(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The |
Exhibit | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Dated: August 10, 2023 | INTELLICHECK, INC. | |||||||
By: | /s/ Jeffrey Ishmael | |||||||
Name: | Jeffrey Ishmael | |||||||
Title: | Chief Financial Officer and Chief Operating Officer |
Exhibit | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
June 30, 2023 | December 31, 2022 | ||||||||||
(In thousands, except per share amounts) | |||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 4,185 | $ | 5,196 | |||||||
Short-term investments | 4,882 | 4,880 | |||||||||
Accounts receivable, net of allowance of $36 and $20 at June 30, 2023 and December 31, 2022, respectively | 2,754 | 2,637 | |||||||||
Other current assets | 786 | 608 | |||||||||
Total current assets | 12,607 | 13,321 | |||||||||
PROPERTY AND EQUIPMENT, NET | 694 | 749 | |||||||||
GOODWILL | 8,102 | 8,102 | |||||||||
INTANGIBLE ASSETS, NET | 220 | 273 | |||||||||
OTHER ASSETS | 9 | 8 | |||||||||
Total assets | $ | 21,632 | $ | 22,453 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | 679 | $ | 358 | |||||||
Accrued expenses | 1,980 | 2,319 | |||||||||
Income taxes payable | 17 | 90 | |||||||||
Equity awards liability | 79 | 54 | |||||||||
Liability for shares withheld | 221 | 221 | |||||||||
Deferred revenue, current portion | 1,319 | 906 | |||||||||
Total current liabilities | 4,295 | 3,948 | |||||||||
OTHER LIABILITIES: | |||||||||||
Deferred revenue, long-term portion | — | 1 | |||||||||
Total liabilities | 4,295 | 3,949 | |||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Preferred stock - $0.01 par value; 30,000 shares authorized; Series A Convertible preferred stock, zero shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | — | — | |||||||||
Common stock - $.001 par value; 40,000,000 shares authorized; 19,251,920 and 18,957,366 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 19 | 19 | |||||||||
Additional paid-in capital | 150,159 | 149,233 | |||||||||
Accumulated deficit | (132,841) | (130,748) | |||||||||
Total stockholders’ equity | 17,337 | 18,504 | |||||||||
Total liabilities and stockholders’ equity | $ | 21,632 | $ | 22,453 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In thousands except share and per share amounts) | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
REVENUES | $ | 4,716 | $ | 4,008 | $ | 8,970 | $ | 7,403 | |||||||||||||||
COST OF REVENUES | (352) | (364) | (684) | (680) | |||||||||||||||||||
Gross profit | 4,364 | 3,644 | 8,286 | 6,723 | |||||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Selling, general and administrative | 3,861 | 3,124 | 7,784 | 6,068 | |||||||||||||||||||
Research and development | 1,276 | 1,618 | 2,584 | 3,221 | |||||||||||||||||||
Total operating expenses | 5,137 | 4,742 | 10,368 | 9,289 | |||||||||||||||||||
Loss from operations | (773) | (1,098) | (2,082) | (2,566) | |||||||||||||||||||
OTHER INCOME | |||||||||||||||||||||||
Interest and other income | — | — | 1 | — | |||||||||||||||||||
Total other income | — | — | 1 | — | |||||||||||||||||||
Net loss before provision for income taxes | (773) | (1,098) | (2,081) | (2,566) | |||||||||||||||||||
Provision for income taxes | 4 | — | 12 | — | |||||||||||||||||||
Net loss | $ | (777) | $ | (1,098) | $ | (2,093) | $ | (2,566) | |||||||||||||||
PER SHARE INFORMATION | |||||||||||||||||||||||
Loss per common share - | |||||||||||||||||||||||
