JACKSONVILLE, FA / ACCESSWIRE / August 13, 2021 / ParkerVision, Inc. (OTCQB:PRKR) ("ParkerVision"), a developer and marketer of technologies and products for wireless applications, today announced results for the three and six months ended June 30, 2021.
Second Quarter 2021 Summary and Recent Developments
Jeffrey Parker, Chairman and Chief Executive Officer, commented, "We were pleased this past quarter to be able to resolve our outstanding litigation with Buffalo, and we welcome the opportunity to do so with others as well. The favorable Markman decisions received this year from the Texas court help to clarify what we believe to be the strong merits of our cases against Intel, and we are now focused on preparation for at least two trials next year against Intel. Meanwhile, we look forward to our next Markman hearing in the Texas court which is scheduled for October 2021 in our cases against Hisense, ZyXel, and TCL."
Mr. Parker continued, "The district court in Orlando continues to issue rulings on the outstanding motions in the Qualcomm case, and we believe the strong merits of our case remain unchanged based upon the court's rulings to date."
Financial Results
About ParkerVision
ParkerVision, Inc. has designed and developed proprietary radio-frequency (RF) technologies that enable advanced wireless solutions for current and next generation wireless communication products. ParkerVision is engaged in a number of patent enforcement actions in the U.S. to protect patented rights that it believes are broadly infringed by others. For more information, please visit www.parkervision.com . (PRKR-I)
Safe Harbor Statement
This press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties that are disclosed in the Company's SEC reports, including the Form 10-K for the year ended December 31, 2020 and the Forms 10-Q for the quarters ended March 31, 2021 and June 30, 2021. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
Cindy French
Chief Financial Officer
ParkerVision, Inc.
[email protected]
(TABLES FOLLOW)
ParkerVision, Inc.
Balance Sheet Highlights
(in thousands) | (unaudited) June 30, 2021 | December 31, 2020 | ||||||
Cash and cash equivalents | $ | 1,487 | $ | 1,627 | ||||
Prepaid expenses and other current assets | 698 | 607 | ||||||
Intangible assets, net | 1,974 | 2,170 | ||||||
Other noncurrent assets, net | 46 | 52 | ||||||
Total assets | $ | 4,205 | $ | 4,456 | ||||
Current liabilities | $ | 2,096 | $ | 5,989 | ||||
Contingent payment obligations | 41,515 | 38,279 | ||||||
Convertible notes | 3,465 | 3,018 | ||||||
Other long-term liabilities | 78 | 991 | ||||||
Shareholders' deficit | (42,949 | ) | (43,821 | ) | ||||
Total liabilities and shareholders' deficit | $ | 4,205 | $ | 4,456 | ||||
ParkerVision, Inc.
Summary Results of Operations
(unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
(in thousands, except per share amounts) | June 30, | June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Gross margin | $ | - | $ | - | $ | - | $ | - | ||||||||
Selling, general and administrative expenses | 1,848 | 2,328 | 4,128 | 7,823 | ||||||||||||
Total operating expenses | 1,848 | 2,328 | 4,128 | 7,823 | ||||||||||||
Other income | 194 | - | 194 | - | ||||||||||||
Interest expense | (78 | ) | (115 | ) | (115 | ) | (301 | ) | ||||||||
Change in fair value of contingent payment obligations | (2,674 | ) | (1,142 | ) | (2,824 | ) | (3,382 | ) | ||||||||
Total interest and other | (2,558 | ) | (1,257 | ) | (2,745 | ) | (3,683 | ) | ||||||||
Net loss | $ | (4,406 | ) | $ | (3,585 | ) | $ | (6,873 | ) | $ | (11,506 | ) | ||||
Basic and diluted net loss per common share | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.27 | ) | ||||
Weighted average shares outstanding | 71,933 | 45,393 | 67,836 | 41,861 | ||||||||||||
ParkerVision, Inc.
Summary of Cash Flows
(unaudited)
Six Months Ended | ||||||||
(in thousands) | June 30, | |||||||
2021 | 2020 | |||||||
Net cash used in operating activities | $ | (6,101 | ) | $ | (2,977 | ) | ||
Net cash used in investing activities | (2 | ) | (3 | ) | ||||
Net cash provided by financing activities | 5,963 | 3,466 | ||||||
Net (decrease) increase in cash & cash equivalents | (140 | ) | 486 | |||||
Cash & cash equivalents - beginning of period | 1,627 | 57 | ||||||
Cash & cash equivalents - end of period | $ | 1,487 | $ | 543 | ||||
SOURCE: ParkerVision, Inc.