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Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2017
Jul. 15, 2017
Document And Entity Information    
Entity Registrant Name Ipsidy Inc.  
Entity Central Index Key 0001534154  
Document Type 10-Q/A  
Trading Symbol IDGS  
Document Period End Date Mar. 31, 2017  
Amendment Flag true  
Amendment Description

EXPLANATORY NOTE

 

Subsequent to filing its Quarterly Report on Form 10-Q for the period ended March 31, 2017 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”) on August 4, 2017, Ipsidy Inc. (the “Company”) determined that a computation error occurred in its calculation of stock-based compensation for the period ended March 31, 2017.

 

In accounting for the Company’s stock-based compensation for the period ended March 31, 2017, the Company utilized an incorrect common stock fair value as an input in the black-scholes calculation which determines the fair value of one stock option tranche that vested on January 31, 2017. Upon correcting for the previously used option price, the Company determined that stock-based compensation (non-cash) should have been $1,000,000 higher than previously reported.

 

As a result, to correct this non-cash accounting error, the Company is filing this Amendment No. 1 to the Form 10-Q (“Amendment No. 1”) for the purpose of restating its condensed financial statements for the three months ended March 31, 2017 included in Part I, “Item 1. Financial Statements.” See Note 15 to the condensed consolidated financial statements included in this Amendment No. 1 for further information relating to the restatements. Conforming changes have been made to Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” In addition, Part I, “Item 4. Controls and Procedures” has been revised to reflect management’s continuing reassessment of the Company’s financial reporting and disclosure controls and procedures. Part II, “Item 6. Exhibits” has been amended to include new certifications, as reflected in Exhibits 31.1, 31.2 and 32.

 

Items 1, 2 and 4 of Part I and Item 6 of Part II of the Form 10-Q are the only portions of the Form 10-Q being amended and restated by this Amendment No. 1. The Company has not modified or updated disclosures presented in the Form 10-Q, except to reflect the effects of the restatements. This Amendment No. 1 does not reflect events occurring after the original filing date of the Form 10-Q on August 4, 2017, and does not modify or update those disclosures affected by subsequent events, except as specifically referenced herein with respect to the restatements. Information not affected by the restatements is unchanged and reflects the disclosures made at the time of the original filing of the Form 10-Q. Accordingly, this Amendment No. 1 should be read in conjunction with the Form 10-Q and the Company’s filings with the SEC subsequent to the filing of the Form 10-Q on August 4, 2017.

  
Current Fiscal Year End Date --12-31  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   344,214,142
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017