0001415889-13-000584.txt : 20130401 0001415889-13-000584.hdr.sgml : 20130401 20130401164619 ACCESSION NUMBER: 0001415889-13-000584 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130401 DATE AS OF CHANGE: 20130401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMAGEWARE SYSTEMS INC CENTRAL INDEX KEY: 0000941685 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 330224167 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15757 FILM NUMBER: 13731766 BUSINESS ADDRESS: STREET 1: 10815 RANCHO BERNARDO RD., STREET 2: SUITE 310 CITY: SAN DIEGO STATE: CA ZIP: 92127 BUSINESS PHONE: 8586738600 MAIL ADDRESS: STREET 1: 10815 RANCHO BERNARDO RD., STREET 2: SUITE 310 CITY: SAN DIEGO STATE: CA ZIP: 92127 FORMER COMPANY: FORMER CONFORMED NAME: IMAGEWARE SOFTWARE INC DATE OF NAME CHANGE: 19991123 10-K 1 iwsy10kdec312012.htm iwsy10kdec312012.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K
 
(Mark One)
[X]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2012

[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______
Commission file number 001-15757

IMAGEWARE SYSTEMS INCORPORATED
(Exact name of registrant as specified in its charter)

Delaware
  
33-0224167
(State or other jurisdiction of
incorporation or organization)
  
(I.R.S. Employer
Identification No.)
   
10815 Rancho Bernardo Road, Suite 310,
San Diego, CA
(Address of principal executive offices)
 
(858) 673-8600
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act: Common Stock, par value $0.01 per share

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [  ]  No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [  ]

 
 
 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer  
[   ]
Accelerated filer  
[   ]
Non-accelerated filer
(Do not check if smaller reporting company)
[   ]
Smaller Reporting Company
  
[X]

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes [   ]  No [X]
 
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant as of June 30, 2012, the last business day of the registrant’s most recently completed second fiscal quarter, as reported on the Pink Sheets was $35,575,000. This number excludes shares of common stock held by affiliates, executive officers and directors.

As of March 31, 2013, there were 77,640,746 shares of the registrant’s common stock outstanding.

 
 
 
 
Form 10-K
For the Fiscal Year Ended December 31, 2012
Table of Contents
 
 
  
  
Page
   
PART I
  
Item 1.
  
Business
1
Item 1A.
  
Risk Factors
14
Item 1B.
  
Unresolved Staff Comments
21
Item 2.
  
Properties
21
Item 3.
  
Legal Proceedings
21
Item 4.
  
Mine Safety Disclosures
21
       
PART II
  
Item 5.
  
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
22
Item 6.
  
Selected Financial Data
22
Item 7.
  
Management’s Discussion and Analysis of Financial Condition and Results of Operations
23
Item 7A.
  
Quantitative and Qualitative Disclosures About Market Risk
39
Item 8.
  
Financial Statements and Supplementary Data
40
Item 9.
  
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
40
Item 9A.
  
Controls and Procedures
40
Item 9B.
  
Other Information
40
       
PART III
  
Item 10.
  
Directors, Executive Officers and Corporate Governance
41
Item 11.
  
Executive Compensation
41
Item 12.
  
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
41
Item 13.
  
Certain Relationships and Related Transactions, and Director Independence
41
Item 14.
  
Principal Accountant Fees and Services
41
       
PART IV
  
Item 15.
  
Exhibits and Financial Statement Schedules
42
       
SIGNATURES
43
EXHIBIT INDEX
  
 
 
CAUTIONARY STATEMENT

This Annual Report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Annual Report. Additionally, statements concerning future matters such as the development of new products, sales levels, expense levels and other statements regarding matters that are not historical are forward-looking statements.

Although forward-looking statements in this Annual Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include without limitation those discussed under the heading “Risk Factors” in Item 1A, as well as those discussed elsewhere in this Annual Report. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Annual Report. Readers are urged to carefully review and consider the various disclosures made in this Annual Report, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

In this Annual Report, “ImageWare,” the “Company,” “we,” “our,” and “us” refer to ImageWare Systems Incorporated and its subsidiaries, unless the context requires otherwise.

PART I
 
ITEM 1.
BUSINESS
 
As used in this Annual Report, “we,” “us,” “our,” “ImageWare,” “ImageWare Systems,” “Company” or “our Company” refers to ImageWare Systems, Inc. and all of its subsidiaries.

Overview

The Company is a pioneer and leader in the emerging market for biometrically enabled software-based identity management solutions. Using those human characteristics that are unique to us all, we create software that provides a highly reliable indication of a person’s identity.  Our “flagship” product is our patented IWS Biometric Engine®.  Scalable for small city business or worldwide deployment, our IWS Biometric Engine is a multi-biometric software platform that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes.  It allows a user to utilize one or more biometrics on a seamlessly integrated platform. Our products are used to manage and issue secure credentials, including national IDs, passports, driver licenses and access control credentials. Our products also provide law enforcement with integrated mug shot, fingerprint LiveScan and investigative capabilities. We also provide comprehensive authentication security software using biometrics to secure physical and logical access to facilities or computer networks or Internet sites.  Biometric technology is now an integral part of all markets we address and all of our products are integrated into the IWS Biometric Engine.

While we have historically marketed our products to the government market at the federal, state and local levels, the emergence of cloud based computing - a mobile market that demands increased security and interoperable systems, and the proven success of our products in the government market, will enable us to enlarge our target market focus to include the emerging consumer and non-government enterprise marketplace.


Our biometric technology is a core software component of an organization’s security infrastructure and includes a multi-biometric identity management solution for enrolling, managing, identifying and verifying the identities of people by the physical characteristics of the human body. We develop, sell and support various identity management capabilities within government (federal, state and local), law enforcement, commercial enterprises, and transportation and aviation markets for identification and verification purposes. Our IWS Biometric Engine is a patented biometric identity management software platform for multi-biometric enrollment, management and authentication, managing population databases of virtually unlimited sizes. It is hardware agnostic and can utilize different types of biometric algorithms.  It allows different types of biometrics to be operated at the same time on a seamlessly integrated platform.  It is also offered as a Software Development Kit (SDK) based search engine, enabling developers and system integrators to implement a biometric solution or integrate biometric capabilities into existing applications without having to derive biometric functionality from pre-existing applications.  The IWS Biometric Engine combined with our secure credential platform, IWS EPI Builder, provides a comprehensive, integrated biometric and secure credential solution that can be leveraged for high-end applications such as passports, driver licenses, national IDs, and other secure documents. 

Our law enforcement solutions enable agencies to quickly capture, archive, search, retrieve, and share digital images, fingerprints and other biometrics as well as criminal history records on a stand-alone, networked, wireless or Web-based platform. We develop, sell and support a suite of modular software products used by law enforcement and public safety agencies to create and manage criminal history records and to investigate crime. Our IWS Law Enforcement solution consists of five software modules: Capture and Investigative modules, which provide a criminal booking system with related databases as well as the ability to create and print mug photo/SMT image lineups and electronic mugbooks; a Facial Recognition module, which uses biometric facial recognition to identify suspects; a Web module, which provides access to centrally stored records over the Internet in a connected or wireless fashion; and a LiveScan module, which incorporates LiveScan capabilities into IWS Law Enforcement providing integrated fingerprint and palm print biometric management for civil and law enforcement use.  The IWS Biometric Engine is also available to our law enforcement clients and allows them to capture and search using other biometrics such as iris or DNA.
 
Our secure credential solutions empower customers to create secure and smart digital identification documents with complete ID systems. We develop, sell and support software and design systems which utilize digital imaging and biometrics in the production of photo identification cards, credentials and identification systems. Our products in this market consist of IWS EPI Suite and IWS EPI Builder (SDK).  These products allow for the production of digital identification cards and related databases and records and can be used by, among others, schools, airports, hospitals, corporations or governments.  We have added the ability to incorporate multiple biometrics into the ID systems with the integration of IWS Biometric Engine to our secure credential product line.

Our enterprise authentication software includes the IWS Desktop Security product which is a comprehensive authentication management infrastructure solution providing added layers of security to workstations, networks and systems through advanced encryption and authentication technologies. IWS Desktop Security is optimized to enhance network security and usability, and uses multi-factor authentication methods to protect access, verify identity and help secure the computing environment without sacrificing ease-of-use features such as quick login. Additionally, IWS Desktop Security provides an easy integration with various smart card-based credentials including the Common Access Card (CAC), Homeland Security Presidential Directive 12 (HSPD-12), Personal Identity Verification (PIV) credential, and Transportation Worker Identification Credential (TWIC) with an organization’s access control process. IWS Desktop Security provides the crucial end-point component of a Logical Access Control System (LACS), and when combined with a Physical Access Control System (PACS), organizations benefit from a complete door to desktop access control and security model.


Recent Developments
 
New Software as a Service Business Model 
 
With the advent of cloud based computing, the proliferation of mobile devices which allow for mobile transactions across wide geographical areas, the emergence of inexpensive and reliable biometric capture devices and the need to secure access to data, product and services, we believe that the market for multi-biometric solutions will expand to encompass significant deployments of biometric systems in the commercial and consumer markets.  We therefore intend to leverage the strength of our existing government clients who have deployed the Company’s products for large populations, as well as our foundational patent portfolio in the field of multi-modal biometrics and the fusion of multiple biometric algorithms, to address the commercial and consumer market. As part of our marketing plan, we will offer new versions of our product suite on a Software as a Service (“SaaS”) model during 2012 and 2013.  This new business model, which is intended to supplement our existing business model, will allow new commercial and consumer clients to verify identity in order to access data, products or services from mobile and desktop devices. We announced the first of these products, IWS CloudID, our next-generation cloud-ready suite of identity solutions, in September of 2012.

Fujitsu Relationship
 
           On August 20, 2012, the Company and Fujitsu Frontech North America Inc. (“Fujitsu”) executed an original equipment manufacturer, or OEM, licensing agreement. Subsequently, on September 6, 2012, the Company received certification to run its patented Biometric Engine® across Fujitsu’s NuVola Private Cloud Platform.  Utilization of the NuVola Cloud Platform will allow the Biometric Engine to rapidly and securely deploy biometric security information to users.
 
           On March 26, 2013 the Company and Fujitsu announced a partnership to roll out a new biometric identity management solution and delivery model. The Cloud-based offering is built on Fujitsu’s Global Cloud Platform (GCP) and features ImageWare’s CloudIDTM product suite, anchored by  their patented multi-modal Biometric  Engine®.  The products will be licensed on a service or transactional basis.  With a target launch date of April, 2013, the strategic partnership also breaks new ground in that Fujitsu and ImageWare will share revenue from the arrangement. The initial market territory will be the North American market however, both have agreed to collaborate on a broader global model as soon as practicable during 2013.
 
Additional Intellectual Property 
 
           In addition to our eight issued U.S. and foreign patents, we recently filed three new patent applications surrounding new “Anonymous Matching” technologies.  These technologies will allow biometric matching for identity verification while protecting the privacy of an individual.  It is our belief that such technology will be critical to providing biometric management solutions for the consumer market where privacy protection has been a historical issue and barrier to biometric adoption.
 
           In June 2012, the Company entered into an asset purchase agreement with Vocel, Inc., a Delaware Corporation (“Vocel”), whereby the Company purchased from Vocel software, trademarks and four U.S. patents relating to wireless technology. These patents, combined with the Company’s existing foundational patents in the areas of biometric identification, verification, enrollment and fusion, provide a unique and protected foundation on which to build interactive mobile applications that are secured using biometrics. Securing these patents is expected to strengthen and accelerate the Company’s entry into the mobile marketplace by providing a method for exchanging content-rich interactive messages via wireless devices.
 
Credit Facility 
 
In March 2013, the Company entered into a new unsecured line of credit agreement with available borrowing of up to $2,500,000. The credit line was extended by an existing shareholder and member of our Board of Directors. Borrowings under the credit facility bear interest of 8% per annum and are due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.
 
 
Advances under the credit facility are made at the Company’s request. The line of credit shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance due under the terms of the credit facility shall be due and payable upon demand.
 
As additional consideration for the unsecured line of credit agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.
 
Industry Background

Biometrics and Secure Credential Markets

We believe the biometric identity management market will continue to grow as the role of biometrics becomes more widely adopted for enhancing security and complying with government regulations and initiatives and as biometric capture devices become increasingly mobile, robust and cost effective. Our biometric and secure credentialing solutions are meeting the requirements and standards for true multi-modal biometric identity management systems, as well as providing scalability to support evolving functionality.

As a result of HSPD-12, government organizations are required to adopt new processes for verifying the identity of employees and contractors as well as controlling access to secure facilities and information systems. In response to the strict requirements set forth by the Federal government, ImageWare enhanced its IWS Biometric Engine and secure credentialing product suite by adding card management and card printing modules which enable the offering of end-to-end support for PIV-I and PIV-II business processes, technical requirements, as well as the ability to partner with leading physical and logical access control vendors for logistics and deployment considerations.  We believe that the HSPD-12 standards as well as the product enhancements created to meet those standards will, in large part, be adopted by the commercial market and that the Company’s products will transition into those market spaces without significant customization.

Organizations concerned with security can use our technology to create secure “smart” identification cards that can be instantly checked against a database of applicable biometrics to prevent unauthorized access to secure facilities or computer networks. We believe potential customers in these markets include, among others, large corporations, border crossings (land, air and sea), airports, hospitals, universities and government agencies.

Identification systems have historically been sold based upon the cost-savings digital systems offer over traditional non-digital systems. We believe that the ability to easily capture images and data in a digital database and to enable immediate and widespread access to that database for remote identification/verification will be a functionality that both public and private sector customers will require in the future and that such functionality will be one of the primary drivers for future growth within this market. We are able to provide field-proven identification products with high quality reference accounts across the board in terms of size and complexity of systems and user requirements. When combined with our proven biometric, cloud and interactive mobile messaging capabilities, we believe we can provide a leading product offering into the biometrically enabled secure identity management market.


Law Enforcement and Public Safety Markets

The United States law enforcement and public safety markets are composed of federal, state and local law enforcement agencies.  Our target customers include local police and sheriff’s departments, primary state law enforcement agencies, prisons, special police agencies, county constable offices, and federal agencies such as the Department of Homeland Security, FBI, DEA and ICE.  In addition, police agencies in foreign countries have shown interest in using the full range of IWS Law Enforcement products to meet the growing need for a flexible yet robust booking/investigative solution that includes the routine use of IWS Facial Recognition as well as the ability to use other biometrics. We continue to target agencies in foreign countries for our biometric and law enforcement solutions.

Law enforcement customers require demanding end-to-end solutions that incorporate robust features and functionalities such as biometric and secure credentialing capabilities, as well as instant access to centrally maintained records for real time verification of identity and privileges. Law enforcement has long used the multiple biometrics of fingerprint and face in establishing an individual’s identity record. More recently, law enforcement is seeking capability to utilize additional biometrics such as iris and DNA.  The Company’s multi-biometric platform product, the IWS Biometric Engine, allows company customers to use as many and different biometrics as desired all on a single, integrated platform.
 
Agencies are also moving toward a more shared experience where specific pieces of suspect/arrest data may be viewed by outside agencies allowing a suspect’s identity to be quickly defined with the end goal being the swift apprehension of the subject.

Products and Services

Our identity management solutions are primarily focused around biometrics and secure credentials providing complete, cross-functional and interoperable systems. Our biometric and secure credentialing products provide complete and interoperable solutions with features and functions required throughout the entire identity management life cycle, enabling users the flexibility to make use of any desired options, such as identity proofing and enrollment, card issuance, maintenance and access control. Our solutions offer a significant benefit that one vendor’s solution is used throughout the various stages, from establishing an applicant’s verified identity, to issuance of smart card based credentials, to the usage and integration to physical and logical access control systems.

These solutions improve global communication, the integrity and authenticity of access control to facilities and information systems, as well as enhance security, increase efficiency, reduce identity fraud, and protect personal privacy.

We categorize our identity management products and services into three basic markets: (1) Biometrics, (2) Secure Credential, and (3) Law Enforcement and Public Safety.  We offer a series of modular products that can be seamlessly integrated into an end-to-end solution or licensed as individual components.

Biometrics

Our biometric product line consists of the following:

IWS Biometric Engine  

This is a biometric identity management platform for multi-biometric enrollment, management and authentication, managing population databases of unlimited sizes without regard to hardware or algorithm.  Searches can be 1:1 (verification), 1:N (identification), X:N (investigative) and N:N (database integrity). IWS Biometric Engine is technology and biometric agnostic, enabling the use of biometric devices and algorithms from any vendor, and the support of the following biometric types: finger, face, iris, hand geometry, palm, signature, DNA, voice, 3D face and retina. IWS Biometric Engine is a second-generation solution from the Company that is based on field-proven ImageWare technology solutions that have been used to manage millions of biometric records since 1997 and is ideal for a variety of applications including: criminal booking, background checks (civil and criminal), watch list, visa/passport and border control (air, land and sea), physical and logical access control, and other highly-secure identity management environments.  The Company believes that this product will be very attractive to the emerging commercial and consumer markets as they deploy biometric identity management systems.
 
Our IWS Biometric Engine is scalable, and biometric images and templates can be enrolled either live or offline.   Because it stores the enrolled images, a new algorithm can be quickly converted to support new or alternate algorithms and capture devices. The IWS Biometric Engine is built to be hardware “agnostic,” and currently supports over 100 hardware capture devices and over 70 biometric algorithms.
 
The IWS Biometric Engine is available as a Software Development Kit (SDK), as well as a platform for custom configurations to meet specific customer requirements. The added suite of products provides government, law enforcement, border management and enterprise businesses, a wide variety of application-specific solutions that address specific government mandates and technology standards. It also provides the ability to integrate into existing legacy systems and expand based upon specific customer requirements. This enables users to integrate a complete solution or components as needed. The application suite of products includes packaged solutions for:

●
HSPD-12 Personal Identity Verification (PIV)

●
Border Management
 
●
Applicant Identity Vetting

●
Mobile Acquisition

●
Physical Access Control

●
Single-Sign-On and Logical Access Control
  
IWS PIV Management Application.  The Company provides a set of Enterprise Server products within our complete PIV solution, and these software products supply server-based features and functions, while the use case for PIV requires client-based presentation of PIV data and workflow.  The IWS PIV Management Application supplies the web-based graphical user interface that presents the user or client interface to the various server functions.  Since the server-based applications perform specific functions for specific phases of the PIV life cycle, these server-based applications need to be bound together with additional workflow processes.  The IWS PIV Management Application meets this need with software modules that interface and interconnect the server-based applications. 

IWS PIV Middleware.  The IWS PIV Middleware product, which is NIST certified and listed on the GSA approved product list, is a library of functions that connect a card reader & PIV card on the hardware side with a software application. The library implements the specified PIV Middleware API functions that support interoperability of PIV Cards.  This software has been developed in conformance with the FIPS-201 specification, and the software has been certified by the NIST Personal Identification Verification Program (NPIVP) Validation Authority as being compliant.

IWS Background Server.  The IWS Background Server is a software application designed specifically for government and law enforcement organizations to support the first stage of biometric identity management functions such as identity proofing and vetting.  IWS Background Check Server automatically processes the submission of an applicant’s demographic and biographic data to investigative bureaus for background checks prior to issuing a credential.


IWS Desktop Security.  IWS Desktop Security is a highly flexible, scalable and modular authentication management platform that is optimized to enhance network security and usability. This architecture provides an additional layer of security to workstations, networks and systems through advanced encryption and authentication technologies. Biometric technologies (face, fingerprint, iris, voice or signature), can be seamlessly coupled with TPM chips to further enhance corporate security. USB tokens, smart cards and RFID technologies can also be readily integrated. Additional features include:

●
Support for multiple authentication tools including Public Key Infrastructure (PKI) within a uniformed platform and privilege Management Infrastructure (PMI) technology to provide more advanced access control services and assure authentication and data integrity;

●
Integration with IWS Biometric Engine for searching and match capabilities (1:1, 1:N and X:N);

●
Integration with IWS EPI Builder for the production and management of secure credentials;

●
Support for both BioAPI and BAPI standards;

●
Supports a single sign-on feature that securely manages Internet Explorer and Windows application ID and password information;

●
Supports file and folder encryption features; and

●
Supports various operating systems, including Microsoft Windows 2000, Windows XP, and Windows Server 2003.

IWS Biometric Quality Assessment & Enhancement (IWS Biometric IQA&E). The IWS Biometric IQA&E is a biometric image enhancement and assessment solution that assists government organizations with the ability to evaluate and enrich millions of biometric images automatically, saving time and costs associated with biometric enrollment while maintaining image and database integrity.

The IWS Biometric IQA&E improves the accuracy and effectiveness of biometric template enrollments. The software may be used stand-alone or in conjunction with the IWS Biometric Engine. IWS Biometric IQA&E provides automated image quality assessment with respect to relevant image quality standards from organizations such as International Civil Aviation Organization (ICAO), National Institute of Standards and Technology (NIST), International Organization for Standards (ISO) and American Association of Motor Vehicle Association (AAMVA). IWS Biometric IQA&E also enables organizations to conduct multi-dimensional facial recognition, which further enhances accuracy for numerous applications including driver licenses, passports and watch lists.
 
IWS Biometric IQA&E automatically provides real-time biometric image quality analysis and feedback to improve the overall effectiveness of biometric images thus increasing the biometric verification performance, and maintaining database and image data integrity. IWS Biometric IQA&E provides a complete platform that includes an image enhancement library for biometric types including face, finger and iris.

Secure Credential

Our secure credential products consist of the following:

IWS Card Management.  The IWS Card Management System (CMS) is a comprehensive solution to support and manage the issuance of smart cards complete with the following capabilities:
 
●
Biometric enrollment and identity proofing with Smart Card encoding of biometrics;

●
Flexible models of central or distributed issuance of credentials;

●
Customizable card life-cycle workflow managed by the CMS; and

●
Integration of the CMS data with other enterprise solutions, such as physical access control and logical access control (i.e. Single-Sign-On – SSO).


IWS EPI Suite.  This is an ID software solution for producing, issuing, and managing secure credentials and personal identification cards. Users can efficiently manage large amounts of data, images and card designs, as well as track and issue multiple cards per person, automatically populate multiple cards and eliminate redundant data entry. IWS EPI Suite was designed to integrate with our customers’ existing security and computing infrastructure. We believe that this compatibility may be an appealing feature to corporations, government agencies, transportation departments, school boards, and other public institutions.

IWS EPI Builder.  This is a software developer’s kit (SDK) and a leading secure credential component of identity management and security solutions, providing all aspects of ID functionality from image and biometric capture to the enrollment, issuance and management of secure documents. It contains components which developers or systems integrators can use to support and produce secure credentials including national IDs, passports, International Civil Aviation Office (ICAO)-compliant travel documents, smart cards and driver licenses. IWS EPI Builder enables organizations to develop custom identification solutions or incorporate sophisticated identification capabilities into existing applications including the ability to capture images, biometric and demographic data; enable biometric identification and verification (1:1 and 1:X) as well as support numerous biometric hardware and software vendors. It also enables users to add electronic identification functionality for other applications, including access control, tracking of time and attendance, point of sale transactions, human resource systems, school photography systems, asset management, inventory control, warehouse management, facilities management and card production systems.

IWS EPI PrintFarm.  While it is the last stage of PIV Card Issuance, the PIV smart card printing process is by no means the least important stage.  Production printing of tens of thousands of PIV cards requires a significant investment and a well-engineered system.  The IWS EPI PrintFarm software offers a cost-effective yet high-performance method for high-volume card printing.
 
IWS PIV Encoder.  PIV smart cards must be programmed with specific mandatory data, digital signatures and programs in order to maintain the interoperability as well as the security features specified for the cards. The IWS PIV Encoder could be considered to be a complex device driver that properly programs the PIV smart cards.  The Encoder interacts with the Card Management System for data payload elements. It interacts with the Certificate Authority to encrypt or sign the PIV smart card data with trusted certificates. Finally, it acts as the application-level device driver to make the specific PIV smart card encoding system properly program the smart card, regardless if the system is a standalone encoding system or one integrated into a card printer.
  
Law Enforcement and Public Safety

We believe our integrated suite of software products significantly reduces the inefficiencies and expands the capabilities of traditional booking and mug shot systems. Using our products, an agency can create a digital database of thousands of criminal history records, each including one or more full-color facial images, finger and palm prints, biographic text information and images of other distinctive physical features such as scars, marks and tattoos (SMT’s). This database can be quickly searched using text queries, or biometric technology that can compare biometric characteristics of an unknown suspect with those in the database.

Our investigative software products can be used to create, edit and distribute both mug photo and SMT photo lineups of any size.  In addition, electronic mug books display hundreds of images for a witness to review and from which electronic selections are made. The Witness View software component records the viewing of a lineup (mug photo or SMT) detailing the images provided for viewing along with the image or images selected. In addition to a printed report, the Witness View module provides a non-editable executable file (.exe) that may be played on any computer for court exhibit viewing purposes.

Our IWS Law Enforcement solution consists of software modules, which may also be purchased individually. The IWS Law Enforcement Capture and Investigative module make up our booking system and database. Our add-on modules include LiveScan, Facial Recognition, Law Enforcement Web and Witness View as well as the IWS Biometric Engine.


IWS Law Enforcement.  IWS Law Enforcement is a digital booking, identification and investigative solution that enables users to digitally capture, store, search and retrieve images and demographic data including mug shots, fingerprints and scars, marks and tattoos (SMTs). Law enforcement may choose between submitting fingerprint data directly to the State AFIS, FBI criminal repository, or other agencies as required. Additional features and functionality include real-time access to images and data, creating of photo lineups and electronic mug books, and production of identification cards and credentials.  IWS Law Enforcement also uses off-the-shelf hardware and is designed to comply with open industry standards so that it can operate on an array of systems ranging from a stand-alone personal computer to a wide area network. To avoid duplication of entries, the system can be integrated easily with several other information storage and retrieval systems, such as a records/jail management system (RMS/JMS) or an automated fingerprint identification system.

Capture.  This software module allows users to capture and store a variety of images (facial, SMT and others such as evidence photos) as well as biographical text information. Each record includes images and text information in an easy-to-view format made up of fields designed and defined by the individual agency. Current customers of this module range from agencies that capture a few thousand mug shots per year to those that capture hundreds of thousands of mug shots each year. 

LiveScan.  This software module is FBI certified which complies with the FBI Integrated Automated Fingerprint Identification System (IAFIS) Image Quality Specifications (IQS) while utilizing FBI certified LiveScan devices from most major vendors. LiveScan allows users to capture single to ten prints and palm data, providing an integrated biometric management solution for both civil and law enforcement use. By adding LiveScan capabilities, law enforcement organizations further enhance the investigative process by providing additional identifiers to identify suspects involved in a crime.  In addition, officers no longer need to travel to multiple booking stations to capture fingerprints and mug shots.  All booking information including images may be located at a central designation and from there routed to the State AFIS or FBI criminal history record repository.

Investigative.  This software module allows users to search the database created with IWS Law Enforcement. Officers can conduct text searches in many fields, including file number, name, alias, distinctive features, and other information such as gang membership and criminal history. The Investigative module creates a catalogue of possible matches, allowing officers or witnesses to save time by looking only at mug shots that closely resemble the description of the suspect. This module can also be used to create a line-up of similar facial images from which a witness may identify the suspect.
 
Facial Recognition.  This software module uses biometric facial recognition and retrieval technology to help authorities identify possible suspects. Images taken from surveillance videos or photographs can be searched against a digital database of facial images to retrieve any desired number of faces with similar characteristics. This module can also be used at the time of booking to identify persons using multiple aliases. Using biometrics-based technology, the application can search through thousands of facial images in a matter of seconds, reducing the time it would otherwise take a witness to flip through a paper book of facial images that may or may not be similar to the description of the suspect. The Facial Recognition module then creates a selection of possible matches ranked in order of similarity to the suspect, and a percentage confidence level is attributed to each possible match. The application incorporates search engine technology, which we license from various facial recognition algorithm providers.

LE Web.  This software module enables authorized personnel to access and search agency booking records stored in IWS Law Enforcement through a standard Web browser from within the agency’s intranet. This module allows remote access to the IWS Law Enforcement database without requiring the user to be physically connected to the customer’s network. This application requires only that the user have access to the Internet and authorization to access the law enforcement agency’s intranet.

EPI Designer for Law Enforcement.  The EPI Designer for LE software is a design solution created for the IWS Law Enforcement databases based on the IWS EPI Suite program.  This program is integrated with the various IWS databases an agency is utilizing and allows for unique booking/inmate reports, wristbands, photo ID cards, Wanted or BOLO fliers, etc. to be created from the fields of information stored in booking records. Designs can be created in minutes and quickly added to the IWS Law Enforcement system allowing all users with appropriate permissions immediate access to the newly added form.


Maintenance and Customer Support

We offer software and hardware support to our customers. Customers can contract with us for technical support that enables them to use a toll-free number to speak with our technical support center for software support and general assistance 24 hours a day, seven days a week. As many of our government customers operate around the clock and perceive our systems as critical to their day-to-day operations, a very high percentage contract for technical support. Customer support services typically provide us with annual revenue of approximately 15% of the initial sales price of the hardware and software purchased by our customers.  For the years ended December 31, 2012 and 2011, maintenance revenues accounted for approximately 71% and 53% of our total revenues, respectively.

Software Customization and Fulfillment

We directly employ computer programmers and also retain independent programmers to develop our software and perform quality control. We provide customers with software that we specifically customize to operate on their existing computer system. We work directly with purchasers of our system to ensure that the system they purchase will meet their unique needs. We configure and test the system either at our facilities or on-site and conduct any customized programming necessary to connect the system with any legacy systems already in place.  We can also provide customers with a complete computer hardware system with our software already installed and configured. In either case, the customer is provided with a complete turnkey solution, which can be used immediately. When we provide our customers with a complete solution including hardware, we use off-the-shelf computers, cameras and other components purchased from other companies such as Dell or Hewlett Packard. Systems are assembled and configured either at our facilities or at the customer’s location.

Customers

We have a wide variety of domestic and international customers. Most of our IWS Law Enforcement customers are government agencies at the federal, state and local levels in the United States. Our secure credential products are also being used in Australia, Canada, the United Arab Emirates, Kuwait, Mexico, Colombia, Costa Rica, Venezuela, Singapore, Indonesia and the Philippines. For the year ended December 31, 2012 one customer accounted for approximately 16% or $611,000 of total revenues and had $0 trade receivables as of the end of the year.  For the year ended December 31, 2011 one customer accounted for approximately 34% or $1,836,000 of total revenues and had $0 trade receivables as of the end of the year.
 
Our Strategy

Our strategy is to provide patented open-architected identity management solutions including multi-biometric, secure credential and law enforcement technologies that are stand alone, integrated and/or bundled with key partners including channel relationships and large systems integrators such as, United Technology Security, SAIC, GCR, Unisys, Lockheed Martin, IBM and Fujitsu, among others. Key elements of our strategy for growth include the following:

Fully Exploit the Biometrics, Access Control and Identification Markets

The establishment of the Department of Homeland Security coupled with the movement by governments around the world to authenticate the identity of their citizens, employees and contractors has accelerated the adoption of biometric identification systems that can provide secure credentials and instant access to centrally maintained records for real-time verification of identity and access (physical and logical) privileges. Using our products, an organization can create secure credentials that correspond to records including images and biographic data in a digital database. A border guard or customs agent can stop an individual to quickly and accurately verify his identity against a database of authorized persons, and either allow or deny access as required. Our technology is also standards based and applied to facilitate activities such as federal identification mandates while complying with personal identification verification standards (HSPD-12), International Civil Aviation Organization (ICAO) standards, American Association of Motor Vehicle Administrators (AAMVA) driver licenses, voter registration, immigration control and welfare fraud identification.  We believe that these or very similar standards are applicable in markets throughout the world.


With the identity management market growing at a rapid pace, biometric identifiers are becoming recognized and accepted as integral components to the identification process in the public and private sectors.  As biometric technologies (facial recognition, fingerprint, iris, etc.) are adopted, identification systems must be updated to enable their use in the field.  We have built our solutions to enable the incorporation of one or multiple biometrics, which can be associated with a record and stored both in a database and on a card for later retrieval and verification without regard to the specific hardware employed.  We believe the increasing demand for biometric technology will drive demand for our solutions.  Our identity management products are built to accommodate the use of biometrics and meet the demanding requirements across the entire identity life cycle.
 
Expand Law Enforcement and Public Safety Markets

We intend to use our successful installations with customers such as the Arizona Department of Public Safety, New South Wales Police, and the San Bernardino County Sheriff’s Department as reference accounts and to market IWS Law Enforcement as a superior technological solution. Our recent addition of the LiveScan module and support for local AFIS to our IWS Law Enforcement will enhance its functionality and value to the law enforcement customer as well as increase the potential revenue the Company can generate from a system sale.  We primarily sell directly to the law enforcement community. Our sales strategy is to increase sales to new and existing customers including renewing supporting maintenance agreements. We have also established relationships with large systems integrators such as Sagem Morpho to OEM our law enforcement solution utilizing their worldwide sales force. We will focus our sales efforts in the near term to establish IWS Law Enforcement as the integrated mug shot and LiveScan system adopted in as many countries, states, large counties and municipalities as possible. Once we have a system installed in a region, we intend to then sell additional systems or retrieval seats to other agencies within the primary customer’s region and in neighboring regions. In addition, we plan to market our integrated investigative modules to the customer, including Facial Recognition, Web and WitnessView. As customer databases of digital mug shots grow, we expect that the perceived value of our investigative modules, and corresponding revenues from sales of those modules, will also grow.

New Software as a Service Business Model
 
With the advent of cloud based computing, the proliferation of mobile devices which allow for mobile transactions across wide geographical areas, the emergence of inexpensive and reliable biometric capture devices and the need to secure access to data, product and services, the Company believes that the market for multi-biometric solutions will expand to encompass significant deployments of biometric systems in the commercial and consumer markets.  The Company therefore intends to leverage the strength of its existing government clients who have deployed the Company’s products for large populations, as well as its foundational patent portfolio in the field of multi-modal biometrics and the fusion of multiple biometric algorithms, to address the commercial and consumer market. As part of its marketing plan, the Company will offer new versions of its product suite on a Software as a Service (“SaaS”) model during 2013.  This new business model, which is intended to supplement the Company’s existing business model, will allow new commercial and consumer clients to verify identity in order to access data, products or services from mobile and desktop devices.
 
           Mobile Applications
 
           The Company strengthened its patent portfolio in June 2012 with the purchase of four U.S. patents relating to wireless technology from Vocel. These patents, combined with the Company’s existing foundational patents in the areas of biometric identification, verification, enrollment and fusion, provide a unique and protected foundation on which to build interactive mobile applications that are secured using biometrics.
 
           The combination of our biometric identification technologies and wireless technologies has led to the development of the IWS Interactive Messaging System, which is a push application platform secured by biometrics that transforms mobile devices into a complete mobile ID, enabling companies to create applications that allow a range of unprecedented activities – from secure sharing of sensitive information to biometrically securing  a mobile wallet. Identity authentication, using multi-modal biometrics gives users the confidence that their personal information is secure while the push marketing capabilities of the technology allow companies unparalleled interactivity that can be personalized to the needs and interests of their customers.


Sales and Marketing

We market and sell our products through our direct sales force and through indirect distribution channels, including systems integrators. As of December 31, 2012 and 2011, we had sales and account representatives based domestically in the District of Columbia, California and internationally in Canada and Mexico. Geographically, our sales and marketing force consisted of nine persons in the United States, and one person in Mexico.  

We sell through a direct sales organization, which is supported by technical experts.  Our technical experts are available by telephone and conduct on-site customer presentations in support of our sales professionals.

The typical sales cycle for IWS Biometric Engine and IWS Law Enforcement includes a pre-sale process to define the potential customer’s needs and budget, an on-site demonstration and conversations between the potential customer and existing customers. Government agencies are typically required to purchase large systems by including a list of requirements in a Request For Proposal, known as an “RFP,” and by allowing several companies to openly bid for the project by responding to the RFP. If our response is selected, we enter into negotiations for the contract and, if successful, ultimately receive a purchase order from the customer. This process can take anywhere from a few months to over a year.

Our Biometric and ID products are also sold to large integrators, direct via our sales force and to end users through distributors. Depending on the customer’s requirements, there may be instances that require an RFP. The sales cycle can vary from a few weeks to a year.

In addition to our direct sales force, we have developed relationships with a number of systems integrators who contract with government agencies for the installation and integration of large computer and communication systems. By acting as a subcontractor to these systems integrators, we are able to avoid the time consuming and often-expensive task of submitting proposals to government agencies, and we also gain access to large clients.

We also work with companies that offer complementary products, where value is created through product integration. Through teaming arrangements we are able to enhance our products and to expand our customer base through the relationships and contracts of our strategic partners.
 
We plan to continue to market and sell our products internationally. Some of the challenges and risks associated with international sales include the difficulty in protecting our intellectual property rights, difficulty in enforcing agreements through foreign legal systems and volatility and unpredictability in the political and economic conditions of foreign countries. We believe we can work to successfully overcome these challenges.

Competition

The Law Enforcement and Public Safety Markets

Due to the fragmented nature of the law enforcement and public safety market and the modular nature of our product suite, we face different degrees of competition with respect to each IWS Law Enforcement module. We believe the principal bases on which we compete with respect to all of our products are:

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the unique ability to integrate our modular products into a complete biometric, LiveScan, imaging and investigative system;

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our reputation as a reliable systems supplier;

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the usability and functionality of our products; and

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the responsiveness, availability and reliability of our customer support.
  
Our law enforcement product line faces competition from other companies such as DataWorks Plus and 3M.  Internationally, there are often a number of local companies offering solutions in most countries.


Secure Credential Market

Due to the breadth of our software offering in the secure credential market space, we face differing degrees of competition in certain market segments. The strength of our competitive position is based upon:

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our strong brand reputation with a customer base which includes small and medium-sized businesses, Fortune 500 corporations and large government agencies;

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the ease of integrating our technology into other complex applications; and

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the leveraged strength that comes from offering customers software tools, packaged solutions and Web-based service applications that support a wide range of hardware peripherals.

Our software faces competition from Datacard Corporation, a privately held manufacturer of hardware, software and consumables for the ID market as well as small, regionally based companies.

Biometric Market

The market to provide biometric systems to the identity management market is evolving and we face competition from a number of sources. We believe that the strength of our competitive position is based on:

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our ability to provide a system which enables the enrollment, management and authentication of multiple biometrics managing population databases of unlimited sizes;

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searches can be 1:1 (verification), 1:N (identification), X:N (investigative), and N:N (database integrity);

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the system is technology and biometric agnostic, enabling the use of biometric devices and algorithms from any vendor, and the support of the following biometric types: finger, face, iris, hand geometry, palm, DNA, signature, voice, and 3D face and retina; and

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we hold five patents covering our core multi-modal biometric and fusion  technology, which we believe will give us a competitive advantage over our direct competitors who have little or no patent protection. 

Our multi-biometric product faces competition from French-based Safran, Irish-based Daon, 3M and Aware Inc., none of which have offerings with the scope and flexibility of our IWS Biometric Engine and its companion suite of products or relevant patent protection.

Intellectual Property

We rely on trademark, patent, trade secret and copyright laws and confidentiality and license agreements to protect our intellectual property. We have several federally registered trademarks including the trademark ImageWare and IWS Biometric Engine as well as trademarks for which there are pending trademark registrations with the United States, Canadian and other International Patent & Trademark Offices.  

We hold several issued patents and have several other patent applications pending for elements of our products. We believe we have the foundational patents regarding the use of multiple biometrics and continue to be an IP leader in the biometric arena. It is our belief that this intellectual property leadership will create a sustainable competitive advantage.  In addition to our eight issued U.S. and foreign patents, we recently filed three new patent applications surrounding new “Anonymous Matching” technologies.  These technologies will allow biometric matching for identity verification while protecting the privacy of an individual.  It is our belief that such technology will be critical to providing biometric management solutions for the consumer market where privacy protection has been a historical issue and barrier to biometric adoption.
 
           The Company strengthened its patent portfolio in June 2012 with the purchase of four U.S. patents relating to wireless technology from Vocel. These patents, combined with the Company’s existing foundational patents in the areas of biometric identification, verification, enrollment and fusion, provide a unique and protected foundation on which to build interactive mobile applications that are secured using biometrics.

 
           The combination of our biometric identification technologies and wireless technologies has led to the development of the IWS Interactive Messaging System, which is a push application platform secured by biometrics that transforms mobile devices into a complete mobile ID, enabling companies to create applications that allow a range of unprecedented activities – from secure sharing of sensitive information to biometrically securing a mobile wallet. Identity authentication, using multi-modal biometrics gives users the confidence that their personal information is secure while the push marketing capabilities of the technology allow companies unparalleled interactivity that can be personalized to the needs and interests of their customers.

We regard our software as proprietary and retain title to and ownership of the software we develop.  We attempt to protect our rights in the software primarily through patents and trade secrets.  We have not published the source code of most of our software products and require employees and other third parties who have access to the source code and other trade secret information to sign confidentiality agreements acknowledging our ownership and the nature of these materials as our trade secrets.
  
Despite these precautions, it may be possible for unauthorized parties to copy or reverse-engineer portions of our products.  While our competitive position could be threatened by disclosure or reverse engineering of this proprietary information, we believe that copyright and trademark protection are less important than other factors such as the knowledge, ability, and experience of our personnel, name recognition and ongoing product development and support.

Our software products are licensed to end users under a perpetual, nontransferable, nonexclusive license that stipulates which modules can be used and how many concurrent users may use them.  These forms of licenses are typically not signed by the licensee and may be more difficult to enforce than signed agreements in some jurisdictions.

Research and Development

Our research and development team consisted of 24 and 22 programmers, engineers and other employees as of December 31, 2012 and 2011, respectively. We also contract with outside programmers for specific projects as needed. We spent approximately $3.2 million and $2.7 million on research and development in 2012 and 2011, respectively. We continually work to increase the speed, accuracy, and functionality of our existing products. We anticipate that our research and development efforts will continue to focus on new technology and products for the identity management markets.

Employees

We had a total of 54 and 50 full-time employees as of December 31, 2012 and 2011, respectively. Our employees are not covered by any collective bargaining agreement, and we have never experienced a work stoppage. We believe that our relations with our employees are good.

Environmental Regulation

Our business does not require us to comply with any particular environmental regulations.

ITEM 1A.
RISK FACTORS

An investment in our common stock involves a high degree of risk. Before investing in our common stock, you should consider carefully the specific risks detailed in this “Risk Factors” section and any prospectus or prospectus supplement. If any of these risks occur, our business, results of operations and financial condition could be harmed, the price of our common stock could decline, and you may lose all or part of your investment.

We have a history of significant recurring losses totaling approximately $118 million at December 31, 2012, and these losses may continue in the future.

As of December 31, 2012, we had an accumulated deficit of $118 million, and these losses may continue in the future. We expect to continue to incur significant sales and marketing, research and development, and general and administrative expenses. As a result, we will need to generate significant revenues to achieve profitability, and we may never achieve profitability.


Our operating results have fluctuated in the past and are likely to fluctuate significantly in the future.

Our operating results have fluctuated in the past.  These fluctuations in operating results are the consequence of:

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varying demand for and market acceptance of our technology and products;

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changes in our product or customer mix;

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the gain or loss of one or more key customers or their key customers, or significant changes in the financial condition of one or more of our key customers or their key customers;

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our ability to introduce, certify and deliver new products and technologies on a timely basis;

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the announcement or introduction of products and technologies by our competitors;

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competitive pressures on selling prices;

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costs associated with acquisitions and the integration of acquired companies, products and technologies;

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our ability to successfully integrate acquired companies, products and technologies;

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our accounting and legal expenses; and

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general economic conditions.

These factors, some of which are not within our control, will likely continue in the future. To respond to these and other factors, we may need to make business decisions that could result in failure to meet financial expectations. If our quarterly operating results fail to meet or exceed the expectations of securities analysts or investors, our stock price could drop suddenly and significantly. Most of our expenses, such as employee compensation, inventory and debt repayment obligations, are relatively fixed in the short term. Moreover, our expense levels are based, in part, on our expectations regarding future revenue levels. As a result, if our revenue for a particular period were below our expectations, we would not be able to proportionately reduce our operating expenses for that period. Any revenue shortfall would have a disproportionately negative effect on our operating results for the period.
 
We depend upon a small number of large system sales ranging from $100,000 to in excess of $2,000,000 and we may fail to achieve one or more large system sales in the future.

Historically, we have derived a substantial portion of our revenues from a small number of sales of large, relatively expensive systems, typically ranging in price from $100,000 to $2,000,000. If we fail to receive orders for these large systems in a given sales cycle on a consistent basis, our business could be significantly harmed. Further, our quarterly results are difficult to predict because we cannot predict in which quarter, if any, large system sales will occur in a given year. As a result, we believe that quarter-to-quarter comparisons of our results of operations are not a good indication of our future performance. In some future quarters, our operating results may be below the expectations of securities analysts and investors, in which case the market price of our common stock may decrease significantly.


Our lengthy sales cycle may cause us to expend significant resources for as long as one year in anticipation of a sale to certain customers, yet we still may fail to complete the sale.

When considering the purchase of a large computerized identity management system, potential customers of ours may take as long as eighteen months to evaluate different systems and obtain approval for the purchase. Under these circumstances, if we fail to complete a sale, we will have expended significant resources and received no revenue in return. Generally, customers consider a wide range of issues before committing to purchase our products, including product benefits, ability to operate with their current systems, product reliability and their own budgetary constraints. While potential customers are evaluating our products, we may incur substantial selling costs and expend significant management resources in an effort to accomplish potential sales that may never occur. In times of economic recession, our potential customers may be unwilling or unable to commit resources to the purchase of new and costly systems.
 
A significant number of our customers and potential customers are government agencies that are subject to unique political and budgetary constraints and have special contracting requirements, which may affect our ability to obtain new and retain current government customers.

