Vuzix (VUZI) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 09, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	001-35955
Entity Registrant Name	Vuzix Corp
Entity Incorporation, State or Country Code	DE
Entity Central Index Key	0001463972
Entity Tax Identification Number	04-3392453
Entity Address, Address Line One	25 Hendrix Road, Suite A
Entity Address, City or Town	West Henrietta
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14586
City Area Code	585
Local Phone Number	359-5900
Title of 12(b) Security	Common Stock
Trading Symbol	VUZI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,583,523
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and Cash Equivalents	$ 137,604,345	$ 36,069,508
Accounts Receivable	1,099,315	1,388,882
Inventories, Net	7,884,363	6,100,824
Licenses, Net	136,221	272,444
Manufacturing Vendor Prepayments	3,050,105	485,032
Prepaid Expenses and Other Assets	1,260,645	738,561
Total Current Assets	151,034,994	45,055,251
Long-Term Assets
Fixed Assets, Net	2,902,153	2,837,402
Operating Lease Right-of-Use Asset	1,389,276	1,517,306
Patents and Trademarks, Net	1,677,837	1,593,049
Licenses, Net	1,522,289	193,687
Intangible Asset, Net	357,002	566,456
Other Assets, Net	825,000	708,333
Total Assets	159,708,551	52,471,484
Current Liabilities
Accounts Payable	1,424,967	1,517,155
Unearned Revenue	13,699	41,152
Accrued Expenses	1,058,087	983,033
Income and Other Taxes Payable	80,203	109,653
Operating Lease Right-of-Use Liability	551,967	444,495
Total Current Liabilities	3,128,923	3,095,488
Long-Term Liabilities
Operating Lease Right-of-Use Liability	837,309	1,072,811
Total Liabilities	3,966,232	4,168,299
Stockholders' Equity
Preferred Stock - $0.001 Par Value, 5,000,000 Shares Authorized; zero and 49,626 Shares Issued and Outstanding as of June 30, 2021 and December 31, 2020.		50
Common Stock - $0.001 Par Value, 100,000,000 Shares Authorized; 63,278,096 and 45,645,166 Shares Issued and Outstanding as of June 30, 2021 and December 31, 2020.	63,278	45,645
Additional Paid-in Capital	333,792,844	210,952,473
Accumulated Deficit	(178,113,803)	(162,694,983)
Total Stockholders' Equity	155,742,319	48,303,185
Total Liabilities and Stockholders' Equity	$ 159,708,551	$ 52,471,484

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	49,626
Preferred Stock, Shares Outstanding	0	49,626
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Issued	63,278,096	45,645,166
Common Stock, Shares Outstanding	63,278,096	45,645,166

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2019	$ 50	$ 33,128	$ 168,950,076	$ (144,742,811)	$ 24,240,443
Balance (in shares) at Dec. 31, 2019	49,626	33,128,620
Stock-Based Compensation Expense		$ 876	910,815		911,691
Stock-Based Compensation Expense (in shares)		875,486
Proceeds from Common Stock Offerings		$ 5,000	11,245,000		11,250,000
Proceeds from Common Stock Offerings (in shares)		5,000,000
Direct Costs of Common Stock Offerings			(667,691)		(667,691)
Net Loss				(9,600,290)	(9,600,290)
Balance at Jun. 30, 2020	$ 50	$ 39,004	180,438,200	(154,343,101)	26,134,153
Balance (in shares) at Jun. 30, 2020	49,626	39,004,106
Balance at Mar. 31, 2020	$ 50	$ 33,128	169,160,041	(150,104,435)	19,088,784
Balance (in shares) at Mar. 31, 2020	49,626	33,128,620
Stock-Based Compensation Expense		$ 876	700,850		701,726
Stock-Based Compensation Expense (in shares)		875,486
Proceeds from Common Stock Offerings		$ 5,000	11,245,000		11,250,000
Proceeds from Common Stock Offerings (in shares)		5,000,000
Direct Costs of Common Stock Offerings			(667,691)		(667,691)
Net Loss				(4,238,666)	(4,238,666)
Balance at Jun. 30, 2020	$ 50	$ 39,004	180,438,200	(154,343,101)	26,134,153
Balance (in shares) at Jun. 30, 2020	49,626	39,004,106
Balance at Dec. 31, 2020	$ 50	$ 45,645	210,952,473	(162,694,983)	48,303,185
Balance (in shares) at Dec. 31, 2020	49,626	45,645,166
Stock-Based Compensation Expense		$ 68	5,566,056		5,566,124
Stock-Based Compensation Expense (in shares)		68,047
Stock Option Exercises		$ 568	673,191		673,759
Stock Option Exercises (in shares)		567,826
Stock Warrant Exercises		$ 7,274	34,697,794		34,705,068
Stock Warrant Exercises (in shares)		7,274,328
Proceeds from Common Stock Offerings		$ 4,768	97,784,270		97,789,038
Proceeds from Common Stock Offerings (in shares)		4,768,293
Direct Costs of Common Stock Offerings			(6,136,420)		(6,136,420)
Shares Redeemed to Cover Employee Tax Withholdings		$ (83)	(1,144,282)		(1,144,365)
Shares Redeemed to Cover Employee Tax Withholdings (in shares)		(83,164)
Stock Issued for Technology License Purchase		$ 75	1,404,675		1,404,750
Stock Issued for Technology License Purchase (in shares)		75,000
Preferred Stock Converted (in shares)	(49,626)	4,962,600
Preferred Stock Converted	$ (50)	$ 4,963	(10,004,913)		(10,000,000)
Net Loss				(15,418,820)	(15,418,820)
Balance at Jun. 30, 2021		$ 63,278	333,792,844	(178,113,803)	155,742,319
Balance (in shares) at Jun. 30, 2021		63,278,096
Balance at Mar. 31, 2021		$ 62,143	316,208,276	(169,334,346)	146,936,073
Balance (in shares) at Mar. 31, 2021		62,142,940
Stock-Based Compensation Expense		$ 68	3,518,679		3,518,747
Stock-Based Compensation Expense (in shares)		68,047
Stock Option Exercises		$ 337	476,593		476,930
Stock Option Exercises (in shares)		336,858
Stock Warrant Exercises		$ 33	136,497		136,530
Stock Warrant Exercises (in shares)		33,300
Proceeds from Common Stock Offerings		$ 622	12,748,752		12,749,374
Proceeds from Common Stock Offerings (in shares)		621,951
Direct Costs of Common Stock Offerings			(700,628)		(700,628)
Stock Issued for Technology License Purchase		$ 75	1,404,675		1,404,750
Stock Issued for Technology License Purchase (in shares)		75,000
Net Loss				(8,779,457)	(8,779,457)
Balance at Jun. 30, 2021		$ 63,278	$ 333,792,844	$ (178,113,803)	$ 155,742,319
Balance (in shares) at Jun. 30, 2021		63,278,096

