market price (in usd per share) | $ 5.25 | ||||
Share-based Compensation Award, Tranche Two | |||||
Class of Warrant or Right [Line Items] | |||||
Nonvested common stock awards employment obligations (in years) | 2 years | ||||
Share-based Compensation Award, Tranche Two | Restricted Stock | |||||
Class of Warrant or Right [Line Items] | |||||
Equity instruments granted in period (in shares) | 150,000 | ||||
Award vesting period | 20 days | ||||
Vesting market price (in usd per share) | $ 6 | ||||
Share-based Compensation Award, Tranche Three | |||||
Class of Warrant or Right [Line Items] | |||||
Nonvested common stock awards employment obligations (in years) | 4 years | ||||
Share-based Compensation Award, Tranche Three | Restricted Stock | |||||
Class of Warrant or Right [Line Items] | |||||
Equity instruments granted in period (in shares) | 150,000 | ||||
Award vesting period | 20 days | ||||
Vesting market price (in usd per share) | $ 7 |
STOCKHOLDERS' EQUITY AND STOC_4
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Summary of Activity for Nonvested Restricted Common Stock Awards (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 29, 2019 | Dec. 30, 2017 | |
Weighted Average Grant Fair Value | ||
Beginning Balance (in usd per shares) | $ 1,700,000 | |
Unvested Restricted Stock Awards | ||
Shares | ||
Beginning Balance (in shares) | 2,213,249 | |
Equity instruments granted in period (in shares) | 130,000 | |
Forfeited (in shares) | (225,875) | |
Vested (in shares) | (70,000) | |
Ending Balance (in shares) | 2,047,374 | |
Weighted Average Grant Fair Value | ||
Beginning Balance (in usd per shares) | $ 2.51 | |
Granted (in usd per shares) | 1.20 | |
Forfeited (in usd per shares) | 2.97 | |
Vested (in usd per shares) | 3.32 | |
Ending Balance (in usd per shares) | $ 2.35 | |
Share-based Compensation Award, Tranche One | Restricted Stock | ||
Shares | ||
Equity instruments granted in period (in shares) | 640,000 | |
Weighted Average Grant Fair Value | ||
Performance price target (in usd per share) | $ 5.25 | |
Expected volatility | 48.30% | |
Interest rate | 1.97% | |
Expected life (years) | 3 years | |
Dividend yield | 0.00% | |
Share-based Compensation Award, Tranche Two | Restricted Stock | ||
Shares | ||
Equity instruments granted in period (in shares) | 150,000 | |
Weighted Average Grant Fair Value | ||
Performance price target (in usd per share) | $ 6 | |
Expected volatility | 48.30% | |
Interest rate | 1.97% | |
Expected life (years) | 3 years | |
Dividend yield | 0.00% | |
Share-based Compensation Award, Tranche Three | Restricted Stock | ||
Shares | ||
Equity instruments granted in period (in shares) | 150,000 | |
Weighted Average Grant Fair Value | ||
Performance price target (in usd per share) | $ 7 | |
Expected volatility | 48.30% | |
Interest rate | 1.97% | |
Expected life (years) | 3 years | |
Dividend yield | 0.00% |
STOCKHOLDERS' EQUITY AND STOC_5
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION - Expense Related to Employee Stock Options and Nonvested Restricted Common Stock Awards (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 538,474 | $ 1,288,374 | $ 1,354,316 | $ 2,687,789 |
Cost of product revenues | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 32,107 | 155,925 | 64,215 | 266,151 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 83,785 | 193,767 | 188,515 | 468,083 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 422,582 | $ 938,682 | $ 1,101,586 | $ 1,953,555 |
ACCRUED WARRANTY (Details)
ACCRUED WARRANTY (Details) | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Beginning Balance | $ 571,000 |
Additions | 290,000 |
Claims | (326,000) |
Ending Balance | $ 535,000 |
Minimum | |
Product Warranty Liability [Line Items] | |
Product Warranty Term | 12 months |
Extended Warranty Period | 12 months |
Maximum | |
Product Warranty Liability [Line Items] | |
Product Warranty Term | 18 months |
Extended Warranty Period | 15 months |
Extended Warranties | |
Product Warranty Liability [Line Items] | |
Deferred Revenue | $ 200,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ (100,000) | $ (200,000) | $ (100,000) | $ (200,000) |