A significant number of our customers are government agencies. These agencies often do not set their own budgets and therefore have little control over the amount of money they can spend from quarter-to-quarter or year-to-year. In addition, these agencies experience political pressure that may dictate the manner in which they spend money. Due to political and budgetary processes and other scheduling delays that may frequently occur relating to the contract or bidding process, some government agency orders may be canceled or substantially delayed, and the receipt of revenues or payments from these agencies may be substantially delayed. In addition, future sales to government agencies will depend on our ability to meet government contracting requirements, certain of which may be onerous or impossible to meet, resulting in our inability to obtain a particular contract. Common requirements in government contracts include bonding requirements, provisions permitting the purchasing agency to modify or terminate at will the contract without penalty, and provisions permitting the agency to perform investigations or audits of our business practices, any of which may limit our ability to enter into new contracts or maintain our current contracts.

 We occasionally rely on systems integrators to manage our large projects, and if these companies do not perform adequately, we may lose business.

We occasionally act as a subcontractor to systems integrators who manage large projects that incorporate our systems, particularly in foreign countries. We cannot control these companies, and they may decide not to promote our products or may price their services in such a way as to make it unprofitable for us to continue our relationship with them. Further, they may fail to perform under agreements with their customers, in which case we might lose sales to these customers. If we lose our relationships with these companies, our business, financial condition and results of operations may suffer.

If the patents we own or license, or our other intellectual property rights, do not adequately protect our products and technologies, we may lose market share to our competitors and our business, financial condition and results of operations would be adversely affected.

Our success depends significantly on our ability to protect our rights to the technologies used in our products. We rely on patent protection, trade secrets, as well as a combination of copyright and trademark laws and nondisclosure, confidentiality and other contractual arrangements to protect our technology. However, these legal means afford only limited protection and may not adequately protect our rights or permit us to gain or keep any competitive advantage. In addition, we cannot be assured that any of our current and future pending patent applications will result in the issuance of a patent to us. The U.S. Patent and Trademark Office (“PTO”) may deny or require significant narrowing of claims in our pending patent applications, and patents issued as a result of the pending patent applications, if any, may not provide us with significant commercial protection or may not be issued in a form that is advantageous to us. We could also incur substantial costs in proceedings before the PTO. These proceedings could result in adverse decisions as to the claims included in our patents.


Our issued and licensed patents and those that may be issued or licensed in the future may be challenged, invalidated or circumvented, which could limit our ability to stop competitors from marketing related products. Additionally, upon expiration of our issued or licensed patents, we may lose some of our rights to exclude others from making, using, selling or importing products using the technology based on the expired patents. We also must rely on contractual rights with the third parties that license technology to us to protect our rights in the technology licensed to us. Although we have taken steps to protect our intellectual property and technology, there is no assurance that competitors will not be able to design around our patents. We also rely on unpatented proprietary technology. We cannot assure you that we can meaningfully protect all our rights in our unpatented proprietary technology or that others will not independently develop substantially equivalent proprietary products or processes or otherwise gain access to our unpatented proprietary technology. We seek to protect our know-how and other unpatented proprietary technology with confidentiality agreements and intellectual property assignment agreements with our employees. However, such agreements may not provide meaningful protection for our proprietary information in the event of unauthorized use or disclosure or other breaches of the agreements or in the event that our competitors discover or independently develop similar or identical designs or other proprietary information. In addition, we rely on the use of registered and common law trademarks with respect to the brand names of some of our products. Our common law trademarks provide less protection than our registered trademarks. Loss of rights in our trademarks could adversely affect our business, financial condition and results of operations.
 
Furthermore, the laws of foreign countries may not protect our intellectual property rights to the same extent as the laws of the United States. If we fail to apply for intellectual property protection or if we cannot adequately protect our intellectual property rights in these foreign countries, our competitors may be able to compete more effectively against us, which could adversely affect our competitive position, as well as our business, financial condition and results of operations.

 If third parties claim that we infringe their intellectual property rights, we may incur liabilities and costs and may have to redesign or discontinue selling certain products.

Whether a product infringes a patent involves complex legal and factual issues, the determination of which is often uncertain. We face the risk of claims that we have infringed on third parties’ intellectual property rights. Searching for existing intellectual property rights may not reveal important intellectual property and our competitors may also have filed for patent protection, which is not as yet a matter of public knowledge, or claimed trademark rights that have not been revealed through our availability searches. Our efforts to identify and avoid infringing on third parties’ intellectual property rights may not always be successful. Any claims of patent or other intellectual property infringement, even those without merit, could:

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increase the cost of our products;

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be expensive and time consuming to defend;

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result in us being required to pay significant damages to third parties;

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force us to cease making or selling products that incorporate the challenged intellectual property;

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require us to redesign, reengineer or rebrand our products;

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require us to enter into royalty or licensing agreements in order to obtain the right to use a third party’s intellectual property, the terms of which may not be acceptable to us;

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require us to indemnify third parties pursuant to contracts in which we have agreed to provide indemnification to such parties for intellectual property infringement claims;

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divert the attention of our management; and

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result in our customers or potential customers deferring or limiting their purchase or use of the affected products until the litigation is resolved.

In addition, new patents obtained by our competitors could threaten a product’s continued life in the market even after it has already been introduced.


We operate in foreign countries and are exposed to risks associated with foreign political, economic and legal environments and with foreign currency exchange rates.
 
           We have significant foreign operations. As a result, we are exposed to risks, including among others, risks associated with foreign political, economic and legal environments and with foreign currency exchange rates. Our results may be adversely affected by, among other things, changes in government policies with respect to laws and regulations, anti-inflation measures, currency conversions, collection of receivables abroad and rates and methods of taxation.

We depend on key personnel, the loss of any of whom could materially adversely affect future operations.

Our success will depend to a significant extent upon the efforts and abilities of our executive officers and other key personnel. The loss of the services of one or more of these key employees and any negative market or industry perception arising from the loss of such services could have a material adverse effect on us and the trading price of our common stock.  Our business will also be dependent upon our ability to attract and retain qualified personnel. Acquiring and keeping these personnel could prove more difficult or cost substantially more than estimated and we cannot be certain that we will be able to retain such personnel or attract a high caliber of personnel in the future.

We face competition from companies with greater financial, technical, sales, marketing and other resources, and, if we are unable to compete effectively with these competitors, our market share may decline and our business could be harmed.

We face competition from other established companies. A number of our competitors have longer operating histories, larger customer bases, significantly greater financial, technological, sales, marketing and other resources than we do.  As a result, our competitors may be able to respond more quickly than we can to new or changing opportunities, technologies, standards or client requirements, more quickly develop new products or devote greater resources to the promotion and sale of their products and services than we can.  Likewise, their greater capabilities in these areas may enable them to better withstand periodic downturns in the identity management solutions industry and compete more effectively on the basis of price and production.  In addition, new companies may enter the markets in which we compete, further increasing competition in the identity management solutions industry.

We believe that our ability to compete successfully depends on a number of factors, including the type and quality of our products and the strength of our brand names, as well as many factors beyond our control. We may not be able to compete successfully against current or future competitors, and increased competition may result in price reductions, reduced profit margins, loss of market share and an inability to generate cash flows that are sufficient to maintain or expand the development and marketing of new products, any of which would adversely impact our results of operations and financial condition.
 
Risks Related to Our Securities

Our common stock is no longer listed on the AMEX or the Over-the-Counter Bulletin Board and is now traded on the OTC Pink Sheets.
 
In May of 2008 the AMEX removed the Company’s common stock from being listed on their exchange as we failed to comply with AMEX’s continued listing standards.  In December of 2008 our common stock was removed from being quoted on the Over-the-Counter Bulletin Board as we failed to timely file required reports with the SEC.  As of the end of the third quarter of 2008 we were faced with limited funds for operations and were compelled to suspend SEC filings and the associated costs until such time as we had sufficient resources to cover ongoing operations and the expenses of maintaining compliance with SEC filing requirements.   There is no assurance that we will be able to attain compliance with SEC filing requirements in the future, and if we are able to attain compliance, there is no assurance we will be able to maintain compliance.  If we are not able to attain and maintain compliance with SEC reporting requirements for the minimum required periods, we will not be eligible for re-listing on the OTC markets or other exchanges.


The holders of our preferred stock have certain rights and privileges that are senior to our common stock, and we may issue additional shares of preferred stock without stockholder approval that could have a material adverse effect on the market value of the common stock.

Our Board of Directors (“Board”) has the authority to issue a total of up to four million shares of preferred stock and to fix the rights, preferences, privileges, and restrictions, including voting rights, of the preferred stock, which typically are senior to the rights of the common stockholders, without any further vote or action by the common stockholders. The rights of our common stockholders will be subject to, and may be adversely affected by, the rights of the holders of the preferred stock that have been issued, or might be issued in the future. Preferred stock also could have the effect of making it more difficult for a third party to acquire a majority of our outstanding voting stock. This could delay, defer, or prevent a change in control. Furthermore, holders of preferred stock may have other rights, including economic rights, senior to the common stock. As a result, their existence and issuance could have a material adverse effect on the market value of the common stock. We have in the past issued and may from time to time in the future issue, preferred stock for financing or other purposes with rights, preferences, or privileges senior to the common stock. As of December 31, 2012, we had one series of preferred stock outstanding, Series B Preferred Stock (“Series B Preferred”).  

The provisions of our Series B Preferred prohibit the payment of dividends on the common stock unless the dividends on those preferred shares are first paid. In addition, upon a liquidation, dissolution or sale of our business, the holders of the Series B Preferred will be entitled to receive, in preference to any distribution to the holders of common stock, initial distributions of $2.50 per share, plus all accrued but unpaid dividends. As of December 31, 2012, we had cumulative undeclared dividends on the Series B Preferred of approximately $8,000.
 
Certain large shareholders may have certain personal interests that may affect the Company.

As a result of the shares issued to Goldman Capital Management and related entities (together, “Goldman”) in connection with the Qualified Financing, Goldman beneficially owns, in the aggregate, approximately 40.2% of the Company’s outstanding voting securities.  Additionally, Neil Goldman, principal of Goldman, serves as a director on our Board.  As a result, Goldman has the potential ability to exert influence over both the actions of the Board of Directors and the outcome of issues requiring approval by the Company’s shareholders.  This concentration of ownership may have effects such as delaying or preventing a change in control of the Company that may be favored by other shareholders or preventing transactions in which shareholders might otherwise recover a premium for their shares over current market prices.

Our stock price has been volatile, and your investment in our common stock could suffer a decline in value.

There has been significant volatility in the market price and trading volume of equity securities, which is unrelated to the financial performance of the companies issuing the securities. These broad market fluctuations may negatively affect the market price of our common stock. You may not be able to resell your shares at or above the price you pay for those shares due to fluctuations in the market price of our common stock caused by changes in our operating performance or prospects and other factors.

 
           Some specific factors that may have a significant effect on our common stock market price include:

●
actual or anticipated fluctuations in our operating results or future prospects;

●
our announcements or our competitors’ announcements of new products;

●
the public’s reaction to our press releases, our other public announcements and our filings with the SEC;

●
strategic actions by us or our competitors, such as acquisitions or restructurings;

●
new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

●
changes in accounting standards, policies, guidance, interpretations or principles;

●
changes in our growth rates or our competitors’ growth rates;

●
developments regarding our patents or proprietary rights or those of our competitors;

●
our inability to raise additional capital as needed;

●
substantial sales of common stock underlying warrants and preferred stock;

●
concern as to the efficacy of our products;

●
changes in financial markets or general economic conditions;

●
sales of common stock by us or members of our management team; and

●
changes in stock market analyst recommendations or earnings estimates regarding our common stock, other comparable companies or our industry generally.

Our future sales of our common stock could adversely affect its price and our future capital-raising activities could involve the issuance of equity securities, which would dilute shareholders’ investments and could result in a decline in the trading price of our common stock.

We may sell securities in the public or private equity markets if and when conditions are favorable, even if we do not have an immediate need for additional capital at that time. Sales of substantial amounts of our common stock, or the perception that such sales could occur, could adversely affect the prevailing market price of our common stock and our ability to raise capital. We may issue additional common stock in future financing transactions or as incentive compensation for our executive management and other key personnel, consultants and advisors. Issuing any equity securities would be dilutive to the equity interests represented by our then-outstanding shares of common stock. The market price for our common stock could decrease as the market takes into account the dilutive effect of any of these issuances. Furthermore, we may enter into financing transactions at prices that represent a substantial discount to the market price of our common stock. A negative reaction by investors and securities analysts to any discounted sale of our equity securities could result in a decline in the trading price of our common stock. 
 
  Our corporate documents and Delaware law contain provisions that could discourage, delay or prevent a change in control of our company.

Provisions in our certificate of incorporation and bylaws may discourage, delay or prevent a merger or acquisition involving us that our stockholders may consider favorable. For example, our certificate of incorporation authorizes preferred stock, which carries special rights, including voting and dividend rights. With these rights, preferred stockholders could make it more difficult for a third party to acquire us.


We are also subject to the anti-takeover provisions of Section 203 of the Delaware General Corporation Law. Under these provisions, if anyone becomes an “interested stockholder,” we may not enter into a “business combination” with that person for three years without special approval, which could discourage a third party from making a takeover offer and could delay or prevent a change of control. For purposes of Section 203, “interested stockholder” means, generally, someone owning 15% or more of our outstanding voting stock or an affiliate of ours that owned 15% or more of our outstanding voting stock during the past three years, subject to certain exceptions as described in Section 203.

We do not expect to pay cash dividends on our common stock for the foreseeable future.

We have never paid cash dividends on our common stock and do not anticipate that any cash dividends will be paid on the common stock for the foreseeable future. The payment of any cash dividend by us will be at the discretion of our board of directors and will depend on, among other things, our earnings, capital, regulatory requirements and financial condition. Furthermore, the terms of our Series B Preferred directly limit our ability to pay cash dividends on our common stock.

ITEM IB.
UNRESOLVED STAFF COMMENTS

None.
 
ITEM 2.
PROPERTIES

As of December 31, 2012 our corporate headquarters was located in San Diego, California where we occupied approximately 7,694 square feet of office space. This facility is leased through October 2014 at a cost of approximately $13,881 per month.   We also occupy 6,768 square feet in Ottawa, Province of Ontario, Canada. These premises were leased until September 2013, however, in January 2013, we signed a lease to downsize to a 1,508 square foot space in the same building commencing April 2013 until March 2016.  These facilities are leased at a cost of approximately $4,664 per month.  As of December 31, 2012 we also occupied 6,546 square feet of office space in Portland, Oregon.  This facility is leased through October 2015 at a cost of approximately $12,105 per month.  We also occupy approximately 190 square feet of office space in Mexico City, Mexico.  Our lease for this facility is for an indefinite term at a cost of approximately $1,728 per month.

ITEM 3.
LEGAL PROCEEDINGS

On September 21, 2012, Blue Spike, LLC, a Texas limited liability company (“Blue Spike”), filed claims against the Company in the United States District Court for the Eastern District of Texas, alleging that the Company is impermissibly using Blue Spike’s patented technologies in certain Company products, including its Biometric Engine.  To date, Blue Spike has filed similar suits asserting claims of patent infringement against a total of approximately eighty-five companies between August 9, 2012 and February 6, 2013. The Company has filed a motion to dismiss the complaint and a motion to transfer Blue Spike’s case against the Company to San Diego. Neither motion has yet been ruled upon. The defendants span a wide range of industries, from Internet search engines to chip manufacturers, digital rights management, video streaming and digital watermarking.  Blue Spike is seeking to recover an unspecified amount of compensatory damages from the Company, and an injunction to enjoin the Company from further acts of alleged infringement.  The Company believes Blue Spike’s claim to be without merit and intends to vigorously defend itself. The Company is unable to estimate a possible range of loss at this time.
 
           Other than as specifically described above, we are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.  Other than described above, there is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company or any of our subsidiaries, threatened against or affecting the Company, our common stock, any of our subsidiaries or of the Company’s or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.
 
ITEM 4.
MINE SAFETY DISCLOSURES

None.


PART II
 
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
 
Market Information

Our common stock does not trade on an established securities exchange. Our common stock is quoted under the symbol “IWSY” on the Pink Sheets. The following table sets forth the high and low bid information for our common stock for each quarter in 2012 and 2011, which reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions:

2012 Fiscal Quarters
  
High
  
Low
First Quarter
  
$
1.35
  
$
0.65
Second Quarter
  
$
1.30
  
$
0.41
Third Quarter
  
$
1.33
  
$
0.54
Fourth Quarter
  
$
1.24
  
$
0.65
 
            
2011 Fiscal Quarters
  
High
  
Low
First Quarter
  
$
1.70
  
$
0.78
Second Quarter
  
$
1.45
  
$
0.91
Third Quarter
  
$
1.25
  
$
0.56
Fourth Quarter
  
$
0.80
  
$
0.50

Holders

As of March 14, 2013, we had approximately 194 holders of record of our common stock. A significant number of our shares were held in street name and, as such, we believe that the actual number of beneficial owners is significantly higher.

Dividends

We have never declared or paid cash dividends on our common stock. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements, general business conditions and other factors that our board of directors may deem relevant.

As of December 31, 2012, the Company had cumulative undeclared dividends of approximately $8,000 relating to our Series B Preferred.  As a result of the consummation of the December 20, 2011 equity financing round, resulting in gross proceeds of $10.0 million (“Qualified Financing”), as of December 20, 2011, the Series C Preferred and Series D Preferred, including accrued but unpaid dividends, were converted into 11,768,525 shares of our common stock.
 
Repurchases

We did not repurchase any shares of our common stock during fiscal 2012 or 2011.
 
Securities Authorized for Issuance under Equity Compensation Plans

For a discussion of our equity compensation plans, please see Item 12 of this Annual Report.

ITEM 6.
SELECTED FINANCIAL DATA

Not applicable.  We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934.

 
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with our consolidated financial statements and the related notes and other financial information appearing elsewhere in this Form 10-K. Readers are also urged to carefully review and consider the various disclosures made by us which attempt to advise interested parties of the factors which affect our business, including (without limitation) the disclosures made under the captions “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors,” and in the audited consolidated financial statements and related notes included in this Annual Report on Form 10-K.

Recent Developments

New Software as a Service Business Model 
 
With the advent of cloud based computing, the proliferation of mobile devices which allow for mobile transactions across wide geographical areas, the emergence of inexpensive and reliable biometric capture devices and the need to secure access to data, product and services, we believe that the market for multi-biometric solutions will expand to encompass significant deployments of biometric systems in the commercial and consumer markets.  We therefore intend to leverage the strength of our existing government clients who have deployed the Company’s products for large populations, as well as our foundational patent portfolio in the field of multi-modal biometrics and the fusion of multiple biometric algorithms, to address the commercial and consumer market. As part of our marketing plan, we will offer new versions of our product suite on a Software as a Service (“SaaS”) model during 2012.  This new business model, which is intended to supplement our existing business model, will allow new commercial and consumer clients to verify identity in order to access data, products or services from mobile and desktop devices.

Fujitsu Relationship
 
           On August 20, 2012, the Company and Fujitsu Frontech North America Inc. (“Fujitsu”) executed an original equipment manufacturer, or OEM, licensing agreement. Subsequently, on September 6, 2012, the Company received certification to run its patented Biometric Engine® across Fujitsu’s NuVola Private Cloud Platform.  Utilization of the NuVola Cloud Platform will allow the Biometric Engine to rapidly and securely deploy biometric security information to users.

Additional Intellectual Property 
 
           In addition to our eight issued U.S. and foreign patents, we recently filed three new patent applications surrounding new “Anonymous Matching” technologies.  These technologies will allow biometric matching for identity verification while protecting the privacy of an individual.  It is our belief that such technology will be critical to providing biometric management solutions for the consumer market where privacy protection has been a historical issue and barrier to biometric adoption.
 
           In June 2012, the Company entered into an asset purchase agreement with Vocel, Inc., a Delaware Corporation (“Vocel”), whereby the Company purchased from Vocel software, trademarks and four U.S. patents relating to wireless technology. These patents, combined with the Company’s existing foundational patents in the areas of biometric identification, verification, enrollment and fusion, provide a unique and protected foundation on which to build interactive mobile applications that are secured using biometrics.
 
           The combination of our biometric identification technologies and wireless technologies has led to the development of the IWS Interactive Messaging System, which is a push application platform secured by biometrics that transforms mobile devices into a complete mobile ID, enabling companies to create applications that allow a range of unprecedented activities – from secure sharing of sensitive information to biometrically securing a mobile wallet. Identity authentication, using multi-modal biometrics gives users the confidence that their personal information is secure while the push marketing capabilities of the technology allow companies unparalleled interactivity that can be personalized to the needs and interests of their customers.

 
Credit Facility
 
In March 2013, the Company entered into a new unsecured line of credit agreement with available borrowing of up to $2,500,000. The credit line was extended by an existing shareholder and member of our Board of Directors. Borrowings under the credit facility bear interest of 8% per annum and are due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.
 
         Advances under the credit facility are made at the Company’s request. The line of credit shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance due under the terms of the credit facility shall be due and payable upon demand.
 
As additional consideration for the unsecured line of credit agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.
 
Overview

We are a pioneer and leader in the emerging market for biometrically enabled software-based identity management solutions. Using those human characteristics that are unique to us all, we create software that provides a highly reliable indication of a person’s identity.   Our “flagship” product is our patented IWS Biometric Engine®.  Scalable for small city business or worldwide deployment, our IWS Biometric Engine is a multi-biometric software platform that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes.  It allows a user to utilize one or more biometrics on a seamlessly integrated platform. Our products are used to manage and issue secure credentials, including national IDs, passports, driver licenses and access control credentials. Our products also provide law enforcement with integrated mug shot, fingerprint LiveScan and investigative capabilities. We also provide comprehensive authentication security software using biometrics to secure physical and logical access to facilities or computer networks or Internet sites.  Biometric technology is now an integral part of all markets we address and all of our products are integrated into the IWS Biometric Engine.

While we have historically marketed our products to the government market at the federal, state and local levels, the emergence of cloud based computing - a mobile market that demands increased security and interoperable systems, and the proven success of our products in the government market, will enable us to enlarge our target market focus to include the emerging consumer and non-government enterprise marketplace.
 
            Our biometric technology is a core software component of an organization’s security infrastructure and includes a multi-biometric identity management solution for enrolling, managing, identifying and verifying the identities of people by the physical characteristics of the human body. We develop, sell and support various identity management capabilities within government (federal, state and local), law enforcement, commercial enterprises, and transportation and aviation markets for identification and verification purposes. Our IWS Biometric Engine is a patented biometric identity management software platform for multi-biometric enrollment, management and authentication, managing population databases of virtually unlimited sizes. It is hardware agnostic and can utilize different types of biometric algorithms.  It allows different types of biometrics to be operated at the same time on a seamlessly integrated platform.  It is also offered as a Software Development Kit (SDK) based search engine, enabling developers and system integrators to implement a biometric solution or integrate biometric capabilities into existing applications without having to derive biometric functionality from pre-existing applications.  The IWS Biometric Engine combined with our secure credential platform, IWS EPI Builder, provides a comprehensive, integrated biometric and secure credential solution that can be leveraged for high-end applications such as passports, driver licenses, national IDs, and other secure documents.


Our law enforcement solutions enable agencies to quickly capture, archive, search, retrieve, and share digital images, fingerprints and other biometrics as well as criminal history records on a stand-alone, networked, wireless or Web-based platform. We develop, sell and support a suite of modular software products used by law enforcement and public safety agencies to create and manage criminal history records and to investigate crime. Our IWS Law Enforcement solution consists of five software modules: Capture and Investigative modules, which provide a criminal booking system with related databases as well as the ability to create and print mug photo/SMT image lineups and electronic mugbooks; a Facial Recognition module, which uses biometric facial recognition to identify suspects; a Web module, which provides access to centrally stored records over the Internet in a connected or wireless fashion; and a LiveScan module, which incorporates LiveScan capabilities into IWS Law Enforcement providing integrated fingerprint and palm print biometric management for civil and law enforcement use.  The IWS Biometric Engine is also available to our law enforcement clients and allows them to capture and search using other biometrics such as iris or DNA.
 
Our secure credential solutions empower customers to create secure and smart digital identification documents with complete ID systems. We develop, sell and support software and design systems which utilize digital imaging and biometrics in the production of photo identification cards, credentials and identification systems. Our products in this market consist of IWS EPI Suite and IWS EPI Builder (SDK).  These products allow for the production of digital identification cards and related databases and records and can be used by, among others, schools, airports, hospitals, corporations or governments.  We have added the ability to incorporate multiple biometrics into the ID systems with the integration of IWS Biometric Engine to our secure credential product line.

Our enterprise authentication software includes the IWS Desktop Security product which is a comprehensive authentication management infrastructure solution providing added layers of security to workstations, networks and systems through advanced encryption and authentication technologies. IWS Desktop Security is optimized to enhance network security and usability, and uses multi-factor authentication methods to protect access, verify identity and help secure the computing environment without sacrificing ease-of-use features such as quick login. Additionally, IWS Desktop Security provides an easy integration with various smart card-based credentials including the Common Access Card (CAC), Homeland Security Presidential Directive 12 (HSPD-12), Personal Identity Verification (PIV) credential, and Transportation Worker Identification Credential (TWIC) with an organization’s access control process. IWS Desktop Security provides the crucial end-point component of a Logical Access Control System (LACS), and when combined with a Physical Access Control System (PACS), organizations benefit from a complete door to desktop access control and security model.

Critical Accounting Estimates

The discussion and analysis of our consolidated financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The preparation of these consolidated financial statements in accordance with U.S. GAAP requires us to utilize accounting policies and make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingencies as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during a fiscal period. The SEC considers an accounting policy to be critical if it is important to a company’s financial condition and results of operations, and if it requires significant judgment and estimates on the part of management in its application.
 
   Significant estimates include the allowance for doubtful accounts receivable, inventory carrying values, deferred tax asset valuation allowances, accounting for loss contingencies, recoverability of goodwill and acquired intangible assets and amortization periods, assumptions used in the Black-Scholes model to calculate the fair value of share based payments, assumptions used in the application of fair value methodologies to calculate the fair value of derivative liabilities, revenue and cost of revenues recognized under the percentage of completion method and assumptions used in the application of fair value methodologies to calculate the fair value of pension assets and obligations.
 
The following are our critical accounting policies because we believe they are both important to the portrayal of our financial condition and results of operations and require critical management judgments and estimates about matters that are uncertain. If actual results or events differ materially from those contemplated by us in making these estimates, our reported financial condition and results of operations for future periods could be materially affected.  


Revenue Recognition.  Our revenue recognition policy is significant because our revenue is a key component of our consolidated results of operations. We recognize revenue from the following major revenue sources:

●
Long-term fixed-price contracts involving significant customization;

●
Fixed-price contracts involving minimal customization;

●
Software licensing;

●
Sales of computer hardware and identification media; and

●
Lost contract customer support (PCS)

The Company’s revenue recognition policies are consistent with U.S. GAAP including Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 985-605, “Software Revenue Recognition”, ASC 605-35 “Revenue Recognition, Construction-Type and Production-Type Contracts”, “Securities and Exchange Commission Staff Accounting Bulletin 104, and ASC 605-25 “Revenue Recognition, Multiple Element Arrangements”. Accordingly, the Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed or determinable, and collectability is reasonably assured.
 
We recognize revenue and profit as work progresses on long-term, fixed-price contracts involving significant amount of hardware and software customization using the percentage of completion method based on costs incurred to date compared to total estimated costs at completion. Revenue from contracts for which we cannot reliably estimate total costs or there are not significant amounts of customization are recognized upon completion. Determining when a contract should be accounted for using the percentage of completion method involves judgment. Critical items that are considered in this process are the degree of customization and related labor hours necessary to complete the required work as well as ongoing estimates of the future labor hours needed to complete the contract. We also generate non-recurring revenue from the licensing of our software. Software license revenue is recognized upon the execution of a license agreement, upon deliverance, when fees are fixed and determinable, collectability is probable and when all other significant obligations have been fulfilled. We also generate revenue from the sale of computer hardware and identification media. Revenue for these items is recognized upon delivery of these products to the customer. The Company’s revenue from periodic maintenance agreements is generally recognized ratably over the respective maintenance periods provided no significant obligations remain and collectability of the related receivable is probable. Pricing of maintenance contracts is consistent period to period and calculated as a percentage of the software or hardware revenue which approximates 15% annually.  Amounts collected in advance for maintenance services are included in current liabilities under "Deferred revenues." Sales tax collected from customers is excluded from revenue.

For a detailed discussion on the application of these and other accounting policies, see Note 2 in the Notes to the Consolidated Financial Statements beginning on page F-10.
 
Allowance for Doubtful Accounts.  We provide an allowance for our accounts receivable for estimated losses that may result from our customers’ inability to pay.  We determine the amount of allowance by analyzing historical losses, customer concentrations, customer creditworthiness, current economic trends, the age of the accounts receivable balances and changes in our customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. Our accounts receivable balance was $328,000, net of allowance for doubtful accounts of $3,000 at December 31, 2012.  Our accounts receivable balance was $348,000, net of allowance for doubtful accounts of $4,000 at December 31, 2011.


Valuation of Goodwill, Other Intangible and Long-Lived Assets.  The Company accounts for its intangible assets under the provisions of ASC 350, “Intangibles - Goodwill and Other”. In accordance with ASC 350, intangible assets with a definite life are analyzed for impairment under ASC 360-10-05 and intangible assets with an indefinite life are analyzed for impairment under ASC 360. In accordance with ASC 350, goodwill, or the excess of cost over fair value of net assets acquired is tested for impairment using a fair value approach at the “reporting unit” level. A reporting unit is the operating segment, or a business one level below that operating segment (referred to as a component) if discrete financial information is prepared and regularly reviewed by management at the component level. The Company’s reporting unit is at the entity level. The Company recognizes an impairment charge for any amount by which the carrying amount of a reporting unit’s goodwill exceeds its fair value. The Company uses fair value methodologies to establish fair values.

We assess impairment of goodwill and identifiable intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors we consider important which could trigger an impairment review include the following:
 
●
Significant underperformance relative to historical or expected future operating results;

●
Significant changes in the manner of our use of the acquired assets or the strategy of our overall business; and

●
Significant negative industry or economic trends.
 
The Company annually, or more frequently if events or circumstances indicate a need, tests the carrying amount of goodwill for impairment. The Company performs its annual impairment test in the fourth quarter of each year. A two-step impairment test is used to first identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any. The first step was conducted by determining and comparing the fair value, employing the market approach, of the Company’s reporting units to the carrying value of the reporting unit. In 2006, the Company determined that its only reporting unit is Identity Management. Based on the results of this impairment test, the Company determined that its goodwill assets were not impaired as of December 31, 2012.
 
The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. The Company’s management currently believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products under development will continue. Either of these could result in future impairment of long-lived assets.
 
There are many management assumptions and estimates underlying the determination of an impairment loss, and estimates using different, but reasonable, assumptions could produce significantly different results. Significant assumptions include estimates of future levels of revenues and operating expenses. Therefore, the timing and recognition of impairment losses by us in the future, if any, may be highly dependent upon our estimates and assumptions. There can be no assurance that goodwill impairment will not occur in the future.

Goodwill and other net intangible assets amounted to approximately $3,616,000 and $3,479,000 at December 31, 2012 and December 31, 2011, respectively.
 
Stock-Based Compensation.  At December 31, 2012 and 2011, the Company had two stock-based compensation plans for employees and nonemployee directors, which authorize the granting of various equity-based incentives including stock options and restricted stock.


The Company estimates the fair value of its stock options using a Black-Scholes option-pricing model, consistent with the provisions of ASC 718, “Compensation – Stock Compensation”. The fair value of stock options granted is recognized to expense over the requisite service period. Stock-based compensation expense for all share-based payment awards is recognized using the straight-line single-option method. Stock-based compensation expense is reported in general and administrative, sales and marketing, engineering and customer service expenses based upon the departments to which substantially all of the associated employees report and credited to additional paid-in-capital.  Stock-based compensation expense related to equity options was approximately $571,000 and $250,000 for the year ended December 31, 2012 and 2011, respectively.  In January 2010, the Company issued 847,258 shares of restricted stock to members of management and the Board. These shares will vest quarterly over a three-year period. The restricted shares were issued as compensation for the cancellation of 1,412,096 options held by members of management and the Board. The Company evaluated the exchange in accordance with ASC 718 and determined there was no incremental cost to be recorded in conjunction with the exchange as the fair value of the options surrendered at the modification date exceeded the fair value of the restricted shares issued at the modification date.  The Company recorded approximately $37,000 and $39,000 in compensation expense for the years ended December 31, 2012 and 2011, respectively, related to these restricted shares.
 
ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. For the years ended December 31, 2012 and 2011, the Company has elected to use the Black-Scholes option-pricing model, which incorporates various assumptions including volatility, expected life, and interest rates. The Company is required to make various assumptions in the application of the Black-Scholes option-pricing model. The Company has determined that the best measure of expected volatility is based on the historical weekly volatility of the Company’s common stock. Historical volatility factors utilized in the Company’s Black-Scholes computations ranged from 99% to 135% for the grants issued in years 2012 and 2011. The Company has elected to estimate the expected life of an award based upon the SEC approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 110.  The expected term used by the Company to value the grants issued in 2012 and 2011 as computed by this method were 5.9 years. The effect of the difference between the actual historical expected life and the simplified method was immaterial.  The interest rate used is the risk free interest rate and is based upon U. S. Treasury rates appropriate for the expected term. Interest rates used in the Company’s Black-Scholes calculations were 2.6% for the years ended December 31, 2012 and 2011.  Dividend yield is zero as the Company does not expect to declare any dividends on the Company’s common shares in the foreseeable future.
 
In addition to the key assumptions used in the Black-Scholes model, the estimated forfeiture rate at the time of valuation is a critical assumption.  The Company has estimated an annualized forfeiture rate of approximately 0% for corporate officers, 4.1% for members of the Board of Directors and 6.0% for all other employees.  The Company reviews the expected forfeiture rate annually to determine if that percent is still reasonable based on historical experience.
 
Income Taxes. The Company accounts for income taxes in accordance with ASC 740, “Accounting for Income Taxes.” Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year-end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is established when necessary based on the weight of available evidence, if it is considered more likely than not that all or some portion of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities.

ASC 740-10 requires a company to first determine whether it is more-likely-than-not (defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more-likely-than-not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.


We recognize and measure uncertain tax positions in accordance with U.S. GAAP, pursuant to which we only recognize the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Any tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. U.S. GAAP further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the quarter of such change. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
 
We file annual income tax returns in multiple taxing jurisdictions around the world. A number of years may elapse before an uncertain tax position is audited and finally resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our analysis of income tax reserves reflects the most likely outcome. We adjust these reserves, if any, as well as the related interest, in light of changing facts and circumstances. Settlement of any particular position could require the use of cash.

In June 2010, the Company was notified that the Canada Revenue Agency (CRA) has proposed certain significant adjustments to the Company’s transfer pricing tax position for the years 2001 through 2008.  Management evaluated those proposed adjustments and in July 2010 filed a formal notice of appeal.  In 2011, the Company was notified that certain significant portions of the Company’s appeal had been accepted by the CRA.

Significant judgment is required in evaluating the Company’s uncertain tax positions and determining the Company’s provision for income taxes. No assurance can be given that the final tax outcome of these matters will not be different from that which is reflected in the Company’s historical income tax provisions and accruals.  The Company adjusts these items in light of changing facts and circumstances.  To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made.
 
The Internal Revenue Code (the “Code”) limits the availability of certain tax credits and net operating losses that arose prior to certain cumulative changes in a corporation’s ownership resulting in a change of control of the Company.  The Company’s use of its net operating loss carryforwards and tax credit carryforwards will be significantly limited because the Company believes it underwent “ownership changes,” as defined under Section 382 of the Internal Revenue Code, in 1991, 1995, 2000, 2003, 2004 and 2011, though the Company has not performed a study to determine the limitation.  The Company has reduced its deferred tax assets to zero relating to its federal and state research credits because of such limitations.  The Company continues to disclose the tax effect of the net operating loss carryforwards at their original amount as the actual limitation has not yet been quantified.   The Company has also established a full valuation allowance for substantially all deferred tax assets due to uncertainties surrounding its ability to generate future taxable income to realize these assets. Since substantially all deferred tax assets are fully reserved, future changes in tax benefits will not impact the effective tax rate. Management periodically evaluates the recoverability of the deferred tax assets. If it is determined at some time in the future that it is more likely than not that deferred tax assets will be realized, the valuation allowance would be reduced accordingly at that time.
 
Fair-Value Measurements. The Company accounts for fair value measurements in accordance with ASC  820, “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. 
 
ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

 
Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 
Level 2
Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 
Level 3
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Assessing the significance of a particular input to the fair value measurement requires judgment, considering factors specific to the asset or liability.  Determining whether a fair value measurement is based on Level 1, Level 2, or Level 3 inputs is important because certain disclosures are applicable only to those fair value measurements that use Level 3 inputs.  The use of Level 3 inputs may include information derived through extrapolation or interpolation which involves management assumptions.
 
Derivative Financial Instruments. The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.
 
The Company reviews the terms of the common and preferred stock, warrants and convertible debt it issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments.  In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.
 
Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments.  The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.
 
The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.

Results of Operations
 
This management’s discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes contained elsewhere in this Annual Report.


Comparison of Results for Fiscal Years Ended December 31, 2012 and 2011
 
Product Revenue
 
   
Years Ended December 31,
            
Net Product Revenue
  
2012
    
2011
    
$ Change
  
% Change
  
(dollars in thousands)
                      
                       
Software and royalties
  
$
946
    
$
2,126
    
$
(1,180
) 
(56)
%
Percentage of total net product revenue
    
83
 %    
82
%
            
Hardware and consumables
  
$
138
    
$
199
    
$
(61
) 
(31)
%
Percentage of total net product revenue
    
12
 %    
8
%
            
Services
  
$
61
    
$
271
    
$
(210
) 
(77)
%
Percentage of total net product revenue
    
5
 %    
10
%
            
Total net product revenue
  
$
1,145
    
$
2,596
    
$
(1,451
) 
(56)
%

Software and royalty revenue decreased approximately 56% or $1,180,000 during the year ended December 31, 2012 as compared to the corresponding period in 2011.  This decrease is due to lower project-oriented revenues of our identity management software into project solutions of approximately $1,197,000 and lower identification software royalties and license revenues of approximately $46,000, offset by slightly higher sales of boxed identity management software through our distribution channel of approximately $62,000 and slightly higher sales of our law enforcement project related revenues of approximately $1,000.

Revenues from the sale of hardware and consumables decreased approximately 31% or $61,000 during the year ended December 31, 2012 as compared to the corresponding period in 2011.  The decrease reflects lower revenue from project solutions containing hardware and consumable components.
 
Services revenue is comprised primarily of software integration services, system installation services and customer training.  Such revenue decreased approximately 77% or $210,000 during the year ended December 31, 2012 as compared to the corresponding period in 2011, due primarily to lower service revenues being generated from software integration of our biometric engine and Personal Identity Verification (“PIV”) products into project solutions combined with a reduction in our installation of hardware products.
 
           We believe that the period-to-period fluctuations of identity management software revenue in project-oriented solutions are largely due to the timing of government procurement with respect to the various programs we are pursuing.  Based on management’s current visibility into the timing of potential government procurements, we believe that we will see a significant increase in government procurement and implementations with respect to identity management initiatives; however we cannot predict the timing of such initiatives. During the year ended December 31, 2012, we accelerated our efforts to move the Biometric Engine into cloud and mobile markets and expanding our end-user market into non-government sectors including commercial, consumer and healthcare applications.  Such efforts resulted in the consummation, in August 2012, of an OEM Software License Agreement with Fujitsu Frontech North America Inc. and certification on the Fijitsu’s NuVola Private Cloud Platform. We anticipate that we will see positive results from these efforts in the next few months, which should stabalize our period-to-period fluctuations in revenue and enable us to provide better visibility into the timing of future revenues.

Maintenance Revenue

   
Years Ended December 31,
              
Net Maintenance Revenue
  
2012
    
2011
    
$ Change
    
% Change
  
(dollars in thousands)
                        
Maintenance Revenue
  
$
2,806
    
$
2,878
    
$
(72)
      
(3)
%
 
Maintenance revenue was approximately $2,806,000 for the year ended December 31, 2012 as compared to approximately $2,878,000 for the corresponding period in 2011.  The decrease of $72,000 is primarily due to the expiration of certain identity management maintenance contracts.  

   
           We anticipate growth of our maintenance revenue through the retention of existing customers combined with the expansion of our installed base resulting from the completion of project-oriented work, however we cannot predict the timing of this anticipated growth.
 
Cost of Product Revenue
 
    Years Ended December 31,              
Cost of Product Revenue
  
2012
    
2011
    
$ Change
    
% Change
  
(dollars in thousands)
                        
                         
Software and royalties
  
$
116
    
$
143
    
$
(27)
      
(19)
%
Percentage of software and royalty product revenue
    
12
%
    
7
%
                
Hardware and consumables
  
$
70
    
$
151
    
$
(81)
      
(54)
%
Percentage of hardware and consumables product revenue
    
51
%
    
76
%
                
Services
  
$
41
    
$
165
    
$
(124)
      
(75)
%
Percentage of services product revenue
    
67
%
    
61
%
                
Total cost of product revenue
  
$
227
    
$
459
    
$
(232)
      
(51)
%
Percentage of total product revenue
    
20
%
    
18
%
                
 
           The cost of software and royalty product revenue decreased 19% or $27,000 during the year ended December 31, 2012 as compared to the corresponding period in 2011.  The increase in software and royalty cost of product revenues as a percentage of software and royalty product revenue was primarily driven by higher content of third-party software in project solutions and higher levels of software customization during the year ended December 31, 2012 as compared to the corresponding period of 2011.
 
           The decrease in the cost of product revenue for our hardware and consumable sales of $81,000 for the year ended December 31, 2012 as compared to the corresponding period in 2011 reflects the decrease in hardware and consumable revenues for the year ended December 31, 2012 as compared to the same period in 2011 combined with lower costs incurred on hardware and consumable procurements.
 
           Cost of service revenue decreased $124,000 or 75% during the year ended December 31, 2012 as compared to the corresponding period in 2011.   The 75% decrease in cost of services product revenue is reasonably similar to the 77% decrease in services revenue.
 
Cost of Maintenance Revenue
                   
Years Ended December 31,
Cost of Maintenance Revenue
  
2012
    
2011
    
$ Change
    
% Change
  
(dollars in thousands)
                        
Total maintenance cost of revenue
  
$
975
    
$
935
    
$
40
      
4
%
Percentage of total maintenance revenue
    
35
%
    
32
%
                
 
           Cost of maintenance revenue increased 4% or $40,000 during the year ended December 31, 2012 as compared to the corresponding period in 2011 due to higher maintenance costs incurred on certain large-scale identification projects of approximately $75,000, higher costs incurred on certain law enforcement projects of approximately $21,000 offset by lower costs incurred during 2012 of approximately $56,000 resulting from the movement of certain technical support functions from our Canadian office to our San Diego office.

 
           Product Gross Profit
                 
Years Ended December 31,
Product Gross Profit
  
2012
  
2011
  
$ Change
  
% Change
(dollars in thousands)
                        
Software and royalties
  
$
830
    
$
1,983
    
$
(1,153
) 
    
(58)
%
Percentage of software and royalty product revenue
    
88
%
    
93
%
                
Hardware and consumables
  
$
68
    
$
48
    
$
20
      
42
%
Percentage of hardware and consumables product revenue
    
49
%
    
24
%
                
Services
  
$
20
    
$
106
    
$
(86
)
    
(81)
%
Percentage of services product revenue
    
33
%
    
39
%
                
Total product gross profit
  
$
918
    
$
2,137
    
$
(1,219
) 
    
(57)
%
Percentage of total product revenue
    
80
%
    
82
%
                

Software and royalty gross profit decreased 58% or approximately $1,153,000 for the year ended December 31, 2012 from the corresponding period in 2011 due primarily to a 56% or $1,180,000 decrease in software and royalty revenue.

Hardware and consumables gross profit increased $20,000 during the year ended December 31, 2012 as compared to the corresponding period in 2011. This increase reflects lower cost of hardware and consumables revenues of $81,000 offset by lower hardware and consumables revenue of $61,000. Costs of products can vary as a percentage of product revenue from quarter to quarter depending upon product mix and hardware content and print media consumable content included in systems installed during a given period.
 
           Services gross profit decreased approximately $86,000 for the year ended December 31, 2012 as compared to the corresponding period of 2011 due to lower services revenue of $210,000.
   
Maintenance Gross Profit
                   
Years Ended December 31,
Maintenance Gross Profit
  
2012
    
2011
    
$ Change
    
% Change
  
(dollars in thousands)
                        
                         
Total maintenance gross profit
  
$
1,831
    
$
1,943
    
$
(112
) 
    
(6
)%
Percentage of total maintenance revenue
    
65
%
    
68
%
                
 
           Gross margins related to maintenance revenue decreased to 65% for the year ended December 31, 2012 from 68% for the corresponding period in the prior year due to a combination of a $72,000 decrease in maintenance revenues and an increase in $40,000 in maintenance costs.  The increase in maintenance cost of revenue is due primarily to a higher maintenance costs of approximately $75,000 incurred on certain large-scale identification projects combined with higher costs of approximately $21,000 incurred on certain law enforcement projects offset by lower costs of approximately $56,000 resulting from the movement of certain technical support functions from our Canadian office to our San Diego office.


