Company: VUZI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001558370-25-007368
Chunk: 24

Company: Vuzix Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 24
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 necessary should we be unable to continue as a going concern. ​The Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. (ASU) 2014- 15, “Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. As a result, management is primarily responsible for assessing if there is a going concern issue when issuing an entity’s financial statements. The going concern assumption underlies all GAAP financial reporting and therefore requires and assumes that the financial statements have been prepared on a going concern basis. It presumes that a Company will continue normal business operations into the future.​Additional disclosure is required when there is substantial doubt about business continuity or substantial doubt that has not been alleviated by management’s mitigation plans. As required under applicable accounting standards, management has concluded that substantial doubt may exist surrounding the Company's ability to meet its obligations within one year of the release of the financial statements.