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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
(Mark one)
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023
OR
o |
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 001-39332
|
VERIFYME, INC. |
(Exact Name of Registrant as Specified in Its Charter) |
|
Nevada |
|
23-3023677 |
(State or Other Jurisdiction of
Incorporation or Organization) |
|
(I.R.S. Employer
Identification No.) |
|
|
|
801 International Parkway, Fifth Floor
Lake Mary, FL |
|
32746 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
|
|
|
(585) 736-9400 |
(Registrant’s Telephone Number, Including Area Code) |
(Former Name, Former Address and Former Fiscal
year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which
Registered |
Common Stock, par value $0.001 per share |
VRME |
The Nasdaq Capital Market |
Warrants to Purchase Common Stock |
VRMEW |
The Nasdaq Capital Market |
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 o
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T §
232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x No o
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company,” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
o |
|
Accelerated filer |
o |
|
|
|
|
|
Non-accelerated filer |
x |
|
Smaller reporting company |
x |
|
|
|
|
|
Emerging growth company |
o |
|
|
|
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o
No x
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date: 9,899,767 shares of common stock outstanding at August 4, 2023.
PART I - FINANCIAL STATEMENTS
ITEM 1.
VerifyMe, Inc.
Consolidated Balance Sheets
(In thousands, except share data)
| |
| | | |
| | |
| |
As of | |
| |
| |
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) |
|
| |
ASSETS | |
| | |
| |
CURRENT ASSETS | |
| | |
| |
Cash and cash equivalents including restricted cash | |
$ | 2,697 | | |
$ | 3,411 | |
Accounts receivable, net of allowance for credit loss reserve, $33 and $37 as of June 30, 2023 and December 31, 2022, respectively | |
| 1,286 | | |
| 4,448 | |
Unbilled revenue | |
| 734 | | |
| 1,185 | |
Prepaid expenses and other current assets | |
| 308 | | |
| 333 | |
Inventory | |
| 47 | | |
| 81 | |
TOTAL CURRENT ASSETS | |
| 5,072 | | |
| 9,458 | |
| |
| | | |
| | |
PROPERTY AND EQUIPMENT, NET | |
$ | 288 | | |
| 292 | |
| |
| | | |
| | |
RIGHT OF USE ASSET | |
| 554 | | |
| 469 | |
| |
| | | |
| | |
INTANGIBLE ASSETS, NET | |
| 6,990 | | |
| 6,412 | |
| |
| | | |
| | |
GOODWILL | |
| 5,338 | | |
| 3,988 | |
| |
| | | |
| | |
DEFERRED IMPLEMENTATION COSTS | |
| 182 | | |
| 133 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 18,424 | | |
$ | 20,752 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Current portion of debt | |
$ | 1,300 | | |
$ | 500 | |
Accounts payable | |
| 1,400 | | |
| 3,912 | |
Other accrued expense | |
| 723 | | |
| 902 | |
Lease liability- current | |
| 174 | | |
| 115 | |
Contingent liability-short term | |
| 122 | | |
| - | |
TOTAL CURRENT LIABILITIES | |
| 3,719 | | |
| 5,429 | |
| |
| | | |
| | |
LONG-TERM LIABILITIES | |
| | | |
| | |
Contingent liability-long term | |
$ | 831 | | |
$ | - | |
Long-term lease liability | |
| 389 | | |
| 359 | |
Long-term derivative liability | |
| 2 | | |
| 3 | |
Term note | |
| 1,125 | | |
| 1,375 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
$ | 6,066 | | |
$ | 7,166 | |
| |
| | | |
| | |
STOCKHOLDERS' EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Series A Convertible Preferred Stock, $.001 par value, 37,564,767 shares authorized; 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| - | | |
| - | |
| |
| | | |
| | |
Series B Convertible Preferred Stock, $.001 par value; 85 shares authorized; 0.85 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| - | | |
| - | |
| |
| | | |
| | |
Common stock, $0.001 par value; 675,000,000 authorized; 10,190,433 and 9,341,002 issued, 9,842,765 and 8,951,035 shares outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| 10 | | |
| 10 | |
| |
| | | |
| | |
Additional paid in capital | |
| 94,111 | | |
| 92,987 | |
| |
| | | |
| | |
Treasury stock as cost; 347,668 and 389,967 shares at June 30, 2023 and December 31, 2022, respectively | |
| (792 | ) | |
| (949 | ) |
| |
| | | |
| | |
Accumulated deficit | |
| (80,921 | ) | |
| (78,459 | ) |
| |
| | | |
| | |
Accumulated other comprehensive loss | |
| (50 | ) | |
| (3 | ) |
| |
| | | |
| | |
STOCKHOLDERS' EQUITY | |
| 12,358 | | |
| 13,586 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | |
$ | 18,424 | | |
$ | 20,752 | |
The accompanying notes are an integral part of
these unaudited consolidated financial statements.
VerifyMe, Inc.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except share data)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | | |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| | |
| | |
| |
NET REVENUE | |
$ | 5,335 | | |
$ | 4,497 | | |
$ | 10,996 | | |
$ | 4,658 | |
| |
| | | |
| | | |
| | | |
| | |
COST OF REVENUE | |
| 3,515 | | |
| 2,812 | | |
| 7,422 | | |
| 2,850 | |
| |
| | | |
| | | |
| | | |
| | |
GROSS PROFIT | |
| 1,820 | | |
| 1,685 | | |
| 3,574 | | |
| 1,808 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES | |
| | | |
| | | |
| | | |
| | |
General and administrative (a) | |
| 2,342 | | |
| 2,535 | | |
| 5,098 | | |
| 4,000 | |
Research and development | |
| 10 | | |
| 25 | | |
| 18 | | |
| 34 | |
Sales and marketing (a) | |
| 506 | | |
| 447 | | |
| 1,000 | | |
| 746 | |
Total Operating expenses | |
| 2,858 | | |
| 3,007 | | |
| 6,116 | | |
| 4,780 | |
| |
| | | |
| | | |
| | | |
| | |
LOSS BEFORE OTHER (EXPENSE) | |
| (1,038 | ) | |
| (1,322 | ) | |
| (2,542 | ) | |
| (2,972 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER (EXPENSE) INCOME | |
| | | |
| | | |
| | | |
| | |
Interest expenses, net | |
| (46 | ) | |
| (23 | ) | |
| (88 | ) | |
| (22 | ) |
Unrealized gain (loss) on equity investment | |
| 30 | | |
| (246 | ) | |
| (2 | ) | |
| 6 | |
Realized loss on equity investment | |
| - | | |
| (10,964 | ) | |
| - | | |
| (10,964 | ) |
Change in fair value of contingent consideration | |
| 172 | | |
| - | | |
| 172 | | |
| - | |
Other (expense) income, net | |
| - | | |
| - | | |
| (2 | ) | |
| 3 | |
TOTAL OTHER INCOME (EXPENSE), NET | |
| 156 | | |
| (11,233 | ) | |
| 80 | | |
| (10,977 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (882 | ) | |
$ | (12,555 | ) | |
$ | (2,462 | ) | |
$ | (13,949 | ) |
| |
| | | |
| | | |
| | | |
| | |
LOSS PER SHARE | |
| | | |
| | | |
| | | |
| | |
BASIC | |
| (0.09 | ) | |
| (1.50 | ) | |
| (0.26 | ) | |
| (1.78 | ) |
DILUTED | |
| (0.09 | ) | |
| (1.50 | ) | |
| (0.26 | ) | |
| (1.78 | ) |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE COMMON SHARE OUTSTANDING | |
| | | |
| | | |
| | | |
| | |
BASIC | |
| 9,765,452 | | |
| 8,387,662 | | |
| 9,614,183 | | |
| 7,851,463 | |
DILUTED | |
| 9,765,452 | | |
| 8,387,662 | | |
| 9,614,183 | | |
| 7,851,463 | |
The accompanying notes are an integral part of
these unaudited consolidated financial statements.
VerifyMe, Inc.
Consolidated Statements of Comprehensive Loss
(Unaudited)
(In thousands)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | | |
June 30, 2023 | | |
June 30, 2022 | |
NET LOSS | |
$ | (882 | ) | |
$ | (12,555 | ) | |
$ | (2,462 | ) | |
$ | (13,949 | ) |
| |
| | | |
| | | |
| | | |
| | |
Change in fair value of interest rate, Swap | |
| 2 | | |
| - | | |
| 1 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustments | |
| (46 | ) | |
| - | | |
| (48 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Total Comprehensive Loss | |
$ | (926 | ) | |
$ | (12,555 | ) | |
$ | (2,509 | ) | |
$ | (13,949 | ) |
The accompanying notes are an integral part of
these unaudited consolidated financial statements.
VerifyMe, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
| |
| | | |
| | |
| |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | |
| |
Net Loss | |
$ | (2,462 | ) | |
$ | (13,949 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Allowance for bad debt | |
| 4 | | |
| 13 | |
Stock based compensation | |
| 41 | | |
| 92 | |
Gain or loss on change in fair value of contingent consideration | |
| (172 | ) | |
| - | |
Fair value of restricted stock awards and restricted stock units
issued in exchange for services | |
| 560 | | |
| 650 | |
Loss on disposal of equipment | |
| 2 | | |
| - | |
Unrealized loss on foreign currency transactions | |
| 10 | | |
| - | |
Intangible asset Impairment | |
| 34 | | |
| - | |
Unrealized loss on equity investment | |
| 2 | | |
| (6 | ) |
Realized loss on equity investment | |
| - | | |
| 10,964 | |
Amortization and depreciation | |
| 540 | | |
| 243 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 3,156 | | |
| (619 | ) |
Unbilled revenue | |
| 451 | | |
| (622 | ) |
Inventory | |
| 34 | | |
| (7 | ) |
Prepaid expenses and other current assets | |
| 46 | | |
| (77 | ) |
Accounts payable, other accrued expenses and net change in
operating leases | |
| (2,709 | ) | |
| 693 | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (463 | ) | |
| (2,625 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Purchase of patents | |
| (42 | ) | |
| (25 | ) |
Purchase of office equipment | |
| (24 | ) | |
| - | |
Acquisition of Trust Codes | |
| (363 | ) | |
| - | |
Acquisition of PeriShip | |
| - | | |
| (7,500 | ) |
Deferred implementation costs | |
| (56 | ) | |
| (106 | ) |
Capitalized software costs | |
| (373 | ) | |
| - | |
Net cash used in investing activities | |
| (858 | ) | |
| (7,631 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from public offering of securities | |
$ | - | | |
$ | 4,552 | |
Proceeds from Line of Credit | |
| 800 | | |
| - | |
Proceeds from SPP Plan | |
| 71 | | |
| 67 | |
Tax withholding payments for employee stock-based compensation
in exchange for shares surrendered | |
| (3 | ) | |
| (34 | ) |
Increase in treasury shares (share repurchase program) | |
| (10 | ) | |
| - | |
Repayment of Debt | |
| (250 | ) | |
| - | |
Net cash provided by financing activities | |
| 608 | | |
| 4,585 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| (1 | ) | |
| - | |
| |
| | | |
| | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | |
| (714 | ) | |
| (5,671 | ) |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS INCLUDIING RESTRICTED CASH BEGINNING OF PERIOD | |
| 3,411 | | |
| 9,422 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS INCLUDING RESTRICTED CASH - END OF PERIOD | |
$ | 2,697 | | |
$ | 3,751 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 68 | | |
$ | - | |
Income taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |
| | | |
| | |
Change in fair value of interest rate, swap | |
$ | 1 | | |
$ | - | |
Initial recognition of right-of-use asset and lease liability during the period | |
$ | - | | |
$ | 552 | |
The accompanying notes are an integral part of
these unaudited consolidated financial statements.
VerifyMe, Inc.
Consolidated Statements of Stockholders' Equity
(Unaudited)
(In thousands, except share data)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Series A | | |
Series B | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Convertible | | |
Convertible | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred | | |
Preferred | | |
Common | | |
| | |
Treasury | | |
| | |
| | |
| |
| |
Stock | | |
Stock | | |
Stock | | |
Additional | | |
Stock | | |
| | |
| | |
| |
| |
Number of | | |
Number of | | |
Number of | | |
Paid-In | | |
Number of | | |
| | |
| | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Shares | | |
Amount | | |
Accumulated Other Comprehensive Loss | | |
Accumulated Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at March 31, 2022 | |
| - | | |
| - | | |
| 0.85 | | |
| - | | |
| 7,252,115 | | |
| 7 | | |
| 86,387 | | |
| 198,956 | | |
| (756 | ) | |
| - | | |
| (65,455 | ) | |
| 20,183 | |
Restricted stock awards, net of shares withheld for employee tax | |
| - | | |
| - | | |
| - | | |
| - | | |
| (750 | ) | |
| - | | |
| 31 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 31 | |
Restricted Stock Units | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 274 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 274 | |
Stock Purchase Plan | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 35 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 35 | |
Common stock issued in relation to private placement | |
| - | | |
| - | | |
| - | | |
| - | | |
| 880,208 | | |
| 2 | | |
| 4,550 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4,552 | |
Common stock issued for services | |
| - | | |
| - | | |
| - | | |
| - | | |
| 30,000 | | |
| - | | |
| 96 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 96 | |
Common stock issued in relation to Acquisition | |
| - | | |
| - | | |
| - | | |
| - | | |
| 305,473 | | |
| - | | |
| 974 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 974 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (12,555 | ) | |
| (12,555 | ) |
Balance at June 30, 2022 | |
| - | | |
| - | | |
| 0.85 | | |
| - | | |
| 8,467,046 | | |
| 9 | | |
| 92,347 | | |
| 198,956 | | |
| (756 | ) | |
| - | | |
| (78,010 | ) | |
| 13,590 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Convertible | | |
Convertible | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred | | |
Preferred | | |
Common | | |
| | |
Treasury | | |
| | |
| | |
| |
| |
Stock | | |
Stock | | |
Stock | | |
Additional | | |
Stock | | |
| | |
| | |
| |
| |
Number of | | |
Number of | | |
Number of | | |
Paid-In | | |
Number of | | |
| | |
| | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Shares | | |
Amount | | |
Accumulated Other Comprehensive Loss | | |
Accumulated Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at March 31, 2023 | |
| - | | |
| - | | |
| 0.85 | | |
| - | | |
| 9,348,914 | | |
| 10 | | |
| 93,790 | | |
| 348,075 | | |
| (793 | ) | |
| (6 | ) | |
| (80,039 | ) | |
| 12,962 | |
Restricted stock awards, net of shares withheld for employee tax | |
| - | | |
| - | | |
| - | | |
| - | | |
| 485,444 | | |
| - | | |
| 146 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 146 | |
Restricted Stock Units, net of shares withheld for employee tax | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 148 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 148 | |
Common stock issued in relation to Stock Purchase Plan | |
| - | | |
| - | | |
| - | | |
| - | | |
| 8,407 | | |
| - | | |
| 27 | | |
| (407 | ) | |
| 1 | | |
| - | | |
| - | | |
| 28 | |
Accumulated Other Comprehensive Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (44 | ) | |
| - | | |
| (44 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (882 | ) | |
| (882 | ) |
Balance at June 30, 2023 | |
| - | | |
| - | | |
| 0.85 | | |
| - | | |
| 9,842,765 | | |
| 10 | | |
| 94,111 | | |
| 347,668 | | |
| (792 | ) | |
| (50 | ) | |
| (80,921 | ) | |
| 12,358 | |
The accompanying notes are an integral part of
these unaudited consolidated financial statements.