Operating Expense

   
Years Ended December 31,
              
Operating Expense
  
2012
    
2011
    
$ Change
    
% Change
  
(dollars in thousands)
                        
                         
General and administrative
  
$
3,430
    
$
2,327
    
$
1,103
      
47
%
Percentage of total net revenue
    
87
%
    
43
%
                
Sales and marketing
  
$
1,830
    
$
1,404
    
$
426
      
30
%
Percentage of total net revenue
    
46
%
    
26
%
                
Research and development
  
$
3,180
    
$
2,664
    
$
516
      
19
%
Percentage of total net revenue
    
80
%
    
49
%
                
Depreciation and amortization
  
$
69
    
$
28
    
$
41
      
146
%
Percentage of total net revenue
    
2
%
    
1
%
                

General and Administrative Expense  

General and administrative expense is comprised primarily of salaries and other employee-related costs for executive, financial, and other infrastructure personnel. General legal, accounting and consulting services, insurance, occupancy and communication costs are also included with general and administrative expense.  The dollar increase of $1,103,000 is comprised of the following major components:

●
Increase in professional fees including consulting services and contract services of approximately $810,000 due primarily to increases in audit related fees of $92,000, increases in legal fees of approximately $168,000, increases in patent expenses of approximately $263,000, increases in investor relations and contract services of approximately $91,000 and increases in contractor fees and corporate expenses of approximately $196,000.

●
Increase in personnel related expense of approximately $22,000.

●
Increase in stock-based compensation expense of approximately $199,000.

●
Increase in travel, insurances, licenses, dues, rent, and office related costs of approximately $97,000.

●
Decrease in financing fees of approximately $25,000.
 
           We continue to focus our efforts on achieving additional future operating efficiencies by reviewing and improving upon existing business processes and evaluating our cost structure. We believe these efforts will allow us to continue to gradually decrease our level of general and administrative expense expressed as a percentage of total revenue.
 
           Sales and Marketing Expense  
 
           Sales and marketing expense consists primarily of the salaries, commissions, other incentive compensation, employee benefits and travel expense of our sales, marketing, and business development. The dollar increase of $426,000 during the year ended December 31, 2012 as compared to the corresponding period in 2011 is primarily comprised of the following major components:

●
Increase in personnel related expense of approximately $142,000.
   
●
Increase in professional services of approximately $198,000.
   
●
Increase in travel and trade show expense of approximately $81,000.
   
●
Increase in stock-based compensation of approximately $52,000.
   
●
Increase in rent, office related expense, contract services and other expense of approximately $48,000.
   
●
Decreases in our Canada and Mexico office expenses of approximately $95,000.

 
           We anticipate that the level of expense incurred for sales and marketing during the year ended December 31, 2013 will increase as we pursue large project solution opportunities.
 
           Research and Development Expense 
 
           Research and development expense consists primarily of salaries, employee benefits and outside contractors for new product development, product enhancements, custom integration work and related facility costs. Such expense increased approximately $516,000 for the year ended December 31, 2012 as compared to the corresponding period in 2011 due primarily to the following major components:

●
 
Increase in personnel expenditures of approximately $311,000 due to headcount increases combined with increases in contractor and contract services of approximately $87,000.
   
●
Increase in travel, rent and office related costs of approximately $50,000.
   
●
Increase in stock-based compensation of approximately $68,000.
 
           Our level of expenditures in research and development reflects our belief that to maintain our competitive position in markets characterized by rapid rates of technological advancement, we must continue to invest significant resources in new systems and software as well as continue to enhance existing products.
 
           Depreciation and Amortization  
 
           During the year ended December 31, 2012, depreciation and amortization expense increased approximately $41,000 as compared to the corresponding period in 2011.  The increase in depreciation and amortization expense reflects additions to fixed assets during the year ended December 31, 2012, primarily for the replacement of obsolete computer equipment and the acquisition of certain patents. The Company’s amortization expense consists of amortization expense incurred on the Company’s EPI trademark and trade name intangible asset of approximately $16,000 and approximately $6,000 related to the amortization of the acquired Vocel patents.
 
           Interest Expense (Income), Net
 
           For the year ended December 31, 2012, we recognized interest income of $3,000 and interest expense of $21,000. For the year ended December 31, 2011, we recognized interest income of $0 and interest expense of $4,851,000.  Interest expense for the year ended December 31, 2012 contains the following components:
 
●
Coupon interest of approximately $5,000 related to our 7% convertible notes.
   
●
Other interest expense of approximately $16,000.
 
           Interest expense for the year ended December 31, 2011 contains the following components:
 
●
Coupon interest on secured notes payable and convertible notes payable of approximately $348,000.
   
●
Accretion of note discount and beneficial conversion feature to interest expense of approximately $4,448,000.
   
●
Other interest expense of approximately $55,000.
 
           Change in Fair Value of Derivative Liabilities
 
           For the year ended December 31, 2012, we recognized a non-cash expense of approximately $4,712,000 compared to a non-cash income of approximately $3,970,000 for the corresponding period of 2011.  The 2012 expense is related to the change in fair value of the Company’s derivative liabilities associated with the anti-dilution provisions and cash settlement provisions in certain warrants to purchase shares of our common stock. The 2011 income is related to the change in fair value of the Company’s Derivative Liabilities associated with the embedded conversion feature in our Series C and Series D Preferred Stock and the anti-dilution provisions in certain warrants to purchase shares of our common stock. The Derivative Liabilities were revalued using available market information and commonly accepted valuation methodologies.

           Other Income, Net
 
           For the year ended December 31, 2012, we recognized other income of $336,000 and other expense of $14,000.  For the year ended December 31, 2011, we recognized other income of $25,000 and other expense of $0.  Other income for the year ended December 31, 2012 is comprised of approximately $336,000 from the write off of certain accounts payable due the expiration of the legal statute of limitations on such accounts payable. Other expense for the year ended December 31, 2012 is comprised of approximately $14,000 from the write off of certain deferred financing fees. Other income for the year ended December 31, 2011 contains approximately $25,000 in miscellaneous receipts at our German sales office.
 
           Income Tax Expense
 
           During the year ended December 31, 2012, we recorded an expense of $22,000 from income taxes as compared to a benefit of $19,000 for the year ended December 31, 2011.

During the year ended December 31, 2012, our expense for income taxes of $22,000 related to taxes on income generated in certain foreign jurisdictions offset by research and development tax credits generated in certain foreign jurisdictions.
 
           We have incurred consolidated pre-tax losses during the years ended December 31, 2012 and 2011, and have incurred operating losses in all periods prior to 2009. Management has determined that it is more likely than not that a tax benefit from such losses will not be realized. Accordingly, we did not record a benefit for income taxes for these periods.
 
Liquidity and Capital Resources

On December 20, 2011, we consummated an equity financing resulting in gross proceeds of  $10.0 million (“Qualified Financing”), including the $750,000 of promissory notes converted into the Qualified Financing.  In connection with the Qualified Financing, we issued 20,000,000 shares of our common stock (the “Shares”), and warrants to purchase 12,207,500 shares of common stock exercisable for $0.50 per share (“Warrants”), which number includes 2,207,500 shares issuable upon exchange of warrants issued to MDB Capital Group in consideration for acting as placement agent in connection with the Qualified Financing.  We also issued 90,000 shares of common stock and a warrant exercisable for 45,000 shares of common stock in lieu of cash in payment for legal fees related to the Qualified Financing. We also issued a warrant to purchase 250,000 shares of the Company’s common stock at an exercise price of $0.50, which expires two years from the date of grant, to a significant investor to cover certain expenses related to and in anticipation of the Qualified Financing. The net proceeds from the Qualified Financing were approximately $8,544,000, of which, $1,500,000 was then used to repay certain convertible notes payable. As of December 31, 2012, all debt other than the $65,000 in related party notes payable had been converted to common stock or repaid.  In addition, in connection with the Qualified Financing, (i) the anti-dilution provision contained in certain of our existing warrants were amended resulting in such warrants no longer qualifying as derivative liabilities; and (ii) a significant investor ("Investor") exchanged $4.5 million principal amount of convertible promissory notes of the Company ("Exchanged Notes"), and accrued but unpaid interest on the Exchanged Notes and on an additional $2.25 million in promissory notes, into 9,774,559 shares of our common stock ("Exchange Shares"). The Investor also agreed to convert $750,000 principal amount of additional promissory notes held by the Investor and invest the proceeds into the Qualified Financing.  
 
           In addition, on September 10, 2012, the Investor exercised warrants to purchase an aggregate total of 7.0 million shares of our common stock, resulting in $3,500,000 of net proceeds to the Company.  At December 31, 2012, our principal sources of liquidity consisted of cash and cash equivalents of $4,225,000 and accounts receivable, net of $328,000.  As of December 31, 2012, we had positive working capital of $1,250,000 which included $1,561,000 of deferred revenue.  This compares to positive working capital of $2,948,000 during the corresponding period in 2011. Historically, our principal sources of cash have included customer payments from the sale of our products, proceeds from the issuance of common and preferred stock and proceeds from the issuance of debt. Our principal uses of cash have included cash used in operations, payments relating to purchases of property and equipment and repayments of borrowings. We expect that our principal uses of cash in the future will be for product development including customization of identity management products for enterprise and consumer applications, further development of intellectual property, development of SaaS capabilities for existing products as well as general working capital and capital expenditure requirements. We expect that, as our revenues grow, our sales and marketing and research and development expenses will continue to grow and, as a result, we will need to generate significant net revenues to achieve and sustain income from operations.
 
In March 2013, the Company entered into a new unsecured line of credit agreement with available borrowing of up to $2,500,000. The credit line was extended by an existing shareholder and member of our Board of Directors. Borrowings under the credit facility bear interest of 8% per annum and are due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.

Advances under the credit facility are made at the Company’s request. The line of credit shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance under the terms of this note shall be due and payable upon demand.

As additional consideration for the unsecured line of credit agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.

Management believes that the Company’s current cash and cash equivalents will be sufficient to meet working capital and capital expenditure requirements for at least the next 12 months from the date of this filing and that we will have sufficient liquidity to fund our business and meet our contractual obligations over a period beyond the next 12 months.
 
           Operating Activities
 
           Net cash used in operating activities was $5,553,000 during the year ended December 31, 2012 as compared to $2,269,000 for the corresponding period in 2011.  During the year ended December 31, 2012, net cash used in operating activities consisted of net loss of $10,190,000 and a decrease in operating cash from changes in assets and liabilities of $458,000. Those amounts were offset by net non-cash costs of $5,095,000, including a $4,712,000 unrealized loss related to the change in value of our derivative liabilities, $608,000 in stock based compensation and $69,000 in depreciation and amortization, $27,000 related to warrants issued in lieu of cash, $15,000 in deferred financing fee expense offset by $336,000 of non-cash income from the write-off of certain accounts payable due to the expiration of the statute of limitations. During the year ended December 31, 2012, we used cash of $217,000 from increases in current assets and used cash of $241,000 through decreases in current liabilities and deferred revenues, excluding debt.
 
           The cash used in operations of $2,269,000 during the year ended December 31, 2011 was primarily driven by a loss from operations of $2,343,000.  Further, we had a net loss of $3,180,000 in 2011 largely driven by interest expense of $4,851,000, of which, approximately $2,250,000 relates to the write-off of the unamortized note discount and beneficial conversion feature related to the convertible debt that was converted to common stock in December 2011 as part of the Qualified Financing. This expense was offset by approximately $3,970,000 in non-cash income resulting from the change in fair value of derivative liabilities.  Changes in working capital and other assets and liabilities in total decreased the net cash used in operations by approximately $103,000 due largely to a $570,000 increase in accrued expenses.
 
           Investing Activities
 
           Net cash used in investing activities was $181,000 for the year ended December 31, 2012, as compared to $11,000 for the year ended December 31, 2011. For the year ended December 31, 2012, we used cash to fund capital expenditures of computer equipment, software and furniture and fixtures. This level of equipment purchases resulted primarily from the replacement of older equipment
 
           Financing Activities
 
           We generated cash of $3,259,000 from financing activities for the year ended December 31, 2012 as compared to the generation of $8,953,000 for the same period in 2011. We generated cash of $3,527,000 from the exercise of 7,052,647 common stock warrants and $7,000 from the exercise of 24,924 common stock options. We used cash of $229,000 for the payment of dividends on our Series B Convertible Redeemable Preferred Stock and $45,000 for the repayment of notes payable.  During the year ended December 31, 2011, the $8,953,000 generated in cash was the result of $8,544,000 in net proceeds from the Qualified Financing offset by a net outflow of $250,000 to repay certain notes payable, and $655,000 in proceeds from the exercise of warrants to purchase 1,310,000 shares of common stock and proceeds of exercised stock options of $4,000.
 
           Debt
 
           As of December 31, 20112 we had $65,000 in outstanding debt, exclusive of any debt discounts, and another $29,000 in related accrued interest, as compared to $110,000 in outstanding debt as of December 31, 2011.


Factors That May Affect Future Financial Condition and Liquidity

As a result of the Qualified Financing in December 2011, the receipt of cash from the exercise of warrants in September 2012, and the credit facility secured by the March 2013 convertible promissory note, we believe that our current cash and cash equivalents will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from the date of the filing of this Annual Report and that we will have sufficient liquidity to fund our business and meet our contractual obligations over a period beyond the next 12 months. However, we may be required to obtain additional financing in order to fund our continued operations. Due to the tightening of the credit markets, general economic conditions, and other economic and business factors, this financing may not be available to us on acceptable terms or at all. Although we cannot accurately anticipate the effect of inflation or foreign exchange markets on our operations, we do not believe these external economic forces have had, or are likely in the foreseeable future to have, a material impact on our results of operations.

Off-Balance Sheet Arrangements
 
           At December 31, 2012, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance, special purpose or variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. In addition, we did not engage in trading activities involving non-exchange traded contracts. As a result, we are not exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships. We do not have relationships and transactions with persons or entities that derive benefits from their non-independent relationship with us or our related parties except as disclosed elsewhere in this Annual Report. 

Recently Issued Accounting Pronouncements
 
           From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), or other standard setting bodies, which are adopted by us as of the specified effective date.  Unless otherwise discussed, the Company’s management believes the impact of recently issued standards not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption.

             
           FASB ASU No. 2012-02.  In July 2012, the FASB issued ASU No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This new accounting standard allows companies to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. Under the guidance in ASU 2012-02, an entity has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. The Company is currently evaluating the effect of this ASU on its consolidated financial statements.

Impact of Inflation
 
The primary inflationary factor affecting our operations is labor costs and we do not believe that inflation has materially affected earnings during the past four years. Substantial increases in costs and expenses, particularly labor and operating expenses, could have a significant impact on our operating results to the extent that such increases cannot be passed along to customers and end users.
 
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Each of our contracts require payment in U.S. dollars.  We therefore do not engage in hedging transactions to reduce our exposure to changes in currency exchange rates, although in the event any future contracts are denominated in a foreign currency, we may do so in the future.  As a result, our financial results are not affected by factors such as changes in foreign currency exchange rates. 

 
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 
           Our consolidated financial statements as of and for the years ended December 31, 2012 and 2011 and the report of our independent registered public accounting firm are included in Item 15 of this Annual Report.
 
ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
      
           Not Applicable.
 
ITEM 9A.
CONTROLS AND PROCEDURES
 
(a)
Evaluation of Disclosure Controls and Procedures.
  
 
            Under the supervision and with the participation of our Management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operations of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of December 31, 2012. Based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports submitted under the Securities and Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.  In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework.

(b)
Management's Annual Report on Internal Control over Financial Reporting.  
 
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes of accounting principles generally accepted in the United States.
 
This Annual Report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to an exemption for smaller reporting companies under Section 989G of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.
 
Our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our internal control over financial reporting as of December 31, 2012. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2012, our internal control over financial reporting was effective.

(c)
Changes in Internal Controls over Financial Reporting.
 
The Company’s Chief Executive Officer and Chief Financial Officer have determined that there have been no changes, in the Company’s internal control over financial reporting during the period covered by this report identified in connection with the evaluation described in the above paragraph that have materially affected, or are reasonably likely to materially affect, Company’s internal control over financial reporting.
 
ITEM 9B.
OTHER INFORMATION

Not applicable.
 
PART III
 
ITEM 10. 
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 
The information required by this item will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders to be filed within 120 days after our fiscal year end and is incorporated in this report by reference.
 
ITEM 11. 
EXECUTIVE COMPENSATION
 
The information required by this item will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders to be filed within 120 days after our fiscal year end and is incorporated in this report by reference.
 
ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS
 
The information required by this item will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders to be filed within 120 days after our fiscal year end and is incorporated in this report by reference.
 
ITEM 13. 
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
 
The information required by this item will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders to be filed within 120 days after our fiscal year end and is incorporated in this report by reference.
 
ITEM 14. 
PRINCIPAL ACCOUNTING FEES AND SERVICES
 
The information required by this item will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders to be filed within 120 days after our fiscal year end and is incorporated in this report by reference.

 
PART IV
 
ITEM 15.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 
(a)
The following documents are filed as part of this annual report:
 
Exhibit No.
  
Description
2.1  
Agreement and Plan of Merger, dated October 27, 2005 (incorporated by reference to Annex A to the Company’s Definitive Proxy Statement on Schedule 14A, filed November 15, 2005).
3.1  
Certificate of Incorporation (incorporated by reference to Annex B to the Company’s Definitive Proxy Statement on Schedule 14A, filed November 15, 2005).
3.2  
Certificate of Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed October 14, 2011).
3.3  
Bylaws (incorporated by reference to Annex C to the Company’s Definitive Proxy Statement on Schedule 14A, filed November 15, 2005).
3.4  
Certificate of Designations of Preferences, Rights and Limitations of Series C 8% Convertible Preferred Stock dated November 2, 2006 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed November 20, 2006).
3.5  
Certificate of Designations of Preferences, Rights and Limitations of Series C 8% Convertible Preferred Stock dated November 2, 2006, as amended (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed November 20, 2006).
3.6  
Certificate of Designations of Preferences, Rights and Limitations of Series C 8% Convertible Preferred Stock, as amended (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed October 14, 2011).
3.7  
Certificate of Designations of Preferences, Rights and Limitations of Series D 8% Convertible Preferred Stock dated March 8, 2007 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed March 15, 2007).
3.8  
Certificate of Designations of Preferences, Rights and Limitations of Series D 8% Convertible Preferred Stock, as amended, dated February 10, 2009, (incorporated by reference to Exhibit 3.8 to the Company’s Current Report on Form 10-K, filed January 17, 2012).
3.9  
Certificate of Designations of Preferences, Rights and Limitations of Series D 8% Convertible Preferred Stock, as amended (incorporated by reference to Exhibit 3.3 to the Company's Current Report on Form 8-K filed October 14, 2011).
4.1  
Warrant to Purchase Common Stock in favor of Imperial Bank, dated January 15, 1998 (incorporated by reference to Exhibit 10.42 to the Company’s Registration Statement on Form SB-2 (No. 333-93131), filed December 20, 1999, as amended).
4.2  
Registration Rights Agreement, dated March 9, 2007, by and between the Company and certain accredited investors (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed March 15, 2007).
4.3  
Registration Rights Agreement, dated September 25, 2007, by and between the Company and certain accredited investors (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed September 26, 2007).
4.4  
Form of Warrant to Purchase Common Stock dated September 25, 2007 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, filed September 26, 2007).
4.5  
Form of Warrant to Purchase Common Stock dated September 5, 2008 (incorporated by reference to Exhibit 4.19 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
4.6  
Form of Warrant to Purchase Common Stock dated November 14, 2008 (incorporated by reference to Exhibit 4.20 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
4.7  
Registration Rights Agreement, dated February 12, 2009, between the Company and BET Funding, LLC (incorporated by reference to Exhibit 4.21 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
4.8  
Warrant to Purchase Common Stock, dated February 12, 2009, issued by the Company to BET Funding, LLC (incorporated by reference to Exhibit 4.22 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
4.9  
Warrant to Purchase Common Stock, dated June 22 2009, issued by the Company to BET Funding, LLC (incorporated by reference to Exhibit 4.24 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
4.10  
Warrant to Purchase Common Stock, dated October 5, 2009, issued by the Company to BET Funding, LLC (incorporated by reference to Exhibit 4.25 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
4.11  
Warrant to Purchase Common Stock, dated December 12, 2011(incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on December 21, 2011).
4.12  
Registration Rights Agreement, dated December 12, 2011, by and between the Company and certain accredited investors (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K, filed December 21, 2011).
4.13  
Form of Amendment to Warrant, dated December 14, 2011, (incorporated by reference to Exhibit 4.15 to the Company’s Current Report on Form 10-K, filed January 17, 2012).
4.14  
Form of Amendment to Warrant, dated March 21, 2012, filed herewith.
4.15   Warrant to Purchase Common Stock, dated March 28, 2013 issued by the Company to Neal Goldman, filed herewith. 
10.1  
Employment Agreement, dated September 27, 2005, between the Company and S. James Miller (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed September 30, 2005).
10.2  
Employment Agreement, dated September 27, 2005, between the Company and Wayne G. Wetherell (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed September 30, 2005).
10.3  
Change of Control and Severance Benefits Agreement, dated October 31, 2005, between Company and Charles Aubuchon (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed November 3, 2005).
10.4  
Form of Indemnification Agreement entered into by the Company with its directors and executive officers (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form SB-2 (No. 333-93131), filed December 20, 1999, as amended).
10.5  
Amended and Restated 1999 Stock Plan Award (incorporated by reference to Appendix B of the Company’s Definitive Proxy Statement on Schedule 14A, filed November 21, 2007).
10.6  
Form of Stock Option Agreement (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed July 14, 2005).
10.7  
2001 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-QSB, filed November 14, 2001).
10.8  
Securities Purchase Agreement, dated September 25, 2007, by and between the Company and certain accredited investors (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed September 26, 2007).
10.9  
Office Space Lease between I.W. Systems Canada Company and GE Canada Real Estate Equity dated July 25, 2008 (incorporated by reference to Exhibit 10.39 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.10  
Form of Securities Purchase Agreement, dated August 29, 2008 by and between the Company and certain accredited investors (incorporated by reference to Exhibit 10.40 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.11  
Change of Control and Severance Benefits Agreement, dated September 27, 2008, between Company and Charles Aubuchon (incorporated by reference to Exhibit 10.41 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.12  
Change of Control and Severance Benefits Agreement, dated September 27, 2008, between Company and David Harding (incorporated by reference to Exhibit 10.42 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.13  
First Amendment to Employment Agreement, dated September 27, 2008, between the Company and S. James Miller (incorporated by reference to Exhibit 10.43 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.14  
First Amendment to Employment Agreement, dated September 27, 2008, between the Company and Wayne Wetherell (incorporated by reference to Exhibit 10.44 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.15  
Form of Convertible Note dated November 14, 2008 (incorporated by reference to Exhibit 10.45 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.16  
Second Amendment to Change of Control and Severance Benefits Agreement, dated April 6, 2009, between Company and Charles Aubuchon (incorporated by reference to Exhibit 10.48 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.17  
Second Amendment to Change of Control and Severance Benefits Agreement, dated April 6, 2009, between Company and David Harding (incorporated by reference to Exhibit 10.49 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.18  
Second Amendment to Employment Agreement, dated April 6, 2009, between the Company and S. James Miller (incorporated by reference to Exhibit 10.50 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.19  
Second Amendment to Employment Agreement, dated April 6, 2009, between the Company and Wayne Wetherell (incorporated by reference to Exhibit 10.51 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.20  
Office Space Lease between the Company and Allen W. Wooddell, dated July 25, 2008 (incorporated by reference to Exhibit 10.54 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.21  
Third Amendment to Change of Control and Severance Benefits Agreement, dated December 10, 2009, between Company and Charles Aubuchon (incorporated by reference to Exhibit 10.58 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.22  
Third Amendment to Change of Control and Severance Benefits Agreement, dated December 10, 2009, between Company and David Harding (incorporated by reference to Exhibit 10.59 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.23  
Third Amendment to Employment Agreement, dated December 10, 2009, between the Company and S. James Miller (incorporated by reference to Exhibit 10.60 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.24  
Third Amendment to Employment Agreement, dated December 10, 2009, between the Company and Wayne Wetherell (incorporated by reference to Exhibit 10.61 to the Company’s Annual Report on Form 10-K, filed February 24, 2010).
10.25  
Securities Purchase Agreement, dated December 12, 2011, by and between the Company and certain accredited investors (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed December 21, 2011).
10.26  
Note Exchange Agreement, dated December 12, 2011, by and between the Company and certain accredited investors (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed December 21, 2011).
10.27  
Fourth Amendment to Employment Agreement, dated March 10, 2011, between the Company and S. James Miller, (incorporated by reference to Exhibit 10.40 to the Company’s Annual Report on Form 10-K, filed January 17, 2012).
10.28  
Fourth Amendment to Employment Agreement, dated March 10, 2011, between the Company and Wayne Wetherell, (incorporated by reference to Exhibit 10.41 to the Company’s Annual Report on Form 10-K, filed January 17, 2012).
10.29  
Fourth Amendment to Employment Agreement, dated March 10, 2011, between the Company and David Harding, (incorporated by reference to Exhibit 10.42 to the Company’s Annual Report on Form 10-K, filed January 17, 2012).
10.30  
Fourth Amendment to Employment Agreement, dated March 10, 2011, between the Company and Charles Aubuchon, (incorporated by reference to Exhibit 10.43 to the Company’s Annual Report on Form 10-K, filed January 17, 2012).
10.31  
Fifth Amendment to Employment Agreement, dated January 31, 2012, between the Company and S. James Miller, Jr., (incorporated by reference to Exhibit 10.44 to the Company’s Annual Report on Form 10-K, filed April 4, 2012.
10.32  
Fifth Amendment to Employment Agreement, dated January 31, 2012, between the Company and Wayne Wetherell, (incorporated by reference to Exhibit 10.45 to the Company’s Annual Report on Form 10-K, filed April 4, 2012.
10.33  
Fifth Amendment to Employment Agreement, dated January 31, 2012, between the Company and Charles AuBuchon, (incorporated by reference to Exhibit 10.46 to the Company’s Annual Report on Form 10-K, filed April 4, 2012.
10.34  
Fifth Amendment to Employment Agreement, dated January 31, 2012, between the Company and David Harding, (incorporated by reference to Exhibit 10.47 to the Company’s Annual Report on Form 10-K, filed April 4, 2012.
10.35  
Sixth Amendment to Employment Agreement, dated July 9, 2012, between the Company and Charles AuBuchon, (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K, filed July 10, 2012).
10.36   Sixth Amendment to Employment Agreement, dated July 9, 2012, between the Company and David Harding, (incorporated by reference to Exhibit 99.2 to the Company's Current Report on Form 8-K, filed July 10, 2012).
10.37  
Sixth Amendment to Employment Agreement, dated July 9, 2012, between the Company and Wayne Wetherell, (incorporated by reference to Exhibit 99.3 to the Company's Current Report on Form 8-K, filed July 10, 2012).
10.38  
Employment Agreement, dated January 1, 2013, between the Company and Wayne Wetherell (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed March 7, 2013).
10.39  
Employment Agreement, dated January 1, 2013, between the Company and Charles AuBuchon (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed March 7, 2013).
10.40  
Employment Agreement, dated January 1, 2013, between the Company and David Harding (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed March 7, 2013).
10.41  
Convertible Promissory Note dated March 27, 2013 issued by the Company to Neal Goldman, filed herewith.
21.1  
List of Subsidiaries (incorporated by referenced to Exhibit 21.1 to the Company’s Annual Report on Form 10-K filed February 24, 2010).
23.1  
Consent of Independent valuation firm.
23.2   Consent of Independent Registered Public Accounting Firm.
31.1  
Certification of CEO as Required by Rule 13a-14(a)/15d-14, filed herewith
31.2  
Certification of CFO as Required by Rule 13a-14(a)/15d-14, filed herewith.
32.1  
Certification of CEO as Required by Rule 13a-14(a) and Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code, filed herewith.
32.2  
Certification of CFO as Required by Rule 13a-14(a) and Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code, filed herewith.
101.INS*
  
XBRL Instance Document
101.SCH*
  
XBRL Taxonomy Extention Schema
101.CAL*
  
XBRL Taxonomy Extention Calculation Linkbase
101.DEF*
  
XBRL Taxonomy Extention Definition Linkbase
101.LAB*
  
XBRL Taxonomy Extention Label Linkbase
101.PRE*
  
XBRL Taxonomy Extention Presentation Linkbase
 
*Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability.
 
SIGNATURES
 
           In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Registrant
 
Date: April 1, 2013
  
ImageWare Systems, Inc.
 
/s/ S. James Miller, Jr.
   
S. James Miller, Jr.
   
Chief Executive Officer (Principal Executive Officer), President
 
Date: April 1, 2013
  
/s/ Wayne Wetherell
   
Wayne Wetherell
   
Chief Financial Officer (Principal Financial Officer)
 
           In accordance with the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated.

Date: April 1, 2013
  
/s/ S. James Miller, Jr.
   
S. James Miller, Jr.
   
Chairman of the Board
 
Date: April 1, 2013
  
/s/ David Loesch
   
David Loesch
   
Director

Date: April 1, 2013
  
/s/ Steve Hamm
   
Steve Hamm
   
Director
   
 
/s/ David Carey
Date: April 1, 2013
  
David Carey
   
Director
   
 
/s/ John Cronin
Date: April 1, 2013
  
John Cronin
   
Director
   
 
/s/ Neal Goldman
Date: April 1, 2013
  
John Cronin
   
Director
   
 
/s/ Charles Crocker
Date: April 1, 2013
  
John Cronin
   
Director


IMAGEWARE SYSTEMS, INC.
INDEX TO FINANCIAL STATEMENTS
 
   
Page
Number
  
Report of Independent Registered Public Accounting Firm
   F-2  
       
Consolidated Balance Sheets as of December 31, 2012 and 2011
   F-3  
       
Consolidated Statements of Operations for the years ended December 31, 2012 and 2011
   F-4  
       
Consolidated Statements of Comprehensive Loss for the years ended December 31, 2012 and 2011
   F-5  
       
Consolidated Statements of Shareholders’ Equity (Deficit) for the years ended December 31, 2012 and 2011
   F-6  
       
Consolidated Statements of Cash Flows for the years ended December 31, 2012 and 2011
   F-8  
       
Notes to Consolidated Financial Statements
   F-9  
 


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Board of Directors and Stockholders of
ImageWare Systems, Inc.

We have audited the accompanying consolidated balance sheets of ImageWare Systems, Inc. as of December 31, 2012 and 2011, and the related consolidated statements of operations, comprehensive loss, shareholders' equity (deficit),  and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of ImageWare Systems, Inc. as of December 31, 2012 and 2011, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
 
/s/ Mayer Hoffman McCann P.C.
San Diego, California
April 1, 2013
 

IMAGEWARE SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
   
December 31,
    
December 31,
  
2012
2011
ASSETS
            
Current Assets:
            
Cash and cash equivalents
  
$
4,225
    
$
6,773
  
Accounts receivable, net of allowance for doubtful accounts of $3 and $4 at December 31, 2012 and December 31, 2011, respectively
    
328
      
348
  
Inventory, net
    
262
      
45
  
Other current assets
    
86
      
66
  
Total Current Assets
    
4,901
      
7,232
  
                 
Property and equipment, net
    
150
      
18
  
Other assets
    
44
      
58
  
Intangible assets, net of accumulated amortization
    
200
      
63
  
Goodwill
    
3,416
      
3,416
  
Total Assets
  
$
8,711
    
$
10,787
  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
                
                 
Current Liabilities:
                
Accounts payable
  
$
759
    
$
1,103
  
Deferred revenue
    
1,561
      
1,066
  
Accrued expenses
    
1,266
      
2,005
  
Notes payable to related parties
    
65
      
110
  
Total Current Liabilities
    
3,651
      
4,284
  
                 
Derivative liabilities
    
2,244
      
11,824
  
Pension obligation
    
401
      
391
  
Other long-term liabilities
    
72
      
— 
  
Total Liabilities
    
6,368
      
16,499
  
                 
Shareholders’ equity (deficit):
                
Preferred stock, authorized 4,000,000 shares:
                
Series B convertible preferred stock, $0.01 par value;   designated 750,000 shares, 389,400 shares issued, and 239,400 shares outstanding at December 31, 2012 and  2011, respectively; liquidation preference $607 and $786 at December 31, 2012 and 2011, respectively
    
2
      
2
  
Common stock, $0.01 par value, 150,000,000  shares authorized at December 31, 2012 and 2011; 76,646,553 and 67,995,620 shares issued at December 31, 2012 and 2011, respectively, and 76,639,849 and 67,988,916 shares outstanding at December 31, 2012 and 2011, respectively
    
765
      
679
  
Additional paid-in capital
    
120,182
      
101,720
  
Treasury stock, at cost 6,704 shares
    
(64
)
    
(64
)
Accumulated other comprehensive loss
    
(139
)
    
(65
)
Accumulated deficit
    
(118,403
)
    
(107,984
)
Total Shareholders’ Equity (Deficit)
    
2,343
      
(5,712
)
                 
Total Liabilities and Shareholders’ Equity (Deficit)
  
$
8,711
    
$
10,787
  

The accompanying notes are an integral part of these consolidated financial statements.
IMAGEWARE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)

   
Year Ended December 31, 2012
    
Year Ended December 31, 2011
  
Revenues:
            
Product
   $ 1,145     $ 2,596  
Maintenance
     2,806       2,878  
      3,951       5,474  
Cost of revenues:
                
Product
     227       459  
Maintenance
     975       935  
Gross profit
     2,749       4,080  
                 
Operating expenses:
                
General and administrative
     3,430       2,327  
Sales and marketing
     1,830       1,404  
Research and development
     3,180       2,664  
Depreciation and amortization
     69       28  
      8,509       6,423  
Loss from operations
     (5,760 )     (2,343 )
                 
Interest expense
     18       4,851  
Change in fair value of derivative liabilities
     4,712       (3,970 )
Other income, net
     (322 )     (25 )
Loss before income taxes
     (10,168 )     (3,199 )
                 
Income tax (benefit) expense
     22       (19 )
Net loss
   $ (10,190 )   $ (3,180 )
Preferred dividends
     (51 )     (383 )
Net loss available to common shareholders
   $ (10,241 )   $ (3,563 )
                 
Basic and diluted loss per common share — see Note 2:
                
Net loss
   $ (0.14 )   $ (0.12 )
Preferred dividends
     —       (0.01 )
Basic and diluted loss per share available to common shareholders
   $ (0.14 )   $ (0.13 )
Basic and diluted weighted-average shares outstanding
     70,894,916       27,316,475  

The accompanying notes are an integral part of these consolidated financial statements.
 
IMAGEWARE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)

   
Year Ended December 31,
    
Year Ended December 31,
  
   
2012
    
2011
  
             
Net loss
  
$
(10,190
)
  
$
(3,180
)
Other comprehensive income (loss):
                
Additional minimum pension liability
    
1
      
(28
) 
Foreign currency translation adjustment
    
(75
) 
    
25
  
Comprehensive loss
  
$
(10,264
)
  
$
(3,183
)

The accompanying notes are an integral part of these consolidated financial statements.

IMAGEWARE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2012 AND DECEMBER 31, 2011
(In thousands, except share amounts)
                 
Treasury Stock
    
Addi-tional Paid-In Capital
  
Accum-
ulated
Other Compre-
hensive Loss
    
Accum-ulated Deficit
    
Total
  
Series B Convertible, Redeemable Preferred
  
Series C Convertible, Preferred
  
Series D Convertible, Preferred
  
Common Stock
 
Shares
  
Amount
  
Shares
  
Amount
  
Shares
  
Amount
  
Shares
  
Amount
  
Shares
    
Amount
                
                                                                   
Balance at December 31, 2010
239,400
 $
2
  
2,200
$
-
  
2,085
  
-
  
23,845,481
$
237
  
(6,704
)
$
(64
)
$
85,186
$
(62
) 
$
(103,205
)
  
 
 
$
 
 
(17,906
 
 
)
Issuance of common
stock
for cash,
net of
derivative liabilities and transaction
costs of
$706
-
  
-
  
-
  
- 
  
-
  
-
  
18,500,000
  
185
  
-
    
-
    
2,734
  
-
    
-
      
2,919
  
Conversion
of preferred stock into common
-
  
-
  
(2,200)
  
-
  
(2,085)
  
-
  
11,768,525
  
118
  
-
    
-
    
1,481
  
-
    
(1,599)
      
-
  
Issuance of common
stock
pursuant to warrant
exercises
-
  
-
  
-
  
-
  
-
  
-
  
1,310,000
  
13
  
-
    
-
    
642
  
-
    
-
      
655
  
Issuance of common
stock
pursuant to cashless
warrant
exercises
-
  
-
  
-
  
-
  
-
  
-
  
1,194,547
  
12
  
-
    
-
    
(12)
  
-
    
-
      
-
  
Beneficial conversion
feature of convertible
debt
-
  
-
  
-
  
-
  
-
  
-
  
-
  
-
  
-
    
-
    
188
  
-
    
-
      
 
188
  
Issuance of common
stock pursuant to repayment
of debt
-
  
-
  
-
  
-
  
-
  
-
  
1,500,000
  
15
  
-
    
-
    
735
  
-
    
-
      
750
  
Issuance of common
stock pursuant to conversion of accrued interest
-
  
-
  
-
  
-
  
-
  
-
  
774,559
  
8
  
-
    
-
    
379
  
-
    
-
      
387
  
Issuance of common
stock pursuant to conversion
of debt
-
  
-
  
-
  
- 
  
-
  
-
  
9,000,000
  
90
  
-
    
-
    
4,410
  
-
    
-
      
4,500
  
Issuance of common
stock
in lieu of
cash for financing transaction
costs
-
  
-
  
-
  
-
  
-
  
-
  
90,000
  
1
  
-
    
-
    
(1)
  
-
    
-
      
-
  
Recission of previously
issued
restricted
stock grants
-
  
-
  
-
  
-
  
-
  
-
  
(12,079)
  
-
  
-
    
-
    
-
  
-
    
-
      
-
  
Reclassification
of previously bifurcated conversion option of preferred stocks and warrants
-
  
-
  
-
  
-
  
-
  
-
  
-
      
-
    
-
    
5,672
  
-
    
-
      
5,672
  
Issuance of common stock pursuant to option exercises
-
  
-
  
-
  
-
  
-
  
-
  
14,587
      
-
    
  ,
    
4
  
-
    
-
      
4
  
Issuance of common
stock as compensation in lieu of cash
-
  
-
  
-
  
-
  
-
  
-
  
10,000
      
-
    
,
    
13
  
-
    
-
      
13
  
Stock-based compensation
expense
-
  
-
  
-
  
-
  
-
  
-
  
-
      
-
    
-
    
289
  
- 
    
-
      
289
  
Additional minimum pension liability
-
  
-
  
-
  
-
  
-
  
-
  
-
      
-
    
-
    
-
  
(28)
    
-
      
(28
) 
Foreign currency translation adjustment
-
  
-
  
-
  
-
  
-
  
-
  
-
      
-
    
-
    
-
  
25
    
-
      
25
  
Net loss
-
  
-
  
 -
  
-
  
-
  
-
  
-
      
-
    
-
    
-
  
-
    
(3,180)
      
(3,180
) 
Balance at December 31, 2011
239,400
 $
2
  
 -
  
-
    
$
-
  
67,995,620
 $
679 
 
(6,704
)
$
(64
)
$
101,720
  
(65)
  
$
(107,984)
    
$
(5,712
) 
 
The accompanying notes are an integral part of these consolidated financial statements.
IMAGEWARE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2012 AND DECEMBER 31, 2011
(In thousands, except share amounts)
(continued)
 
Series B Convertible, Redeemable Preferred
  
Series C Convertible, Preferred
  
Series D Convertible, Preferred
  
Cmmon Stock
  
Treasury Stock
  
Addi-
tional
Paid-In Capital
Accum-ulated Other Comp-rehensive Loss
    
Accum-ulated Deficit
  
Total
 
Shares
  
Amount
  
Shares
  
Amount
  
Shares
  
Amount
  
Shares
  
Amount
  
Shares
  
Amount
              
                                                                     
Balance at December 31, 2011
239,400
  
 $
2
  
 -
  
 $
-
  
- 
  
$
-
  
67,995,620 
  
$
679 
  
(6,704)
  
$
(64)
  
$
101,720
(65)
  
$
(107,984)
  
$
(5,712)
Issuance of common stock pursuant to warrant
exercises
-
    
-
  
-
    
-
  
-
    
-
  
7,052,647
    
70
  
-
    
-
    
3,457
-
    
-
    
3,527
Issuance of common stock
pursuant to cashless warrant
-
    
-
  
-
    
-
  
-
    
-
  
1,573,362
    
16
  
-
    
-
    
688
-
    
-
    
704
exercises
      
Issuance of common stock pursuant to
option exercises
-
    
-
  
-
    
-
  
-
    
-
  
24,924
    
-
    
-
    
-
  
7
-
    
-
    
7
Warrants
issued to
consultants as compensation
-
    
-
  
-
    
-
  
-
    
-
  
-
    
-
    
-
    
-
  
27
-
    
-
    
27
Warrants
issued as consideration for asset purchase
-
    
-
  
-
    
-
  
-
    
-
  
-
    
-
    
-
    
-
  
87
-
    
-
    
87
Reclassi-fication
of warrants previously classified as derivative liabilities
-
    
-
  
-
    
-
  
-
    
-
  
-
    
-
    
-
    
-
  
13,588
-
    
-
    
13,588
Stock-based compensation 
-
    
-
  
-
    
-
  
-
    
-
  
-
    
-
    
-
    
-
  
608
-
    
-
    
608
expense
      
Additional minimum pension liability
-
    
-
  
-
    
-
  
-
    
-
  
-
    
-
    
-
    
-
  
-
1
    
-
    
1
Foreign currency translation adjustment
-
    
-
  
-
    
-
  
-
    
-
  
-
    
-
    
-
    
-
  
-
(75
)
  
-
    
(75)
Dividends on preferred stock
-
    
-
  
-
    
-
  
-
    
-
  
-
    
-
    
-
    
-
  
-
-
    
(229
)
  
(229)
Net loss
-
    
-
  
 -
    
- 
  
- 
    
 -
  
 -
    
- 
  
- 
    
- 
    
-
-
    
(10,190
)
  
(10,190)
Balance at December 31, 2012
239,400
   $
2
  
-
   $
-
  
-
   $
-
  
 76,646,553
   $
765
  
(6,704)
   $
(64)
    
$120,182
$   (139)
   $
(118,403)
   $
2,343
 
The accompanying notes are an integral part of these consolidated financial statements.
 
IMAGEWARE SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Cash flows from operating activities
  
Year Ended December 31, 2012
    
Year Ended December 31, 2011
  
Net loss
   $ (10,190 )   $ (3,180 )
Adjustments to reconcile net loss to net cash used by operating activities:
                
Depreciation and amortization
     69       28  
Amortization of debt discounts and debt issuance costs
     15       4,448  
Stock based compensation
     608       289  
Change in fair value of derivative liabilities
     4,712       (3,970 ) 
Reduction in accounts payable from expiration of statute of limitations
     (336 )     —  
Stock and warrants issued in lieu of cash
     27       13  
Change in assets and liabilities
                
  Accounts receivable
     20       (109 ) 
  Inventory
     (217 )      (33 ) 
  Other assets
     (20 )      (9 ) 
  Accounts payable
     (8 )      (58 ) 
  Accrued expenses
     (737 )      570  
  Deferred revenue
     494       (7 ) 
  Billings in excess of costs and estimated earnings on uncompleted contracts
     —       (241 ) 
  Pension obligation
     10       (10 ) 
                 
Total adjustments
     4,637       911  
                 
Net cash used by operating activities
     (5,553 )     (2,269 )
                 
Cash flows from investing activities
                
Purchase of property and equipment
     (181 )     (11 )
                 
Net cash used by investing activities
     (181 )     (11 )
                 
Cash flows from financing activities
                
Proceeds from issuance of notes payable
     —       1,250  
Repayment of notes payable
     (45 )      (1,500 )
Proceeds from issuance of common stock and warrants, net
     —       8,544  
Proceeds from exercise of stock options
     7       4  
Dividends paid
     (229 )     —  
Proceeds from exercise of stock purchase warrants
     3,527       655  
                 
Net cash provided by financing activities
     3,260       8,953  
                 
Effect of exchange rate changes on cash and cash equivalents
     (74 )      (3 ) 
Net increase (decrease) in cash and cash equivalents
     (2,548 )      6,670  
        Cash and cash equivalents at beginning of year
     6,773       103  
        Cash and cash equivalents at end of year
   $ 4,225     $ 6,773  
 
        Supplemental disclosure of cash flow information:
                
        Cash paid for interest
  
$
—
    
$
—
  
        Cash paid for income taxes
  
$
—
    
$
—
  
        Summary of non-cash investing and financing activities:
                
        Conversion of notes payable and related interest to common stock
  
$
—
    
$
5,637
  
        Beneficial conversion feature of convertible debt
  
$
—
    
$
188
  
Warrants issued for intangible asset purchase
  
$
87
    
$
—
  
Contingent royalty payment
  
$
72
    
$
—
  
Acquisition of intangible assets with warrants
  
$
(159
)
  
$
—
  
Issuance of common stock pursuant to cashless warrant exercises
  
$
704
    
$
12
  
Conversion of preferred stock into common stock
  
$
—
    
$
1,599
  
Reclassification of warrants previously classified as derivative liabilities to additional paid-in capital
  
$
13,588
    
$
—
  
Reclassification of previously bifurcated conversion option on warrants and preferred stocks
  
$
 —    
$
5,672
  
Warrants issued with notes payable
  
$
—
    
$
188
  

The accompanying notes are an integral part of these consolidated financial statements.
 
