June 30, 2012 10-Q Document

0001136261-12-000439.txt : 20120807 0001136261-12-000439.hdr.sgml : 20120807 20120806201357 ACCESSION NUMBER: 0001136261-12-000439 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120807 DATE AS OF CHANGE: 20120806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROVISION INC CENTRAL INDEX KEY: 0000065770 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 911600822 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34170 FILM NUMBER: 121011047 BUSINESS ADDRESS: STREET 1: 6222 185TH AVE NE CITY: REDMOND STATE: WA ZIP: 98052 BUSINESS PHONE: 425-936-6847 MAIL ADDRESS: STREET 1: 6222 185TH AVE NE CITY: REDMOND STATE: WA ZIP: 98052 10-Q 1 form10q.htm 10=Q June 30, 2012 10-Q Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2012
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________to _________
Commission file number 0-21221

MicroVision, Inc.
(Exact name of Registrant as Specified in its Charter)

Delaware 91-1600822

(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number)

6222 185th Avenue NE
Redmond, Washington 98052
(Address of Principal Executive Offices, including Zip Code)

(425) 936-6847
(Registrant's Telephone Number, including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨

Accelerated filer x

Non-accelerated filer ¨
(Do not check if a smaller reporting company)

Smaller reporting company ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). YES ¨ NO x

As of August 1, 2012, 24,892,000 shares of the Company's common stock, $0.001 par value, were outstanding.

Page

Part I: Financial Information

Item 1. Financial Statements:

Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011 (unaudited)

2

Consolidated Statements of Operations for three and six months ended June 30, 2012 and 2011 (unaudited)

3

Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2012 and 2011 (unaudited)

4

Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 (unaudited)

5

Notes to Consolidated Financial Statements (unaudited)

6

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

10

Item 3. Quantitative and Qualitative Disclosures About Market Risk

15

Item 4. Controls and Procedures

16

Part II: Other Information

Item 1A. Risk Factors

16

Item 6. Exhibits

22

Signatures

23

Exhibit Index

24

MicroVision, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)

		June 30,		December 31,
		2012		2011
Assets
Current assets
Cash and cash equivalents	$	14,764	$	13,075
Accounts receivable, net of allowances of $368 and $243		558		463
Costs and estimated earnings in excess of billings on uncompleted contracts		12		70
Inventory		866		4,254
Other current assets		501		793
Total current assets		16,701		18,655

Property and equipment, net		1,650		2,347
Restricted investments		436		786
Intangible assets		1,956		2,048
Other assets		22		34
Total assets	$	20,765	$	23,870

Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$	4,348	$	7,341
Accrued liabilities		4,438		5,113
Billings in excess of costs and estimated earnings on uncompleted contracts		187		156
Current portion of capital lease obligations		44		39
Current portion of long-term debt		97		93
Total current liabilities		9,114		12,742
Capital lease obligations, net of current portion		47		72
Long-term debt, net of current portion		17		67
Deferred rent, net of current portion		48		187
Total liabilities		9,226		13,068

Commitments and contingencies

Shareholders' Equity
Preferred stock, par value $.001; 25,000 shares authorized; 0 and
0 shares issued and outstanding		-		-
Common stock, par value $.001; 100,000 shares authorized; 24,892 and
17,019 shares issued and outstanding		25		17
Additonal paid-in capital		441,126		425,658
Accumulated other comprehensive loss		-		(35)
Accumulated deficit		(429,612)		(414,838)
Total shareholders' equity		11,539		10,802
Total liabilities and shareholders' equity	$	20,765	$	23,870

The accompanying notes are an integral part of these financial statements.

MicroVision, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
Product revenue	$	750	$	904	$	2,279	$	1,790
Contract revenue		545		251		746		484
Total revenue		1,295		1,155		3,025		2,274

Cost of product revenue		(281)		2,985		3,894		5,225
Cost of contract revenue		248		395		403		694
Total cost of revenue		(33)		3,380		4,297		5,919

Gross margin		1,328		(2,225)		(1,272)		(3,645)

Research and development expense		3,227		3,478		7,167		7,805
Sales, marketing, general and administrative expense		3,064		3,577		6,352		6,876
Gain on disposal of fixed assets		(1)		-		(1)		(7)
Total operating expenses		6,290		7,055		13,518		14,674
Loss from operations		(4,962)		(9,280)		(14,790)		(18,319)
Other income (expense)		(9)		105		16		107
Net loss	$	(4,971)	$	(9,175)	$	(14,774)	$	(18,212)

Net loss per share - basic and diluted	$	(0.26)	$	(0.69)	$	(0.82)	$	(1.39)

Weighted-average shares outstanding - basic and diluted		19,167		13,272		18,097		13,056

The accompanying notes are an integral part of these financial statements.

MicroVision, Inc.
Consolidated Statements of Comprehensive Loss
(In thousands)
(Unaudited)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
Net loss	$	(4,971)	$	(9,175)	$	(14,774)	$	(18,212)

Other comprehensive gain (loss):
Unrealized gain (loss) on investment securities,
available-for-sale		(2)		(3)		3		(4)
Less: reclassification adjustment for losses realized
in net loss		32		-		32		-
Comprehensive loss	$	(4,941)	$	(9,178)	$	(14,739)	$	(18,216)

The accompanying notes are an integral part of these financial statements.

MicroVision, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

		Six Months Ended
		June 30,
		2012		2011
Cash flows from operating activities
Net loss	$	(14,774)	$	(18,212)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation		880		1,091
Amortization of intangible assets		92		93
Gain on disposal of property and equipment		(1)		(7)
Realized loss on sale of short-term investments		32		-
Non-cash stock-based compensation expense		854		1,798
Inventory write-downs		1,094		944
Non-cash deferred rent		(88)		(138)
Change in:
Accounts receivable, net		(95)		432
Costs and estimated earnings in excess of billings on uncompleted contracts		58		5
Inventory		2,294		89
Other current assets		301		34
Other assets		12		(12)
Accounts payable		(2,976)		(1,020)
Accrued liabilities		(726)		(171)
Billings in excess of costs and estimated earnings on uncompleted contracts		31		(34)
Other long-term liabilities		-		(424)
Net cash used in operating activities		(13,012)		(15,532)

Cash flows from investing activities
Sales of investment securities		11		-
Decrease in restricted investment		350		170
Proceeds on sale of property and equipment		1		7
Purchases of property and equipment		(400)		(195)
Net cash used in investing activities		(38)		(18)

Cash flows from financing activities
Principal payments under capital leases and long-term debt		(66)		(66)
Net proceeds from issuance of common stock and warrants		14,805		5,542
Net cash provided by financing activities		14,739		5,476
Net increase (decrease) in cash and cash equivalents		1,689		(10,074)
Cash and cash equivalents at beginning of period		13,075		19,413
Cash and cash equivalents at end of period	$	14,764	$	9,339

Supplemental disclosure of cash flow information
Cash paid for interest	$	17	$	25

Supplemental schedule of non-cash investing and financing activities
Other non-cash additions to property and equipment	$	12	$	208
Issuance of common stock for prepayment of salaries	$	-	$	448

The accompanying notes are an integral part of these financial statements.

MicroVision, Inc.
Notes to Consolidated Financial Statements
June 30, 2012
(Unaudited)

1. MANAGEMENT'S STATEMENT AND PRINCIPLES OF CONSOLIDATION

Management's Statement

The Consolidated Balance Sheet as of June 30, 2012, the Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2012 and 2011, and Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 have been prepared by MicroVision, Inc. ("we" or "us") and have not been audited. In the opinion of management, all adjustments necessary to state fairly the financial position at June 30, 2012 and the results of operations, comprehensive loss and cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules of the Securities and Exchange Commission (the "SEC"). The year-end balance sheet data was derived from audited financial statements, but these interim consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. You should read these condensed consolidated financial statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. The results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the operating results that may be attained for the entire fiscal year.

We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues and product sales. At June 30, 2012, we had $14.8 million in cash and cash equivalents.

Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the next twelve months. We will require additional cash to fund our operating plan past that time. We are introducing new technology into an emerging market which creates significant uncertainty about our ability to accurately project revenue, costs and cash flows. If the level of sales anticipated by our financial plan is not achieved or our working capital requirements are higher than planned, we will need to raise additional cash sooner or take actions to reduce operating expenses. We plan to obtain additional cash through the issuance of equity or debt securities and through the monetization of select patents that we believe are not core to our business. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially to extend our funds as we pursue other financing opportunities and business relationships. This limitation of operations could include delaying development projects and reductions in staff, operating costs, including research and development, and capital expenditures.

In March 2012, we received a report from our independent public accounting firm regarding the consolidated financial statements for the year ended December 31, 2011 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. Our consolidated financial statements have been prepared on a going concern basis.

In June 2012, we raised $10.5 million before issuance costs of approximately $823,000 through an underwritten public offering of 4.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. The warrants have an exercise price of $2.65 per share, a five year term, and are exercisable beginning one year from the date of issuance.

In May 2012, we raised approximately $5.0 million before issuance costs of approximately $71,000 from the sale of 3.3 million shares of common stock and warrants to purchase 1.0 million shares of our common stock to a strategic investor. The warrants have an exercise price of $2.12 per share, a three year term, and are exercisable beginning on the date of issuance.

A one-for-eight reverse stock split of MicroVision's common stock became effective on February 17, 2012. All of the share and per share amounts discussed and shown in the consolidated financial statements and notes have been adjusted to reflect the effect of this reverse split.

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision Innovations Singapore Pte. Ltd. ("MicroVision Singapore"), a wholly owned foreign subsidiary. MicroVision Singapore was incorporated in April 2011 and is engaged in operational support functions for MicroVision, Inc. There were no material intercompany accounts and transactions during the three and six months ended June 30, 2012.

2. NET LOSS PER SHARE

Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares. Diluted net loss per share for the three and six months ended June 30, 2012 and 2011 is equal to basic net loss per share because the effect of all potential common stock outstanding during the periods, including options, warrants and nonvested equity shares is anti-dilutive. The components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
Numerator:
Net loss available for common shareholders - basic and diluted	$	(4,971)	$	(9,175)	$	(14,774)	$	(18,212)

Denominator:
Weighted-average common shares outstanding - basic and diluted		19,167		13,272		18,097		13,056

Net loss per share - basic and diluted	$	(0.26)	$	(0.69)	$	(0.82)	$	(1.39)

We excluded the following convertible securities from diluted net loss per share, as the effect of including them would have been anti-dilutive:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2012	2011	2012	2011
Publicly Traded Warrants Exercisable	753,000	753,000	753,000	753,000
Options and Private Warrants Exercisable	5,302,000	1,302,000	5,302,000	1,302,000
Nonvested Equity Shares	80,000	127,000	80,000	127,000

Total	6,135,000	2,182,000	6,135,000	2,182,000

3. CASH EQUIVALENTS, INVESTMENT SECURITIES AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between informed market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the authoritative guidance establishes a three level fair value inputs hierarchy, and requires an entity to maximize the use of observable valuation inputs and minimize the use of unobservable inputs. When estimating fair values, we use market data, assumptions and risks we believe market participants would use in measuring the fair value of the asset or liability, including the risks inherent in the inputs and the valuation techniques.

At December 31, 2011, our cash equivalents and investment securities available-for-sale were comprised of money market savings accounts and equity securities. The corporate equity securities were valued using inputs and common methods with sufficient levels of transparency and observability to be classified at Level 2.

4. INVENTORY

Inventory consists of the following:

		June 30,		December 31,
		2012		2011
Raw materials	$	16,000	$	2,741,000
Finished goods		850,000		1,513,000
	$	866,000	$	4,254,000

The inventory at June 30, 2012 and December 31, 2011 consisted of raw materials primarily for our accessory pico projectors and PicoP display engine, and finished goods primarily composed of our accessory pico projectors. Inventory is stated at the lower of cost or market, with cost determined on net realizable value basis. Management periodically assesses the need to provide for obsolescence of inventory and adjusts the carrying value of inventory to its net realizable value when required. In addition, we reduce the value of our inventory to our estimated scrap value when management determines that it is not probable that the inventory will be consumed through normal production during the next twelve months.

5. SEVERANCE ARRANGEMENTS

In April 2012, we reduced our workforce by approximately 25% to align with our ingredient brand business model. During the three and six months ended June 30, 2012, we recorded approximately $370,000 to research and development expense and sales, marketing, general and administrative expense and paid $252,000 relating to the severance agreements and other restructuring costs for these employees. We plan to make the remaining severance payments during the second half of 2012.

In January 2011, we recorded $372,000 to research and development expense and sales, marketing, general and administrative expense and paid $258,000 related to the severance agreements for these employees during the first quarter of 2011. During the three months ended June 30, 2011, we paid $83,000 relating to the severance agreements for these employees.

6. SHARE-BASED COMPENSATION

We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award. The following table shows the amount of stock-based employee compensation expense included in the consolidated statements of operations:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
Cost of contract revenue	$	4,000	$	30,000	$	10,000	$	40,000
Cost of product revenue		-		31,000		20,000		40,000
Research and development expense		87,000		564,000		224,000		739,000
Sales, marketing, general and administrative expense		372,000		697,000		587,000		889,000
Total share-based employee compensation expense	$	463,000	$	1,322,000	$	841,000	$	1,708,000

Options Activity and Positions

The following table summarizes shares, weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2012:

				Weighted
				Average
			Weighted	Remaining
			Average	Contractual		Aggregate
			Exercise	Term		Intrinsic
Options	Shares		Price	(years)		Value
Outstanding as of June 30, 2012	924,000	$	21.68	5.1	$	-

Exercisable as of June 30, 2012	725,000	$	25.16	4.3	$	-

As of June 30, 2012, our unamortized share-based employee compensation was $1.5 million which we plan to amortize over the next 1.5 years and our unamortized nonvested equity share-based employee compensation was $463,000 which we plan to amortize over the next 1.9 years.

7. LONG-TERM NOTES

Tenant Improvement Loan Agreement

During 2006, we entered into a loan agreement with the lessor of our corporate headquarters in Redmond, Washington to finance $536,000 in tenant improvements. The loan carries a fixed interest rate of 9% per annum, is repayable over the initial term of the lease, which expires in 2013, and is secured by a letter of credit. The balance of the loan was $114,000 at June 30, 2012.

8. COMMITMENTS AND CONTINGENCIES

Litigation

We are subject to various claims and pending or threatened lawsuits in the normal course of business. We are not currently party to any legal proceedings that management believes are reasonably possible to have a material adverse effect on our consolidated financial position, results of operations or cash flows.

9. RECEIVABLES FROM RELATED PARTIES

Our accounts receivable balance at December 31, 2011 and June 30, 2012 includes $159,000 from a sale of PicoP engines to Walsin Lihwa Corporation which integrated the engines into its product sold in China during 2011. Based on filings with the SEC as of June, 2012, Walsin Lihwa beneficially owns approximately 4.1% of our common stock as determined in accordance with SEC rules, through its wholly owned subsidiary Max Display Enterprises Limited.

10. COMMON STOCK

11. NEW ACCOUNTING PRONOUNCEMENTS

In June 2011, the FASB issued a new accounting standard on the presentation of comprehensive income. The new standard requires the presentation of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. We have adopted this portion of the guidance with no material impact on our financial statements. The new standard also requires presentation of adjustments for items that are reclassified from other comprehensive income to net income in the statement where the components of net income and the components of other comprehensive income are presented. However, in December 2011 the FASB issued further guidance which indefinitely defers the guidance related to the presentation of reclassification adjustments.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

The information set forth in this report in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and Item 3, "Quantitative and Qualitative Disclosure about Market Risk," includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is subject to the safe harbor created by that section. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for product development and cooperative arrangements, future operations, financing needs or plans of MicroVision , as well as assumptions relating to the foregoing. The words "anticipate," "believe," "estimate," "expect," "goal," "may," "plan," "project," "will," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Factors that could cause actual results to differ materially from those projected in our forward-looking statements include the following: our ability to obtain financing; market acceptance of our technologies and products; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards and to develop partnership opportunities; the timing of commercial product launches; the ability to achieve key technical milestones in key products; and other risk factors identified in this report under the caption "Item 1A - Risk Factors."