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Sales:
Total Sales	$ 2,916,538	$ 3,036,843	$ 6,831,927	$ 4,568,559
Cost of Sales:
Total Cost of Sales	2,337,166	2,240,923	5,172,964	3,692,122
Gross Profit (exclusive of depreciation shown separately below)	579,372	795,920	1,658,963	876,437
Operating Expenses:
Research and Development	2,700,732	1,796,268	4,780,659	3,819,326
Selling and Marketing	1,337,558	796,857	2,578,292	1,949,665
General and Administrative	4,749,920	1,799,958	8,453,757	3,337,778
Depreciation and Amortization	501,678	640,711	1,019,090	1,289,253
Loss on Fixed Asset Disposal			83,908
Impairment of Patents and Trademarks	30,765		58,496	57,532
Total Operating Expenses	9,320,653	5,033,794	16,974,202	10,453,554
Loss From Operations	(8,741,281)	(4,237,874)	(15,315,239)	(9,577,117)
Other Income (Expense):
Investment Income	7,767	7,089	15,605	29,246
Other Taxes	(12,783)	(9,379)	(32,508)	(27,065)
Foreign Exchange (Loss) Income	(33,160)	1,498	(86,678)	(25,354)
Total Other Income Expense, Net	(38,176)	(792)	(103,581)	(23,173)
Loss Before Provision for Income Taxes	(8,779,457)	(4,238,666)	(15,418,820)	(9,600,290)
Net Loss	(8,779,457)	(4,238,666)	(15,418,820)	(9,600,290)
Preferred Stock Dividends - Accrued not Paid		(507,315)		(1,007,153)
Loss Attributable to Common Stockholders	$ (8,779,457)	$ (4,745,981)	$ (15,418,820)	$ (10,607,443)
Basic and Diluted Loss per Common Share	$ (0.14)	$ (0.13)	$ (0.26)	$ (0.31)
Weighted-average Shares Outstanding - Basic and Diluted	63,071,061	36,341,616	58,631,078	34,735,118
Products Sold
Sales:
Total Sales	$ 2,833,644	$ 2,335,189	$ 6,638,814	$ 3,706,699
Cost of Sales:
Cost of Sales	2,323,324	2,122,329	5,143,295	3,548,367
Sales of Engineering Services
Sales:
Total Sales	82,894	701,654	193,113	861,860
Cost of Sales:
Cost of Sales	$ 13,842	$ 118,594	$ 29,669	$ 143,755

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net Loss	$ (15,418,820)	$ (9,600,290)
Non-Cash Adjustments
Depreciation and Amortization	1,019,090	1,289,253
Amortization of Software Development Costs in Cost of Sales - Products	120,197	91,664
Stock-Based Compensation	5,683,591	941,933
Impairment of Patents and Trademarks	58,496	57,532
Loss on Fixed Asset Disposal	83,908
(Increase) Decrease in Operating Assets
Accounts Receivable	289,567	(120,965)
Accrued Project Revenue		(175,005)
Inventories	(1,783,539)	(548,466)
Manufacturing Vendor Prepayments	(2,565,073)	(374,791)
Prepaid Expenses and Other Assets	(522,084)	(7,442)
Increase (Decrease) in Operating Liabilities
Accounts Payable	(92,188)	(230,201)
Accrued Expenses	75,055	(122,971)
Unearned Revenue	(27,453)	(77,247)
Income and Other Taxes Payable	(29,450)	5,915
Net Cash Flows Used in Operating Activities	(13,108,703)	(8,871,081)
Cash Flows from Investing Activities
Purchase of Fixed Assets	(719,164)	(253,174)
Investments in Patents and Trademarks	(214,450)	(140,863)
Investments in Licenses, Intangible and Other Assets	(305,158)	(250,000)
Net Cash Used in Investing Activities	(1,238,772)	(644,037)
Cash Flows from Financing Activities
Proceeds from Exercise of Warrants	34,705,068
Proceeds from Exercise of Stock Options	673,759
Proceeds from Common Stock Offering, Net	91,647,850	10,582,309
Preferred Dividend Settlement Payment	(10,000,000)
Employee Tax Withholdings Payment	(1,144,365)
Proceeds from Term Note		1,555,900
Net Cash Flows Provided from Financing Activities	115,882,312	12,138,209
Net Increase (Decrease) in Cash and Cash Equivalents	101,534,837	2,623,091
Cash and Cash Equivalents - Beginning of Period	36,069,508	10,606,091
Cash and Cash Equivalents - End of Period	137,604,345	13,229,182
Supplemental Disclosures
Unamortized Common Stock Expense included in Prepaid Expenses	101,517	223,496
Non-Cash Investment in Licenses	1,404,750	471,809
Stock-Based Compensation Expense - Expensed less Previously Issued	$ 117,467	$ 31,118

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Basis of Presentation
Basis of Presentation	Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of Vuzix Corporation (“the Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Certain re-classifications may have been made to prior periods to conform with current reporting. The results of the Company’s operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of the Company’s operations for the full fiscal year or any other period. The accompanying interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto of the Company as of December 31, 2020, as reported in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2021. Customer Concentrations For the three months ended June 30, 2021, no one customer represented more than 10% of total product revenue and one customer represented 100% of engineering services revenue. For the three months ended June 30, 2020, no one customer represented more than 10% of total product revenue and two customers represented 100% of engineering services revenue. For the six months ended June 30, 2021, no one customer represented more than 10% of total product revenue and two customers represented 100% of engineering services revenue. For the six months ended June 30, 2020, no one customer represented more than 10% of total product revenue and two customers represented 100% of engineering services revenue. As of June 30, 2021, two customers represented 13% and 10% of accounts receivable. As of December 31, 2020, two customers represented 21% and 14% of accounts receivable. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 provides for a new impairment model which requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to accounts receivable. ASU 2016-13 will become effective for the Company on January 1, 2023 and early adoption is permitted. The Company does not anticipate that the adoption of this standard will have a material impact on our consolidated financial statements.