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Series A | | |
Series B | | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Convertible | | |
Convertible | | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred | | |
Preferred | | |
Common | | |
| | |
Treasury | | |
| | |
| |
| |
Stock | | |
Stock | | |
Stock | | |
Additional | | |
Stock | | |
| | |
| |
| |
Number of | | |
Number of | | |
Number of | | |
Paid-In | | |
Number of | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Shares | | |
Amount | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at December 31, 2021 | |
| - | | |
| - | | |
| 0.85 | | |
| - | | |
| 7,196,677 | | |
| 7 | | |
| 86,059 | | |
| 223,956 | | |
| (838 | ) | |
| (64,061 | ) | |
| 21,167 | |
Restricted stock awards, net of shares withheld for employee tax | |
| - | | |
| - | | |
| - | | |
| - | | |
| 29,688 | | |
| - | | |
| 139 | | |
| - | | |
| - | | |
| - | | |
| 139 | |
Restricted Stock Units | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 477 | | |
| - | | |
| - | | |
| - | | |
| 477 | |
Stock Purchase Plan | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 67 | | |
| - | | |
| - | | |
| - | | |
| 67 | |
Common stock issued in relation
to Stock Purchase Plan | |
| - | | |
| - | | |
| - | | |
| - | | |
| 25,000 | | |
| - | | |
| (15 | ) | |
| (25,000 | ) | |
| 82 | | |
| - | | |
| 67 | |
Common stock issued in relation to
private placement | |
| - | | |
| - | | |
| - | | |
| - | | |
| 880,208 | | |
| 2 | | |
| 4,550 | | |
| - | | |
| - | | |
| - | | |
| 4,552 | |
Common stock issued for services | |
| - | | |
| - | | |
| - | | |
| - | | |
| 30,000 | | |
| - | | |
| 96 | | |
| - | | |
| - | | |
| - | | |
| 96 | |
Common stock issued in relation to Acquisition | |
| - | | |
| - | | |
| - | | |
| - | | |
| 305,473 | | |
| - | | |
| 974 | | |
| - | | |
| - | | |
| - | | |
| 974 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (13,949 | ) | |
| (13,949 | ) |
Balance at June 30, 2022 | |
| - | | |
| - | | |
| 0.85 | | |
| - | | |
| 8,467,046 | | |
| 9 | | |
| 92,347 | | |
| 198,956 | | |
| (756 | ) | |
| (78,010 | ) | |
| 13,590 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Convertible | | |
| | |
Convertible | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred | | |
| | |
Preferred | | |
| | |
Common | | |
| | |
| | |
Treasury | | |
| | |
| | |
| | |
| |
| |
Stock | | |
| | |
Stock | | |
| | |
Stock | | |
| | |
Additional | | |
Stock | | |
| | |
| | |
| | |
| |
| |
Number of | | |
| | |
Number of | | |
| | |
Number of | | |
| | |
Paid-In | | |
Number of | | |
| | |
| | |
| | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Shares | | |
Amount | | |
Accumulated Other Comprehensive Loss | | |
Accumulated Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at December 31, 2022 | |
| - | | |
| - | | |
| 0.85 | | |
| - | | |
| 8,951,035 | | |
| 10 | | |
| 92,987 | | |
| 389,967 | | |
| (949 | ) | |
| (3 | ) | |
| (78,459 | ) | |
| 13,586 | |
Restricted stock awards, net of shares withheld for employee tax | |
| - | | |
| - | | |
| - | | |
| - | | |
| 485,444 | | |
| - | | |
| 147 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 147 | |
Restricted Stock Units, net of shares withheld for employee tax | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,750 | | |
| - | | |
| 410 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 410 | |
Common stock issued in relation to Stock Purchase Plan | |
| - | | |
| - | | |
| - | | |
| - | | |
| 57,245 | | |
| - | | |
| (58 | ) | |
| (48,500 | ) | |
| 167 | | |
| - | | |
| - | | |
| 109 | |
Common stock issued in relation to Acquisition | |
| - | | |
| - | | |
| - | | |
| - | | |
| 353,492 | | |
| - | | |
| 625 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 625 | |
Repurchase of Common Stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,201 | ) | |
| - | | |
| - | | |
| 6,201 | | |
| (10 | ) | |
| - | | |
| - | | |
| (10 | ) |
Accumulated Other Comprehensive Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (47 | ) | |
| - | | |
| (47 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,462 | ) | |
| (2,462 | ) |
Balance at June 30, 2023 | |
| - | | |
| - | | |
| 0.85 | | |
| - | | |
| 9,842,765 | | |
| 10 | | |
| 94,111 | | |
| 347,668 | | |
| (792 | ) | |
| (50 | ) | |
| (80,921 | ) | |
| 12,358 | |
The accompanying notes are an integral part of
these unaudited consolidated financial statements.
VerifyMe, Inc.
Notes to the Consolidated Financial Statements
(unaudited)
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of the Business
VerifyMe, Inc. (“VerifyMe”) was incorporated
in the State of Nevada on November 10, 1999. VerifyMe, together with its subsidiaries, including PeriShip Global LLC (“PeriShip
Global”) and Trust Codes Global Limited (“Trust Codes Global”), (together the “Company,” “we,”
“us,” or “our”) is based in Lake Mary, Florida and its common stock, par value $0.001 per share, and warrants
to purchase common stock are traded on The Nasdaq Capital Market (“Nasdaq”) under the trading symbols “VRME” and
“VRMEW,” respectively.
VerifyMe, through PeriShip Global, is a software driven predictive
analytics logistics provider of high-touch, end-to-end logistics management, which represents most of our current revenue stream. In addition,
VerifyMe technologies provide product traceability, brand protections services, and brand enhancement solutions. Our operations are split
into two segments: Precision Logistics and Authentication. Through our Precision Logistics segment, we provide a value-added service for
time and temperature sensitive parcel management driven by a proprietary software platform that provides predictive analytics from key
metrics such as flight-tracking, weather, and traffic, all delivered to customers via a secure portal. The portal provides real-time visibility
into shipment transit and last-mile events, with dynamic dashboards. All aspects of the shipping journey are managed by a dedicated service
center. Using our proprietary logistics solution, we provide real-time information and analysis to mitigate supply chain flow interruption,
delivering last-mile resolution for key markets, including the perishable healthcare and food industries. Through our Authentication segment,
our technologies provide unit level traceability, brand protection, and brand enhancement solutions allowing brand owners to gather business
intelligence, cross-sell products, monitor product diversion through the supply chain and build brand loyalty through interaction utilizing
our unique dynamic codes which are read by consumers with their smart phones. The Company’s activities are subject to significant
risks and uncertainties. See the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections in this report.
Reclassifications
Certain amounts presented for the three
and six months ended June 30, 2022, reflect reclassifications made to conform to the presentation in our current reporting
period. These reclassifications had no effect on the previously reported net loss.
Basis of Presentation
The accompanying unaudited interim consolidated
financial statements (the “Interim Statements”) include the accounts of VerifyMe and its wholly owned subsidiaries PeriShip
Global and Trust Codes Global. All significant intercompany balances and transactions have been eliminated upon consolidation. The consolidated
financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information
and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements are not
included herein. The Interim Statements should be read in conjunction with the financial statements and notes thereto included in the
Company’s latest Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission
(the “SEC”) on March 28, 2023. The accompanying Interim Statements are unaudited; however, in the opinion of management,
all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The interim
results for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the year ending
December 31, 2023, or for any future interim periods.
Segment Reporting
Operating segments are defined as components of
an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or
decision-making group, in deciding the method by which to allocate resources and assess performance. The Company has two reportable segments,
namely, (i) Precision Logistics (formerly PeriShip Global) and (ii) Authentication (formerly VerifyMe Solutions). See Note 13 Segment
Reporting, for further discussion of the Company’s segment reporting structure.
Foreign Currency Translation
The function currency of our New Zealand operations
is the local currency, New Zealand dollar (NZD). The translation of the foreign currency into U. S. dollars is performed for balance sheet
accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted average
exchange rates prevailing during the year. The unrealized gains and losses resulting from such translation are included as a component
of comprehensive income. Translation gains and losses arising from currency exchange rate fluctuations on transactions denominated in
a currency other than the local functional currency are included in “General and administrative” on our Consolidated Statements
of Operations. The foreign currency transaction losses for the three and six months ended June 30, 2023, were immaterial.
Use of Estimates
The preparation of financial statements in conformity
with 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 financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from these estimates.
Recent Accounting Pronouncements
In October 2021, the FASB
issued Accounting Standards Update No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU
2021-08”). ASU 2021-08 amends ASC 805 to require acquiring entities to apply Topic 606 to recognize and measure contract assets
and contract liabilities in a business combination. The Company adopted the new standard beginning January 1, 2023, and did not have an
effect on its financial position, results of operations or cash flows.
Fair Value of Financial Instruments
The Company’s financial instruments consist
of accounts receivable, unbilled revenue, accounts payable, notes payable and accrued expenses, equity investment, contingent consideration
and long-term derivative liabilities. The carrying value of accounts receivable, accounts payable and accrued expenses approximate their
fair value because of their short maturities. The Company believes the carrying amount of its notes payable approximates fair value
based on rates and other terms currently available to the Company for similar debt instruments.
The Company follows FASB ASC 820, “Fair
Value Measurements and Disclosures,” and applies it to all assets and liabilities that are being measured and reported on a fair
value basis. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following
three categories:
Level 1: Quoted market prices in active markets
for identical assets or liabilities
Level 2: Observable market-based inputs or unobservable
inputs that are corroborated by market data
Level 3: Unobservable inputs that are not corroborated by market data
The level in the fair value within which a fair
value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.
The following table presents the Company’s
financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis, and their
level within the fair value hierarchy as of June 30, 2023 and December 31, 2022.
Amounts in Thousands ('000)
Schedule of fair value assets measured on recurring basis
| |
| | |
| | |
| |
| |
Short Term Investment | | |
Derivative Liability | | |
Contingent Consideration | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| |
| | |
| | |
| |
Balance as of December 31, 2022 | |
$ | 100 | | |
| (3 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Unrealized loss on fair value recognized in other income (expense) | |
| (2 | ) | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Contingent Consideration at issuance | |
| - | | |
| - | | |
| 1,125 | |
| |
| | | |
| | | |
| | |
Change in fair value of Contingent Consideration | |
| - | | |
| - | | |
| (172 | ) |
| |
| | | |
| | | |
| | |
Change in fair value to interest rate, SWAP, recognized in other comprehensive loss | |
| | | |
| 1 | | |
| - | |
| |
| - | | |
| | | |
| | |
Balance at June 30, 2023 | |
$ | 98 | | |
$ | (2 | ) | |
$ | 953 | |
Equity
Investments
When the Company does not have a controlling financial
interest in an entity but can exert influence over the entity’s operations and financial policies, the investment is accounted for
either (i) under the equity method of accounting or (ii) at fair value by electing the fair value option available under applicable generally
accepted accounting policies. The Company has elected the fair value option for its equity security under prepaid expenses and other current
assets on the Consolidated Balance Sheets, as it has determined the fair value best reflects the economic performance of the equity investment.
Changes in unrecognized gain or loss of the fair value of the equity investments are included in Other income (expense) on the accompanying
Consolidated Statements of Operations.
Revenue Recognition
The Company accounts for revenues according to
Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” which
establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from
the entity's contracts to provide goods or services to customers.
The Company applies the following five steps in
order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
| · | identify the contract with a customer; |
| · | identify the performance obligations in the contract; |
| · | determine the transaction price; |
| · | allocate the transaction price to performance obligations in the contract; and |
| · | recognize revenue as the performance obligation is satisfied. |
During the three and six months ended June 30,
2023, the Company’s revenues primarily consisted of revenue related to our shipping logistics services generated by our subsidiary
PeriShip Global.
Goodwill
Goodwill represents the excess of purchase price
over the fair value of net assets acquired in business combinations. Pursuant to ASC 350, the Company tests goodwill for impairment
on an annual basis in the fourth quarter, or between annual tests, in certain circumstances. Under authoritative guidance, the Company
first assesses qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment test.
The assessment considers factors such as, but not limited to, macroeconomic conditions, data showing other companies in the industry and
our share price. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative
assessment, that it is more likely than not that its fair value is less than its carrying amount. Events or changes in circumstances which
could trigger an impairment review include macroeconomic conditions, industry and market conditions, cost factors, overall financial performance,
other entity specific events and sustained decrease in share price.
Business Combinations
The Company applies the provisions of Accounting
Standard Codification (“ASC”) Topic 805, Business Combinations, in the accounting for business acquisitions. ASC 805 requires
the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values.
Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values
of the identifiable assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately
apply preliminary value to assets acquired and liabilities assumed at the acquisition date, where applicable, these estimates are inherently
uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition
date, the Company records adjustments in the current period, rather than a revision to a prior period. Upon the conclusion of the measurement
period or final determination of the values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments
are recorded in the Consolidated Statements of Operations. Accounting for business combinations requires management to make significant
estimates and assumptions, especially at the acquisition date, including estimates for intangible assets where applicable. Although the
Company believes the assumptions and estimates made have been reasonable and appropriate, they are based in part on information obtained
from management of the acquired companies and are inherently uncertain. Unanticipated events and circumstances may occur that may affect
the accuracy or validity of such assumptions, estimates, or actual results.
Basic and Diluted Net Loss per Share of Common Stock
The Company follows Financial Accounting Standards
Board (“FASB”) ASC 260, “Earnings Per Share,” when reporting earnings per share resulting in the presentation
of basic and diluted earnings per share. Because the Company reported a net loss for each of the periods presented, common
stock equivalents, including preferred stock, stock options and warrants were anti-dilutive; therefore, the amounts reported for basic
and diluted loss per share were the same.
For the six months ended June 30, 2023, and 2022,
there were shares potentially issuable, that could dilute basic earnings per share in the future that were excluded from the calculation
of diluted earnings per share because their inclusion would have been anti-dilutive to the Company’s losses during the periods presented. For
the three and six months ended June 30, 2023, there were approximately 7,108,000 anti-dilutive shares consisting of 1,998,000 unvested
performance restricted stock units, restricted stock units, restricted stock awards and options under the stock purchase plan, 337,000
shares issuable upon exercise of stock options, 4,629,000 shares issuable upon exercise of warrants, and 144,000 shares issuable upon
conversion of preferred stock. For the three and six months ended June 30, 2022, there were
approximately 5,596,000 anti-dilutive shares consisting of 727,000 unvested restricted stock units and options under the stock purchase
plan, 337,000 shares issuable upon exercise of stock options, 3,713,000 shares issuable upon exercise of warrants, 675,000 shares issuable
upon exercise of pre-funded warrants, and 144,000 shares issuable upon conversion of preferred stock.
Stock-Based Compensation
We account for stock-based compensation under
the provisions of FASB ASC 718, “Compensation—Stock Compensation”, which requires the measurement and recognition of
compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. We estimate
the fair value of stock-based awards on the date of grant using the Black-Scholes model. The assumptions used in the Black-Scholes option
pricing model include risk-free interest rates, expected volatility and expected life of the stock options. Changes in these assumptions
can materially affect estimates of fair value stock-based compensation, and the compensation expense recorded in future periods. The value
of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods using the
straight-line method. For performance restricted stock units with stock price appreciation targets (see Note 7 – Stock Options,
Restricted Stock and Warrants), we applied a lattice approach that incorporated a Monte Carlo simulation, which involved random iterations
that took different future price paths over the RSU’s contractual life based on the appropriate probability distributions (which
are based on commonly applied Black Scholes inputs). The fair value was determined by taking the average of the grant date fair values
under each Monte Carlo simulation trial. We recognize compensation expense on a straight-line basis over the performance period and there
is no ongoing adjustment or reversal based on actual achievement during the period.
We account for stock-based compensation awards
to non-employees in accordance with ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee
Share-Based Payment Accounting (“ASU 2018-07”), which aligns accounting for share-based payments issued to nonemployees to
that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based
payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees.
All issuances of stock options or other equity
instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value
of the equity instruments issued. Non-employee equity-based payments are recorded as an expense over the service period, as if we had
paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services,
the fair value of the equity-based payments will be re-measured, and the non-cash expense recognized during the period will be adjusted
accordingly. Since the fair value of equity-based payments granted to non-employees is subject to change in the future, the amount of
the future expense will include fair value re-measurements until the equity-based payments are fully vested or the service completed.
NOTE 2 – EQUITY INVESTMENTS
In December 2021, the Company acquired 8,841 shares
of 10% Cumulative Convertible Series D Preferred Stock at a price of $10.00 per share as payment for a customer’s outstanding AR
balance of $88,410. This instrument is considered an equity security within the scope of Topic 321 since the issuing entity has the option
but no contractual obligation to redeem the preferred stock, and the Company can convert the preferred shares to common stock. For the
three and six months ended June 30, 2023, an unrealized fair value gain of $30 thousand and a loss of $2 thousand was recognized, respectively
and included in Unrealized gain (loss) on equity investments, in the accompanying Consolidated Statements of Operations. The fair value
of the equity investment was $98 thousand as of June 30, 2023, and $100 thousand as of December 31, 2022, and included in Prepaid expenses
and other current assets on the accompanying Consolidated Balance Sheets. The fair value of the equity investment is classified as Level
1 in the fair value hierarchy as the calculation is dependent upon the quoted market price of the entity.
NOTE 3 – REVENUE
Revenue by Category
The following series of tables present our revenue disaggregated by
various categories (dollars in thousands).
Schedule of disaggregation of revenue
| |
| | |
| | |
| |
| |
Authentication | | |
Precision Logistics | | |
Consolidated | |
Revenue | |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Proactive services | |
$ | - | | |
$ | - | | |
$ | 4,200 | | |
$ | 3,315 | | |
$ | 4,200 | | |
$ | 3,315 | |
Premium services | |
| - | | |
| - | | |
| 1,014 | | |
| 916 | | |
| 1,014 | | |
| 916 | |
Brand protection services | |
| 121 | | |
| 266 | | |
| - | | |
| - | | |
| 121 | | |
| 266 | |
| |
$ | 121 | | |
$ | 266 | | |
$ | 5,214 | | |
$ | 4,231 | | |
$ | 5,335 | | |
$ | 4,497 | |
Schedule of disaggregation of revenue
| |
| | |
| | |
| |
| |
Authentication | | |
Precision Logistics | | |
Consolidated | |
Revenue | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Proactive services | |
$ | - | | |
$ | - | | |
$ | 8,704 | | |
$ | 3,315 | | |
$ | 8,704 | | |
$ | 3,315 | |
Premium services | |
| - | | |
| - | | |
| 1,924 | | |
| 916 | | |
| 1,924 | | |
| 916 | |
Brand protection services | |
| 368 | | |
| 427 | | |
| - | | |
| - | | |
| 368 | | |
| 427 | |
| |
$ | 368 | | |
$ | 427 | | |
$ | 10,628 | | |
$ | 4,231 | | |
$ | 10,996 | | |
$ | 4,658 | |
Contract Balances
The timing of revenue recognition, billings and
cash collections results in unbilled revenue (contract assets) and deferred revenue (contract liabilities) on the consolidated balance
sheets. Amounts charged to our clients become billable according to the contract terms, which usually consider the delivery completion.