Overview

We are developing high-resolution miniature laser display and imaging engines based upon our proprietary PicoP® display engine technology. Our PicoP technology utilizes our widely patented expertise in two dimensional Micro-Electrical Mechanical Systems (MEMS), lasers, optics and electronics to create a high quality video or still image from a small form factor device with lower power needs than conventional display technologies. Our strategy is to develop and supply PicoP display engines directly or through licensing of our patents and sale of key components to original equipment manufacturers (OEMs) that would embed them into a variety of consumer, automotive, enterprise and industrial products. In markets requiring high volume production of the PicoP display engine components or subsystems that are to be integrated with other components, we plan to provide designs for components, subsystems and systems to OEMs under licensing arrangements.

The primary objective for consumer applications is to provide users of mobile consumer devices such as smartphones, media players, tablet PCs, and other consumer electronic products with a large screen viewing experience produced by a small embedded projector. These potential products would allow users to watch movies and videos, play video games, display images and other data onto a variety of surfaces, freeing users from the limitations of a small, palm-sized screen. The current PicoP technology could be modified to be embedded into a pair of glasses to provide the mobile user with a see-through or occluded personal display to view movies, play games or access other content.

The PicoP technology could be embedded into a vehicle or integrated into a portable aftermarket device to create a high-resolution head-up display (HUD) that could project point-by-point navigation, critical operational, safety and other information important to the vehicle operator.

The enterprise products employing our technology would allow users in field-based professions such as service repair or sales to view and share information such as schematics for equipment repair and sales data and orders within CRM applications on a larger, more user-friendly interface. We also see potential for embedding the PicoP laser display engine in industrial products where our displays could be used for 3D measuring and digital signage, enhancing the overall user experience of these applications.

We currently market and sell our SHOWWX™ line of accessory pico projectors that use our Pico display engine through a network of global distributors. We continue to enter into a limited number of development agreements with commercial and U.S. government customers to develop advanced prototypes and demonstration units based on our light scanning technologies.

In February 2012, we announced our plan to transition to an "Image by PicoP" ingredient brand business model under which we will pursue commercialization of our PicoP display engine technology by licensing our technology and selling key components to OEMs who would design and build products using the PicoP technology. We expect to make our next-generation HD PicoP display engine technology based on direct green lasers (PicoP Gen2) available to OEMs this year.

Results of Operations

Product revenue.

(in thousands)		2012		2011		$ change	% change

Three months ended June 30	$	750	$	904	$	(154)	(17.0)



(in thousands)		2012		2011		$ change	% change

Six months ended June 30	$	2,279	$	1,790	$	489	27.3

Product revenue includes sales of key components under our "Image by PicoP" ingredient brand business model and sales of our SHOWWX™ line of accessory pico projectors.

Our product sales generally include acceptance provisions. We recognize product revenue upon acceptance of the product by the customer or expiration of the contractual acceptance period, after which there are no rights of return. We have entered into agreements with resellers and distributors. Sales made to resellers and distributors are recognized using either the sell-through method or upon expiration of the contractually agreed-upon acceptance period, depending on our ability to reasonably estimate returns. Some of the agreements with resellers and distributors contain price-protection clauses, and revenue is recognized net of these amounts. Provisions are made for warranties at the time revenue is recorded. Warranty expense was not material for any periods presented.

Our quarterly revenue may vary substantially due to the timing of product orders from customers, production constraints and availability of components and raw materials. We plan to continue to sell our existing inventory of SHOWWX products through the third quarter of 2012.

Product revenue was lower during the three months ended June 30, 2012 than the same period in 2011, due to decreased sales of our SHOWWX products compared to the prior period. Product revenue was higher during the six months ended June 30, 2012 than the same period in 2011, due to sales of key components under our "Image by PicoP" ingredient brand business model and increased sales of our PicoP display engines compared to the prior period. The backlog of product orders at June 30, 2012 was approximately $4.4 million, compared to $533,000 at June 30, 2011. The product backlog is scheduled for delivery within one year.

Contract revenue.

			% of			% of
			contract			contract
(in thousands)		2012	revenue		2011	revenue		$ change	% change
Three months ended June 30
Government revenue	$	53	9.7	$	81	32.3	$	(28)	(34.6)
Commercial revenue		492	90.3		170	67.7		322	189.4
Total contract revenue	$	545	100.0	$	251	100.0	$	294	117.1

			% of			% of
			contract			contract
(in thousands)		2012	revenue		2011	revenue		$ change	% change
Six months ended June 30
Government revenue	$	156	20.9	$	174	36.0	$	(18)	(10.3)
Commercial revenue		590	79.1		310	64.0		280	90.3
Total contract revenue	$	746	100.0	$	484	100.0	$	262	54.1

We earn contract revenue from performance on development contracts with the U.S. government and commercial customers and from the sale of prototype units and evaluation kits based on our PicoP display engine and sales of test equipment built specifically for use in PicoP display engine production. Our contract revenue from development contracts in a particular period is dependent upon when we enter into a contract, the value of the contracts we have entered into, and the availability of technical resources to perform work on the contracts. Our contract revenue from sales of prototype units and evaluation kits may vary substantially due to the timing of orders from customers and potential constraints on resources.

We recognize contract revenue as work progresses on long-term, cost plus fixed fee, and fixed price contracts using the percentage-of-completion method, which relies on estimates of total expected contract revenue and costs. We have developed processes that allow us to make reasonable estimates of the cost to complete a contract. When we begin work on the contract and at the end of each accounting period, we estimate the costs required to complete the contract and compare these estimates to costs incurred to date. Since our contracts generally require some level of technology development, the actual costs required to complete a contract can vary from our estimates. Recognized revenues are subject to revisions as actual cost becomes certain. Revisions in revenue estimates are reflected in the period in which the facts that give rise to the revision become known. In the future, revisions in these estimates could significantly impact recognized revenue in any one reporting period.

We recognize contract revenue on the sale of prototype units and evaluation kits, upon acceptance of the deliverables by the customer or expiration of the contractual acceptance period, after which there are no rights of return. While we anticipate future revenue from these units, quarterly revenue may vary substantially due to the timing of orders from customers and potential constraints on resources.

Contract revenue was higher during the three and six months ended June 30, 2012 than the same periods in 2011 due to increased sales of test fixtures, prototype units and evaluation kits in 2012 compared to the prior year.

Our backlog of development contracts, including orders for prototype units and evaluation kits, at June 30, 2012 was $1.0 million compared to $1.2 million at June 30, 2011, all of which is scheduled for completion during the next twelve months.

Cost of product revenue.

			% of			% of
			product			product
(in thousands)		2012	revenue		2011	revenue		$ change	% change
Three months ended June 30	$	(281)	(37.5)	$	2,985	330.2	$	(3,266)	(109.4)
Six months ended June 30		3,894	170.9		5,225	291.9		(1,331)	(25.5)

Cost of product revenue includes the direct and allocated indirect cost of manufacturing products sold to customers. Direct costs include labor, materials and other costs incurred directly in the manufacture of these products. Indirect costs include labor and other costs associated with operating our manufacturing capabilities and capacity. Our overhead, which includes the costs of procuring, inspecting and storing material, and facility and depreciation costs, is allocated to cost of product revenue based on the proportion of direct material purchased to support production. Cost of product revenue also includes any manufacturing overhead associated with excess capacity and adjustments to reflect our inventory at lower of cost or market. During the three and six months ended June 30, 2012 we expensed approximately $167,000 and $411,000 of manufacturing overhead associated with production capacity in excess of production requirements, compared to $358,000 and $698,000 during the three and six months ended June 30, 2011. Cost of product revenue for the three and six months ended June 30, 2011, included inventory write downs of $483,000 and $944,000, respectively.

During the three months ended June 30, 2012, we negotiated a lower price for certain components in inventory that had previously been written down to net realizable value. As a result of this renegotiation, the aggregate purchase price was reduced and we recorded a credit of $1.4 million to cost of product revenue during the three months ended June 30, 2012. Except for the reduction in cost of product revenue associated with the renegotiation with our component supplier, our negative margins on product sales were lower for the three and six months ended June 30, 2012 compared to the same periods in 2011 primarily because of lower material costs as we transition from sales of SHOWWX™ products to sales of key components under our "Image by PicoP" ingredient brand business model and the sale of inventory that had previously been written down to the lower of cost or market.

The cost of product revenue as a percentage of product revenue can fluctuate significantly from period to period, depending on changes in product prices, product mix and volume. The decrease in the cost of product revenue as a percentage of product revenue in 2012, compared to the same period in 2011, was primarily attributed to the sale of inventory that had previously been written down to the lower of cost or market and to the purchase price adjustment credited to cost of product revenue.

Cost of contract revenue.

			% of			% of
			contract			contract
(in thousands)		2012	revenue		2011	revenue		$ change	% change
Three months ended June 30	$	248	45.5	$	395	157.4	$	(147)	(37.2)
Six months ended June 30		403	54.0		694	143.4		(291)	(41.9)

Cost of contract revenue includes both the direct and allocated indirect costs of performing on development contracts and producing prototype units and evaluation kits. Direct costs include labor, materials and other costs incurred directly in performing on a contract or producing prototype units and evaluation kits. Indirect costs include labor and other costs associated with operating our research and development department and building our technical capabilities and capacity. Cost of contract revenue is determined by the level of direct and indirect costs incurred, which can fluctuate substantially from period to period.

Cost of contract revenue for the three and six months ended June 30, 2011 included a provision for estimated losses on uncompleted contracts of $213,000 and $298,000, respectively. The losses resulted from excess material cost associated with minimum order quantities for materials required to complete the statement of work.

Cost of contract revenue was lower during the three and six months ended June 30, 2012 than the same period in 2011 primarily as a result of the provision for estimated losses recognized in 2011. The cost of contract revenue as a percentage of contract revenue was lower in the three and six months ended June 30, 2012, than in the comparable periods in 2011 primarily as a result of the provision for estimated losses recognized in the prior period.

The cost of revenue as a percentage of revenue can fluctuate significantly from period to period, depending on the contract cost mix and the levels of direct and indirect costs incurred.

Research and development expense.

(in thousands)		2012		2011		$ change	% change
Three months ended June 30	$	3,227	$	3,478	$	(251)	(7.2)
Six months ended June 30		7,167		7,805		(638)	(8.2)

Research and development expense consists of compensation related costs of employees and contractors engaged in internal research and product development activities, direct material to support development programs, laboratory operations, outsourced development and processing work, and other operating expenses. We allocate our research and development resources based on the business opportunity of the available projects, the skill mix of the resources available and the contractual commitments we have made to customers.

The decrease in research and development expense during the three and six months ended June 30, 2012, compared to the same period in 2011, is primarily due to decreased payroll costs associated with reductions in staffing levels compared to the prior year and lower non-cash compensation expense resulting from the forfeiture of stock option grants.

We believe that under the ingredient brand business model we will lower our research and development spending substantially in the future. We expect that continuing research and development expense will be required to advance the PicoP technology and support our customers to integrate our technology into their products under the ingredient brand business model.

Sales, marketing, general and administrative expense.

(in thousands)		2012		2011		$ change	% change
Three months ended June 30	$	3,064	$	3,577	$	(513)	(14.3)
Six months ended June 30		6,352		6,876		(524)	(7.6)

Sales, marketing, general and administrative expense includes compensation and support costs for marketing, sales, management and administrative staff, and for other general and administrative costs, including legal and accounting services, consultants and other operating expenses. We believe that under the ingredient brand business model we will lower our sales, marketing, general and administrative spending in the future.

The decrease in sales, marketing, general and administrative expense during the three and six months ended June 30, 2012, compared to the same period in 2011, is primarily due to decreased payroll costs associated with reductions in staffing levels compared to the prior year and lower non-cash compensation expense resulting from the forfeiture of stock option grants.

Other income (expense).

(in thousands)		2012		2011		$ change	% change
Three months ended June 30	$	(9)	$	105	$	(114)	(108.6)
Six months ended June 30		16		107		(91)	(85.0)

The change in other income (expense) for the three and six months ended June 30, 2012 compared to the same period in 2011 resulted primarily from a realized loss on the sale of an investment security during the three months ended June 30, 2012 and lower sales of excess inventory during the three and six months ended June 30, 2012 versus the prior year.

Liquidity and Capital Resources

We have incurred significant losses since inception. We have funded our operations to date primarily through the sale of equity and debt securities and, to a lesser extent, from development contract revenues and product sales. At June 30, 2012, we had $14.8 million in cash and cash equivalents.

In April 2012, we implemented measures designed to significantly reduce our cash used in operations in the second half of 2012 compared to the levels expected for the first half of 2012 to align with our ingredient brand business model.

Cash used in operating activities totaled $13.0 million during the six months ended June 30, 2012, compared to $15.5 million during the same period in 2011. During the six months ended June 30, 2012, the decrease in net cash used in operating activities was primarily driven by lower inventory purchases for commercialization of PicoP-based products.

Net cash used in investing activities totaled $38,000 for the six months ended June 30, 2012 compared to net cash used in investing activities of $18,000 during the six months ended June 30, 2011. During the six months ended June 30, 2012, the change in net cash used in investing activities was primarily driven by the expiration of a letter of credit that was outstanding under a supplier agreement resulting in a decrease of our restricted investments offset by purchases of production equipment. During the six months ended June 30, 2012, we used cash of $400,000 for capital expenditures, compared to $195,000 during the same period in 2011.

Net cash provided by financing activities totaled $14.7 million for the six months ended June 30, 2012 compared to $5.5 million during the same period in 2011.

During the six months ended June 30, 2011, we completed two draws from our 2010 committed equity financing facility. In March 2011, we raised $3.1 million before placement agent and other issuance costs from the sale of 313,000 shares of our common stock, and, in June 2011, we raised an additional $2.5 million before placement agent and other issuance costs from the sale of 243,000 shares of our common stock.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate and Market Liquidity Risks

As of June 30, 2012, all of our cash and cash equivalents have variable interest rates. Therefore, we believe our exposure to the market and interest rate risk is not material.

Our investment policy generally directs that the investment managers should select investments to achieve the following goals: principal preservation, adequate liquidity and return.

The values of cash equivalents and investment securities, available-for-sale by maturity date as of June 30, 2012, are as follows:

(amount in thousands)		Amount	Percent
Cash and cash equivalents	$	14,764	100.00	%
Less than one year		-	-	%
One to two years		-	-
Greater than five years		-	-	%
	$	14,764	100.00	%

Foreign Exchange Rate Risk

All of our development contract payments are made in U.S. dollars. However, in the future we may enter into additional development contracts in foreign currencies that may subject us to foreign exchange rate risk. We have purchase orders and supply agreements in foreign currencies and may enter into such arrangements from time to time in the future. We believe our exposure to currency fluctuations related to these arrangements is not material. We intend to enter into foreign currency hedges to offset material exposure to currency fluctuations when we can adequately determine the timing and amounts of the exposure.

ITEM 4. CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d- 15(e) of the Securities Exchange Act of 1934) as of the end of the period covered by this report and, based on this evaluation, our principal executive officer and principal financial officer have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

ITEM 1A - RISK FACTORS

Risk Factors Relating to the MicroVision Business

We have a history of operating losses and expect to incur significant losses in the future.

We have had substantial losses since our inception. We cannot assure you that we will ever become or remain profitable.

As of June 30, 2012, we had an accumulated deficit of $429.6 million.
We incurred consolidated net losses of $331.5 million from inception through 2009, $47.5 in 2010, $35.8 million in 2011, and a net loss of $14.8 million in the six months ended June 30, 2012.