Revenue Recognition and Contrac

Revenue Recognition and Contracts with Customers	6 Months Ended
	Jun. 30, 2021
Revenue Recognition and Contracts with Customers
Revenue Recognition and Contracts with Customers	Note 2 – Revenue Recognition and Contracts with Customers Disaggregated Revenue The Company’s total revenue was comprised of two major product lines: Smart Glasses Sales and Engineering Services. The following table summarizes the revenue recognized by major product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Revenues ​ ​ ​ ​ Smart Glasses Sales ​ $ 2,833,644 ​ $ 2,335,189 ​ $ 6,638,814 ​ $ 3,706,699 Engineering Services ​ 82,894 ​ 701,654 ​ 193,113 ​ 861,860 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Revenue ​ $ 2,916,538 ​ $ 3,036,843 ​ $ 6,831,927 ​ $ 4,568,559 ​ Significant Judgments Under Topic 606 “Revenue from Contracts with Customers”, we use judgments that could potentially impact both the timing of our satisfaction of performance obligations and our determination of transaction prices used in determining revenue recognized by major product line. Such judgments include considerations in determining our transaction prices and when our performance obligations are satisfied for our standard product sales that include an end-user 30-day right to return if not satisfied with product and general payment terms that are between Net 30 and 60 days. For our Engineering Services, performance obligations are recognized over time using the input method and the estimated costs to complete each project are considered significant judgments. Performance Obligations Revenues from our performance obligations are typically satisfied at a point in time for Smart Glasses, Waveguides and Display Engines, and our OEM Products, which are recognized when the customer obtains control and ownership, which is generally upon shipment. The Company also records revenue for performance obligations relating to our Engineering Services over time by using the input method measuring progress toward satisfying the performance obligations. Satisfaction of our performance obligations related to our Engineering Services is measured by the Company’s costs incurred as a percentage of total expected costs to project completion as the inputs of actual costs incurred by the Company are directly correlated with progress of completing the contract. As such, the Company believes that our methodologies for recognizing revenue over time for our Engineering Services correlate directly with the transfer of control of the underlying assets to our customers. Our standard product sales include a twelve eighteen twelve twelve The following table presents a summary of the Company’s sales by revenue recognition method as a percentage of total net sales for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ % of Total Sales Point-in-Time 97 % Over Time – Input Method 3 % ​ ​ ​ ​ Total 100 % ​ Remaining Performance Obligations As of June 30, 2021, the Company had no outstanding performance obligations under its engineering services and waveguide development projects, as all projects were completed and delivered in the first half of 2021. In addition, the Company had no materially outstanding performance obligations related to product sales, other than its standard product warranty.

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2021
Loss Per Share
Loss Per Share	Note 3 – Loss Per Share Basic loss per share is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution from the assumed exercise of stock options and warrants, and the conversion of convertible preferred shares. During periods of net loss, all common stock equivalents are excluded from the diluted EPS calculation because they are anti-dilutive. Since the Company reported a net loss for the three and six months ended June 30, 2021 and 2020, the calculation for basic and diluted earnings per share is considered to be the same, as the impact of potential common shares is anti-dilutive. At June 30, 2021 and 2020, there were 8,584,030 and 14,147,580 common stock share equivalents, respectively, potentially issuable under conversion of preferred shares, options, and warrants that could dilute basic earnings per share in the future.

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2021
Inventories, Net
Inventories, Net	Note 4 – Inventories, Net Inventories are stated at the lower of cost and net realizable value, and consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Purchased Parts and Components ​ $ 4,522,059 ​ $ 5,252,709 Work-in-Process ​ 682,050 ​ 1,381,677 Finished Goods ​ 4,173,309 ​ 3,352,057 Less: Reserve for Obsolescence ​ (1,493,055) ​ (3,885,619) ​ ​ ​ ​ ​ ​ ​ Inventories, Net ​ $ 7,884,363 ​ $ 6,100,824 ​

Licenses, Net

Licenses, Net	6 Months Ended
	Jun. 30, 2021
Licenses, Net
Licenses, Net	Note 5 – Licenses, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 1,038,606 ​ $ 493,717 Less: Accumulated Amortization / Expensed ​ (784,846) ​ (572,475) Additions ​ 1,404,750 ​ 544,889 ​ ​ ​ 1,658,510 ​ ​ 466,131 Less: Current Portion ​ ​ (136,221) ​ ​ (272,444) ​ ​ ​ ​ ​ ​ ​ Licenses, Net ​ $ 1,522,289 ​ $ 193,687 ​ In December 2020, the Company renewed its global non-exclusive master reseller agreement (MRA) for certain smart glasses software under which it committed to sell a minimum number of new software licenses in 2021, as well as the unsold remainder from 2020. The amount capitalized, included in current assets on the Consolidated Balance Sheets, will be expensed to cost of sales - products sold during the period based upon actual software licenses sold, with any of the remaining prepaid licenses expensed at the end of the term of the MRA. ​ The Company acquired two licenses in 2017. The first related to the renegotiation of an existing license at a cost of $114,967, which resulted in lower royalty rates being paid by the Company over the next 10 years . This license went into effect as of January 1, 2018. The second license was a result of the Company entering into a Technology Purchase and Royalty Agreement where it acquired all the seller’s right, title and interest in certain Transferred Intellectual Property (IP). Pursuant to the agreement, the Company paid approximately $75,702 as reimbursement of related patent application costs incurred by the seller to date, which are included in Patents and Trademarks. The Company also issued 25,000 shares of common stock, valued at $128,750, upon the closing and agreed to certain further share issuances of 75,000 shares based upon the achievement of certain development milestones as well as per unit royalties once the technology was commercialized for the life of the related patents. In June 2021, the Company purchased outright the obligations for ongoing royalties and certain other intellectual property rights in connection with consulting services by the original seller in exchange for the issuance of 75,000 shares with an assigned market value of $18.73 per share. The underlying technology is not yet ready for commercialization, but the Company intends to proceed with further research and development work over the next 2 to 3 years .

