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Nature of Business
6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business

1. NATURE OF BUSINESS

 

Business

 

Intellicheck, Inc. (the “Company” or “Intellicheck”) is a prominent technology company that is engaged in developing, integrating and marketing identity authentication and threat identification solutions to address challenges that include bank and retail fraud prevention, law enforcement threat identification, and mobile and handheld access control and security for the government, military and commercial markets. Intellicheck’s products include Retail ID®, a solution for preventing fraud in the retail and banking industry; Age ID®, a smartphone or tablet-based solution for preventing sale of age-restricted products to minors; and Defense ID®, a mobile and fixed infrastructure solution for threat identification, identity authentication and access control to military bases and other government facilities.

 

Intellicheck continues to develop and release innovative products based upon its rich patent portfolio consisting of twenty issued patents and four pending patents.

 

Liquidity

 

For the six months ended June 30, 2020, the Company incurred a net loss of $733,671 and used cash in operations of $262,313. As of June 30, 2020, the Company had cash of $14,589,615, working capital of $13,623,080 and an accumulated deficit of $117,668,783. On June 23, 2020, the Company completed a public offering of 1,769,230 shares of its common stock, offered to the public at $6.50 per share resulting in net proceeds to the Company of approximately $10,570,000 after deducting underwriters discounts and commissions paid by the Company and after deducting direct offering costs. Intellicheck intends to use these net proceeds for general corporate purposes and working capital. This public offering is referenced in Note 8. Based on the Company’s business plan and cash resources, Intellicheck expects its existing and future resources and revenues generated from operations to satisfy its working capital requirements for at least the next 12 months.

 

As of the filing of this Form 10-Q, the COVID-19 pandemic has impacted the Company’s business and will likely continue to impact its business directly and/or indirectly for the foreseeable future. The Company is unable to accurately predict the full impact that the COVID-19 pandemic will have on its results of operations or financial condition due to numerous factors that are not within its control, including the duration and severity of the outbreak.

 

See Part II, Item 1A for more information.