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BASIS OF PRESENTATION | 6 Months Ended
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Jun. 30, 2012
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The accompanying condensed consolidated financial statements include the accounts of Kopin Corporation, its wholly-owned subsidiaries, Kowon Technology Co., Ltd. (Kowon), a majority owned (78%) subsidiary located in Korea and Kopin Taiwan Corporation (KTC), a majority owned (90%) subsidiary located in Taiwan (collectively the “Company” or ‘we”). Ownership interests of Kowon and KTC not attributable to the Company are referred to as noncontrolling interests. All intercompany transactions and balances have been eliminated. The condensed consolidated financial statements for the three and six months ended June 30, 2012 and June 25, 2011 are unaudited and include all adjustments which, in the opinion of management, are necessary to present fairly the results of operations for the periods then ended. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year. Immaterial Restatement During the second quarter of 2012, the Company identified an error in the calculation of intercompany profit elimination in inventory for prior periods. While the Company believes the correction of this error is not material to its previously issued historical consolidated financial statements, the Company has restated certain balances within the condensed consolidated balance sheet as of December 31, 2011 to correct this error. The condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2012 and condensed consolidated statements of cash flows for the six months ended June 30, 2012 were not impacted by this error. The effects of this restatement on the consolidated balance sheet as of December 31, 2011 are as follows (in thousands):
Balance Sheet Data |  | December 31, 2011 as previously reported |  |  | Adjustment |  |  | December 31, 2011 as restated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents |  | $ | 43,095 |  |  | $ | — |  |  | $ | 43,095 |
Marketable debt securities, at fair value |  |  | 62,323 |  |  |  | — |  |  |  | 62,323 |
Accounts receivable, net of allowance of $513,000 in 2011 |  |  | 16,511 |  |  |  | — |  |  |  | 16,511 |
Accounts receivable from unconsolidated affiliates |  |  | 1,341 |  |  |  | — |  |  |  | 1,341 |
Unbilled receivable |  |  | 36 |  |  |  | — |  |  |  | 36 |
Inventory |  |  | 21,416 |  |  |  | (947 | ) |  |  | 20,469 |
Prepaid taxes |  |  | 412 |  |  |  | 256 |  |  |  | 668 |
Prepaid expenses and other current assets |  |  | 1,294 |  |  |  | — |  |  |  | 1,294 |
Total current assets |  |  | 146,428 |  |  |  | (691 | ) |  |  | 145,737 |
Property, plant & equipment, net |  |  | 32,369 |  |  |  | — |  |  |  | 32,369 |
Deferred tax assets |  |  | 4,202 |  |  |  | — |  |  |  | 4,202 |
Goodwill |  |  | 1,665 |  |  |  | — |  |  |  | 1,665 |
Intangible assets |  |  | 1,954 |  |  |  | — |  |  |  | 1,954 |
Other assets |  |  | 7,946 |  |  |  | — |  |  |  | 7,946 |
Total assets |  | $ | 194,564 |  |  | $ | (691 | ) |  | $ | 193,873 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 12,385 |  |  |  | — |  |  | $ | 12,385 |
Accrued payroll and expenses |  |  | 4,183 |  |  |  | — |  |  |  | 4,183 |
Accrued warranty |  |  | 1,318 |  |  |  | — |  |  |  | 1,318 |
Billings in excess of revenue earned |  |  | 2,467 |  |  |  | — |  |  |  | 2,467 |
Other accrued liabilities |  |  | 2,127 |  |  |  | — |  |  |  | 2,127 |
Total current liabilities |  |  | 22,480 |  |  |  | — |  |  |  | 22,480 |
Asset Retirement obligations |  |  | 1,296 |  |  |  | — |  |  |  | 1,296 |
Commitments and contingencies |  |  |  |  |  |  | — |  |  |  | — |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | — |  |  |  | — |  |  |  | — |
Common stock |  |  | 732 |  |  |  | — |  |  |  | 732 |
Additional paid-in capital |  |  | 315,710 |  |  |  | — |  |  |  | 315,710 |
Treasury stock |  |  | (30,995 | ) |  |  | — |  |  |  | (30,995 | )
Accumulated other comprehensive income |  |  | 4,146 |  |  |  | — |  |  |  | 4,146 |
Accumulated deficit |  |  | (124,008 | ) |  |  | (623 | ) |  |  | (124,631 | )
Total Kopin Corporation stockholders’ equity |  |  | 165,585 |  |  |  | (623 | ) |  |  | 164,962 |
Non controlling interest |  |  | 5,203 |  |  |  | (68 | ) |  |  | 5,135 |
Total stockholder’ equity |  |  | 170,788 |  |  |  | (691 | ) |  |  | 170,097 |
Total liabilities and stockholders’ equity |  | $ | 194,564 |  |  | $ | (691 | ) |  | $ | 193,873 |

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- Definition The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References No definition available. + Details
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