INTEGRAL VISION INC

CIK:0000719152|SEC Filings

Condensed Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenues:
Net product sales	$ 764	$ 34	$ 1,557	$ 42
Costs of sales:
Costs of sales for products	333	47	812	50
Depreciation and amortization	5	4	9	8
Total costs of sales	338	51	821	58
Gross margin	426	(17)	736	(16)
Other costs and expenses:
Marketing	87	81	169	169
General and administrative	304	264	610	533
Engineering and development	212	176	406	340
Total other costs and expenses	603	521	1,185	1,042
Operating loss	(177)	(538)	(449)	(1,058)
Other income	1	0	1	0
Troubled debt restructuring gain	0	72	0	72
Interest expense	(37)	(25)	(70)	(76)
Interest expense related parties and directors	(296)	(254)	(558)	(536)
Loss from operations before income taxes	(509)	(745)	(1,076)	(1,598)
Income taxes	0	0	0	0
Net loss	$ (509)	$ (745)	$ (1,076)	$ (1,598)
Basic and diluted loss per share (in dollars per share)	$ (0.01)	$ (0.02)	$ (0.03)	$ (0.04)
Weighted average number of shares outstanding of common stock and common stock equivalents, where applicable (in shares)	35,675	35,675	35,675	35,675

Condensed Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash Flows From Operating Activities:
Net loss	$ (1,076)	$ (1,598)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	9	44
Amortization	8	6
Warrants issued in settlement of interest to related parties	0	2
Troubled debt restructuring gain	0	(72)
Changes in operating assets and liabilities:
Accounts receivable	(60)	(37)
Accounts receivable employees	(1)	(61)
Inventories	112	(11)
Other current assets	70	23
Accounts payable and other current liabilities	364	104
Accrued interest	619	535
Customer deposits	(785)	39
Deferred revenue	(53)	92
Net cash used in operating activities	(793)	(790)
Cash Flows Provided By (Used In) Investing Activities:
Purchase of equipment	(10)	0
Additional patent expenditures	(5)	(5)
Net cash used in investing activities	(15)	(5)
Cash Flows Provided By (Used In) Financing Activities:
Proceeds from sale of Class 2 Notes	0	90
Proceeds from sale of Class 2 Notes to related parties	991	674
Payment of Class 2 Notes to related parties	(272)	0
Proceeds from loans payable officers	0	10
Proceeds from loans payable	0	10
Payments for loans payable officers	0	(10)
Net cash provided by financing activities	719	774
(Decrease) in cash	(89)	(21)
Cash at beginning of period	116	23
Cash at end of period	27	2
Supplemental cash flows information:
Interest paid	$ 4	$ 0

Condensed Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Assets
Cash	$ 27	$ 116
Accounts receivable	95	35
Accounts receivable employees	1	0
Inventories	91	203
Other current assets	58	128
Total current assets	272	482
Property and equipment
Building improvements	4	4
Production and engineering equipment	364	357
Furniture and fixtures	80	80
Computer equipment	204	201
Marketing/demonstration equipment	139	139
Total Property, Plant and Equipment, Gross	791	781
Less accumulated depreciation	752	743
Net property and equipment	39	38
Other assets - net of accumulated amortization of $1,605,000 for 2012 and $1,597,000 for 2011	35	37
Total Other assets	35	37
Total assets	346	557
Liabilities and Stockholders' Deficit
Notes payable ($827,534 in default in 2012. See Note C.)	828	828
Notes payable to related parties and directors ($5,430,170 in default in 2012. See Note C.)	5,729	5,011
Loans payable	11	11
Accounts payable	558	221
Customer deposits	407	1,192
Accrued compensation and related costs	370	355
Accrued interest ($224,224 of interest is due on notes in default in 2012. See Note C.)	369	295
Accrued warrants for interest	24	43
Accrued interest related parties and directors ($1,580,288 of interest is due on notes in default in 2012. See Note C.)	2,780	2,214
Accrued product warranty	85	51
Accrued sales commissions	48	48
Accrued professional services	55	66
Other accrued liabilities	43	54
Deferred revenue	0	53
Total current liabilities	11,307	10,442
Notes payable	295	295
Notes payable related parties and directors (See Note D)	3,481	3,481
Total liabilities	15,083	14,218
Commitments and contingencies (Note C and H)
Stockholders' deficit
Preferred stock, 400,000 shares authorized; none issued	0	0
Common stock, without par value; 90,000,000 shares authorized; 35,675,409 shares issued and outstanding (35,675,409 in 2011)	54,024	54,024
Accumulated deficit	(68,761)	(67,685)
Total stockholders' deficit	(14,737)	(13,661)
Total liabilities and stockholders' deficit	$ 346	$ 557