Unbilled amounts will generally be billed and collected within 30 days but typically no longer than 60 days. When we advance
bill clients prior to the work being performed, generally, such amounts will be earned and recognized in revenue within twelve months.
These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting
period. Changes in the contract asset and liability balances during the six-month period ended June 30, 2023, were not materially impacted
by any other factors.
Applying the practical expedient in ASC Topic
606, we recognize the incremental costs of obtaining contracts (i.e. sales commissions) as an expense when incurred if the amortization
period of the assets that we otherwise would have recognized is one year or less. As of June 30, 2023, we did not have any capitalized
sales commissions.
NOTE 4 – BUSINESS COMBINATIONS
Trust Codes Global Limited
On March 1, 2023, we acquired, through Trust Codes
Global, the business and certain assets of Trust Codes Limited (“Trust Codes”), specializing in brand protection, anti-counterfeiting,
and consumer engagement technology with an expertise in the food and agriculture industry. Trust Codes Global uses unique QR codes or
IoT, coupled with GS1 standards to deliver cloud-based brand protection based on a unique per-item digital identity to protect brand and
product authenticity, increase data visualization of a product through the end to end supply chain, and creates a data-drive engine to
inform and educate consumers of the product. The Company accounted for the transaction as an acquisition of a business under ASC 805 –
Business Combination. The purchase price was approximately $1.0 million which consisted of $0.36 million in cash paid at closing
and 353,492 shares of common stock of the Company, representing $0.65 million in stock consideration. In addition, the purchase agreement
requires consideration contingent upon the achievement of earnings targets during a five-year period subsequent to the closing of the
acquisition. The earn-out consideration is estimated at $1.1 million at the acquisition date, however the maximum amount of the payment
is unlimited. The preliminary purchase price allocation is subject to change and is expected to be finalized in the third quarter of 2023.
The goodwill recognized is due to the expected synergies from combining the operations of the acquiree with the Company. All of the goodwill
recorded for financial statement purposes is deductible for tax purposes. Trust Codes Global is included in the Authentication segment
and the results of its operations have been included in the consolidated financial statements beginning March 1, 2023. The pro-forma
financial information for Trust Codes is not required.
The following table summarizes the purchase price
allocation for the acquisition (dollars in thousands).
Schedule of business acquisitions
| |
| | |
|
Cash | |
| 363 | | |
|
Fair value of contingent consideration | |
| 1,125 | | |
|
Stock (issuance of 353,492 shares of common stock) (a) | |
| 625 | | |
|
Total purchase price | |
| 2,113 | | |
|
| |
| | | |
|
| |
| | | |
Amortization |
| |
| | | |
Period |
Purchase price allocation: | |
| | | |
|
Prepaid expenses | |
| 25 | | |
|
Property and Equipment, net | |
| 18 | | |
|
ROU Asset | |
| 171 | | |
|
Developed Technology | |
| 485 | | |
8 years |
Trade Names/Trademarks | |
| 148 | | |
18 years |
Customer Relationships | |
| 68 | | |
10 years |
Goodwill | |
| 1,383 | | |
|
Accounts payable and other accrued expenses | |
| (14 | ) | |
|
Current lease liability | |
| (63 | ) | |
|
Long term lease liability | |
| (108 | ) | |
|
| |
| 2,113 | | |
|
(a) Stock issued was calculated based
on the 15 day volume-weighted average price (“VWAP”) through February 28, 2023 calculated at $1.8388.
Contingent Consideration
ASC Topic 805 requires that contingent consideration
to be recognized at fair value on the acquisition date and be re-measured each reporting period with subsequent adjustments recognized
in the consolidated statement of operations. We estimate the fair value of contingent consideration liabilities using an appropriate valuation
methodology, typically either an income-based approach or a simulation model, such as the Monte Carlo model, depending on the structure
of the contingent consideration arrangement. Contingent consideration is valued using significant inputs that are not observable in the
market which are defined as Level 3 inputs pursuant to fair value measurement accounting. We believe our estimates and assumptions are
reasonable; however, there is significant judgment involved. At each reporting date, the contingent consideration obligation is revalued
to estimated fair value, and changes in fair value subsequent to the acquisitions are reflected in income or expense in the consolidated
statements of operations, and could cause a material impact to, and volatility in, our results. Changes in the fair value of contingent
consideration obligations may result from changes in discount periods and rates and changes in the timing and amount of revenue and/or
earnings projections.
As of June 30, 2023, contingent consideration
presented as current liability totaled $122 thousand. As of June 30, 2023, we also had accrued long term contingent consideration totaling
$831 thousand related to the acquisition of Trust Codes on the consolidated balance sheets and represents the portion of contingent consideration
estimated to be payable greater than twelve months from the balance sheet date.
NOTE 5 – INTANGIBLE ASSETS AND GOODWILL
Goodwill
Goodwill represents costs in excess of values
assigned to the underlying net assets of acquired businesses. Intangible assets acquired are recorded at estimated fair value. Goodwill
is deemed to have an indefinite life and is not amortized but is tested for impairment annually, and at any time when events suggest an
impairment more likely than not has occurred. We test goodwill at the reporting unit level.
ASC Topic 350, Intangibles - Goodwill
and Other (ASC Topic 350), permits an entity to first assess qualitative factors to determine whether it is more likely than
not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform
a quantitative goodwill impairment test. Under ASC Topic 350, an entity is not required to perform a quantitative goodwill
impairment test for a reporting unit if it is more likely than not that its fair value is greater than its carrying amount. A reporting
unit is an operating segment, or one level below an operating segment, as defined by U.S. GAAP.
Determining the fair value of a reporting unit
is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue
growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market
conditions and determination of appropriate market comparables. We base our fair value estimates on assumptions we believe to be reasonable
but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. The timing and frequency of
our goodwill impairment tests are based on an ongoing assessment of events and circumstances that would indicate a possible impairment.
We will continue to monitor our goodwill and intangible assets for impairment and conduct formal tests when impairment indicators are
present.
Each of our two reportable segments represents
an operating segment under ASC Topic 280, Segment Reporting. We test our goodwill at the reporting unit level, or one level
below an operating segment, under ASC Topic 350, Intangibles - Goodwill and Other. We determined that we have two reporting
units for purposes of goodwill impairment testing, which represent our two reportable business segments, as discussed below.
Changes in the carrying amount of goodwill by
reportable business segment for the six months ended June 30, 2023, were as follows (in thousands):
Schedule of goodwill by reportable business segment
| |
| | |
| | |
| |
| |
Authentication | | |
Precision Logistics | | |
Total | |
Net book value at | |
| | |
| | |
| |
January 1, 2023 | |
$ | - | | |
$ | 3,988 | | |
$ | 3,988 | |
| |
| | | |
| | | |
| | |
2023 Activity | |
| | | |
| | | |
| | |
Acquisition of Trust Codes Global
| |
| 1,383 | | |
| - | | |
| 1,383 | |
Foreign currency translation | |
| (33 | ) | |
| - | | |
| (33 | ) |
Net book value at | |
| | | |
| | | |
| | |
June 30, 2023 | |
$ | 1,350 | | |
$ | 3,988 | | |
$ | 5,338 | |
Intangible Assets Subject to Amortization
Our intangible assets include amounts recognized
in connection with patents and trademarks, capitalized software and acquisitions, including customer relationships, tradenames, developed
technology and non-compete agreements. Intangible assets are initially valued at fair market value using generally accepted valuation
methods appropriate for the type of intangible asset. Amortization is recognized on a straight-line basis over the estimated useful life
of the intangible assets. Intangible assets with definite lives are reviewed for impairment if indicators of impairment arise. Except
for goodwill, we do not have any intangible assets with indefinite useful lives.
Intangible assets with finite lives are subject
to amortization over their estimated useful lives. The primary assets included in this category and their respective balances were as
follows (in thousands):
Schedule of intangible assets
subject to amortization | |
| | |
| | |
| | |
| |
June 30, 2023 | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | | |
Weighted
Average Useful
Life (Years) | |
Patents and Trademarks | |
$ | 2,039 | | |
$ | (507 | ) | |
$ | 1,532 | | |
| 13 | |
Capitalized Software | |
| 161 | | |
| (92 | ) | |
| 69 | | |
| 2 | |
Customer Relationships | |
| 1,906 | | |
| (221 | ) | |
| 1,685 | | |
| 9 | |
Developed Technology | |
| 3,616 | | |
| (645 | ) | |
| 2,971 | | |
| 5 | |
Internally Used Software | |
| 610 | | |
| (22 | ) | |
| 588 | | |
| 6 | |
Non-Compete Agreement | |
| 191 | | |
| (46 | ) | |
| 145 | | |
| 4 | |
| |
$ | 8,523 | | |
$ | (1,533 | ) | |
$ | 6,990 | | |
| | |
December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Patents and Trademarks | |
$ | 1,858 | | |
$ | (445 | ) | |
$ | 1,413 | | |
| 13 | |
Capitalized Software | |
| 206 | | |
| (91 | ) | |
| 115 | | |
| 3 | |
Customer Relationships | |
| 1,839 | | |
| (133 | ) | |
| 1,706 | | |
| 9 | |
Developed Technology | |
| 3,143 | | |
| (360 | ) | |
| 2,783 | | |
| 5 | |
Internally Used Software | |
| 236 | | |
| (4 | ) | |
| 232 | | |
| 14 | |
Non-Compete Agreement | |
| 191 | | |
| (28 | ) | |
| 163 | | |
| 4 | |
| |
$ | 7,473 | | |
$ | (1,061 | ) | |
$ | 6,412 | | |
| | |
Amortization expense for intangible assets was $495 thousand
and $197 thousand for the six months ended June 30, 2023, and 2022, respectively. During the six months ended June 30, 2023, the Company
impaired certain assets related to its Developed Technology and Patents by $28 thousand and $6 thousand, respectively, to bring the gross
carrying amount related to these assets to zero, as these technologies are no longer in use.
Patents and Trademarks
As of June 30, 2023, our current patent and trademark
portfolios consist of nine granted U.S. patents and one granted European patent validated in four countries (France, Germany, United
Kingdom, and Italy), five pending U.S. and foreign patent applications, twenty-six registered U.S. trademarks (of which seven trademarks
were acquired through our wholly owned subsidiary, PeriShip Global), two EU trademark registrations, one Colombian trademark registration,
one Australian trademark registration, one Japanese trademark registration, one Mexican trademark registration, one Singaporean trademark
registration, two UK trademark registrations, six NZ trademark registration (in the name of Trust Codes Limited and/or Trust Codes Global
Limited), one OAPI (African Intellectual Property Organization) trademark registration (in the name of Trust Codes Global Limited), and
ten pending US and foreign trademark applications (of which one European trademark application is in the name of Trust Codes Limited).
The Company abandoned three patents during the six months ended June 30, 2023.
The Company expects to record amortization expense
of intangible assets over the next 5 years and thereafter as follows (in thousands):
Schedule of future amortization expense
| | |
| |
Fiscal Year ending December 31, | | |
| |
2023 (six months remaining) | | |
$ | 534 | |
2024 | | |
| 1,069 | |
2025 | | |
| 1,044 | |
2026 | | |
| 1,040 | |
2027 | | |
| 1,005 | |
Thereafter | | |
| 2,298 | |
Total | | |
$ | 6,990 | |
NOTE 6 – STOCKHOLDERS’ EQUITY
The Company expensed $147 thousand and $148 thousand
related to restricted stock awards for the three and six months ended June 30, 2023, respectively. The Company expensed $34 thousand and
$173 thousand related to restricted stock awards for the three and six months ended June 30, 2022, respectively.
The Company expensed $149 thousand and $412 thousand
related to restricted stock units for the three and six months ended June 30, 2023, and $274 thousand and $477 thousand related to restricted
stock units for the three and six months ended June 30, 2022.
On February 28, 2023, 353,492 shares of common
stock were issued in relation to the acquisition of Trust Codes Global, see Note 4 – Business Combinations, for details.
Non-Qualified Stock Purchase Plan
On June 10, 2021, the stockholders of the Company
approved a non-qualified stock purchase plan (the “2021 Plan”). The 2021 Plan provides eligible participants, including employees,
directors and consultants of the Company, the opportunity to purchase shares of the Company’s common stock thereby increasing their
interest in the Company’s continued success. The maximum number of common stock reserved and available for issuance under the 2021
Plan is 500,000 shares. The purchase price of shares of common stock acquired pursuant to the exercise of an option will be the lesser
of 85% of the fair market value of a share (a) on the enrollment date, and (b) on the exercise date. The 2021 Plan is not intended to
qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”).
The Company applied FASB ASC 718, “Compensation-Stock Compensation” and estimated the fair value using the Black-Scholes model,
as the 2021 Plan is considered compensatory. In relation to the 2021 Plan the Company expensed $19 thousand and $41 thousand for the three
and six months ended June 30, 2023, respectively. During the six months ended June 30, 2023, the Company received $71 thousand in proceeds
related to the 2021 Plan.
Shares Held in Treasury
As of June 30, 2023, and December 31, 2022, the
Company had 347,668 and 389,967 shares, respectively, held in treasury with a value of approximately $792 thousand and $949 thousand,
respectively.
On February 28, 2023, fourteen participants exercised
their option under the Company’s non-qualified stock purchase plan, and as a result, 57,245 shares were issued, of which 48,500
were issued from treasury, with a purchase price of $1.19 per share.
On February 28, 2022, five participants exercised
their option under the Company’s non-qualified stock purchase plan, and as a result, 25,000 shares were issued from treasury with
a purchase price of $2.69 per share.
Shares Repurchase Program
Effective July 1, 2022, the Company’s Board
of Directors approved a share repurchase program to allow the Company to spend up to $1.5 million to repurchase shares of its
common stock, so long as the price does not exceed $5.00. This plan ended on July 1, 2023. During the six months ended June 30, 2023,
the Company repurchased 6,201 shares of common stock for $10 thousand under the Company’s repurchase program.
NOTE 7 – STOCK OPTIONS, RESTRICTED STOCK
AND WARRANTS
During 2013, the Company adopted the 2013 Omnibus
Equity Compensation Plan (the “2013 Plan”). Under the 2013 Plan, the Company is authorized to grant awards of stock options,
restricted stock, restricted stock units and other stock-based awards up to an aggregate of 400,000 shares of common stock. The
2013 Plan is intended to permit certain stock options granted to employees under the 2013 Plan to qualify as incentive stock options. All
options granted under the 2013 Plan, which are not intended to qualify as incentive stock options are deemed to be non-qualified stock
options.
On November 14, 2017, the Executive Committee
of the Company’s Board of Directors adopted the 2017 Equity Incentive Plan (the “2017 Plan”) which covered the potential
issuance of 260,000 shares of common stock. The 2017 Plan provided that directors, officers, employees, and consultants of the Company
were eligible to receive equity incentives under the 2017 Plan at the discretion of the Board or the Board’s Compensation Committee.
On August 10, 2020, the Company’s Board
of Directors adopted the 2020 Equity Incentive Plan (the “2020 Plan”), subject to stockholder approval, which authorizes the
potential issuance of up to 1,069,110 shares of common stock. On September 30, 2020, the Company’s stockholders approved the 2020
Plan, and upon such approval the 2020 Plan became effective and the 2017 Plan was terminated. Shares of common stock underlying existing
awards under the 2017 Plan may become available for issuance pursuant to the terms of the 2020 Plan under certain circumstances. Employees
and non-employee directors of the Company or its affiliates, and other individuals who perform services for the Company or any of its
affiliates, are eligible to receive awards under the 2020 Plan at the discretion of the Board of Directors or the Board’s Compensation
Committee.
On March 28, 2022, the Company’s Board of
Directors adopted the First Amendment to the 2020 Plan, subject to stockholder approval, which increased the shares authorized for potential
issuance under the 2020 Plan to 2,069,100 shares of common stock and extended the term of the 2020 Plan to June 9, 2023. On June 9, 2022,
the Company’s stockholders approved the First Amendment to the 2020 Plan. On April 17, 2023, the Company’s Board of Directors
adopted the Second Amendment to the 2020 Plan, subject to stockholder approval, which increased the shares authorized for potential issuance
under the 2020 Plan to 3,069,100 shares of common stock and extended the term of the 2020 Plan to June 6, 2033. On June 6, 2023, the Company’s
stockholders approved the Second Amendment to the 2020 Plan.
The 2020 Plan, as amended, is administered by
the Compensation Committee which determines the persons to whom awards will be granted, the number of awards to be granted and the specific
terms of each grant, including the vesting thereof, subject to the provisions of the plan.