The likelihood of our success must be considered in light of the expenses, difficulties and delays frequently encountered by companies formed to develop and market new technologies. In particular, our operations to date have focused primarily on research and development of our technology platform and development of demonstration units. We are unable to accurately estimate future revenues and operating expenses based upon historical performance.

We cannot be certain that we will succeed in obtaining additional development contracts or that we will be able to obtain substantial customer orders for our products. In light of these factors, we expect to continue to incur substantial losses and negative cash flow at least through 2012 and likely thereafter. We cannot be certain that we will achieve positive cash flow at any time in the future.

We will require additional capital to fund our operations and to implement our business plan. If we do not obtain additional capital, we may be required to curtail our operations substantially. Raising additional capital may dilute the value of current shareholders' shares.

Our capital requirements will depend on many factors, including, but not limited to, the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce products incorporating the PicoP display engine and image capture technologies and the market acceptance and competitive position of such products. If revenues are less than we anticipate, if the mix of revenues varies from anticipated amounts or if expenses exceed the amounts budgeted, we may require additional capital earlier than expected to fund our operations. In addition, our operating plan provides for the development of strategic relationships with systems and equipment manufacturers that may require additional investments by us.

Additional capital may not be available to us, or if available, on terms acceptable to us or on a timely basis. Raising additional capital may involve issuing securities with rights and preferences that are senior to our common stock and may dilute the value of current shareholders' shares. If adequate funds are not available on a timely basis we intend to consider limiting our operations substantially to extend out funds as we pursue other financing opportunities and business relationships. This limitation of operations could include delaying development projects and reductions in staff, operating costs, including research and development, and capital expenditures.

We are dependent on third parties in order to develop, manufacture, sell and market our products.

Our strategy for commercializing our technology and products incorporating the PicoP display engine technology includes entering into cooperative development, manufacturing, sales and marketing arrangements with corporate partners, original equipment manufacturers and other third parties. We cannot be certain that we will be able to negotiate arrangements on acceptable terms, if at all, or that these arrangements will be successful in yielding commercially viable products. If we cannot establish these arrangements, we would require additional capital to undertake such activities on our own and would require extensive manufacturing, sales and marketing expertise that we do not currently possess and that may be difficult to obtain. In addition, we could encounter significant delays in introducing the PicoP display engine technology or find that the development, manufacture or sale of products incorporating the PicoP display engine would not be feasible. To the extent that we enter into cooperative development, sales and marketing or other joint venture arrangements, our revenues will depend upon the performance of third parties. We cannot be certain that any such arrangements will be successful.

We cannot be certain that our technology platform or products incorporating our PicoP display engine will achieve market acceptance. If products incorporating the PicoP display engine do not achieve market acceptance, our revenues may not grow.

Our success will depend in part on customer acceptance of the PicoP display engine. The PicoP display engine may not be accepted by manufacturers who use display technologies in their products, by systems integrators who incorporate our products into their products or by end users of these products. To be accepted, the PicoP display engine must meet the expectations of our potential customers in the consumer, automotive, industrial, and medical markets. If our technology fails to achieve market acceptance, we may not be able to continue to develop our technology platform.

Future products based on our PicoP technology are dependent on advances in technology by other companies.

Our PicoP technology will continue to rely on technologies, such as light sources, MEMS and optical components that are developed and produced by other companies. The commercial success of certain future products based on our technology will depend in part on advances in these and other technologies by other companies. We may, from time to time, contract with and support companies developing key technologies in order to accelerate the development of them for our or our customers' specific uses. There are no guarantees that such activities will result in useful technologies or components for us.

We are dependent on a small number of customers for our revenue. Our quarterly performance may vary substantially and this variance, as well as general market conditions, may cause our stock price to fluctuate greatly and potentially expose us to litigation.

Since 2010, most of our revenues have been generated from product sales to a limited number of customers and distribution partners. Our quarterly operating results may vary significantly based on:

commercial acceptance of our PicoP-based products;
the rate at which our distributors can achieve sell through of our products;
changes in evaluations and recommendations by any securities analysts following our stock or our industry generally;
announcements by other companies in our industry;
changes in business or regulatory conditions;
announcements or implementation by our competitors of technological innovations or new products;
the status of particular development programs and the timing of performance under specific development agreements;
economic and stock market conditions; or
other factors unrelated to our company or industry.

In one or more future quarters, our results of operations may fall below the expectations of securities analysts and investors and the trading price of our common stock may decline as a consequence. In addition, following periods of volatility in the market price of a company's securities, shareholders often have instituted securities class action litigation against that company. If we become involved in a class action suit, it could divert the attention of management, and, if adversely determined, could require us to pay substantial damages.

We or our customers may fail to perform under open orders, which could adversely affect our operating results and cash flows.

Our backlog of open orders totaled $5.4 million as of June 30, 2012. We may be unable to meet the performance requirements, including performance specifications or delivery dates, required by such purchase orders. Further, our customers may be unable or unwilling to perform their obligations there under on a timely basis or at all if, among other reasons, our products and technologies do not achieve market acceptance, our customers' products and technologies do not achieve market acceptance or our customers otherwise fail to achieve their operating goals. To the extent we are unable to perform under such purchase orders or to the extent customers are unable or unwilling to perform, our operating results and cash flows could be adversely affected.

It may become more difficult to sell our stock in the public market or maintain our listing on the NASDAQ Global Market.

Our common stock is listed for quotation on The NASDAQ Global Market. To keep our listing on this market, we must meet NASDAQ's listing maintenance standards. If we are unable to continue to meet NASDAQ's listing maintenance standards, our common stock could be delisted from The NASDAQ Global Market. If our common stock were delisted, we likely would seek to list the common stock on the NASDAQ Capital Market, the American Stock Exchange or on a regional stock exchange. Listing on such other market or exchange could reduce the liquidity of our common stock. If our common stock were not listed on the NASDAQ Capital Market or an exchange, trading of our common stock would be conducted in the over-the-counter market on an electronic bulletin board established for unlisted securities or directly through market makers in our common stock. If our common stock were to trade in the over-the- counter market, an investor would find it more difficult to dispose of, or to obtain accurate quotations for the price of, the common stock. A delisting from The NASDAQ Global Market and failure to obtain listing on such other market or exchange would subject our securities to so-called penny stock rules that impose additional sales practice and market- making requirements on broker-dealers who sell or make a market in such securities. Consequently, removal from The NASDAQ Global Market and failure to obtain listing on another market or exchange could affect the ability or willingness of broker-dealers to sell or make a market in our common stock and the ability of purchasers of

our common stock to sell their securities in the secondary market. In addition, when the market price of our common stock is less than $5.00 per share, we become subject to penny stock rules even if our common stock is still listed on The NASDAQ Global Market. While the penny stock rules should not affect the quotation of our common stock on The NASDAQ Global Market, these rules may further limit the market liquidity of our common stock and the ability of investors to sell our common stock in the secondary market. The market price of our stock has mostly traded below $5.00 per share during 2011, 2010, and 2009. On August 1, 2012, the closing price of our stock was $1.60.

Our lack of financial and technical resources relative to our competitors may limit our revenues, potential profits, overall market share or value.

Our current products and potential future products will compete with established manufacturers of existing products and companies developing new technologies. Many of our competitors have substantially greater financial, technical and other resources than we have. Because of their greater resources, our competitors may develop products or technologies that are superior to our own. The introduction of superior competing products or technologies could result in reduced revenues, lower margins or loss of market share, any of which could reduce the value of our business.

We may not be able to keep up with rapid technological change and our financial results may suffer.

The information display industry has been characterized by rapidly changing technology, accelerated product obsolescence and continuously evolving industry standards. Our success will depend upon our ability to further develop our technology platform and to cost effectively introduce new products and features in a timely manner to meet evolving customer requirements and compete with competitors' product advances.

We may not succeed in these efforts because of:

delays in product development;
lack of market acceptance for our products; or
lack of funds to invest in product development and marketing.

The occurrence of any of the above factors could result in decreased revenues, market share and value.

We could face lawsuits related to our use of the PicoP display engine or other technologies. Defending these suits would be costly and time consuming. An adverse outcome in any such matter could limit our ability to commercialize our technology and products, reduce our revenues and increase our operating expenses.

We are aware of several patents held by third parties that relate to certain aspects of light scanning displays and image capture products. These patents could be used as a basis to challenge the validity, limit the scope or limit our ability to obtain additional or broader patent rights of our patents or patents we have licensed. A successful challenge to the validity of our patents or patents we have licensed could limit our ability to commercialize our technology and the PicoP display engine and, consequently, materially reduce our revenues. Moreover, we cannot be certain that patent holders or other third parties will not claim infringement by us with respect to current and future technology. Because U.S. patent applications are held and examined in secrecy, it is also possible that presently pending U.S. applications will eventually be issued with claims that will be infringed by our products or our technology. The defense and prosecution of a patent suit would be costly and time consuming, even if the outcome were ultimately favorable to us. An adverse outcome in the defense of a patent suit could subject us to significant costs, to require others and us to cease selling products that incorporate the PicoP display engine, to cease licensing our technology or to require disputed rights to be licensed from third parties. Such licenses, if available, would increase our operating expenses. Moreover, if claims of infringement are asserted against our future co- development partners or customers, those partners or customers may seek indemnification from us for damages or expenses they incur.

If we fail to manage expansion effectively, our revenue and expenses could be adversely affected.

Our ability to successfully offer products and implement our business plan in a rapidly evolving market requires an effective planning and management process. The growth in business and relationships with customers and other third parties has placed, and will continue to place, a significant strain on our management systems and resources. We will need to continue to improve our financial and managerial controls, reporting systems and procedures and will need to continue to train and manage our work force.

Our products may be subject to future health and safety regulations that could increase our development and production costs.

Products incorporating the PicoP display engine could become subject to new health and safety regulations that would reduce our ability to commercialize the PicoP display engine. Compliance with any such new regulations would likely increase our cost to develop and produce products using the PicoP display engine and adversely affect our financial results.

Our dependence on sales to distributors increases the risks of managing our supply chain and may result in excess inventory or inventory shortages.

We expect the majority of our distributor relationships for our accessory pico projector and its accessories to involve the distributor taking inventory positions and reselling to multiple customers. With these distributor relationships, we would not recognize revenue until the distributors sell the product through to their end user customers. Our distributor relationships may reduce our ability to forecast sales and increases risks to our business. Since our distributors would act as intermediaries between us and the end user customers, we would be required to rely on our distributors to accurately report inventory levels and production forecasts. This may require us to manage a more complex supply chain and monitor the financial condition and credit worthiness of our distributors and the end user customers. Our failure to manage one or more of these risks could result in excess inventory or shortages that could adversely impact our operating results and financial condition.

Our operating results may be adversely impacted by worldwide political and economic uncertainties and specific conditions in the markets we address.

In the recent past, general worldwide economic conditions have experienced a downturn due to slower economic activity, concerns about inflation, increased energy costs, decreased consumer confidence, reduced corporate profits and capital spending, and adverse business conditions. Any continuation or worsening of the current global economic and financial conditions could materially adversely affect (i) our ability to raise, or the cost of, needed capital, (ii) demand for our current and future products and (iii) our ability to commercialize products. We cannot predict the timing, strength, or duration of any economic slowdown or subsequent economic recovery, worldwide, or in the display industry.

Because we plan to continue using foreign contract manufacturers, our operating results could be harmed by economic, political, regulatory and other factors in foreign countries.

We currently use foreign manufacturers to manufacture future products, where appropriate. These international operations are subject to inherent risks, which may adversely affect us, including:

political and economic instability;
high levels of inflation, historically the case in a number of countries in Asia;
burdens and costs of compliance with a variety of foreign laws;
foreign taxes;
changes in tariff rates or other trade and monetary policies; and
changes or volatility in currency exchange rates.

If we have to qualify a new contract manufacturer or foundry for our products, we may experience delays that result in lost revenues and damaged customer relationships.

We rely on single suppliers to manufacture our PicoP display engine, our SHOWWX products and our MEMS chips in wafer form. The lead time required to establish a relationship with a new contract manufacturer or foundry is long, and it takes time to adapt a product's design to a particular manufacturer's processes. Accordingly, there is no readily available alternative source of supply for these products and components in high volumes. This could cause significant delays in shipping products if we have to change our source of supply and manufacture quickly, which may result in lost revenues and damaged customer relationships.

If we experience delays or failures in developing commercially viable products, we may have lower revenues.

We have begun sales of units incorporating the PicoP display engine. However, we must undertake additional research, development and testing before we are able to develop additional products for commercial sale. Product development delays by us or our potential product development partners, or the inability to enter into relationships with these partners, may delay or prevent us from introducing products for commercial sale.

Our success will depend, in part, on our ability to secure significant third-party manufacturing resources.

Our success depends, in part, on our ability to provide our components and future products in commercial quantities at competitive prices. Accordingly, we will be required to obtain access, through business partners or contract manufacturers, to manufacturing capacity and processes for the commercial production of our expected future products. We cannot be certain that we will successfully obtain access to sufficient manufacturing resources. Future manufacturing limitations of our suppliers could result in a limitation on the number of products incorporating our technology that we are able to produce.

If our licensors and we are unable to obtain effective intellectual property protection for our products and technology, we may be unable to compete with other companies.

Intellectual property protection for our products is important and uncertain. If we do not obtain effective intellectual property protection for our products, processes and technology, we may be subject to increased competition. Our commercial success will depend in part on our ability and the ability of our licensors to maintain the proprietary nature of the PicoP display and other key technologies by securing valid and enforceable patents and effectively maintaining unpatented technology as trade secrets. We try to protect our proprietary technology by seeking to obtain United States and foreign patents in our name, or licenses to third-party patents, related to proprietary technology, inventions, and improvements that may be important to the development of our business. However, our patent position and the patent position of our licensors involve complex legal and factual questions. The standards that the United States Patent and Trademark Office and its foreign counterparts use to grant patents are not always applied predictably or uniformly and can change. Additionally, the scope of patents are subject to interpretation by courts and their validity can be subject to challenges and defenses, including challenges and defenses based on the existence of prior art. Consequently, we cannot be certain as to the extent to which we will be able to obtain patents for our new products and technology or the extent to which the patents that we already own or license from others protect our products and technology. Reduction in scope of protection or invalidation of our licensed or owned patents, or our inability to obtain new patents, may enable other companies to develop products that compete with ours on the basis of the same or similar technology.

We also rely on the law of trade secrets to protect unpatented know-how and technology to maintain our competitive position. We try to protect this know- how and technology by limiting access to the trade secrets to those of our employees, contractors and partners with a need to know such information and by entering into confidentiality agreements with parties that have access to it, such as our employees, consultants and business partners. Any of these parties could breach the agreements and disclose our trade secrets or confidential information, or our competitors might learn of the information in some other way. If any trade secret not protected by a patent were to be disclosed to or independently developed by a competitor, our competitive position could be materially harmed.

We could be exposed to significant product liability claims that could be time-consuming and costly, divert management attention and adversely affect our ability to obtain and maintain insurance coverage.

We may be subject to product liability claims if any of our product applications are alleged to be defective or cause harmful effects. For example, because some of our PicoP displays are designed to scan a low power beam of colored light into the user's eye, the testing, manufacture, marketing and sale of these products involve an inherent risk that product liability claims will be asserted against us. Product liability claims or other claims related to our products, regardless of their outcome, could require us to spend significant time and money in litigation, divert management time and attention, require us to pay significant damages, harm our reputation or hinder acceptance of our products. Any successful product liability claim may prevent us from obtaining adequate product liability insurance in the future on commercially desirable or reasonable terms. An inability to obtain sufficient insurance coverage at an acceptable cost or otherwise to protect against potential product liability claims could prevent or inhibit the commercialization of our products.

Our development agreements have long sales cycles, which make it difficult to plan our expenses and forecast our revenues.

Our development agreements have lengthy sales cycles that involve numerous steps including determination of a product application, exploring the technical feasibility of a proposed product, evaluating the costs of manufacturing a product and manufacturing or contracting out the manufacturing of the product. Our long sales cycle, which can last several years, makes it difficult to predict the quarter in which contract signing and revenue recognition will occur. Delays in entering into development agreements could cause significant variability in our revenues and operating results for any particular quarterly period.

