Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 251

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 2
Chunk 251
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 year ended December 31, 2024 as compared to the same
period in 2023 was primarily due to lower salary and benefits expense and non-cash compensation of $4.6 million as a result of 2024
restructuring events (see Part II, Item 8, Note 14. Restructuring Charges), lower professional fees of $1.8 million primarily
related to legal and audit fees associated with the acquisition of Ibeo in 2023, lower subcontractor fees of $0.7 million, lower
business insurance fees of $0.6 million due to favorable rates obtained, and lower advertising costs of $0.3 million. These
decreases were partially offset by restructuring charges of $0.6 million, higher IT and software costs of $0.4 million, higher trade
show expense of $0.2 million, and higher building expenses of $0.2 million.

26

Impairment
loss on intangible assets

    2024  
    2023  
    $
    change  
    %
    change 
  
    (In thousands) 

    Impairment loss on intangible assets 
    $4,181  
    $-  
    $4,181  
     - 

Impairment
loss on intangible assets includes impairment charges on intangible assets. During the year ended December 31, 2024, management identified
impairment indicators related to MOSAIK software. We performed an assessment of projected future cash flows and determined the software
was fully impaired, which resulted in a $4.2 million impairment charge. See Part II, Item 8, Note 8. Financial Statement Components
for additional discussion.

Bargain
purchase gain, net of tax

    2024  
    2023  
    $
    change  
    %
    change 
  
    (In thousands) 

    Bargain purchase gain, net of tax 
    $-  
    $1,669  
    $(1,669) 
     (100.0)

During
the year ended December 31, 2023, we recorded a bargain purchase gain related to the acquisition of assets from Ibeo. The bargain purchase
gain represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the purchase consideration
paid in the transaction.

Interest
expense

    2024