In connection with incentive stock options, the
exercise price of each option may not be less than 100% of the fair market value of the common stock on the date of the grant (or 110%
of the fair market value in the case of a grantee holding more than 10% of the outstanding stock of the Company). The aggregate fair market
value (determined at the time of the grant) of stock with respect to which incentive stock options are exercisable for the first time
by any individual during any calendar year (under all plans of the Company and its affiliates) shall not exceed $100 thousand, and the
options in excess of $100 thousand shall be deemed to be non-qualified stock options, including prices, duration, transferability and
limitations on exercise. The maximum number of shares of common stock that may be issued under the 2020 Plan pursuant to incentive stock
options may not exceed, in the aggregate, 1,000,000.
The Company has issued non-qualified stock options
pursuant to contractual agreements with non-employees. Options granted under the agreements are expensed when the related service
or product is provided. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions. The
Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair
value represent management’s best estimates and involve inherent uncertainties and judgements.
Stock Options
The following table summarizes the activities
for the Company’s stock options as of June 30, 2023:
Schedule of stock options | |
| | | |
| | | |
| | | |
| | |
| |
Options Outstanding | |
| |
| | |
| | |
Weighted - | | |
| |
| |
| | |
| | |
Average | | |
| |
| |
| | |
| | |
Remaining | | |
Aggregate | |
| |
| | |
Weighted- | | |
Contractual | | |
Intrinsic | |
| |
Number of | | |
Average | | |
Term | | |
Value | |
| |
Shares | | |
Exercise Price | | |
(in years) | | |
(in thousands)(1) | |
Balance as of December 31, 2022 | |
| 337,471 | | |
$ | 4.63 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Granted | |
| - | | |
| - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Forfeited/Cancelled/Expired | |
| - | | |
| - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 337,471 | | |
$ | 4.63 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable as of June 30, 2023 | |
| 337,471 | | |
$ | 4.63 | | |
| 1.9 | | |
$ | - | |
As of June 30, 2023, the Company had no unvested stock options.
During the three and six months ended June 30,
2023, and 2022, the Company expensed $0 thousand, respectively, with respect to options.
As of June 30, 2023, there was $0 unrecognized
compensation cost related to outstanding stock options.
Restricted Stock Awards and Restricted Stock
Units
The following table summarizes the unvested restricted
stock awards as of June 30, 2023:
Schedule of unvested restricted stock awards
| |
| |
| |
Unvested Restricted Stock Awards | |
| |
| | |
Weighted - | |
| |
| | |
Average | |
| |
Number of | | |
Grant | |
| |
Award Shares | | |
Date Fair Value | |
| |
| | |
| |
Unvested at December 31, 2022 | |
| 41,808 | | |
| 3.24 | |
| |
| | | |
| | |
Granted | |
| 486,194 | | |
| 1.46 | |
| |
| | | |
| | |
Vested | |
| (111,333 | ) | |
| 2.20 | |
| |
| | | |
| | |
Balance June 30, 2023 | |
| 416,669 | | |
$ | 1.44 | |
As of June 30, 2023, total unrecognized share-based
compensation cost related to unvested restricted stock awards is $562 thousand, which is expected to be recognized over a weighted-average
period of less than one year.
The following table summarizes the unvested restricted
stock units as of June 30, 2023:
Schedule of unvested restricted stock units
| |
| |
| |
Unvested Restricted Stock Units | |
| |
| | |
Weighted - | |
| |
| | |
Average | |
| |
Number of | | |
Grant | |
| |
Unit Shares | | |
Date Fair Value | |
Unvested at December 31, 2022 | |
| 413,626 | | |
| 2.14 | |
| |
| | | |
| | |
Granted | |
| 209,082 | | |
| 1.39 | |
| |
| | | |
| | |
Vested | |
| (162,909 | ) | |
| 3.16 | |
| |
| | | |
| | |
Forfeited | |
| (7,000 | ) | |
| 3.44 | |
| |
| | | |
| | |
Balance June 30, 2023 | |
| 452,799 | | |
$ | 1.41 | |
As of June 30, 2023, total unrecognized share-based
compensation cost related to unvested restricted stock units was $445 thousand, which is expected to be recognized over a weighted-average
period of 1.5 years.
For RSUs with stock price appreciation targets,
we applied a lattice approach that incorporated a Monte Carlo simulation, which involved random iterations that took different future
price paths over the RSU’s contractual life based on the appropriate probability distributions (which are based on commonly applied
Black Scholes inputs). The fair value of each grant was determined by taking the average of the grant date fair values under each Monte
Carlo simulation trial. We recognize compensation expense on a straight-line basis over the derived service period and there is no ongoing
adjustment or reversal based on actual achievement during the period.
The following table summarizes the unvested performance
restricted stock units as of June 30, 2023:
Schedule of unvested performance restricted stock units
|
|
|
|
|
|
Unvested Performance Restricted Stock Units |
|
|
|
|
|
|
Weighted - |
|
|
|
|
|
|
Average |
|
|
|
Number of |
|
|
Number of |
|
|
|
Unit Shares |
|
|
Unit Shares |
|
Unvested at December 31, 2022 |
|
|
432,326 |
|
|
|
2.95 |
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
718,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeited/Cancelled |
|
|
(70,625 |
) |
|
|
2.95 |
|
|
|
|
|
|
|
|
|
|
Balance June 30, 2023 |
|
|
1,079,884 |
|
|
$ |
1.84 |
|
As of June 30, 2023, total unrecognized share-based
compensation cost related to unvested restricted stock units was $1,348 thousand, which is expected to be recognized over a weighted-average
period of 2.04 years.
Warrants
The following table summarizes the activities
for the Company’s warrants for the six months ended June 30, 2023:
Schedule of warrants outstanding
|
|
|
|
|
|
Warrants Outstanding |
|
|
|
Number of
Warrant Shares |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted -
Average
Remaining
Contractual
Term
in years) |
|
|
Aggregate
Intrinsic
Value
(in thousands)(1) |
|
Balance as of December 31, 2022 |
|
|
5,103,455 |
|
|
$ |
4.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expired |
|
|
(474,869 |
) |
|
|
6.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2023 |
|
|
4,628,586 |
|
|
$ |
4.13 |
|
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable as of June 30, 2023 |
|
|
4,628,586 |
|
|
$ |
4.13 |
|
|
|
2.8 |
|
|
$ |
- |
|
NOTE 8—DEBT
PeriShip Global is a party to a debt facility
with PNC Bank, National Association (the “PNC Facility”). The PNC Facility includes a $1 million revolving line of credit
(the “RLOC”) with a term of one-year, expiring in September 2023. The RLOC has no scheduled payments of principal until
maturity, and bears interest per annum at a rate equal to the sum of Daily SOFR plus 2.85% with monthly interest payments. The PNC Facility
also includes a four-year term note (the “Term Note”) for $2 million which matures in September of 2026 and requires equal
quarterly payments of principal and interest. The Term Note incurs interest per annum at a rate equal to the sum of Daily SOFR plus 3.1%.
The RLOC and Term Note are guaranteed by VerifyMe and secured by the assets of PeriShip Global and VerifyMe.
The PNC Facility includes a number of affirmative
and restrictive covenants applicable to PeriShip Global, including, among others, a financial covenant to maintain a fixed charge coverage
ratio of at least 1.10 to 1.00 at the end of each fiscal year, affirmative covenants regarding delivery of financial statements, payment
of taxes, and establishing primary depository accounts with PNC Bank, and restrictive covenants regarding dispositions of property, acquisitions,
incurrence of additional indebtedness or liens, investments and transactions with affiliates. PeriShip Global is also restricted from
paying dividends or making other distributions or payments on its capital stock if an event of default (as defined in the PNC Facility)
has occurred or would occur upon such declaration of dividend. PeriShip Global was in compliance with all affirmative and restrictive
covenants under the PNC Facility at June 30, 2023.
As of June 30, 2023, our short-term debt outstanding
under the Term Note was $0.5 million and total long-term debt outstanding under the Term Note was $1.1 million. During the six months
ended June 30, 2023, the Company made a repayment of $250 thousand towards the principal of the outstanding Term Note.
As of and during the six months ended June
30, 2023, $800 thousand was drawn on the
RLOC and is included in short-term debt outstanding.
Effective
October 17, 2022, the Company entered into an interest rate swap agreement, with a notional amount of $1,958 thousand, effectively
fixing the interest rate on the Company’s outstanding debt at 7.602%. The Company has designated the intertest rate swap, expiring
September 2026, as a cash flow hedge and have applied hedge accounting. The fair value of the derivative liability associated with the
interest rate swap was $2 thousand as of June 30, 2023, and $3 thousand as of December 31, 2022, and
is included in Long-term Derivative Liability on the Consolidated Balance Sheets.
NOTE 9—INCOME TAXES
There are no taxes payable as of June 30, 2023, or December 31, 2022.
Some of the federal tax carry forwards will expire
at various dates through 2037. Generally, these can be carried forward and applied against future taxable income at the tax rate applicable
at that time. We are currently using an effective income tax rate of 21% for our projected available net operating loss carry-forward.
No tax benefit has been recognized in the six months ending June 30, 2023, due to the uncertainty surrounding the realizability of the
benefit.
Utilization of the net operating losses (NOL)
carryforwards may be subject to a substantial annual limitation as required by Section 382 of the IRC, due to ownership changes of the
company that could occur in the future, as well as similar state provisions. In general, an “ownership change” as defined
by Section 382 results from a transaction or series of transactions over a three-year period resulting in an ownership change of more
than 50 percentage points of the outstanding stock of a company by certain stockholders. These ownership changes may limit the amount
of NOL carryforwards that can be utilized annually to offset future taxable income.
In accordance with FASB ASC 740 “Income
Taxes”, valuation allowances are provided against deferred tax assets, if based on the weight of available evidence, some or all,
of the deferred tax assets may or will not be realized. The Company did not utilize any NOL deductions for the six months ended June 30,
2023.
The Company acquired certain assets and the business
of Trust Codes Limited on March 1, 2023. Intangible assets have been established in the amount of $701 thousand for trademarks, customer
relationships and developed technology. These assets will be amortized over 15 years for tax purposes, while for book purposes they will
be amortized over varying useful lives ranging from 8 to 18 years. In addition, goodwill of $1,383 thousand was established. Goodwill
is not amortizable for book purposes but is amortizable for tax over a period of 15 years. These timing differences will result in the
creation of deferred tax assets in future quarters. As of June 30, 2023, the differences are not material. See Note 5. Intangible Assets
and Goodwill.
NOTE 10—LONG TERM DERIVATIVE LIABILITY
Effective October 17, 2022, the Company entered
into an interest rate swap agreement (see Note 8 – Debt for details). The fair value of the derivative liability associated with
the interest rate swap was $2 thousand as of June 30, 2023, and $3 thousand as of December 31, 2022.
NOTE 11– LEASES
The Company accounts for its leases under Accounting Standard
Codification (“ASC”) Topic 842, Leases. The Company determines at its inception whether an arrangement that provides us control
over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present
value of the future lease payments over the lease term. We have elected not to recognize a ROU asset and lease liability for leases with
terms of 12 months or less. Our current long-term leases include an option to extend the term of the lease prior to the end of the initial
term. It is not reasonably certain that we will exercise the option and have not included the impact of the option in the lease term for
purposes of determining total future lease payments. As our lease agreement does not explicitly state the discount rate implicit in the
lease, we use our promissory note borrowing rate to calculate the present value of future payments.
In addition to the base rent, real estate leases
typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting
purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset
and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed
as incurred.
We have operating leases for office facilities.
We do not have any finance leases.
Lease expenses are included in General & Administrative
Expenses on the accompanying Consolidated Statements of Operations. The components of lease expense were as follows (in thousands):
Schedule of components of lease expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Operating lease cost |
|
$ |
48 |
|
|
$ |
21 |
|
|
$ |
85 |
|
|
$ |
21 |
|
Short-term lease cost |
|
|
9 |
|
|
|
3 |
|
|
|
18 |
|
|
|
7 |
|
Total lease costs |
|
$ |
57 |
|
|
$ |
24 |
|
|
$ |
103 |
|
|
$ |
28 |
|
Supplemental information related to leases was
as follows (dollars in thousands):
Schedule of supplemental information related to leases
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Operating Lease right-of-use asset |
|
$ |
554 |
|
|
$ |
469 |
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
174 |
|
|
$ |
115 |
|
Non-current portion of operating lease liabilities |
|
|
389 |
|
|
|
359 |
|
Total operating lease liabilities |
|
$ |
563 |
|
|
$ |
474 |
|
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
82 |
|
|
$ |
80 |
|
|
|
|
|
|
|
|
|
|
Right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
- |
|
|
$ |
552 |
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term for operating leases (years) |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average discount rate for operating leases |
|
|
6.4 |
% |
|
|
|
|
The following is a reconciliation of future undiscounted
cash flows to the operating lease liabilities on our consolidated balance sheets as of June 30, 2023 (in thousands):
Schedule of operating lease liabilities maturities
|
|
|
|
Year ended December 31, |
|
|
|
2023 (Excluding six months ended June 2023) |
|
$ |
94 |
|
2024 |
|
|
189 |
|
2025 |
|
|
193 |
|
2026 |
|
|
139 |
|
2027 |
|
|
45 |
|
Thereafter |
|
|
|
|
Total future lease payments |
|
|
660 |
|
Less: imputed interest |
|
|
(97 |
) |
Present value of future lease payments |
|
|
563 |
|
Less: current portion of lease liabilities |
|
|
(174 |
) |
Long-term lease liabilities |
|
$ |
389 |
|
NOTE 12– CONCENTRATIONS
For the three months ended June 30, 2023, one
customer represented 16% of revenues and one customer represented 17% of revenues for the three months ended June 30, 2022. For the six
months ended June 30, 2023, one customer represented 15% of revenues and one customer represented 17% of revenues for the six months ended
June 30, 2022.
As of June 30, 2023, one customer made up 23%
of accounts receivable.
During the three and six months ended June 30, 2023, one vendor accounted
for 99% of transportation cost, in our Precision Logistics segment.
NOTE 13 – SEGMENT REPORTING
As of June 30, 2023, we operated through two reportable business segments:
(i) Precision Logistics (formerly PeriShip Global Solutions) and (ii) Authentication (formerly VerifyMe Solutions).
Precision Logistics: This segment offers a value-added
service provider for time and temperature sensitive parcel management. Through logistics management from a sophisticated IT platform with
proprietary databases, package and flight-tracking software, weather, traffic, as well as dynamic dashboards with real-time visibility
into shipment transit and last-mile events that are managed by a service center we provide our clients an end-to-end vertical approach
for their most critical service delivery needs. Using our proprietary IT platform, we provide real-time information and analysis to mitigate
supply chain flow interruption, delivering last-mile resolution for key markets, including the perishable healthcare and food industries.
Authentication: This segment specializes
in solutions that connect brands with consumers through their products. Consumers can authenticate products with their smart phone prior
to usage, and brand owners have the ability to gather business intelligence while engaging directly with their consumers. Our Authentication
segment also provides brand protection and supply chain functions such as counterfeit prevention.
We do not allocate the following items to the
segments: general & administrative expenses, sales & marketing expenses, research and development and other income (expense).
The following table sets forth the revenue and operating results attributable
to each reportable segment and includes a reconciliation of segment revenue to consolidated revenue and operating results to consolidated
loss before income tax expense (in thousands):
Schedule of segment reporting information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision Logistics |
|
$ |
5,214 |
|
|
$ |
4,231 |
|
|
$ |
10,628 |
|
|
$ |
4,231 |
|
Authentication |
|
|
121 |
|
|
|
266 |
|
|
|
368 |
|
|
|
427 |
|
Total Revenue |
|
$ |
5,335 |
|
|
$ |
4,497 |
|
|
$ |
10,996 |
|
|
$ |
4,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Precision Logistics |
|
$ |
1,719 |
|
|
$ |
1,509 |
|
|
$ |
3,305 |
|
|
$ |
1,509 |
|
Authentication |
|
|
101 |
|
|
|
176 |
|
|
|
269 |
|
|
|
299 |
|
Total Gross Profit |
|
|
1,820 |
|
|
|
1,685 |
|
|
|
3,574 |
|
|
|
1,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
2,342 |
|
|
|
2,535 |
|
|
|
5,098 |
|
|
|
4,000 |
|
Research and development |
|
|
10 |
|
|
|
25 |
|
|
|
18 |
|
|
|
34 |
|
Sales and marketing |
|
|
506 |
|
|
|
447 |
|
|
|
1,000 |
|
|
|
746 |
|
LOSS BEFORE OTHER (EXPENSE) INCOME |
|
|
(1,038 |
) |
|
|
(1,322 |
) |
|
|
(2,542 |
) |
|
|
(2,972 |
) |
OTHER INCOME (EXPENSE) |
|
|
156 |
|
|
|
(11,233 |
) |
|
|
80 |
|
|
|
(10,977 |
) |
NET LOSS |
|
$ |
(882 |
) |
|
$ |
(12,555 |
) |
|
$ |
(2,462 |
) |
|
$ |
(13,949 |
) |
NOTE 14 – SUBSEQUENT EVENTS
Effective
July 31, 2023, the Company’s President and Chief Operating Officer (“COO”) and now former Chief Financial Officer
(“CFO”) separated from the Company. As part of their separation they forfeited 79,532
performance restricted stock units and were granted a total of 123,408
restricted stock units subject to the conditions of the 2020 Plan, which will vest within three years in equal tranches provided the Company’s
stock price exceeds $2.75 and $3.75 per share for twenty consecutive trading days.