Our development contracts may not lead to products that will be profitable.

Our development contracts, including without limitation those discussed in this document, are exploratory in nature and are intended to develop new types of products for new applications. These efforts may prove unsuccessful and these relationships may not result in the development of products that will be profitable.

If we lose our rights under our third-party technology licenses, our operations could be adversely affected.

Our business depends in part on technology rights licensed from third parties. We could lose our exclusivity or other rights to use the technology under our licenses if we fail to comply with the terms and performance requirements of the licenses. In addition, certain licensors may terminate a license upon our breach and have the right to consent to sublicense arrangements. If we were to lose our rights under any of these licenses, or if we were unable to obtain required consents to future sublicenses, we could lose a competitive advantage in the market, and may even lose the ability to commercialize certain products completely. Either of these results could substantially decrease our revenues.

Loss of any of our key personnel could have a negative effect on the operation of our business.

Our success depends on our executive officers and other key personnel and on the ability to attract and retain qualified new personnel. Achievement of our business objectives will require substantial additional expertise in the areas of sales and marketing, research and product development and manufacturing. Competition for qualified personnel in these fields is intense, and the inability to attract and retain additional highly skilled personnel, or the loss of key personnel, could reduce our revenues and adversely affect our business.

ITEM 6. Exhibits

10.1	MicroVision 2006 Incentive Plan (2012 Amendment)
31.1	Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase
101.DEF*	XBRL Taxonomy Extension Definition Linkbase
101.LAB*	XBRL Taxonomy Extension Label Linkbase
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase
*	Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MICROVISION, INC.

Date: August 6, 2012	BY:	/s/ Alexander Y. Tokman
		Alexander Y. Tokman
		Chief Executive Officer (Principal Executive Officer)

Date: August 6, 2012	BY:	/s/ Jeff Wilson
		Jeff Wilson
		Chief Financial Officer (Principal Financial Officer, Principal Accounting Officer)

EXHIBIT INDEX

The following documents are filed herewith.

Exhibit Number	Description
10.1	MicroVision 2006 Incentive Plan (2012 Amendment)
31.1	Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase
101.DEF*	XBRL Taxonomy Extension Definition Linkbase
101.LAB*	XBRL Taxonomy Extension Label Linkbase
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase
*	Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability.

EX-10.1 2 exh10-1.htm MICROVISION 2006 INCENTIVE PLAN (2012 AMENDMENT) June 30, 2012 10-Q Exhibit 10.1

Exhibit 10.1

(As amended through June 7, 2012)

MICROVISION, INC.

2006 INCENTIVE PLAN, AS AMENDED

DEFINED TERMS

Exhibit A, which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms.

EFFECTIVE DATE

This Microvision, Inc. 2006 Incentive Plan, as amended, amends, restates and renames the Company's 1996 Stock Option Plan. The Plan was originally adopted by the Board on July 10, 1996 and approved by the stockholders of the Company on August 9, 1996. This amendment and restatement of the Plan, shall become effective if, and at such time as, the stockholders of the Company have approved this amendment and restatement.

PURPOSE

The purpose of the Microvision, Inc. 2006 Incentive Plan, as amended, is to provide means by which the Company may attract, reward and retain the services or advice of current or future employees, officers, consultants or independent contractors of, and other advisors to, the Company and to provide added incentives to them by encouraging stock ownership in the Company.

ADMINISTRATION

The Administrator has discretionary authority, subject only to the express provisions of the Plan, to interpret the Plan; determine eligibility for and grant Awards; determine, modify or waive the terms and conditions of any Award; prescribe forms, rules and procedures; and otherwise do all things necessary to carry out the purposes of the Plan. In the case of any Award intended to be eligible for the performance-based compensation exception under Section 162(m), the Administrator will exercise its discretion consistent with qualifying the Award for that exception. Determinations of the Administrator made under the Plan will be conclusive and will bind all parties.

LIMITS ON AWARDS UNDER THE PLAN

Number of Shares. A maximum of 2,750,000 shares of Stock may be delivered in satisfaction of Awards under the Plan. The number of shares of Stock delivered in satisfaction of Awards shall, for purposes of the preceding sentence, be determined net of shares of Stock withheld by the Company in payment of the exercise price of the Award or in satisfaction of tax withholding requirements with respect to the Award. The limit set forth in this Section 5(a) shall be construed to comply with Section 422 of the Code and regulations thereunder. To the extent consistent with the requirements of Section 422 of the Code and regulations thereunder, and with other applicable legal requirements (including applicable stock exchange requirements), Stock issued under awards of an acquired company that are converted, replaced, or adjusted in connection with the acquisition shall not reduce the number of shares available for Awards under the Plan.

Type of Shares. Stock delivered by the Company under the Plan may be authorized but unissued Stock or previously issued Stock acquired by the Company. No fractional shares of Stock will be delivered under the Plan.

Section 162(m) Limits. The maximum number of shares of Stock for which Stock Options may be granted to any person in any calendar year and the maximum number of shares of Stock subject to SARs granted to any person in any calendar year will each be 250,000. The maximum number of shares subject to other Awards granted to any person in any calendar year will be 250,000 shares. The maximum amount payable to any person in any year under Cash Awards will be $3,000,000. The foregoing provisions will be construed in a manner consistent with Section 162(m).

ELIGIBILITY AND PARTICIPATION

The Administrator may grant Awards to any current or future Employee, officer, director, consultant or independent contractor of, or other advisor to, the Company or its subsidiaries. Eligibility for ISOs is limited to employees of the Company or of a "parent corporation" or "subsidiary corporation" of the Company as those terms are defined in Section 424 of the Code.

RULES APPLICABLE TO AWARDS

All Awards

Award Provisions. The Administrator will determine the terms of all Awards, subject to the limitations provided herein. By accepting any Award granted hereunder, the Participant agrees to the terms of the Award and the Plan. Notwithstanding any provision of this Plan to the contrary, awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Administrator.

Term of Plan. No Awards may be made after September 21, 2016, but previously granted Awards may continue beyond that date in accordance with their terms.

Transferability. Neither ISOs nor, except as the Administrator otherwise expressly provides, other Awards may be transferred other than by will or by the laws of descent and distribution, and during a Participant's lifetime ISOs (and, except as the Administrator otherwise expressly provides, other non-transferable Awards requiring exercise) may be exercised only by the Participant.

Vesting, Etc. The Administrator may determine the time or times at which an Award will vest or become exercisable and the terms on which an Award requiring exercise will remain exercisable. Without limiting the foregoing, the Administrator may at any time accelerate the vesting or exercisability of an Award, regardless of any adverse or potentially adverse tax consequences resulting from such acceleration. Unless the Administrator expressly provides otherwise, however, the following rules will apply: immediately upon the cessation of the Participant's Employment, each Award requiring exercise that is then held by the Participant or by the Participant's permitted transferees, if any, will cease to be exercisable and will terminate, and all other Awards that are then held by the Participant or by the Participant's permitted transferees, if any, to the extent not already vested will be forfeited, except that:

subject to (B) and (C) below, all Stock Options and SARs held by the Participant or the Participant's permitted transferees, if any, immediately prior to the cessation of the Participant's Employment, to the extent then exercisable, will remain exercisable for the lesser of (i) a period of three months or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section 7(a)(4), and will thereupon terminate;

all Stock Options and SARs held by a Participant or the Participant's permitted transferees, if any, immediately prior to the Participant's death or Disability, to the extent then exercisable, will remain exercisable for the lesser of (i) the one year period ending with the first anniversary of the Participant's death or Disability or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section 7(a)(4), and will thereupon terminate; and

all Stock Options and SARs held by a Participant or the Participant's permitted transferees, if any, immediately prior to the cessation of the Participant's Employment will immediately terminate upon such cessation if the Administrator in its sole discretion determines that such cessation of Employment has resulted for reasons which cast such discredit on the Participant as to justify immediate termination of the Award.

Taxes. The Administrator will make such provision for the withholding of taxes as it deems necessary. The Administrator may, but need not, hold back shares of Stock from an Award or permit a Participant to tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not in excess of the minimum withholding required by law).

Dividend Equivalents, Etc. The Administrator may provide for the payment of amounts in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award. Any entitlement to dividend equivalents or similar entitlements shall be established and administered consistent either with exemption from, or compliance with, the requirements of Section 409A to the extent applicable.

Foreign Qualified Grants. Awards under this Plan may be granted to officers and Employees of the Company and other persons described in Section 6 who reside in foreign jurisdictions as the Administrator may determine from time to time. The Administrator may adopt supplements to the Plan as needed to comply with the applicable laws of such foreign jurisdictions and to give Participants favorable treatment under such laws; provided, however that no award shall be granted under any such supplement on terms more beneficial to such Participants than those permitted by this Plan.

Corporate Mergers, Acquisitions, Etc. The Administrator may grant Awards under this Plan having terms, conditions and provisions that vary from those specified in this Plan provided that such Awards are granted in substitution for, or in connection with the assumption of, existing Awards granted or issued by another corporation and assumed or otherwise agreed to be provided for by the Company pursuant to or by reason of a transaction involving a corporate merger, consolidation, acquisition of property or stock, reorganization or liquidation to which the Company is a party.

Rights Limited. Nothing in the Plan will be construed as giving any person the right to continued employment or service with the Company or its Affiliates, or any rights as a stockholder except as to shares of Stock actually issued under the Plan. The loss of existing or potential profit in Awards will not constitute an element of damages in the event of termination of Employment for any reason, even if the termination is in violation of an obligation of the Company or Affiliate to the Participant.

Section 162(m). This Section 7(a)(10) applies to any Performance Award intended to qualify as performance-based for the purposes of Section 162(m) other than a Stock Option or SAR. In the case of any Performance Award to which this Section 7(a)(10) applies, the Plan and such Award will be construed to the maximum extent permitted by law in a manner consistent with qualifying the Award for such exception. With respect to such Performance Awards, the Administrator will preestablish, in writing, one or more specific Performance Criteria no later than 90 days after the commencement of the period of service to which the performance relates (or at such earlier time as is required to qualify the Award as performance-based under Section 162(m)). Prior to grant, vesting or payment of the Performance Award, as the case may be, the Administrator will certify whether the applicable Performance Criteria have been attained and such determination will be final and conclusive. No Performance Award to which this Section 7(a)(10) applies may be granted after the first meeting of the stockholders of the Company held in 2011 until the listed performance measures set forth in the definition of "Performance Criteria" (as originally approved or as subsequently amended) have been resubmitted to and reapproved by the stockholders of the Company in accordance with the requirements of Section 162(m) of the Code, unless such grant is made contingent upon such approval.

Awards Requiring Exercise

Time And Manner Of Exercise. Unless the Administrator expressly provides otherwise, an Award requiring exercise by the holder will not be deemed to have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator) signed by the appropriate person and accompanied by any payment required under the Award. If the Award is exercised by any person other than the Participant, the Administrator may require satisfactory evidence that the person exercising the Award has the right to do so. Awards may be exercised in whole or in part.

Exercise Price. The exercise price (or the base value from which appreciation is to be measured) of each Award requiring exercise shall be 100% (in the case of an ISO granted to a ten-percent shareholder within the meaning of Section 422(b)(6) of the Code, 110%) of the fair market value of the Stock subject to the Award, determined as of the date of grant, or such higher amount as the Administrator may determine in connection with the grant. Fair market value shall be determined by the Administrator consistent with the requirements of Section 422 and Section 409A. Without the affirmative vote of holders of a majority of the shares of Stock cast in person or by proxy at a meeting of the stockholders of the Company at which a quorum representing a majority of all outstanding shares of Stock is present or represented by proxy, the Committee shall not approve a program providing for either (a) the cancellation of outstanding Awards requiring exercise and the grant in substitution therefor of new Awards having a lower exercise price that has the effect of a repricing or (b) the amendment of such Awards to reduce the exercise price thereof. The preceding sentence shall not be construed to apply to: (i) "issuing or assuming a stock option in a transaction to which section 424(a) applies," within the meaning of Section 424 of the Code or (ii) the substitution or assumption of an Award by reason of or pursuant to a corporate transaction, to the extent such substitution or assumption would not be treated as a grant of a new stock right or a change in the form of payment for purposes of Section 409A of the Code within the meaning of Prop. Treas. Reg. Section 1.409A-1(b)(5)(iii)(D)(3), Notice 2005-1, A-4(d) and any subsequent Section 409A guidance.

Payment Of Exercise Price. Where the exercise of an Award is to be accompanied by payment, the Administrator may determine the required or permitted forms of payment, subject to the following: all payments will be by cash or check acceptable to the Administrator, or, if so permitted by the Administrator and if legally permissible, (i) through the delivery of shares of Stock that have been outstanding for at least six months (unless the Administrator approves a shorter period) and that have a fair market value equal to the exercise price, (ii) by delivery to the Company of a promissory note of the person exercising the Award, payable on such terms as are specified by the Administrator, (iii) through a broker-assisted exercise program acceptable to the Administrator, (iv) by other means acceptable to the Administrator, or (v) by any combination of the foregoing permissible forms of payment. The delivery of shares in payment of the exercise price under clause (a)(i) above may be accomplished either by actual delivery or by constructive delivery through attestation of ownership, subject to such rules as the Administrator may prescribe.

409A Exemption. Except as the Administrator otherwise determines, no Award requiring exercise shall have deferral features, or shall be administered in a manner, that would cause such Award to fail to qualify for exemption from Section 409A.

Awards Not Requiring Exercise

Restricted Stock and Unrestricted Stock, whether delivered outright or under Awards of Stock Units or other Awards that do not require exercise, may be made in exchange for such lawful consideration, including services, as the Administrator determines. Any Award resulting in a deferral of compensation subject to Section 409A shall be construed to the maximum extent possible, as determined by the Administrator, consistent with the requirements of Section 409A.

EFFECT OF CERTAIN TRANSACTIONS

Mergers, etc. Except as otherwise provided in an Award, the following provisions shall apply in the event of a Covered Transaction:

Assumption or Substitution. If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator may provide for the assumption of some or all outstanding Awards or for the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate of the acquiror or survivor.

Cash-Out of Awards. If the Covered Transaction is one in which holders of Stock will receive upon consummation a payment (whether cash, non-cash or a combination of the foregoing), the Administrator may provide for payment (a "cash-out"), with respect to some or all Awards, equal in the case of each affected Award to the excess, if any, of (A) the fair market value of one share of Stock (as determined by the Administrator in its reasonable discretion) times the number of shares of Stock subject to the Award, over (B) the aggregate exercise or purchase price, if any, under the Award (in the case of an SAR, the aggregate base price above which appreciation is measured), in each case on such payment terms (which need not be the same as the terms of payment to holders of Stock) and other terms, and subject to such conditions, as the Administrator determines.

Acceleration of Certain Awards. If the Covered Transaction (whether or not there is an acquiring or surviving entity) is one in which there is no assumption, substitution or cash-out, each Award requiring exercise will become fully exercisable, and the delivery of shares of Stock deliverable under each outstanding Award of Stock Units (including Restricted Stock Units and Performance Awards to the extent consisting of Stock Units) will be accelerated and such shares will be delivered, prior to the Covered Transaction, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following exercise of the Award or the delivery of the shares, as the case may be, to participate as a stockholder in the Covered Transaction.

Termination of Awards Upon Consummation of Covered Transaction. Each Award (unless assumed pursuant to Section 8(a)(1) above), other than outstanding shares of Restricted Stock (which shall be treated in the same manner as other shares of Stock, subject to Section 8(a)(5) below), will terminate upon consummation of the Covered Transaction.

Additional Limitations. Any share of Stock delivered pursuant to Section 8(a)(2) or Section 8(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate to reflect any performance or other vesting conditions to which the Award was subject. In the case of Restricted Stock, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of such Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan.

