SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12b-25
Notification of Late Filing
Commission File Number 0-21221
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(Check one)
[ ] Form 10-K and Form 10-KSB [ ] Form 11-K
[ ] Form 20-F [X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For period ended June 30, 1999
[ ] Transition Report on Form 10-K and form 10-KSB
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q and Form 10-QSB
[ ] Transition Report on Form N-SAR
For the transition period ended ______________
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates: _______________________
______________________________________________________________________________.
PART I
REGISTRANT INFORMATION
Full name of registrant: MICROVISION, INC.
Former name if applicable N/A
Address of principal 19910 North Creek Parkway
executive office (Street & Number)
City, State and Zip Code BOTHELL, WA 98011-3008
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PART II
RULE 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check appropriate box.)
[X] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense.
[X] (b) The subject annual report, semi-annual report, transition report on
Forms 10-K, 10-KSB, 20-F, 11-K or Form N-SAR, or portion thereof will be filed
on or before the 15th calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q, 10-QSB, or portion
thereof will be filed on or before the fifth calendar day following the
prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 10-KSB, 11-K,
20-F, 10-Q, 10-QSB, N-SAR or the transition report portion thereof could not be
filed within the prescribed time period. (Attach extra sheets if needed.)
During and subsequent to the quarterly period ended June 30, 1999, the
Company engaged in several capital raising transactions that placed an
extraordinary strain on management and accounting resources. In addition, during
the second quarter 1999 the Company's comptroller, who was responsible for
preparing the Company's financial statements and coordinating the review thereof
by the Company's independent auditors, resigned. Management's focus on capital
raising activities, coupled with the loss of the Company's comptroller, has
caused it to be unable to complete its quarterly report for the second quarter
of 1999 as of the Form 10-Q filing deadline. The Company anticipates filing its
Form 10-Q for the quarterly period ended June 30, 1999, within the next five
days.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
RICHARD A. RAISIG (425) 415-6614
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) or
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
[X] Yes [ ] No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
Contract revenue for the three months ended June 30, 1999 decreased by $663,000
to $1.4 million from $2.1 million in the comparable period of 1998. Total
operating expenses during this period increased by $2.3 million to $5.1 million
from $2.8 million in the comparable period of 1998. Net loss available for
common shareholders during the second quarter of 1999 increased to $5.3 million
from $2.1 for the same quarter in 1998.
During the quarter, the Company went through a reorientation of its Research &
Product Development department to more closely align its operations towards
product development and production. The Company is planning for the production
of its first products in 2000. Because the Company recognizes revenue on a
percentage of completion basis, the resulting reduction of engineering time
spent on customer projects contributed to lower revenue for the period relative
to the comparable period in the prior year. In addition, delays in signing
certain anticipated customer contracts beyond the end of the quarter also
contributed the recognition of lower revenue in the quarter. The Company
continued to incur costs in expanding its operations in anticipation of
additional future development contracts. The combination of these factors
resulted in an increase the net loss available to common shareholders for the
period ended June 30, 1999 over that for the period ended June 30, 1998.
MICROVISION, INC.
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: August 16, 1999 By: /s/ RICHARD A. RAISIG
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Richard A. Raisig
Chief Financial Officer and
Vice President, Operations
ATTENTION
Intentional misstatements or omissions of fact constitute Federal criminal
violations (see 18 U.S.C. 1001).