On July 20, 2023, the Company issued 20,000 restricted stock awards vesting on July 31,
2023 to its former CFO. The Company withheld 6,000 shares of common stock in order to satisfy her tax obligations.
On July 20, 2023, the Company issued 20,000
restricted stock units to its CFO with a vesting date of December
31, 2024.
On July 20, 2023, the Company issued a total of 315,000 performance restricted stock
units that vest over four years provided certain conditions are met.
On July 10, 2023, and July 25, 2023, the Company issued 14,000 and 29,002 shares
of common stock underlying vested restricted stock units to a former board member.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
The information in this Management’s Discussion
and Analysis should be read in conjunction with the accompanying unaudited consolidated financial statements and notes.
Cautionary Note Regarding Forward-Looking Statements
This report includes forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private
Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,”
“anticipate,” “intend,” “should,” “plan,” “could,” “target,”
“potential,” “will,” “expect” and similar expressions are intended to identify forward-looking statements.
All statements other than statements of historical facts contained in this report, including among others, our strategy, future operations,
future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are
forward-looking statements.
Our actual results and financial condition may
differ materially from those expressed or implied in such forward-looking statements. Therefore, you should not rely on any of these forward-looking
statements.
For a further list and description of various
risks, relevant factors and uncertainties that could cause future results or events to differ materially from those expressed or implied
in our forward-looking statements, see the “Risk Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections in this report, our Annual Report on Form 10-K for the fiscal year ended December
31, 2022, and our other filings with the Securities and Exchange Commission (the “SEC”). All forward-looking statements in
this report are made only as of the date hereof or as indicated and represent our views as of the date of this report. Factors or events
that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake
no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or
otherwise, except as required by law.
Overview
VerifyMe, Inc. (“VerifyMe”) together with its subsidiaries,
including PeriShip Global, LLC (“PeriShip Global”) and Trust Codes Global Limited (“Trust Codes Global”), (together
the “Company,” “we,” “us,” or “our”), is a software driven predictive analytics logistics
provider of high-touch end-to-end logistics management which represents most of our current revenue stream. In addition, VerifyMe technologies
provide product traceability, brand protection services, and brand enhancement solutions. Our operations are split into two segments:
Precision Logistics and Authentication. Through our Precision Logistics segment, we provide a value-added service for time and temperature
sensitive parcel management driven by a proprietary software platform that provides predictive analytics from key metrics such as flight-tracking,
weather, and traffic, all delivered to customers via a secure portal. The portal provides real-time visibility into shipment transit and
last-mile events which is supported by a service center. Using our proprietary logistics solution, we provide real-time information and
analysis to mitigate supply chain flow interruption, delivering last-mile resolution for key markets, including the perishable healthcare
and food industries. Through our Authentication segment our technologies provide unit level traceability, brand protection, and brand
enhancement solutions allowing brand owners to gather business intelligence, cross-sell products, monitor product diversion through the
supply chain and build brand loyalty through interaction utilizing our unique dynamic codes which are read by consumers with their smart
phones. Further information regarding our business segments is discussed below:
Precision Logistics: The Precision Logistics
(formerly PeriShip Global Solutions) segment specializes in predictive analytics for optimizing delivery of time and temperature sensitive
perishable products. We manage complex industry-specific shipping logistic processes that require critical time, temperature control and
handling to prevent spoilage and extreme delivery times. Utilizing predictive analytics from multiple data sources including flight-tracking,
weather, traffic, major carrier feeds, and time of day data, we provide our clients an end-to-end vertical approach for their most critical
service delivery needs. Using our proprietary IT platform, we provide real-time information and analysis to mitigate supply chain flow
interruption, delivering last-mile resolution for key markets, including the perishable healthcare and food industries.
Through our proprietary PeriTrack ® customer
dashboard, we provide an integrated tool that gives our customers an in-depth look at their shipping activities and allows them access
to critical information in support of the specific needs of the supply chain stakeholders. We offer post-delivery services such as customized
reporting for trend analysis, system performance reports, power outage maps, and other tailored reports.
Precision Logistics generates revenue from three
business service models.
| · | ProActive Service – clients pay us directly for carrier service coupled with our proactive
logistics assistance. |
| · | Direct Premium Service – clients pay us directly for carrier service coupled with our complete
white-glove shipping monitoring and predictive analytics service. This service includes customer web portal access, weather monitoring,
temperature control, full service center support and last mile resolution. |
| · | Indirect Premium Service – Our carrier partner also offers a “white label” version
of our Premium Service to its customers and pays us a fixed contractual fee. |
Products: The Precision Logistics segment
includes the following bundled services as part of our service offerings to our customers:
| · | PeriTrack ®: Our proprietary PeriTrack® customer dashboard was developed utilizing our
extensive logistics operational knowledge. This integrated web portal tool gives our customers an in-depth look at their shipping activities
based on real-time data. The PeriTrack® dashboard was designed to provide critical information in support of the specific needs of
supply chain stakeholders and gives our customer resolution specialists a 360° view of shipping activity. PeriTrack® features
tools tailored for shippers of perishable goods, which includes the In-Transit Shipment Tracker. This tool provides details on the unique
shipper’s in-transit shipments, with the ability to select and analyze data on individual shipments. |
| · | Service Center : We have assembled a team of customer resolution specialists based in the U.S.
This service team resolves shipping problems on behalf of our customers. The service center acts as a help desk and monitors shipping
to delivery for our customers. |
| · | Pre-Transit Service: We help clients prepare their products for shipments by advising clients on
packaging requirements for various types of perishable products. Each product type requires its own particular packaging to protect it
during shipment, and we utilize our extensive knowledge and research to provide our customers with packaging recommendations to meet their
unique needs. |
| · | Post-Delivery: We provide customized reporting for trend analysis, system performance reports,
power outage maps, and many other reports to help our customers improve their processes and customer service outcomes. |
| · | Weather/Traffic Service: We have full-time meteorologists on staff to monitor weather. A package
may experience a variety of weather conditions between the origin and destination, and our team actively monitors these conditions to
maximize the number of timely and safely transmitted shipments. Similarly, traffic and construction also create unpredictable delays which
our team works diligently to mitigate. If delays or other issues occur we inform clients and work with them to proactively resolve such
shipment issues. |
Authentication: The Authentication (formerly
VerifyMe Solutions) segment specializes in traceability to connect brands with consumers through their product. Through VerifyMe technologies
brand inspectors can authenticate products with visible and invisible unique to product serialized codes. Brand owners have the ability
to gather business intelligence while engaging directly with their consumers and can receive programmable alerts related to counterfeit
products or if their products are in unexpected geographical markets. Consumers can authenticate products with their smart phone prior
to usage and engage with the brand in unique and innovative ways. Engagement can come in many forms such as free giveaways, product specifications,
seed to table tracking, cross-selling of products, contests, videos and recipes.
Products: We have a custom suite of products that offer
clients traceability and brand enhancement. These products are combined with “software as a service” or “SAAS”
which is stored in the cloud and accessed through the internet.
| · | VerifyMe Engage™ for brand enhancement allowing the brand owner to gather business intelligence and engage with customers |
| · | VerifyMe Authenticate™ using rare earth-based ink taggants for instant authentication of labels, packaging and products |
| · | VerifyMe Track & Trace™ for unit level traceability and supply chain control |
Opportunities
Precision Logistics: Currently most shipping businesses
utilize the carrier’s data platform for tracking which generally informs the shipping enterprise, and their customers, when a package
is in transit, when a package has been delivered, and some level of detail of the path which a package traveled. We believe taking the
data feeds from a carrier and adding real-time visibility with predictive analytics and the human intervention factor of our service center
gives us a major competitive advantage against other third-party platforms that solely rely on the carrier’s data feeds. We utilize
a variety of input sources beyond the carrier’s data feed. Our proprietary “Predictive Analytics” technology is fed
real-time meteorology data, traffic and road construction data, and power grid information to help predict issues before they happen.
If an alert is created the shipper and our service center will work to address the issue and save the perishable product from spoiling,
saving the shipper significant costs and reducing the need to replace products that are no longer viable. We have two meteorologists on
staff that track world-wide weather patterns to address predicted issues before they happen. We believe the company has two significant
areas of opportunity. First, our services are specifically designed to address the needs of small and medium size agriculture, food and
beverage companies. Second, the pharmaceutical and healthcare industries represent significant opportunities due to the enhanced tracking
and customer service associated with distribution of these products. We are focusing our sales emphasis on those industries. In addition,
we feel that combining our authentication solutions into the product offering for Precision Logistics clientele, gives our Precision Logistics
segment a competitive advantage to generate revenue by enhancing clients’ ability to grow revenue, gain business intelligence and
build brand loyalty.
The current global logistics industry worldwide
is facing an economic slowdown. We believe this represents an opportunity since major global carriers are cutting internal staff and are
reducing research and development investments. To maintain their credibility in the market, these carriers will need to ensure they meet
their customers’ demands for time and temperature sensitive shipments, while maintaining their overheads. We believe outsourcing
this function to our Precision Logistics segment provides the ideal solution for all parties involved.
Building logistics infrastructure is a capital-intensive process
as the investment is locked in for a considerably long period. Due to the current economic environment, and our cost competitive offering,
we believe companies will opt to outsource their precision logistics services to reduce their operational costs. The outsourcing of supply
chain related and other logistics operations to service providers such as ours allows companies to improve the efficiency of their businesses
by focusing their resources on core competencies.
Authentication: We believe the products
in our Authentication segment have applications in many areas. Currently, we are aggressively marketing opportunities in the following
areas:
| · | Agriculture, Food and Beverage – Food safety is becoming more common as supply chains become more
global and as imaging and manufacturing technology become more accessible. Food traceability, sustainability and carbon neutral production
is becoming a significant consideration for brand and governments. We believe our unit level traceability and authentication solutions
can help brands tell their story about sustainability and battle against tainted or substandard foods and beverages. |
| · | Pharmaceuticals/nutraceuticals – We believe counterfeit prescription pharmaceuticals and nutraceuticals
are a growing problem, widely recognized as a public health risk and a serious concern to public health officials, private companies,
and consumers. Counterfeiting can apply to both branded and generic products and counterfeit pharmaceuticals may include products with
the correct ingredients but fake packaging, with the wrong ingredients, without active ingredients or with insufficient active ingredients.
The United States enacted legislation requiring the implementation of a comprehensive system designed to combat counterfeit, diluted or
falsely labelled pharmaceuticals, referred to as serialization or electronic pedigree (e-Pedigree). Our consumer facing visible codes
and unique pigments embedded in the ink of a unique serialized barcode can provide a layered security foundation for a customer solution
in this market. We are seeking to expand our business in this market and believe that as additional pharmaceutical companies seek to comply
with the legislation, our products will provide attractive alternatives to address the need for product identifiers. |
| · | Consumer Products – We believe our technology solutions are particularly suited for the cosmetics,
health and beauty and apparel industries. We give the consumer the ability to test a product’s authenticity instantly with a smartphone.
We can protect brand owners from liability litigation, product diversion and lost financial sales with our consumer facing visible codes
and unique ink pigments which can be incorporated in dyes and used by manufacturers in these industries to combat counterfeiting and piracy
of actual physical goods. Our pigments expressed as inks can also be used on packaging, as well as to track products that have been lost
in transit, whether misplaced or stolen. |
In addition,
in each of these markets, our SaaS software allows brand owners and consumers to track the products and will alert the consumer or brand
owner of product diversion with 24/7 monitoring. As each product has a unique code, this allows consumers and brand owners to authenticate
the product in real time and link directly to the brand owner’s website for additional product information, discounts, and more.
Synergies: We believe that Precision Logistics and Authentication
segments have synergistic product centric technology platforms and combined have a compelling technology offering for brand owners. For
example, currently our Precision Logistics segment ships vaccines for major pharmaceutical companies. With the addition of our Authentication
technology, we can add unit level traceability and authentication to protect clients’ vaccines from product diversion and sub-standard
counterfeits. In addition, our Authentication segment brand enhancement solutions could give the Precision Logistics food and beverage
clients the ability to gather rich business intelligence and build customer loyalty with engagement functions like videos, discounts,
contests, recipes, etc.
Partnerships:
Precision Logistics has a direct partnership with
a major global carrier company. This partnership includes the ability for both companies to white label each partner’s services.
In addition, Precision Logistics has data feeds directly from the carrier into our proprietary logistics optimization software which provides
shippers much more detailed information and predictive analytics on their shipment versus a standard shipping code look up which is provided
by the carrier.
Our Authentication segment has a contract with
HP Indigo, and a strategic partnership with INX, the third largest producer of inks in North America. We believe these partnerships can
be used to enable brand owners to securely prevent counterfeiting, prevent product diversion and authenticate labels, packaging and products
alleviating liability from counterfeit products that harm consumers.
Current Economic Environment
In early September 2022, the major global carrier company that
PeriShip partners with disclosed that a global recession could be coming based on various indicators in its business including the demand
for packages weakening considerably in the final weeks of August 2022, a negative impact on its express delivery business due to the weakening
global economy, particularly in Asia and Europe, and a decline in the volume of freight it handles in every region around the world. The
major global carrier stated that it expected business conditions to further weaken and responded by reducing flights, temporarily parking
aircraft, trimming hours for its staff, delaying some hiring plans and closing ninety office locations as well as five corporate offices.
It also stated it was cutting $500 million from its capital expenditure budget for its fiscal year, which runs through May 2023. In April
2023, this major carrier laid out steps it was taking to slash $4 billion in permanent costs by the end of its 2025 fiscal year in response
to market conditions and lower demand. In June 2023, the major carrier stated that due to ongoing demand its plans to ground 29 more aircraft
in its fiscal year that started in June 2024.
We have seen a softening in demand for some services related
to high-end perishable items and cannabis products which seem to be impacted by reduced discretionary spending by U.S. consumers. While
a recession, whether global or more localized to the U.S., may decrease the demand for our services that are more discretionary in nature,
we believe that the internal cost cutting measures, if implemented by the major global carrier may benefit out-sourced service providers.
We are working with this major global carrier to address their small and medium-sized business clients, which we believe is an underserved
market and presents considerable growth opportunities for our Precision Logistics segment. However, we can provide no assurances that
a decline in discretionary consumer spending will not have a negative impact on our revenues and results of operations.
Business Combinations
On March 1, 2023, we acquired, through Trust Codes
Global, the business and certain assets of Trust Codes, a company specializing in brand protection,
anti-counterfeiting and consumer engagement technology with an expertise in the food and agriculture industry. Trust Codes Global uses
unique QR codes or IoT, coupled with GS1 standards to deliver cloud-based brand protection based on a unique per-item digital identity
to protect brand and product authenticity, increase data visualization of a product through the end to end supply chain and creates a
data driven engine to inform and educate consumers of the product. The purchase price was approximately $1.0 million which consisted of
approximately $0.36 million in cash paid at closing, and 353,492 shares of restricted common stock of the Company, representing $0.65
million in stock consideration. In addition, the purchase agreement requires consideration contingent upon the achievement of earnings
targets during a five-year period subsequent to the closing of the acquisition. The earn-out consideration estimated at $1.1 million at
the acquisition date, however the maximum amount of the payment is unlimited. Trust Codes Global is included in the Authentication segment
and the results of its operations are included in the consolidated financial statement beginning March 1, 2023.
On April 22, 2022, we acquired, through PeriShip Global, the
business and certain assets of PeriShip, LLC, a value-added service provider for time and temperature sensitive parcel management.
PeriShip Global provides shipping logistics services utilizing proprietary predictive analytics software and supporting service center
services. Using our proprietary IT platform, we provide real-time information and analysis to mitigate supply chain flow interruption,
delivering last-mile resolution for key markets, including the perishable healthcare and food industries. The purchase price was $10.5
million which consisted of $7.5 million in cash paid at closing, a promissory note of $2.0 million with a fixed interest rate of
6% per annum on the unpaid principal balance, to be paid in three installments on the sixth, fifteenth, and eighteenth month anniversaries
of the closing, and 305,473 shares of restricted common stock of the Company, representing $1.0 million in stock consideration. We expect
that all of the goodwill recorded for financial statement purposes is deductible for tax purposes. The acquired PeriShip Global business
is included in the Precision Logistics segment and the results of its operations have been included in the consolidated financial statements
beginning April 22, 2022.
Seasonality
We experience seasonal fluctuations
in our net revenues from sales in our Precision Logistics segment. Revenues from sales are generally higher in the fourth quarter than
in other quarters due to increased holiday shipments. The seasonality of our business may cause fluctuations in our quarterly operating
results.
Changes in Executive Management Team
On May 24, 2023, the
Company’s Board of Directors appointed Mr. Adam Stedham to serve as Chief Executive Officer of the Company, effective June 19, 2023.
Mr. Stedham ceased to be an independent director and stepped down as chair of the Audit Committee and as a member of the Compensation
Committee on June 19, 2023. In connection with Mr. Stedham’s appointment as Chief Executive Officer, Scott Greenberg ceased to serve
as the Company’s Interim Chief Executive Officer and Executive Chairman of the Board and continued to serve as Chairman of the Board.