Intangible Asset, Net

Intangible Asset, Net	6 Months Ended
	Jun. 30, 2021
Intangible Asset, Net
Intangible Asset, Net	Note 6 – Intangible Asset, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ $ 1,500,000 ​ $ 1,500,000 Less: Accumulated Amortization ​ (1,142,998) ​ (933,544) ​ ​ ​ ​ ​ ​ ​ Intangible Asset, Net ​ $ 357,002 ​ $ 566,456 ​ On October 4, 2018, the Company entered into amendment No. 1 to agreements (the “TDG Amendment”) with TDG Acquisition Company, LLC (“TDG”), aka Six15 Technologies, LLC. The TDG Amendment amends certain provisions of prior agreements between Vuzix and TDG, including an asset purchase agreement dated June 15, 2012, and an authorized reseller agreement dated June 15, 2012. Pursuant to the TDG Amendment, the Company is permitted to engage in sales of heads-up display components or subsystems (and any services to support such sale) for incorporation into a finished good or system for sale to military organizations, subject to certain conditions. The Company is also permitted to sell its products to defense and security organizations that include business customers and governmental entity customers that primarily provide security and defense services, including police, fire fighters, EMTs, other first responders, and homeland and border security. The Company will owe TDG commissions with respect to all such sales until June 15, 2022, when the amendment and original non-compete agreements expire, after which the Company will be permitted to sell any product to any customer world-wide without owing any commission to TDG. Total commissions expense under this agreement for the three months ended June 30, 2021 and 2020 was $4,192 and $140,364. Total commissions expense for the six months ended June 30, 2021 and 2020 was $56,847 and $176,944. All commissions expense related to this agreement are included in Selling and Marketing expense. Total amortization expense for this intangible asset for the three months ended June 30, 2021 and 2020 was $104,727 and $112,090, respectively. Total amortization expense for this intangible asset for the six months ended June 30, 2021 and 2020 was $209,454 and $214,090, respectively. Future monthly amortization expense for the remaining 11.5 months is approximately $31,000 per month.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2021
Accrued Expenses
Accrued Expenses	Note 7 – Accrued Expenses Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Accrued Wages and Related Costs ​ $ 513,222 ​ $ 582,924 Accrued Professional Services ​ 178,160 ​ 187,323 Accrued Warranty Obligations ​ 112,963 ​ 143,898 Other Accrued Expenses ​ 253,742 ​ 68,888 ​ ​ ​ ​ ​ ​ ​ Total ​ $ 1,058,087 ​ $ 983,033 ​ The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally twelve The changes in the Company’s accrued warranty obligations for the six months ended June 30, 2021 and the balance as of December 31, 2020 were as follows: ​ ​ ​ ​ ​ Accrued Warranty Obligations at December 31, 2020 ​ $ 143,898 Reductions for Settling Warranties ​ (230,099) Warranties Issued During Period ​ 199,164 ​ ​ ​ ​ Accrued Warranty Obligations at June 30, 2021 ​ $ 112,963 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Taxes
Income Taxes	Note 8 – Income Taxes The Company’s effective income tax rate is a combination of federal, state and foreign tax rates and differs from the U.S. statutory rate due to taxes on foreign income, permanent differences including tax-exempt interest, and the resolution of tax uncertainties, offset by a valuation allowance against U.S. deferred income tax assets.

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2021
Capital Stock
Capital Stock	Note 9 – Capital Stock Preferred stock The Board of Directors is authorized to establish and designate different series of preferred stock and to fix and determine their voting powers and other special rights and terms. A total of 5,000,000 shares of preferred stock with a par value of $0.001 are authorized as of June 30, 2021 and December 31, 2020. Of this total, 49,626 shares are designated as Series A Preferred Stock. There were nil and 49,626 shares of Series A Preferred Stock issued outstanding On January 28, 2021, Intel Corporation (“Intel”) (which was the holder of all of the outstanding shares of Series A Preferred Stock) converted all of its 49,626 shares of Series A Preferred Stock into 4,962,600 shares of common stock and the shares of Series A Preferred Stock have been retired and cannot be reissued. In connection with the foregoing, Intel and the Company entered into an agreement pursuant to which Intel agreed to accept $10,000,000 in full payment of all accrued Series A Preferred Stock dividends in the approximate amount of $10,800,000. Common Stock The Company’s authorized common stock consists of 100,000,000 shares, par value of $0.001. There were 63,278,096 and 45,645,166 shares of common stock issued outstanding ​ On March 25, 2021, the Company entered into an underwriting agreement with BTIG, LLC for the sale of 4,146,342 shares of the Company’s common stock in an underwritten public offering at a public offering price of $20.50 per share. On March 30, 2021, the Company closed on this public offering and received gross proceeds of $85,000,011 . The Company received net proceeds after the underwriting discount and issuance costs and expenses of $79,603,872. ​ On April 1, 2021, the Company sold an additional 621,951 shares of its common stock pursuant to the full exercise by the underwriters of their over-allotment option. The Company received gross proceeds from the exercise of the over-allotment option of $12,749,996 . The Company received net proceeds after the underwriting discount and issuance costs of $12,048,746.

Stock Warrants

Stock Warrants	6 Months Ended
	Jun. 30, 2021
Stock Warrants
Stock Warrants	Note 10 – Stock Warrants A summary of the various changes in warrants during the six months ended June 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ June 30, ​ 2021 Warrants Outstanding at December 31, 2020 7,276,928 Exercised During the Period (7,274,328) Issued During the Period — Expired During the Period — ​ ​ ​ Warrants Outstanding at June 30, 2021 2,600 ​ The outstanding warrants as of June 30, 2021, expire on January 2, 2022. The average remaining term of the warrants is 0.51 years. The exercise price is $4.10 per share. ​ During the three months ended June 30, 2021, a total of 33,300 warrants were exercised on a cash basis resulting in the issuance of 33,300 shares of common stock and proceeds to the Company of $136,530. During the three months ended June 30, 2020 there were no warrants exercised. ​ During the six months ended June 30, 2021, a total of 7,274,328 warrants were exercised on a cash basis resulting in the issuance of 7,274,328 shares of common stock and proceeds to the Company of $34,705,068. During the six months ended June 30, 2020 there were no warrants exercised.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Stock-Based Compensation
Stock-Based Compensation	Note 11 – Stock-Based Compensation A summary of stock option activity related to the Company’s standard employee incentive plan, excluding options awarded under the Long-term Incentive Plan, for the six months ended June 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Options Exercise Price Outstanding at December 31, 2020 2,633,175 ​ $ 3.09 Granted 825,500 ​ 18.94 Exercised (594,913) ​ 2.75 Expired or Forfeited (66,332) ​ 7.81 ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2021 2,797,430 ​ $ 7.53 ​ The weighted average remaining contractual term for all options as of June 30, 2021 and December 31, 2020 was 8.1 years and 6.5 years, respectively. As of June 30, 2021, there were 903,208 options that were fully-vested and exercisable at a weighted average exercise price of $4.59 per share. The weighted average remaining contractual term of the vested options is 6.0 years. As of June 30, 2021, there were 1,894,222 unvested options exercisable at a weighted average exercise price of $8.92 per share. The weighted average remaining contractual term of the unvested options is 9.1 years. The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At June 30, 2021, the Company had $11,960,874 of unrecognized stock compensation expense, which will be recognized over a weighted average period of 3.6 years. During the three months ended June 30, 2021, the Company issued 68,047 shares of common stock to its independent board members as part of their annual retainer for services covering the period of July 2021 to June 2022 and for onboarding of the new directors. The fair market value on the date of award of the stock issued was $16.90, resulting in an aggregate fair value of approximately $1,150,000. The fair market value of these awards is expensed over twelve (12) months for 59,170 shares and twenty-four (24) months for 8,877 shares beginning on July 1, 2021. ​ For the three months ended June 30, 2021 and 2020, the Company recorded total stock-based compensation expense, including stock awards but excluding awards under the Company’s Long-term Incentive Plan, of $1,012,094 and $639,358, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded total stock-based compensation expense, including stock awards, of $1,468,838 and $941,933, respectively. ​