Operating loss carryforwards | $ 210,200,000 | $ 210,200,000 |
CONTRACT ASSETS AND LIABILITI_3
CONTRACT ASSETS AND LIABILITIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
Satisfaction of Performance Obligations [Line Items] | |||||
Contract assets—current | $ 1,222,605 | $ 1,222,605 | $ 3,089,663 | ||
Contract liabilities—current | (1,227,198) | (1,227,198) | (388,933) | ||
Contract liabilities—noncurrent | (14,813) | (14,813) | (17,294) | ||
Net contract (liabilities) assets | (19,406) | (19,406) | $ 2,683,436 | ||
Dollar Change | |||||
Contract assets—current | (1,867,058) | (1,867,058) | |||
Contract liabilities—current | (838,265) | (838,265) | |||
Contract liabilities—noncurrent | 2,481 | 2,481 | |||
Net contract (liabilities) assets | $ (2,702,842) | $ (2,702,842) | |||
Percent Change | |||||
Contract assets—current | (60.00%) | (60.00%) | |||
Contract liabilities—current | 216.00% | 216.00% | |||
Contract liabilities—noncurrent | (14.00%) | (14.00%) | |||
Net contract (liabilities) assets | (101.00%) | (101.00%) | |||
Revenue recognized | $ 100,000 | $ 100,000 | $ 300,000 | ||
Remaining performance obligation | $ 6,300,000 | $ 6,300,000 | |||
Performance obligation expected time of satisfaction | 12 years | 12 years | |||
Point in time | |||||
Percent Change | |||||
Percent of product and services transfered to customer | 78.00% | 59.00% | 75.00% | 63.00% | |
Over time | |||||
Percent Change | |||||
Percent of product and services transfered to customer | 22.00% | 41.00% | 25.00% | 37.00% |
LEASES AND COMMITMENTS (Details
LEASES AND COMMITMENTS (Details) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 29, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 29, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 29, 2019CNY (¥) | Dec. 30, 2018USD ($) | Dec. 29, 2018USD ($) | |
Operating Lease Liabilities Payments Due [Abstract] | |||||||
2019 (excluding the six months ended June 29, 2019) | $ 599,762 | $ 599,762 | |||||
2020 | 1,220,272 | 1,220,272 | |||||
2021 | 1,028,781 | 1,028,781 | |||||
2022 | 654,473 | 654,473 | |||||
2023 | 201,333 | 201,333 | |||||
Thereafter | 0 | 0 | |||||
Total future lease payments | 3,704,621 | 3,704,621 | |||||
Less imputed interest | (373,355) | (373,355) | |||||
Total | 3,331,266 | 3,331,266 | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||||
2019 | $ 1,210,000 | ||||||
2020 | 1,112,000 | ||||||
2021 | 921,000 | ||||||
2022 | 616,000 | ||||||
2023 | 201,000 | ||||||
Thereafter | 0 | ||||||
Total | 4,060,000 | ||||||
Other Commitments [Line Items] | |||||||
Accrued Penalty | 400,000 | 400,000 | |||||
Operating lease liabilities—current | 1,017,234 | 1,017,234 | $ 1,000,000 | 0 | |||
Operating lease cost | $ 308,080 | $ 359,574 | $ 603,565 | $ 716,402 | |||
Percent of future lease commitments related to real estate leases | 87.00% | 87.00% | 87.00% | ||||
Operating lease liabilities—noncurrent | $ 2,314,032 | $ 2,314,032 | $ 0 | ||||
Total lease liabilities | $ 3,331,266 | 3,331,266 | $ 3,800,000 | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | 602,166 | ||||||
Right-of-use assets obtained in exchange for new operating lease obligations | $ 489,252 | ||||||
Weighted Average Discount Rate—Operating Leases | 6.16% | 6.16% | 6.16% | ||||
Weighted Average Remaining Lease Term—Operating Leases (in years) | 3 years 9 months 18 days | 3 years 9 months 18 days | 3 years 9 months 18 days | ||||
Equity Investment Three [Member] | |||||||
Other Commitments [Line Items] | |||||||
Payments to acquire an equity investment | $ 5,100,000 | $ 5,100,000 | |||||
Payments to Acquire an Equity Investment CYR | ¥ | ¥ 35 | ||||||
Percentage Owned of an Equity Investment | 3.50% | 3.50% | 3.50% |
SEGMENTS AND GEOGRAPHICAL INF_3
SEGMENTS AND GEOGRAPHICAL INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (9,110,133) | $ (5,943,898) | $ (14,653,058) | $ (11,597,518) | |
Net loss attributable to Kopin Corporation | (4,260,391) | $ (9,240,957) | (15,591,318) | $ (14,777,235) | |
Total assets | $ 58,358,097 | $ 58,358,097 | $ 59,549,111 | ||
Percentage of total revenue | 100.00% | 100.00% | 100.00% | 100.00% | |