IMAGEWARE SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2012 AND 2011

1.    DESCRIPTION OF BUSINESS AND OPERATIONS
 
         Overview
 
         ImageWare Systems, Inc. (the “Company”) is incorporated in the state of Delaware. The Company is a pioneer and leader in the emerging market for biometrically enabled software-based identity management solutions. Using those human characteristics that are unique to us all, the Company creates software that provides a highly reliable indication of a person’s identity. The Company’s “flagship” product is the patented IWS Biometric Engine®. The Company’s products are used to manage and issue secure credentials, including national IDs, passports, driver licenses and access control credentials. The Company’s products also provide law enforcement with integrated mug shot, fingerprint LiveScan and investigative capabilities. The Company also provides comprehensive authentication security software using biometrics to secure physical and logical access to facilities or computer networks or Internet sites. Biometric technology is now an integral part of all markets the Company addresses and all of the products are integrated into the IWS Biometric Engine.
 
         Recent Developments

         Fujitsu Relationship
 
         On August 20, 2012, the Company and Fujitsu Frontech North America Inc. (“Fujitsu”) executed an original equipment manufacturer, or OEM, licensing agreement. Subsequently, on September 6, 2012, the Company received certification to run its patented Biometric Engine® across Fujitsu’s NuVola Private Cloud Platform.  Utilization of the NuVola Cloud Platform will allow the Biometric Engine to rapidly and securely deploy biometric security information to users.

 Additional Intellectual Property 
 
 In addition to our eight issued U.S. and foreign patents, we recently filed three new patent applications surrounding new “Anonymous Matching” technologies.  These technologies will allow biometric matching for identity verification while protecting the privacy of an individual.  It is our belief that such technology will be critical to providing biometric management solutions for the consumer market where privacy protection has been a historical issue and barrier to biometric adoption.

 In June 2012, the Company entered into an asset purchase agreement with Vocel, Inc., a Delaware Corporation (“Vocel”), whereby the Company purchased from Vocel software, trademarks and four U.S. patents relating to wireless technology. These patents, combined with the Company’s existing foundational patents in the areas of biometric identification, verification, enrollment and fusion, provide a unique and protected foundation on which to build interactive mobile applications that are secured using biometrics.
 
         The combination of our biometric identification technologies and wireless technologies has led to the development of the IWS Interactive Messaging System, which is a push application platform secured by biometrics that transforms mobile devices into a complete mobile ID, enabling companies to create applications that allow a range of unprecedented activities – from secure sharing of sensitive information to biometrically securing a mobile wallet.
 
         Liquidity and Capital Resources
 
         On December 20, 2011, we consummated an equity financing resulting in gross proceeds of $10.0 million (“Qualified Financing”), including the $750,000 of promissory notes converted into the Qualified Financing. In connection with the Qualified Financing, we issued 20,000,000 shares of our common stock (the “Shares”), and warrants to purchase 12,207,500 shares of common stock exercisable for $0.50 per share (“Warrants”), which number includes 2,207,500 shares issuable upon exchange of warrants issued to MDB Capital Group in consideration for acting as placement agent in connection with the Qualified Financing. We also issued 90,000 shares of common stock and a warrant exercisable for 45,000 shares of common stock in lieu of cash in payment for legal fees related to the Qualified Financing. We also issued a warrant to purchase 250,000 shares of the Company’s common stock at an exercise price of $0.50, which expires two years from the date of grant, to a significant investor to cover certain expenses related to and in anticipation of the Qualified Financing. The net proceeds from the Qualified Financing were approximately $8,544,000, of which, $1,500,000 was then used to repay certain convertible notes payable. As of December 31, 2012, all debt other than the $65,000 in related party notes payable had been converted to common stock or repaid. In addition, in connection with the Qualified Financing, (i) the anti-dilution provision contained in certain of our existing warrants were amended resulting in such warrants no longer qualifying as derivative liabilities; and (ii) a significant investor ("Investor") exchanged $4.5 million principal amount of convertible promissory notes of the Company ("Exchanged Notes"), and accrued but unpaid interest on the Exchanged Notes and on an additional $2.25 million in promissory notes, into 9,774,559 shares of our common stock ("Exchange Shares"). The Investor also agreed to convert $750,000 principal amount of additional promissory notes held by the Investor and invest the proceeds into the Qualified Financing.
 
In addition, on September 10, 2012, the Investor exercised warrants to purchase an aggregate total of 7.0 million shares of our common stock, resulting in $3,500,000 of net proceeds to the Company.  At December 31, 2012, our principal sources of liquidity consisted of cash and cash equivalents of $4,225,000 and accounts receivable, net of $328,000.  As of December 31, 2012, we had positive working capital of $1,250,000 which included $1,561,000 of deferred revenue.  This compares to positive working capital of $2,948,000 during the corresponding period in 2011. Historically, our principal sources of cash have included customer payments from the sale of our products, proceeds from the issuance of common and preferred stock and proceeds from the issuance of debt. Our principal uses of cash have included cash used in operations, payments relating to purchases of property and equipment and repayments of borrowings. We expect that our principal uses of cash in the future will be for product development including customization of identity management products for enterprise and consumer applications, further development of intellectual property, development of SaaS capabilities for existing products as well as general working capital and capital expenditure requirements. We expect that, as our revenues grow, our sales and marketing and research and development expenses will continue to grow and, as a result, we will need to generate significant net revenues to achieve and sustain income from operations.
 
In March 2013, the Company entered into a new unsecured line of credit agreement with available borrowing of up to $2,500,000. The credit line was extended by an existing shareholder and member of our Board of Directors. Borrowings under the credit facility bear interest of 8% per annum and are due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.

Advances under the credit facility are made at the Company’s request. The line of credit shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance under the terms of this note shall be due and payable upon demand.

As additional consideration for the unsecured line of credit agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.
 
Management believes that the Company’s current cash and cash equivalents will be sufficient to meet working capital and capital expenditure requirements for at least the next 12 months from the date of this filing and that we will have sufficient liquidity to fund our business and meet our contractual obligations over a period beyond the next 12 months.
 
2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
        Principles of Consolidation
 
        The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated.
 
        Operating Cycle
 
        Assets and liabilities related to long-term contracts are included in current assets and current liabilities in the accompanying consolidated balance sheets, although they will be liquidated in the normal course of contract completion which may take more than one operating cycle.
 
        Use of Estimates
 
        The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. Significant estimates include the allowance for doubtful accounts receivable, inventory carrying values, deferred tax asset valuation allowances, accounting for loss contingencies, recoverability of goodwill and acquired intangible assets and amortization periods, assumptions used in the Black-Scholes model to calculate the fair value of share based payments, assumptions used in the application of fair value methodologies to calculate the fair value of derivative liabilities, revenue and cost of revenues recognized under the percentage of completion method and assumptions used in the application of fair value methodologies to calculate the fair value of pension assets and obligations. Actual results could differ from estimates.
 
        Cash and Cash Equivalents
 
        The Company defines cash equivalents as highly liquid investments with original maturities of less than 90 days that are not held for sale in the ordinary course of business.
 
         Accounts Receivable
 
        In the normal course of business, the Company extends credit without collateral requirements to its customers that satisfy pre-defined credit criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. Accounts receivable are considered delinquent when the due date on the invoice has passed. The Company records its allowance for doubtful accounts based upon its assessment of various factors. The Company considers historical experience, the age of the accounts receivable balances, the credit quality of its customers, current economic conditions and other factors that may affect customers’ ability to pay to determine the level of allowance required.  Accounts receivable are written off against the allowance for doubtful accounts when all collection efforts by the Company have been unsuccessful.
 
         Inventories
 
         Inventories are stated at the lower of cost, determined using the average cost method, or market.
 
         Property, Equipment and Leasehold Improvements
 
         Property and equipment, consisting of furniture and equipment, are stated at cost and are being depreciated on a straight-line basis over the estimated useful lives of the assets, which generally range from three to five years. Maintenance and repairs are charged to expense as incurred. Major renewals or improvements are capitalized. When assets are sold or abandoned, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Expenditures for leasehold improvements are capitalized. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements.
 
         Fair Value of Financial Instruments
 
         For certain of the Company’s financial instruments, including accounts receivable, accounts payable, accrued expenses, deferred revenues and notes payable to related parties, the carrying amounts approximate fair value due to their relatively short maturities.
 
         Derivative Financial Instruments
 
         The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.
  
         The Company reviews the terms of the common and preferred stock, warrants and convertible debt it issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.
 
         Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.
 
         The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.


Revenue Recognition

The Company recognizes revenue from the following major revenue sources:

●
Long-term fixed-price contracts involving significant customization
 
●
Fixed-price contracts involving minimal customization

●
Software licensing
 
●
Sales of computer hardware and identification media

●
Postcontract customer support (“PCS”)

The Company’s revenue recognition policies are consistent with U.S. GAAP including the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 985-605, “Software Revenue Recognition”, ASC 605-35 “Revenue Recognition, Construction-Type and Production-Type Contracts”, “Securities and Exchange Commission Staff Accounting Bulletin 104”, and ASC 605-25 “Revenue Recognition, Multiple Element Arrangements”. Accordingly, the Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed or determinable, and collectability is reasonably assured.

The Company recognizes revenue and profit as work progresses on long-term, fixed-price contracts involving significant amount of hardware and software customization using the percentage of completion method based on costs incurred to date compared to total estimated costs at completion. The primary components of costs incurred are third party software and direct labor cost including fringe benefits. Revenues recognized in excess of amounts billed are classified as current assets under “Costs and estimated earnings in excess of billings on uncompleted contracts”. Amounts billed to customers in excess of revenues recognized are classified as current liabilities under “Billings in excess of costs and estimated earnings on uncompleted contracts”. Revenue from contracts for which the Company cannot reliably estimate total costs or there are not significant amounts of customization are recognized upon completion. The Company also generates non-recurring revenue from the licensing of its software. Software license revenue is recognized upon the execution of a license agreement, upon deliverance, when fees are fixed and determinable, when collectability is probable and when all other significant obligations have been fulfilled. The Company also generates revenue from the sale of computer hardware and identification media. Revenue for these items is recognized upon delivery of these products to the customer. The Company’s revenue from periodic maintenance agreements is generally recognized ratably over the respective maintenance periods provided no significant obligations remain and collectability of the related receivable is probable. Pricing of maintenance contracts is consistent period to period and calculated as a percentage of the software or hardware revenue, which is approximately 15% annually.  Amounts collected in advance for maintenance services are included in current liabilities under "Deferred revenue". Sales tax collected from customers is excluded from revenue.
  
Goodwill
 
The Company accounts for its intangible assets under the provisions of ASC 350, “Intangibles - Goodwill and Other”. In accordance with ASC 350, intangible assets with a definite life are analyzed for impairment under ASC 360-10-05 “Property, Plant and Equipment” and intangible assets with an indefinite life are analyzed for impairment under ASC 360 annually, or more often if circumstances dictate. The Company performs its annual goodwill impairment test in the fourth quarter of each year.  In accordance with ASC 350, goodwill, or the excess of cost over fair value of net assets acquired is tested for impairment using a fair value approach at the “reporting unit” level. A reporting unit is the operating segment, or a business one level below that operating segment (referred to as a component) if discrete financial information is prepared and regularly reviewed by management at the component level. The Company’s reporting unit is at the entity level. The Company recognizes an impairment charge for any amount by which the carrying amount of a reporting unit’s goodwill exceeds its fair value. The Company uses fair value methodologies to establish fair values.
 
The Company did not record any goodwill impairment charges for the years ended December 31, 2012 or 2011.


Intangible and Long Lived Assets

Intangible assets are carried at their cost less any accumulated amortization.  Any costs incurred to renew or extend the life of an intangible or long lived asset are reviewed for capitalization.  The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. The Company’s management currently believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products under development will continue. Either of these could result in future impairment of long-lived assets.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. The Company places its cash with high quality financial institutions and at times during the years ended December 31, 2012 and 2011 exceeded the FDIC insurance limits of $250,000 for 2012 and 2011. Sales are typically made on credit and the Company generally does not require collateral. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for doubtful accounts. The Company considers historical experience, the age of the accounts receivable balances, the credit quality of its customers, current economic conditions and other factors that may affect customers’ ability to pay to determine the level of allowance required. Accounts receivable are presented net of an allowance for doubtful accounts of approximately $3,000 and $4,000 at December 31, 2012 and 2011, respectively.

For the year ended December 31, 2012 one customer accounted for approximately 15 % or $611,000 of total revenues and had trade receivables of $0 as of the end of the year.  For the year ended December 31, 2011 one customer accounted for approximately 34% or $1,836,000 of total revenues and had trade receivables of $0 as of the end of the year.

Stock Based Compensation

At December 31, 2012, the Company had two stock-based compensation plans for employees and nonemployee directors, which authorize the granting of various equity-based incentives including stock options and restricted stock.
  
The Company estimates the fair value of its stock options using a Black-Scholes option-pricing model, consistent with the provisions of ASC 718, “Compensation – Stock Compensation”. The fair value of stock options granted is recognized to expense over the requisite service period. Stock-based compensation expense for all share-based payment awards is recognized using the straight-line single-option method. Stock-based compensation expense is reported in operating expenses based upon the departments to which substantially all of the associated employees report and credited to additional paid-in-capital. Stock-based compensation expense related to equity options was approximately $571,000 and $250,000 for the years ended December 31, 2012 and 2011, respectively. In January 2010, the Company issued 847,258 shares of restricted stock to members of management and the Board. These shares will vest quarterly over a three-year period. The restricted shares were issued as compensation for the cancellation of 1,412,096 options held by members of management and the Board. The Company evaluated the exchange in accordance with ASC 718 and determined there was no incremental cost to be recorded in conjunction with the exchange as the fair value of the options surrendered at the modification date exceeded the fair value of the restricted shares issued at the modification date.  The Company recorded approximately $37,000 and $39,000 in compensation expense for the years ended December 31, 2012 and 2011 related to these restricted shares.


ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. The Company has elected to use the Black-Scholes option-pricing model, which incorporates various assumptions including volatility, expected life, and interest rates. The Company is required to make various assumptions in the application of the Black-Scholes option-pricing model. The Company has determined that the best measure of expected volatility is based on the historical weekly volatility of the Company’s common stock. Historical volatility factors utilized in the Company’s Black-Scholes computations for options granted during the years ended December 31, 2012 and 2011 ranged from 99% to 135%. The Company has elected to estimate the expected life of an award based upon the SEC approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 110. The expected term used by the Company during the years ended December 31, 2012 and 2011 was 5.9 years. The difference between the actual historical expected life and the simplified method was immaterial. The interest rate used is the risk free interest rate and is based upon U.S. Treasury rates appropriate for the expected term. Interest rates used in the Company’s Black-Scholes calculations for the years ended December 31, 2012 and 2011 averaged 2.6%. Dividend yield is zero as the Company does not expect to declare any dividends on the Company’s common shares in the foreseeable future.
 
In addition to the key assumptions used in the Black-Scholes model, the estimated forfeiture rate at the time of valuation is a critical assumption. The Company has estimated an annualized forfeiture rate of approximately 0% for corporate officers, 4.1% for members of the Board of Directors and 6.0% for all other employees. The Company reviews the expected forfeiture rate annually to determine if that percent is still reasonable based on historical experience.
 
Income Taxes

Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits and loss carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
 
Foreign Currency Translation

The financial position and results of operations of the Company’s foreign subsidiaries are measured using the foreign subsidiary’s local currency as the functional currency. Revenues and expenses of such subsidiaries have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of shareholders’ equity, unless there is a sale or complete liquidation of the underlying foreign investments. The Company translates foreign currencies of its German, Canadian and Mexican subsidiaries. The cumulative translation adjustment, which is recorded in accumulated other comprehensive income, decreased approximately $75,000 for the year ended December 31, 2012 and increased approximately $25,000 for the year ended December 31, 2011.
 
Comprehensive Income

Comprehensive income consists of net gains and losses affecting shareholders’ deficit that, under generally accepted accounting principles, are excluded from net loss. For the Company, the only items are the cumulative translation adjustment and the additional minimum liability related to the Company’s defined benefit pension plan, recognized pursuant to ASC 715-30, "Compensation - Retirement Benefits - Defined Benefit Plans – Pension".

Advertising Costs

The Company expenses advertising costs as incurred. The Company incurred approximately $12,000 in advertising expenses during the year ended December 31, 2012 and did not incur any advertising expense during the year ended December 31, 2011.


Loss Per Share

Basic loss per common share is calculated by dividing net loss available to common shareholders for the period by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is calculated by dividing net loss available to common shareholders for the period by the weighted-average number of common shares outstanding during the period, adjusted to include, if dilutive, potential dilutive shares consisting of convertible preferred stock, convertible notes payable, stock options and warrants, calculated using the treasury stock and if-converted methods.  For diluted loss per share calculation purposes, the net loss available to commons shareholders is adjusted to add back any preferred stock dividends and any interest on convertible debt reflected in the consolidated statement of operations for the respective periods.

(Amounts in thousands except share and per share amounts)
  
Year Ended December 31,
  
   
2012
    
2011
  
Numerator for basic and diluted loss per share:
            
   Net loss
  
$
(10,190
)
  
$
(3,180
)
   Preferred dividends
    
(51
)
    
(383
)
Net loss available to common shareholders
  
$
(10,241
)
  
$
(3,563
)
                 
Denominator for basic loss per share — weighted-average shares outstanding
    
70,894,916
      
27,316,475
  
Effect of dilutive securities
    
— 
      
—
  
Denominator for diluted loss per share — weighted-average shares outstanding
    
70,894,916 
      
27,316,475
  
                 
Basic and diluted loss per share:
                
Net loss
  
$
(0.14
)
  
$
(0.12
)
Preferred dividends
    
— 
      
(0.01
)
Net loss available to common shareholders
  
$
(0.14
 )  
$
(0.13
)

The Company has excluded the following weighted-average securities from the calculation of diluted loss per share, as their effect would have been antidilutive:
 
 
 
Potential Dilutive Securities:
  
Common Share Equivalents at December 31, 2012
    
Common Share Equivalents at December 31, 2011
  
         Convertible notes payable
     100,018       205,255  
         Convertible preferred stock – Series B
     47,880       58,415  
         Stock options
     1,135,077       1,707,713  
         Restricted stock grants
     324,863       360,000  
         Warrants
     24,996,737       28,453,760  
           Total Potential Dilutive Securities
     26,604,575       30,785,143  
 
          Recently Issued Accounting Standards
 
         From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), or other standard setting bodies, which are adopted by us as of the specified effective date.  Unless otherwise discussed, the Company’s management believes the impact of recently issued standards not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption.

 
         FASB ASU No. 2012-02.  In July 2012, the FASB issued ASU No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This new accounting standard allows companies to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. Under the guidance in ASU 2012-02, an entity has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. The Company is currently evaluating the effect of this ASU on its consolidated financial statements.
 
         Reclassifications
 
         Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications did not affect the Company’s Consolidated Balance Sheets, Consolidated Results of Operations or Consolidated Cash Flows for the years ended December 31, 2012 and 2011.

3.    FAIR VALUE ACCOUNTING
 
         The Company accounts for fair value measurements in accordance with ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements.
 
         ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

 
Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 
Level 2
Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 
Level 3
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
 
 
         The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by ASC 820, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

   
Fair Value at December 31, 2012
  
($ in thousands)
  
Total
    
Level 1
  
Level 2
  
Level 3
  
Assets:
                    
   Pension assets
   $ 1,630     $ 1,630   $ —   $ —  
   Totals
   $ 1,630     $ 1,630   $ —   $ —  
Liabilities:
                            
   Derivative liabilities
   $ 2,244     $ —   $ —   $ 2,244  
   Totals
   $ 2,244     $ —   $ —   $ 2,244  
 
   
Fair Value at December 31, 2011
  
($ in thousands)
  
Total
    
Level 1
  
Level 2
  
Level 3
  
Assets:
                            
   Pension assets
  
$
1,455
    
$
1,455
  
$
—
  
$
—
  
   Totals
  
$
1,455
    
$
1,455
  
$
—
  
$
—
  
Liabilities:
                            
   Derivative liabilities
  
$
11,824
    
$
   —  
$
—
  
$
11,824
  
   Totals
  
$
11,824
    
$
—
  
$
—
  
$
11,824
  

The Company’s pension assets are classified within Level 1 of the fair value hierarchy because they are valued using market prices. The pension assets are primarily comprised of the cash surrender value of insurance contracts. All plan assets are managed in a policyholder pool in Germany by outside investment managers. The investment objectives for the plan are the preservation of capital, current income and long-term growth of capital.
 
As of December 31, 2012, the Company had 5,211,229 outstanding warrants to purchase shares of the Company’s common stock that qualified for derivative liability treatment.  The recorded fair market value of those warrants at December 31, 2012 was approximately $2,244,000 which is reflected as a non-current liability in the consolidated balance sheet as of December 31, 2012. The fair value of the Company’s derivative liabilities are classified within Level 3 of the fair value hierarchy because they are valued using pricing models that incorporate management assumptions that cannot be corroborated with observable market data.  The Company uses Monte-Carlo simulation methodologies and the Black Scholes valuation model in the determination of the fair value of the derivative liabilities.  
 
The Monte-Carlo simulation methodology is affected by the Company’s stock price as well as assumptions regarding the expected stock price volatility over the term of the derivative liabilities in addition to the probability of future financings. The Black Scholes valuation model is affected by the Company’s stock price as well as assumptions regarding the expected stock price volatility over the term of the derivative liabilities in addition to expected dividend yield and risk free interest rates appropriate for the expected term. 
 
The Company monitors the activity within each level and any changes with the underlying valuation techniques or inputs utilized to recognize if any transfers between levels are necessary.  That determination is made, in part, by working with outside valuation experts for Level 3 instruments and monitoring market related data and other valuation inputs for Level 1 and Level 2 instruments.

 
           A reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows:

($ in thousands)  
Derivative Liabilities
  
Balance December 31, 2010
   $ 15,653  
    Included in earnings
     (3,970 )
    Settlements
     (5,672 )
    Issuances
     5,813  
    Transfers in and /or out of Level 3
     —  
Balance at December 31, 2011
   $ 11,824  
    Included in earnings
     4,712  
    Settlements
     (14,292 )
    Issuances
     —  
    Transfers in and/or out of Level 3
     —  
Balance at December 31, 2012
   $ 2,244  
 
All unrealized gains or losses resulting from changes in value of any Level 3 instruments are reflected as a separate line in the consolidated statement of operations in arriving at net loss. The Company is not a party to any hedge arrangements, commodity swap agreement or any other derivative financial instruments.  See further disclosures regarding the Company’s derivative liabilities in Note 11.

4.           INTANGIBLE ASSETS AND GOODWILL

The Company has intangible assets in the form of trademarks, trade names and patents. The carrying amount of the Company’s acquired trademarks and trade names were approximately $47,000 and $63,000 as of December 31, 2012 and 2011, respectively which include accumulated amortization of $300,000 and $284,000 as of December 31, 2012 and 2011, respectively. Amortization expense related to trademarks and tradenames was $16,000 and $15,000 for the years ended December 31, 2012 and 2011, respectively. All intangible assets are amortized over their estimated useful lives with no estimated residual values. Any costs incurred by the Company to renew or extend the life of intangible assets will be evaluated under ASC No. 350, Intangibles – Goodwill and Other, for proper treatment.

In June 2012, the Company entered into an asset purchase agreement with Vocel, Inc., a Delaware corporation, whereby the Company purchased certain assets, consisting primarily of certain patents and trademarks. The Company evaluated this transaction under ASC No. 805, Business Combinations, and determined that this transaction constituted an asset purchase.
 
As consideration for this asset purchase:
 
·
 
 
 
 The Company issued to Vocel a warrant to purchase 150,000 shares of the Company’s common stock (“Purchaser Warrant”). The Purchaser Warrant is exercisable at $0.88 per share and vests 100% when the Company has derived $500,000 of gross revenue from the sale or license of the purchased intellectual property (“Warrant Vesting Date”). The Purchaser Warrant is exercisable for a period of three years form the Warrant Vesting Date; and
   
·
 
 The Company agreed to pay Vocel a royalty of 7.5% of gross revenue received by the Company from any third party sale or license of the purchased intellectual property.
 
The Company determined the aggregate fair value of the consideration issued to be approximately $159,000 and allocated this amount to the relative fair value of the assets acquired resulting in $159,000 being allocated to patents. The Company began amortization of the acquired patents in the third quarter of 2012 on a straight-line basis over their weighted-average remaining life of approximately 13.5 years. Amortization expense related to patents was $6,000 and $0 for the years ended December 31, 2012 and 2011, respectively.


The following table presents the changes in the carrying amounts of the Company’s acquired intangible assets for the years ended December 31, 2012 and 2011. All intangible assets are being amortized over their estimated useful lives with no estimated residual values.

($ in thousands)
  
Total
  
Balance of intangible assets as of December 31, 2010
  
$
78
  
     Intangible assets acquired
    
—
  
     Amortization
    
(15
)
     Impairment losses
    
—
  
Balance of intangible assets as of December 31, 2011
  
$ 
63
  
     Intangible assets acquired
    
159
  
     Amortization
    
(22
) 
     Impairment losses
    
—
  
Balance of intangible assets as of December 31, 2012
  
$ 
200
  

The Company annually, or more frequently if events or circumstances indicate a need, tests the carrying amount of goodwill for impairment. The Company performs its annual impairment test in the fourth quarter of each year. A two-step impairment test is used to first identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any. The first step was conducted by determining and comparing the fair value, employing the market approach, of the Company’s reporting unit to the carrying value of the reporting unit. The Company continues to have only one reporting unit, Identity Management. Based on the results of this impairment test, the Company determined that its goodwill was not impaired as of December 31, 2012 and 2011.
 
Amortization expense for the years ended December 31, 2012 and 2011 was approximately $22,000 and $15,000, respectively.

The estimated acquired intangible amortization expense for the next five fiscal years is as follows:

Fiscal Year Ended December 31,
  
Estimated Amortization
Expense
($ in thousands)
  
         2013
  
$
28
  
         2014
    
28
  
         2015
    
27
  
         2016
    
12
  
         2017
    
12
  
         Thereafter
    
93
  
         Totals
  
$
200
  
 
5.    RELATED PARTIES
 
           As more fully described in Note 9, on November 14, 2008 the Company entered into a series of convertible promissory notes (the “Related-Party Convertible Notes”), aggregating $110,000 with certain officers and members of the Company’s Board of Directors. The Related-Party Convertible Notes bear interest at 7.0% per annum and were originally due February 14, 2009.
 
           In conjunction with the original issuance of the Related-Party Convertible Notes in 2008, the Company issued an aggregate of 149,996 warrants to the note holders to purchase shares of common stock of the Company. The warrants have an exercise price $0.50 per share and may be exercised at any time from November 14, 2008 until November 14, 2013. All warrants were outstanding and exercisable as of December 31, 2012 and December 31, 2011.

 
           The Company did not repay the Related-Party Convertible Notes on the due date.  In August 2009, the Company received from the Related-Party Convertible Note holders a waiver of default and extension to January 31, 2010 of the maturity date of the Related-Party Convertible Notes. As consideration for the waiver and note extension, the company issued to the Related-Party Convertible Note holders an aggregate of 150,000 warrants to purchase shares of the Company’s common stock. The warrants have an exercise price of $0.50 per share and expire on August 25, 2014.
 
         During the year ended December 31, 2012, the Company repaid $45,000 in principal to certain holders of the Related Party Convertible Notes. 
 
         On January 21, 2013, the holders of the Related-Party Convertible Notes agreed to extend the due date on their respective convertible notes to be due and payable not later than June 30, 2014, however, the Related-Party Convertible Notes will be callable at any time, at the option of the note holder, prior to June 30, 2014.

          During the year ended December 31, 2012 the Company entered into a series of professional service contracts with an entity that a member of the Company’s Board of Directors has an ownership interest in.  The aggregate contract value was $370,000 and the Company paid the professional services firm approximately $188,000 during the year ended December 31, 2012.
 
  In March 2013, the Company entered into a new unsecured line of credit agreement with available borrowing of up to $2,500,000. The credit line was extended by an existing shareholder and member of our Board of Directors. Borrowings under the credit facility bear interest of 8% per annum and are due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.

  Advances under the credit facility are made at the Company’s request. The line of credit shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance under the terms of this note shall be due and payable upon demand.

  As additional consideration for the unsecured line of credit agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.
 
6.    INVENTORY
 
          Inventories of $262,000 as of December 31, 2012 were comprised of work in process of $254,000 representing direct labor costs on in-process projects and finished goods of $8,000 net of reserves for obsolete and slow-moving items of $3,000. Inventories of $45,000 as of December 31, 2011 were comprised of work in process of $29,000 representing direct labor costs on in-process projects and finished goods of $16,000 net of reserves for obsolete and slow-moving items of $3,000. Appropriate consideration is given to obsolescence, excessive levels, deterioration and other factors in evaluating net realizable value and required reserve levels.

7.    PROPERTY AND EQUIPMENT
   
          Property and equipment at December 31, 2012 and 2011, consists of:

($ in thousands)
  
2012
    
2011
  
             
Equipment
  
$
950
    
$
770
  
Furniture
    
75
      
66
  
     
1,025
      
836
  
Less accumulated depreciation
    
(875
)
    
(818
)
   
$
150
    
$
18
  
 
          Total depreciation expense for the years ended December 31, 2012 and 2011 was approximately $47,000 and $13,000, respectively.


8.    ACCRUED LIABILITIES
 
          Principal components of accrued liabilities consist of:

($ in thousands)
  
December 31,
2012
    
December 31,
2011
  
             
Compensated absences
  
$
248
    
$
256
  
Wages, payroll taxes and sales commissions
    
32
      
84
  
Customer deposits
    
60
      
240
  
Liquidated damages
    
200
      
182
  
Royalties
    
251
      
251
  
Board of directors fees
    
—
      
527
  
Pension and employee benefit plans
    
140
      
46
  
Income and sales taxes
    
125
      
186
  
Interest and dividends
    
87
      
82
  
Other
    
123
      
151
  
   
$ 
1,266
    
$
2,005
  
 
9.    NOTES PAYABLE

   
December 31,
2012
    
December 31,
2011
  
Notes payable to related parties:
                
7% convertible promissory notes. Face value of notes $65 and $110 at December 31, 2012 and 2011, respectively. Discount on notes is $0 at December 31, 2012 and 2011. Notes were due January 2010.  In January 2013, the Company received an extension to June 30, 2014. Notes callable at any time at option of holder.
    
65
      
110
  
Total notes payable to related parties
    
65
      
110
  
                 
Total notes payable
    
65
      
110
  
Less current portion
    
(65
)
    
(110
)
Long-term notes payable
  
$
—
    
$
—
  
 
7% Convertible Promissory Notes to Related Parties
 
          On November 14, 2008, the Company entered into a series of convertible promissory notes (the "Related-Party Convertible Notes"), in the principal aggregate amount of $110,000, with certain officers and members of the Company’s Board of Directors. The Related-Party Convertible Notes bear interest at 7.0% per annum and were due February 14, 2009. The principal amount of the Related-Party Convertible Notes plus accrued but unpaid interest is convertible at the option of the holder into common stock of the Company. The number of shares into which the Related-Party Convertible Notes are convertible shall be calculated by dividing the outstanding principal and accrued but unpaid interest by $0.50 (the “Conversion Price”).
 
          In conjunction with the issuance of the Related-Party Convertible Notes, the Company issued an aggregate of 149,996 warrants to the note holders to purchase common stock of the Company. The warrants have an exercise price of $0.50 per share and may be exercised at any time from November 14, 2008 until November 14, 2013. 
 
          The Company, in 2008, initially recorded the convertible notes net of a discount equal to the fair value allocated to the warrants of approximately $13,000. The Company estimated the fair value of the warrants using the Black-Scholes option pricing model using the following assumptions: term of 5 years, a risk free interest rate of 2.53%, a dividend yield of 0%, and volatility of 96%. The convertible notes also contained a beneficial conversion feature, resulting in an additional debt discount of $12,000. The beneficial conversion amount was measured using the accounting intrinsic value, i.e. the excess of the aggregate fair value of the common stock into which the debt is convertible over the proceeds allocated to the security. The Company has accreted the beneficial conversion feature over the life of the Related-Party Convertible Notes. 


          The Company did not repay the Related-Party Convertible Notes on the due date. In August 2009, the Company received from the Related-Party Convertible Note holders a waiver of default and extension of the Maturity Date to to January 31, 2010. As consideration for the waiver and note extension, the Company issued to the Related-Party Convertible Note holders warrants to purchase an aggregate of 150,000 shares of the Company’s common stock. The warrants have an exercise price of $0.50 per share and expire on August 25, 2014.
 
          The Company did not repay the notes on January 31, 2010.  During the year ended December 31, 2012, the Company repaid $45,000 in principal to certain holders of the Related-Party Convertible Notes. On January 21, 2013, the holders of the Related-Party Convertible Notes agreed to extend the due date on their respective convertible notes to be due and payable not later than June 30, 2014 however, the Related-Party Convertible Notes will be callable at any time, at the option of the note holder, prior to June 30, 2014.  

10.   DERIVATIVE LIABILITIES
 
          The Company accounts for its derivative instruments under the provisions of ASC 815, “Derivatives and Hedging-Contracts in Entity’s Own Equity-Scope and Scope Exceptions”. Under the provisions of ASC 815, the anti-dilution and cash settlement provisions in certain warrants (collectively the “Derivative Liabilities”) qualify as derivative instruments.
 
          The Company is required to mark-to-market, at the end of each reporting period, the value of the Derivative Liabilities.  The Company revalues these Derivative Liabilities at the end of each reporting period by using available market information and commonly accepted valuation methodologies.  The periodic change in value of the Derivative Liabilities is recorded as either non-cash derivative income (if the value of the embedded derivative and warrants decrease) or as non-cash derivative expense (if the value of the embedded derivative and warrants increase).  Although the values of the embedded derivative and warrants are affected by interest rates, the remaining contractual conversion period and the Company’s stock volatility, the primary cause of the change in the values of the Derivative Liabilities will be the value of the Company’s common stock.  If the stock price goes up, the value of these derivatives will generally increase and if the stock price goes down the value of these derivatives will generally decrease.
 
          The Company uses a Monte-Carlo simulation methodology and the Black Scholes valuation model in the determination of the fair value of the Derivative Liabilities.  The Monte-Carlo simulation methodology is affected by the Company’s stock price as well as assumptions regarding the expected stock price volatility over the term of the Derivative Liabilities and assumptions regarding future financings. The Company utilized the services of an independent valuation firm, Vantage Point Advisors, Inc. to perform the Monte Carlo simulations.
 
          The Black-Scholes valuation model is affected by the Company’s stock prices as well as assumptions regarding the expected stock price volatility of the term of the derivative liabilities in addition to interest rates and dividend yields.
 
          As of December 31, 2011, the Company had approximately 18,547,500 outstanding warrants to purchase shares of the Company’s common stock that qualified for derivative liability treatment.  The recorded fair market value of those warrants at December 31, 2011 was approximately $11,824,000, which is reflected as a non-current liability in the consolidated balance sheet as of December 31, 2011.  On March 21, 2012, the Company amended 12,252,500 warrants such that these warrants no longer qualify as derivative liabilities.  The Company determined the change in fair value from the date of previous measurement (December 31, 2011) to the date of amendment (March 21, 2012) for these warrants and recorded approximately $5,110,000 in expense.  Such expense is included in Company’s consolidated statement of operations for the year ended December 31, 2012 under the caption “Change in fair value of derivative liabilities”.
 
          Additionally, as a result of the agreements to amend the warrants and the warrants no longer qualifying for derivative liability treatment, the Company reclassified $13,588,000 of derivative liabilities into a component of additional paid-in capital in the Company's consolidated financial statements for the year ended December 31, 2012.
 
          During the year ended December 31, 2012, 1,067,617 warrants qualifying for derivative liability treatment were cashless exercised resulting in the issuance of 636,780 shares of common stock with an aggregate fair value of approximately $708,000. Also, during the year ended December 31, 2012, 3,947 warrants qualifying for derivative liability treatment were exercised for cash proceeds of approximately $2,000 resulting in the issuance of 3,947 shares of common stock.


11.    INCOME TAXES
 
           The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, (ASC 740). Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year-end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is established when necessary based on the weight of available evidence, if it is considered more likely than not that all or some portion of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities.  The Company has established a valuation allowance against its deferred tax asset due to the uncertainty surrounding the realization of such asset.
 
ASC 740-10 requires a company to first determine whether it is more-likely-than-not (defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more-likely-than-not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.
 
The Company’s uncertain position relative to unrecognized tax benefits and any potential increase in these liabilities relates primarily to the allocations of revenue and costs among the Company’s global operations and the impact of tax rulings made during the period affecting its tax positions. The Company’s existing tax position could result in liabilities for unrecognized tax benefits. The Company recognizes interest and/or penalties related to uncertain tax positions in income tax expense. The amount of interest and penalties accrued as of December 31, 2012 and 2011 was $4,000 and $49,000, respectively.
  
Significant judgment is required in evaluating the Company’s uncertain tax positions and determining the Company’s provision for income taxes. No assurance can be given that the final tax outcome of these matters will not be different from that which is reflected in the Company’s historical income tax provisions and accruals.  The Company adjusts these items in light of changing facts and circumstances.  To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made.

The significant components of the income tax provision (benefit) are as follows:

($ in thousands)
  
Year Ended December 31,
  
   
2012
    
2011
  
Current
            
     Federal
  
$
—
    
$
—
  
     State
    
—
      
—
  
     Foreign
    
22
      
(19)
  
                 
Deferred
                
     Federal
    
—
      
—
  
     State
    
—
      
—
  
     Foreign
    
—
      
—
  
                 
   
$
22
    
$
(19)
  
 
The principal components of the Company’s deferred tax assets (liabilities) at December 31, 2012 and 2011 are as follows:

($ in thousands)
  
2012
    
2011
  
             
Net operating loss carryforwards
  
$
11,554
    
$
10,654
  
Intangible assets
    
653
      
768
  
Stock based compensation
    
1,089
      
862
  
Reserves and accrued expenses
    
6
      
5
  
Other
    
(140
)
    
(143
)
     
13,162
      
12,146
  
Less valuation allowance
    
(13,162
)
    
(12,146
)
                 
  Net deferred tax assets
  
$
—
    
$
—
  
 
A reconciliation of the provision (benefit) for income taxes to the amount computed by applying the statutory income tax rates to loss before income taxes is as follows:

   
2012
    
2011
  
             
Amounts computed at statutory rates
  
$
(3,465
)
  
$
(1,081
)
State income tax, net of federal benefit
    
(81
)
    
50
  
Expiration of net operating loss carryforwards
    
473
      
603
  
Non-deductible interest
    
1,602
      
163
  
 Foreign taxes
    
473
      
528
  
Other
    
4
      
(1
)
Net change in valuation allowance on deferred tax assets
    
1,016
      
(281
)
                 
   
$
22
    
$
(19
 ) 
 
The Company has established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets.

At December 31, 2012 and 2011, the Company had federal and state net operating loss carryforwards, a portion of which may be available to offset future taxable income for tax purposes. The federal net operating loss carryforwards expire at various dates from 2013 through 2032. The state net operating loss carryforwards expire at various dates from 2013 through 2022.

The Internal Revenue Code (“the Code”) limits the availability of certain tax credits and net operating losses that arose prior to certain cumulative changes in a corporation’s ownership resulting in a change of control of the Company.  The Company’s use of its net operating loss carryforwards and tax credit carryforwards will be significantly limited because the Company believes it underwent “ownership changes”, as defined under Section 382 of the Internal Revenue Code, in 1991, 1995, 2000, 2003, 2004 and 2011, though the Company has not performed a study to determine the limitation.  The Company has reduced its deferred tax assets to zero relating to its federal and state research credits because of such limitations.  The Company continues to disclose the tax effect of the net operating loss carryforwards at their original amount in the table above as the actual limitation has not yet been quantified.   The Company has also established a full valuation allowance for substantially all deferred tax assets due to uncertainties surrounding its ability to generate future taxable income to realize these assets. Since substantially all deferred tax assets are fully reserved, future changes in tax benefits will not impact the effective tax rate. Management periodically evaluates the recoverability of the deferred tax assets. If it is determined at some time in the future that it is more likely than not that deferred tax assets will be realized, the valuation allowance would be reduced accordingly at that time.
 
Tax returns for the years 2008 through 2012 are subject to examination by taxing authorities.  The Company is currently undergoing a routine sales and use tax audit for the State of Washington.


12.    COMMITMENTS AND CONTINGENCIES

Employment Agreements

The Company has employment agreements with its Chief Executive Officer and Senior Vice President of Administration and Chief Financial Officer. The Company may terminate the agreements with or without cause. Subject to the conditions and other limitations set forth in each respective employment agreement, each executive will be entitled to the following severance benefits if the Company terminates the executive’s employment without cause or in the event of an involuntary termination  (as defined in the employment agreements) by the Company or by the executive: (i) a lump sum cash payment equal to between six months and twenty-four months of base salary, based upon specific agreements; (ii) continuation of the executive’s fringe benefits and medical insurance for a period of three years; and (iii) immediate vesting of 50% of each executive’s outstanding restricted stock awards and stock options. In the event that the executive’s employment is terminated within the six months prior to or the thirteen months following a change of control (as defined in the employment agreements), the executive is entitled to the severance benefits described above, except that 100% of each executive’s restricted stock awards outstanding and stock options will immediately vest. Each executive’s eligibility to receive any severance payments or other benefits upon his termination is conditioned upon him executing a general release of liability.
 
The Company also has a Change of Control and Severance Benefits Agreement with its Chief Technical Officer and Vice President of Business Development.  Subject to the conditions and other limitations set forth in each respective employment agreement, each executive will be entitled to the following severance benefits if the Company terminates his employment without cause prior to the closing of any change of control transaction: (i) a lump sum cash payment equal to six months of base salary; and (ii) continuation of the executive’s health insurance benefits until the earlier of six (6) months following the date of termination, the date on which he is no longer entitled to continuation coverage pursuant to COBRA or the date that he obtains comparable health insurance coverage. In the event that the executive’s employment is terminated within the twelve months following a change of control, he is entitled to the severance benefits described above, plus his stock options will immediately vest and become exercisable. The executive’s eligibility to receive severance payments or other benefits upon his termination is conditioned upon him executing a general release of liability.

Litigation
 
           On September 21, 2012, Blue Spike, LLC, a Texas limited liability company (“Blue Spike”), filed claims against the Company in the United States District Court for the Eastern District of Texas, alleging that the Company is impermissibly using Blue Spike’s patented technologies in certain Company products, including its Biometric Engine.  To date, Blue Spike has filed similar suits asserting claims of patent infringement against a total of approximately eighty-five companies between August 9, 2012 and February 6, 2013. The Company has filed a motion to dismiss the complaint and a motion to transfer Blue Spike’s case against the Company to San Diego. Neither motion has yet been ruled upon. The defendants span a wide range of industries, from Internet search engines to chip manufacturers, digital rights management, video streaming and digital watermarking.  Blue Spike is seeking to recover an unspecified amount of compensatory damages from the Company and an injunction to enjoin the Company from further acts of alleged infringement.  The Company believes Blue Spike’s claim to be without merit and intends to vigorously defend itself. The Company is unable to estimate a possible range of loss at this time.
 
          Other than as specifically described above, we are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.  Other than described above, there is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company or any of our subsidiaries, threatened against or affecting the Company, our common stock, any of our subsidiaries or of the Company’s or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.


Leases
 
           In December 2010, we entered into a new lease agreement and relocated our corporate headquarters to Rancho Bernardo Road in San Diego, California. The lease term commenced in December 2010 and ends on December 31, 2013. In April 2012, we extended the term of this lease to October 31, 2014. We are obligated under the lease to pay base rent and certain operating costs and taxes for the building. Future minimum rent payments will be approximately $114,000 in 2013, and $98,000 in 2014. Our rent was abated at a rate of 50% for the first 12 months of the lease. Under the lease, we were required to provide a security deposit in the amount of approximately $9,500.
 
           In April 2012, we entered into an amendment of our corporate headquarters lease whereby we leased an additional 2,560 square feet of space.  The lease term commenced in May 2012 and ends on October 31, 2014.  Future minimum rent payments will be approximately $50,000 in 2013 and $43,000 in 2014.

           In April 2012, we entered into a lease extension of our Portland, Oregon offices whereby we extended the lease term for a period of 36 months commencing November 1, 2012 until October 31, 2015.  Future minimum rent payments will be approximately $141,000 in 2013, $146,000 in 2014 and $124,000 in 2015.
 
           In addition to the corporate headquarters lease in San Diego, California, we also lease space in Ottawa, Province of Ontario, Canada; and Mexico City, Mexico. 

           At December 31, 2012, future minimum lease payments are as follows:

($ in thousands)
        
2013
  
$
418
  
2014
  
$
332
  
2015
  
$
169
  
2016
  
$
11
  
2017 and thereafter
  
$
—
  
   
$
930
  
  
Rental expense incurred under operating leases for the years ended December 31, 2012 and 2011 was approximately $521,000 and $476,000, respectively.

13.    EQUITY

The Company’s Articles of Incorporation, as amended, authorize the issuance of two classes of stock to be designated “Common Stock” and “Preferred Stock”. The Preferred Stock may be divided into such number of series and with the rights, preferences, privileges and restrictions as the Board of Directors may determine.

Series B Convertible Redeemable Preferred Stock
 
            The Company had 239,400 shares of Series B Preferred outstanding as of December 31, 2012 and 2011. At December 31, 2012 and 2011, the Company had cumulative undeclared dividends of approximately $8,000 ($0.03 per share) and $187,000 ($0.78 per share), respectively. There were no conversions of Series B Preferred into common stock during the year ended December 31, 2012 or 2011.

