8-K - PRKR - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 31, 2021

PARKERVISION, INC.

(Exact Name of Registrant as Specified in Charter)

Florida	000-22904	59-2971472
(State<br>or Other Jurisdiction of<br><br><br>Incorporation)	(Commission<br>File Number)	(IRS<br>Employer Identification No.)
4446-1A Hendricks Avenue, Ste 354, Jacksonville,<br>Florida	32207
---	---
(Address<br>of Principal Executive Offices)	(Zip<br>Code)

(904) 732-6100

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common<br>Stock, $.01 par value	PRKR	OTCQB
Common<br>Stock Rights		OTCQB

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Soliciting<br>material pursuant to Rule 14a-12 under the Exchange Act (17 CFR<br>240.14a-12)
☐	Written<br>communications pursuant to Rule 425 under the Securities Act (17<br>CFR 230.425)
☐	Pre-commencement<br>communications pursuant to Rule 14d-2(b) under the Exchange Act (17<br>CFR 240.14d-2(b))
☐	Pre-commencement<br>communications pursuant to Rule 13e-4(c) under the Exchange Act (17<br>CFR 240.13e 4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition

On March 31, 2021, ParkerVision, Inc. (the “Company”) issued a press release which reported financial and operating results for the year ended December 31, 2020. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1 hereto, has been “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits:

Exhibit No.	Description
99.1	Press<br>release

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:<br>March 31, 2021
	PARKERVISION, INC.
	By /s/ Cynthia<br>French
	Cynthia French
	Chief Financial Officer

prkr_ex991

Exhibit 99.1

ParkerVision Reports 2020 Results

JACKSONVILLE, Fla., March 31, 2021 – ParkerVision, Inc. (OTCQB: PRKR) (“ParkerVision”), a developer and marketer of technologies and products for wireless applications, today announced results for the year ended December 31, 2020.

Year End 2020 and Recent Developments

●

The district court in the Western District of Texas issued a favorable Markman ruling in ParkerVision’s infringement case against Intel scheduled for trial in early February 2022.

ParkerVision has filed infringement actions against TCL, Hisense, Zyxel and Buffalo in the same court.

●

The district court in the Middle District of Florida, Orlando Division, issued an order that it will reschedule the jury trial against Qualcomm previously scheduled to commence in July 2021. Citing backlog due to the pandemic, among other factors, the court has not yet reset the trial date but indicated it is unlikely to be prior to November or December 2021.

ParkerVision is seeking $1.3 billion in damages, excluding any interest or enhanced damages for willful infringement that the court may award.

●

ParkerVision received an aggregate of $5.6 million in proceeds in the first quarter of 2021 from the sale of debt and equity securities and the exercise of outstanding warrants and options.

$3 million of recent proceeds was used to settle outstanding fees with one of the Company’s litigation firms, including a significant reduction in future success fees owed to that firm.

Jeffrey Parker, Chairman and Chief Executive Officer, commented, “We are starting 2021 in a much improved liquidity position due, in large part, to the continued support of an investor base that shares our vision for the future. Although our 2020 results reflect a few significant non-cash items, our cash operating costs are comparable to the prior year.”

Mr. Parker continued, “We are happy to put 2020 in the rear-view mirror, although the effects of the pandemic continue to carry over into 2021, as evidenced by the rescheduling of the jury trial in our Qualcomm case. The infringement of our technologies by Qualcomm and others for over a decade has adversely affected our ability to support ongoing innovation -- the foundation on which this company was built. We remain confident that our patent enforcement and licensing efforts will soon result in new licensees for our technologies, and we look forward to the day that we can return to a focus on innovation. U.S. leadership in innovation is ultimately our strongest national asset as we face ever-tougher competition from abroad. In addition to the technologies that we are fighting to monetize by enforcing our patents, ParkerVision has made significant past investment in the development of new and complementary wireless technologies that we plan to market once we have demonstrated the strength of our patents in court. We look forward to getting back to our real work: U.S.-based innovation that enhances the wireless experience for everyone.”

2020 Financial Results

●

Net loss for 2020 was $19.6 million, or $0.42 per common share, compared to a net loss of $9.5 million, or $0.30 per common share for 2019.

The increase in net loss is due to

■

A non-cash charge of $7.2 million representing an increase in the estimated fair value of the Company’s contingent payment obligations

■

A non-cash charge of $2.2 million related to modification of existing equity-related agreements

■

A $1.3 million increase in litigation expenses primarily related to the Company’s infringement action against Qualcomm and Apple in Jacksonville district court

●

The Company used $4.8 million in cash for operations in 2020 and repaid approximately $1.3 million in debt obligations. This use of cash was funded with proceeds from debt and equity transactions.

●

The Company ended the year with $1.6 million in cash and cash equivalents and received approximately $5.6 million in proceeds from equity-related transactions in the first quarter of 2021.

About ParkerVision

ParkerVision, Inc. has designed and developed proprietary radio-frequency (RF) technologies that enable advanced wireless solutions for current and next generation wireless communication products. ParkerVision is engaged in a number of patent enforcement actions in the U.S. to protect patented rights that it believes are broadly infringed by others. For more information, please visit www.parkervision.com. (PRKR-I)

Safe Harbor Statement

This press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s SEC reports, including the Form 10-K for the year ended December 31, 2020. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

Cindy French

Chief Financial Officer

cfrench@parkervision.com

(TABLES FOLLOW)

ParkerVision, Inc.

Balance Sheet Highlights

	December<br>31,
(in<br>thousands)	2020	2019
Cash and cash<br>equivalents	$1,627	$57
Prepaid and other<br>current assets	607	622
Property and<br>equipment, net	30	70
Intangible assets<br>& other	2,192	3,177
Total<br>assets	4,456	3,926
Current<br>liabilities	5,989	6,138
Long-term<br>liabilities	42,288	30,885
Shareholders’<br>deficit	(43,821)	(33,097)
Total liabilities<br>and shareholders’ deficit	$4,456	$3,926

ParkerVision, Inc.

Summary of Results of Operations

	Year<br>Ended
(in thousands,<br>except per share amounts)	December<br>31
	2020	2019
Product<br>revenue	$-	$74
Product cost of<br>sales	-	(73)
Loss on impairment<br>of inventory	-	(6)
Gross<br>margin	-	(5)
Research and<br>development expenses	-	334
Selling, general<br>and administrative expenses	10,664	7,602
Total<br>operating expenses	10,664	7,936
Interest and other<br>expense	(547)	(418)
Change in fair<br>value of contingent payment obligations	(8,367)	(1,094)
Total interest and<br>other	(8,914)	(1,512)
Net loss before<br>income taxes	(19,578)	(9,453)
Income tax<br>expense	-	-
Net<br>loss	$(19,578)	$(9,453)
Basic and diluted<br>net loss per common share	$(0.42)	$(0.30)
Weighted average<br>shares outstanding	47,019	31,461

ParkerVision, Inc.

Condensed Consolidated Statements of Cash Flows

	Year<br>Ended
(in<br>thousands)	December<br>31,
	2020	2019
Net cash used in<br>operating activities	$(4,777)	(3,373)
Net cash (used in)<br>provided by investing activities	(1)	7
Net cash provided<br>by financing activities	6,348	1,896
Net increase<br>(decrease) in cash and cash equivalents	1,570	(1,470)
Cash and cash<br>equivalents - beginning of year	57	1,527
Cash and cash<br>equivalents - end of year	$1,627	$57