Long-term Incentive Plan

Long-term Incentive Plan	6 Months Ended
	Jun. 30, 2021
Long-term Incentive Plan
Long-term Incentive Plan	Note 12 – Long-term Incentive Plan On March 17, 2021, the Company granted options to purchase a total of 5,784,000 shares of common stock to its officers and certain other members of its management team. The options were granted under the Company’s existing 2014 Incentive Stock Plan. The options have an exercise price of $19.00, with 375,000 options vesting immediately and the remaining portion vesting upon the achievement of certain equity market capitalization milestones, and revenue and EBITDA operational milestones. For the three and six months ended June 30, 2021, the Company recorded non-cash stock-based compensation expense of $1,649,461 and $4,214,753, respectively, for options that vested or are probable to vest. There was no stock-based compensation expense related to the Company’s Long-term Incentive Plan in the comparable periods in 2020. ​ The fair value of option grants was calculated using a Monte Carlo simulation on the equity market capitalization tranches and the Black-Scholes-Merton option pricing method on the operational milestone tranches. As of June 30, 2021, we had $16,082,477 of total unrecognized stock-based compensation expense for the portion of options tied to equity market capitalization milestones and the portion of options tied to operational milestones that were considered probable of achievement, all of which will be recognized over a service period of 1 to 4 years . The probabilities of the milestones achievement are subject to catch-adjustments in each instance where an equity market capitalization milestone is achieved or when an operational milestone becomes probable to be achieved or is achieved. If such milestones are achieved earlier in their expected service periods, the remaining unrecognized compensation expense related to that particular milestone would be accelerated and recognized in full during the period where that achievement is certified by the Board of Directors. As of June 30, 2021, and going forward, should all of the operational milestones which are currently not yet deemed probable of achievement become probable of achievement or achieved, the Company could ultimately recognize up to an additional ​ The equity market and operational milestones under the LTIP with their related option grants and criteria achievement weightings of the options available for meeting a target are as follows: ​ ​ ​ ​ ​ Award Potential Criteria Achievement Weighting ​ 50% of Options Available 35% of Options Available 15% of Options Available Options Available Equity Market LTM Revenue LTM EBITDA ​ ​ ​ ​ ​ ​ ​ ​ 375,000 $ 1,000,000,000 Not Applicable Not Applicable 686,000 2,000,000,000 $ 25,000,000 0.0% 686,000 3,000,000,000 50,000,000 2.0% 686,000 4,000,000,000 100,000,000 4.0% 686,000 5,000,000,000 200,000,000 6.0% 586,000 6,000,000,000 300,000,000 8.0% 586,000 7,000,000,000 450,000,000 10.0% 561,000 8,000,000,000 675,000,000 12.0% 491,000 9,000,000,000 1,000,000,000 14.0% 441,000 10,000,000,000 1,500,000,000 16.0% 5,784,000 ​ ​ ​ ​

Litigation

Litigation	6 Months Ended
	Jun. 30, 2021
Litigation
Litigation	Note 13 – Litigation We are not currently involved in any actual or pending legal proceeding or litigation and we are not aware of any such material proceedings contemplated by or against us or involving our property.

Right-of-Use Assets and Liabili

Right-of-Use Assets and Liabilities	6 Months Ended
	Jun. 30, 2021
Right-of-Use Assets and Liabilities
Right-of-Use Assets and Liabilities	Note 14 – Right-of-Use Assets and Liabilities Future lease payments under operating leases as of June 30, 2021 were as follows: ​ ​ ​ ​ ​ Remainder of 2021 ​ $ 354,258 2022 ​ 549,270 2023 ​ 536,270 2024 ​ 44,689 Total Future Lease Payments ​ 1,484,487 Less: Imputed Interest ​ (95,211) Total Lease Liability Balance ​ $ 1,389,276 ​ Operating lease costs under the operating leases totaled $164,205 and $156,606 for the three months ended June 30, 2021 and 2020, respectively. Operating lease costs under the operating leases were $288,420 and $306,606 for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the weighted average discount rate was 4.5% and the weighted average remaining lease term was 2.5 years.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events
Subsequent Events	Note 15 - Subsequent Events ​ On July 28, 2021, the Company awarded 300,000 shares of restricted common stock to the new managing director of its newly established Integrated Solutions Business Unit. These restricted shares are subject to vesting, including 50,000 shares that may be earned over 3 years based on continued employment with the Company, and 250,000 shares that may be earned upon achievement of revenue and EBITDA operational milestones for the Integration Solutions Business Unit within specified periods of time over 5 years. The fair market value on the date of award of the restricted stock issued was $14.20, resulting in an aggregate fair value of approximately $4,260,000. ​

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Basis of Presentation
Basis of Presentation	The accompanying unaudited consolidated financial statements of Vuzix Corporation (“the Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Certain re-classifications may have been made to prior periods to conform with current reporting. The results of the Company’s operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of the Company’s operations for the full fiscal year or any other period. The accompanying interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto of the Company as of December 31, 2020, as reported in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2021.
Customer Concentrations	Customer Concentrations For the three months ended June 30, 2021, no one customer represented more than 10% of total product revenue and one customer represented 100% of engineering services revenue. For the three months ended June 30, 2020, no one customer represented more than 10% of total product revenue and two customers represented 100% of engineering services revenue. For the six months ended June 30, 2021, no one customer represented more than 10% of total product revenue and two customers represented 100% of engineering services revenue. For the six months ended June 30, 2020, no one customer represented more than 10% of total product revenue and two customers represented 100% of engineering services revenue. As of June 30, 2021, two customers represented 13% and 10% of accounts receivable. As of December 31, 2020, two customers represented 21% and 14% of accounts receivable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 provides for a new impairment model which requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to accounts receivable. ASU 2016-13 will become effective for the Company on January 1, 2023 and early adoption is permitted. The Company does not anticipate that the adoption of this standard will have a material impact on our consolidated financial statements.