U.S. | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (2,605,000) | $ (3,558,000) | $ (5,011,000) | $ (7,154,000) | |
Percentage of total revenue | 29.00% | 60.00% | 35.00% | 61.00% | |
Other Americas | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (7,000) | $ (44,000) | $ (25,000) | $ (50,000) | |
Percentage of total revenue | 0.00% | 1.00% | 0.00% | 0.00% | |
Total Americas | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (2,612,000) | $ (3,602,000) | $ (5,036,000) | $ (7,204,000) | |
Percentage of total revenue | 29.00% | 61.00% | 35.00% | 61.00% | |
Asia-Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (5,817,000) | $ (1,455,000) | $ (7,690,000) | $ (2,628,000) | |
Percentage of total revenue | 64.00% | 25.00% | 52.00% | 24.00% | |
Europe | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (671,000) | $ (867,000) | $ (1,917,000) | $ (1,743,000) | |
Percentage of total revenue | 7.00% | 14.00% | 13.00% | 15.00% | |
Other | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (10,000) | $ (20,000) | $ (10,000) | $ (23,000) | |
Percentage of total revenue | 0.00% | 0.00% | 0.00% | 0.00% | |
Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total assets | $ 58,358,000 | $ 58,358,000 | 59,549,000 | ||
Eliminations | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 210,000 | $ 409,000 | 700,000 | $ 409,000 | |
Kopin | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (7,673,000) | $ (4,405,000) | $ (11,129,000) | $ (7,403,000) | |
Percentage of total revenue | 84.00% | 74.00% | 76.00% | 64.00% | |
Kopin | U.S. | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (2,164,000) | $ (2,950,000) | $ (4,191,000) | $ (5,160,000) | |
Percentage of total revenue | 24.00% | 50.00% | 29.00% | 44.00% | |
Kopin | Other Americas | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (7,000) | $ (26,000) | $ (18,000) | $ (28,000) | |
Percentage of total revenue | 0.00% | 0.00% | 0.00% | 0.00% | |
Kopin | Total Americas | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (2,171,000) | $ (2,976,000) | $ (4,209,000) | $ (5,188,000) | |
Percentage of total revenue | 24.00% | 50.00% | 29.00% | 44.00% | |
Kopin | Asia-Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (5,171,000) | $ (987,000) | $ (6,203,000) | $ (1,467,000) | |
Percentage of total revenue | 57.00% | 17.00% | 42.00% | 14.00% | |
Kopin | Europe | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (331,000) | $ (442,000) | $ (717,000) | $ (748,000) | |
Percentage of total revenue | 3.00% | 7.00% | 5.00% | 6.00% | |
Kopin | Other | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 | |
Percentage of total revenue | 0.00% | 0.00% | 0.00% | 0.00% | |
Kopin | Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (7,673,000) | $ (4,405,000) | $ (11,129,000) | $ (7,403,000) | |
Net loss attributable to Kopin Corporation | (4,153,000) | (8,844,000) | (16,047,000) | (14,834,000) | |
Total assets | 50,944,000 | 50,944,000 | 50,995,000 | ||
Kopin | Eliminations | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Industrial | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (1,437,000) | $ (1,539,000) | $ (3,524,000) | $ (4,195,000) | |
Percentage of total revenue | 16.00% | 26.00% | 24.00% | 36.00% | |
Industrial | U.S. | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (441,000) | $ (608,000) | $ (820,000) | $ (1,994,000) | |
Percentage of total revenue | 5.00% | 10.00% | 6.00% | 17.00% | |
Industrial | Other Americas | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 0 | $ (18,000) | $ (7,000) | $ (22,000) | |
Percentage of total revenue | 0.00% | 0.00% | 0.00% | 0.00% | |
Industrial | Total Americas | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (441,000) | $ (626,000) | $ (827,000) | $ (2,016,000) | |
Percentage of total revenue | 5.00% | 11.00% | 6.00% | 17.00% | |
Industrial | Asia-Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (646,000) | $ (468,000) | $ (1,487,000) | $ (1,161,000) | |
Percentage of total revenue | 7.00% | 8.00% | 10.00% | 10.00% | |
Industrial | Europe | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (340,000) | $ (425,000) | $ (1,200,000) | $ (995,000) | |
