Company: MVIS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009765
Chunk: 212

Company: MICROVISION, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 212
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, management and administrative
staff, and for other general and administrative costs, including legal and accounting services, consultants and other operating expenses.

The
decrease in sales, marketing, general and administrative expense during the three months ended March 31, 2025 compared to the same period
in 2024 was primarily due to lower salary and benefits expense of approximately $2.2 million, lower trade show expense of $0.4 million,
 and lower restructuring charges of $0.1 million. These decreases were partially offset by higher
building costs of $0.2 million.

Interest
expense

    (in
    thousands) 
    2025  
    2024  
    $
    change  
    %
    change 
  
    Three Months Ended March 31, 
    $(12,903) 
    $(18) 
    $(12,885) 
     71,583.3 

The
increase in interest expense during the three months ended March 31, 2025 compared to the same period in 2024 relates to $7.3 million
of non-cash interest expense representing the discount on the 2025 Purchase Agreement for warrants and shares of common stock (see Part
I, Item 1, Note 7. Warrant Liability), $3.5 million of non-cash interest expense related to amortization of the debt discount and
issuance costs on notes payable, and $2.1 million of non-cash interest expense related to the modification of notes payable (see Part
I, Item 1, Note 6. Notes Payable and Derivative Liability).

Unrealized
gain on derivative liability

    (in
    thousands) 
    2025  
    2024  
    $
    change  
    %
    change 
  
    Three Months Ended March 31, 
    $842  
    $-  
    $842  
     - 

Unrealized
gain on derivative liability reflects the revaluation of our derivative liability associated with notes payable as of March 31, 2025.
Due to the decrease in the fair value of the derivative liability as of March 31, 2025, we recognized an unrealized gain. See Part
I, Item 1, Note 6. Notes Payable and Derivative Liability for additional discussion.

Unrealized
gain on warrant liability

    (in
    thousands) 
    2025