On July 10,
2023, the Company and Keith Goldstein agreed that Mr. Goldstein would resign as
President and Chief Operating Officer effective, July 31, 2023. Also on July 10, 2023, the Company and Margaret Gezerlis agreed that Ms.
Gezerlis would step down as Executive Vice President and Chief Financial Officer and continue in a strategic consulting role with the
Company, effective July 31, 2023. Mr. Goldstein’s and Ms. Gezerlis’ separations were not a result of any disagreement with
the Company on any matter relating to its operations, policies, or practices, or to any issues regarding its accounting policies or practices.
On July 13,
2023, in connection with Mr. Goldstein’s and Ms. Gezerlis’ separations, the Company appointed Adam Stedham as President of
the Company in addition to his position as Chief Executive Officer, and Nancy Meyers Executive Vice President and Chief Financial Officer,
Treasurer and Corporate Secretary of the Company, each effective August 1, 2023.
On July 14, 2023, the Company
announced that Paul Ryan will be the Executive Vice President, Authentication Segment. Mr. Ryan co-founded the Trust Codes Global platform
and developed it into the powerful product cloud that today provides brand protection, brand enhancement, GS1 digital link and traceability.
Additionally, Curt Kole will be the Executive Vice President, Precision Logistics Segment. Mr. Kole has 25 years of experience in many
aspects of the logistics industry with extensive knowledge in the needs of customers whose products have specific time, temperature, or
other criticality requirements. Mr. Kole has served as the Executive Vice President, Global Sales and Strategy at PeriShip Global.
Adam Stedham Employment
Agreement
In connection with his
appointment as Chief Executive Officer, the Company and Mr. Stedham entered into an employment agreement (“Employment Agreement”),
effective June 19, 2023. Pursuant to the Employment Agreement Mr. Stedham will receive an annual
base salary of $300,000 and be eligible for an annual bonus with a potential up to 50% of his base salary based on an Adjusted EBITDA
performance goal to be set annually by the Compensation Committee of the Board. In accordance with the Employment Agreement, the Compensation
Committee of the Board approved, in each case within five business days of the Effective Date, the grant of (i) a restricted stock award
(“RSA”) of 34,014 shares of the Company’s common stock, subject to the terms of the Company’s
2020 Equity Incentive Plan (the “2020 Plan”), which vest upon the grant date to compensate Mr. Stedham for his service as
an independent director during 2023; (ii) 204,082 time-based restricted stock units (“RSUs”), each such unit representing
the contingent right to receive one share of the Company’s common stock, subject to the terms of the
2020 Plan, which vest, except as otherwise provided in the award agreement, in
three equal annual installments with the first installment vesting on the first anniversary of the grant date; and (iii) an
award of 550,000 performance-based restricted stock units (“PSUs”), each such unit representing the contingent right to receive
one share of the Company’s common stock, subject to the terms of the 2020 Plan. The PSUs, except as otherwise provided in the award
agreement, vest in three tranches subject to continued employment and upon the satisfaction of the applicable performance criteria within
four years of the grant date. Tranche 1 will vest 150,000 shares of common stock on or after the first anniversary of the grant date if
the price of the Company’s common stock is $2.21 per share and trades at or above that price for 20 consecutive days. Tranche 2
will vest 200,000 shares of common stock on or after the second anniversary of the grant date if the Company’s common stock trades
at or above $2.94 per share for 20 consecutive trading days. Tranche 3 will vest 200,000 shares of common stock on the fourth anniversary
of the grant date if the Company’s common stock trades at or above $3.68 per share for 20 consecutive trading days.
The Employment Agreement is for an
initial term of two years and will thereafter be “at-will” and may be terminated by either party during the initial term.
If terminated by Mr. Stedham for good reason, or by the Company without cause, Mr. Stedham will be entitled, in addition to accrued base
salary and unpaid expenses, to his annual bonus payout, if applicable, severance in the amount of base salary that would have otherwise
been paid through June 19, 2025 or six months, whichever is greater, and the accelerated vesting of his time-based restricted stock units
and retention of his performance-based restricted stock units for the remainder of the awards’ applicable performance period.
Keith Goldstein
Separation Agreement
On July 17,
2023, the Company and Mr. Goldstein entered into a Separation Agreement and Release of all Claims (the “Goldstein Agreement”)
whereby Mr. Goldstein voluntarily elected to resign as President and Chief Operating Officer and from any position held with the Company’s
subsidiaries, including PeriShip Global and Trust Codes Global, effective July 31, 2023 (the “Separation Date”). Pursuant
to the Goldstein Agreement, the Company agreed to pay Mr. Goldstein his salary through the Separation Date and to continue to pay his
base salary for six months from the Separation Date, which is through January 31, 2024. The Company also agreed to continue to provide
health care benefits to Mr. Goldstein through January 31, 2024. In addition, the Company agreed to award Mr. Goldstein 80,796 RSUs on
July 31, 2023, each such unit representing the contingent right to receive one share of the Company’s common stock, subject to the
terms of the 2020 Plan. These RSUs, except as otherwise provided in the award agreement, will vest within three years in equal tranches
provided the Company’s stock price exceeds $2.75 and $3.75 per share for twenty consecutive trading days. In connection with the
grant of the RSUs Mr. Goldstein will forfeit his outstanding award of RSUs granted pursuant to a Restricted Stock Unit Award Agreement
dated February 16, 2022.
Mr. Goldstein
had seven days but did not elect his right to revoke his entry into the Goldstein Agreement. Pursuant to the Goldstein Agreement, Mr.
Goldstein’s employment agreement entered into as of February 15, 2022, will terminate on July 31, 2023, with certain covenants in
the employment agreement relating to the ownership of intellectual property, confidential information, non-solicitation and non-competition
surviving its termination. The Goldstein Agreement also includes customary representations, warranties for agreements of its type.
Margaret
Gezerlis Separation Agreement
On July 17,
2023, the Company and Ms. Gezerlis entered into a Separation Agreement and Release of all Claims (the “Gezerlis Agreement”)
whereby Ms. Gezerlis voluntarily elected to step down as Executive Vice President and Chief Financial Officer and from any position held
with the Company’s subsidiaries, including PeriShip Global, and Trust Codes, effective July 31, 2023. Pursuant to the Gezerlis Agreement,
the Company Agreed to pay Ms. Gezerlis her salary through the Separation Date and to continue to pay her base salary for six months from
the Separation Date, which is through January 31, 2024. In addition, the Company agreed to award Ms. Gezerlis 42,612 RSUs on July 31,
2023, each such unit representing the contingent right to receive one share of the Company’s common stock, subject to the terms
of the 2020 Plan. These RSUs, except as otherwise provided in the award agreement, will vest within three years in equal tranches provided
the Company’s stock price exceeds $2.75 and $3.75 per share for twenty consecutive trading days. In connection with the grant of
the RSUs Ms. Gezerlis will forfeit her outstanding award of RSUs granted pursuant to a Restricted Stock Unit Award Agreement dated February
16, 2022.
Ms. Gezerlis had seven
days but did not elect her right to revoke her entry into the Gezerlis Agreement. Pursuant to the Gezerlis Agreement, Ms. Gezerlis’
employment agreement entered into as of February 15, 2022, will terminate on July 31, 2023, with certain covenants in the employment agreement
relating to the ownership of intellectual property, confidential information, non-solicitation and non-competition surviving its termination.
The Gezerlis Agreement also includes customary representations, warranties for agreements of its type.
Results of Operations
Comparison of the three months ended June 30, 2023, and 2022
The following discussion analyzes our results
of operations for the three months ended June 30, 2023 and 2022.
Revenue |
|
Three Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Precision Logistics |
|
$ |
5,214 |
|
|
$ |
4,231 |
|
Authentication |
|
|
121 |
|
|
|
266 |
|
Total Revenue |
|
$ |
5,335 |
|
|
$ |
4,497 |
|
Consolidated revenue increased $838 thousand or 19% during the
second quarter of 2023 compared to the second quarter of 2022. The increase is primarily due to the acquisition of our PeriShip Global
business on April 22, 2022, partially offset by a $145 thousand decrease in our Authentication segment.
Gross Profit |
|
Three Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
% of Revenue |
|
|
|
|
|
% of Revenue |
|
Precision Logistics |
|
|
1,719 |
|
|
|
33 |
% |
|
|
1,509 |
|
|
|
36 |
% |
Authentication |
|
|
101 |
|
|
|
83 |
% |
|
|
176 |
|
|
|
66 |
% |
Total Gross Profit |
|
$ |
1,820 |
|
|
|
34 |
% |
|
$ |
1,685 |
|
|
|
37 |
% |
Gross profit for the three months ended June 30, 2023, was $1,820
thousand, compared to $1,685 thousand for the three months ended June 30, 2022. The resulting gross margin was 34% for the three months
ended June 30, 2023, compared to 37% for the three months ended June 30, 2022. The gross profit increase relates to the acquisition of
the PeriShip Global business on April 22, 2022. The mix between our proactive services and premium services attributed to our lower gross
profit margin.
General and Administrative Expenses
General and administrative expenses decreased by $193 thousand
to $2,342 thousand for the three months ended June 30, 2023, compared to $2,535 thousand for the three months ended June 30, 2022. The
decrease relates primarily to the Periship acquisition costs of $498 thousand in Q2 of 2022 that did not recur in 2023, a reduction in
employees in the Authentication segment, partially offset by salaries and related expenses for approximately 35 employees in the IT and
operations department for the Precision Logistics segment in 2023 for the full quarter and integration and operating costs of Trust Codes
Global. Amortization and depreciation expense was $258 thousand and $208 thousand for the three months ended June 30, 2023, and 2022.
Research and Development
Research and development expenses were $10 thousand
and $25 thousand for the three months ended June 30, 2023, and 2022, respectively.
Sales and Marketing
Sales and marketing expenses increased by $59 thousand to $506
thousand for the three months ended June 30, 2023, compared to $447 thousand for the three months ended June 30, 2022. The increase is
primarily related to salaries and related expenses for five employees in the Precision Logistics segment in 2023 for the full quarter,
partially offset by a reduction in employees in the Authentication segment during the second quarter of 2023.
Interest Expense
Interest expense was $46 thousand for the three
months ended June 30, 2023, compared to interest expense of $23 thousand for the three months ended June 30, 2022. The increase is primarily
due to the increased borrowings on the RLOC.
Net Loss
Consolidated net loss for the three months ended June 30, 2023,
and 2022 was $882 thousand and $12,555 thousand, respectively. The decreased loss was primarily related to the loss on equity investment
of $11.2 million in 2022 that did not recur in 2023, an increase in gross profit, a decrease in our operating expenses, and a gain as
it relates to the change of the fair value of the contingent consideration related to the acquisition of Trust Codes Global in 2023. The
resulting consolidated loss per share for the three months ended June 30, 2023, and three months ended June 30, 2022 was $0.09 and $1.50
per diluted share, respectively.
Comparison of the six months ended June 30, 2023, and 2022
The following discussion analyzes our results
of operations for the six months ended June 30, 2023, and 2022.
Revenue |
|
Six Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Precision Logistics |
|
$ |
10,628 |
|
|
$ |
4,231 |
|
Authentication |
|
|
368 |
|
|
|
427 |
|
Total Revenue |
|
$ |
10,996 |
|
|
$ |
4,658 |
|
Consolidated revenue increased $6,338 thousand
for the six months ended June 30, 2023, compared to the six months ended June 30, 2022. The increase is primarily due to the acquisition
of our PeriShip Global business on April 22, 2022, partially offset by a $59 thousand decrease in our Authentication segment.
Gross Profit |
|
Six Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
% of Revenue |
|
|
|
|
|
% of Revenue |
|
Precision Logistics |
|
|
3,305 |
|
|
|
31 |
% |
|
|
1,509 |
|
|
|
36 |
% |
Authentication |
|
|
269 |
|
|
|
73 |
% |
|
|
299 |
|
|
|
70 |
% |
Total Gross Profit |
|
$ |
3,574 |
|
|
|
33 |
% |
|
$ |
1,808 |
|
|
|
39 |
% |
Gross profit for the six months ended June 30, 2023, was $3,574
thousand, compared to $1,808 thousand for the six months ended June 30, 2022. The resulting gross margin was 33% for the six months ended
June 30, 2023, compared to 39% for the six months ended June 30, 2022. The gross profit increase relates to the acquisition of the PeriShip
Global business on April 22, 2022, which is included for the full six months of 2023. The mix between our proactive services and
premium services attributed to our lower gross profit margin.
General and Administrative Expenses
General and administrative expenses increased by $1,098 thousand
to $5,098 thousand for the six months ended June 30, 2023, compared to $4,000 thousand for the six months ended June 30, 2022. The
increase relates primarily to the acquisition of the PeriShip business, included for the full six months of 2023, the deal costs related
to the acquisition of the Trust Codes Global business of $278 thousand, as well as severance expense of approximately $205 thousand which
is expected to be paid by the end of 2023, partially offset by the deal costs related to the acquisition of the PeriShip Global business
of $623 thousand in 2022 that did not recur in 2023. Stock-based compensation was $525 thousand, including $112 thousand relating to severance
for the six months ended June 30, 2023, compared to $712 thousand for the six months ended June 30, 2022. Amortization and depreciation
expense was $540 thousand and $243 thousand for the six months ended June 30, 2023, and 2022, respectively.
Research and Development
Research and development expenses were $18 thousand
and $34 thousand for the six months ended June 30, 2023, and 2022, respectively.
Sales and Marketing
Sales and marketing expenses increased by $254 thousand to $1,000
thousand for the six months ended June 30, 2023, compared to $746 thousand for the six months ended June 30, 2022. The increase is primarily
related to the salaries and related expenses for five employees for the full six months of 2023 in the Precision Logistics segment, partially
offset by a reduction in employees and consultants in the Authentication segment during the second quarter of 2023. Stock based compensation
was $76 thousand and $30 thousand for the six months ended June 30, 2023, and 2022, respectively.
Interest Expense
Interest expense was $88 thousand for the six months ended June
30, 2023, compared to interest expense of $22 thousand for the six months ended June 30, 2022. The higher expense relates to the note
payable outstanding as of September 2022 and the drawdown on the RLOC of $800 thousand as of June 30, 2023.
Net Loss
Consolidated net loss for the six months ended June 30, 2023,
and 2022 was $2,462 thousand and $13,949 thousand, respectively. The decreased loss was primarily related to a loss on equity investment
of $11 million in 2022 that did not recur in 2023, an increase in gross profit, a gain relating to the change in the fair value of the
contingent consideration related to the acquisition of Trust Codes Global partially offset by increased operating expenses discussed above.
The resulting consolidated loss per share for the six months ended June 30, 2023, and six months ended June 30, 2022, was $0.26 and $1.78
per diluted share, respectively.
Liquidity and Capital Resources
Our operations used $463 thousand of cash during
the six months ended June 30, 2023, compared to $2,625 thousand during the comparable period in 2022. The decrease in cash used from operations
is due to favorable changes in working capital accounts during 2023 compared to 2022.
Cash used in investing activities was $858 thousand during the
six months ended June 30, 2023, compared to $7,631 thousand during the six months ended June 30, 2022. During the six months ended June
30, 2023, $363 thousand was used for the acquisition of the Trust Codes Global business. During the six months ended June 30, 2022, $7,500
thousand was used for the acquisition of the PeriShip Global business.
Cash provided by financing activities during the
six months ended June 30, 2023, was $608 thousand compared to $4,585 thousand during the six months ended June 30, 2022. The decrease
relates mainly to the proceeds from the public offering in 2022 which did not recur in 2023, partially offset by $800 thousand drawn from
the RLOC in 2023.
On September 22, 2022, PeriShip Global became
a party to the PNC Facility with PNC Bank, National Association. The PNC Facility includes a $1 million RLOC with a term of one-year,
expiring in September 2023. The RLOC has no scheduled payments of principal until maturity, and bears interest per annum at a rate
equal to the sum of Daily SOFR plus 2.85% with monthly interest payments. As of June 30, 2023, we had drawn down $800 thousand under the
RLOC.
The PNC Facility also includes a four-year Term
Note for $2 million which matures in September of 2026 and requires equal quarterly payments of principal and interest. The Term Note
incurs interest per annum at a rate equal to the sum of Daily SOFR plus 3.1%. The RLOC and Term Note are guaranteed by VerifyMe and
secured by the assets of PeriShip Global and VerifyMe.
The PNC Facility includes a number of affirmative
and restrictive covenants applicable to PeriShip Global, including, among others, a financial covenant to maintain a fixed charge coverage
ratio of at least 1.10 to 1.00 at the end of each fiscal year, affirmative covenants regarding delivery of financial statements, payment
of taxes, and establishing primary depository accounts with PNC Bank, and restrictive covenants regarding dispositions of property, acquisitions,
incurrence of additional indebtedness or liens, investments and transactions with affiliates. PeriShip Global is also restricted from
paying dividends or making other distributions or payments on its capital stock if an event of default (as defined in the PNC Facility)
has occurred or would occur upon such declaration of dividend. We were in compliance with all affirmative and restrictive covenants under
the PNC Facility at June 30, 2023.