Change in and Distributions With Respect to Stock

Basic Adjustment Provisions. In the event of a stock dividend, stock split or combination of shares (including a reverse stock split), recapitalization or other change in the Company's capital structure, the Administrator will make appropriate adjustments to the maximum number of shares specified in Section 5(a) that may be delivered under the Plan and to the maximum share limits described in Section 5(c), and will also make appropriate adjustments to the number and kind of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards and any other provision of Awards affected by such change.

Certain Other Adjustments. The Administrator may also make adjustments of the type described in Section 8(b)(1) above to take into account distributions to stockholders other than those provided for in Section 8(a) and 8(b)(1), or any other event, if the Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan and to preserve the value of Awards made hereunder, having due regard for the qualification of ISOs under Section 422 of the Code, the performance-based compensation rules of Section 162(m), and the requirements of Section 409A, where applicable.

Continuing Application of Plan Terms. References in the Plan to shares of Stock will be construed to include any stock or securities resulting from an adjustment pursuant to this Section 8.

LEGAL CONDITIONS ON DELIVERY OF STOCK

The Company will not be obligated to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived. If the sale of Stock has not been registered under the Securities Act of 1933, as amended, the Company may require, as a condition to exercise of the Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of such Act. The Company may require that certificates evidencing Stock issued under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions.

AMENDMENT AND TERMINATION

The Administrator may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the Plan as to any future grants of Awards; provided, that except as otherwise expressly provided in the Plan the Administrator may not, without the Participant's consent, alter the terms of an Award so as to affect adversely the Participant's rights under the Award, unless the Administrator expressly reserved the right to do so at the time of the Award. Any amendments to the Plan shall be conditioned upon stockholder approval only to the extent, if any, such approval is required by law (including the Code and applicable stock exchange requirements), as determined by the Administrator.

OTHER COMPENSATION ARRANGEMENTS

The existence of the Plan or the grant of any Award will not in any way affect the Company's right to Award a person bonuses or other compensation in addition to Awards under the Plan.

MISCELLANEOUS

Waiver of Jury Trial. By accepting an Award under the Plan, each Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim shall be tried before a court and not before a jury. By accepting an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers.

Limitation of Liability. Notwithstanding anything to the contrary in the Plan, neither the Company, any Affiliate, nor the Administrator, nor any person acting on behalf of the Company, any Affiliate, or the Administrator, shall be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of an Award by reason of any acceleration of income, or any additional tax, asserted by reason of the failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code; provided, that nothing in this Section 12(b) shall limit the ability of the Administrator or the Company to provide by separate express written agreement with a Participant for a gross-up payment or other payment in connection with any such tax or additional tax.

EXHIBIT A

Definition of Terms

The following terms, when used in the Plan, will have the meanings and be subject to the provisions set forth below:

"Administrator": The Board, except that the Board may delegate (i) to one or more of its members such of its duties, powers and responsibilities as it may determine; provided, that with respect to any delegation described in this clause (i) only the Board may amend or terminate the Plan as provided in Section 10; (ii) to one or more officers of the Company the power to grant rights or options to the extent permitted by Section 157(c) of the Delaware General Corporation Law; (iii) to one or more officers of the Company the authority to allocate other Awards among such persons (other than officers of the Company) eligible to receive Awards under the Plan as such delegated officer or officers determine consistent with such delegation; provided, that with respect to any delegation described in this clause (iii) the Board (or a properly delegated member or members of the Board) shall have authorized the issuance of a specified number of shares of Stock under such Awards and shall have specified the consideration, if any, to be paid therefor; and (iv) to such Employees or other persons as it determines such ministerial tasks as it deems appropriate. In the event of any delegation described in the preceding sentence, the term "Administrator" shall include the person or persons so delegated to the extent of such delegation.

"Affiliate": Any corporation or other entity owning, directly or indirectly, 50% or more of the outstanding Stock of the Company, or in which the Company or any such corporation or other entity owns, directly or indirectly, 50% of the outstanding capital stock (determined by aggregate voting rights) or other voting interests. However, for purposes of determining eligibility for the grant of a Stock Option or SAR, the term "Affiliate" shall mean a person standing in a relationship to the Company such that the Company and such person are treated as a single employer under Section 414(b) and Section 414(c) of the Code, in accordance with the definition of "service recipient" under Section 409A of the Code.

"Award": Any or a combination of the following:

(i) Stock Options.

(ii) SARs.

(iii) Restricted Stock.

(iv) Unrestricted Stock.

(v) Stock Units, including Restricted Stock Units.

(vi) Performance Awards.

(vii) Cash Awards.

(viii) Awards (other than Awards described in (i) through (vii) above) that are convertible into or otherwise based on Stock.

"Board": The Board of Directors of the Company.

"Cash Award": An Award denominated in cash.

"Code": The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any successor statute as from time to time in effect.

"Company": Microvision, Inc.

"Covered Transaction": Any of (i) a consolidation, merger, or similar transaction or series of related transactions, including a sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company's then outstanding common stock by a single person or entity or by a group of persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company's assets, or (iii) a dissolution or liquidation of the Company. Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction shall be deemed to have occurred upon consummation of the tender offer.

"Disability": The total and permanent disability of any Participant, as determined by the Administrator in its sole discretion. Without limiting the generality of the foregoing, the Administrator may, but is not required to, rely on a determination of disability by the Company's long term disability carrier or the Social Security Administration.

"Employee": Any person who is employed by the Company or an Affiliate.

"Employment": A Participant's employment or other service relationship with the Company and its Affiliates. Employment will be deemed to continue, unless the Administrator expressly provides otherwise, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section 6 to the Company or its Affiliates. If a Participant's employment or other service relationship is with an Affiliate and that entity ceases to be an Affiliate, the Participant's Employment will be deemed to have terminated when the entity ceases to be an Affiliate unless the Participant transfers Employment to the Company or its remaining Affiliates.

"ISO": A Stock Option intended to be an "incentive stock option" within the meaning of Section 422 of the Code. Each option granted pursuant to the Plan will be treated as providing by its terms that it is to be a non-incentive stock option unless, as of the date of grant, it is expressly designated as an ISO.

"Participant": A person who is granted an Award under the Plan.

"Performance Award": An Award subject to Performance Criteria. The Committee in its discretion may grant Performance Awards that are intended to qualify for the performance-based compensation exception under Section 162(m) and Performance Awards that are not intended so to qualify.

"Performance Criteria": Specified criteria, other than the mere continuation of Employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award. For purposes of Awards that are intended to qualify for the performance-based compensation exception under Section 162(m), a Performance Criterion will mean an objectively determinable measure of performance relating to any or any combination of the following (measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business, project or geographical basis or in combinations thereof): sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing operations or an aggregate or per share basis; return on equity, investment, capital or assets; one or more operating ratios; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales of particular products or services; customer acquisition or retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations; or recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings. A Performance Criterion and any targets with respect thereto determined by the Administrator need not be based upon an increase, a positive or improved result or avoidance of loss. To the extent consistent with the requirements for satisfying the performance-based compensation exception under Section 162(m), the Administrator may provide in the case of any Award intended to qualify for such exception that one or more of the Performance Criteria applicable to such Award will be adjusted in an objectively determinable manner to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable Performance Criterion or Criteria.

"Plan": The Microvision, Inc. 2006 Incentive Plan, as amended, as from time to time amended and in effect.

"Restricted Stock": Stock subject to restrictions requiring that it be redelivered or offered for sale to the Company if specified conditions are not satisfied.

"Restricted Stock Unit": A Stock Unit that is, or as to which the delivery of Stock or cash in lieu of Stock is, subject to the satisfaction of specified performance or other vesting conditions.

"Section 162(m)": Section 162(m) of the Code.

"Section 409A": Section 409A of the Code.

"SAR": A right entitling the holder upon exercise to receive an amount (payable in shares of Stock of equivalent value) equal to the excess of the fair market value of the shares of Stock subject to the right over the fair market value of such shares at the date of grant.

"Stock": Common Stock of the Company, par value $.001 per share.

"Stock Option": An option entitling the holder to acquire shares of Stock upon payment of the exercise price.

"Stock Unit": An unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured by the value of Stock in the future.

"Unrestricted Stock": Stock not subject to any restrictions under the terms of the Award.

EX-31.1 3 exh31-1.htm CEO 302 CERTIFICATE June 30, 2012 10-Q Exhibit 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO
RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alexander Y. Tokman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MicroVision, Inc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 6, 2012

/s/ Alexander Y. Tokman

Alexander Y. Tokman
Chief Executive Officer

EX-31.2 4 exh31-2.htm CFO 302 CERTIFICATE June 30, 2012 10-Q Exhibit 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO
RULE 13a-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jeff T. Wilson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MicroVision, Inc.;

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 6, 2012

/s/ Jeff T. Wilson

Jeff T. Wilson
Chief Financial Officer

EX-32.1 5 exh32-1.htm CEO 906 CERTIFICATE June 30, 2012 10-Q Exhibit 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as chief executive officer of MicroVision, Inc. (the "Company"), does hereby certify that to the undersigned's knowledge:

1) the Company's Form 10-Q for the quarter ended June 30, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) the information contained in the Company's Form 10-Q for the quarter ended June 30, 2012 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 6, 2012

/s/ Alexander Y. Tokman

Alexander Y. Tokman
Chief Executive Officer

EX-32.2 6 exh32-2.htm CFO 906 CERTIFICATE June 30, 2012 10-Q Exhibit 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as chief financial officer of MicroVision, Inc. (the "Company"), does hereby certify that to the undersigned's knowledge:

1) the Company's Form 10-Q for the quarter ended June 30, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