Revenue Recognition and Contr_2

Revenue Recognition and Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue Recognition and Contracts with Customers
Schedule of company's total revenue by major product lines	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Revenues ​ ​ ​ ​ Smart Glasses Sales ​ $ 2,833,644 ​ $ 2,335,189 ​ $ 6,638,814 ​ $ 3,706,699 Engineering Services ​ 82,894 ​ 701,654 ​ 193,113 ​ 861,860 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Revenue ​ $ 2,916,538 ​ $ 3,036,843 ​ $ 6,831,927 ​ $ 4,568,559
Schedule of company's net sales by revenue recognition method as a percentage of total net sales	The following table presents a summary of the Company’s sales by revenue recognition method as a percentage of total net sales for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ % of Total Sales Point-in-Time 97 % Over Time – Input Method 3 % ​ ​ ​ ​ Total 100 %

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Inventories, Net
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Purchased Parts and Components ​ $ 4,522,059 ​ $ 5,252,709 Work-in-Process ​ 682,050 ​ 1,381,677 Finished Goods ​ 4,173,309 ​ 3,352,057 Less: Reserve for Obsolescence ​ (1,493,055) ​ (3,885,619) ​ ​ ​ ​ ​ ​ ​ Inventories, Net ​ $ 7,884,363 ​ $ 6,100,824

Licenses, Net (Tables)

Licenses, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ $ 1,500,000 ​ $ 1,500,000 Less: Accumulated Amortization ​ (1,142,998) ​ (933,544) ​ ​ ​ ​ ​ ​ ​ Intangible Asset, Net ​ $ 357,002 ​ $ 566,456
Licenses [Member]
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 1,038,606 ​ $ 493,717 Less: Accumulated Amortization / Expensed ​ (784,846) ​ (572,475) Additions ​ 1,404,750 ​ 544,889 ​ ​ ​ 1,658,510 ​ ​ 466,131 Less: Current Portion ​ ​ (136,221) ​ ​ (272,444) ​ ​ ​ ​ ​ ​ ​ Licenses, Net ​ $ 1,522,289 ​ $ 193,687

Intangible Asset, Net (Tables)

Intangible Asset, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Intangible Asset, Net
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ $ 1,500,000 ​ $ 1,500,000 Less: Accumulated Amortization ​ (1,142,998) ​ (933,544) ​ ​ ​ ​ ​ ​ ​ Intangible Asset, Net ​ $ 357,002 ​ $ 566,456

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2021
Accrued Expenses
Schedule of Accrued Expenses	Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Accrued Wages and Related Costs ​ $ 513,222 ​ $ 582,924 Accrued Professional Services ​ 178,160 ​ 187,323 Accrued Warranty Obligations ​ 112,963 ​ 143,898 Other Accrued Expenses ​ 253,742 ​ 68,888 ​ ​ ​ ​ ​ ​ ​ Total ​ $ 1,058,087 ​ $ 983,033
Schedule of changes in accrued warranty obligations	The changes in the Company’s accrued warranty obligations for the six months ended June 30, 2021 and the balance as of December 31, 2020 were as follows: ​ ​ ​ ​ ​ Accrued Warranty Obligations at December 31, 2020 ​ $ 143,898 Reductions for Settling Warranties ​ (230,099) Warranties Issued During Period ​ 199,164 ​ ​ ​ ​ Accrued Warranty Obligations at June 30, 2021 ​ $ 112,963

Stock Warrants (Tables)

Stock Warrants (Tables)	6 Months Ended
	Jun. 30, 2021
Stock Warrants
Schedule of changes in warrants	A summary of the various changes in warrants during the six months ended June 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ June 30, ​ 2021 Warrants Outstanding at December 31, 2020 7,276,928 Exercised During the Period (7,274,328) Issued During the Period — Expired During the Period — ​ ​ ​ Warrants Outstanding at June 30, 2021 2,600

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Stock-Based Compensation
Schedule of Summary of Stock Option Activity	A summary of stock option activity related to the Company’s standard employee incentive plan, excluding options awarded under the Long-term Incentive Plan, for the six months ended June 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Options Exercise Price Outstanding at December 31, 2020 2,633,175 ​ $ 3.09 Granted 825,500 ​ 18.94 Exercised (594,913) ​ 2.75 Expired or Forfeited (66,332) ​ 7.81 ​ ​ ​ ​ ​ ​ Outstanding at June 30, 2021 2,797,430 ​ $ 7.53

Long-term Incentive Plan (Table

Long-term Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2021
Long-term Incentive Plan
Schedule of equity market and operational milestone under the long term	​ ​ ​ ​ Award Potential Criteria Achievement Weighting ​ 50% of Options Available 35% of Options Available 15% of Options Available Options Available Equity Market LTM Revenue LTM EBITDA ​ ​ ​ ​ ​ ​ ​ ​ 375,000 $ 1,000,000,000 Not Applicable Not Applicable 686,000 2,000,000,000 $ 25,000,000 0.0% 686,000 3,000,000,000 50,000,000 2.0% 686,000 4,000,000,000 100,000,000 4.0% 686,000 5,000,000,000 200,000,000 6.0% 586,000 6,000,000,000 300,000,000 8.0% 586,000 7,000,000,000 450,000,000 10.0% 561,000 8,000,000,000 675,000,000 12.0% 491,000 9,000,000,000 1,000,000,000 14.0% 441,000 10,000,000,000 1,500,000,000 16.0% 5,784,000 ​ ​ ​

Right-of-Use Assets and Liabi_2

Right-of-Use Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Right-of-Use Assets and Liabilities
Schedule of Future lease payments under operating leases	Future lease payments under operating leases as of June 30, 2021 were as follows: ​ ​ ​ ​ ​ Remainder of 2021 ​ $ 354,258 2022 ​ 549,270 2023 ​ 536,270 2024 ​ 44,689 Total Future Lease Payments ​ 1,484,487 Less: Imputed Interest ​ (95,211) Total Lease Liability Balance ​ $ 1,389,276

Basis of Presentation - (Detail

Basis of Presentation - (Details) - customer	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Accounts Receivable [Member]
Number Of Customers	2		2		2
One customer | Sales of Engineering Services
Number Of Customers	1		1
One customer | Total revenues [Member]
Number Of Customers	1	1	1	1
One customer | Total revenues [Member] | Customer Concentration Risk
Concentration Risk, Percentage	10.00%	10.00%	10.00%	10.00%
One customer | Total revenues [Member] | Sales of Engineering Services | Customer Concentration Risk
Concentration Risk, Percentage	100.00%
One customer | Accounts Receivable [Member] | Customer Concentration Risk
Concentration Risk, Percentage			13.00%		21.00%
Two customers | Sales of Engineering Services
Number Of Customers	2	2	2	2
Two customers | Total revenues [Member] | Sales of Engineering Services | Customer Concentration Risk
Concentration Risk, Percentage		100.00%	100.00%	100.00%
Two customers | Accounts Receivable [Member] | Customer Concentration Risk
Concentration Risk, Percentage			10.00%		14.00%

