KOPIN CORP
For the period ended Dec 30, 2023. Filed Mar 14, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 14, 2024
KOPN$3.32-1.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Fiscal year ended | 2023 | 2022 | 2021 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net loss | $(19,748,219) | $(19,326,265) | $(13,468,371) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 608,222 | 722,024 | 668,691 |
| Accretion of premium or discount on marketable debt securities | — | 128 | 7,517 |
| Stock-based compensation | 3,875,273 | 1,267,705 | 4,417,422 |
| Net loss (gain) on remeasurement of investments | 2,887,893 | (2,700,000) | (300,000) |
| Income taxes | — | 143,345 | 128,279 |
| Foreign currency losses (gains) | 91,791 | 449,443 | (186,942) |
| Loss on sale of property and plant | 46,231 | 317,032 | 99,228 |
| Change in allowance for credit losses | 709,721 | 162,638 | (26,704) |
| Write-off of excess inventory | 1,143,622 | 2,078,750 | 588,175 |
| Change in warranty reserves | 193,708 | 2,329,000 | 9,552 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (5,271,763) | 6,806,578 | (3,364,990) |
| Contract assets and unbilled receivables | 821,094 | (1,835,518) | 1,379,436 |
| Inventory | (2,255,352) | (2,010,749) | (2,728,404) |
| Prepaid expenses, other current assets and other assets | (202,504) | 908,156 | (691,573) |
| Accounts payable and accrued expenses | 1,836,038 | (3,859,768) | 143,379 |
| Contract liabilities and billings in excess of revenue earned | 3,568 | (3,139,749) | 2,577,523 |
| Net cash used in operating activities | (15,260,677) | (17,687,250) | (10,747,782) |
| Cash flows from investing activities: | |||
| Proceeds from sale of marketable debt securities | 10,374,593 | 2,000,024 | 1,100,000 |
| Purchase of equity investments | — | (499,998) | — |
| Other assets | 62,694 | 20,909 | (12,822) |
| Capital expenditures | (949,487) | (832,712) | (1,033,503) |
| Purchases of marketable debt securities | (17,624,779) | (4,000,042) | — |
| Net cash (used in) provided by investing activities | (8,136,979) | (3,311,819) | 53,675 |
| Cash flows from financing activities: | |||
| Sale of treasury stock, net of costs | — | 461,723 | 16,904,173 |
| Issuance of common stock, net of costs | 21,335,000 | 2,397,618 | 4,147,200 |
| Settlements of restricted stock for tax withholding obligations | — | (198,740) | (602,080) |
| Net cash provided by financing activities | 21,335,000 | 2,660,601 | 20,449,293 |
| Effect of exchange rate changes on cash | 14,463 | (190,585) | (80,124) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (2,048,193) | (18,529,053) | 9,675,062 |
| Cash and cash equivalents at beginning of year | 8,258,878 | 26,787,931 | 17,112,869 |
| Cash, cash equivalents and restricted cash at end of year | $6,210,685 | $8,258,878 | $26,787,931 |
| Supplemental disclosure of cash flow information: | |||
| Construction in progress included in accrued expenses | $200,000 | $168,000 | $— |
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