Of the proceeds of $2.0 million from the Term
Note, we used $1.8 million to settle debt outstanding issued in connection with the PeriShip Global acquisition, including the redemption
of 61,000 shares of our common stock. As of June 30, 2023, our short-term debt outstanding under the Term Note was $0.5 million and total
long-term debt outstanding under the Term Note was $1.1 million.
Effective October 17, 2022, we entered into an
interest rate swap agreement, with a notional amount of $1,958 thousand, effectively fixing the interest rate on our outstanding debt
at 7.602%.
In June 2022, we announced
a $1.5 million share repurchase program to repurchase shares of our common stock commencing July 1, 2022, for a period of 12 months. Before
the program expired on July 1, 2023, 165,107 shares were purchased for a total of $226 thousand and $1,275 thousand was not used.
We believe that our cash and cash equivalents
will fund our operations for the next 12 months. We may issue additional debt or equity as we grow
our business which we expect to grow organically, and if the opportunity arises, through key acquisitions that will help accelerate the
growth of our business.
Off-Balance Sheet Arrangements
None.
Critical Accounting Policies and Estimates
Our financial statements are impacted by the accounting
policies used and the estimates and assumptions made by management during their preparation. We have identified below the accounting policies
that are of particular importance in the presentation of our financial position, results of operations and cash flows and which require
the application of significant judgment by management. We believe estimates and assumptions related to these critical accounting policies
are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could
be a material impact on our future financial position, results of operations or cash flows.
Revenue Recognition
Our revenue transactions include sales of our
ink canisters, software, licensing, pre-printed labels, integrated solutions, leasing of our equipment and logistics management for time
and temperature sensitive packages. We recognize revenue based on the principals established in ASC Topic 606, “Revenue from
Contracts with Customers.” Revenue recognition is made when our performance obligation is satisfied. Our terms vary based on
the solutions we offer and are examined on a case-by-case basis. For licensing our VerifyInkTM technology we depend on the
integrity of our clients’ reporting.
Business Combinations
Accounting for business combinations requires
management to make significant estimates and assumptions to determine the fair values of assets acquired and liabilities assumed at the
acquisition date. Although we believe the assumptions and estimates we have made in relation to the acquisitions are appropriate, they
are based, in part, on historical experience and information obtained from management of the acquired companies and are inherently uncertain.
Critical estimates in valuing certain acquired intangible assets include, but are not limited to, future expected cash flows including
revenue growth rate assumptions from product sales, customer contracts and acquired technologies, estimated royalty rates used in valuing
technology related intangible assets, and discount rates. The discount rates used to discount expected future cash flows to present value
are typically derived from a weighted-average cost of capital (“WACC”) analysis and adjusted to reflect inherent risks. Unanticipated
events and circumstances may occur that could affect either the accuracy or validity of such assumptions, estimates or actual results.
We allocate the fair value of the purchase price
of our acquisitions to the tangible assets acquired, liabilities assumed, and intangible assets acquired, based on their estimated fair
values at acquisition date. The excess of the fair value of the purchase price over the fair values of these net tangible and intangible
assets acquired is recorded as goodwill. Management’s estimates of fair value are based upon assumptions believed to be reasonable,
but our estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the measurement period, which
will not exceed one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the
corresponding offset to goodwill. After the conclusion of the measurement period or final determination of the fair value of the purchase
price of our acquisitions, whichever comes first, any subsequent adjustments are recorded to our Consolidated Statements of Operations.
Acquisition-related expenses are recognized separately
from the business combination and are expensed as incurred.
Goodwill
We have recorded goodwill as part of our acquisitions,
which represents the excess of purchase price over the fair value of net assets acquired in the business combinations. Pursuant to ASC
350, the Company will test goodwill for impairment on an annual basis in the fourth quarter, or between annual tests, in certain
circumstances. Under authoritative guidance, the Company first assessed qualitative factors to determine whether it was necessary to perform
the quantitative goodwill impairment test. The assessment considers factors such as, but not limited to, macroeconomic conditions,
data showing other companies in the industry and our share price. An entity is not required to calculate the fair value of a reporting
unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than
its carrying amount. Events or changes in circumstances which could trigger an impairment review include macroeconomic conditions, industry
and market conditions, cost factors, overall financial performance, other entity specific events and sustained decrease in share price.
Stock-based Compensation
We account for stock-based compensation under
the provisions of FASB ASC 718, “Compensation—Stock Compensation”, which requires the measurement and recognition of
compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. We estimate
the fair value of stock-based awards on the date of grant using the Black-Scholes model. The assumptions used in the Black-Scholes option
pricing model include risk-free interest rates, expected volatility and expected life of the stock options. Changes in these assumptions
can materially affect estimates of fair value stock-based compensation, and the compensation expense recorded in future periods. The value
of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods using the
straight-line method.
For RSUs with stock price appreciation targets,
we applied a lattice approach that incorporated a Monte Carlo simulation, which involved random iterations that took different future
price paths over the RSU’s contractual life based on the appropriate probability distributions (which are based on commonly applied
Black Scholes inputs). The fair value was determined by taking the average of the grant date fair values under each Monte Carlo simulation
trial. We recognize compensation expense on a straight-line basis over the performance period and there is no ongoing adjustment or reversal
based on actual achievement during the period.
We account for stock-based compensation awards
to non-employees in accordance with ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee
Share-Based Payment Accounting (“ASU 2018-07”), which aligns accounting for share-based payments issued to nonemployees to
that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based
payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees.
All issuances of stock options or other equity
instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value
of the equity instruments issued. Non-employee equity-based payments are recorded as an expense over the service period, as if we had
paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services,
the fair value of the equity-based payments will be re-measured, and the non-cash expense recognized during the period will be adjusted
accordingly. Since the fair value of equity-based payments granted to non-employees is subject to change in the future, the amount of
the future expense will include fair value re-measurements until the equity-based payments are fully vested or the service completed.
Recently Adopted Accounting Pronouncements
Recently adopted accounting pronouncements are discussed in
Note 1 – Summary of Significant Accounting Policies in the notes accompanying the financial statements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.
Not Applicable.
ITEM 4. CONTROLS AND PROCEDURES.
(a) Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures are designed
to ensure information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the
SEC’s rules and forms. The Company’s Chief Executive Officer, our principal executive officer, and Chief Financial Officer,
our principal financial officer, have evaluated the effectiveness of the design and operation of the Company’s disclosure controls
and procedures as of June 30, 2023, the end of the fiscal quarter covered by this Quarterly Report on Form 10-Q. Based on that evaluation,
the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2023, our disclosure
controls and procedures were effective to ensure that information we are required to disclose in reports that we file or submit under
the Exchange Act is: (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules
and forms, and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer,
as appropriate to allow timely decisions regarding required disclosure.
(b) Changes in Internal Control over Financial
Reporting
There have been no changes in our internal controls
over financial reporting (as defined in Rules 13a-15(d) and 15d-15(d) under the Exchange Act) during the three months ended June 30, 2023
that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
(c) Trust Codes Global Acquisition
On March 1, 2023, we acquired, through Trust Codes Global, the
business and certain assets of Trust Codes Limited, a company specializing in brand protection,
anti-counterfeiting and brand enhancement technology with an expertise in the food and agriculture industry. For additional information
regarding the acquisition, refer to Note 4 to the Unaudited Consolidated Financial Statements included in Item 1 in this Quarterly Report
on Form 10-Q and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 2 in this
Quarterly Report on Form 10-Q. Based on the recent completion of this acquisition and, pursuant to the Securities and Exchange Commission’s
guidance that an assessment of a recently acquired business may be omitted from the scope of an assessment for a period not to exceed
one year from the date of acquisition, the scope of our assessment of the effectiveness of internal control over financial reporting as
of June 30, 2023 does not include Trust Codes Global. We plan to include Trust Codes Global in our assessment of the effectiveness of
internal control over financial reporting within the timeframe set forth by the SEC’s guidance.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
None.
ITEM 1A. RISK FACTORS.
For a discussion of the Company’s potential
risks or uncertainties, please see “Part I—Item 1A—Risk Factors” and “Part II—Item 7—Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2022, filed with the SEC, and “Part I—Item 2—Management’s Discussion and Analysis
of Financial Condition and Results of Operations” herein. There have been no material changes from the risk factors as previously
disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent Quarterly Reports on Form 10-Q, except
as noted herein.
Foreign Currency Exchange Rate Risk
We operate in the US and New Zealand, which exposes us to market
risk associated with foreign currency exchange rate fluctuations. Our foreign currency exposure primarily relates to intercompany receivables
and payables and third party receivables and payables that are denominated in currencies other than the functional currency of our legal
entities. Our largest foreign currency exposure is unsettled intercompany payables and receivables which are reviewed on a regular basis.
Gains and losses from foreign currency transactions are included in “General and administrative” ” on our Consolidated
Statements of Operations.
Our foreign subsidiary operates in a currency
other than the United States dollar; therefore, increases or decreases in the value of the U.S. dollar against other major currencies
will affect our operating results and the value of our balance sheet items denominated in foreign currencies. Our most significant exposures
to translation risk relates to functional currency assets and liabilities that are denominated in the New Zealand dollar. The changes
in the net investment of our foreign subsidiary are reflected in "Foreign currency translation adjustments” on our Consolidated
Statements of Comprehensive Loss. We have not used any exchange rate hedging programs to mitigate the effect of exchange rate fluctuations.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Share Repurchase Plan
ISSUER PURCHASES OF EQUITY SECURITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
|
Total Number of
Shares
(or Units)
Purchased |
|
|
|
Average Price
Paid
per
Share (or Unit) |
|
|
|
Total Number of Shares
(or Units)Purchased as
Part of
Publicly Announced
Plans
or Programs(1)(2) |
|
|
Approximate Dollar Value of Shares
(or
Units)that
May Yet Be Purchased Under the
Plans
or Programs(1)(2)
(In thousands) |
|
04/01/2023-04/30/2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$1,275 |
|
05/01/2023-05/31/2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$1,275 |
|
06/01/2023-06/30/2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$1,275 |
|
Total |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$1,275 |
|
| (1) | Effective July 1, 2022, the Company’s Board of Directors approved a share repurchase program
to allow the Company to spend up to $1.5 million to repurchase shares of its common stock, so long as the price does not exceed $5.00
until July 1, 2023. During the three months ended June 30, 2023, the Company did not repurchase any shares and the program expired. |
| (2) | Excludes shares surrendered by employees to satisfy minimum tax withholding obligations on restricted
stock awards which vested in the second quarter of 2023. |
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5. OTHER INFORMATION.
During the three months ended June 30, 2023, no director or officer
of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,”
as each term is defined in Item 408(a) of Regulation S-K.
ITEM 6. EXHIBITS
Exhibit No. |
|
Description |
10.1# |
|
Employment Agreement with Adam Stedham, effective June 19, 2023 (incorporated herein by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 31, 2023). |
10.2*# |
|
Restricted Stock Unit Award Agreement between the Company dated June 19, 2023. |
10.3*# |
|
Form of Restricted Stock Unit Award Agreement (performance) pursuant to the 2020 Equity Incentive Plan. |
10.4# |
|
Separation Agreement and Release of all Claims between the Company and Keith Goldstein dated July 17, 2023 (incorporated herein by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 21, 2023). |
10.5# |
|
Separation Agreement and Release of all Claims between the Company and Margaret Gezerlis dated July 17, 2023 (incorporated herein by reference from Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on July 21, 2023). |
10.6# |
|
Restricted Stock Unit Award Agreement between the Company and Keith Goldstein dated July 31, 2023 (incorporated herein by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 21, 2023). |
10.7# |
|
Restricted Stock Unit Award Agreement between the Company and Margaret Gezerlis dated July 31, 2023 (incorporated herein by reference from Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on July 21, 2023). |
10.8# |
|
Second Amendment to the VerifyMe, Inc. 2020 Equity Incentive Plan (incorporated herein by reference from Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A filed on April 24, 2023). |
31.1* |
|
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2* |
|
Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1** |
|
Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS* |
|
XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH* |
|
Inline XBRL Taxonomy Extension Schema Document. |
101.CAL* |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.LAB* |
|
Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE* |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
101.DEF* |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document. |
104* |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
*Filed herewith
**Furnished herewith
# Denotes management compensation plan or contract
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
VERIFYME, INC. |
|
|
Date: August 10, 2023 |
By: /s/ Adam Stedham |
|
|
|
Adam Stedham |
|
Chief Executive Officer
and President
(Principal Executive Officer) |
|
|
Date: August 10, 2023 |
By: /s/ Nancy Meyers |
|
Nancy Meyers
Executive Vice President and |
|
Chief Financial Officer
(Principal Financial Officer and Principal Accounting
Officer) |
43
Exhibit 10.2
VERIFYME, INC.
2020 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
This Restricted Stock Unit
Award Agreement (this “Award Agreement”) is made and entered into as of June 19, 2023 (the “Date of Grant”),
by and between VerifyMe, Inc. (the “Company”) and Adam Stedham (the “Participant”). Capitalized
terms not defined in this Award Agreement shall have the respective meanings given such terms by the VerifyMe, Inc. 2020 Equity Incentive
Plan (the “Plan”).
1. Award.
The Company hereby grants to the Participant an Award (the “Award”) of 550,000 Restricted Stock Units (the “RSUs”)
subject to the provisions of the Plan and to the terms and conditions of this Award Agreement.
2. Vesting
and Payment. Subject to the provisions of the Plan and this Award Agreement, the RSUs shall vest (each, a “Vesting Date”)
as follows:
(a) 150,000
RSUs (“Tranche 1”) will vest on or after the one-year anniversary of the Date of Grant if (i) the Common Stock trades
at a price at or above $2.21 per share for 20 consecutive trading days during the period beginning on the Date of Grant and ending on
the fourth anniversary of the Date of Grant (or if earlier, ending on the date of the Participant’s termination of employment and
service) and (ii) the Participant has remained in continuous employment or service with the Company through the date such performance
condition is satisfied. In the event of termination of the Participant’s employment and service due to the death or Disability of
the Participant at any time on or before the one-year anniversary of the Date of Grant, then Tranche 1 will vest on the date of the Participant’s
termination if the price of the Common Stock trades at a price at or above $2.21 per share for 20 consecutive trading days during the
period from Date of Grant through the date of the Participant’s termination of employment and service.
(b) 200,000
RSUs (“Tranche 2”) will vest on or after the two-year anniversary of the Date of Grant if (i) the Common Stock trades
at a price at or above $2.94 per share for 20 consecutive trading days during the period beginning on the Date of Grant and ending on
the fourth anniversary of the Date of Grant (or if earlier, ending on the date of the Participant’s termination of employment and
service), and (ii) the Participant has remained in continuous employment or service with the Company through the date such performance
condition is satisfied. In the event of termination of the Participant’s employment and service due to the death or Disability of
the Participant at any time on or before the two-year anniversary of the Date of Grant, then Tranche 2 will vest on the date of the Participant’s
termination if the closing price of the Common Stock was at or above $2.94 per share for 20 consecutive trading days during the period
from Date of Grant through the date of the Participant’s termination of employment and service.
(c) the
remaining 200,000 RSUs (“Tranche 3”) will vest on the four-year anniversary of the Date of Grant if (i) the Common
Stock trades at a price at or above $3.86 per share for 20 consecutive trading days during the period beginning on the Date of Grant and
ending on the four-year anniversary of the Date of Grant, and (ii) the Participant has remained in continuous employment or service with
the Company through the date such performance condition is satisfied.
(d) In
the event of a Change in Control on or before the four-year anniversary of the Date of Grant, any unvested portion of Tranche 1, Tranche
2 or Tranche 3 will immediately vest if the applicable performance condition has been satisfied upon the Change in Control, regardless
of whether time vesting component of each tranche has been satisfied and the Participant has remained in continuous employment or service
with the Company through the date of the Change in Control.
(e) In
the event of a termination of the Participant’s employment by the Company without Cause or a resignation by the Participant for
Good Reason, on or before the four-year anniversary of the Date of Grant, any unvested portion of Tranche 1, Tranche 2 or Tranche 3 will
remain outstanding through the four-year anniversary of the Date of Grant and eligible to vest if the applicable performance condition
is satisfied. “Cause” and “Good Reason” have the meanings given such terms by the Employment Agreement
by and between the Company and the Participant.
(f) In
the event that Tranche 1, Tranche 2 or Tranche 3 has not vested by the four-year anniversary of the Date of Grant, such tranche shall
be permanently forfeited and cancelled.
Each vested RSU represents the
right to receive one share of Common Stock, which, less the number of shares of Common Stock withheld to satisfy tax withholding pursuant
to Paragraph 4 below, if any, will be issued to the Participant as soon as practicable following the Vesting Date on which both the performance
condition and the continued employment and service condition applicable to the RSUs have been satisfied (including a Vesting Date as a
result of the termination of the Participant’s employment and service due to the death or Disability of the Participant or as a
result of a Change in Control), but no later than 60 days thereafter.
3. Stockholder
Rights. The Participant shall not be entitled, prior to the conversion of the RSUs into the right to receive shares of Common
Stock and the issuance of such shares to the Participant, to any rights as a stockholder with respect to such shares of Common Stock,
including the right to vote, sell, pledge, transfer or otherwise dispose of the shares.