   
           Common Stock
 
           The following table summarizes outstanding common stock activity for the following periods:

   
Common Stock
  
       
Shares outstanding at December 31, 2010
    
23,838,777
  
    Shares issued pursuant to the Qualified Financing
    
20,090,000
  
    Conversion of preferred stock into common
    
11,768,525
  
    Conversion of convertible debt into common stock
    
9,774,559
  
    Shares issued pursuant to warrants exercised for cash
    
1,310,000
  
    Shares issued pursuant to cashless warrants exercised
    
1,194,547
  
    Shares issued pursuant to options exercised
    
14,587
  
    Shares issued as compensation in lieu of cash
    
10,000
  
    Recoup of forfeited restricted stock grants
    
(12,079
)
Shares outstanding at December 31, 2011
    
67,988,916
  
    Shares issued pursuant to warrants exercised for cash
    
7,052,647
  
    Shares issued pursuant to cashless warrants exercised
    
1,573,362
  
    Shares issued pursuant to options exercised
    
24,924
  
Shares outstanding at December 31, 2012
    
76,639,849
  
 
        During the year ended December 31, 2012, the Company issued 24,924 shares of common stock pursuant to the exercise of 24,924 options for cash proceeds of approximately $7,000.  During the year ended December 31, 2012, the Company issued 7,052,647 shares of common stock pursuant to the exercise of 7,052,647 warrants for cash proceeds of approximately $3,527,000. During the year ended December 31, 2012, the Company issued 1,573,362 shares of common stock pursuant to the cashless exercise of 2,905,628 warrants.

Warrants

As of December 31, 2012, warrants to purchase 18,788,485 shares of common stock at prices ranging from $0.50 to $1.67 were outstanding. All warrants are exercisable as of December 31, 2012 and expire at various dates through December 2016, with the exception of an aggregate of 250,000 warrants, which become exercisable only upon the attainment of specified events.
 
The following table summarizes warrant activity for the following periods:
   
Warrants
  
Weighted-
Average
Exercise Price
         
Balance at December 31, 2010
    
19,737,612
  
$
0.54
    Granted
    
12,802,500
  
$
0.52
    Expired / Canceled
    
(546,044
)
$
0.50
    Exercised
    
(3,540,308
)
$
0.50
Balance at December 31, 2011
    
28,453,760
  
$
0.52
    Granted
    
305,000
  
$
0.92
    Expired / Canceled
    
(12,000
)
$
0.50
    Exercised
    
(9,958,275
)
$
0.50
Balance at December 31, 2012
    
18,788,485
  
$
0.56
 
During the year ended December 31, 2012, there were 2,905,628 warrants exercised pursuant to cashless transactions and 12,000 warrants expired. During the year ended December 31, 2012, there were 7,052,647 warrants exercised for cash resulting in cash proceeds to the Company of approximately $3,526,000. The Company issued 1,573,362 shares of its common stock pursuant to cashless warrant exercises and 7,052,647 shares of its common stock pursuant to warrants exercised for cash.

               During the year ended December 31, 2012, the Company issued to Vocel a warrant to purchase 150,000 shares of the Company’s common stock (“Purchaser Warrant”).  The Purchaser Warrant is exercisable at $0.88 per share and vests 100% at such time as the Company has derived $500,000 of gross revenue from the sale or license of the purchased intellectual property (“Warrant Vesting Date”).  The Purchaser Warrant is exercisable for a period of three years from the Warrant Vesting Date. The Purchaser Warrant did not vest during the year ended December 31, 2012 as the $500,000 gross revenue threshold was not met.

               During the year ended December 31, 2012, the Company issued to certain consultants warrants to purchase 50,000 shares of the Company’s common stock. Such warrants were issued upon the attainment of certain performance conditions, are exercisable at $1.10 per share and have a three year term. The Company determined the grant date fair value of these warrants using the Black-Scholes valuation model to be approximately $25,000.  Such expense is recorded in the Company’s Consolidated Statement of Operations for the year ended December 31, 2012 as a component of general and administrative expense.
  
               During the year ended December 31, 2012, the Company issued to certain consultants warrants to purchase 100,000 shares of the Company’s common stock. Such warrants are exercisable at $0.98 per share and have a two year term from the date of issuance. The warrants will vest 100% at such time as the Company has derived $1.5 million of gross revenue from the consultant’s efforts. These warrants did not vest during the year ended December 31, 2012 as the $1.5 million gross revenue threshold was not met.
 
      During the year ended December 31, 2012, the Company issued to certain consultants warrants to purchase 5,000 shares of the Company’s common stock. Such warrants are exercisable at $1.25 per share and have a two year term from the date of issuance. The Company determined the grant date fair value of these warrants using the Black-Scholes valuation model to be approximately $2,000.  Such expense is recorded in the Company’s Consolidated Statement of Operations for the year ended December 31, 2012 as a component of sales and marketing expense.

               The following table summarizes information regarding the warrants outstanding as of December 31, 2012:

Exercise Price
    
Number Outstanding
    
Weighted—Average 
Remaining Life (Years)
    
Weighted—Average 
Exercise Price
                   
$
0.50
    
17,029,456
    
2.97
    
$
0.50
                       
$
0.60
    
200,000
    
1.76
    
$
0.60
                   
$
0.80
    
150,000
    
5.00
    
$
0.80
                   
$
0.98
    
100,000
    
1.63
    
$
0.98
                       
$
1.00
    
265,280
    
1.58
    
$
1.00
                       
$
1.10
    
50,000
    
2.59
    
$
1.10
                       
$
1.20
    
270,833
    
0.20
    
$
1.20
                       
$
1.25
    
305,000
    
0.46
    
$
1.25
                       
$
1.67
    
417,916
    
0.23
    
$
1.67
                       
      18,788,485            
 
 
14.    STOCK BASED COMPENSATION

Stock Options

As of December 31, 2012, the Company had two active stock-based compensation plans; the 1999 Stock Option Plan (the “1999 Plan”) and the 2001 Equity Incentive Plan (the “2001 Plan”).

1999 Plan

The 1999 Plan was adopted by the Company’s Board of Directors on December 17, 1999. Under the terms of the 1999 Plan, the Company could, originally, issue up to 350,000 non-qualified or incentive stock options to purchase common stock of the Company. The Company subsequently amended and restated the 1999 Plan whereby it increased the share reserve for issuance by approximately 4.0 million shares of the Company’s common stock.  The 1999 Plan prohibits the grant of stock option or stock appreciation right awards with an exercise price less than fair market value of common stock on the date of grant. The 1999 Plan also generally prohibits the “re-pricing” of stock options or stock appreciation rights, although awards may be bought-out for a payment in cash or the Company’s stock. The 1999 Plan permits the grant of stock based awards other than stock options, including the grant of “full value” awards such as restricted stock, stock units and performance shares. The 1999 Plan permits the qualification of awards under the plan (payable in either stock or cash) as “performance-based compensation” within the meaning of Section 162(m) of the Internal Revenue Code. The number of options issued and outstanding and the number of options remaining available for future issuance are shown in the table below.

On July 22, 2011, the Company’s Board of Directors approved an amendment to the 1999 Plan, subject to shareholder approval, pursuant to which an additional 2,159,442 shares would be reserved for issuance under the plan. In October 2011, the Company’s shareholders approved this amendment resulting in 2,159,442 shares being added to the 1999 Plan.

2001 Plan

The 2001 Plan was adopted by the Company’s Board of Directors on September 12, 2001.  Under the terms of the 2001 Plan, the Company could issue stock awards to employees, directors and consultants of the Company, and such stock awards could be given for non-statutory stock options (options not intended to qualify as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended), stock bonuses, and rights to acquire restricted stock. The 2001 Plan is administered by the Board of Directors or a Committee of the Board. The Company originally reserved 1,000,000 shares of its common stock for issuance under the 2001 Plan. Options granted under the 2001 Plan shall not be less than 85% of the market value of the Company’s common stock on the date of the grant, and, in some cases, may not be less than 110% of such fair market value. The term of options granted under the 2001 Plan as well as their vesting are determined by the Board and to date, options have been granted with a ten year term and vesting over a three year period. While the Board may suspend or terminate the 2001 Plan at any time, if not terminated earlier, it will terminate on the day before its tenth anniversary of the date of adoption.  As of December 31, 2011, the Company does not anticipate issuing any additional stock awards under this plan.  Any shares not issued in connection with the awards outstanding under the 2001 Plan will become available for issuance under the 1999 Plan.  The number of options issued and outstanding and the number of options remaining available for future issuance are shown in the table below.

 
A summary of the activity under the Company’s stock option plans is as follows:
   
Options
          
Weighted-
  
Weighted-
Average
Average
Remaining
Exercise
Contractual
Price
Term (Years)
Balance at December 31, 2010
    
1,463,295
    
$
0.71
      
8.1
  
Granted
    
367,000
    
$
1.11
      
—
  
Expired/Cancelled
    
(107,995
)
  
$
1.35
      
—
  
Exercised
    
(14,587
)
  
$
0.28
      
—
  
                         
Balance at December 31, 2011
    
1,707,713
    
$
0.76
      
7.6
  
Granted
    
1,437,500
    
$
0.89
      
—
  
Expired/Cancelled
    
(89,068
)
  
$
0.92
      
—
  
Exercised
    
(24,924
 )  
$
0.29
      
—
  
                         
Balance at December 31, 2012
    
 3,031,221
    
$
0.82
      
7.9
  

At December 31, 2012, a total of 3,031,221 options were outstanding of which 1,412,803 were exercisable at a weighted average price of $0.72 per share with a remaining weighted average contractual term of approximately 6.5 years.  The Company expects that, in addition to the 1,412,803 options that were exercisable as of December 31, 2012, another 1,618,418 will ultimately vest resulting in a combined total of 3,031,221.  Those 3,031,221 shares have a weighted average exercise price of $0.82, an aggregate intrinsic value of approximately $423,000 and a weighted average remaining contractual life of 7.9 years as of December 31, 2012.

During the year ended December 31, 2012, there were 24,924 options exercised which resulting in proceeds of approximately $7,000 to the Company.  During the year ended December 31, 2011, there were 14,587 options exercised which resulting in proceeds of approximately $4,000 to the Company.
  
The intrinsic value of options exercised during the years ended December 31, 2012 and 2011 was approximately $14,000 and $0, respectively. The intrinsic value of options exercisable at December 31, 2012 and 2011 was approximately $389,000 and $333,000, respectively.  The aggregate intrinsic value for all options outstanding as of December 31, 2012 and 2011 was approximately $423,000 and $364,000, respectively.

The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2012:

     
Options Outstanding
          
Options Exercisable
  
Exercise Price
          
Weighted-
          
 
        
       
Average
    
Weighted-
          
Weighted-
  
  Number    
Remaining Life
    
Average
     Number    
Average
  
  Outstanding    
(Years)
     Exercise Price     Exercisable     Exercise Price  
                                 
$ 0.17–0.27       478,221       6.0     $ 0.19       478,721     $ 0.19  
$ 0.54-0.74       809,000       7.7     $ 0.72       534,758     $ 0.71  
$ 0.77-1.15       1,642,000       8.8     $ 0.96       297,324     $ 1.06  
$ 1.45-2.74       102,000       3.0     $ 2.28       102,000     $ 2.28  
Total
       3,031,221                       1,412,803          
 
 
           At December 31, 2011, the total remaining unrecognized compensation cost related to unvested stock options amounted to approximately $381,000, which will be amortized over the weighted-average remaining requisite service period of 1.8 years.

At December 31, 2011, there were 644,435 shares outstanding and un-exercisable as they had not yet met the vesting criteria.  Those options had a weighted-average grant-date fair value of approximately $0.85.  During the year ended December 31, 2012, 440,566 shares vested with a weighted-average grant-date fair value of approximately $0.81 and approximately 89,068 shares forfeited or expired, of which 45,070 were vested and exercisable, with a weighted-average grant-date fair value of $0.69 resulting in 1,412,803 shares exercisable, with a weighted-average grant-date fair value of approximately $0.61 as of December 31, 2012.

The weighted-average grant-date fair value per share of options granted to employees during the years ended December 31, 2012 and 2011 was $0.71 and $1.00, respectively. At December 31, 2012, the total remaining unrecognized compensation cost related to unvested stock options amounted to approximately $803,000, which will be amortized over the weighted-average remaining requisite service period of 1.9 years.

Restricted Stock Awards
 
           In January of 2010, the Company issued 847,258 shares of restricted stock to members of management and the Board. These shares vest quarterly over a three-year period. The restricted shares were issued as compensation for the cancellation of 1,412,096 options held by members of management and the Board. The Company evaluated the exchange in accordance with ASC 718 and determined there was no incremental cost to be recorded in conjunction with the exchange as the fair value of the options surrendered at the modification date exceeded the fair value of the restricted shares issued at the modification date. Stock-based compensation expense related to these restricted stock grants was approximately $37,000 and $39,000 for the year ended December 31, 2012 and 2011, respectively.
 
Stock Appreciation Rights

During March 2011, the Company granted 880,000 performance units to certain key employees that grant the holder the right to receive compensation based on the appreciation in the Company’s common stock in the event of transfer of control of the Company ("Performance Units"). As the vesting of the Performance Units is contingent upon the sale of the Company, the expense associated with the granting of the Performance Units was not material. The Performance Units issued to such key employees were terminated, and exchanged for options to purchase a total of 435,000 shares of common stock on January 30, 2012.

Common Stock Reserved for Future Issuance

The following table summarizes the common stock reserved for future issuance as of December 31, 2012:

   
Common Stock
  
       
Convertible preferred stock – Series B
    
45,384
  
Convertible notes payable
    
171,183
  
Stock options outstanding
    
3,031,221
  
Warrants outstanding
    
18,788,485
  
Restricted stock grants
    
240,000
  
Authorized for future grant under stock option plans
    
955,934
  
     
23,232,207
  
 
15.    EMPLOYEE BENEFIT PLAN

During 1995, the Company adopted a defined contribution 401(k) retirement plan (the “Plan”). All U.S. based employees aged 21 years and older are eligible to become participants after the completion of 60 days employment. The Plan provides for annual contributions by the Company of 50% of employee contributions not to exceed 8% of employee compensation.  Effective April 1, 2009, the Plan was amended to provide for Company contributions on a discretionary basis. Participants may contribute up to 100% of the annual contribution limitations determined by the Internal Revenue Service.


Employees are fully vested in their share of the Company’s contributions after the completion of five years of service. In 2012, the Company authorized a discretionary contribution of approximately $87,000 for the 2012 plan year.  Such contribution was paid in January, 2013. In 2011, the Company made contributions of approximately $88,000 for the 2011 plan year.
 
16.    PENSION PLAN
 
One of the Company’s foreign subsidiaries maintains a defined benefit pension plan that provides benefits based on length of service and final average earnings. The following table sets forth the benefit obligation, fair value of plan assets, and the funded status of the Company’s plan; amounts recognized in the Company’s consolidated financial statements; and the assumptions used in determining the actuarial present value of the benefit obligations as of December 31:

($ in thousands)
  
2012
    
2011
  
Change in benefit obligation:
                
Benefit obligation at beginning of year
  
$
1,846
    
$
1,770
  
Service cost
    
2
      
2
  
Interest cost
    
87
      
91
  
Actuarial gain (loss)
    
(7
)
    
(9
)
Effect of exchange rate changes
    
103
      
(8
) 
Effect of curtailment
    
—
      
—
  
Benefits paid
    
—
      
—
  
Benefit obligation at end of year
    
2,031
      
1,846
  
                 
Change in plan assets:
                
Fair value of plan assets at beginning of year
    
1,455
      
1,369
  
Actual return of plan assets
    
36
      
41
  
Company contributions
    
42
      
45
  
Benefits paid
    
—
      
—
  
Effect of exchange rate changes
    
97
      
—
  
Fair value of plan assets at end of year
    
1,630
      
1,455
  
                 
Funded status
    
(401
)
    
(391
)
Unrecognized actuarial loss (gain)
    
317
      
334
  
Unrecognized prior service (benefit) cost
    
—
      
—
  
Additional minimum liability
    
(317
)
    
(334
)
Unrecognized transition (asset) liability
    
 —
      
—
  
Net amount recognized
  
$
(401
)
  
$
(391
)
                 
Plan Assets
                
Pension plan assets were comprised of the following asset categories at December 31,
                
Equity securities
    
11.5
%
    
2.2
%
Debt securities
    
81.0
%
    
93.9
%
Other
    
7.5 
%
    
3.9
%
Total
    
100 
%
    
100
%
                 
Components of net periodic benefit cost are as follows:
                
Service cost
  
$
2
    
 $
2
  
Interest cost on projected benefit obligations
    
87
      
91
  
Expected return on plan assets
     —      
—
  
Amortization of prior service costs
     —      
—
  
Amortization of actuarial loss
    
—
      
—
  
Net periodic benefit costs
  
$
89
    
$
93
  
                 
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were
                
Discount rate
    
4.6
%
    
4.6
%
Expected return on plan assets
    
4
%
    
4
%
Rate of compensation increase
    
N/A
      
N/A
  
The following discloses information about the Company’s defined benefit pension plan that had an accumulated benefit obligation in excess of plan assets as of December 31,
                
Projected benefit obligation
  
$
2,031
    
 $
1,846
  
Accumulated benefit obligation
  
$
2,031
    
 $
1,846
  
Fair value of plan assets
  
$
1,630
    
 $
1,455
  
 

As of December 31, 2012, the following benefit payments are expected to be paid as follows:

2013
     $ —  
2014
     $ —  
2015
     $ 17  
2016
     $ 18  
2017
     $ 95  
2018 — 2022     $ 523  
           

The Company made contributions to the plan of approximately $42,000 and $45,000 during years 2012 and 2011, respectively.

The investment objectives for the plan are the preservation of capital, current income and long-term growth of capital. The Company’s pension assets are classified within Level 1 of the fair value hierarchy, as defined under ASC 820, because they are valued using market prices. The pension assets are primarily comprised of the cash surrender value of insurance contracts. All plan assets are managed in a policyholder pool in Germany by outside investment managers. The measurement date used to determine the benefit information of the plan was January 1, 2013.
 
17.    ACCUMULATED OTHER COMPREHENSIVE LOSS 
 
Accumulated other comprehensive income is the combination of the additional minimum liability related to the Company’s defined benefit pension plan, recognized pursuant to ASC 715-30, “Compensation - Retirement Benefits - Defined Benefit Plans – Pension” and the accumulated gains or losses from foreign currency translation adjustments. The Company translates foreign currencies of its German, Canadian and Mexican subsidiaries into U.S. dollars using the period end exchange rate. Revenue and expenses were translated using the weighted average exchange rates for the reporting period.  All items are shown net of tax.
 
As of December 31, 2012 and 2011, the components of accumulated other comprehensive loss were as follows:

($ in thousands)
   
2012
    
2011
  
             
Additional minimum pension liability
  
$
43
    
$
42
  
Foreign currency translation adjustment
    
(182
)
    
(107
)
Ending balance 
  
$ 
(139
)
  
$ 
(65
)

18.    SUBSEQUENT EVENTS 

On January 21, 2013, the holders of the Related-Party Convertible Notes agreed to extend the due date on their respective convertible notes to be due and payable not later than June 30, 2014, however, the Related-Party Convertible Notes will be callable at any time, at the option of the note holder, prior to June 30, 2014.

During January 2013, holders of 31,539 warrants exercised such warrants for cash resulting in the issuance of 31,539 shares of common stock and cash proceeds to the Company of approximately $16,000.

During January 2013, holders of 10,000 options exercised such options for cash resulting in the issuance of 10,000 shares of common stock and cash proceeds to the Company of approximately $2,000.

During February and March 2013, holders of 1,867,253 warrants cashless exercised their warrants resulting in the issuance of 959,358 shares of common stock.
 
        In March 2013, the Company issued 410,000 options under existing stock-based compensation plans to certain members of senior management, certain members of the Board of Directors and certain employees. Such options have an exercise price of $0.93 per share.
 
During the three months ended March 31, 2013, the Company issued to certain consultants warrants to purchase an aggregate of 85,000 common shares of the Company’s common stock. Such warrants have exercise prices ranging from $1.08 to $1.15 per share and have terms ranging from one to two years from the date of issuance.

 
In March 2013, the Company entered into a new unsecured line of credit agreement with available borrowing of up to $2,500,000. The credit line was extended by an existing shareholder and member of our Board of Directors. Borrowings under the credit facility bear interest of 8% per annum and are due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.
 
Advances under the credit facility are made at the Company’s request. The line of credit shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance due under the terms of the credit facility shall be due and payable upon demand.
 
As additional consideration for the unsecured line of credit agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.

 EX-4.15 2 ex4-15.htm ex4-15.htm
Exhibit 4.15
THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE ISSUER SHALL HAVE RECEIVED AN OPINION OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

WARRANT

No.: 2013-03-01
Date of Issuance: March 28, 2013                                                                                                Expiration Date:  March 27, 2015

WHEREAS, ImageWare Systems, Inc., a Delaware corporation (the “Company”), and Neal I. Goldman (“Holder”), are parties to that certain Promissory Note, dated March 28, 2013 (“Note”).

NOW, THEREFORE, in consideration of the mutual covenants and agreement contained herein, the Company and Holder agree as follows:

1.  
Grant of Warrants.

1.1 Purchaser Warrant.  The Company hereby grants to the Holder and the Holder is entitled, upon the terms and subject to the conditions hereinafter set forth, to subscribe for and purchase, from the Company One Million Fifty Two Thousand Six Hundred Thirty Two (1,052,632) shares of fully paid and non-assessable shares of the Common Stock of the Company, $0.01 par value (“Common Stock”), at a purchase price of $0.95 per share (the “Exercise Price”).
 
1.2 Expiration Date:  The term of the warrant is two (2) years.  The warrant shall expire at 5:00 PM PDT on March 27, 2015.

1.3 Vesting:  The Warrant shall vest immediately upon issuance.

2.  
Method of Exercise; Payment.

2.1                 Cash Exercise. The purchase rights represented by this Warrant may be exercised by the Holder, in whole only, by the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit A duly executed) at the principal office of the Company, and by the payment to the Company, by certified, cashier's or other check acceptable to the Company or by wire transfer to an account designated by the Company, of an amount equal to the aggregate Exercise Price of the number of shares of Common Stock being purchased.

      2.2                            Stock Certificates.   In the event of any exercise of the rights represented by this Warrant, certificates for the shares so purchased shall be delivered to the Holder within a reasonable time and, unless this Warrant has been fully exercised or has expired, a new Warrant representing the shares with respect to which this Warrant shall not have been exercised shall also be issued to the Holder within such time.

3.  
Stock Fully Paid; Reservation of Shares.

          All of the shares issuable upon the exercise of the rights represented by this Warrant will, upon issuance and receipt of the Exercise Price therefore, be fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. During the period within which the rights represented by this Warrant may be exercised, the Company shall at all times have authorized and reserved for issuance sufficient shares of its Common Stock to provide for the exercise of the rights represented by this Warrant.

 
-1-
 
 
4.  
Adjustments.

           Subject to the provisions of Section 11 hereof, the number and kind of securities purchasable upon the exercise of this Warrant and the Exercise Price therefor shall be subject to adjustment from time to time upon the occurrence of certain events, as follows:

                    4.1              Reclassification. In the case of any reclassification or change of securities of the class issuable upon exercise of this Warrant (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), the Company shall duly execute and deliver to the holder of this Warrant a new Warrant (in form and substance reasonably satisfactory to the holder of this Warrant), or the Company shall make appropriate provision without the issuance of a new Warrant, so that the holder of this Warrant shall have the right to receive, at a total purchase price not to exceed that payable upon the exercise of the unexercised portion of this Warrant, and in lieu of the shares of Common Stock theretofore issuable upon exercise of this Warrant the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification by a holder of the number of shares of Common Stock then purchasable under this Warrant.  The provisions of this subsection 4.1 shall similarly apply to successive reclassifications, changes, mergers and transfers.
 
           4.2              Mandatory Exercise Events:  In case of any merger of the Company with or into another Company (other than a merger with another Company in which the Company is the acquiring and the surviving corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially all of the assets of the Company, the Holder must exercise this Warrant.
 
4.3              Stock Splits, Dividends and Combinations.  In the event that the Company shall at any time subdivide the outstanding shares of Common Stock or shall issue a stock dividend on its outstanding shares of Common Stock the number of shares issuable upon exercise of this Warrant immediately prior to such subdivision or to the issuance of such stock dividend shall be proportionately increased, and the Exercise Price shall be proportionately decreased, and in the event that the Company shall at any time combine the outstanding shares of Common Stock, the number of shares issuable upon exercise of this Warrant immediately prior to such combination shall be proportionately decreased, and the Exercise Price shall be proportionately increased, effective at the close of business on the date of such subdivision, stock dividend or combination, as the case may be.

5.  
Notice of Adjustments.

Whenever the number of shares purchasable hereunder or the Exercise Price thereof shall be adjusted pursuant to Section 4 hereof, the Company shall provide notice to the Holder setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the number and class of shares which may be purchased thereafter and the Exercise Price therefor after giving effect to such adjustment.

6.  
Fractional Shares.

This Warrant may not be exercised for fractional shares. In lieu of fractional shares, the Company shall make a cash payment therefor based upon the Exercise Price then in effect.

7.  
Representations and Warranties by the Holder.

The Holder represents and warrants to the Company as follows:

          7.1        This Warrant and the shares issuable upon exercise hereof are being acquired for its own account, for investment and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as amended (the "Act"). Upon exercise of this Warrant, the Holder shall, if so requested by the Company, confirm in writing, in a form satisfactory to the Company, that the securities issuable upon exercise of this Warrant are being acquired for investment and no with a view toward distribution or resale.

 
-2-
 
 
          7.2        The Holder understands that the Warrant and the shares have not been registered under the Act by reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Act pursuant to Section 4(2) thereof, and that they must be held by the Holder indefinitely, and that the Holder must therefore bear the economic risk of such investment indefinitely, unless a subsequent disposition thereof is registered under the Act or is exempted from such registration. The Holder further understands that the shares have not been qualified under the California Securities Law of 1968 (the "California Law") by reason of their issuance in a transaction exempt from the qualification requirements of the California Law pursuant to Section 25102(f) thereof, which exemption depends upon, among other things, the bona fide nature of the Holder's investment intent expressed above.
 
    7.3        The Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the purchase of this Warrant and the shares purchasable pursuant to the terms of this Warrant and of protecting its interests in connection therewith.
 
    7.4        The Holder is able to bear the economic risk of the purchase of the shares pursuant to the terms of this Warrant.

8.  
Restrictive Legend.

The shares (unless registered under the Act) shall be stamped or imprinted with a legend in substantially the following form:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION HEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT STATING THAT SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT.
 
9.  
Restrictions Upon Transfer and Removal of Legend.

The Company need not register a transfer of this Warrant or shares bearing the restrictive legend set forth in Section 8 hereof, unless the conditions specified in such legend are satisfied. The Company may also instruct its transfer agent not to register the transfer of the shares, unless one of the conditions specified in the legend referred to in Section 8 hereof is satisfied.

10.  
Rights of Shareholders.

No Holder of this Warrant shall be entitled, as a Warrant holder, to vote or receive dividends or be deemed the holder of any shares or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have been exercised and the shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. The holder of this Warrant will not be entitled to share in the assets of the Company or the Company in the event of a liquidation, dissolution or the winding up of the Company or the Company.

 
-3-
 
 
11.  
Notices.

All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S.  Postal Service or other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid or (d) one business day after the business day of facsimile transmission, if delivered by facsimile transmission with copy by first class mail, postage prepaid, and shall be addressed to the Party at the address set forth in Section 9.5 of the Purchase Agreement or at such other address as a party may designate by ten days advance written notice to the other party pursuant to the provisions above.

12.  
Governing Law.

This Warrant and all actions arising out of or in connection with this Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the State of California or of any other state.

 
                  IMAGEWARE SYSTEMS, INC.
                  ____________________________________
                       Name:  Wayne Wetherell
                       Title: Chief Financial Officer

 
-4-
 
 
EXHIBIT A

NOTICE OF EXERCISE
 
TO:       ImageWare Systems, Inc., or its corporate successor in interest
              10815 Rancho Bernardo Road, Suite 310
      San Diego, California 92127
 
1.   The undersigned hereby elects to purchase shares of the Company’s Common Stock pursuant to the terms of the attached Warrant.

2.   Cash Exercise:  The undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders herewith or by concurrent wire transfer payment in full for the purchase price of the shares being purchased, together with all applicable transfer taxes, if any.

3.   Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below:

                                         _________________________________
                                         (Name)

                                          _________________________________


                                           _________________________________
                                           (Address)

4.   The undersigned hereby represents and warrants that the aforesaid Shares are being acquired for the account of the undersigned for investment and not with a view to, or for resale, in connection with the distribution thereof, and that the undersigned has no present intention of distributing or reselling such shares and all representations and warranties of the undersigned set forth in Section 7 of the attached Warrant are true and correct as of the date hereof.

                                         By: __________________________

                                         Title:_________________________

Date: _________________________

 EX-10.41 3 ex10-41.htm ex10-41.htm
Exhibit 10.41
THIS PROMISSORY NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. THIS PROMISSORY NOTE MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
 
CONVERTIBLE PROMISSORY NOTE
 
$2,500,000
  
March 27, 2013
 
  
San Diego, California
 
FOR VALUE RECEIVED, ImageWare Systems, Inc., a Delaware corporation, (the “Company”), promises to pay to the order of Neal I. Goldman, or its registered assigns (“Holder”), the principal sum of Two Million Five Hundred Thousand Dollars ($2,500,000), or such lesser amount as is advanced and outstanding hereunder, on March 27, 2015 (the “Maturity Date”), together with interest thereon as provided in Section 3 of this Convertible Promissory Note (this “Note”). Holder shall disburse the amount of this Note in accordance with the terms hereof.
 
1. Definitions. For purposes of this Note, the following terms shall have the following meanings:
 
 “Business Day” means any day which is not a Saturday or Sunday or a legal holiday on which national banks are authorized or required to be closed.
 
  “Governmental Authority” means any federal, state, local or other governmental department, commission, board, bureau, agency or other instrumentality or authority, domestic or foreign, exercising executive, legislative, judicial, regulatory or administrative authority or functions of or pertaining to government.
 
 “Material Adverse Effect” means any event, matter, condition or circumstance which (i) has or would reasonably be expected to have a material adverse effect on the business, properties, operations, condition (financial or otherwise) or prospects of the Company and its Subsidiaries, taken as a whole; (ii) would materially impair the ability of the Company or any other Person to perform or observe their respective obligations under or in respect of this Note; (iii) would materially impair the rights and remedies of Holder under this Note; or (iv) affects the legality, validity, binding effect or enforceability of this Note.
 
 “Organic Document” means, relative to any Person, its articles or certificate of incorporation, or certificate of limited partnership or formation, its bylaws, partnership or operating agreement or other organizational documents, and all stockholders agreements, voting trusts and similar arrangements applicable to any of its capital stock, partnership interests or other ownership interests.
 
“Outstanding Balance” means the outstanding principal balance of this Note together with all accrued but unpaid interest hereunder. 
 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.
 
“PIK Interest” means, with respect to the Outstanding Balance under this Note, accrued interest on such Outstanding Balance to the extent such interest is not paid in cash but is added to the principal balance and due on the Maturity Date.

 
-1-
 
 
2. Line of Credit.
 
(a) Subject to the terms and conditions of this Note, Holder agrees to make advances to the Company at the Company’s request in an aggregate principal amount at any one time outstanding not to exceed $2,500,000 (the “Line of Credit”). The Company may borrow, repay and re-borrow all or any part of the Line of Credit, subject to the terms of this Note. All advances must be requested not later than the Maturity Date. Holder shall enter each amount borrowed and repaid in Holder’s records. No failure by Holder to make, and no error by Holder in making, any entry in such records shall affect the Company’s obligation to repay the full principal amount advanced by Holder to or for the account of the Company, or to pay interest or fees thereon at the agreed-upon rates.
 
(b) Each advance request shall be made (i) by telephone or in writing at the number or address, as applicable, provided for Holder in Section 15, (ii) no later than 11:00 a.m. (San Diego, California time) one Business Day prior to the requested advance date, which date shall be a Business Day, and (iii) in a minimum amount of $250,000 or, if less, the remaining amount of the availability under the Line of Credit. The Company may not request an advance more than once in each calendar week. Each oral advance request shall be conclusively presumed to have been made by a person authorized by the Company to do so, and any credit by Holder of an advance to or for the account of the Company shall conclusively establish the Company’s obligation to repay same.
 
(c)  This Line of Credit shall terminate, and no further advances shall be made, upon the earlier to occur of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2.5 million (“Qualified Financing”).  In the event of consummation of a Qualified Financing, the Outstanding Balance under the terms of this Note shall be due and payable on demand.
 
(d) The proceeds of each advance shall be disbursed in accordance with the instructions provided by the Company.
 
3. Payment of Interest, Warrant.
 
(a) Interest Generally. Interest shall accrue on the outstanding principal amount of this Note at a rate equal to 8% per annum (computed on the basis of actual calendar days elapsed and a year of 365 days) payable in kind, as an addition to the outstanding principal amount due hereunder, monthly in arrears on the last day of each calendar month (each such date, an “Interest Payment Date”). The Company may elect to pay interest in cash on the outstanding principal balance of this Note on any Interest Payment Date.
 
 (b) Default Interest. Upon the occurrence and during the continuance of any Event of Default, the Outstanding Balance under this Note shall bear interest at a rate per annum equal to 2% plus the rate otherwise applicable to this Note. Such incremental interest (i.e., the additional 2% added during the continuance of an Event of Default) shall be payable in cash.
 
(c) Warrant.   As additional consideration for the provision of the Line of Credit, the Company shall issue to Holder a warrant exercisable for 1,052,632 shares of the Company’s Common Stock (the “Warrant”).  The Warrant shall have a term of two years from the date of issuance, and shall have an exercise price of $0.95 per share.
 
4. Payments.
 
(a) Form of Payment. All payments of cash interest and principal shall be in lawful money of the United States of America by a check drawn on the account of the Company and sent via overnight courier service to Holder at such address as previously provided to the Company in writing (which address, in the case of Holder as of the date of issuance hereof, shall initially be the address for Holder as set forth in this Note); provided that Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior written notice setting out such request and Holder’s wire transfer instructions.  All payments shall be applied first to accrued interest, and thereafter to principal.

 
-2-
 
 
(b) No Set-Off. The Company agrees to make all payments under this Note without set-off or deduction and regardless of any counterclaim or defense.
 
(c) Prepayment. The Company shall have the right to prepay the Outstanding Balance owed under this Note in whole or in part at any time.
 
 (d) Required Payment. If the Outstanding Balance at any one time outstanding hereunder exceeds the lending commitment amount of $2,500,000 (excluding PIK Interest), the Company shall, at the time any such excess shall arise, promptly pay to Holder such amount as may be necessary to eliminate the excess.

5. Conditions Precedent. Holder shall not be obligated to make any advance under this Note if any Event of Default shall have occurred and is continuing.

6.  Conversion.  At any time prior to the Maturity Date, the Holder shall have the right and option to convert the Outstanding Balance into that number of fully paid and non-assessable shares of the Company’s Common Stock as is equal to the quotient obtained by dividing the Outstanding Balance by $0.95.
 
7. Representations and Warranties. The Company hereby makes the following representations and warranties to Holder:
 
(a) Organization, Good Standing and Qualification. The Company is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has all requisite power and authority to execute, deliver and perform its obligations under this Note. The Company is qualified to do business and is in good standing in each jurisdiction in which the failure so to qualify or be in good standing would have a Material Adverse Effect, and has all requisite power and authority to own its assets and carry on its business.
 
(b) Corporate Power and Authorization; Consents. The execution, delivery and performance by the Company of this Note have been duly authorized by all necessary action of the Company and do not and will not (i) contravene the terms of the Company’s Organic Documents; (ii) result in a breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any lease, instrument, contract or other agreement to which the Company is a party or by which its properties may be bound or affected; (iii) necessitate the consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority or any third party; or (iv) violate any provision of any law, rule, regulation, order, judgment, decree or the like binding on or affecting the Company, except in the case of each of clauses (ii), (iii) and (iv), such as would not result in a Material Adverse Effect.
 
(c) Enforceability. This Note constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms
 
8. Covenants. So long as any indebtedness under this Note remains outstanding, the Company shall provide to Holder, as soon as possible and in any event within three (3) days after the occurrence thereof, written notice of an Event of Default, which notice sets forth the details of such event and the action which is proposed to be taken by the Company with respect thereto.
 
9. Use of Proceeds. The Company shall use the proceeds from the amounts loaned to the Company under this Note for general working capital and other lawful corporate purposes.
 
10. Default.
 
(a) Events of Default. For purposes of this Note, any of the following events which shall occur shall constitute an “Event of Default”:
 
 
-3-
 
 
(i) any indebtedness under this Note is not paid when and as the same shall become due and payable, whether at maturity, by acceleration, thirty (30) days following notice of prepayment or otherwise;
 
(ii) default shall occur in the observance or performance of the covenant, obligation or agreement of the Company contained in Section 8, or (B) any other provision of this Note, and, in the case of this clause (B), such default shall continue uncured for a period of thirty (30) days;
 
(iii) any representation, warranty or certification made herein by or on behalf of the Company or any of its Subsidiaries shall prove to have been false or incorrect in any material respect on the date or dates as of which made (any such falsity being a “Representation Default”);
 
(iv) the Company shall (A) apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of itself or any part of its property, (B) become subject to the appointment of a receiver, trustee, custodian or liquidator for itself or any part of its property, (C) make an assignment for the benefit of creditors, (D) fail generally, become unable or admit in writing to its inability to pay its debts as they become due, (E) institute any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law affecting the rights of creditors generally, or file a petition or answer seeking reorganization or an arrangement with creditors to take advantage of any insolvency law, or file an answer admitting the material allegations of a bankruptcy, reorganization or insolvency petition filed against it, or (F) become subject to any involuntary proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law affecting the rights of creditors generally;
 
(v) the Company shall (i) liquidate, wind up or dissolve (or suffer any liquidation, wind-up or dissolution), (ii) suspend its operations other than in the ordinary course of business, or (iii) take any action to authorize any of the actions or events set forth above in this Section 10(a)(v); or
 
 (vi) this Note shall for any reason cease to be, or shall be asserted by the Company not to be, a legal, valid and binding obligation of the Company.
 
(b) Consequences of Events of Default.
 
(i) If any Event of Default shall occur for any reason, whether voluntary or involuntary, and be continuing, Holder may, upon notice or demand, declare the Outstanding Balance under this Note to be due and payable, whereupon the Outstanding Balance under this Note shall be and become immediately due and payable, and the Company shall immediately pay to Holder the entire Outstanding Balance. Upon the occurrence of an actual or deemed entry of an order for relief with respect to the Company under the United States Bankruptcy Code, then the Outstanding Balance under this Note shall automatically be due immediately without notice of any kind. The Company agrees to pay Holder all out-of-pocket costs and expenses incurred by Holder (including attorney’s fees) in connection with the enforcement or protection of its rights in relation to this Agreement, including any suit, action, claim or other activity of Holder to collect the Outstanding Balance under this Note or any portion thereof, or in connection with the transactions contemplated hereby.
 
(ii) Holder shall also have any other rights which Holder may have been afforded under any contract or agreement at any time and any other rights which Holder may have pursuant to applicable law.
 
11. Lost, Stolen, Destroyed or Mutilated Note. In case this Note shall be mutilated, lost, stolen or destroyed, the Company shall issue a new Note of like date, tenor and denomination and deliver the same in exchange and substitution for and upon surrender and cancellation of such mutilated Note, or in lieu of this Note being lost, stolen or destroyed, upon receipt of evidence satisfactory to the Company of such loss, theft or destruction.

 
-4-
 
 
12. Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, THE COMPANY (BY ITS EXECUTION HEREOF) AND HOLDER (BY ITS ACCEPTANCE OF THIS NOTE) WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION ARISING OUT OF OR BASED UPON OR RELATING TO THIS NOTE OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING.
 
13. Governing Law. This Note shall be deemed to be a contract made under the laws of the State of California and for all purposes shall be governed by, construed under, and enforced in accordance with the laws of the State of California.
 
14. Amendment and Waiver. Any term of this Note may be amended and the observance of any term of this Note may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Holder.
 
15. Notices. Any notice or other communication in connection with this Note may be made and is deemed to be given as follows: (i) if in writing and delivered in person or by courier, on the date when it is delivered; (ii) if by facsimile, when received at the correct number (proof of which shall be an original facsimile transmission confirmation slip or equivalent); or (iii) if sent by certified or registered mail or the equivalent (return receipt requested), on the date such mail is delivered, unless the date of that delivery is not a Business Day or that communication is delivered on a Business Day but after the close of business on such Business Day in which case such communication shall be deemed given and effective on the first following Business Day. Any such notice or communication given pursuant to this Note shall be addressed to the intended recipient at its address or number (which may be changed by either party at any time) specified as follows:
 
If to the Company:
  
ImageWare Systems, Inc.
10815 Rancho Bernardo Road, Suite 310
San Diego, CA 92127
Facsimile No.:
Telephone No.:  619-673-8600
Attention: Chief Executive Officer
   
With a copy to:
  
Daniel W. Rumsey
Disclosure Law Group
501 West Broadway, Suite 800
San Diego, CA 92101
Facsimile No.: 619-330-2101
Telephone No.: 619-795-1134
   
If to Holder:
  
Neal I. Goldman
Facsimile No.: 212-214-0657
Telephone No.:  212-676-5571
 
16. Severability. If at any time any provision of this Note shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Note.
 
17. Assignment. The provisions of this Note shall be binding upon and inure to the benefit of each of the Company and Holder and their respective successors and assigns, provided that the Company shall not have the right to assign its rights and obligations hereunder or any interest herein. This Note may be endorsed, assigned and transferred in whole or in part by Holder to any other Person.

 
-5-
 
 
18. Remedies Cumulative; Failure or Indulgence Not a Waiver. The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note. No failure or delay on the part of Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.  
 
19. Entire Agreement. This Note contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, discussions and representations, oral or written, with respect to such matters, which the parties acknowledge have been merged into this Note.
 
20. Waiver of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

IN WITNESS WHEREOF, each of the undersigned has caused this Note to be duly executed by its officers, thereunto duly authorized as of the date first above written.
 
THE COMPANY:
 
ImageWare Systems, INC.,
   
By:
    
Name:
  
S. James Miller, Jr.
Title:
  
CEO
 
HOLDER:
   
By:
    
Name:
  
Neal I. Goldman
 
 EX-23.1 4 ex23-1.htm ex23-1.htm
Exhibit 23.1
 
CONSENT OF INDEPENDENT VALUATION FIRM

As independent valuation consultants, Vantage Point Advisors, Inc. hereby consents to the use of the name Vantage Point Advisors, Inc. and to references to our report entitled “Valuation Analysis of ImageWare Systems, Inc.” prepared for ImageWare Systems, Inc., or information contained therein, for inclusion in the Annual Report on Form 10-K of ImageWare Systems, Inc. for the year ended December 31, 2012.



Vantage Point Advisors, Inc.
San Diego, California
March 21, 2013

 
 EX-23.2 5 ex23-2.htm ex23-2.htm
Exhibit 23.2
 
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
As independent registered public accountants, we hereby consent to the incorporation by reference in Registration Statement No. 333-180809 on Form S-8 of our report dated April 1, 2013, relating to the financial statements of ImageWare Systems, Inc. as of and for the year ended December 31, 2012, included in this Annual Report on Form 10-K for the year ended December 31, 2012.
 

 
   
/s/ Mayer Hoffman McCann P.C.
  
San Diego, California
April 1, 2013
  
 
 EX-31.1 6 ex31-1.htm ex31-1.htm
Exhibit 31.1
 
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and pursuant to Rule 13a-14(a) and Rule 15d-14 under the Securities Exchange Act of 1934
 
I, S. James Miller, Jr., Chief Executive Officer of the Company, certify that:
 
1.
I have reviewed this Annual Report on Form 10-K of ImageWare Systems, Inc.;
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
 
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
c.
Evaluated the effectiveness of the registrant’s disclosure and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations: and

 
d.
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
 
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 

 
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: April 1, 2013
ImageWare Systems, Inc.
 
By: /s/ S. James Miller, Jr.
 
S. James Miller, Jr.
 
Chief Executive Officer
(Principal Executive Officer)
EX-31.2 7 ex31-2.htm ex31-2.htm
Exhibit 31.2
 
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and pursuant to Rule 13a-14(a) and Rule 15d-14 under the Securities Exchange Act of 1934
 
I, Wayne Wetherell, Chief Financial Officer of the Company, certify that:
 
1.
I have reviewed this Annual Report on Form 10-K of ImageWare Systems, Inc.;
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
 
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
c.
Evaluated the effectiveness of the registrant’s disclosure and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations: and
 
 
d.
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
 
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
 
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date: April 1, 2013
ImageWare Systems, Inc.
 
By: /s/ Wayne Wetherell
 
Wayne Wetherell
 
Chief Financial Officer (Principal Financial Officer)
EX-32.1 8 ex32-1.htm ex32-1.htm
Exhibit 32.1
 
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)
 
In connection with the Annual Report of ImageWare Systems, Inc. (the "Company") on Form 10-K for the period ending December 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, S. James Miller, Jr., Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:
 
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
 
Date: April 1, 2013
  
ImageWare Systems, Inc.
 
By: /s/ S. James Miller, Jr.
  
   
S. James Miller, Jr.
  
   
Chief Executive Officer (Principal Executive Officer)
  
EX-32.2 9 ex32-2.htm ex32-2.htm
Exhibit 32.2

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)
 
In connection with the Annual Report of ImageWare Systems, Inc. (the "Company") on Form 10-K for the period ending December 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Wayne Wetherell, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:
 
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
 
Date: April 1, 2013
  
ImageWare Systems, Inc.
 