Date: August 6, 2012

/s/ Jeff T. Wilson

Jeff T. Wilson
Chief Financial Officer

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2012-06-30 0000065770 mvis:May2012StockMember 2012-01-01 2012-06-30 0000065770 2012-08-01 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure mvis:Percent false --12-31 2012-06-30 Q2 2012 2012-06-30 2012-01-01 10-Q 0000065770 Yes Accelerated Filer Microvision Inc 911600822 No No 7341000 4348000 463000 558000 5113000 4438000 -35000 0 425658000 441126000 23870000 20765000 18655000 16701000 12000 208000 39000 44000 72000 47000 19413000 13075000 9339000 14764000 1689000 -10074000 8. COMMITMENTS AND CONTINGENCIES Litigation We are subject to various claims and pending or threatened lawsuits in the normal course of business. We are not currently party to any legal proceedings that management believes are reasonably possible to have a material adverse effect on our consolidated financial position, results of operations or cash flows. 17000 25000 -4941000 -9178000 -14739000 -18216000 248000 395000 403000 694000 545000 251000 746000 484000 -33000 3380000 4297000 5919000 187000 48000 880000 1091000 2. NET LOSS PER SHARE Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares. Diluted net loss per share for the three and six months ended June 30, 2012 and 2011 is equal to basic net loss per share because the effect of all potential common stock outstanding during the periods, including options, warrants and nonvested equity shares is anti-dilutive. The components of basic and diluted net loss per share were as follows (in thousands, except loss per share data): <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Three Months Ended</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td>Numerator:</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top"> <td>Net loss available for common shareholders - basic and diluted</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(4,971)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(9,175)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(14,774)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(18,212)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td>Denominator:</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top"> <td>Weighted-average common shares outstanding - basic and diluted  </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">19,167 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">13,272 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">18,097 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">13,056 </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top"> <td>Net loss per share - basic and diluted  </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.26)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.69)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.82)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1.39)</td></tr> </table>   We excluded the following convertible securities from diluted net loss per share, as the effect of including them would have been anti-dilutive:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Three Months Ended</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td>Publicly Traded Warrants Exercisable</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">753,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">753,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">753,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">753,000 </td></tr> <tr style="vertical-align: bottom"> <td>Options and Private Warrants Exercisable</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">5,302,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">1,302,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">5,302,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">1,302,000 </td></tr> <tr style="vertical-align: top"> <td>Nonvested Equity Shares</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">80,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">127,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">80,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">127,000 </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top"> <td>Total</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,135,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,182,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,135,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,182,000 </td></tr> </table>     3. CASH EQUIVALENTS, INVESTMENT SECURITIES AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between informed market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the authoritative guidance establishes a three level fair value inputs hierarchy, and requires an entity to maximize the use of observable valuation inputs and minimize the use of unobservable inputs. When estimating fair values, we use market data, assumptions and risks we believe market participants would use in measuring the fair value of the asset or liability, including the risks inherent in the inputs and the valuation techniques. At December 31, 2011, our cash equivalents and investment securities available-for-sale were comprised of money market savings accounts and equity securities. The corporate equity securities were valued using inputs and common methods with sufficient levels of transparency and observability to be classified at Level 2.   1328000 -2225000 -1272000 -3645000 -0.26 -0.69 -0.82 -1.39 -2976000 -1020000 95000 -432000 -726000 -171000 31000 -34000 -2294000 -89000 -58000 -5000 17000 25000 4. INVENTORY Inventory consists of the following: <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center">    June 30,    </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td>Raw materials</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">16,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">2,741,000 </td></tr> <tr style="vertical-align: top"> <td>Finished goods                                                   </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">850,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,513,000 </td></tr> <tr style="vertical-align: top"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">866,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,254,000 </td></tr> </table>   The inventory at June 30, 2012 and December 31, 2011 consisted of raw materials primarily for our accessory pico projectors and PicoP display engine, and finished goods primarily composed of our accessory pico projectors. Inventory is stated at the lower of cost or market, with cost determined on net realizable value basis. Management periodically assesses the need to provide for obsolescence of inventory and adjusts the carrying value of inventory to its net realizable value when required. In addition, we reduce the value of our inventory to our estimated scrap value when management determines that it is not probable that the inventory will be consumed through normal production during the next twelve months.   During the three months ended June 30, 2012, we negotiated a lower price for certain components in inventory that had previously been written down to net realizable value. As a result of the renegotiation, the aggregate purchase price was reduced and we recorded a credit of $1.4 million to cost of product revenue during the three months ended June 30, 2012.   4254000 866000 1094000 944000 13068000 9226000 23870000 20765000 12742000 9114000 7. LONG-TERM NOTES Tenant Improvement Loan Agreement During 2006, we entered into a loan agreement with the lessor of our corporate headquarters in Redmond, Washington to finance $536,000 in tenant improvements. The loan carries a fixed interest rate of 9% per annum, is repayable over the initial term of the lease, which expires in 2013, and is secured by a letter of credit. The balance of the loan was $114,000 at June 30, 2012. 14739000 5476000 -38000 -18000 -13012000 -15532000 -4971000 -9175000 -14774000 -18212000 6290000 7055000 13518000 14674000 -4962000 -9280000 -14790000 -18319000 793000 501000 34000 22000 -88000 -138000 9000 -105000 -16000 -107000 400000 195000 0 0 14805000 5542000 11000 0 2347000 1650000 70000 12000 3227000 3478000 7167000 7805000 786000 436000 -414838000 -429612000 1295000 1155000 3025000 2274000 93000 97000 3064000 3577000 6352000 6876000 854000 1798000 10802000 11539000 19167000 13272000 18097000 13056000 243000 368000 0.001 0.001 25000000 25000000 0 0 0.001 0.001 100000000 100000000 17019000 24892000 17019000 24892000 1000 0 1000 7000 92000 93000 -350000 -170000 1000 7000 2048000 1956000 9. RECEIVABLES FROM RELATED PARTIES Our accounts receivable balance at December 31, 2011 and June 30, 2012 includes $159,000 from a sale of PicoP engines to Walsin Lihwa Corporation which integrated the engines into its product sold in China during 2011. Based on filings with the SEC as of June, 2012, Walsin Lihwa beneficially owns approximately 4.1% of our common stock as determined in accordance with SEC rules, through its wholly owned subsidiary Max Display Enterprises Limited. 156000 187000 67000 17000 750000 904000 2279000 1790000 -281000 2985000 3894000 5225000 0 -424000 12000 -12000 6. SHARE-BASED COMPENSATION We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award. The following table shows the amount of stock-based employee compensation expense included in the consolidated statements of operations: <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Three Months Ended</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td>Cost of contract revenue</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">4,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">30,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">10,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">40,000 </td></tr> <tr style="vertical-align: bottom"> <td>Cost of product revenue</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">- </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">31,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">20,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">40,000 </td></tr> <tr style="vertical-align: bottom"> <td>Research and development expense</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">87,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">564,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">224,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">739,000 </td></tr> <tr style="vertical-align: top"> <td>Sales, marketing, general and administrative expense</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">372,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">697,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">587,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">889,000 </td></tr> <tr style="vertical-align: top"> <td>Total share-based employee compensation expense</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">463,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,322,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">841,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,708,000 </td></tr> </table>   Options Activity and Positions   The following table summarizes shares, weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2012: <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Weighted</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Average</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Weighted</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Remaining</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Average</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Contractual</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Aggregate</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Exercise</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Term</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Intrinsic</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Options</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">Shares</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">Price</td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">(years)</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">Value</td></tr> <tr style="vertical-align: bottom"> <td>Outstanding as of June 30, 2012</td> <td style="text-align: right"> </td> <td style="text-align: right">924,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">21.68 </td> <td style="text-align: right"> </td> <td style="text-align: right">5.1 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">- </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td>Exercisable as of June 30, 2012</td> <td style="text-align: right"> </td> <td style="text-align: right">725,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">25.16 </td> <td style="text-align: right"> </td> <td style="text-align: right">4.3 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">- </td></tr> </table>   As of June 30, 2012, our unamortized share-based employee compensation was $1.5 million which we plan to amortize over the next 1.5 years and our unamortized nonvested equity share-based employee compensation was $463,000 which we plan to amortize over the next 1.9 years.   1. MANAGEMENT'S STATEMENT AND PRINCIPLES OF CONSOLIDATION  Management's Statement The Consolidated Balance Sheet as of June 30, 2012, the Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2012 and 2011, and Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 have been prepared by MicroVision, Inc. ("we" or "us") and have not been audited. In the opinion of management, all adjustments necessary to state fairly the financial position at June 30, 2012 and the results of operations, comprehensive loss and cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules of the Securities and Exchange Commission (the "SEC"). The year-end balance sheet data was derived from audited financial statements, but these interim consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. You should read these condensed consolidated financial statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. The results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the operating results that may be attained for the entire fiscal year.   We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues and product sales. At June 30, 2012, we had $14.8 million in cash and cash equivalents. Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the next twelve months. We will require additional cash to fund our operating plan past that time. We are introducing new technology into an emerging market which creates significant uncertainty about our ability to accurately project revenue, costs and cash flows. If the level of sales anticipated by our financial plan is not achieved or our working capital requirements are higher than planned, we will need to raise additional cash sooner or take actions to reduce operating expenses. We plan to obtain additional cash through the issuance of equity or debt securities and through the monetization of select patents that we believe are not core to our business. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially to extend our funds as we pursue other financing opportunities and business relationships. This limitation of operations could include delaying development projects and reductions in staff, operating costs, including research and development, and capital expenditures.   In March 2012, we received a report from our independent public accounting firm regarding the consolidated financial statements for the year ended December 31, 2011 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. Our consolidated financial statements have been prepared on a going concern basis.   In June 2012, we raised $10.5 million before issuance costs of approximately $823,000 through an underwritten public offering of 4.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. The warrants have an exercise price of $2.65 per share, a five year term, and are exercisable beginning one year from the date of issuance.   In May 2012, we raised approximately $5.0 million before issuance costs of approximately $71,000 from the sale of 3.3 million shares of common stock and warrants to purchase 1.0 million shares of our common stock to a strategic investor. The warrants have an exercise price of $2.12 per share, a three year term, and are exercisable beginning on the date of issuance.   A one-for-eight reverse stock split of MicroVision's common stock became effective on February 17, 2012. All of the share and per share amounts discussed and shown in the consolidated financial statements and notes have been adjusted to reflect the effect of this reverse split.   Principles of Consolidation   Our condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision Innovations Singapore Pte. Ltd. ("MicroVision Singapore"), a wholly owned foreign subsidiary. MicroVision Singapore was incorporated in April 2011 and is engaged in operational support functions for MicroVision, Inc. There were no material intercompany accounts and transactions during the three and six months ended June 30, 2012.    301000 34000 24892000 131800000000 0 448000 Principles of Consolidation   Our condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision Innovations Singapore Pte. Ltd. ("MicroVision Singapore"), a wholly owned foreign subsidiary. MicroVision Singapore was incorporated in April 2011 and is engaged in operational support functions for MicroVision, Inc. There were no material intercompany accounts and transactions during the three and six months ended June 30, 2012.     Net Loss Per Share   Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares.     Management's Statement   The Consolidated Balance Sheet as of June 30, 2012, the Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2012 and 2011, and Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 have been prepared by MicroVision, Inc. ("we" or "us") and have not been audited. In the opinion of management, all adjustments necessary to state fairly the financial position at June 30, 2012 and the results of operations, comprehensive loss and cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules of the Securities and Exchange Commission (the "SEC"). The year-end balance sheet data was derived from audited financial statements, but these interim consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. You should read these condensed consolidated financial statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. The results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the operating results that may be attained for the entire fiscal year.   We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues and product sales. At June 30, 2012, we had $14.8 million in cash and cash equivalents.   Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the next twelve months. We will require additional cash to fund our operating plan past that time. We are introducing new technology into an emerging market which creates significant uncertainty about our ability to accurately project revenue, costs and cash flows. If the level of sales anticipated by our financial plan is not achieved or our working capital requirements are higher than planned, we will need to raise additional cash sooner or take actions to reduce operating expenses. We plan to obtain additional cash through the issuance of equity or debt securities and through the monetization of select patents that we believe are not core to our business. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially to extend our funds as we pursue other financing opportunities and business relationships. This limitation of operations could include delaying development projects and reductions in staff, operating costs, including research and development, and capital expenditures.   In March 2012, we received a report from our independent public accounting firm regarding the consolidated financial statements for the year ended December 31, 2011 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. Our consolidated financial statements have been prepared on a going concern basis.   In June 2012, we raised $10.5 million before issuance costs of approximately $823,000 through an underwritten public offering of 4.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. The warrants have an exercise price of $2.65 per share, a five year term, and are exercisable beginning one year from the date of issuance.   In May 2012, we raised approximately $5.0 million before issuance costs of approximately $71,000 from the sale of 3.3 million shares of common stock and warrants to purchase 1.0 million shares of our common stock to a strategic investor. The warrants have an exercise price of $2.12 per share, a three year term, and are exercisable beginning on the date of issuance.   A one-for-eight reverse stock split of MicroVision's common stock became effective on February 17, 2012. All of the share and per share amounts discussed and shown in the consolidated financial statements and notes have been adjusted to reflect the effect of this reverse split.       Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between informed market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the authoritative guidance establishes a three level fair value inputs hierarchy, and requires an entity to maximize the use of observable valuation inputs and minimize the use of unobservable inputs. When estimating fair values, we use market data, assumptions and risks we believe market participants would use in measuring the fair value of the asset or liability, including the risks inherent in the inputs and the valuation techniques.   At December 31, 2011, our cash equivalents and investment securities available-for-sale were comprised of money market savings accounts and equity securities. The corporate equity securities were valued using inputs and common methods with sufficient levels of transparency and observability to be classified at Level 2.         We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award.     11. NEW ACCOUNTING PRONOUNCEMENTS In June 2011, the FASB issued a new accounting standard on the presentation of comprehensive income. The new standard requires the presentation of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. We have adopted this portion of the guidance with no material impact on our financial statements. The new standard also requires presentation of adjustments for items that are reclassified from other comprehensive income to net income in the statement where the components of net income and the components of other comprehensive income are presented. However, in December 2011 the FASB issued further guidance which indefinitely defers the guidance related to the presentation of reclassification adjustments.     The components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Three Months Ended</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td>Numerator:</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top"> <td>Net loss available for common shareholders - basic and diluted</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(4,971)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(9,175)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(14,774)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(18,212)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td>Denominator:</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top"> <td>Weighted-average common shares outstanding - basic and diluted  </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">19,167 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">13,272 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">18,097 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">13,056 </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top"> <td>Net loss per share - basic and diluted  </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.26)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.69)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(0.82)</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(1.39)</td></tr> </table>         Inventory consists of the following: <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center">    June 30,    </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td>Raw materials</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">16,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">2,741,000 </td></tr> <tr style="vertical-align: top"> <td>Finished goods                                                   </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">850,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,513,000 </td></tr> <tr style="vertical-align: top"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">866,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,254,000 </td></tr> </table>         The following table shows the amount of stock-based employee compensation expense included in the consolidated statements of operations:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Three Months Ended</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td>Cost of contract revenue</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">4,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">30,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">10,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">40,000 </td></tr> <tr style="vertical-align: bottom"> <td>Cost of product revenue</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">- </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">31,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">20,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">40,000 </td></tr> <tr style="vertical-align: bottom"> <td>Research and development expense</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">87,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">564,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">224,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">739,000 </td></tr> <tr style="vertical-align: top"> <td>Sales, marketing, general and administrative expense</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">372,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">697,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">587,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">889,000 </td></tr> <tr style="vertical-align: top"> <td>Total share-based employee compensation expense</td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">463,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,322,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">841,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,708,000 </td></tr> </table>           Options Activity and Positions   The following table summarizes shares, weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2012:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Weighted</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Average</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Weighted</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Remaining</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Average</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Contractual</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Aggregate</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Exercise</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Term</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center">Intrinsic</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Options</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">Shares</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">Price</td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">(years)</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">Value</td></tr> <tr style="vertical-align: bottom"> <td>Outstanding as of June 30, 2012</td> <td style="text-align: right"> </td> <td style="text-align: right">924,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">21.68 </td> <td style="text-align: right"> </td> <td style="text-align: right">5.1 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">- </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td>Exercisable as of June 30, 2012</td> <td style="text-align: right"> </td> <td style="text-align: right">725,000 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">25.16 </td> <td style="text-align: right"> </td> <td style="text-align: right">4.3 </td> <td style="text-align: right"> </td> <td style="text-align: right">$</td> <td style="text-align: right">- </td></tr> </table>       6135000 2182000 6135000 2182000 753000 753000 753000 753000 5302000 1302000 5302000 1302000 80000 127000 80000 127000 2741000 16000 1513000 850000 463000 1322000 841000 1708000 4000 30000 10000 40000 0 31000 20000 40000 87000 564000 224000 739000 372000 697000 587000 889000 924000 21.68 5.1 0 725000 25.16 4.3 0 1500000 463000 1.5 1.9 2006 0.09 536000 2013 114000 159000 159000 0.041 -2000 -3000 3000 -4000 -32000 0 -32000 0 66000 66000 32000 0 0.125 5. SEVERANCE ARRANGEMENTS   In April 2012, we reduced our workforce by approximately 25% to align with our ingredient brand business model. During the three and six months ended June 30, 2012, we recorded approximately $370,000 to research and development expense and sales, marketing, general and administrative expense and paid $252,000 relating to the severance agreements and other restructuring costs for these employees. We plan to make the remaining severance payments during the second half of 2012.   In January 2011, we recorded $372,000 to research and development expense and sales, marketing, general and administrative expense and paid $258,000 related to the severance agreements for these employees during the first quarter of 2011. During the three months ended June 30, 2011, we paid $83,000 relating to the severance agreements for these employees.   10. COMMON STOCK   In June 2012, we raised $10.5 million before issuance costs of approximately $823,000 through an underwritten public offering of 4.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. The warrants have an exercise price of $2.65 per share, a five year term, and are exercisable beginning one year from the date of issuance.   In May 2012, we raised approximately $5.0 million before issuance costs of approximately $71,000 from the sale of 3.3 million shares of common stock and warrants to purchase 1.0 million shares of our common stock to a strategic investor. The warrants have an exercise price of $2.12 per share, a three year term, and are exercisable beginning on the date of issuance.     We excluded the following convertible securities from diluted net loss per share, as the effect of including them would have been anti-dilutive:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Three Months Ended</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="font-weight: bold; text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="4" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td>Publicly Traded Warrants Exercisable</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">753,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">753,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">753,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">753,000 </td></tr> <tr style="vertical-align: bottom"> <td>Options and Private Warrants Exercisable</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">5,302,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">1,302,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">5,302,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right">1,302,000 </td></tr> <tr style="vertical-align: top"> <td>Nonvested Equity Shares</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">80,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">127,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">80,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">127,000 </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top"> <td>Total</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,135,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,182,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,135,000 </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,182,000 </td></tr> </table>       370000 370000 372000 252000 83000 252000 341000 2100000 1000000 2.65 2.12 5 3 0.25 0.25 10500000 10500000 5000000 5000000 4200000 4200000 3300000 3300000 823000 823000 71000 71000 EX-101.SCH 9 mvis-20120630.xsd XBRL TAXONOMY EXTENSION SCHEMA 0001 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 0002 - Statement - Consolidated Balance Sheet (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0003 - Statement - Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 0004 - Statement - Consolidated Statements of Comprehensive Loss link:presentationLink link:calculationLink link:definitionLink 0005 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 0006 - Disclosure - MANAGEMENT'S STATEMENT AND 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Severance Arrangements (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
Severance Arrangements (Narrative) (Details) (USD $)	Jun. 30, 2012 Percent	Jun. 30, 2011	Jun. 30, 2012 Percent	Jun. 30, 2011
Severance Arrangements Narrative Details
Severance costs charged to research and development and sales, marketing, general and administrative expenses	$ 370,000		$ 370,000	$ 372,000
Severance cash payments	$ 252,000	$ 83,000	$ 252,000	$ 341,000
Reduction of workforce as a percent	25.00%		25.00%

- Definition

The charge against earnings in the period for known and estimated costs of termination benefits provided to current employees that are involuntarily terminated under a benefit arrangement associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding costs or losses pertaining to an entity newly acquired in a business combination or a discontinued operation as defined by generally accepted accounting principles and costs associated with one-time termination benefits.

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Inventory - Note 4
6 Months Ended

Jun. 30, 2012

Inventory Disclosure

Inventory
4. INVENTORY

Inventory consists of the following:

 June 30, December 31,

2012 2011

Raw materials $ 16,000 $ 2,741,000

Finished goods 850,000 1,513,000

$ 866,000 $ 4,254,000

The inventory at June 30, 2012 and December 31, 2011 consisted of raw materials primarily for our accessory pico projectors and PicoP display engine, and finished goods primarily composed of our accessory pico projectors. Inventory is stated at the lower of cost or market, with cost determined on net realizable value basis. Management periodically assesses the need to provide for obsolescence of inventory and adjusts the carrying value of inventory to its net realizable value when required. In addition, we reduce the value of our inventory to our estimated scrap value when management determines that it is not probable that the inventory will be consumed through normal production during the next twelve months.

During the three months ended June 30, 2012, we negotiated a lower price for certain components in inventory that had previously been written down to net realizable value. As a result of the renegotiation, the aggregate purchase price was reduced and we recorded a credit of $1.4 million to cost of product revenue during the three months ended June 30, 2012.

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Long-term Debt (Narrative) (Details) (USD $)
6 Months Ended

Jun. 30, 2012

Percent

Long-Term Debt Narrative Details

Year of issue 2006

Interest rate 9.00%

Debt amount originally issued $ 536,000

Debt due date 2013

Secured debt $ 114,000

X

- Details

Name: mvis_LongtermDebtNarrativeDetailsAbstract

Namespace Prefix: mvis_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

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Employee Stock Options

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Percent

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Accounts Receivable From Related Parties Narrative Details

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Share data in Millions, unless otherwise specified
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Jun. 30, 2012

June 2012 Stock

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Cash Equivalents, Investment Securities Avaliable-for-Sale and Fair Value Measurments - Note 3
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Fair Value Disclosures

Cash Equivalents, Investment Securities Available-for-Sale and Fair Value Measurements
3. CASH EQUIVALENTS, INVESTMENT SECURITIES AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between informed market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the authoritative guidance establishes a three level fair value inputs hierarchy, and requires an entity to maximize the use of observable valuation inputs and minimize the use of unobservable inputs. When estimating fair values, we use market data, assumptions and risks we believe market participants would use in measuring the fair value of the asset or liability, including the risks inherent in the inputs and the valuation techniques.