Percentage of total revenue | 4.00% | 7.00% | 8.00% | 9.00% | |
Industrial | Other | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (10,000) | $ (20,000) | $ (10,000) | $ (23,000) | |
Percentage of total revenue | 0.00% | 0.00% | 0.00% | 0.00% | |
Industrial | Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ (1,647,000) | $ (1,948,000) | $ (4,224,000) | $ (4,604,000) | |
Net loss attributable to Kopin Corporation | (107,000) | (397,000) | 456,000 | 57,000 | |
Total assets | 7,414,000 | 7,414,000 | 8,554,000 | ||
Industrial | Eliminations | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 210,000 | 409,000 | 700,000 | 409,000 | |
Property, Plant and Equipment | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 2,029,000 | 2,029,000 | 2,599,000 | ||
Property, Plant and Equipment | U.S. | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 1,763,000 | 1,763,000 | 2,101,000 | ||
Property, Plant and Equipment | United Kingdom | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 179,000 | 179,000 | 197,000 | ||
Property, Plant and Equipment | China | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 51,000 | 51,000 | 251,000 | ||
Property, Plant and Equipment | Japan | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 36,000 | 36,000 | $ 50,000 | ||
Military | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (1,797,000) | (1,637,000) | (3,238,000) | (3,921,000) | |
Military | Kopin | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (1,277,000) | (1,067,000) | (2,355,000) | (1,865,000) | |
Military | Industrial | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (520,000) | (570,000) | (883,000) | (2,056,000) | |
Industrial | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (2,135,000) | (1,220,000) | (4,638,000) | (2,979,000) | |
Industrial | Kopin | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (1,218,000) | (472,000) | (2,154,000) | (1,220,000) | |
Industrial | Industrial | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (917,000) | (748,000) | (2,484,000) | (1,759,000) | |
Consumer | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (503,000) | (1,505,000) | (1,149,000) | (2,396,000) | |
Consumer | Kopin | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (503,000) | (1,505,000) | (1,149,000) | (2,396,000) | |
Consumer | Industrial | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
R&D | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (455,000) | (1,472,000) | (1,199,000) | (2,081,000) | |
R&D | Kopin | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | (455,000) | (1,322,000) | (1,059,000) | (1,883,000) | |
R&D | Industrial | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 0 | (150,000) | (140,000) | (198,000) | |
Other | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 0 | (110,000) | (24,000) | (221,000) | |
Other | Kopin | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 0 | (39,000) | (7,000) | (39,000) | |
Other | Industrial | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 0 | $ (71,000) | $ (17,000) | $ (182,000) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||||
Sales | $ 4,667,258 | $ 261,605 | $ 5,192,644 | $ 512,956 | |
Purchases | 0 | 78,905 | 1,246,077 | 298,909 | |
Receivables | 2,060,537 | 2,060,537 | $ 1,041,334 | ||
Contract assets | 400,000 | 400,000 | 400,000 | ||
Payables | 873,923 | 873,923 | 207,530 | ||
Goertek | |||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||||
Sales | 0 | 0 | 0 | 0 | |
Purchases | 0 | 78,905 | 1,246,077 | 298,909 | |
Payables | 873,923 | 873,923 | 207,530 | ||
RealWear, Inc. | |||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||||
Sales | 4,667,258 | 261,605 | 5,192,644 | 512,956 | |
Purchases | 0 | $ 0 | 0 | $ 0 | |
Receivables | 2,060,537 | 2,060,537 | 1,041,334 | ||
Contract assets | $ 400,000 | $ 400,000 | $ 400,000 |
Uncategorized Items - kopn-2019
Label | Element | Value |
Common Stock [Member] | ||
Stock Issued During Period, Shares, New Issues | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 706,454 |
Stock Issued During Period, Shares, New Issues | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 7,272,727 |