By: /s/ Wayne Wetherell
  
   
Wayne Wetherell
  
   
Chief Financial Officer (Principal Financial Officer)
  
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outstanding at December 31, 2012 and 2011, respectively; liquidation preference $607 and $786 at December 31, 2012 and 2011, respectively Common stock, $0.01 par value, 150,000,000 shares authorized at December 31, 2012 and 2011; 76,646,553 and 67,995,620 shares issued at December 31, 2012 and 2011, respectively, and 76,639,849 and 67,988,916 shares outstanding at December 31, 2012 and 2011, respectively Additional paid in capital Treasury stock, at cost 6,704 shares Accumulated other comprehensive loss Accumulated deficit Total Shareholders' Equity (Deficit) Total Liabilities and Shareholders' Equity (Deficit) Accounts receivable, net of allowance for doubtful accounts Shareholders' deficit: Preferred stock, shares authorized Series B convertible preferred , Par value Series B convertible preferred, designated Series B convertible preferred, shares issued Series B convertible preferred, shares outstanding Series B convertible preferred, liquidation preference Common stock, par value Common stock, shares authorised Common stock, shares issued Common stock, shares outstanding Treasury stock, shares Income Statement [Abstract] Revenues: Product Maintenance Total Cost of revenues: Product Maintenance Gross profit Operating expenses: General and administrative Sales and marketing Research and development Depreciation and amortization Total Loss from operations Interest expense Change in fair value of derivative liabilities Other income, net Loss before income taxes Income tax (benefit) expense Net loss Preferred dividends Net loss available to common shareholders Basic and diluted loss per common share see Note 2: Net loss Preferred dividends Basic and diluted loss per share available to common shareholders Basic and diluted weighted-average shares outstanding Condensed Consolidated Statements Of Comprehensive Income Loss Net loss Other comprehensive income (loss): Additional minimum pension liability Foreign currency translation adjustment Comprehensive loss Statement [Table] Statement [Line Items] Begining Balance, Shares Begining Balance, Amount Issuance of common stock for cash, net of derivative liabilities and transaction costs of $706, Shares Issuance of common stock for cash, net of derivative liabilities and transaction costs of $706, Amount Conversion of preferred stock into common, Shares Conversion of preferred stock into common, Amount Issuance of common stock pursuant to warrant exercises, Shares Issuance of common stock pursuant to warrant exercises, Amount Issuance of common stock pursuant to cashless warrant exercises, Shares Issuance of common stock pursuant to cashless warrant exercises, Amount Beneficial conversion feature of convertible debt Issuance of common stock pursuant to repayment of debt, Shares Issuance of common stock pursuant to repayment of debt, Amount Issuance of common stock pursuant to conversion of accrued interest, Shares Issuance of common stock pursuant to conversion of accrued interest, Amount Issuance of common stock pursuant to conversion of debt, Shares Issuance of common stock pursuant to conversion of debt, Amount Issuance of common stock in lieu of cash for financing transaction costs, Shares Issuance of common stock in lieu of cash for financing transaction costs, Amount Recission of previously issued restricted stock grants, Shares Recission of previously issued restricted stock grants, Amount Reclassi-fication of previously bifurcated conversion option of preferred stocks and warrants Issuance of common stock pursuant to option exercises, Shares Issuance of common stock pursuant to option exercises, Amount Issuance of common stock as compensation in lieu of cash, Shares Issuance of common stock as compensation in lieu of cash, Amount Stock-based expense Warrants issued to consultants as compensation Warrants issued as consideration for asset purchase Reclassi-fication of warrants previously classified as derivative liabilities Foreign currency translation adjustment Dividends on preferred stock Ending Balance, Shares Ending Balance, Amount Statement of Cash Flows [Abstract] Cash flows from operating activities Net income (loss) Adjustments to reconcile net income (loss) to net cash used in operating activities Depreciation and amortization Amortization of debt discount and debt issuance costs Stock based compensation Reduction in accounts payable from expiration of statute of limitations Stock and warrants issued in lieu of cash Change in assets and liabilities Accounts receivable Inventory Other assets Accounts payable Accrued expenses Deferred revenue Billings in excess of costs and estimated earnings on uncompleted contracts Pension obligation Total adjustments Net cash used in operating activities Cash flows from investing activities Purchase of property and equipment Net cash used in investing activities Cash flows from financing activities Proceeds from issuance of notes payable Repayment of notes payable Proceeds from issuance of common stock and warrants, net Proceeds from exercised stock options Dividends paid Proceeds from exercised stock purchase warrants Net cash provided by financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information: Cash paid for interest Cash paid for income taxes Summary of non-cash investing and financing activities: Conversion of notes payable and related interest to common stock Warrants issued for intangible asset purchase Contingent royalty payment Acquisition of intangible assets with warrants Issuance of common stock pursuant to cashless warrant exercises Conversion of preferred stock into common stock Reclassification of warrants previously classified as derivative liabilities to additional paid-in capital Reclassification of previously bifurcated conversion option on warrants and preferred stocks Warrants issued with notes payable Notes to Financial Statements Note 1 - DESCRIPTION OF BUSINESS AND OPERATIONS Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Note 3 - FAIR VALUE ACCOUNTING Note 4 - INTANGIBLE ASSETS AND GOODWILL Note 5 - RELATED PARTIES Note 6 - INVENTORY Note 7 - PROPERTY AND EQUIPMENT Note 8 - ACCRUED LIABILITIES Note 9 - NOTES PAYABLE Note 10 - DERIVATIVE LIABILITIES Note 11 - INCOME TAXES Note 12 - COMMITMENTS AND CONTINGENCIES Note 13 - EQUITY Note 14 - STOCK BASED COMPENSATION Note 15 - EMPLOYEE BENEFIT PLAN Note 16 - PENSION PLAN Note 17 - ACCUMULATED OTHER COMPREHENSIVE LOSS Note 18 - SUBSEQUENT EVENTS Summary Of Significant Accounting Policies Policies Principles of Consolidation Operating Cycle Use of Estimates Cash and cash equivalents Accounts receivable Inventories Property, Equipment and Leasehold Improvements Fair Value of Financial Instruments Derivative Financial Instruments Revenue recognition Goodwill Intangible and Long Lived Assets Concentration of Credit Risk Stock Based Compensation Income Taxes Foreign Currency Translation Comprehensive Income Advertising Costs Loss Per Share Recently Issued Accounting Standards Reclassifications Summary Of Significant Accounting Policies Tables Computation of basic and diluted loss per share Potential Dilutive Securities Fair Value Accounting Tables Fair value measurement of Assets and liability Reconciliation of liabilities measured at fair value on a recurring basis Intangible Assets And Goodwill Tables Intangible Assets Intangible amortization expense Accrued Liabilities Tables Accrued liabilities Property And Equipment Tables Property and equipment Notes Payable Tables NOTES PAYABLE Income Taxes Tables Income tax provision (benefit) Deferred tax assets (liabilities) Reconciliation of federal statutory income tax rate to our effective income tax rate Commitments And Contingencies Tables Future minimum lease payments Equity Tables Summary of common stock activity Summary of warrant activity Summary of stock option plans activity Stock Based Compensation Tables Stock option plans Stock options outstanding and exercisable Common stock reserved for future issuance Pension Plan Tables Actuarial present value of the benefit obligations Benefit payments Accumulated Other Comprehensive Loss Tables Accumulated other comprehensive loss Description Of Business And Operations Details Narrative Cash placed with high quality financial institutions Accounts receivable Customer accounted for revenue percentage Customer accounted for revenue Trade receivables Stock based compensation expense related to equity Compensation expense Volatility rate Expected term Interest rate Advertising expense Numerator for basic and diluted loss per share: Preferred dividends Net loss available to common shareholders Denominator for basic loss per share weighted-average shares outstanding Effect of dilutive securities Denominator for diluted loss per share weighted-average shares outstanding Basic and diluted loss per share: Net loss Preferred dividends Net loss available to common shareholders Potential Dilutive Securities: Convertible notes payable Convertible preferred stock Series B Convertible preferred stock Series C Convertible preferred stock Series D Stock options Restricted stock grants Warrants Total Potential Dilutive Securities Assets: Pension assets Totals Liabilities: Derivative liabilities Totals Balance at December 31, 2010 Included in earnings Settlements Issuances Transfers in and/or out of Level 3 Balance at December 31, 2012 Fair Value Accounting Details Narratives Outstanding warrants to purchase shares of the Company's common stock Fair values of Warrants which is recognised as non-current liability Balance of intangible assets as of December 31, 2010 Intangible assets acquired Amortization Impairment losses Balance of intangible assets as of December 31, 2012 2013 2014 2015 2016 2017 Thereafter Totals Carrying amount of acquired trademarks and trade names Accumulated amortization Amortization expense Related Party Details Narratives Principal Amount Repay on Related-Party Convertible Notes Contract value of an agreement Professional services Firm Promissory note amount Credit facility Interest per annum Due date Warrant issued for common stock Warrant exercise price Inventory Details Narrative Inventory Work in process Finished goods Reserves for obsolete and slow-moving items Equipment Furniture Property and equipment total Less accumulated depreciation Property and equipment net Property And Equipment Details Narrative Depreciation expense Compensated absences Wages, payroll taxes and sales commissions Customer deposits Liquidated damages Royalties Board of directors fees Pension and employee benefit plans Income and sales taxes Interest and dividends Other Accrued liabilities Statement, Scenario [Axis] Face Value of Convertible promissory notes Discount on notes Total notes payable to related parties Total notes payable Less current portion Long-term notes payable Notes Payable Details Narratives Derivative Liabilities Details Narratives Outstanding warrants to purchase Common stock Fair value of warrants Warrants no longer qualify as derivative liabilities Change in fair value of derivative liabilities Derivative liability treatment Issuuance of common stock Fair value of common stock Proceeds from issuance of common stock Common stock issued Income Tax Disclosure [Abstract] Current Federal State Foreign Deferred Federal State Foreign Total Net operating loss carryforwards Intangible assets Stock based compensation Reserves and accrued expenses Other Deferred tax assets total Less valuation allowance Net deferred tax assets Amounts computed at statutory rates State income tax, net of federal benefit Expiration of net operating loss carryforwards Non-deductible interest Foreign taxes Other Net change in valuation allowance on deferred tax assets Reconciliation of the provision -benefit) for income taxes Income Taxes Details Narrative Interest and penalties accrued 2013 2014 2015 2016 2017 and thereafter Total Commitments And Contingencies Details Narratives Rent expense Shares outstanding at December 31, 2010 Shares issued pursuant to the Qualified Financing Conversion of preferred stock into common Conversion of convertible debt into common stock Shares issued pursuant to options exercised for cash Shares issued pursuant to cashless warrants exercised Shares issued pursuant to options exercised Shares issued as compensation in lieu of cash Recoup of forfeited restricted stock grants Shares outstanding at December 30, 2012 Begining Balance Granted Expired/Cancelled Exercised Ending Balance Begining Balance, Weighted-Average Exercise Price Granted, Weighted-Average Exercise Price Expired/Cancelled, Weighted-Average Exercise Price Exercised, Weighted-Average Exercise Price Ending Balance, Weighted-Average Exercise Price Number Outstanding Weighted Average Remaining Life (Years) Weighted Average Exercise Price Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Award Type and Plan Name [Axis] Common stock issued Options exercised Preferred outstanding Undeclared dividends Undeclared dividends per share Cash proceeds Company issued common stock pursuant to the exercise of warrants Warrants exercised Company issued common stock pursuant to the cashless exercise Proceeds from issuance of warrants Warrants exercised Warrants expired Warrant to purchase common stock Issued to Vocel a warrant to purchase Gross revenue from the sale or license Warrant purchase to consultant Common stock price ranging of warrants MajorTypesOfDebtAndEquitySecuritiesAxis [Axis] Summary of the activity Under stock option plans Granted, Options Exercised, Options Begining Balance,Weighted-Average Remaining Contractual Term Granted,Weighted-Average Remaining Contractual Term Expired/Cancelled,Weighted-Average Remaining Contractual Term Exercised,Weighted-Average Remaining Contractual Term Ending Balance,Weighted-Average Remaining Contractual Term Number Outstanding Options Weighted Average Remaining Life (Years) Options Weighted Average Exercise Price Options Number Exercisable Options Weighted-Average Exercise Price Options Notes to Financial Statements [Axis] Common stock reserved for future issuance Stock Based Compensation Details Narrative Options outstanding Option exercisable Weighted average exercise price Expected term Weighted average exercise price Intrinsic value Weighted average remaining contractual life Option exercised Proceeds from option exercised Intrinsic value of option exercised during period Intrinsic value of option exercisable Total remaining unrecognized compensation cost related to unvested stock options Weighted-average remaining requisite service period Shares outstanding and unexercisable Shares vested Weighted average grand date fair value Shares forfeited or expired Shares vested and exercisable weighted-average grant-date fair value weighted-average grant-date fair value of option exercisable Weighted average grant date fair value per share of options granted to employees Unrecognized compensation cost related to unvested stock options Weighted-average remaining requisite service period Stock-based compensation expense related to restricted stock grants Compensation and Retirement Disclosure [Abstract] Change in benefit obligation: Benefit obligation at beginning of year Service cost Interest cost Actuarial gain (loss) Effect of exchange rate changes Effect of curtailment Benefits paid Benefit obligation at end of year Change in plan assets: Fair value of plan assets at beginning of year Actual return of plan assets Company contributions Benefits paid Effect of exchange rate changes Fair value of plan assets at end of year Funded status Unrecognized actuarial loss (gain) Unrecognized prior service (benefit) cost Additional minimum liability Unrecognized transition (asset) liability Net amount recognized Plan Assets Equity securities Debt securities Other Total Components of net periodic benefit cost are as follows: Service cost Interest cost on projected benefit obligations Expected return on plan assets Amortization of prior service costs Amortization of actuarial loss Net periodic benefit costs Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were Discount rate Expected return on plan assets Rate of compensation increase The following discloses information about the Companys defined benefit pension plan that had an accumulated benefit obligation in excess of plan assets as of December 31, Projected benefit obligation Accumulated benefit obligation Fair value of plan assets 2013 2014 2015 2016 2017 2018 2022 Pension Plan Details Narrative Contributions to the plan Accumulated Other Comprehensive Loss Details Additional minimum pension liability Foreign currency translation adjustment Ending Balance Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Basic weighted-average shares Custom Element. Series B convertible preferred, designated Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Condensed Consolidated Statements Of Comprehensive Loss Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Document And Entity Information Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Note 8 - FAIR VALUE ACCOUNTING Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Issuance of common stock pursuant to cashless warrant exercises Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom Element. Custom element. Custom Element. Custom Element. Custom Element. Custom element. 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Issuance of common stock pursuant to cashless warrant exercises [Default Label] Assets, Current Assets Liabilities, Current Liabilities Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Revenue, Net Cost of Goods Sold Cost of Services, Maintenance Costs Gross Profit Operating Expenses Operating Income (Loss) Preferred Stock Dividends, Income Statement Impact Comprehensive Income (Loss), Net of Tax, Attributable to Parent Shares, Issued Foreign Currency Transaction Gain (Loss), before Tax Depreciation Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Other Operating Assets Increase (Decrease) in Accounts Payable Basic weighted-average shares Increase (Decrease) in Deferred Revenue Increase (Decrease) in Pension Plan Obligations Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Notes Payable Payments of Dividends Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Policy [Policy Text Block] Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] PreferredStockDividend1 Income (Loss) from Continuing Operations, Per Basic and Diluted Share PreferredDividends Earnings Per Share, Basic and Diluted ConvertibleNotesPayable1 WeightedAverageNumberOfSharesRestrictedStock1 Liabilities, Fair Value Disclosure Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value IntangibleAssetsBeginningBalance IntangibleAssetsEndingBalance Accrued Liabilities Series B convertible preferred, liquidation preference [Default Label] Deferred Federal Income Tax Expense (Benefit) Deferred State and Local Income Tax Expense (Benefit) Deferred Foreign Income Tax Expense (Benefit) Deferred Tax Assets, Other Income Tax Reconciliation, Other Adjustments Operating Leases, Future Minimum Payments Due, Current Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments, Due in Three Years Operating Leases, Future Minimum Payments, Due in Four Years Operating Leases, Future Minimum Payments Due Series B convertible preferred , Par value [Default Label] Series B convertible preferred, shares outstanding [Default Label] Series B convertible redeemable preferred stock, $0.01 par value; designated 750,000 shares, 389,400 shares issued, and 239,400 shares outstanding at March 31, 2012 and December 31, 2011, respectively; liquidation preference $620 and $786 at March 31, 2012 and December 31, 2011, respectively WarrantsExercised SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3 Common Stock, Capital Shares Reserved for Future Issuance SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 Defined Benefit Plan, Benefit Obligation Defined Benefit Plan, Fair Value of Plan Assets Defined Benefit Plan, Benefits Paid Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets DefinedBenefitPlanOthersInPercentage DefinedBenefitPlanAssetsForPlanBenefitsCurrentAndNoncurrentInPercentage DefinedBenefitPlanServiceCost1 Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax EX-101.DEF 14 iwsy-20121231_def.xml EX-101.CAL 15 iwsy-20121231_cal.xml XML 16 R39.htm IDEA: XBRL DOCUMENT v2.4.0.6
DESCRIPTION OF BUSINESS AND OPERATIONS (Details Narrative) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Description Of Business And Operations Details Narrative    
Cash placed with high quality financial institutions $ 250,000 $ 250,000
Accounts receivable 4,000 4,000
Customer accounted for revenue percentage 15.00% 34.00%
Customer accounted for revenue 611,000 1,836,000
Trade receivables 0 0
Stock based compensation expense related to equity 571,000 250,000
Compensation expense 37,000 39,000
Volatility rate 99.00% 135.00%
Expected term 5 years 10 months 24 days 5 years 10 months 24 days
Interest rate 2.60% 2.60%
Foreign currency translation adjustment (75,000) 25,000
Advertising expense $ 12,000 $ 0
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NOTES PAYABLE (Details Narratives) (USD $)
 12 Months Ended
Dec. 31, 2012
Notes Payable Details Narratives  
Principal Amount Repay on Related-Party Convertible Notes $ 45,000
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RELATED PARTY (Details Narratives) (USD $)
 12 Months Ended
Dec. 31, 2012
Related Party Details Narratives  
Principal Amount Repay on Related-Party Convertible Notes $ 45,000
Contract value of an agreement 370,000
Professional services Firm 188,000
Promissory note amount 2,500,000
Credit facility $ 2,500,000
Interest per annum 8.00%
Due date Mar. 01, 2015
Warrant issued for common stock 1,052,632
Warrant exercise price $ 0.95
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PENSION PLAN (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Change in benefit obligation:    
Benefit obligation at beginning of year $ 1,846 $ 1,770
Interest cost 87 91
Actuarial gain (loss) (7) (9)
Effect of exchange rate changes 103 (8)
Effect of curtailment      
Benefits paid      
Benefit obligation at end of year 2,031 1,846
Change in plan assets:    
Fair value of plan assets at beginning of year 1,455 1,369
Actual return of plan assets 36 41
Company contributions 42 45
Effect of exchange rate changes 97   
Fair value of plan assets at end of year 1,630 1,455
Funded status (401) (391)
Unrecognized actuarial loss (gain) 317 334
Unrecognized prior service (benefit) cost      
Additional minimum liability (317) (334)
Unrecognized transition (asset) liability      
Net amount recognized (401) (391)
Plan Assets    
Equity securities 11.50% 2.20%
Debt securities 810.00% 93.90%
Other 7.50% 3.90%
Total 100.00% 100.00%
Components of net periodic benefit cost are as follows:    
Service cost 2 2
Interest cost on projected benefit obligations 87 91
Expected return on plan assets      
Amortization of prior service costs      
Amortization of actuarial loss      
Net periodic benefit costs 89 93
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were    
Discount rate 4.60% 4.60%
Expected return on plan assets 4.00% 4.00%
Rate of compensation increase 0.00% 0.00%
The following discloses information about the Companys defined benefit pension plan that had an accumulated benefit obligation in excess of plan assets as of December 31,    
Projected benefit obligation 2,031 1,846
Accumulated benefit obligation 2,031 1,846
Fair value of plan assets $ 1,630 $ 1,455
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DERIVATIVE LIABILITIES (Details Narratives) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Derivative Liabilities Details Narratives    
Outstanding warrants to purchase Common stock $ 5,211,229 $ 18,547,000
Fair value of warrants   11,824,000
Warrants no longer qualify as derivative liabilities 3,947  
Change in fair value of derivative liabilities 5,110,000  
Derivative liability treatment 1,067,617  
Issuuance of common stock 636,780  
Fair value of common stock 708,000  
Proceeds from issuance of common stock    8,544,000
Common stock issued $ 3,947  
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INTANGIBLE ASSETS AND GOODWILL (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Notes to Financial Statements    
2013 $ 28  
2014 28  
2015 27  
2016 12  
2017 12  
Thereafter 93  
Totals $ 200 $ 63
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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2012
Income Taxes Tables  
Income tax provision (benefit)

The significant components of the income tax provision (benefit) are as follows:

 

($ in thousands)   Year Ended December 31,  
    2012     2011  
Current            
     Federal   $ —     $ —  
     State     —       —  
     Foreign     22       (19)  
                 
Deferred                
     Federal     —       —  
     State     —       —  
     Foreign     —       —  
                 
    $ 22     $ (19)  

 
Deferred tax assets (liabilities)

The principal components of the Company’s deferred tax assets (liabilities) at December 31, 2012 and 2011 are as follows:

 

($ in thousands)   2012     2011  
             
Net operating loss carryforwards   $ 11,554     $ 10,654  
Intangible assets     653       768  
Stock based compensation     1,089       862  
Reserves and accrued expenses     6       5  
Other     (140)     (143)
      13,162       12,146  
Less valuation allowance     (13,162)     (12,146)
                 
  Net deferred tax assets   $ —     $ —  

 
Reconciliation of federal statutory income tax rate to our effective income tax rate

A reconciliation of the provision (benefit) for income taxes to the amount computed by applying the statutory income tax rates to loss before income taxes is as follows:

 

    2012     2011  
             
Amounts computed at statutory rates   $ (3,465 )   $ (1,081 )
State income tax, net of federal benefit     (81 )     50  
Expiration of net operating loss carryforwards     473       603  
Non-deductible interest     1,602       163  
 Foreign taxes     473       528  
Other     4       (1 )
Net change in valuation allowance on deferred tax assets     1,016       (281 )
                 
    $ 22     $ (19 ) 

 
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ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Accumulated Other Comprehensive Loss Details    
Additional minimum pension liability $ 43,000 $ 42,000
Foreign currency translation adjustment (182,000) (107,000)
Ending Balance $ (139,000) $ (65,000)
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INCOME TAXES (Details 1) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Notes to Financial Statements    
Net operating loss carryforwards $ 11,554 $ 10,654
Intangible assets 653 768
Stock based compensation 1,089 862
Reserves and accrued expenses 6 5
Other (140) (143)
Deferred tax assets total 13,162 12,146
Less valuation allowance (13,162) (12,146)
Net deferred tax assets      
XML 26 R71.htm IDEA: XBRL DOCUMENT v2.4.0.6
PENSION PLAN (Details 1) (USD $)
Dec. 31, 2012
Notes to Financial Statements  
2013   
2014   
2015 17
2016 18
2017 95
2018 2022 $ 523
XML 27 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 18 - SUBSEQUENT EVENTS

On January 21, 2013, the holders of the Related-Party Convertible Notes agreed to extend the due date on their respective convertible notes to be due and payable not later than June 30, 2014, however, the Related-Party Convertible Notes will be callable at any time, at the option of the note holder, prior to June 30, 2014.

 

During January 2013, holders of 31,539 warrants exercised such warrants for cash resulting in the issuance of 31,539 shares of common stock and cash proceeds to the Company of approximately $16,000.

 

During January 2013, holders of 10,000 options exercised such options for cash resulting in the issuance of 10,000 shares of common stock and cash proceeds to the Company of approximately $2,000.

 

During February and March 2013, holders of 1,867,253 warrants cashless exercised their warrants resulting in the issuance of 406,054 shares of common stock.

 

In March 2013, the Company issued 410,000 options under existing stock-based compensation plans to certain members of senior management, certain members of the Board of Directors and certain employees. Such options have an exercise price of $0.93 per share.

 

During the three months ended March 31, 2013, the Company issued to certain consultants warrants to purchase an aggregate of 85,000 common shares of the Company’s common stock. Such warrants have exercise prices ranging from $1.08 to $1.15 per share and have terms ranging from one to two years from the date of issuance.

 

In March 2013, the Company issued 410,000 options under existing stock-based compensation plans to certain members of senior management, certain members of the Board of Directors and certain employees. Such options have an exercise price of $0.93 per share.

 

During the three months ended March 31, 2013, the Company issued to certain consultants warrants to purchase an aggregate of 85,000 common shares of the Company’s common stock. Such warrants have exercise prices ranging from $1.08 to $1.15 per share and have terms ranging from one to two years from the date of issuance.

In March 2013, the Company entered into a new unsecured line of credit agreement with available borrowing of up to $2,500,000. The credit line was extended by an existing shareholder and member of our Board of Directors. Borrowings under the credit facility bear interest of 8% per annum and are due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.

Advances under the credit facility are made at the Company’s request. The line of credit shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance under the terms of this note shall be due and payable upon demand.

As additional consideration for the unsecured line of credit agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.
XML 28 R50.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Notes to Financial Statements    
Equipment $ 950 $ 770
Furniture 75 66
Property and equipment total 1,025 836
Less accumulated depreciation (875) (818)
Property and equipment net $ 150 $ 18
XML 29 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE ACCOUNTING (Details) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Pension assets $ 1,630,000 $ 1,455,000
Totals 1,630,000 1,455,000
Derivative liabilities 2,244,000 11,824,000
Totals 2,244,000 11,824,000
Level 1
    
Pension assets 1,630,000 1,455,000
Totals 1,630,000 1,455,000
Derivative liabilities      
Totals      
Level 2
    
Pension assets      
Totals      
Derivative liabilities      
Totals      
Level 3
    
Pension assets      
Totals      
Derivative liabilities 2,244,000 11,824,000
Totals $ 2,244,000 $ 11,824,000
XML 30 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
PENSION PLAN (Tables)
 12 Months Ended
Dec. 31, 2012
Pension Plan Tables  
Actuarial present value of the benefit obligations

 

($ in thousands)   2012     2011  
Change in benefit obligation:                
Benefit obligation at beginning of year   $ 1,846     $ 1,770  
Service cost     2       2  
Interest cost     87       91  
Actuarial gain (loss)     (7)     (9)
Effect of exchange rate changes     103       (8)  
Effect of curtailment     —       —  
Benefits paid     —       —  
Benefit obligation at end of year     2,031       1,846  
                 
Change in plan assets:                
Fair value of plan assets at beginning of year     1,455       1,369  
Actual return of plan assets     36       41  
Company contributions     42       45  
Benefits paid     —       —  
Effect of exchange rate changes     97       —  
Fair value of plan assets at end of year     1,630       1,455  
                 
Funded status     (401)     (391)
Unrecognized actuarial loss (gain)     317       334  
Unrecognized prior service (benefit) cost     —       —  
Additional minimum liability     (317)     (334)
Unrecognized transition (asset) liability      —       —  
Net amount recognized   $ (401)   $ (391)
                 
Plan Assets                
Pension plan assets were comprised of the following asset categories at December 31,                
Equity securities     11.5 %     2.2 %
Debt securities     81.0 %     93.9 %
Other     7.5  %     3.9 %
Total     100  %     100 %
                 
Components of net periodic benefit cost are as follows:                
Service cost   $ 2      $ 2  
Interest cost on projected benefit obligations     87       91  
Expected return on plan assets      —       —  
Amortization of prior service costs      —       —  
Amortization of actuarial loss     —       —  
Net periodic benefit costs   $ 89     $ 93  
                 
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were                
Discount rate     4.6 %     4.6 %
Expected return on plan assets     4 %     4 %
Rate of compensation increase     N/A       N/A  
The following discloses information about the Company’s defined benefit pension plan that had an accumulated benefit obligation in excess of plan assets as of December 31,                
Projected benefit obligation   $ 2,031      $ 1,846  
Accumulated benefit obligation   $ 2,031      $ 1,846  
Fair value of plan assets   $ 1,630      $ 1,455  

 
Benefit payments

As of December 31, 2012, the following benefit payments are expected to be paid as follows:

 

2013     $ —  
2014     $ —  
2015     $ 17  
2016     $ 18  
2017       95  
2018 — 2022     $ 523  
           

 
XML 31 R52.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCRUED LIABILITIES (Details) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Notes to Financial Statements    
Compensated absences $ 248 $ 256
Wages, payroll taxes and sales commissions 32 84
Customer deposits 60 240
Liquidated damages 200 182
Royalties 251 251
Board of directors fees    527
Pension and employee benefit plans 140 46
Income and sales taxes 125 186
Interest and dividends 87 82
Other 123 151
Accrued liabilities $ 1,266 $ 2,005
XML 32 R67.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK BASED COMPENSATION (Details 1) (USD $)
Dec. 31, 2012
Number Outstanding Options 3,031,221
Weighted Average Exercise Price Options $ 0.72
Number Exercisable Options 1,412,803
0.17–0.27
  
Number Outstanding Options 478,221
Weighted Average Remaining Life (Years) Options 6 years
Weighted Average Exercise Price Options $ 0.19
Number Exercisable Options 478,721
Weighted-Average Exercise Price Options $ 0.19
0.54-0.74
  
Number Outstanding Options 809,000
Weighted Average Remaining Life (Years) Options 7 years 8 months 12 days
Weighted Average Exercise Price Options $ 0.72
Number Exercisable Options 534,758
Weighted-Average Exercise Price Options $ 0.71
0.77-1.15
  
Number Outstanding Options 1,642,000
Weighted Average Remaining Life (Years) Options 8 years 9 months 18 days
Weighted Average Exercise Price Options $ 0.96
Number Exercisable Options 297,324
Weighted-Average Exercise Price Options $ 1.06
1.45-2.74
  
Number Outstanding Options 102,000
Weighted Average Remaining Life (Years) Options 3 years
Weighted Average Exercise Price Options $ 2.28
Number Exercisable Options 102,000
Weighted-Average Exercise Price Options $ 2.28
XML 33 R61.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Details Narratives) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Related Party Details Narratives    
Rent expense $ 521,000 $ 476,000
XML 34 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS AND GOODWILL (Details Narrative) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Carrying amount of acquired trademarks and trade names $ 47,000 $ 63,000
Accumulated amortization 300,000 284,000
Amortization expense 22,000 15,000
Trademarks And Trade Names [Member]
    
Amortization expense 16,000 15,000
Patents [Member]
    
Amortization expense $ 6,000 $ 0
XML 35 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

 

        The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated.

 

        Operating Cycle

 

        Assets and liabilities related to long-term contracts are included in current assets and current liabilities in the accompanying consolidated balance sheets, although they will be liquidated in the normal course of contract completion which may take more than one operating cycle.

 

        Use of Estimates

 

        The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. Significant estimates include the allowance for doubtful accounts receivable, inventory carrying values, deferred tax asset valuation allowances, accounting for loss contingencies, recoverability of goodwill and acquired intangible assets and amortization periods, assumptions used in the Black-Scholes model to calculate the fair value of share based payments, assumptions used in the application of fair value methodologies to calculate the fair value of derivative liabilities, revenue and cost of revenues recognized under the percentage of completion method and assumptions used in the application of fair value methodologies to calculate the fair value of pension assets and obligations. Actual results could differ from estimates.

 

        Cash and Cash Equivalents

 

        The Company defines cash equivalents as highly liquid investments with original maturities of less than 90 days that are not held for sale in the ordinary course of business.

 

         Accounts Receivable

 

        In the normal course of business, the Company extends credit without collateral requirements to its customers that satisfy pre-defined credit criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. Accounts receivable are considered delinquent when the due date on the invoice has passed. The Company records its allowance for doubtful accounts based upon its assessment of various factors. The Company considers historical experience, the age of the accounts receivable balances, the credit quality of its customers, current economic conditions and other factors that may affect customers’ ability to pay to determine the level of allowance required.  Accounts receivable are written off against the allowance for doubtful accounts when all collection efforts by the Company have been unsuccessful.

 

         Inventories

 

         Inventories are stated at the lower of cost, determined using the average cost method, or market.

 

         Property, Equipment and Leasehold Improvements

 

         Property and equipment, consisting of furniture and equipment, are stated at cost and are being depreciated on a straight-line basis over the estimated useful lives of the assets, which generally range from three to five years. Maintenance and repairs are charged to expense as incurred. Major renewals or improvements are capitalized. When assets are sold or abandoned, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Expenditures for leasehold improvements are capitalized. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements.

 

         Fair Value of Financial Instruments

 

         For certain of the Company’s financial instruments, including accounts receivable, accounts payable, accrued expenses, deferred revenues and notes payable to related parties, the carrying amounts approximate fair value due to their relatively short maturities.

 

         Derivative Financial Instruments

 

         The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.

  

         The Company reviews the terms of the common and preferred stock, warrants and convertible debt it issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

 

         Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.

 

         The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.

 

Revenue Recognition

 

The Company recognizes revenue from the following major revenue sources:

 

●

Long-term fixed-price contracts involving significant customization

 

● Fixed-price contracts involving minimal customization

 

●

Software licensing

 

● Sales of computer hardware and identification media

 

● Postcontract customer support (“PCS”)

 

The Company’s revenue recognition policies are consistent with U.S. GAAP including the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 985-605, “Software Revenue Recognition”, ASC 605-35 “Revenue Recognition, Construction-Type and Production-Type Contracts”, “Securities and Exchange Commission Staff Accounting Bulletin 104”, and ASC 605-25 “Revenue Recognition, Multiple Element Arrangements”. Accordingly, the Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed or determinable, and collectability is reasonably assured.

 

The Company recognizes revenue and profit as work progresses on long-term, fixed-price contracts involving significant amount of hardware and software customization using the percentage of completion method based on costs incurred to date compared to total estimated costs at completion. The primary components of costs incurred are third party software and direct labor cost including fringe benefits. Revenues recognized in excess of amounts billed are classified as current assets under “Costs and estimated earnings in excess of billings on uncompleted contracts”. Amounts billed to customers in excess of revenues recognized are classified as current liabilities under “Billings in excess of costs and estimated earnings on uncompleted contracts”. Revenue from contracts for which the Company cannot reliably estimate total costs or there are not significant amounts of customization are recognized upon completion. The Company also generates non-recurring revenue from the licensing of its software. Software license revenue is recognized upon the execution of a license agreement, upon deliverance, when fees are fixed and determinable, when collectability is probable and when all other significant obligations have been fulfilled. The Company also generates revenue from the sale of computer hardware and identification media. Revenue for these items is recognized upon delivery of these products to the customer. The Company’s revenue from periodic maintenance agreements is generally recognized ratably over the respective maintenance periods provided no significant obligations remain and collectability of the related receivable is probable. Pricing of maintenance contracts is consistent period to period and calculated as a percentage of the software or hardware revenue, which is approximately 15% annually.  Amounts collected in advance for maintenance services are included in current liabilities under "Deferred revenue". Sales tax collected from customers is excluded from revenue.

  

Goodwill

 

The Company accounts for its intangible assets under the provisions of ASC 350, “Intangibles - Goodwill and Other”. In accordance with ASC 350, intangible assets with a definite life are analyzed for impairment under ASC 360-10-05 “Property, Plant and Equipment” and intangible assets with an indefinite life are analyzed for impairment under ASC 360 annually, or more often if circumstances dictate. The Company performs its annual goodwill impairment test in the fourth quarter of each year.  In accordance with ASC 350, goodwill, or the excess of cost over fair value of net assets acquired is tested for impairment using a fair value approach at the “reporting unit” level. A reporting unit is the operating segment, or a business one level below that operating segment (referred to as a component) if discrete financial information is prepared and regularly reviewed by management at the component level. The Company’s reporting unit is at the entity level. The Company recognizes an impairment charge for any amount by which the carrying amount of a reporting unit’s goodwill exceeds its fair value. The Company uses fair value methodologies to establish fair values.

 

The Company did not record any goodwill impairment charges for the years ended December 31, 2012 or 2011.

 

Intangible and Long Lived Assets

 

Intangible assets are carried at their cost less any accumulated amortization.  Any costs incurred to renew or extend the life of an intangible or long lived asset are reviewed for capitalization.  The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. The Company’s management currently believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products under development will continue. Either of these could result in future impairment of long-lived assets.

 

Concentration of Credit Risk

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. The Company places its cash with high quality financial institutions and at times during the years ended December 31, 2012 and 2011 exceeded the FDIC insurance limits of $250,000 for 2012 and 2011. Sales are typically made on credit and the Company generally does not require collateral. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for doubtful accounts. The Company considers historical experience, the age of the accounts receivable balances, the credit quality of its customers, current economic conditions and other factors that may affect customers’ ability to pay to determine the level of allowance required. Accounts receivable are presented net of an allowance for doubtful accounts of approximately $3,000 and $4,000 at December 31, 2012 and 2011, respectively.

 

For the year ended December 31, 2012 one customer accounted for approximately 15 % or $611,000 of total revenues and had trade receivables of $0 as of the end of the year.  For the year ended December 31, 2011 one customer accounted for approximately 34% or $1,836,000 of total revenues and had trade receivables of $0 as of the end of the year.

 

Stock Based Compensation

 

At December 31, 2012, the Company had two stock-based compensation plans for employees and nonemployee directors, which authorize the granting of various equity-based incentives including stock options and restricted stock.

  

The Company estimates the fair value of its stock options using a Black-Scholes option-pricing model, consistent with the provisions of ASC 718, “Compensation – Stock Compensation”. The fair value of stock options granted is recognized to expense over the requisite service period. Stock-based compensation expense for all share-based payment awards is recognized using the straight-line single-option method. Stock-based compensation expense is reported in operating expenses based upon the departments to which substantially all of the associated employees report and credited to additional paid-in-capital. Stock-based compensation expense related to equity options was approximately $571,000 and $250,000 for the years ended December 31, 2012 and 2011, respectively. In January 2010, the Company issued 847,258 shares of restricted stock to members of management and the Board. These shares will vest quarterly over a three-year period. The restricted shares were issued as compensation for the cancellation of 1,412,096 options held by members of management and the Board. The Company evaluated the exchange in accordance with ASC 718 and determined there was no incremental cost to be recorded in conjunction with the exchange as the fair value of the options surrendered at the modification date exceeded the fair value of the restricted shares issued at the modification date.  The Company recorded approximately $37,000 and $39,000 in compensation expense for the years ended December 31, 2012 and 2011 related to these restricted shares.

 

ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. The Company has elected to use the Black-Scholes option-pricing model, which incorporates various assumptions including volatility, expected life, and interest rates. The Company is required to make various assumptions in the application of the Black-Scholes option-pricing model. The Company has determined that the best measure of expected volatility is based on the historical weekly volatility of the Company’s common stock. Historical volatility factors utilized in the Company’s Black-Scholes computations for options granted during the years ended December 31, 2012 and 2011 ranged from 99% to 135%. The Company has elected to estimate the expected life of an award based upon the SEC approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 110. The expected term used by the Company during the years ended December 31, 2012 and 2011 was 5.9 years. The difference between the actual historical expected life and the simplified method was immaterial. The interest rate used is the risk free interest rate and is based upon U.S. Treasury rates appropriate for the expected term. Interest rates used in the Company’s Black-Scholes calculations for the years ended December 31, 2012 and 2011 averaged 2.6%. Dividend yield is zero as the Company does not expect to declare any dividends on the Company’s common shares in the foreseeable future.

 

In addition to the key assumptions used in the Black-Scholes model, the estimated forfeiture rate at the time of valuation is a critical assumption. The Company has estimated an annualized forfeiture rate of approximately 0% for corporate officers, 4.1% for members of the Board of Directors and 6.0% for all other employees. The Company reviews the expected forfeiture rate annually to determine if that percent is still reasonable based on historical experience.

 

Income Taxes

 

Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits and loss carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

 

Foreign Currency Translation

 

The financial position and results of operations of the Company’s foreign subsidiaries are measured using the foreign subsidiary’s local currency as the functional currency. Revenues and expenses of such subsidiaries have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of shareholders’ equity, unless there is a sale or complete liquidation of the underlying foreign investments. The Company translates foreign currencies of its German, Canadian and Mexican subsidiaries. The cumulative translation adjustment, which is recorded in accumulated other comprehensive income, decreased approximately $75,000 for the year ended December 31, 2012 and increased approximately $25,000 for the year ended December 31, 2011.

 

Comprehensive Income

 

Comprehensive income consists of net gains and losses affecting shareholders’ deficit that, under generally accepted accounting principles, are excluded from net loss. For the Company, the only items are the cumulative translation adjustment and the additional minimum liability related to the Company’s defined benefit pension plan, recognized pursuant to ASC 715-30, "Compensation - Retirement Benefits - Defined Benefit Plans – Pension".

 

Advertising Costs

 

The Company expenses advertising costs as incurred. The Company incurred approximately $12,000 in advertising expenses during the year ended December 31, 2012 and did not incur any advertising expense during the year ended December 31, 2011.

 

Loss Per Share

 

Basic loss per common share is calculated by dividing net loss available to common shareholders for the period by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is calculated by dividing net loss available to common shareholders for the period by the weighted-average number of common shares outstanding during the period, adjusted to include, if dilutive, potential dilutive shares consisting of convertible preferred stock, convertible notes payable, stock options and warrants, calculated using the treasury stock and if-converted methods.  For diluted loss per share calculation purposes, the net loss available to commons shareholders is adjusted to add back any preferred stock dividends and any interest on convertible debt reflected in the consolidated statement of operations for the respective periods.

 

(Amounts in thousands except share and per share amounts)   Year Ended December 31,  
    2012     2011  
Numerator for basic and diluted loss per share:            
   Net loss   $ (10,190 )   $ (3,180 )
   Preferred dividends     (51 )     (383 )
Net loss available to common shareholders   $ (10,241 )   $ (3,563 )
                 
Denominator for basic loss per share — weighted-average shares outstanding     70,894,916       27,316,475  
Effect of dilutive securities     —        —  
Denominator for diluted loss per share — weighted-average shares outstanding     70,894,916        27,316,475  
                 
Basic and diluted loss per share:                
Net loss   $ (0.14 )   $ (0.12 )
Preferred dividends     —        (0.01 )
Net loss available to common shareholders   $ (0.14 )   $ (0.13 )

 

The Company has excluded the following weighted-average securities from the calculation of diluted loss per share, as their effect would have been antidilutive:

 

 

 

Potential Dilutive Securities:

   Common Share Equivalents at December 31, 2012     Common Share Equivalents at December 31, 2011  
         Convertible notes payable     100,018       205,255  
         Convertible preferred stock – Series B     47,880       58,415  
         Stock options     1,135,077       1,707,713  
         Restricted stock grants     324,863       360,000  
         Warrants     24,996,737       28,453,760  
           Total Potential Dilutive Securities     26,604,575       30,785,143  

 

          Recently Issued Accounting Standards

 

         From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), or other standard setting bodies, which are adopted by us as of the specified effective date.  Unless otherwise discussed, the Company’s management believes the impact of recently issued standards not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption.

 

         FASB ASU No. 2012-02.  In July 2012, the FASB issued ASU No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This new accounting standard allows companies to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. Under the guidance in ASU 2012-02, an entity has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. The Company is currently evaluating the effect of this ASU on its consolidated financial statements.

 

         Reclassifications

 

         Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications did not affect the Company’s Consolidated Balance Sheets, Consolidated Results of Operations or Consolidated Cash Flows for the years ended December 31, 2012 and 2011.
XML 36 R62.htm IDEA: XBRL DOCUMENT v2.4.0.6
EQUITY (Details) (Common Stock, USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Common Stock
    
Shares outstanding at December 31, 2010   23,838,777
Shares issued pursuant to the Qualified Financing   20,090,000
Conversion of preferred stock into common   11,768,525
Conversion of convertible debt into common stock   $ 9,774,559
Shares issued pursuant to options exercised for cash 7,052,647 1,310,000
Shares issued pursuant to cashless warrants exercised 1,573,362 1,194,547
Shares issued pursuant to options exercised 24,924 14,587
Shares issued as compensation in lieu of cash   10,000
Recoup of forfeited restricted stock grants   (12,079)
Shares outstanding at December 30, 2012 76,639,849 67,988,916
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FAIR VALUE ACCOUNTING (Details 1) (Derivative Liabilities, USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Derivative Liabilities
    
Balance at December 31, 2010 $ 11,824 $ 15,653
Included in earnings 4,712 (3,970)
Settlements (14,292) (5,672)
Issuances    5,813
Transfers in and/or out of Level 3      
Balance at December 31, 2012 $ 2,244 $ 11,824

XML 39 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS AND GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2012
Intangible Assets And Goodwill Tables  
Intangible Assets

All intangible assets are being amortized over their estimated useful lives with no estimated residual values.