Basic/Diluted | $ | (0.04) | $ | (0.06) | $ | (0.11) | $ | (0.14) | |||||||||||||||
Weighted average common shares used in computing per share amounts - | |||||||||||||||||||||||
Basic/Diluted | 19,120,327 | 18,812,418 | 19,168,534 | 18,736,736 |
Three months ended June 30, 2023 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
BALANCE, March 31, 2023 | 19,215,863 | $ | 19 | $ | 149,875 | $ | (132,064) | $ | 17,830 | ||||||||||||||||||||
Stock-based compensation | – | – | 338 | – | 338 | ||||||||||||||||||||||||
Issuance of shares for vested restricted stock grants | 60,777 | – | – | – | – | ||||||||||||||||||||||||
Shares forfeited in exchange for withholding taxes | (24,720) | – | (54) | – | (54) | ||||||||||||||||||||||||
Net loss | – | – | – | (777) | (777) | ||||||||||||||||||||||||
BALANCE, June 30, 2023 | 19,251,920 | $ | 19 | $ | 150,159 | $ | (132,841) | $ | 17,337 |
Three months ended June 30, 2022 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
BALANCE, March 31, 2022 | 18,674,980 | $ | 19 | $ | 147,284 | $ | (128,365) | $ | 18,938 | ||||||||||||||||||||
Stock-based compensation | – | – | 520 | – | 520 | ||||||||||||||||||||||||
Issuance of shares for vested restricted stock grants | 200,600 | – | – | – | – | ||||||||||||||||||||||||
Net loss | – | – | – | (1,098) | (1,098) | ||||||||||||||||||||||||
BALANCE, June 30, 2022 | 18,875,580 | $ | 19 | $ | 147,804 | $ | (129,463) | $ | 18,360 |
Six months ended June 30, 2023 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
BALANCE, December 31, 2022 | 18,957,366 | $ | 19 | $ | 149,233 | $ | (130,748) | $ | 18,504 | ||||||||||||||||||||
Stock-based compensation | — | — | 980 | — | 980 | ||||||||||||||||||||||||
Issuance of common stock for vested restricted stock units and earned performance stock units | 319,274 | — | — | — | — | ||||||||||||||||||||||||
Shares forfeited in exchange for withholding taxes | (24,720) | – | (54) | — | (54) | ||||||||||||||||||||||||
Net loss | — | — | — | (2,093) | (2,093) | ||||||||||||||||||||||||
BALANCE, June 30, 2023 | 19,251,920 | $ | 19 | $ | 150,159 | $ | (132,841) | $ | 17,337 |
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
BALANCE, December 31, 2021 | 18,660,369 | $ | 19 | $ | 146,455 | $ | (126,897) | $ | 19,577 | ||||||||||||||||||||
Stock-based compensation | – | – | 1,349 | – | 1,349 | ||||||||||||||||||||||||
Issuance of shares for vested restricted stock grants | 215,211 | – | – | – | – | ||||||||||||||||||||||||
Net loss | – | – | – | (2,566) | (2,566) | ||||||||||||||||||||||||
BALANCE, June 30, 2022 | 18,875,580 | $ | 19 | $ | 147,804 | $ | (129,463) | $ | 18,360 |
Six months ended June 30, | |||||||||||
(In thousands) | |||||||||||
2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss | $ | (2,093) | $ | (2,566) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
Depreciation and amortization | 139 | 139 | |||||||||
Stock-based compensation | 1,005 | 1,038 | |||||||||
Bad debt expense | 16 | 13 | |||||||||
Change in accrued interest and accretion of discount on short-term investments | (2) | — | |||||||||
Changes in assets and liabilities: | |||||||||||
(Increase) in accounts receivable | (133) | (279) | |||||||||
(Increase) decrease in other current assets and long-term assets | (178) | 107 | |||||||||
(Decrease) in accounts payable and accrued expenses | (22) | (497) | |||||||||
Increase in deferred revenue | 412 | 507 | |||||||||
Net cash used in operating activities | (856) | (1,538) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | (31) | (156) | |||||||||