At December 31, 2011, our cash equivalents and investment securities available-for-sale were comprised of money market savings accounts and equity securities. The corporate equity securities were valued using inputs and common methods with sufficient levels of transparency and observability to be classified at Level 2.

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June 2012 Warrants

Number of shares of common stock available for purchase 2.1

Warrant exercise price, per share $ 2.65

Warrant term, in years 5

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Number of shares of common stock available for purchase 1.0

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Consolidated Balance Sheet (Parenthetical) (USD $)
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Dec. 31, 2011

Current assets

Allowance for doubtful accounts receivable, current $ 368 $ 243

Stockholders equity

Preferred stock, par value $ 0.001 $ 0.001

Preferred stock, shares authorized 25,000,000 25,000,000

Preferred stock, shares issued 0 0

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MANAGEMENT'S STATEMENT AND PRINCIPLES OF CONSOLIDATION - Note 1
6 Months Ended

Jun. 30, 2012

Organization Consolidation Abstract

Management's Statement and Principles of Consolidation
1. MANAGEMENT'S STATEMENT AND PRINCIPLES OF CONSOLIDATION

Management's Statement

The Consolidated Balance Sheet as of June 30, 2012, the Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2012 and 2011, and Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 have been prepared by MicroVision, Inc. ("we" or "us") and have not been audited. In the opinion of management, all adjustments necessary to state fairly the financial position at June 30, 2012 and the results of operations, comprehensive loss and cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules of the Securities and Exchange Commission (the "SEC"). The year-end balance sheet data was derived from audited financial statements, but these interim consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. You should read these condensed consolidated financial statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. The results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the operating results that may be attained for the entire fiscal year.

We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues and product sales. At June 30, 2012, we had $14.8 million in cash and cash equivalents.

Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the next twelve months. We will require additional cash to fund our operating plan past that time. We are introducing new technology into an emerging market which creates significant uncertainty about our ability to accurately project revenue, costs and cash flows. If the level of sales anticipated by our financial plan is not achieved or our working capital requirements are higher than planned, we will need to raise additional cash sooner or take actions to reduce operating expenses. We plan to obtain additional cash through the issuance of equity or debt securities and through the monetization of select patents that we believe are not core to our business. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially to extend our funds as we pursue other financing opportunities and business relationships. This limitation of operations could include delaying development projects and reductions in staff, operating costs, including research and development, and capital expenditures.

In March 2012, we received a report from our independent public accounting firm regarding the consolidated financial statements for the year ended December 31, 2011 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. Our consolidated financial statements have been prepared on a going concern basis.

In June 2012, we raised $10.5 million before issuance costs of approximately $823,000 through an underwritten public offering of 4.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. The warrants have an exercise price of $2.65 per share, a five year term, and are exercisable beginning one year from the date of issuance.

In May 2012, we raised approximately $5.0 million before issuance costs of approximately $71,000 from the sale of 3.3 million shares of common stock and warrants to purchase 1.0 million shares of our common stock to a strategic investor. The warrants have an exercise price of $2.12 per share, a three year term, and are exercisable beginning on the date of issuance.

A one-for-eight reverse stock split of MicroVision's common stock became effective on February 17, 2012. All of the share and per share amounts discussed and shown in the consolidated financial statements and notes have been adjusted to reflect the effect of this reverse split.

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision Innovations Singapore Pte. Ltd. ("MicroVision Singapore"), a wholly owned foreign subsidiary. MicroVision Singapore was incorporated in April 2011 and is engaged in operational support functions for MicroVision, Inc. There were no material intercompany accounts and transactions during the three and six months ended June 30, 2012.



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Net Loss Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Net Loss Per Share Details

Net loss available for common shareholders - basic and diluted $ (4,971) $ (9,175) $ (14,774) $ (18,212)

Weighted-average shares outstanding - basic and diluted 19,167 13,272 18,097 13,056

Net loss per share - basic and diluted $ (0.26) $ (0.69) $ (0.82) $ (1.39)

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Inventory Components (Details) (USD $)

Jun. 30, 2012

Dec. 31, 2011

Inventory Components Details

Raw materials $ 16,000 $ 2,741,000

Finished goods 850,000 1,513,000

Inventory, net $ 866,000 $ 4,254,000

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NET LOSS PER SHARE - Note 2
6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Net Loss Per Share
2. NET LOSS PER SHARE

Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares. Diluted net loss per share for the three and six months ended June 30, 2012 and 2011 is equal to basic net loss per share because the effect of all potential common stock outstanding during the periods, including options, warrants and nonvested equity shares is anti-dilutive. The components of basic and diluted net loss per share were as follows (in thousands, except loss per share data):

Three Months Ended Six Months Ended

June 30, June 30,

2012 2011 2012 2011

Numerator:

Net loss available for common shareholders - basic and diluted $ (4,971) $ (9,175) $ (14,774) $ (18,212)

Denominator:

Weighted-average common shares outstanding - basic and diluted 19,167 13,272 18,097 13,056

Net loss per share - basic and diluted $ (0.26) $ (0.69) $ (0.82) $ (1.39)

We excluded the following convertible securities from diluted net loss per share, as the effect of including them would have been anti-dilutive:

Three Months Ended Six Months Ended

June 30, June 30,

2012 2011 2012 2011

Publicly Traded Warrants Exercisable 753,000 753,000 753,000 753,000

Options and Private Warrants Exercisable 5,302,000 1,302,000 5,302,000 1,302,000

Nonvested Equity Shares 80,000 127,000 80,000 127,000

Total 6,135,000 2,182,000 6,135,000 2,182,000

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Product revenue $ 750 $ 904 $ 2,279 $ 1,790

Contract revenue 545 251 746 484

Total revenue 1,295 1,155 3,025 2,274

Cost of product revenue (281) 2,985 3,894 5,225

Cost of contract revenue 248 395 403 694

Total cost of revenue (33) 3,380 4,297 5,919

Gross margin 1,328 (2,225) (1,272) (3,645)

Research and development expense 3,227 3,478 7,167 7,805

Sales, marketing, general and administrative expense 3,064 3,577 6,352 6,876

Gain on disposal of fixed assets (1) 0 (1) (7)

Total operating expenses 6,290 7,055 13,518 14,674

Loss from operations (4,962) (9,280) (14,790) (18,319)

Other income (expense) (9) 105 16 107

Net loss $ (4,971) $ (9,175) $ (14,774) $ (18,212)

Net loss per share - basic and diluted $ (0.26) $ (0.69) $ (0.82) $ (1.39)

Weighted-average shares outstanding - basic and diluted 19,167 13,272 18,097 13,056

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Summary of Significant Accounting Policies (Policies)
6 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Management's Statement and Policies (Policies)
Management's Statement

The Consolidated Balance Sheet as of June 30, 2012, the Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2012 and 2011, and Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 have been prepared by MicroVision, Inc. ("we" or "us") and have not been audited. In the opinion of management, all adjustments necessary to state fairly the financial position at June 30, 2012 and the results of operations, comprehensive loss and cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules of the Securities and Exchange Commission (the "SEC"). The year-end balance sheet data was derived from audited financial statements, but these interim consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. You should read these condensed consolidated financial statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. The results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the operating results that may be attained for the entire fiscal year.

We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues and product sales. At June 30, 2012, we had $14.8 million in cash and cash equivalents.

Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the next twelve months. We will require additional cash to fund our operating plan past that time. We are introducing new technology into an emerging market which creates significant uncertainty about our ability to accurately project revenue, costs and cash flows. If the level of sales anticipated by our financial plan is not achieved or our working capital requirements are higher than planned, we will need to raise additional cash sooner or take actions to reduce operating expenses. We plan to obtain additional cash through the issuance of equity or debt securities and through the monetization of select patents that we believe are not core to our business. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially to extend our funds as we pursue other financing opportunities and business relationships. This limitation of operations could include delaying development projects and reductions in staff, operating costs, including research and development, and capital expenditures.

In March 2012, we received a report from our independent public accounting firm regarding the consolidated financial statements for the year ended December 31, 2011 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. Our consolidated financial statements have been prepared on a going concern basis.

In June 2012, we raised $10.5 million before issuance costs of approximately $823,000 through an underwritten public offering of 4.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. The warrants have an exercise price of $2.65 per share, a five year term, and are exercisable beginning one year from the date of issuance.

In May 2012, we raised approximately $5.0 million before issuance costs of approximately $71,000 from the sale of 3.3 million shares of common stock and warrants to purchase 1.0 million shares of our common stock to a strategic investor. The warrants have an exercise price of $2.12 per share, a three year term, and are exercisable beginning on the date of issuance.

A one-for-eight reverse stock split of MicroVision's common stock became effective on February 17, 2012. All of the share and per share amounts discussed and shown in the consolidated financial statements and notes have been adjusted to reflect the effect of this reverse split.

Principles of Consolidation

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision Innovations Singapore Pte. Ltd. ("MicroVision Singapore"), a wholly owned foreign subsidiary. MicroVision Singapore was incorporated in April 2011 and is engaged in operational support functions for MicroVision, Inc. There were no material intercompany accounts and transactions during the three and six months ended June 30, 2012.

Net Loss Per Share
Net Loss Per Share

Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares.

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between informed market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the authoritative guidance establishes a three level fair value inputs hierarchy, and requires an entity to maximize the use of observable valuation inputs and minimize the use of unobservable inputs. When estimating fair values, we use market data, assumptions and risks we believe market participants would use in measuring the fair value of the asset or liability, including the risks inherent in the inputs and the valuation techniques.

At December 31, 2011, our cash equivalents and investment securities available-for-sale were comprised of money market savings accounts and equity securities. The corporate equity securities were valued using inputs and common methods with sufficient levels of transparency and observability to be classified at Level 2.

Share-based Compensation
We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award.

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified

Jun. 30, 2012

Dec. 31, 2011

Cash and cash equivalents $ 14,764 $ 13,075

Accounts receivable, net of allowances of $368 and $243 558 463

Costs and estimated earnings in excess of billings on uncompleted contracts 12 70

Inventory 866 4,254

Other current assets 501 793

Total current assets 16,701 18,655

Property and equipment, net 1,650 2,347

Restricted investments 436 786

Intangible assets 1,956 2,048

Other assets 22 34

Total assets 20,765 23,870

Accounts payable 4,348 7,341

Accrued liabilities 4,438 5,113

Billings in excess of costs and estimated earnings on uncompleted contracts 187 156

Current portion of capital lease obligations 44 39

Current portion of long-term debt 97 93

Total current liabilities 9,114 12,742

Capital lease obligations, net of current portion 47 72

Long-term debt, net of current portion 17 67

Deferred rent, net of current portion 48 187

Total liabilities 9,226 13,068

Commitments and contingencies

Preferred stock, par value $.001; 25,000 shares authorized; 0 and 0 shares issued and outstanding 0 0

Common stock, par value $.001; 100,000 shares authorized; 24,892 and 17,019 shares issued and outstanding 25 17

Additional paid-in capital 441,126 425,658

Accumulated other comprehensive loss 0 (35)

Accumulated deficit (429,612) (414,838)

Total shareholders' equity 11,539 10,802

Total liabilities and shareholders' equity $ 20,765 $ 23,870

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Net Loss Per Share (Tables)
6 Months Ended

Jun. 30, 2012

Net Loss Per Share Tables

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Three Months Ended Six Months Ended

June 30, June 30,

2012 2011 2012 2011

Numerator:

Net loss available for common shareholders - basic and diluted $ (4,971) $ (9,175) $ (14,774) $ (18,212)

Denominator:

Weighted-average common shares outstanding - basic and diluted 19,167 13,272 18,097 13,056

Net loss per share - basic and diluted $ (0.26) $ (0.69) $ (0.82) $ (1.39)

Excluded Securities from Net Loss Per Share
We excluded the following convertible securities from diluted net loss per share, as the effect of including them would have been anti-dilutive:

Three Months Ended Six Months Ended

June 30, June 30,

2012 2011 2012 2011

Publicly Traded Warrants Exercisable 753,000 753,000 753,000 753,000

Options and Private Warrants Exercisable 5,302,000 1,302,000 5,302,000 1,302,000

Nonvested Equity Shares 80,000 127,000 80,000 127,000

Total 6,135,000 2,182,000 6,135,000 2,182,000

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Consolidated Statements of Comprehensive Loss (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Net loss $ (4,971) $ (9,175) $ (14,774) $ (18,212)

Other comprehensive gain (loss):

Unrealized gain (loss) on investment securities, available-for-sale (2) (3) 3 (4)

Less: reclassification adjustment for losses realized in net loss 32 0 32 0

Comprehensive loss $ (4,941) $ (9,178) $ (14,739) $ (18,216)

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Jun. 30, 2012

Debt Disclosure

Long-Term Notes
7. LONG-TERM NOTES

Tenant Improvement Loan Agreement

During 2006, we entered into a loan agreement with the lessor of our corporate headquarters in Redmond, Washington to finance $536,000 in tenant improvements. The loan carries a fixed interest rate of 9% per annum, is repayable over the initial term of the lease, which expires in 2013, and is secured by a letter of credit. The balance of the loan was $114,000 at June 30, 2012.

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Shared-Based Compensation - Note 6
6 Months Ended

Jun. 30, 2012

Disclosure Of Compensation Related Costs

Share-Based Compensation
6. SHARE-BASED COMPENSATION

We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award. The following table shows the amount of stock-based employee compensation expense included in the consolidated statements of operations:

Three Months Ended Six Months Ended

June 30, June 30,

2012 2011 2012 2011

Cost of contract revenue $ 4,000 $ 30,000 $ 10,000 $ 40,000

Cost of product revenue - 31,000 20,000 40,000

Research and development expense 87,000 564,000 224,000 739,000

Sales, marketing, general and administrative expense 372,000 697,000 587,000 889,000

Total share-based employee compensation expense $ 463,000 $ 1,322,000 $ 841,000 $ 1,708,000

Options Activity and Positions

The following table summarizes shares, weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2012:

Weighted

Average

Weighted Remaining

Average Contractual Aggregate

Exercise Term Intrinsic

Options Shares Price (years) Value

Outstanding as of June 30, 2012 924,000 $ 21.68 5.1 $ -

Exercisable as of June 30, 2012 725,000 $ 25.16 4.3 $ -

As of June 30, 2012, our unamortized share-based employee compensation was $1.5 million which we plan to amortize over the next 1.5 years and our unamortized nonvested equity share-based employee compensation was $463,000 which we plan to amortize over the next 1.9 years.

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Net Loss Per Share (Convertible Securities and Options Excluded) (Details)
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Anti-dilutive shares 6,135,000 2,182,000 6,135,000 2,182,000

Publicly Traded Warrants Exercisable

Anti-dilutive shares 753,000 753,000 753,000 753,000

Options and Private Warrants Exercisable

Anti-dilutive shares 5,302,000 1,302,000 5,302,000 1,302,000

Nonvested Equity Shares

Anti-dilutive shares 80,000 127,000 80,000 127,000

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Inventory (Tables)
6 Months Ended

Jun. 30, 2012

Inventory Tables

Inventory (Tables)

Inventory consists of the following:

 June 30, December 31,

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Raw materials $ 16,000 $ 2,741,000

Finished goods 850,000 1,513,000

$ 866,000 $ 4,254,000

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COMMON STOCK - Note 10
6 Months Ended

Jun. 30, 2012

Common Stock - Note 10

COMMON STOCK
10. COMMON STOCK

In June 2012, we raised $10.5 million before issuance costs of approximately $823,000 through an underwritten public offering of 4.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. The warrants have an exercise price of $2.65 per share, a five year term, and are exercisable beginning one year from the date of issuance.