Revenue Recognition and Contr_3

Revenue Recognition and Contracts with Customers - Company's total revenue by major product lines (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 2,916,538	$ 3,036,843	$ 6,831,927	$ 4,568,559
Smart Glasses Sales
Revenue	2,833,644	2,335,189	6,638,814	3,706,699
Engineering Services
Revenue	$ 82,894	$ 701,654	$ 193,113	$ 861,860

Revenue Recognition and Contr_4

Revenue Recognition and Contracts with Customers - Company's net sales as a percentage (Details)	6 Months Ended
	Jun. 30, 2021
Revenue Performance Obligation Percentage	100.00%
Point-in-Time - Output Method [Member]
Revenue Performance Obligation Percentage	97.00%
Over Time - Input Method [Member]
Revenue Performance Obligation Percentage	3.00%

Revenue Recognition and Contr_5

Revenue Recognition and Contracts with Customers - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Standard Product Warranty Term	12 months
Revenue, Remaining Performance Obligation	$ 0
Extended warranties
Standard Product Warranty Term	12 months
OEM products and waveguide sales
Standard Product Warranty Term	18 months

Loss Per Share - Additional Inf

Loss Per Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Loss Per Share
Earnings Per Share, Potentially Dilutive Securities	8,584,030	14,147,580

Inventories, Net - Components o

Inventories, Net - Components of Inventories (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Inventories, Net
Purchased Parts and Components	$ 4,522,059	$ 5,252,709
Work in Process	682,050	1,381,677
Finished Goods	4,173,309	3,352,057
Less: Reserve for Obsolescence	(1,493,055)	(3,885,619)
Inventories, Net	$ 7,884,363	$ 6,100,824

Licenses, Net (Details)

Licenses, Net (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Licenses Net [Line Items]
Less: Current Portion	$ (136,221)	$ (272,444)
Licenses, Net	1,522,289	193,687
Licensing agreements
Licenses Net [Line Items]
Licenses	1,038,606	493,717
Less: Accumulated Amortization / Expensed	(784,846)	(572,475)
Additions	1,404,750	544,889
Licenses, Net	1,658,510	466,131
Less: Current Portion	(136,221)	(272,444)
Licenses, Net	$ 1,522,289	$ 193,687

Licenses, Net - Additional Info

Licenses, Net - Additional Information (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)	Dec. 31, 2017USD ($)itemshares	Dec. 31, 2020USD ($)
Licenses Net [Line Items]
Shares issued value		$ 12,749,374	$ 11,250,000	$ 97,789,038	$ 11,250,000
Licensing agreements
Licenses Net [Line Items]
Number of license acquired | item						2
Licenses, Net	$ 1,658,510	$ 1,658,510		$ 1,658,510			$ 466,131
First license agreements
Licenses Net [Line Items]
Licenses, Net						$ 114,967
Amortization period (in years)						10 years
Second license agreements
Licenses Net [Line Items]
Patent application costs						$ 75,702
Company awarded shares | shares						25,000
Shares issued value						$ 128,750
Issuance of shares development milestones | shares	75,000					75,000
Market value per share | $ / shares	$ 18.73	$ 18.73		$ 18.73
Second license agreements | Minimum
Licenses Net [Line Items]
License agreement term	2 years
Second license agreements | Maximum
Licenses Net [Line Items]
License agreement term	3 years

Intangible Asset, Net - Schedul

Intangible Asset, Net - Schedule of Finite-Lived Intangible Assets (Details) - Intangible Assets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Intangible Asset	$ 1,500,000	$ 1,500,000
Less: Accumulated Amortization	(1,142,998)	(933,544)
Intangible Asset, Net	$ 357,002	$ 566,456

Intangible Asset, Net - Additio

Intangible Asset, Net - Additional Information (Details) - TDG Acquisition Company LLC [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Amortization of intangible assets	$ 104,727	$ 112,090	$ 209,454	$ 214,090
Amortization period (in months)			11 months 15 days
Future monthly amortization expense	31,000		$ 31,000
Selling and Marketing Expense.
Total commission expense	$ 4,192	$ 140,364	$ 56,847	$ 176,944

Accrued Expenses - Components o

Accrued Expenses - Components of Accrued Expenses (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accrued Expenses
Accrued Wages and Related Costs	$ 513,222	$ 582,924
Accrued Professional Services	178,160	187,323
Accrued Warranty Obligations	112,963	143,898
Other Accrued Expenses	253,742	68,888
Total	$ 1,058,087	$ 983,033

Accrued Expenses - Changes in A

Accrued Expenses - Changes in Accrued Warranty Obligations (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Accrued Expenses
Accrued Warranty Obligations, beginning of period	$ 143,898
Reductions for Settling Warranties	(230,099)
Warranties Issued During Period	199,164
Accrued Warranty Obligations, end of period	$ 112,963

Accrued Expenses - Additional I

Accrued Expenses - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021
Accrued Expenses
Standard Product Warranty Term	12 months

Capital Stock - Additional Info

Capital Stock - Additional Information (Details) - USD ($)	Apr. 01, 2021	Mar. 30, 2021	Mar. 25, 2021	Jan. 28, 2021	Jun. 30, 2021	Dec. 31, 2020
Preferred Stock, Shares Authorized					5,000,000	5,000,000
Preferred Stock, Par Value					$ 0.001	$ 0.001
Preferred Stock, Shares Issued					0	49,626
Preferred Stock, Shares Outstanding					0	49,626
Common Stock, Shares Authorized					100,000,000	100,000,000
Common Stock, Par or Stated Value Per Share					$ 0.001	$ 0.001
Common Stock, Shares, Issued					63,278,096	45,645,166
Common Stock, Shares, Outstanding					63,278,096	45,645,166
Sale of stock number of shares issued in transaction			4,146,342
Public offering price			$ 20.50
Proceeds from issuance of sale of equity gross		$ 85,000,011
Underwriting discount and issuance costs and expenses		$ 79,603,872
Over-Allotment Option
Sale of stock number of shares issued in transaction	621,951
Proceeds from issuance of sale of equity gross	$ 12,749,996
Underwriting discount and issuance costs and expenses	$ 12,048,746
Corporation
Conversion of stock				49,626
Shares issued on conversion				4,962,600
Dividend payment amount				$ 10,000,000
Dividend accrued				$ 10,800,000
Series A Preferred Stock [Member]
Preferred Stock, Shares Issued					0	49,626
Preferred Stock, Shares Outstanding					0	49,626

