Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 269

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 2
Chunk 269
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,
positions the Company as a valuable commercial partner capable of delivering high-value, low-power products.

Liquidity

The
Company has incurred significant losses since inception. Operations to date have been funded 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,
product sales, and licensing activities.

As
of December 31, 2024, the Company had total liquidity of $74.7 million including $54.5 million in cash and cash equivalents and $20.2
million in short-term investment securities. In addition, the Company has approximately $113.6 million availability under its current
at-the-market (“ATM”) facility as of December 31, 2024, subject to certain conditions. On October 23, 2024, the Company issued $45.0 million in senior secured
convertible notes for gross proceeds of $41.4 million and has a remaining commitment pursuant to the convertible note facility of $30.0
million, subject to certain limitations (see Note 7. Notes Payable and Derivative Liability).

Subsequent to the date of these financial statements, on February 4, 2025,
the Company sold shares of common stock and warrants to purchase common stock for net proceeds of approximately $7.8 million. Additionally, subsequent to the date of these financial statements, maturities of the $45.0 million senior secured
convertible notes were reduced by $10.6 million (see Note 16. Subsequent Events). To date, total maturities have been reduced by $12.3
million, inclusive of $1.8 million reduced prior to December 31, 2024 (see Note 7. Notes Payable and Derivative Liability). Based on the current operating plan, the Company anticipates having sufficient cash and cash equivalents to fund
operations for at least the next 12 months from the issuance of these consolidated financial statements.

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles
of Consolidation

The
consolidated financial statements and accompanying notes include the accounts of the Company and its wholly owned subsidiaries, after
elimination of all intercompany balances and transactions. Certain reclassifications have been made to prior year financial statements
to conform to classifications used in the current year. These reclassifications had no impact on net loss, shareholders’ equity
or cash flows, as previously reported.

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