 

($ in thousands)   Total  
Balance of intangible assets as of December 31, 2010   $ 78  
     Intangible assets acquired     —  
     Amortization     (15)
     Impairment losses     —  
Balance of intangible assets as of December 31, 2011   $  63  
     Intangible assets acquired     159  
     Amortization     (22)  
     Impairment losses     —  
Balance of intangible assets as of December 31, 2012   $  200  

 
Intangible amortization expense

The estimated acquired intangible amortization expense for the next five fiscal years is as follows:

 

Fiscal Year Ended December 31,  

Estimated Amortization

Expense

($ in thousands)

  
         2013   $ 28  
         2014     28  
         2015     27  
         2016     12  
         2017     12  
         Thereafter     93  
         Totals   $ 200  

 
XML 40 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE ACCOUNTING (Tables)
 12 Months Ended
Dec. 31, 2012
Fair Value Accounting Tables  
Fair value measurement of Assets and liability
    Fair Value at December 31, 2012  
($ in thousands)   Total     Level 1   Level 2   Level 3  
Assets:                    
   Pension assets   $ 1,630     $ 1,630   $ —   $ —  
   Totals   $ 1,630     $ 1,630   $ —   $ —  
Liabilities:                            
   Derivative liabilities   $ 2,244     $ —   $ —   $ 2,244  
   Totals   $ 2,244     $ —   $ —   $ 2,244  

 

    Fair Value at December 31, 2011  
($ in thousands)   Total     Level 1   Level 2   Level 3  
Assets:                            
   Pension assets   $ 1,455     $ 1,455   $ —   $ —  
   Totals   $ 1,455     $ 1,455   $ —   $ —  
Liabilities:                            
   Derivative liabilities   $ 11,824     $   —   $ —   $ 11,824  
   Totals   $ 11,824     $ —   $ —   $ 11,824  

 
Reconciliation of liabilities measured at fair value on a recurring basis

A reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows:

 

($ in thousands)   Derivative Liabilities  
Balance December 31, 2010   $ 15,653  
    Included in earnings     (3,970)
    Settlements     (5,672)
    Issuances     5,813  
    Transfers in and /or out of Level 3     —  
Balance at December 31, 2011   $ 11,824  
    Included in earnings     4,712  
    Settlements     (14,292)
    Issuances     —  
    Transfers in and/or out of Level 3     —  
Balance at December 31, 2012   $ 2,244  

 
XML 41 R56.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Details) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Current    
Federal      
State      
Foreign 22 (19)
Deferred    
Federal      
State      
Foreign      
Total $ 22 $ (19)
XML 42 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE ACCOUNTING (Details Narratives) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Fair Value Accounting Details Narratives    
Outstanding warrants to purchase shares of the Company's common stock $ 5,211,229 $ 18,547,000
Fair values of Warrants which is recognised as non-current liability $ 2,244,000 $ 11,824,000
XML 43 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCRUED LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2012
Accrued Liabilities Tables  
Accrued liabilities

Principal components of accrued liabilities consist of:

 

($ in thousands)  

December 31,

2012

    

December 31,

2011

  
             
Compensated absences   $ 248     $ 256  
Wages, payroll taxes and sales commissions     32       84  
Customer deposits     60       240  
Liquidated damages     200       182  
Royalties     251       251  
Board of directors fees     —       527  
Pension and employee benefit plans     140       46  
Income and sales taxes     125       186  
Interest and dividends     87       82  
Other     123       151  
    $  1,266     $ 2,005  

 
XML 44 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2012
Property And Equipment Tables  
Property and equipment

Property and equipment at December 31, 2012 and 2011, consists of:

 

($ in thousands)   2012     2011  
             
Equipment   $ 950     $ 770  
Furniture     75       66  
      1,025       836  
Less accumulated depreciation     (875)     (818)
    $ 150     $ 18  

 
XML 45 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
DESCRIPTION OF BUSINESS AND OPERATIONS
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 1 - DESCRIPTION OF BUSINESS AND OPERATIONS

Overview

 

ImageWare Systems, Inc. (the “Company”) is incorporated in the state of Delaware. The Company is a pioneer and leader in the emerging market for biometrically enabled software-based identity management solutions. Using those human characteristics that are unique to us all, the Company creates software that provides a highly reliable indication of a person’s identity. The Company’s “flagship” product is the patented IWS Biometric Engine®. The Company’s products are used to manage and issue secure credentials, including national IDs, passports, driver licenses and access control credentials. The Company’s products also provide law enforcement with integrated mug shot, fingerprint LiveScan and investigative capabilities. The Company also provides comprehensive authentication security software using biometrics to secure physical and logical access to facilities or computer networks or Internet sites. Biometric technology is now an integral part of all markets the Company addresses and all of the products are integrated into the IWS Biometric Engine.

 

Recent Developments

 

Fujitsu Relationship

 

         On August 20, 2012, the Company and Fujitsu Frontech North America Inc. (“Fujitsu”) executed an original equipment manufacturer, or OEM, licensing agreement. Subsequently, on September 6, 2012, the Company received certification to run its patented Biometric Engine® across Fujitsu’s NuVola Private Cloud Platform.  Utilization of the NuVola Cloud Platform will allow the Biometric Engine to rapidly and securely deploy biometric security information to users.

 

     Additional Intellectual Property 

 

    In addition to our eight issued U.S. and foreign patents, we recently filed three new patent applications surrounding new “Anonymous Matching” technologies.  These technologies will allow biometric matching for identity verification while protecting the privacy of an individual.  It is our belief that such technology will be critical to providing biometric management solutions for the consumer market where privacy protection has been a historical issue and barrier to biometric adoption.

 

     In June 2012, the Company entered into an asset purchase agreement with Vocel, Inc., a Delaware Corporation (“Vocel”), whereby the Company purchased from Vocel software, trademarks and four U.S. patents relating to wireless technology. These patents, combined with the Company’s existing foundational patents in the areas of biometric identification, verification, enrollment and fusion, provide a unique and protected foundation on which to build interactive mobile applications that are secured using biometrics.

 

The combination of our biometric identification technologies and wireless technologies has led to the development of the IWS Interactive Messaging System, which is a push application platform secured by biometrics that transforms mobile devices into a complete mobile ID, enabling companies to create applications that allow a range of unprecedented activities – from secure sharing of sensitive information to biometrically securing a mobile wallet.

 

Liquidity and Capital Resources

On December 20, 2011, we consummated an equity financing resulting in gross proceeds of  $10.0 million (“Qualified Financing”), including the $750,000 of promissory notes converted into the Qualified Financing.  In connection with the Qualified Financing, we issued 20,000,000 shares of our common stock (the “Shares”), and warrants to purchase 12,207,500 shares of common stock exercisable for $0.50 per share (“Warrants”), which number includes 2,207,500 shares issuable upon exchange of warrants issued to MDB Capital Group in consideration for acting as placement agent in connection with the Qualified Financing.  We also issued 90,000 shares of common stock and a warrant exercisable for 45,000 shares of common stock in lieu of cash in payment for legal fees related to the Qualified Financing. We also issued a warrant to purchase 250,000 shares of the Company’s common stock at an exercise price of $0.50, which expires two years from the date of grant, to a significant investor to cover certain expenses related to and in anticipation of the Qualified Financing. The net proceeds from the Qualified Financing were approximately $8,544,000, of which, $1,500,000 was then used to repay certain convertible notes payable. As of December 31, 2012, all debt other than the $65,000 in related party notes payable had been converted to common stock or repaid.  In addition, in connection with the Qualified Financing, (i) the anti-dilution provision contained in certain of our existing warrants were amended resulting in such warrants no longer qualifying as derivative liabilities; and (ii) a significant investor ("Investor") exchanged $4.5 million principal amount of convertible promissory notes of the Company ("Exchanged Notes"), and accrued but unpaid interest on the Exchanged Notes and on an additional $2.25 million in promissory notes, into 9,774,559 shares of our common stock ("Exchange Shares"). The Investor also agreed to convert $750,000 principal amount of additional promissory notes held by the Investor and invest the proceeds into the Qualified Financing.  

In addition, on September 10, 2012, the Investor exercised warrants to purchase an aggregate total of 7.0 million shares of our common stock, resulting in $3,500,000 of net proceeds to the Company. At December 31, 2012, our principal sources of liquidity consisted of cash and cash equivalents of $4,225,000 and accounts receivable, net of $328,000.  As of December 31, 2012, we had positive working capital of $1,250,000 which included $1,561,000 of deferred revenue.  This compares to positive working capital of $2,948,000 during the corresponding period in 2011. Historically, our principal sources of cash have included customer payments from the sale of our products, proceeds from the issuance of common and preferred stock and proceeds from the issuance of debt. Our principal uses of cash have included cash used in operations, payments relating to purchases of property and equipment and repayments of borrowings. We expect that our principal uses of cash in the future will be for product development including customization of identity management products for enterprise and consumer applications, further development of intellectual property, development of SaaS capabilities for existing products as well as general working capital and capital expenditure requirements. We expect that, as our revenues grow, our sales and marketing and research and development expenses will continue to grow and, as a result, we will need to generate significant net revenues to achieve and sustain income from operations.

In March 2013, the Company entered into a new unsecured convertible promissory note agreement in the amount of $2,500,000 with an existing shareholder and member of our Board of Directors. The note secures a credit facility for up to $2,500,000 which bears interest of 8% per annum and is due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.

The holder of the note agrees to make advances to the Company at the Company’s request. The note shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance under the terms of this note shall be due and payable upon demand.

As additional consideration for the unsecured convertible promissory note agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.

In March 2013, the Company entered into a new unsecured line of credit agreement with available borrowing of up to $2,500,000. The credit line was extended by an existing shareholder and member of our Board of Directors. Borrowings under the credit facility bear interest of 8% per annum and are due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.

 

Advances under the credit facility are made at the Company’s request. The line of credit shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance under the terms of this note shall be due and payable upon demand.

 

As additional consideration for the unsecured line of credit agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.

 

Management believes that the Company’s current cash and cash equivalents will be sufficient to meet working capital and capital expenditure requirements for at least the next 12 months from the date of this filing and that we will have sufficient liquidity to fund our business and meet our contractual obligations over a period beyond the next 12 months.
XML 46 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2012
Notes Payable Tables  
NOTES PAYABLE
   

December 31,

2012

    

December 31,

2011

  
Notes payable to related parties:                
7% convertible promissory notes. Face value of notes $65 and $110 at December 31, 2012 and 2011, respectively. Discount on notes is $0 at December 31, 2012 and 2011. Notes were due January 2010.  In January 2013, the Company received an extension to June 30, 2014. Notes callable at any time at option of holder.     65       110  
Total notes payable to related parties     65       110  
                 
Total notes payable     65       110  
Less current portion     (65)     (110)
Long-term notes payable   $ —     $ —  

 
XML 47 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Numerator for basic and diluted loss per share:    
Net loss $ (10,190) $ (3,180)
Preferred dividends (51) (383)
Net loss available to common shareholders (10,241) (3,563)
Denominator for basic loss per share weighted-average shares outstanding   27,316,475
Effect of dilutive securities      
Denominator for diluted loss per share weighted-average shares outstanding 70,894,916 27,316,475
Basic and diluted loss per share:    
Net loss $ (0.14) $ (0.12)
Preferred dividends    $ (0.01)
Net loss available to common shareholders $ (0.14) $ (0.13)
XML 48 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
NOTES PAYABLE (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Face Value of Convertible promissory notes $ 65 $ 110
Discount on notes $ 0 $ 0
Total notes payable to related parties $ 65 $ 110
Total notes payable 65 110
Less current portion (65) (110)
Long-term notes payable      
XML 49 R72.htm IDEA: XBRL DOCUMENT v2.4.0.6
PENSION PLAN (Details Narrative) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Pension Plan Details Narrative    
Contributions to the plan $ 42 $ 45
XML 50 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 4,225 $ 6,773
Accounts receivable, net of allowance for doubtful accounts of $3 and $4 at December 31, 2012 and December 31, 2011, respectively 328 348
Inventory, net 262 45
Other current assets 86 66
Total Current Assets 4,901 7,232
Property and equipment, net 150 18
Other assets 44 58
Intangible assets, net of accumulated amortization 200 63
Goodwill 3,416 3,416
Total Assets 8,711 10,787
Current Liabilities:    
Accounts payable 759 1,103
Deferred revenue 1,561 1,066
Accrued expenses 1,266 2,005
Notes payable to related parties 65 110
Total Current Liabilities 3,651 4,284
Derivative liabilities 2,244 11,824
Pension obligation 401 391
Other long-term liabilities 72   
Total Liabilities 6,368 16,499
Shareholders' equity (deficit):    
Series B convertible preferred stock, $0.01 par value; designated 750,000 shares, 389,400 shares issued, and 239,400 shares outstanding at December 31, 2012 and 2011, respectively; liquidation preference $607 and $786 at December 31, 2012 and 2011, respectively 2 2
Common stock, $0.01 par value, 150,000,000 shares authorized at December 31, 2012 and 2011; 76,646,553 and 67,995,620 shares issued at December 31, 2012 and 2011, respectively, and 76,639,849 and 67,988,916 shares outstanding at December 31, 2012 and 2011, respectively 765 679
Additional paid in capital 120,182 101,720
Treasury stock, at cost 6,704 shares (64) (64)
Accumulated other comprehensive loss (139) (65)
Accumulated deficit (118,403) (107,984)
Total Shareholders' Equity (Deficit) 2,343 (5,712)
Total Liabilities and Shareholders' Equity (Deficit) $ 8,711 $ 10,787
XML 51 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS AND GOODWILL (Details) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Notes to Financial Statements      
Balance of intangible assets as of December 31, 2010 $ 63,000 $ 78,000  
Intangible assets acquired 159     
Amortization (22,000) (15,000)  
Impairment losses        
Balance of intangible assets as of December 31, 2012 $ 200,000   $ 63,000
XML 52 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (DEFICIT) (USD $)
In Thousands, except Share data
Series B Convertible, Redeemable Preferred
USD ($)
Series C Convertible, Preferred
Series D Convertible, Preferred
Common Stock
USD ($)
Treasury Stock
USD ($)
Additional Paid-In Capital
USD ($)
Accum- ulated Other Compre- hensive Loss
USD ($)
Accum-ulated Deficit
USD ($)
Total
USD ($)
Begining Balance, Amount at Dec. 31, 2010 $ 2     $ 237 $ (64) $ 85,186 $ (62) $ (103,205) $ (17,906)
Begining Balance, Shares at Dec. 31, 2010 239,400 2,200 2,085 23,845,481 (6,704)        
Issuance of common stock for cash, net of derivative liabilities and transaction costs of $706, Shares       18,500,000          
Issuance of common stock for cash, net of derivative liabilities and transaction costs of $706, Amount       185   2,734       2,919
Conversion of preferred stock into common, Shares   (2,200) (2,085) 11,768,525          
Conversion of preferred stock into common, Amount       118   1,481    (1,599)   
Issuance of common stock pursuant to warrant exercises, Shares       1,310,000          
Issuance of common stock pursuant to warrant exercises, Amount       13   642       655
Issuance of common stock pursuant to cashless warrant exercises, Shares       1,194,547          
Issuance of common stock pursuant to cashless warrant exercises, Amount       12   (12)      
Beneficial conversion feature of convertible debt           188       188
Issuance of common stock pursuant to repayment of debt, Shares       1,500,000          
Issuance of common stock pursuant to repayment of debt, Amount       15   735       750
Issuance of common stock pursuant to conversion of accrued interest, Shares       774,559          
Issuance of common stock pursuant to conversion of accrued interest, Amount       8   379       387
Issuance of common stock pursuant to conversion of debt, Shares       9,000,000          
Issuance of common stock pursuant to conversion of debt, Amount       90   4,410       4,500
Issuance of common stock in lieu of cash for financing transaction costs, Shares       90,000          
Issuance of common stock in lieu of cash for financing transaction costs, Amount       1   (1)      
Recission of previously issued restricted stock grants, Shares       (12,079)          
Reclassi-fication of previously bifurcated conversion option of preferred stocks and warrants           5,672       5,672
Issuance of common stock pursuant to option exercises, Shares       14,587          
Issuance of common stock pursuant to option exercises, Amount           4       4
Issuance of common stock as compensation in lieu of cash, Shares       10,000          
Issuance of common stock as compensation in lieu of cash, Amount           13     13
Stock-based expense           289       289
Additional minimum pension liability             (28)   (28)
Foreign currency translation adjustment             25   25
Net loss               (3,180) (3,180)
Ending Balance, Amount at Dec. 31, 2011 2     679 (64) 101,720 (65) (107,984) (5,712)
Ending Balance, Shares at Dec. 31, 2011 239,400     67,995,620 (6,704)        
Issuance of common stock pursuant to warrant exercises, Shares 239,400     67,995,620 (6,704)        
Issuance of common stock pursuant to warrant exercises, Amount 2     679 (64) 101,720 (65) (107,984) (5,712)
Issuance of common stock pursuant to cashless warrant exercises, Shares       1,573,362          
Issuance of common stock pursuant to cashless warrant exercises, Amount       16   688       704
Issuance of common stock pursuant to option exercises, Shares       24,924          
Issuance of common stock pursuant to option exercises, Amount           7       7
Stock-based expense           608     608
Warrants issued to consultants as compensation           27       27
Warrants issued as consideration for asset purchase           87       87
Reclassi-fication of warrants previously classified as derivative liabilities           13,588       13,588
Additional minimum pension liability              1    1
Foreign currency translation adjustment              (75)    (75)
Dividends on preferred stock                 (229) (229)
Net loss               (10,190) (10,190)
Ending Balance, Amount at Dec. 31, 2012 $ 2     $ 765 $ (64) $ 120,182 $ (139) $ (118,403) $ 2,343
Ending Balance, Shares at Dec. 31, 2012 239,400     76,646,553 (6,704)        
XML 53 R59.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Details Narrative) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Income Taxes Details Narrative    
Interest and penalties accrued $ 4,000 $ 49,000
XML 54 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2012
Equity Tables  
Summary of common stock activity

The following table summarizes outstanding common stock activity for the following periods:

 

    Common Stock  
       
Shares outstanding at December 31, 2010     23,838,777  
    Shares issued pursuant to the Qualified Financing     20,090,000  
    Conversion of preferred stock into common     11,768,525  
    Conversion of convertible debt into common stock     9,774,559  
    Shares issued pursuant to warrants exercised for cash     1,310,000  
    Shares issued pursuant to cashless warrants exercised     1,194,547  
    Shares issued pursuant to options exercised     14,587  
    Shares issued as compensation in lieu of cash     10,000  
    Recoup of forfeited restricted stock grants     (12,079)
Shares outstanding at December 31, 2011     67,988,916  
    Shares issued pursuant to warrants exercised for cash     7,052,647  
    Shares issued pursuant to cashless warrants exercised     1,573,362  
    Shares issued pursuant to options exercised     24,924  
Shares outstanding at December 31, 2012     76,639,849  

 
Summary of warrant activity

The following table summarizes warrant activity for the following periods:

    Warrants   Weighted-
Average
Exercise Price
         
Balance at December 31, 2010     19,737,612   $ 0.54
    Granted     12,802,500   $ 0.52
    Expired / Canceled     (546,044) $ 0.50
    Exercised     (3,540,308) $ 0.50
Balance at December 31, 2011     28,453,760   $ 0.52
    Granted     305,000   $ 0.92
    Expired / Canceled     (12,000) $ 0.50
    Exercised     (9,958,275) $ 0.50
Balance at December 31, 2012     18,788,485   $ 0.56

 
Summary of stock option plans activity

The following table summarizes information regarding the warrants outstanding as of December 31, 2012:

 

Exercise Price     Number Outstanding    

Weighted—Average 

Remaining Life (Years)

    

Weighted—Average 

Exercise Price

                   
$ 0.50     17,029,456     2.97     $ 0.50
                       
$ 0.60     200,000     1.76     $ 0.60
                   
$ 0.80     150,000     5.00     $ 0.80
                   
$ 0.98     100,000     1.63     $ 0.98
                       
$ 1.00     265,280     1.58     $ 1.00
                       
$ 1.10     50,000     2.59     $ 1.10
                       
$ 1.20     270,833     0.20     $ 1.20
                       
$ 1.25     305,000     0.46     $ 1.25
                       
$ 1.67     417,916     0.23     $ 1.67
                       
      18,788,485            

 
XML 55 R65.htm IDEA: XBRL DOCUMENT v2.4.0.6
EQUITY (Details Narratives) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Common stock issued 24,924  
Options exercised 24,924  
Preferred outstanding 239,400 239,400
Undeclared dividends $ 8,000 $ 187,000
Undeclared dividends per share $ 0.03 $ 0.78
Cash proceeds    8,544,000
Company issued common stock pursuant to the exercise of warrants 7,052,647  
Warrants exercised 7,052,647  
Company issued common stock pursuant to the cashless exercise 1,573,362  
Proceeds from issuance of warrants 3,527,000  
Warrants exercised 2,905,628  
Warrants expired 12,000  
Warrant to purchase common stock 18,788,485  
Issued to Vocel a warrant to purchase 150,000  
Gross revenue from the sale or license 500,000  
Warrant purchase to consultant 50,000  
Common stock price ranging of warrants from $0.50 to $1.67  
Consultant [Member]
    
Warrant purchase to consultant 10,000  
Consultant1 [Member]
    
Warrant purchase to consultant $ 5,000  
XML 56 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
EMPLOYEE BENEFIT PLAN
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 15 - EMPLOYEE BENEFIT PLAN

During 1995, the Company adopted a defined contribution 401(k) retirement plan (the “Plan”). All U.S. based employees aged 21 years and older are eligible to become participants after the completion of 60 days employment. The Plan provides for annual contributions by the Company of 50% of employee contributions not to exceed 8% of employee compensation.  Effective April 1, 2009, the Plan was amended to provide for Company contributions on a discretionary basis. Participants may contribute up to 100% of the annual contribution limitations determined by the Internal Revenue Service.

 

Employees are fully vested in their share of the Company’s contributions after the completion of five years of service. In 2012, the Company authorized a discretionary contribution of approximately $87,000 for the 2012 plan year.  Such contribution was paid in January, 2013. In 2011, the Company made contributions of approximately $88,000 for the 2011 plan year.
XML 57 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2012
Stock Based Compensation Tables  
Stock option plans

A summary of the activity under the Company’s stock option plans is as follows:

    Options           Weighted-  
Weighted- Average
Average Remaining
Exercise Contractual
Price Term (Years)
Balance at December 31, 2010     1,463,295     $ 0.71       8.1  
Granted     367,000     $ 1.11       —  
Expired/Cancelled     (107,995)   $ 1.35       —  
Exercised     (14,587)   $ 0.28       —  
                         
Balance at December 31, 2011     1,707,713     $ 0.76       7.6  
Granted     1,437,500     $ 0.89       —  
Expired/Cancelled     (89,068)   $ 0.92       —  
Exercised     (24,924)      $ 0.29        —   
                         
Balance at December 31, 2012     3,031,221     $ 0.82        7.9  

 
Stock options outstanding and exercisable

The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2012:

 

      Options Outstanding           Options Exercisable  
Exercise Price           Weighted-                    
        Average     Weighted-           Weighted-  
  Number     Remaining Life     Average     Number     Average  
  Outstanding     (Years)     Exercise Price     Exercisable     Exercise Price  
                                 
$ 0.17–0.27       478,221       6.0     $ 0.19       478,721     $ 0.19  
$ 0.54-0.74       809,000       7.7     $ 0.72       534,758     $ 0.71  
$ 0.77-1.15       1,642,000       8.8     $ 0.96       297,324     $ 1.06  
$ 1.45-2.74       102,000       3.0     $ 2.28       102,000     $ 2.28  
Total       3,031,221                       1,412,803          

 
Common stock reserved for future issuance

The following table summarizes the common stock reserved for future issuance as of December 31, 2012:

 

    Common Stock  
       
Convertible preferred stock – Series B     45,384  
Convertible notes payable     171,183  
Stock options outstanding     3,031,221  
Warrants outstanding     18,788,485  
Restricted stock grants     240,000  
Authorized for future grant under stock option plans     955,934  
      23,232,207  

 
XML 58 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 17 - ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive income is the combination of the additional minimum liability related to the Company’s defined benefit pension plan, recognized pursuant to ASC 715-30, “Compensation - Retirement Benefits - Defined Benefit Plans – Pension” and the accumulated gains or losses from foreign currency translation adjustments. The Company translates foreign currencies of its German, Canadian and Mexican subsidiaries into U.S. dollars using the period end exchange rate. Revenue and expenses were translated using the weighted average exchange rates for the reporting period.  All items are shown net of tax.

 

As of December 31, 2012 and 2011, the components of accumulated other comprehensive loss were as follows:

 

($ in thousands)

    2012     2011  
             
Additional minimum pension liability   $ 43     $ 42  
Foreign currency translation adjustment     (182 )     (107 )
Ending balance    $  (139 )   $  (65 )
XML 59 R68.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK BASED COMPENSATION (Details 2)
Dec. 31, 2012
Common stock reserved for future issuance 23,232,207
Warrants outstanding
  
Common stock reserved for future issuance 18,788,485
Common Stock | Convertible preferred stock – Series B
  
Common stock reserved for future issuance 45,384
Common Stock | Convertible notes payable
  
Common stock reserved for future issuance 171,183
Common Stock | Stock options outstanding
  
Common stock reserved for future issuance 3,031,221
Common Stock | Restricted stock grants
  
Common stock reserved for future issuance 240,000
Common Stock | Issuance of common stock pursuant to cashless warrant exercises [Default Label]
  
Common stock reserved for future issuance 955,934
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities    
Net income (loss) $ (10,190) $ (3,180)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Depreciation and amortization 69 28
Amortization of debt discount and debt issuance costs 15 4,448
Stock based compensation 608 289
Change in fair value of derivative liabilities 4,712 (3,970)
Reduction in accounts payable from expiration of statute of limitations (336)   
Stock and warrants issued in lieu of cash 27 13
Change in assets and liabilities    
Accounts receivable 20 (109)
Inventory (217) (33)
Other assets (20) (9)
Accounts payable (8) (58)
Accrued expenses (737) 570
Deferred revenue 494 (7)
Billings in excess of costs and estimated earnings on uncompleted contracts    (241)
Pension obligation 10 (10)
Total adjustments 4,637 911
Net cash used in operating activities (5,553) (2,269)
Cash flows from investing activities    
Purchase of property and equipment (181) (11)
Net cash used in investing activities (181) (11)
Cash flows from financing activities    
Proceeds from issuance of notes payable    1,250
Repayment of notes payable (45) (1,500)
Proceeds from issuance of common stock and warrants, net    8,544
Proceeds from exercised stock options 7 4
Dividends paid (229)   
Proceeds from exercised stock purchase warrants 3,527 655
Net cash provided by financing activities 3,260 8,953
Effect of exchange rate changes on cash and cash equivalents (74) (3)
Net increase (decrease) in cash and cash equivalents (2,548) 6,670
Cash and cash equivalents at beginning of year 6,773 103
Cash and cash equivalents at end of year 4,225 6,773
Supplemental disclosure of cash flow information:    
Cash paid for interest      
Cash paid for income taxes      
Summary of non-cash investing and financing activities:    
Conversion of notes payable and related interest to common stock    5,637
Beneficial conversion feature of convertible debt   188
Warrants issued for intangible asset purchase 87   
Contingent royalty payment 72   
Acquisition of intangible assets with warrants (159)   
Issuance of common stock pursuant to cashless warrant exercises 704 12
Conversion of preferred stock into common stock    1,599
Reclassification of warrants previously classified as derivative liabilities to additional paid-in capital 13,588   
Reclassification of previously bifurcated conversion option on warrants and preferred stocks    5,672
Warrants issued with notes payable    $ 188
XML 62 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Current Assets:    
Accounts receivable, net of allowance for doubtful accounts $ 4 $ 4
Shareholders' deficit:    
Preferred stock, shares authorized 4,000,000 4,000,000
Series B convertible preferred , Par value $ 0.01 $ 0.01
Series B convertible preferred, designated 750,000 750,000
Series B convertible preferred, shares issued 389,400 389,400
Series B convertible preferred, shares outstanding 239,400 239,400
Series B convertible preferred, liquidation preference 607 786
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorised 150,000,000 150,000,000
Common stock, shares issued 76,386,038 67,995,620
Common stock, shares outstanding 76,379,334 67,988,916
Treasury stock, shares 6,704 6,704
XML 63 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
DERIVATIVE LIABILITIES
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 10 - DERIVATIVE LIABILITIES

The Company accounts for its derivative instruments under the provisions of ASC 815, “Derivatives and Hedging-Contracts in Entity’s Own Equity-Scope and Scope Exceptions”. Under the provisions of ASC 815, the anti-dilution and cash settlement provisions in certain warrants (collectively the “Derivative Liabilities”) qualify as derivative instruments.

 

The Company is required to mark-to-market, at the end of each reporting period, the value of the Derivative Liabilities.  The Company revalues these Derivative Liabilities at the end of each reporting period by using available market information and commonly accepted valuation methodologies.  The periodic change in value of the Derivative Liabilities is recorded as either non-cash derivative income (if the value of the embedded derivative and warrants decrease) or as non-cash derivative expense (if the value of the embedded derivative and warrants increase).  Although the values of the embedded derivative and warrants are affected by interest rates, the remaining contractual conversion period and the Company’s stock volatility, the primary cause of the change in the values of the Derivative Liabilities will be the value of the Company’s common stock.  If the stock price goes up, the value of these derivatives will generally increase and if the stock price goes down the value of these derivatives will generally decrease.

 

The Company uses a Monte-Carlo simulation methodology and the Black Scholes valuation model in the determination of the fair value of the Derivative Liabilities.  The Monte-Carlo simulation methodology is affected by the Company’s stock price as well as assumptions regarding the expected stock price volatility over the term of the Derivative Liabilities and assumptions regarding future financings. The Company utilized the services of an independent valuation firm, Vantage Point Advisors, Inc. to perform the Monte Carlo simulations.

 

The Black-Scholes valuation model is affected by the Company’s stock prices as well as assumptions regarding the expected stock price volatility of the term of the derivative liabilities in addition to interest rates and dividend yields.

 

As of December 31, 2011, the Company had approximately 18,547,500 outstanding warrants to purchase shares of the Company’s common stock that qualified for derivative liability treatment.  The recorded fair market value of those warrants at December 31, 2011 was approximately $11,824,000, which is reflected as a non-current liability in the consolidated balance sheet as of December 31, 2011.  On March 21, 2012, the Company amended 12,252,500 warrants such that these warrants no longer qualify as derivative liabilities.  The Company determined the change in fair value from the date of previous measurement (December 31, 2011) to the date of amendment (March 21, 2012) for these warrants and recorded approximately $5,110,000 in expense.  Such expense is included in Company’s consolidated statement of operations for the year ended December 31, 2012 under the caption “Change in fair value of derivative liabilities”.

 

Additionally, as a result of the agreements to amend the warrants and the warrants no longer qualifying for derivative liability treatment, the Company reclassified $13,588,000 of derivative liabilities into a component of additional paid-in capital in the Company's consolidated financial statements for the year ended December 31, 2012.

 

During the year ended December 31, 2012, 1,067,617 warrants qualifying for derivative liability treatment were cashless exercised resulting in the issuance of 636,780 shares of common stock with an aggregate fair value of approximately $708,000. Also, during the year ended December 31, 2012, 3,947 warrants qualifying for derivative liability treatment were exercised for cash proceeds of approximately $2,000 resulting in the issuance of 3,947 shares of common stock.
XML 64 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2012
Mar. 25, 2013
Jun. 30, 2012
Document And Entity Information      
Entity Registrant Name IMAGEWARE SYSTEMS INC    
Entity Central Index Key 0000941685    
Document Type 10-K    
Document Period End Date Dec. 31, 2012    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? Yes    
Entity Filer Category Smaller Reporting Company    
Entity Public Float     $ 35,575,000
Entity Common Stock, Shares Outstanding   77,087,442  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2012    
XML 65 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 11 - INCOME TAXES

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, (ASC 740). Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year-end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is established when necessary based on the weight of available evidence, if it is considered more likely than not that all or some portion of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities.  The Company has established a valuation allowance against its deferred tax asset due to the uncertainty surrounding the realization of such asset.

 

ASC 740-10 requires a company to first determine whether it is more-likely-than-not (defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more-likely-than-not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.

 

The Company’s uncertain position relative to unrecognized tax benefits and any potential increase in these liabilities relates primarily to the allocations of revenue and costs among the Company’s global operations and the impact of tax rulings made during the period affecting its tax positions. The Company’s existing tax position could result in liabilities for unrecognized tax benefits. The Company recognizes interest and/or penalties related to uncertain tax positions in income tax expense. The amount of interest and penalties accrued as of December 31, 2012 and 2011 was $4,000 and $49,000, respectively.

  

Significant judgment is required in evaluating the Company’s uncertain tax positions and determining the Company’s provision for income taxes. No assurance can be given that the final tax outcome of these matters will not be different from that which is reflected in the Company’s historical income tax provisions and accruals.  The Company adjusts these items in light of changing facts and circumstances.  To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made.

 

The significant components of the income tax provision (benefit) are as follows:

 

($ in thousands)   Year Ended December 31,  
    2012     2011  
Current            
     Federal   $ —     $ —  
     State     —       —  
     Foreign     22       (19)  
                 
Deferred                
     Federal     —       —  
     State     —       —  
     Foreign     —       —  
                 
    $ 22     $ (19)  

 

The principal components of the Company’s deferred tax assets (liabilities) at December 31, 2012 and 2011 are as follows:

 

($ in thousands)   2012     2011  
             
Net operating loss carryforwards   $ 11,554     $ 10,654  
Intangible assets     653       768  
Stock based compensation     1,089       862  
Reserves and accrued expenses     6       5  
Other     (140 )     (143 )
      13,162       12,146  
Less valuation allowance     (13,162 )     (12,146 )
                 
  Net deferred tax assets   $ —     $ —  

 

A reconciliation of the provision (benefit) for income taxes to the amount computed by applying the statutory income tax rates to loss before income taxes is as follows:

 

    2012     2011  
             
Amounts computed at statutory rates   $ (3,465 )   $ (1,081 )
State income tax, net of federal benefit     (81 )     50  
Expiration of net operating loss carryforwards     473       603  
Non-deductible interest     1,602       163  
 Foreign taxes     473       528  
Other     4       (1 )
Net change in valuation allowance on deferred tax assets     1,016       (281 )
                 
    $ 22     $ (19 ) 

 

The Company has established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets.

 

At December 31, 2012 and 2011, the Company had federal and state net operating loss carryforwards, a portion of which may be available to offset future taxable income for tax purposes. The federal net operating loss carryforwards expire at various dates from 2013 through 2032. The state net operating loss carryforwards expire at various dates from 2013 through 2022.

 

The Internal Revenue Code (“the Code”) limits the availability of certain tax credits and net operating losses that arose prior to certain cumulative changes in a corporation’s ownership resulting in a change of control of the Company.  The Company’s use of its net operating loss carryforwards and tax credit carryforwards will be significantly limited because the Company believes it underwent “ownership changes”, as defined under Section 382 of the Internal Revenue Code, in 1991, 1995, 2000, 2003, 2004 and 2011, though the Company has not performed a study to determine the limitation.  The Company has reduced its deferred tax assets to zero relating to its federal and state research credits because of such limitations.  The Company continues to disclose the tax effect of the net operating loss carryforwards at their original amount in the table above as the actual limitation has not yet been quantified.   The Company has also established a full valuation allowance for substantially all deferred tax assets due to uncertainties surrounding its ability to generate future taxable income to realize these assets. Since substantially all deferred tax assets are fully reserved, future changes in tax benefits will not impact the effective tax rate. Management periodically evaluates the recoverability of the deferred tax assets. If it is determined at some time in the future that it is more likely than not that deferred tax assets will be realized, the valuation allowance would be reduced accordingly at that time.

 

Tax returns for the years 2008 through 2012 are subject to examination by taxing authorities.  The Company is currently undergoing a routine sales and use tax audit for the State of Washington.
XML 66 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Revenues:    
Product $ 1,145 $ 2,596
Maintenance 2,806 2,878
Total 3,951 5,474
Cost of revenues:    
Product 227 459
Maintenance 975 935
Gross profit 2,749 4,080
Operating expenses:    
General and administrative 3,430 2,327
Sales and marketing 1,830 1,404
Research and development 3,180 2,664
Depreciation and amortization 69 28
Total 8,509 6,423
Loss from operations (5,760) (2,343)
Interest expense 18 4,851
Change in fair value of derivative liabilities 4,712 (3,970)
Other income, net (322) (25)
Loss before income taxes (10,168) (3,199)
Income tax (benefit) expense 22 (19)
Net loss (10,190) (3,180)
Preferred dividends (51) (383)
Net loss available to common shareholders $ (10,241) $ (3,563)
Basic and diluted loss per common share see Note 2:    
Net loss $ (0.14) $ (0.12)
Preferred dividends    $ (0.01)
Basic and diluted loss per share available to common shareholders $ (0.14) $ (0.13)
Basic and diluted weighted-average shares outstanding 70,894,916 27,316,475
XML 67 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTIES
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 5 - RELATED PARTIES

As more fully described in Note 9, on November 14, 2008 the Company entered into a series of convertible promissory notes (the “Related-Party Convertible Notes”), aggregating $110,000 with certain officers and members of the Company’s Board of Directors. The Related-Party Convertible Notes bear interest at 7.0% per annum and were originally due February 14, 2009.

 

In conjunction with the original issuance of the Related-Party Convertible Notes in 2008, the Company issued an aggregate of 149,996 warrants to the note holders to purchase shares of common stock of the Company. The warrants have an exercise price $0.50 per share and may be exercised at any time from November 14, 2008 until November 14, 2013. All warrants were outstanding and exercisable as of December 31, 2012 and December 31, 2011.

 

The Company did not repay the Related-Party Convertible Notes on the due date.  In August 2009, the Company received from the Related-Party Convertible Note holders a waiver of default and extension to January 31, 2010 of the maturity date of the Related-Party Convertible Notes. As consideration for the waiver and note extension, the company issued to the Related-Party Convertible Note holders an aggregate of 150,000 warrants to purchase shares of the Company’s common stock. The warrants have an exercise price of $0.50 per share and expire on August 25, 2014.

 

During the year ended December 31, 2012, the Company repaid $45,000 in principal to certain holders of the Related Party Convertible Notes. 

 

On January 21, 2013, the holders of the Related-Party Convertible Notes agreed to extend the due date on their respective convertible notes to be due and payable not later than June 30, 2014, however, the Related-Party Convertible Notes will be callable at any time, at the option of the note holder, prior to June 30, 2014.

 

During the year ended December 31, 2012 the Company entered into a series of professional service contracts with an entity that a member of the Company’s Board of Directors has an ownership interest in.  The aggregate contract value was $370,000 and the Company paid the professional services firm approximately $188,000 during the year ended December 31, 2012.

 

In March 2013, the Company entered into a new unsecured line of credit agreement with available borrowing of up to $2,500,000. The credit line was extended by an existing shareholder and member of our Board of Directors. Borrowings under the credit facility bear interest of 8% per annum and are due in March 2015. At any time prior to the Maturity Date, the holder shall have the right to convert the outstanding balance owed into shares of the Company’s common stock by dividing the outstanding balance by $0.95.

 

Advances under the credit facility are made at the Company’s request. The line of credit shall terminate, and no further advances shall be made, upon the earlier of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $2,500,000. In the event of such financing, the outstanding balance under the terms of this note shall be due and payable upon demand.

 

As additional consideration for the unsecured line of credit agreement, the Company issued to the holder a warrant exercisable for 1,052,632 shares of the Company’s common stock. The warrant has a term of two years from the date of issuance and an exercise price of $0.95 per share.
XML 68 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 4 - INTANGIBLE ASSETS AND GOODWILL

The Company has intangible assets in the form of trademarks, trade names and patents. The carrying amount of the Company’s acquired trademarks and trade names were approximately $47,000 and $63,000 as of December 31, 2012 and 2011, respectively which include accumulated amortization of $300,000 and $284,000 as of December 31, 2012 and 2011, respectively. Amortization expense related to trademarks and tradenames was $16,000 and $15,000 for the years ended December 31, 2012 and 2011, respectively. All intangible assets are amortized over their estimated useful lives with no estimated residual values. Any costs incurred by the Company to renew or extend the life of intangible assets will be evaluated under ASC No. 350, Intangibles – Goodwill and Other, for proper treatment.

 

In June 2012, the Company entered into an asset purchase agreement with Vocel, Inc., a Delaware corporation, whereby the Company purchased certain assets, consisting primarily of certain patents and trademarks. The Company evaluated this transaction under ASC No. 805, Business Combinations, and determined that this transaction constituted an asset purchase.

 

As consideration for this asset purchase:

 

·

 

 

 

 The Company issued to Vocel a warrant to purchase 150,000 shares of the Company’s common stock (“Purchaser Warrant”). The Purchaser Warrant is exercisable at $0.88 per share and vests 100% when the Company has derived $500,000 of gross revenue from the sale or license of the purchased intellectual property (“Warrant Vesting Date”). The Purchaser Warrant is exercisable for a period of three years form the Warrant Vesting Date; and
   

·

 

 The Company agreed to pay Vocel a royalty of 7.5% of gross revenue received by the Company from any third party sale or license of the purchased intellectual property.

 

The Company determined the aggregate fair value of the consideration issued to be approximately $159,000 and allocated this amount to the relative fair value of the assets acquired resulting in $159,000 being allocated to patents. The Company began amortization of the acquired patents in the third quarter of 2012 on a straight-line basis over their weighted-average remaining life of approximately 13.5 years. Amortization expense related to patents was $6,000 and $0 for the years ended December 31, 2012 and 2011, respectively.

 

The following table presents the changes in the carrying amounts of the Company’s acquired intangible assets for the years ended December 31, 2012 and 2011. All intangible assets are being amortized over their estimated useful lives with no estimated residual values.

 

($ in thousands)   Total  
Balance of intangible assets as of December 31, 2010   $ 78  
     Intangible assets acquired     —  
     Amortization     (15 )
     Impairment losses     —  
Balance of intangible assets as of December 31, 2011   $  63  
     Intangible assets acquired     159  
     Amortization     (22 ) 
     Impairment losses     —  
Balance of intangible assets as of December 31, 2012   $  200  

 

The Company annually, or more frequently if events or circumstances indicate a need, tests the carrying amount of goodwill for impairment. The Company performs its annual impairment test in the fourth quarter of each year. A two-step impairment test is used to first identify potential goodwill impairment and then measure the amount of goodwill impairment loss, if any. The first step was conducted by determining and comparing the fair value, employing the market approach, of the Company’s reporting unit to the carrying value of the reporting unit. The Company continues to have only one reporting unit, Identity Management. Based on the results of this impairment test, the Company determined that its goodwill was not impaired as of December 31, 2012 and 2011.

 

Amortization expense for the years ended December 31, 2012 and 2011 was approximately $22,000 and $15,000, respectively.

 

The estimated acquired intangible amortization expense for the next five fiscal years is as follows:

 

Fiscal Year Ended December 31,  

Estimated Amortization

Expense

($ in thousands)

  
         2013   $ 28  
         2014     28  
         2015     27  
         2016     12  
         2017     12  
         Thereafter     93  
         Totals   $ 200  
XML 69 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
PENSION PLAN
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 16 - PENSION PLAN

One of the Company’s foreign subsidiaries maintains a defined benefit pension plan that provides benefits based on length of service and final average earnings. The following table sets forth the benefit obligation, fair value of plan assets, and the funded status of the Company’s plan; amounts recognized in the Company’s consolidated financial statements; and the assumptions used in determining the actuarial present value of the benefit obligations as of December 31:

 

($ in thousands)   2012     2011  
Change in benefit obligation:                
Benefit obligation at beginning of year   $ 1,846     $ 1,770  
Service cost     2       2  
Interest cost     87       91  
Actuarial gain (loss)     (7 )     (9 )
Effect of exchange rate changes     103       (8 ) 
Effect of curtailment     —       —  
Benefits paid     —       —  
Benefit obligation at end of year     2,031       1,846  
                 
Change in plan assets:                
Fair value of plan assets at beginning of year     1,455       1,369  
Actual return of plan assets     36       41  
Company contributions     42       45  
Benefits paid     —       —  
Effect of exchange rate changes     97       —  
Fair value of plan assets at end of year     1,630       1,455  
                 
Funded status     (401 )     (391 )
Unrecognized actuarial loss (gain)     317       334  
Unrecognized prior service (benefit) cost     —       —  
Additional minimum liability     (317 )     (334 )
Unrecognized transition (asset) liability      —       —  
Net amount recognized   $ (401 )   $ (391 )
                 
Plan Assets                
Pension plan assets were comprised of the following asset categories at December 31,                
Equity securities     11.5 %     2.2 %
Debt securities     81.0 %     93.9 %
Other     7.5  %     3.9 %
Total     100  %     100 %
                 
Components of net periodic benefit cost are as follows:                
Service cost   $ 2      $ 2  
Interest cost on projected benefit obligations     87       91  
Expected return on plan assets     —       —  
Amortization of prior service costs     —       —  
Amortization of actuarial loss     —       —  
Net periodic benefit costs   $ 89     $ 93  
                 
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were                
Discount rate     4.6 %     4.6 %
Expected return on plan assets     4 %     4 %
Rate of compensation increase     N/A       N/A  
The following discloses information about the Company’s defined benefit pension plan that had an accumulated benefit obligation in excess of plan assets as of December 31,                
Projected benefit obligation   $ 2,031      $ 1,846  
Accumulated benefit obligation   $ 2,031      $ 1,846  
Fair value of plan assets   $ 1,630      $ 1,455  

 

As of December 31, 2012, the following benefit payments are expected to be paid as follows:

 

2013     $ —  
2014     $ —  
2015     $ 17  
2016     $ 18  
2017     $ 95  
2018 — 2022     $ 523  
           

 

The Company made contributions to the plan of approximately $42,000 and $45,000 during years 2012 and 2011, respectively.

 

The investment objectives for the plan are the preservation of capital, current income and long-term growth of capital. The Company’s pension assets are classified within Level 1 of the fair value hierarchy, as defined under ASC 820, because they are valued using market prices. The pension assets are primarily comprised of the cash surrender value of insurance contracts. All plan assets are managed in a policyholder pool in Germany by outside investment managers. The measurement date used to determine the benefit information of the plan was January 1, 2013.
XML 70 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 12 - COMMITMENTS AND CONTINGENCIES

Employment Agreements

 

The Company has employment agreements with its Chief Executive Officer and Senior Vice President of Administration and Chief Financial Officer. The Company may terminate the agreements with or without cause. Subject to the conditions and other limitations set forth in each respective employment agreement, each executive will be entitled to the following severance benefits if the Company terminates the executive’s employment without cause or in the event of an involuntary termination  (as defined in the employment agreements) by the Company or by the executive: (i) a lump sum cash payment equal to between six months and twenty-four months of base salary, based upon specific agreements; (ii) continuation of the executive’s fringe benefits and medical insurance for a period of three years; and (iii) immediate vesting of 50% of each executive’s outstanding restricted stock awards and stock options. In the event that the executive’s employment is terminated within the six months prior to or the thirteen months following a change of control (as defined in the employment agreements), the executive is entitled to the severance benefits described above, except that 100% of each executive’s restricted stock awards outstanding and stock options will immediately vest. Each executive’s eligibility to receive any severance payments or other benefits upon his termination is conditioned upon him executing a general release of liability.