Stock Warrants - Changes in War

Stock Warrants - Changes in Warrants (Details)	6 Months Ended
	Jun. 30, 2021shares
Stock Warrants
Warrants Outstanding, Beginning of Period	7,276,928
Exercised During the Period	(7,274,328)
Warrants Outstanding, End of Period	2,600

Stock Warrants - Additional Inf

Stock Warrants - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Capital Stock
Weighted average term of warrants			6 months 3 days
Exercise price (per share)	$ 4.10		$ 4.10
Warrants exercised	33,300		7,274,328
Warrants exercised on cash basis	33,300	0	7,274,328	0
Proceeds from issuance of warrants	$ 136,530		$ 34,705,068

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock options	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of Options
Outstanding, Beginning Balance | shares	2,633,175
Granted | shares	825,500
Exercised | shares	(594,913)
Expired or Forfeited | shares	(66,332)
Outstanding, Ending Balance | shares	2,797,430
Weighted Average Exercise Price
Outstanding, Beginning Balance | $ / shares	$ 3.09
Granted | $ / shares	18.94
Exercised | $ / shares	2.75
Expired or Forfeited | $ / shares	7.81
Outstanding, Ending Balance | $ / shares	$ 7.53

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Stock-Based Compensation Plans
Options Outstanding, Weighted Average Remaining Life (Years)			8 years 1 month 6 days		6 years 6 months
Exercisable Options Outstanding Shares	903,208		903,208
Weighted average exercise price per share, Exercisable	$ 4.59		$ 4.59
Weighted average remaining contractual term on vested options			6 years
Unvested Options Outstanding, Shares	1,894,222		1,894,222
Unvested Options Outstanding, Weighted average exercise price			$ 8.92
Unvested Options Outstanding Weighted average remaining life (years)			9 years 1 month 6 days
Unrecognized stock compensation expense	$ 11,960,874		$ 11,960,874
Weighted average recognition period			3 years 7 months 6 days
Share-Based compensation excludes the long term incentive plan expense	$ 1,012,094	$ 639,358	$ 1,468,838	$ 941,933
Board of directors and management members
Stock-Based Compensation Plans
Stock award issued	68,047
Weighted average fair value per share	$ 16.90
Aggregate fair value	$ 1,150,000
Fair market value awards expensed over twelve months	59,170
Fair market value awards expensed over twenty four months	8,877

Long-term Incentive Plan (Detai

Long-term Incentive Plan (Details) - USD ($)	Mar. 17, 2021	Jun. 30, 2021	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Long-term Incentive Plan
Exercise price		$ 4.59		$ 4.59
Share-based Compensation				$ 5,683,591	$ 941,933
Unrecognized stock-based compensation expense		$ 11,960,874		$ 11,960,874
Recognition period				3 years 7 months 6 days
Stock options | Long-term Incentive Plan 2021
Long-term Incentive Plan
Granted	5,784,000
Exercise price	$ 19
Share-based Compensation		1,649,461	$ 0	$ 4,214,753	$ 0
Stock options | Vest immediately | Long-term Incentive Plan 2021
Long-term Incentive Plan
Options vested	$ 375,000
Stock options tied to equity market capitalization milestone
Long-term Incentive Plan
Unrecognized stock-based compensation expense		16,082,477		16,082,477
Amount of threshold additional stock based compensation expense		$ 32,900,000		$ 32,900,000
Stock options tied to equity market capitalization milestone | Minimum
Long-term Incentive Plan
Recognition period				1 year
Stock options tied to equity market capitalization milestone | Maximum
Long-term Incentive Plan
Recognition period				4 years

Long-term Incentive Plan - LTIP

Long-term Incentive Plan - LTIP (Details)	6 Months Ended
	Jun. 30, 2021USD ($)shares
Long-term Incentive Plan
Percentage of weightage for equity market capitalization threshold	50.00%
Percentage of weightage for last twelve months revenue target	35.00%
Percentage of weightage for last twelve months EBITDA margin before non-cash charges	15.00%
Stock option tied to equity market and operational milestones
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	5,784,000
Equity market and operational milestone one
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	375,000
Amount of equity market capitalization threshold	$ 1,000,000,000
Equity market and operational milestone two
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	686,000
Amount of equity market capitalization threshold	$ 2,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 25,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	0.00%
Equity market and operational milestone three
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	686,000
Amount of equity market capitalization threshold	$ 3,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 50,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	2.00%
Equity market and operational milestone four
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	686,000
Amount of equity market capitalization threshold	$ 4,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 100,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	4.00%
Equity market and operational milestone five
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	686,000
Amount of equity market capitalization threshold	$ 5,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 200,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	6.00%
Equity market and operational milestone six
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	586,000
Amount of equity market capitalization threshold	$ 6,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 300,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	8.00%
Equity market and operational milestone seven
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	586,000
Amount of equity market capitalization threshold	$ 7,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 450,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	10.00%
Equity market and operational milestone eight
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	561,000
Amount of equity market capitalization threshold	$ 8,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 675,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	12.00%
Equity market and operational milestone nine
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	491,000
Amount of equity market capitalization threshold	$ 9,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 1,000,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	14.00%
Equity market and operational milestone ten
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	441,000
Amount of equity market capitalization threshold	$ 10,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 1,500,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	16.00%

Right-of-Use Assets and Liabi_3

Right-of-Use Assets and Liabilities - Operating Leases (Details)	Jun. 30, 2021USD ($)
Right-of-Use Assets and Liabilities
Remainder of 2021	$ 354,258
2022	549,270
2023	536,270
2024	44,689
Total Future Lease Payments	1,484,487
Less: Imputed Interest	(95,211)
Total Lease Liability Balance	$ 1,389,276

Right-of-Use Assets and Liabi_4

Right-of-Use Assets and Liabilities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Right-of-Use Assets and Liabilities
Operating lease costs	$ 164,205	$ 156,606	$ 288,420	$ 306,606
Weighted average discount rate	4.50%		4.50%
Weighted average remaining term	2 years 6 months		2 years 6 months

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Restricted Stock	Jul. 28, 2021USD ($)$ / sharesshares
Subsequent Event [Line Items]
Fair value weighted average | $ / shares	$ 14.20
Aggregate fair value | $	$ 4,260,000
Director
Subsequent Event [Line Items]
Company awarded shares	300,000
Director | Continued employment
Subsequent Event [Line Items]
Company awarded shares	50,000
Award vesting period	3 years
Director | Shares earned upon achievement of revenue
Subsequent Event [Line Items]
Company awarded shares	250,000
Award vesting period	5 years