In May 2012, we raised approximately $5.0 million before issuance costs of approximately $71,000 from the sale of 3.3 million shares of common stock and warrants to purchase 1.0 million shares of our common stock to a strategic investor. The warrants have an exercise price of $2.12 per share, a three year term, and are exercisable beginning on the date of issuance.

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Commitments and Contingencies - Note 8
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Jun. 30, 2012

Commitments and Contingencies
8. COMMITMENTS AND CONTINGENCIES

Litigation

We are subject to various claims and pending or threatened lawsuits in the normal course of business. We are not currently party to any legal proceedings that management believes are reasonably possible to have a material adverse effect on our consolidated financial position, results of operations or cash flows.

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The entire disclosure for commitments and contingencies.

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RECEIVABLES FROM RELATED PARTIES - Note 9
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Jun. 30, 2012

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RECEIVABLES FROM RELATED PARTIES - Note 9
9. RECEIVABLES FROM RELATED PARTIES

Our accounts receivable balance at December 31, 2011 and June 30, 2012 includes $159,000 from a sale of PicoP engines to Walsin Lihwa Corporation which integrated the engines into its product sold in China during 2011. Based on filings with the SEC as of June, 2012, Walsin Lihwa beneficially owns approximately 4.1% of our common stock as determined in accordance with SEC rules, through its wholly owned subsidiary Max Display Enterprises Limited.

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NEW ACCOUNTING PRONOUNCEMENTS - Note 11
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Jun. 30, 2012

Notes to Financial Statements

NEW ACCOUNTING PRONOUNCEMENTS - Note 11
11. NEW ACCOUNTING PRONOUNCEMENTS

In June 2011, the FASB issued a new accounting standard on the presentation of comprehensive income. The new standard requires the presentation of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. We have adopted this portion of the guidance with no material impact on our financial statements. The new standard also requires presentation of adjustments for items that are reclassified from other comprehensive income to net income in the statement where the components of net income and the components of other comprehensive income are presented. However, in December 2011 the FASB issued further guidance which indefinitely defers the guidance related to the presentation of reclassification adjustments.

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Entity Information (USD $)
In Thousands, except Share data, unless otherwise specified
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Entity Registrant Name Microvision Inc

Entity Central Index Key 0000065770

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Entity Well-known Seasoned Issuer No

Entity Voluntary Filers No

Entity Current Reporting Status Yes

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[EntityCommonStockSharesOutstanding] 24,892,000

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Net loss $ (14,774) $ (18,212)

Adjustments to reconcile net loss to net cash used in operations:

Depreciation 880 1,091

Amortization of intangible assets 92 93

Gain on disposal of property and equipment (1) (7)

Realizeld loss on sale of short-term investments 32 0

Non-cash stock-based compensation expense 854 1,798

Inventory write-downs 1,094 944

Non-cash deferred rent (88) (138)

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Accounts receivable, net (95) 432

Costs and estimated earnings in excess of billings on uncompleted contracts 58 5

Inventory 2,294 89

Other current assets 301 34

Other assets 12 (12)

Accounts payable (2,976) (1,020)

Accrued liabilities (726) (171)

Billings in excess of costs and estimated earnings on uncompleted contracts 31 (34)

Other long-term liabilities 0 (424)

Net cash used in operating activities (13,012) (15,532)

Cash flows from investing activities

Sales of investment securities 11 0

Decrease in restricted investment 350 170

Proceeds on sale of property and equipment 1 7

Purchases of property and equipment (400) (195)

Net cash provided by (used in) investing activities (38) (18)

Cash flows from financing activities

Principal payments under capital leases and long-term debt (66) (66)

Net proceeds from issuance of common stock and warrants 14,805 5,542

Net cash provided by (used in) financing activities 14,739 5,476

Net increase (decrease) in cash and cash equivalents 1,689 (10,074)

Cash and cash equivalents, at beginning of period 13,075 19,413

Cash and cash equivalents, at end of period 14,764 9,339

Supplemental disclosure of cash flow information

Cash paid for interest 17 25

Supplemental schedule of non-cash investing and financing activities

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SEVERANCE ARRANGEMENTS - Note 5
6 Months Ended

Jun. 30, 2012

Restructuring and Related Activities [Abstract]

SEVERANCE ARRANGEMENTS - Note 5

5. SEVERANCE ARRANGEMENTS

In April 2012, we reduced our workforce by approximately 25% to align with our ingredient brand business model. During the three and six months ended June 30, 2012, we recorded approximately $370,000 to research and development expense and sales, marketing, general and administrative expense and paid $252,000 relating to the severance agreements and other restructuring costs for these employees. We plan to make the remaining severance payments during the second half of 2012.

In January 2011, we recorded $372,000 to research and development expense and sales, marketing, general and administrative expense and paid $258,000 related to the severance agreements for these employees during the first quarter of 2011. During the three months ended June 30, 2011, we paid $83,000 relating to the severance agreements for these employees.

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6 Months Ended

Jun. 30, 2012

Shared-Based Comp Options Activity And Position Details

Outstanding shares 924,000

Weighted-average exercise price of options outstanding $ 21.68

Weighted-average remaining contractual term (in years) of options outstanding 5.1

Aggregate intrinsic value of options outstanding $ 0

Exercisable shares 725,000

Weighted-average exercise price of options exercisable $ 25.16

Weighted-average remaining contractual term (in years) of options exercisable 4.3

Aggregate intrinsic value of options exercisable $ 0

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Share-Based Compensation (Tables)
6 Months Ended

Jun. 30, 2012

Share-Based Compensation Tables

Stock-based employee compensation expense

The following table shows the amount of stock-based employee compensation expense included in the consolidated statements of operations:

Three Months Ended Six Months Ended

June 30, June 30,

2012 2011 2012 2011

Cost of contract revenue $ 4,000 $ 30,000 $ 10,000 $ 40,000

Cost of product revenue - 31,000 20,000 40,000

Research and development expense 87,000 564,000 224,000 739,000

Sales, marketing, general and administrative expense 372,000 697,000 587,000 889,000

Total share-based employee compensation expense $ 463,000 $ 1,322,000 $ 841,000 $ 1,708,000

Options activity and positions

Options Activity and Positions

The following table summarizes shares, weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2012:

Weighted

Average

Weighted Remaining

Average Contractual Aggregate

Exercise Term Intrinsic

Options Shares Price (years) Value

Outstanding as of June 30, 2012 924,000 $ 21.68 5.1 $ -

Exercisable as of June 30, 2012 725,000 $ 25.16 4.3 $ -

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Delaware	91-1600822
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)

	Page
Part I: Financial Information
Item 1. Financial Statements:

Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011 (unaudited)	2
Consolidated Statements of Operations for three and six months ended June 30, 2012 and 2011 (unaudited)	3
Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2012 and 2011 (unaudited)	4
Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 (unaudited)	5
Notes to Consolidated Financial Statements (unaudited)	6

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3. Quantitative and Qualitative Disclosures About Market Risk	15
Item 4. Controls and Procedures	16

Part II: Other Information
Item 1A. Risk Factors	16
Item 6. Exhibits	22
Signatures	23
Exhibit Index	24

Long-term Debt (Narrative) (Details) (USD $)	6 Months Ended
Long-term Debt (Narrative) (Details) (USD $)	Jun. 30, 2012 Percent
Long-Term Debt Narrative Details
Year of issue	2006
Interest rate	9.00%
Debt amount originally issued	$ 536,000
Debt due date	2013
Secured debt	$ 114,000

Stock-Based Compensation (Narrative) (Details) (USD $)	6 Months Ended
Stock-Based Compensation (Narrative) (Details) (USD $)	Jun. 30, 2012
Employee Stock Options
Unrecognized compensation cost related to share-based compensation	$ 1,500,000
Weighted-average service period, years	1.5
Restricted Stock Rights
Unrecognized compensation cost related to share-based compensation	$ 463,000
Weighted-average service period, years	1.9

Accounts Receivable From Related Parties (Narrative) (Details) (USD $)	6 Months Ended
	Jun. 30, 2012 Percent	Dec. 31, 2011
Accounts Receivable From Related Parties Narrative Details
Accounts receivable from related party included in accounts receivable	$ 159,000	$ 159,000
Related party beneficial ownership of company, in per cent	4.10%

Common Stock New Issues (Narrative) (Details 1) (USD $) Share data in Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
June 2012 Stock
Common stock issued, amount	$ 10,500,000	$ 10,500,000
Common stock issued, shares	4.2	4.2
Common stock issuance costs	823,000	823,000
May 2012 Stock
Common stock issued, amount	5,000,000	5,000,000
Common stock issued, shares	3.3	3.3
Common stock issuance costs	$ 71,000	$ 71,000

Common Stock Warrants to Purchase (Narrative) (Details 2) (USD $) In Millions, except Per Share data, unless otherwise specified	Jun. 30, 2012
June 2012 Warrants
Number of shares of common stock available for purchase	2.1
Warrant exercise price, per share	$ 2.65
Warrant term, in years	5
May 2012 Warrants
Number of shares of common stock available for purchase	1.0
Warrant exercise price, per share	$ 2.12
Warrant term, in years	3

Consolidated Balance Sheet (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Current assets
Allowance for doubtful accounts receivable, current	$ 368	$ 243
Stockholders equity
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	24,892,000	17,019,000
Common stock, shares outstanding	24,892,000	17,019,000

Inventory Components (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Inventory Components Details
Raw materials	$ 16,000	$ 2,741,000
Finished goods	850,000	1,513,000
Inventory, net	$ 866,000	$ 4,254,000

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2012
Notes to Financial Statements
Management's Statement and Policies (Policies)	Management's Statement The Consolidated Balance Sheet as of June 30, 2012, the Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2012 and 2011, and Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 have been prepared by MicroVision, Inc. ("we" or "us") and have not been audited. In the opinion of management, all adjustments necessary to state fairly the financial position at June 30, 2012 and the results of operations, comprehensive loss and cash flows for all periods presented have been made and consist of normal recurring adjustments. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules of the Securities and Exchange Commission (the "SEC"). The year-end balance sheet data was derived from audited financial statements, but these interim consolidated financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. You should read these condensed consolidated financial statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. The results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the operating results that may be attained for the entire fiscal year. We have incurred significant losses since inception. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues and product sales. At June 30, 2012, we had $14.8 million in cash and cash equivalents. Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations for at least the next twelve months. We will require additional cash to fund our operating plan past that time. We are introducing new technology into an emerging market which creates significant uncertainty about our ability to accurately project revenue, costs and cash flows. If the level of sales anticipated by our financial plan is not achieved or our working capital requirements are higher than planned, we will need to raise additional cash sooner or take actions to reduce operating expenses. We plan to obtain additional cash through the issuance of equity or debt securities and through the monetization of select patents that we believe are not core to our business. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to consider limiting our operations substantially to extend our funds as we pursue other financing opportunities and business relationships. This limitation of operations could include delaying development projects and reductions in staff, operating costs, including research and development, and capital expenditures. In March 2012, we received a report from our independent public accounting firm regarding the consolidated financial statements for the year ended December 31, 2011 that includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. Our consolidated financial statements have been prepared on a going concern basis. In June 2012, we raised $10.5 million before issuance costs of approximately $823,000 through an underwritten public offering of 4.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. The warrants have an exercise price of $2.65 per share, a five year term, and are exercisable beginning one year from the date of issuance. In May 2012, we raised approximately $5.0 million before issuance costs of approximately $71,000 from the sale of 3.3 million shares of common stock and warrants to purchase 1.0 million shares of our common stock to a strategic investor. The warrants have an exercise price of $2.12 per share, a three year term, and are exercisable beginning on the date of issuance. A one-for-eight reverse stock split of MicroVision's common stock became effective on February 17, 2012. All of the share and per share amounts discussed and shown in the consolidated financial statements and notes have been adjusted to reflect the effect of this reverse split.
Principles of Consolidation	Principles of Consolidation Our condensed consolidated financial statements include the accounts of MicroVision, Inc. and MicroVision Innovations Singapore Pte. Ltd. ("MicroVision Singapore"), a wholly owned foreign subsidiary. MicroVision Singapore was incorporated in April 2011 and is engaged in operational support functions for MicroVision, Inc. There were no material intercompany accounts and transactions during the three and six months ended June 30, 2012.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated using the weighted-average number of common shares outstanding during the reporting periods. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding and taking into account the dilutive effect of all potentially dilutive securities, including common stock equivalents and convertible securities outstanding. Potentially dilutive common stock equivalents primarily consist of warrants, employee stock options and nonvested equity shares.
Fair Value of Financial Instruments	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between informed market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the authoritative guidance establishes a three level fair value inputs hierarchy, and requires an entity to maximize the use of observable valuation inputs and minimize the use of unobservable inputs. When estimating fair values, we use market data, assumptions and risks we believe market participants would use in measuring the fair value of the asset or liability, including the risks inherent in the inputs and the valuation techniques. At December 31, 2011, our cash equivalents and investment securities available-for-sale were comprised of money market savings accounts and equity securities. The corporate equity securities were valued using inputs and common methods with sufficient levels of transparency and observability to be classified at Level 2.
Share-based Compensation	We use the straight-line attribution method to allocate the fair value of share-based compensation awards over the requisite service period for each award.

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Cash and cash equivalents	$ 14,764	$ 13,075
Accounts receivable, net of allowances of $368 and $243	558	463
Costs and estimated earnings in excess of billings on uncompleted contracts	12	70
Inventory	866	4,254
Other current assets	501	793
Total current assets	16,701	18,655
Property and equipment, net	1,650	2,347
Restricted investments	436	786
Intangible assets	1,956	2,048
Other assets	22	34
Total assets	20,765	23,870
Accounts payable	4,348	7,341
Accrued liabilities	4,438	5,113
Billings in excess of costs and estimated earnings on uncompleted contracts	187	156
Current portion of capital lease obligations	44	39
Current portion of long-term debt	97	93
Total current liabilities	9,114	12,742
Capital lease obligations, net of current portion	47	72
Long-term debt, net of current portion	17	67
Deferred rent, net of current portion	48	187
Total liabilities	9,226	13,068
Commitments and contingencies
Preferred stock, par value $.001; 25,000 shares authorized; 0 and 0 shares issued and outstanding	0	0
Common stock, par value $.001; 100,000 shares authorized; 24,892 and 17,019 shares issued and outstanding	25	17
Additional paid-in capital	441,126	425,658
Accumulated other comprehensive loss	0	(35)
Accumulated deficit	(429,612)	(414,838)
Total shareholders' equity	11,539	10,802
Total liabilities and shareholders' equity	$ 20,765	$ 23,870

Entity Information (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Aug. 01, 2012	Jun. 30, 2011
Entity Information
Entity Registrant Name	Microvision Inc
Entity Central Index Key	0000065770
Entity Tax Identification Number	911600822
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 131,800,000
[EntityCommonStockSharesOutstanding]		24,892,000

Reverse Stock Split (Narrative) (Details)	6 Months Ended
Reverse Stock Split (Narrative) (Details)	Jun. 30, 2011 Percent
Reverse Stock Split Narrative Details
Reverse stock split exchange ratio	0.125

Shared-Based Comp (Options Activity and Position) (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Shared-Based Comp Options Activity And Position Details
Outstanding shares	924,000
Weighted-average exercise price of options outstanding	$ 21.68
Weighted-average remaining contractual term (in years) of options outstanding	5.1
Aggregate intrinsic value of options outstanding	$ 0
Exercisable shares	725,000
Weighted-average exercise price of options exercisable	$ 25.16
Weighted-average remaining contractual term (in years) of options exercisable	4.3
Aggregate intrinsic value of options exercisable	$ 0