Net cash used in investing activities | (31) | (156) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds of insurance financing arrangement | 49 | — | |||||||||
Withholding taxes payed on RSU vesting | (54) | — | |||||||||
Repayment of insurance financing arrangement | (119) | — | |||||||||
Net cash used in financing activities | (124) | — | |||||||||
Net decrease in cash | (1,011) | (1,694) | |||||||||
CASH, beginning of period | 5,196 | 13,651 | |||||||||
CASH, end of period | $ | 4,185 | $ | 11,957 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | 2 | $ | — | |||||||
Cash paid for income taxes | $ | 87 | $ | — | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net loss | $ | (777) | $ | (1,098) | $ | (2,093) | $ | (2,566) | |||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Non-restructuring severance expenses | 417 | — | 417 | — | |||||||||||||||||||
Provision for income taxes | 4 | — | 12 | — | |||||||||||||||||||
Interest and other expense (income) | — | — | (1) | — | |||||||||||||||||||
Depreciation and amortization | 69 | 69 | 139 | 139 | |||||||||||||||||||
Stock-based compensation including liability classified awards | 323 | 446 | 1,005 | 1,038 | |||||||||||||||||||
Adjusted EBITDA | $ | 36 | $ | (583) | $ | (521) | $ | (1,389) |
Cover |
Aug. 10, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 10, 2023 |
Entity Registrant Name | Intellicheck, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-15465 |
Entity Tax Identification Number | 11-3234779 |
Entity Address, Address Line One | 200 Broadhollow Road |
Entity Address, Address Line Two | Suite 207 |
Entity Address, City or Town | Melville |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 11747 |
City Area Code | 516 |
Local Phone Number | 992-1900 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $.001 par value |
Trading Symbol | IDN |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001040896 |
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end
@TNN4;9=
M3]5+EJ5:N%)2,2D;:M?P2+?HF89?=L]\AQB5BFN;IF43P_)<"^-BR:ZX9:/K
MG=METQ;3]CG@!SB&L3.*Z972YWSH% H/#P_:0U&+6*]@ZKI1^/WSI[;7)P.L
MTC#F./2(DH\*:/AUV3C#MNV";,V[TM% WJ=&4KE0T^GS8QK*XU:1\ZQE-/33V<@$I)P0I$J'W;<7W]W 5)OR7*B!TFA
M,XUM$@1V%_L"L-C]:12-W;<_C1AUWO[/3_];*I$;WX['S(N('3 :,8?$(?>&
MY ^'A9])J92TNO8G3P$?CB)BZJ9%_O"#S_R!RO<1CUSV-NWGIQ_EWS_]* ;Y
MJ>\[3V]_ !KF?<;6I!68/-]CV_G]6"WS"7!QBLW57KT]
M5;&Y:4^+Y<3F.1YSO//!T\&E?:5>VER.>>:0UB_MWLW53O70S-,@L"' E6'T
M#EG"@]"04 (\7?KUZNIC&M=#7=Q0%AL+&'DW9A1W'G KHKS2 0\)*" [!K:&
MA_TG0D4#/ F;IM]'A\\&546Y1P+FQ#;R=4C"V!XA N).&5>J\0]O$CRY;P6
MK](N0#?VJ?UYU@'"CQT$T',:&5=Y<4UUYQK;T_L_Q;\IU[YS->Q%D^!^!M==MI=O.0)U?7
MA8=\%*S-UN_FKQ"7A#." 5(, HR4!I'P_?(J]'U&)8_8+U>O>"@@84("/\08
M8!Z%@&L"00REC@.)H"*B QYRR/Q$258?9K UK?]EN-!4IS)3(_K,A\C-E/!Q-N5@ZD\85%
M<)Z@53!@8MO]N\*-!+T9X/W3%,/9]DAA>Z\E.MX* F#C"T,
M'SP =8.*.KM^P960EB4CAB2Y3CRL$84I024LG,D13&<):#L,%;B] PA:F9
M!VJ.L;=/Y2[X]&BA@+M8XG5-5VK-LD$ ?%?R!W:*7#'R7?"T0K&A4'^3:OSI
M1T:];*5?95@J>T"%V*.P+$ >65UW!VP"!!1LB,MT![C'CZ2W -@3I+?D,$E7
M0;@Q-.SCB@=($DC6@@\\M)3I^@2)CQSNLI1/YV8P(>ET@>4^H;/'8:D!W&J#
M0DAG-G8='"B%AJ'_#XX^6"0*KG ,/KB[Z/P.."XM<(?A'4&_-;JMJJE2VSLO_J
MSU:Y4JGNO52U4:[4#E"J^C# 'JBN=LXHV]2/4P1\I81S(D#;5X\93PS6&P6,
MD3&T&X6$>0YSR+1H^!XB6PI)LR[_L@/%OI7=3..%6S/9)]Q"R?"T8GA2+1S6
MT@>N'9[7W'WH/1PFRBPW^)MGCK^:_S6*8&E):NP_,6D6-U>+/EZ!(H?O6_]J
M=3ZU5O+J[WI>FCF$"I"9KZ+5C:R5GU3\<$I^T(]0-E/Q0U[XH:$UZUG+S:CX
MX80IR[2*GK7@O$S/^?5=MX<;]IN