 

The Company also has a Change of Control and Severance Benefits Agreement with its Chief Technical Officer and Vice President of Business Development.  Subject to the conditions and other limitations set forth in each respective employment agreement, each executive will be entitled to the following severance benefits if the Company terminates his employment without cause prior to the closing of any change of control transaction: (i) a lump sum cash payment equal to six months of base salary; and (ii) continuation of the executive’s health insurance benefits until the earlier of six (6) months following the date of termination, the date on which he is no longer entitled to continuation coverage pursuant to COBRA or the date that he obtains comparable health insurance coverage. In the event that the executive’s employment is terminated within the twelve months following a change of control, he is entitled to the severance benefits described above, plus his stock options will immediately vest and become exercisable. The executive’s eligibility to receive severance payments or other benefits upon his termination is conditioned upon him executing a general release of liability.

 

Litigation

 

           On September 21, 2012, Blue Spike, LLC, a Texas limited liability company (“Blue Spike”), filed claims against the Company in the United States District Court for the Eastern District of Texas, alleging that the Company is impermissibly using Blue Spike’s patented technologies in certain Company products, including its Biometric Engine.  To date, Blue Spike has filed similar suits asserting claims of patent infringement against a total of approximately eighty-five companies between August 9, 2012 and February 6, 2013. The Company has filed a motion to dismiss the complaint and a motion to transfer Blue Spike’s case against the Company to San Diego. Neither motion has yet been ruled upon. The defendants span a wide range of industries, from Internet search engines to chip manufacturers, digital rights management, video streaming and digital watermarking.  Blue Spike is seeking to recover an unspecified amount of compensatory damages from the Company and an injunction to enjoin the Company from further acts of alleged infringement.  The Company believes Blue Spike’s claim to be without merit and intends to vigorously defend itself. The Company is unable to estimate a possible range of loss at this time.

 

          Other than as specifically described above, we are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.  Other than described above, there is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company or any of our subsidiaries, threatened against or affecting the Company, our common stock, any of our subsidiaries or of the Company’s or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

 

Leases

 

           In December 2010, we entered into a new lease agreement and relocated our corporate headquarters to Rancho Bernardo Road in San Diego, California. The lease term commenced in December 2010 and ends on December 31, 2013. In April 2012, we extended the term of this lease to October 31, 2014. We are obligated under the lease to pay base rent and certain operating costs and taxes for the building. Future minimum rent payments will be approximately $114,000 in 2013, and $98,000 in 2014. Our rent was abated at a rate of 50% for the first 12 months of the lease. Under the lease, we were required to provide a security deposit in the amount of approximately $9,500.

 

           In April 2012, we entered into an amendment of our corporate headquarters lease whereby we leased an additional 2,560 square feet of space.  The lease term commenced in May 2012 and ends on October 31, 2014.  Future minimum rent payments will be approximately $50,000 in 2013 and $43,000 in 2014.

 

           In April 2012, we entered into a lease extension of our Portland, Oregon offices whereby we extended the lease term for a period of 36 months commencing November 1, 2012 until October 31, 2015.  Future minimum rent payments will be approximately $141,000 in 2013, $146,000 in 2014 and $124,000 in 2015.

 

           In addition to the corporate headquarters lease in San Diego, California, we also lease space in Ottawa, Province of Ontario, Canada; and Mexico City, Mexico. 

 

           At December 31, 2012, future minimum lease payments are as follows:

 

($ in thousands)        
2013   $ 418  
2014   $ 332  
2015   $ 169  
2016   $ 11  
2017 and thereafter   $ —  
   $ 930  

  

Rental expense incurred under operating leases for the years ended December 31, 2012 and 2011 was approximately $521,000 and $476,000, respectively.
XML 71 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCRUED LIABILITIES
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 8 - ACCRUED LIABILITIES

Principal components of accrued liabilities consist of:

 

($ in thousands)  

December 31,

2012

    

December 31,

2011

  
             
Compensated absences   $ 248     $ 256  
Wages, payroll taxes and sales commissions     32       84  
Customer deposits     60       240  
Liquidated damages     200       182  
Royalties     251       251  
Board of directors fees     —       527  
Pension and employee benefit plans     140       46  
Income and sales taxes     125       186  
Interest and dividends     87       82  
Other     123       151  
    $  1,266     $ 2,005  
XML 72 R60.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Details) (USD $)
Dec. 31, 2012
Notes to Financial Statements  
2013 $ 418
2014 332
2015 169
2016 11
2017 and thereafter   
Total $ 930
XML 73 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
INVENTORY
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 6 - INVENTORY

          Inventories of $262,000 as of December 31, 2012 were comprised of work in process of $254,000 representing direct labor costs on in-process projects and finished goods of $8,000 net of reserves for obsolete and slow-moving items of $3,000. Inventories of $45,000 as of December 31, 2011 were comprised of work in process of $29,000 representing direct labor costs on in-process projects and finished goods of $16,000 net of reserves for obsolete and slow-moving items of $3,000. Appropriate consideration is given to obsolescence, excessive levels, deterioration and other factors in evaluating net realizable value and required reserve levels.
XML 74 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 7 - PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2012 and 2011, consists of:

 

($ in thousands)   2012     2011  
             
Equipment   $ 950     $ 770  
Furniture     75       66  
      1,025       836  
Less accumulated depreciation     (875 )     (818 )
    $ 150     $ 18  

 

Total depreciation expense for the years ended December 31, 2012 and 2011 was approximately $47,000 and $13,000, respectively.
XML 75 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
NOTES PAYABLE
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 9 - NOTES PAYABLE
   

December 31,

2012

    

December 31,

2011

  
Notes payable to related parties:                
7% convertible promissory notes. Face value of notes $65 and $110 at December 31, 2012 and 2011, respectively. Discount on notes is $0 at December 31, 2012 and 2011. Notes were due January 2010.  In January 2013, the Company received an extension to June 30, 2014. Notes callable at any time at option of holder.     65       110  
Total notes payable to related parties     65       110  
                 
Total notes payable     65       110  
Less current portion     (65 )     (110 )
Long-term notes payable   $ —     $ —  

 

7% Convertible Promissory Notes to Related Parties

 

          On November 14, 2008, the Company entered into a series of convertible promissory notes (the "Related-Party Convertible Notes"), in the principal aggregate amount of $110,000, with certain officers and members of the Company’s Board of Directors. The Related-Party Convertible Notes bear interest at 7.0% per annum and were due February 14, 2009. The principal amount of the Related-Party Convertible Notes plus accrued but unpaid interest is convertible at the option of the holder into common stock of the Company. The number of shares into which the Related-Party Convertible Notes are convertible shall be calculated by dividing the outstanding principal and accrued but unpaid interest by $0.50 (the “Conversion Price”).

 

          In conjunction with the issuance of the Related-Party Convertible Notes, the Company issued an aggregate of 149,996 warrants to the note holders to purchase common stock of the Company. The warrants have an exercise price of $0.50 per share and may be exercised at any time from November 14, 2008 until November 14, 2013. 

 

          The Company, in 2008, initially recorded the convertible notes net of a discount equal to the fair value allocated to the warrants of approximately $13,000. The Company estimated the fair value of the warrants using the Black-Scholes option pricing model using the following assumptions: term of 5 years, a risk free interest rate of 2.53%, a dividend yield of 0%, and volatility of 96%. The convertible notes also contained a beneficial conversion feature, resulting in an additional debt discount of $12,000. The beneficial conversion amount was measured using the accounting intrinsic value, i.e. the excess of the aggregate fair value of the common stock into which the debt is convertible over the proceeds allocated to the security. The Company has accreted the beneficial conversion feature over the life of the Related-Party Convertible Notes. 


          The Company did not repay the Related-Party Convertible Notes on the due date. In August 2009, the Company received from the Related-Party Convertible Note holders a waiver of default and extension of the Maturity Date to to January 31, 2010. As consideration for the waiver and note extension, the Company issued to the Related-Party Convertible Note holders warrants to purchase an aggregate of 150,000 shares of the Company’s common stock. The warrants have an exercise price of $0.50 per share and expire on August 25, 2014.

 

          The Company did not repay the notes on January 31, 2010.  During the year ended December 31, 2012, the Company repaid $45,000 in principal to certain holders of the Related-Party Convertible Notes. On January 21, 2013, the holders of the Related-Party Convertible Notes agreed to extend the due date on their respective convertible notes to be due and payable not later than June 30, 2014 however, the Related-Party Convertible Notes will be callable at any time, at the option of the note holder, prior to June 30, 2014.  
XML 76 R64.htm IDEA: XBRL DOCUMENT v2.4.0.6
EQUITY (Details 2) (USD $)
Dec. 31, 2012
Number Outstanding 18,788,485
Weighted Average Exercise Price   
0.5
  
Number Outstanding 17,029,456
Weighted Average Remaining Life (Years) 2 years 11 months 19 days
Weighted Average Exercise Price $ 0.5
0.6
  
Number Outstanding 200,000
Weighted Average Remaining Life (Years) 1 year 9 months 4 days
Weighted Average Exercise Price $ 0.6
0.8
  
Number Outstanding 150,000
Weighted Average Remaining Life (Years) 5 years
Weighted Average Exercise Price $ 0.8
0.98
  
Number Outstanding 100,000
Weighted Average Remaining Life (Years) 1 year 7 months 17 days
Weighted Average Exercise Price $ 0.98
1
  
Number Outstanding 265,280
Weighted Average Remaining Life (Years) 1 year 6 months 29 days
Weighted Average Exercise Price $ 1
1.1
  
Number Outstanding 50,000
Weighted Average Remaining Life (Years) 2 years 7 months 2 days
Weighted Average Exercise Price $ 1.1
1.2
  
Number Outstanding 270,833
Weighted Average Remaining Life (Years) 2 months 12 days
Weighted Average Exercise Price $ 1.2
1.25
  
Number Outstanding 305,000
Weighted Average Remaining Life (Years) 5 months 16 days
Weighted Average Exercise Price $ 1.25
1.67
  
Number Outstanding 417,916
Weighted Average Remaining Life (Years) 2 months 23 days
Weighted Average Exercise Price $ 1.67
XML 77 R66.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK BASED COMPENSATION (Details) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Ending Balance 3,031,221  
Ending Balance, Weighted-Average Exercise Price $ 0.72  
Stock option plans
    
Begining Balance 1,707,713 1,463,295
Granted, Options 1,437,500 367,000
Expired/Cancelled (89,068) (107,995)
Exercised, Options (24,924) (14,587)
Ending Balance 3,031,221 1,707,713
Begining Balance, Weighted-Average Exercise Price $ 0.76 $ 0.71
Granted, Weighted-Average Exercise Price $ 0.89 $ 1.11
Expired/Cancelled, Weighted-Average Exercise Price $ 0.92 $ 1.35
Exercised, Weighted-Average Exercise Price $ 0.29 $ 0.28
Ending Balance, Weighted-Average Exercise Price $ 0.82 $ 0.76
Begining Balance,Weighted-Average Remaining Contractual Term 7 years 7 months 6 days 8 years 1 month 6 days
Ending Balance,Weighted-Average Remaining Contractual Term 7 years 10 months 24 days 7 years 7 months 6 days
XML 78 R63.htm IDEA: XBRL DOCUMENT v2.4.0.6
EQUITY (Details 1) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Ending Balance 3,031,221  
Ending Balance, Weighted-Average Exercise Price $ 0.72  
Warrant [Member]
    
Begining Balance 28,453,760 19,737,612
Granted 305,000 12,802,500
Expired/Cancelled (12,000) (546,044)
Exercised (9,958,275) (3,540,308)
Ending Balance 18,788,485 28,453,760
Begining Balance, Weighted-Average Exercise Price $ 0.52 $ 0.54
Granted, Weighted-Average Exercise Price $ 0.92 $ 0.52
Expired/Cancelled, Weighted-Average Exercise Price $ 0.5 $ 0.5
Exercised, Weighted-Average Exercise Price $ 0.5 $ 0.5
Ending Balance, Weighted-Average Exercise Price $ 0.56 $ 0.52
XML 79 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2012
Commitments And Contingencies Tables  
Future minimum lease payments

At December 31, 2012, future minimum lease payments are as follows:

 

($ in thousands)        
2013   $ 418  
2014   $ 332  
2015   $ 169  
2016   $ 11  
2017 and thereafter   $ —  
    $ 930  
XML 80 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT (Details Narrative) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Property And Equipment Details Narrative    
Depreciation expense $ 47,000 $ 13,000
XML 81 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK BASED COMPENSATION
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 14 - STOCK BASED COMPENSATION

Stock Options

 

As of December 31, 2012, the Company had two active stock-based compensation plans; the 1999 Stock Option Plan (the “1999 Plan”) and the 2001 Equity Incentive Plan (the “2001 Plan”).

 

1999 Plan

 

The 1999 Plan was adopted by the Company’s Board of Directors on December 17, 1999. Under the terms of the 1999 Plan, the Company could, originally, issue up to 350,000 non-qualified or incentive stock options to purchase common stock of the Company. The Company subsequently amended and restated the 1999 Plan whereby it increased the share reserve for issuance by approximately 4.0 million shares of the Company’s common stock.  The 1999 Plan prohibits the grant of stock option or stock appreciation right awards with an exercise price less than fair market value of common stock on the date of grant. The 1999 Plan also generally prohibits the “re-pricing” of stock options or stock appreciation rights, although awards may be bought-out for a payment in cash or the Company’s stock. The 1999 Plan permits the grant of stock based awards other than stock options, including the grant of “full value” awards such as restricted stock, stock units and performance shares. The 1999 Plan permits the qualification of awards under the plan (payable in either stock or cash) as “performance-based compensation” within the meaning of Section 162(m) of the Internal Revenue Code. The number of options issued and outstanding and the number of options remaining available for future issuance are shown in the table below.

 

On July 22, 2011, the Company’s Board of Directors approved an amendment to the 1999 Plan, subject to shareholder approval, pursuant to which an additional 2,159,442 shares would be reserved for issuance under the plan. In October 2011, the Company’s shareholders approved this amendment resulting in 2,159,442 shares being added to the 1999 Plan.

 

2001 Plan

 

The 2001 Plan was adopted by the Company’s Board of Directors on September 12, 2001.  Under the terms of the 2001 Plan, the Company could issue stock awards to employees, directors and consultants of the Company, and such stock awards could be given for non-statutory stock options (options not intended to qualify as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended), stock bonuses, and rights to acquire restricted stock. The 2001 Plan is administered by the Board of Directors or a Committee of the Board. The Company originally reserved 1,000,000 shares of its common stock for issuance under the 2001 Plan. Options granted under the 2001 Plan shall not be less than 85% of the market value of the Company’s common stock on the date of the grant, and, in some cases, may not be less than 110% of such fair market value. The term of options granted under the 2001 Plan as well as their vesting are determined by the Board and to date, options have been granted with a ten year term and vesting over a three year period. While the Board may suspend or terminate the 2001 Plan at any time, if not terminated earlier, it will terminate on the day before its tenth anniversary of the date of adoption.  As of December 31, 2011, the Company does not anticipate issuing any additional stock awards under this plan.  Any shares not issued in connection with the awards outstanding under the 2001 Plan will become available for issuance under the 1999 Plan.  The number of options issued and outstanding and the number of options remaining available for future issuance are shown in the table below.

  

A summary of the activity under the Company’s stock option plans is as follows:

 

    Options           Weighted-  
Weighted- Average
Average Remaining
Exercise Contractual
Price Term (Years)
Balance at December 31, 2010     1,463,295     $ 0.71       8.1  
Granted     367,000     $ 1.11       —  
Expired/Cancelled     (107,995 )   $ 1.35       —  
Exercised     (14,587 )   $ 0.28       —  
                         
Balance at December 31, 2011     1,707,713     $ 0.76       7.6  
Granted     1,437,500     $ 0.89       —  
Expired/Cancelled     (89,068 )   $ 0.92       —  
Exercised     (24,924 )     $ 0.29       —   
                         
Balance at December 31, 2012     3,031,221     $ 0.82       7.9  

 

At December 31, 2012, a total of 3,031,221 options were outstanding of which 1,412,803 were exercisable at a weighted average price of $0.72 per share with a remaining weighted average contractual term of approximately 6.5 years.  The Company expects that, in addition to the 1,412,803 options that were exercisable as of December 31, 2012, another 1,618,418 will ultimately vest resulting in a combined total of 3,031,221.  Those 3,031,221 shares have a weighted average exercise price of $0.82, an aggregate intrinsic value of approximately $423,000 and a weighted average remaining contractual life of 7.9 years as of December 31, 2012.

 

During the year ended December 31, 2012, there were 24,924 options exercised which resulting in proceeds of approximately $7,000 to the Company.  During the year ended December 31, 2011, there were 14,587 options exercised which resulting in proceeds of approximately $4,000 to the Company.

  

The intrinsic value of options exercised during the years ended December 31, 2012 and 2011 was approximately $14,000 and $0, respectively. The intrinsic value of options exercisable at December 31, 2012 and 2011 was approximately $389,000 and $333,000, respectively.  The aggregate intrinsic value for all options outstanding as of December 31, 2012 and 2011 was approximately $423,000 and $364,000, respectively.

 

The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2012:

 

      Options Outstanding           Options Exercisable  
Exercise Price           Weighted-                    
        Average     Weighted-           Weighted-  
  Number     Remaining Life     Average     Number     Average  
  Outstanding     (Years)     Exercise Price     Exercisable     Exercise Price  
                                 
$ 0.17–0.27       478,221       6.0     $ 0.19       478,721     $ 0.19  
$ 0.54-0.74       809,000       7.7     $ 0.72       534,758     $ 0.71  
$ 0.77-1.15       1,642,000       8.8     $ 0.96       297,324     $ 1.06  
$ 1.45-2.74       102,000       3.0     $ 2.28       102,000     $ 2.28  
Total       3,031,221                       1,412,803          

  

           At December 31, 2011, the total remaining unrecognized compensation cost related to unvested stock options amounted to approximately $381,000, which will be amortized over the weighted-average remaining requisite service period of 1.8 years.

 

At December 31, 2011, there were 644,435 shares outstanding and un-exercisable as they had not yet met the vesting criteria.  Those options had a weighted-average grant-date fair value of approximately $0.85.  During the year ended December 31, 2012, 440,566 shares vested with a weighted-average grant-date fair value of approximately $0.81 and approximately 89,068 shares forfeited or expired, of which 45,070 were vested and exercisable, with a weighted-average grant-date fair value of $0.69 resulting in 1,412,803 shares exercisable, with a weighted-average grant-date fair value of approximately $0.61 as of December 31, 2012.

 

The weighted-average grant-date fair value per share of options granted to employees during the years ended December 31, 2012 and 2011 was $0.71 and $1.00, respectively. At December 31, 2012, the total remaining unrecognized compensation cost related to unvested stock options amounted to approximately $803,000, which will be amortized over the weighted-average remaining requisite service period of 1.9 years.

 

Restricted Stock Awards

 

           In January of 2010, the Company issued 847,258 shares of restricted stock to members of management and the Board. These shares vest quarterly over a three-year period. The restricted shares were issued as compensation for the cancellation of 1,412,096 options held by members of management and the Board. The Company evaluated the exchange in accordance with ASC 718 and determined there was no incremental cost to be recorded in conjunction with the exchange as the fair value of the options surrendered at the modification date exceeded the fair value of the restricted shares issued at the modification date. Stock-based compensation expense related to these restricted stock grants was approximately $37,000 and $39,000 for the year ended December 31, 2012 and 2011, respectively.

 

Stock Appreciation Rights

 

During March 2011, the Company granted 880,000 performance units to certain key employees that grant the holder the right to receive compensation based on the appreciation in the Company’s common stock in the event of transfer of control of the Company ("Performance Units"). As the vesting of the Performance Units is contingent upon the sale of the Company, the expense associated with the granting of the Performance Units was not material. The Performance Units issued to such key employees were terminated, and exchanged for options to purchase a total of 435,000 shares of common stock on January 30, 2012.

 

Common Stock Reserved for Future Issuance

 

The following table summarizes the common stock reserved for future issuance as of December 31, 2012:

 

    Common Stock  
       
Convertible preferred stock – Series B     45,384  
Convertible notes payable     171,183  
Stock options outstanding     3,031,221  
Warrants outstanding     18,788,485  
Restricted stock grants     240,000  
Authorized for future grant under stock option plans     955,934  
      23,232,207  
XML 82 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2012
Summary Of Significant Accounting Policies Policies  
Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated.
Operating Cycle

Assets and liabilities related to long-term contracts are included in current assets and current liabilities in the accompanying consolidated balance sheets, although they will be liquidated in the normal course of contract completion which may take more than one operating cycle.
Use of Estimates

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. Significant estimates include the allowance for doubtful accounts receivable, inventory carrying values, deferred tax asset valuation allowances, accounting for loss contingencies, recoverability of goodwill and acquired intangible assets and amortization periods, assumptions used in the Black-Scholes model to calculate the fair value of share based payments, assumptions used in the application of fair value methodologies to calculate the fair value of derivative liabilities, revenue and cost of revenues recognized under the percentage of completion method and assumptions used in the application of fair value methodologies to calculate the fair value of pension assets and obligations. Actual results could differ from estimates.
Cash and cash equivalents

The Company defines cash equivalents as highly liquid investments with original maturities of less than 90 days that are not held for sale in the ordinary course of business.
Accounts receivable

In the normal course of business, the Company extends credit without collateral requirements to its customers that satisfy pre-defined credit criteria. Accounts receivable are recorded net of an allowance for doubtful accounts. Accounts receivable are considered delinquent when the due date on the invoice has passed. The Company records its allowance for doubtful accounts based upon its assessment of various factors. The Company considers historical experience, the age of the accounts receivable balances, the credit quality of its customers, current economic conditions and other factors that may affect customers’ ability to pay to determine the level of allowance required.  Accounts receivable are written off against the allowance for doubtful accounts when all collection efforts by the Company have been unsuccessful.
Inventories

Inventories are stated at the lower of cost, determined using the average cost method, or market.
Property, Equipment and Leasehold Improvements

Property and equipment, consisting of furniture and equipment, are stated at cost and are being depreciated on a straight-line basis over the estimated useful lives of the assets, which generally range from three to five years. Maintenance and repairs are charged to expense as incurred. Major renewals or improvements are capitalized. When assets are sold or abandoned, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Expenditures for leasehold improvements are capitalized. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements.
Fair Value of Financial Instruments

For certain of the Company’s financial instruments, including accounts receivable, accounts payable, accrued expenses, deferred revenues and notes payable to related parties, the carrying amounts approximate fair value due to their relatively short maturities.
Derivative Financial Instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.

  

         The Company reviews the terms of the common and preferred stock, warrants and convertible debt it issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

 

         Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.

 

         The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.
Revenue recognition

The Company recognizes revenue from the following major revenue sources:

 

●

Long-term fixed-price contracts involving significant customization

 

● Fixed-price contracts involving minimal customization

 

●

Software licensing

 

● Sales of computer hardware and identification media

 

● Postcontract customer support (“PCS”)

 

The Company’s revenue recognition policies are consistent with U.S. GAAP including the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 985-605, “Software Revenue Recognition”, ASC 605-35 “Revenue Recognition, Construction-Type and Production-Type Contracts”, “Securities and Exchange Commission Staff Accounting Bulletin 104”, and ASC 605-25 “Revenue Recognition, Multiple Element Arrangements”. Accordingly, the Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed or determinable, and collectability is reasonably assured.

 

The Company recognizes revenue and profit as work progresses on long-term, fixed-price contracts involving significant amount of hardware and software customization using the percentage of completion method based on costs incurred to date compared to total estimated costs at completion. The primary components of costs incurred are third party software and direct labor cost including fringe benefits. Revenues recognized in excess of amounts billed are classified as current assets under “Costs and estimated earnings in excess of billings on uncompleted contracts”. Amounts billed to customers in excess of revenues recognized are classified as current liabilities under “Billings in excess of costs and estimated earnings on uncompleted contracts”. Revenue from contracts for which the Company cannot reliably estimate total costs or there are not significant amounts of customization are recognized upon completion. The Company also generates non-recurring revenue from the licensing of its software. Software license revenue is recognized upon the execution of a license agreement, upon deliverance, when fees are fixed and determinable, when collectability is probable and when all other significant obligations have been fulfilled. The Company also generates revenue from the sale of computer hardware and identification media. Revenue for these items is recognized upon delivery of these products to the customer. The Company’s revenue from periodic maintenance agreements is generally recognized ratably over the respective maintenance periods provided no significant obligations remain and collectability of the related receivable is probable. Pricing of maintenance contracts is consistent period to period and calculated as a percentage of the software or hardware revenue, which is approximately 15% annually.  Amounts collected in advance for maintenance services are included in current liabilities under "Deferred revenue". Sales tax collected from customers is excluded from revenue.
Goodwill

The Company accounts for its intangible assets under the provisions of ASC 350, “Intangibles - Goodwill and Other”. In accordance with ASC 350, intangible assets with a definite life are analyzed for impairment under ASC 360-10-05 “Property, Plant and Equipment” and intangible assets with an indefinite life are analyzed for impairment under ASC 360 annually, or more often if circumstances dictate. The Company performs its annual goodwill impairment test in the fourth quarter of each year.  In accordance with ASC 350, goodwill, or the excess of cost over fair value of net assets acquired is tested for impairment using a fair value approach at the “reporting unit” level. A reporting unit is the operating segment, or a business one level below that operating segment (referred to as a component) if discrete financial information is prepared and regularly reviewed by management at the component level. The Company’s reporting unit is at the entity level. The Company recognizes an impairment charge for any amount by which the carrying amount of a reporting unit’s goodwill exceeds its fair value. The Company uses fair value methodologies to establish fair values.

The Company did not record any goodwill impairment charges for the years ended December 31, 2012 or 2011.
Intangible and Long Lived Assets

Intangible assets are carried at their cost less any accumulated amortization.  Any costs incurred to renew or extend the life of an intangible or long lived asset are reviewed for capitalization.  The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. The Company’s management currently believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products under development will continue. Either of these could result in future impairment of long-lived assets.
Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. The Company places its cash with high quality financial institutions and at times during the years ended December 31, 2012 and 2011 exceeded the FDIC insurance limits of $250,000 for 2012 and 2011. Sales are typically made on credit and the Company generally does not require collateral. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for doubtful accounts. The Company considers historical experience, the age of the accounts receivable balances, the credit quality of its customers, current economic conditions and other factors that may affect customers’ ability to pay to determine the level of allowance required. Accounts receivable are presented net of an allowance for doubtful accounts of approximately $3,000 and $4,000 at December 31, 2012 and 2011, respectively.

 

For the year ended December 31, 2012 one customer accounted for approximately 15 % or $611,000 of total revenues and had trade receivables of $0 as of the end of the year.  For the year ended December 31, 2011 one customer accounted for approximately 34% or $1,836,000 of total revenues and had trade receivables of $0 as of the end of the year.
Stock Based Compensation

At December 31, 2012, the Company had two stock-based compensation plans for employees and nonemployee directors, which authorize the granting of various equity-based incentives including stock options and restricted stock.

  

The Company estimates the fair value of its stock options using a Black-Scholes option-pricing model, consistent with the provisions of ASC 718, “Compensation – Stock Compensation”. The fair value of stock options granted is recognized to expense over the requisite service period. Stock-based compensation expense for all share-based payment awards is recognized using the straight-line single-option method. Stock-based compensation expense is reported in operating expenses based upon the departments to which substantially all of the associated employees report and credited to additional paid-in-capital. Stock-based compensation expense related to equity options was approximately $571,000 and $250,000 for the years ended December 31, 2012 and 2011, respectively. In January 2010, the Company issued 847,258 shares of restricted stock to members of management and the Board. These shares will vest quarterly over a three-year period. The restricted shares were issued as compensation for the cancellation of 1,412,096 options held by members of management and the Board. The Company evaluated the exchange in accordance with ASC 718 and determined there was no incremental cost to be recorded in conjunction with the exchange as the fair value of the options surrendered at the modification date exceeded the fair value of the restricted shares issued at the modification date.  The Company recorded approximately $37,000 and $39,000 in compensation expense for the years ended December 31, 2012 and 2011 related to these restricted shares.

 

 

ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. The Company has elected to use the Black-Scholes option-pricing model, which incorporates various assumptions including volatility, expected life, and interest rates. The Company is required to make various assumptions in the application of the Black-Scholes option-pricing model. The Company has determined that the best measure of expected volatility is based on the historical weekly volatility of the Company’s common stock. Historical volatility factors utilized in the Company’s Black-Scholes computations for options granted during the years ended December 31, 2012 and 2011 ranged from 99% to 135%. The Company has elected to estimate the expected life of an award based upon the SEC approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 110. The expected term used by the Company during the years ended December 31, 2012 and 2011 was 5.9 years. The difference between the actual historical expected life and the simplified method was immaterial. The interest rate used is the risk free interest rate and is based upon U.S. Treasury rates appropriate for the expected term. Interest rates used in the Company’s Black-Scholes calculations for the years ended December 31, 2012 and 2011 averaged 2.6%. Dividend yield is zero as the Company does not expect to declare any dividends on the Company’s common shares in the foreseeable future.

 

In addition to the key assumptions used in the Black-Scholes model, the estimated forfeiture rate at the time of valuation is a critical assumption. The Company has estimated an annualized forfeiture rate of approximately 0% for corporate officers, 4.1% for members of the Board of Directors and 6.0% for all other employees. The Company reviews the expected forfeiture rate annually to determine if that percent is still reasonable based on historical experience.
Income Taxes

Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits and loss carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Foreign Currency Translation

The financial position and results of operations of the Company’s foreign subsidiaries are measured using the foreign subsidiary’s local currency as the functional currency. Revenues and expenses of such subsidiaries have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of shareholders’ equity, unless there is a sale or complete liquidation of the underlying foreign investments. The Company translates foreign currencies of its German, Canadian and Mexican subsidiaries. The cumulative translation adjustment, which is recorded in accumulated other comprehensive income, decreased approximately $75,000 for the year ended December 31, 2012 and increased approximately $25,000 for the year ended December 31, 2011.
Comprehensive Income

Comprehensive income consists of net gains and losses affecting shareholders’ deficit that, under generally accepted accounting principles, are excluded from net loss. For the Company, the only items are the cumulative translation adjustment and the additional minimum liability related to the Company’s defined benefit pension plan, recognized pursuant to ASC 715-30, "Compensation - Retirement Benefits - Defined Benefit Plans – Pension".
Advertising Costs

The Company expenses advertising costs as incurred. The Company incurred approximately $12,000 in advertising expenses during the year ended December 31, 2012 and did not incur any advertising expense during the year ended December 31, 2011.
Loss Per Share

Basic loss per common share is calculated by dividing net loss available to common shareholders for the period by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is calculated by dividing net loss available to common shareholders for the period by the weighted-average number of common shares outstanding during the period, adjusted to include, if dilutive, potential dilutive shares consisting of convertible preferred stock, convertible notes payable, stock options and warrants, calculated using the treasury stock and if-converted methods.  For diluted loss per share calculation purposes, the net loss available to commons shareholders is adjusted to add back any preferred stock dividends and any interest on convertible debt reflected in the consolidated statement of operations for the respective periods.
Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), or other standard setting bodies, which are adopted by us as of the specified effective date.  Unless otherwise discussed, the Company’s management believes the impact of recently issued standards not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption.

 

 

FASB ASU No. 2012-02.  In July 2012, the FASB issued ASU No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This new accounting standard allows companies to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. Under the guidance in ASU 2012-02, an entity has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. The Company is currently evaluating the effect of this ASU on its consolidated financial statements.
Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications did not affect the Company’s Consolidated Balance Sheets, Consolidated Results of Operations or Consolidated Cash Flows for the years ended December 31, 2012 and 2011.
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INVENTORY (Details Narrative) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Inventory Details Narrative    
Inventory $ 262,000 $ 45,000
Work in process 254,000 29,000
Finished goods 8,000 16,000
Reserves for obsolete and slow-moving items $ 3,000 $ 3,000
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (Common Stock)
Dec. 31, 2012
Dec. 31, 2011
Common Stock
    
Potential Dilutive Securities:    
Convertible notes payable 100,018 205,255
Convertible preferred stock Series B 47,880 58,415
Convertible preferred stock Series C     
Convertible preferred stock Series D     
Stock options 1,135,077 1,707,713
Restricted stock grants 324,863 360,000
Warrants 24,996,737 28,453,760
Total Potential Dilutive Securities 26,604,575 30,785,143
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Condensed Consolidated Statements Of Comprehensive Income Loss    
Net loss $ (10,190) $ (3,180)
Other comprehensive income (loss):    
Additional minimum pension liability 1 (28)
Foreign currency translation adjustment (75) 25
Comprehensive loss $ (10,264) $ (3,183)
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FAIR VALUE ACCOUNTING
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 3 - FAIR VALUE ACCOUNTING

The Company accounts for fair value measurements in accordance with ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements.

 

         ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

 

  Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 

  Level 2 Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 

  Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

 

         The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by ASC 820, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

    Fair Value at December 31, 2012  
($ in thousands)   Total     Level 1   Level 2   Level 3  
Assets:                    
   Pension assets   $ 1,630     $ 1,630   $ —   $ —  
   Totals   $ 1,630     $ 1,630   $ —   $ —  
Liabilities:                            
   Derivative liabilities   $ 2,244     $ —   $ —   $ 2,244  
   Totals   $ 2,244     $ —   $ —   $ 2,244  

 

    Fair Value at December 31, 2011  
($ in thousands)   Total     Level 1   Level 2   Level 3  
Assets:                            
   Pension assets   $ 1,455     $ 1,455   $ —   $ —  
   Totals   $ 1,455     $ 1,455   $ —   $ —  
Liabilities:                            
   Derivative liabilities   $ 11,824     $   —   $ —   $ 11,824  
   Totals   $ 11,824     $ —   $ —   $ 11,824  

 

The Company’s pension assets are classified within Level 1 of the fair value hierarchy because they are valued using market prices. The pension assets are primarily comprised of the cash surrender value of insurance contracts. All plan assets are managed in a policyholder pool in Germany by outside investment managers. The investment objectives for the plan are the preservation of capital, current income and long-term growth of capital.

 

As of December 31, 2012, the Company had 5,211,229 outstanding warrants to purchase shares of the Company’s common stock that qualified for derivative liability treatment.  The recorded fair market value of those warrants at December 31, 2012 was approximately $2,244,000 which is reflected as a non-current liability in the consolidated balance sheet as of December 31, 2012. The fair value of the Company’s derivative liabilities are classified within Level 3 of the fair value hierarchy because they are valued using pricing models that incorporate management assumptions that cannot be corroborated with observable market data.  The Company uses Monte-Carlo simulation methodologies and the Black Scholes valuation model in the determination of the fair value of the derivative liabilities.  

 

The Monte-Carlo simulation methodology is affected by the Company’s stock price as well as assumptions regarding the expected stock price volatility over the term of the derivative liabilities in addition to the probability of future financings. The Black Scholes valuation model is affected by the Company’s stock price as well as assumptions regarding the expected stock price volatility over the term of the derivative liabilities in addition to expected dividend yield and risk free interest rates appropriate for the expected term. 

 

The Company monitors the activity within each level and any changes with the underlying valuation techniques or inputs utilized to recognize if any transfers between levels are necessary.  That determination is made, in part, by working with outside valuation experts for Level 3 instruments and monitoring market related data and other valuation inputs for Level 1 and Level 2 instruments.

 

           A reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows:

 

($ in thousands)   Derivative Liabilities  
Balance December 31, 2010   $ 15,653  
    Included in earnings     (3,970 )
    Settlements     (5,672 )
    Issuances     5,813  
    Transfers in and /or out of Level 3     —  
Balance at December 31, 2011   $ 11,824  
    Included in earnings     4,712  
    Settlements     (14,292 )
    Issuances     —  
    Transfers in and/or out of Level 3     —  
Balance at December 31, 2012   $ 2,244  

 

All unrealized gains or losses resulting from changes in value of any Level 3 instruments are reflected as a separate line in the consolidated statement of operations in arriving at net loss. The Company is not a party to any hedge arrangements, commodity swap agreement or any other derivative financial instruments.  See further disclosures regarding the Company’s derivative liabilities in Note 11.
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INCOME TAXES (Details 2) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Notes to Financial Statements    
Amounts computed at statutory rates $ (3,465) $ (1,081)
State income tax, net of federal benefit (81) 50
Expiration of net operating loss carryforwards 473 603
Non-deductible interest 1,602 163
Foreign taxes 473 528
Other 4 (1)
Net change in valuation allowance on deferred tax assets 1,016 (281)
Reconciliation of the provision -benefit) for income taxes $ 22 $ (19)
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STOCK BASED COMPENSATION (Details Narrative) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Stock Based Compensation Details Narrative    
Options outstanding 3,031,221  
Option exercisable 1,412,803  
Weighted average exercise price $ 0.72  
Expected term 6 years 6 months  
Weighted average exercise price $ 0.82  
Intrinsic value $ 423,000 $ 364,000
Weighted average remaining contractual life 7 years 10 months 24 days  
Option exercised 24,924 14,587
Proceeds from option exercised 4,000 7,000
Intrinsic value of option exercised during period 14,000 0
Intrinsic value of option exercisable 389,000 333,000
Total remaining unrecognized compensation cost related to unvested stock options   381,000
Weighted-average remaining requisite service period   1 year 9 months 18 days
Shares outstanding and unexercisable   644,435
Shares vested 440,566  
Weighted average grand date fair value $ 0.81  
Shares forfeited or expired 89,068  
Shares vested and exercisable 45,070  
weighted-average grant-date fair value $ 0.69  
weighted-average grant-date fair value of option exercisable $ 0.61  
Weighted average grant date fair value per share of options granted to employees $ 0.71 $ 1.00
Unrecognized compensation cost related to unvested stock options 803,000  
Weighted-average remaining requisite service period 1 year 10 months 24 days  
Stock-based compensation expense related to restricted stock grants $ 0 $ 39,000
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2012
Summary Of Significant Accounting Policies Tables  
Computation of basic and diluted loss per share
(Amounts in thousands except share and per share amounts)   Year Ended December 31,  
    2012     2011  
Numerator for basic and diluted loss per share:            
   Net loss   $ (10,190)   $ (3,180)
   Preferred dividends     (51)     (383)
Net loss available to common shareholders   $ (10,241)   $ (3,563)
                 
Denominator for basic loss per share — weighted-average shares outstanding     70,894,916       27,316,475  
Effect of dilutive securities     —        —  
Denominator for diluted loss per share — weighted-average shares outstanding     70,894,916        27,316,475  
                 
Basic and diluted loss per share:                
Net loss   $ (0.14)   $ (0.12 )
Preferred dividends     —        (0.01 )
Net loss available to common shareholders   $ (0.14)   $ (0.13 )

 
Potential Dilutive Securities

The Company has excluded the following weighted-average securities from the calculation of diluted loss per share, as their effect would have been antidilutive:

 

 

 

Potential Dilutive Securities:

   Common Share Equivalents at December 31, 2012     Common Share Equivalents at December 31, 2011  
         Convertible notes payable     100,018       205,255  
         Convertible preferred stock – Series B     47,880       58,415  
         Stock options     1,135,077       1,707,713  
         Restricted stock grants     324,863       360,000  
         Warrants     24,996,737       28,453,760  
           Total Potential Dilutive Securities     26,604,575       30,785,143  

 
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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Dec. 31, 2012
Accumulated Other Comprehensive Loss Tables  
Accumulated other comprehensive loss

As of December 31, 2012 and 2011, the components of accumulated other comprehensive loss were as follows:

 

($ in thousands)

    2012     2011  
             
Additional minimum pension liability   $ 43     $ 42  
Foreign currency translation adjustment     (182)     (107)
Ending balance    $  (139)   $  (65)

 

XML 93 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
EQUITY
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 13 - EQUITY

The Company’s Articles of Incorporation, as amended, authorize the issuance of two classes of stock to be designated “Common Stock” and “Preferred Stock”. The Preferred Stock may be divided into such number of series and with the rights, preferences, privileges and restrictions as the Board of Directors may determine.

 

Series B Convertible Redeemable Preferred Stock

 

            The Company had 239,400 shares of Series B Preferred outstanding as of December 31, 2012 and 2011. At December 31, 2012 and 2011, the Company had cumulative undeclared dividends of approximately $8,000 ($0.03 per share) and $187,000 ($0.78 per share), respectively. There were no conversions of Series B Preferred into common stock during the year ended December 31, 2012 or 2011.

 

           Common Stock

 

           The following table summarizes outstanding common stock activity for the following periods:

 

    Common Stock  
       
Shares outstanding at December 31, 2010     23,838,777  
    Shares issued pursuant to the Qualified Financing     20,090,000  
    Conversion of preferred stock into common     11,768,525  
    Conversion of convertible debt into common stock     9,774,559  
    Shares issued pursuant to warrants exercised for cash     1,310,000  
    Shares issued pursuant to cashless warrants exercised     1,194,547  
    Shares issued pursuant to options exercised     14,587  
    Shares issued as compensation in lieu of cash     10,000  
    Recoup of forfeited restricted stock grants     (12,079 )
Shares outstanding at December 31, 2011     67,988,916  
    Shares issued pursuant to warrants exercised for cash     7,052,647  
    Shares issued pursuant to cashless warrants exercised     1,573,362  
    Shares issued pursuant to options exercised     24,924  
Shares outstanding at December 31, 2012     76,639,849  

 

        During the year ended December 31, 2012, the Company issued 24,924 shares of common stock pursuant to the exercise of 24,924 options for cash proceeds of approximately $7,000.  During the year ended December 31, 2012, the Company issued 7,052,647 shares of common stock pursuant to the exercise of 7,052,647 warrants for cash proceeds of approximately $3,527,000. During the year ended December 31, 2012, the Company issued 1,573,362 shares of common stock pursuant to the cashless exercise of 2,905,628 warrants.

 

Warrants

 

As of December 31, 2012, warrants to purchase 18,788,485 shares of common stock at prices ranging from $0.50 to $1.67 were outstanding. All warrants are exercisable as of December 31, 2012 and expire at various dates through December 2016, with the exception of an aggregate of 250,000 warrants, which become exercisable only upon the attainment of specified events.

 

The following table summarizes warrant activity for the following periods:

 

    Warrants   Weighted-
Average
Exercise Price
         
Balance at December 31, 2010     19,737,612   $ 0.54
    Granted     12,802,500   $ 0.52
    Expired / Canceled     (546,044 ) $ 0.50
    Exercised     (3,540,308 ) $ 0.50
Balance at December 31, 2011     28,453,760   $ 0.52
    Granted     305,000   $ 0.92
    Expired / Canceled     (12,000 ) $ 0.50
    Exercised     (9,958,275 ) $ 0.50
Balance at December 31, 2012     18,788,485   $ 0.56

 

During the year ended December 31, 2012, there were 2,905,628 warrants exercised pursuant to cashless transactions and 12,000 warrants expired. During the year ended December 31, 2012, there were 7,052,647 warrants exercised for cash resulting in cash proceeds to the Company of approximately $3,526,000. The Company issued 1,573,362 shares of its common stock pursuant to cashless warrant exercises and 7,052,647 shares of its common stock pursuant to warrants exercised for cash.

 

               During the year ended December 31, 2012, the Company issued to Vocel a warrant to purchase 150,000 shares of the Company’s common stock (“Purchaser Warrant”).  The Purchaser Warrant is exercisable at $0.88 per share and vests 100% at such time as the Company has derived $500,000 of gross revenue from the sale or license of the purchased intellectual property (“Warrant Vesting Date”).  The Purchaser Warrant is exercisable for a period of three years from the Warrant Vesting Date. The Purchaser Warrant did not vest during the year ended December 31, 2012 as the $500,000 gross revenue threshold was not met.

 

               During the year ended December 31, 2012, the Company issued to certain consultants warrants to purchase 50,000 shares of the Company’s common stock. Such warrants were issued upon the attainment of certain performance conditions, are exercisable at $1.10 per share and have a three year term. The Company determined the grant date fair value of these warrants using the Black-Scholes valuation model to be approximately $25,000.  Such expense is recorded in the Company’s Consolidated Statement of Operations for the year ended December 31, 2012 as a component of general and administrative expense.

  

               During the year ended December 31, 2012, the Company issued to certain consultants warrants to purchase 100,000 shares of the Company’s common stock. Such warrants are exercisable at $0.98 per share and have a two year term from the date of issuance. The warrants will vest 100% at such time as the Company has derived $1.5 million of gross revenue from the consultant’s efforts. These warrants did not vest during the year ended December 31, 2012 as the $1.5 million gross revenue threshold was not met.

 

      During the year ended December 31, 2012, the Company issued to certain consultants warrants to purchase 5,000 shares of the Company’s common stock. Such warrants are exercisable at $1.25 per share and have a two year term from the date of issuance. The Company determined the grant date fair value of these warrants using the Black-Scholes valuation model to be approximately $2,000.  Such expense is recorded in the Company’s Consolidated Statement of Operations for the year ended December 31, 2012 as a component of sales and marketing expense.

 

               The following table summarizes information regarding the warrants outstanding as of December 31, 2012:

 

Exercise Price     Number Outstanding    

Weighted—Average 

Remaining Life (Years)

    

Weighted—Average 

Exercise Price

                   
$ 0.50     17,029,456     2.97     $ 0.50
                       
$ 0.60     200,000     1.76     $ 0.60
                   
$ 0.80     150,000     5.00     $ 0.80
                   
$ 0.98     100,000     1.63     $ 0.98
                       
$ 1.00     265,280     1.58     $ 1.00
                       
$ 1.10     50,000     2.59     $ 1.10
                       
$ 1.20     270,833     0.20     $ 1.20
                       
$ 1.25     305,000     0.46     $ 1.25
                       
$ 1.67     417,916     0.23     $ 1.67
                       
      18,788,485