4. Withholding
of Taxes. The Company and its Affiliates shall have the right to deduct shares of Common Stock that would otherwise be distributed
pursuant to this Award Agreement from any payment made under this Award Agreement in satisfaction of the federal, state, local or foreign
income or other taxes required by law to be withheld with respect to such payment. Shares of Common Stock tendered as payment of required
tax withholding shall be valued at the fair market value of the Company’s Common Stock on the date such tax withholding obligation
arises. It shall be a condition to the obligation of the Company to issue shares of Common Stock or other property, or any combination
thereof, upon payment of the Award, that the Participant pay to the Company or an Affiliate, upon its demand, such amount as may be requested
by the Company or the Affiliate for the purpose of satisfying any liability to withhold federal, state, local or foreign income or other
taxes. If the amount requested is not paid, the Company may refuse to issue or pay shares of Common Stock or other property, or any combination
thereof.
5. Miscellaneous.
(a) Compliance
with Laws. If the Company, in its sole discretion, determines that the listing upon any securities exchange or registration or qualification
under any federal, state or local law or any foreign law of any shares to be issued pursuant to an Award is necessary or desirable, issuance
of such shares shall not be made until such listing, registration or qualification shall have been completed.
(b) Incorporation
of Plan. The RSUs are subject to the Plan and any interpretations by the Committee under the Plan, which are hereby incorporated into
this Award Agreement by reference and made a part hereof. By the execution of this Award Agreement, the Participant acknowledges that
the Plan document and the Plan prospectus, as in effect on the date of this Agreement, have been made available to the Participant for
review. Any inconsistency between this Award Agreement and the Plan shall be resolved in favor of the Plan.
(c) No
Right to Employment. The Participant’s right, if any, to continue to serve the Company or any Affiliate as an employee or otherwise
will not be enlarged or otherwise affected by the Plan or this Award Agreement. This Award Agreement does not restrict the right of the
Company or any Affiliate to terminate the Participant’s employment or service at any time, with or without cause.
(d) Administration,
Interpretation, Etc. Any action taken or decision made by the Company, the Board or the Committee arising out of or in connection
with the construction, administration, interpretation or effect of any provision of the Plan or this Award Agreement shall lie within
its sole and absolute discretion, as the case may be, and shall be final, conclusive and binding on the Participant and all persons claiming
under or through the Participant. By receipt of the RSUs or other benefit under the Plan, the Participant and each person claiming under
or through the Participant shall be conclusively deemed to have indicated acceptance and ratification of, and consent to, any action taken
under the Plan or this Award Agreement by the Company, the Board or the Committee.
(e) Entire
Agreement. This Award Agreement constitutes the entire agreement of the parties hereto with respect to the matters contained herein
and constitutes the only agreement between the parties hereto with respect to the matters contained herein.
(f) Notices.
Any notices necessary or required to be given under this Award Agreement shall be sufficiently given if in writing, and personally delivered
or mailed by registered or certified mail, return receipt requested, postage prepaid, to the last known addresses of the parties hereto,
or to such other address or addresses as any of the parties shall have specified in writing to the other party hereto.
(g) Choice
of Law. This Award Agreement and any dispute, disagreement, or issue of construction or interpretation arising hereunder whether relating
to its execution, its validity, the obligations provided herein or performance shall be governed by the substantive laws, but not the
choice of law rules, of the State of Nevada without regard to choice of law considerations.
6. Section
409A. The RSUs are intended to qualify for an exception from Section 409A and this Award Agreement shall be interpreted and
administered consistent with such intention. Notwithstanding the foregoing, in no event shall the Company be liable for all or any portion
of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section
409A.
7. Counterparts;
Participant Acknowledgement. This Award Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, and all of which shall constitute one and the same agreement. By the execution of this Award Agreement, the Participant signifies
that the Participant has fully read, completely understands, and voluntarily agrees with this Award Agreement and knowingly and voluntarily
accepts all of its terms and conditions.
* * * * *
IN WITNESS WHEREOF, the Company
and the Participant have executed this Award Agreement as of the Date of Grant set forth above.
|
VERIFYME, INC. |
|
|
|
|
|
By: |
|
|
Name: |
Margaret Gezerlis |
|
Title: |
Chief Financial Officer |
|
|
|
|
|
Participant |
|
|
|
|
|
|
|
Adam Stedham |
|
|
|
Address of the Participant: |
|
|
|
|
|
|
|
Email address: adamstedham@yahoo.com |
5
Exhibit 10.3
VERIFYME, INC.
2020 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
This Restricted Stock Unit
Award Agreement (this “Award Agreement”) is made and entered into as of July 20, 2023 (the “Date of Grant”),
by and between VerifyMe, Inc. (the “Company”) and [______] (the “Participant”). Capitalized terms
not defined in this Award Agreement shall have the respective meanings given such terms by the VerifyMe, Inc. 2020 Equity Incentive Plan
(the “Plan”).
1. Award.
The Company hereby grants to the Participant an Award (the “Award”) of [____] Restricted Stock Units (the “RSUs”)
subject to the provisions of the Plan and to the terms and conditions of this Award Agreement.
2. Vesting
and Payment. Subject to the provisions of the Plan and this Award Agreement, the RSUs shall vest (each, a “Vesting Date”)
as follows:
(a) [____]
RSUs (“Tranche 1”) will vest after the Participant’s continued employment on or after June 18, 2024 and if the
Common Stock trades at a price at or above $2.21 per share for 20 consecutive trading days prior to June 18, 2027 (or if earlier, ending
on the date of the Participant’s termination of employment and service). In the event of termination of the Participant’s
employment and service due to the death or Disability of the Participant at any time on or before June 18, 2025, then Tranche 1 will vest
on the date of the Participant’s termination if the price of the Common Stock trades at a price at or above $2.21 per share for
20 consecutive trading days during the period from Date of Grant through the date of the Participant’s termination of employment
and service.
(b) [____]
RSUs (“Tranche 2”) will vest after the Participant’s continued employment on or after June 18, 2025 and if the
Common Stock trades at a price at or above $2.94 per share for 20 consecutive trading days prior to June 18, 2027 (or if earlier, ending
on the date of the Participant’s termination of employment and service). In the event of termination of the Participant’s
employment and service due to the death or Disability of the Participant at any time on or before June 18, 2025, then Tranche 2 will vest
on the date of the Participant’s termination if the closing price of the Common Stock was at or above $2.94 per share for 20 consecutive
trading days during the period from Date of Grant through the date of the Participant’s termination of employment and service.
(c) the
remaining [____] RSUs (“Tranche 3”) will vest after the Participant’s continued employment on or after June 18,
2027 and if the Common Stock trades at a price at or above $3.68 per share for 20 consecutive trading days prior to June 18, 2027 (or
if earlier, ending on the date of the Participant’s termination of employment and service).
(d) In
the event of a Change in Control on or before June 18, 2027, any unvested portion of Tranche 1, Tranche 2 or Tranche 3 will immediately
vest if the applicable performance condition has been satisfied upon the Change in Control, regardless of whether time vesting component
of each tranche has been satisfied and the Participant has remained in continuous employment or service with the Company through the date
of the Change in Control.
(e) In
the event of the Participant’s termination of employment by the Company without cause and where the applicable performance vesting
condition for each tranche has been satisfied, each such tranche shall accelerate and immediately vest.
(f) In
the event of the Participant’s resignation, for any reason, each tranche shall be permanently forfeited and cancelled.
(g) In
the event that Tranche 1, Tranche 2 or Tranche 3 has not vested by June 18, 2027, each such tranche shall be permanently forfeited and
cancelled.
Each vested RSU represents the
right to receive one share of Common Stock, which, less the number of shares of Common Stock withheld to satisfy tax withholding pursuant
to Paragraph 4 below, if any, will be issued to the Participant as soon as practicable following the Vesting Date on which both the performance
condition and the continued employment and service condition applicable to the RSUs have been satisfied (including a Vesting Date as a
result of the termination of the Participant’s employment and service due to the death or Disability of the Participant or as a
result of a Change in Control), but no later than 60 days thereafter.
3. Stockholder
Rights. The Participant shall not be entitled, prior to the conversion of the RSUs into the right to receive shares of Common
Stock and the issuance of such shares to the Participant, to any rights as a stockholder with respect to such shares of Common Stock,
including the right to vote, sell, pledge, transfer or otherwise dispose of the shares.
4. Withholding
of Taxes. The Company and its Affiliates shall have the right to deduct shares of Common Stock that would otherwise be distributed
pursuant to this Award Agreement from any payment made under this Award Agreement in satisfaction of the federal, state, local or foreign
income or other taxes required by law to be withheld with respect to such payment. Shares of Common Stock tendered as payment of required
tax withholding shall be valued at the fair market value of the Company’s Common Stock on the date such tax withholding obligation
arises. It shall be a condition to the obligation of the Company to issue shares of Common Stock or other property, or any combination
thereof, upon payment of the Award, that the Participant pay to the Company or an Affiliate, upon its demand, such amount as may be requested
by the Company or the Affiliate for the purpose of satisfying any liability to withhold federal, state, local or foreign income or other
taxes. If the amount requested is not paid, the Company may refuse to issue or pay shares of Common Stock or other property, or any combination
thereof.
5. Miscellaneous.
(a) Compliance
with Laws. If the Company, in its sole discretion, determines that the listing upon any securities exchange or registration or qualification
under any federal, state or local law or any foreign law of any shares to be issued pursuant to an Award is necessary or desirable, issuance
of such shares shall not be made until such listing, registration or qualification shall have been completed.
(b) Incorporation
of Plan. The RSUs are subject to the Plan and any interpretations by the Committee under the Plan, which are hereby incorporated into
this Award Agreement by reference and made a part hereof. By the execution of this Award Agreement, the Participant acknowledges that
the Plan document and the Plan prospectus, as in effect on the date of this Agreement, have been made available to the Participant for
review. Any inconsistency between this Award Agreement and the Plan shall be resolved in favor of the Plan.
(c) No
Right to Employment. The Participant’s right, if any, to continue to serve the Company or any Affiliate as an employee or otherwise
will not be enlarged or otherwise affected by the Plan or this Award Agreement. This Award Agreement does not restrict the right of the
Company or any Affiliate to terminate the Participant’s employment or service at any time, with or without cause.
(d) Administration,
Interpretation, Etc. Any action taken or decision made by the Company, the Board or the Committee arising out of or in connection
with the construction, administration, interpretation or effect of any provision of the Plan or this Award Agreement shall lie within
its sole and absolute discretion, as the case may be, and shall be final, conclusive and binding on the Participant and all persons claiming
under or through the Participant. By receipt of the RSUs or other benefit under the Plan, the Participant and each person claiming under
or through the Participant shall be conclusively deemed to have indicated acceptance and ratification of, and consent to, any action taken
under the Plan or this Award Agreement by the Company, the Board or the Committee.
(e) Entire
Agreement. This Award Agreement constitutes the entire agreement of the parties hereto with respect to the matters contained herein
and constitutes the only agreement between the parties hereto with respect to the matters contained herein.
(f) Notices.
Any notices necessary or required to be given under this Award Agreement shall be sufficiently given if in writing, and personally delivered
or mailed by registered or certified mail, return receipt requested, postage prepaid, to the last known addresses of the parties hereto,
or to such other address or addresses as any of the parties shall have specified in writing to the other party hereto.
(g) Choice
of Law. This Award Agreement and any dispute, disagreement, or issue of construction or interpretation arising hereunder whether relating
to its execution, its validity, the obligations provided herein or performance shall be governed by the substantive laws, but not the
choice of law rules, of the State of Nevada without regard to choice of law considerations.
6. Section
409A. The RSUs are intended to qualify for an exception from Section 409A and this Award Agreement shall be interpreted and
administered consistent with such intention. Notwithstanding the foregoing, in no event shall the Company be liable for all or any portion
of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section
409A.
7. Counterparts;
Participant Acknowledgement. This Award Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, and all of which shall constitute one and the same agreement. By the execution of this Award Agreement, the Participant signifies
that the Participant has fully read, completely understands, and voluntarily agrees with this Award Agreement and knowingly and voluntarily
accepts all of its terms and conditions.
* * * * *
IN WITNESS WHEREOF, the Company
and the Participant have executed this Award Agreement as of the Date of Grant set forth above.
|
VERIFYME, INC.
By: ____________________________________
Name: Adam Stedham
Title: Chief Executive Officer |
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Participant
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________________________________________ |
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[_______] |
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Address of the Participant: |
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Email address: |
5
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
I, Adam Stedham, certify that:
1. I
have reviewed this quarterly report on Form 10-Q of VerifyMe, 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 controls 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 evaluation;
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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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: August 10, 2023
/s/ Adam Stedham |
|
Adam Stedham
Chief Executive Officer and President
(Principal Executive Officer) |
|
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
I, Nancy Meyers, certify that:
1. I
have reviewed this quarterly report on Form 10-Q of VerifyMe, 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 controls 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 evaluation;
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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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: August 10, 2023
/s/ Nancy Meyers |
|
Nancy Meyers
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
|
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly
report of VerifyMe, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and
Exchange Commission on the date hereof, I, Adam Stedham, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of
the Sarbanes-Oxley Act of 2002, that to my knowledge:
| 1. | The quarterly 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 quarterly report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
/s/ Adam Stedham |
|
Adam Stedham
Chief Executive Officer and President
(Principal Executive Officer) |
|
Date: August 10, 2023
In connection with the quarterly
report of VerifyMe, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and
Exchange Commission on the date hereof, I, Nancy Meyers, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of
the Sarbanes-Oxley Act of 2002, that to my knowledge:
| 1. | The quarterly 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 quarterly report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
/s/ Nancy Meyers |
|
Nancy Meyers
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
|
Date: August 10, 2023
A signed original of this written statement required by Section 906
of the Sarbanes-Oxley Act of 2002 has been provided to VerifyMe, Inc. and will be retained by VerifyMe, Inc. and furnished to the Securities
and Exchange Commission or its staff upon request.
v3.23.2
Cover - shares
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6 Months Ended |
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Jun. 30, 2023 |
Aug. 04, 2023 |
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2023
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Current Fiscal Year End Date |
--12-31
|
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Entity File Number |
001-39332
|
|
Entity Registrant Name |
VERIFYME, INC.
|
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Entity Central Index Key |
0001104038
|
|
Entity Tax Identification Number |
23-3023677
|
|
Entity Incorporation, State or Country Code |
NV
|
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Entity Address, Address Line One |
801 International Parkway
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Entity Address, Address Line Two |
Fifth Floor
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Entity Address, City or Town |
Lake Mary
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FL
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Entity Address, Postal Zip Code |
32746
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City Area Code |
(585)
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Local Phone Number |
736-9400
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Yes
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Yes
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Common Stock, par value $0.001 per share |
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Title of 12(b) Security |
Common Stock, par value $0.001 per share
|
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Trading Symbol |
VRME
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Security Exchange Name |
NASDAQ
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Warrants to Purchase Common Stock |
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Title of 12(b) Security |
Warrants to Purchase Common Stock
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NASDAQ
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v3.23.2
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS |
|
|
Cash and cash equivalents including restricted cash |
$ 2,697
|
$ 3,411
|
Accounts receivable, net of allowance for credit loss reserve, $33 and $37 as of June 30, 2023 and December 31, 2022, respectively |
1,286
|
4,448
|
Unbilled revenue |
734
|
1,185
|
Prepaid expenses and other current assets |
308
|
333
|
Inventory |
47
|
81
|
TOTAL CURRENT ASSETS |
5,072
|
9,458
|
PROPERTY AND EQUIPMENT, NET |
288
|
292
|
RIGHT OF USE ASSET |
554
|
469
|
INTANGIBLE ASSETS, NET |
6,990
|
6,412
|
GOODWILL |
5,338
|
3,988
|
DEFERRED IMPLEMENTATION COSTS |
182
|
133
|
TOTAL ASSETS |
18,424
|
20,752
|
CURRENT LIABILITIES |
|
|
Current portion of debt |
1,300
|
500
|
Accounts payable |
1,400
|
3,912
|
Other accrued expense |
723
|
902
|
Lease liability- current |
174
|
115
|
Contingent liability-short term |
122
|
|
TOTAL CURRENT LIABILITIES |
3,719
|
5,429
|
LONG-TERM LIABILITIES |
|
|
Contingent liability-long term |
831
|
|
Long-term lease liability |
389
|
359
|
Long-term derivative liability |
2
|
3
|
Term note |
1,125
|
1,375
|
TOTAL LIABILITIES |
6,066
|
7,166
|
STOCKHOLDERS' EQUITY |
|
|
Common stock, $0.001 par value; 675,000,000 authorized; 10,190,433 and 9,341,002 issued, 9,842,765 and 8,951,035 shares outstanding as of June 30, 2023 and December 31, 2022, respectively |
10
|
10
|
Additional paid in capital |
94,111
|
92,987
|
Treasury stock as cost; 347,668 and 389,967 shares at June 30, 2023 and December 31, 2022, respectively |
(792)
|
(949)
|
Accumulated deficit |
(80,921)
|
(78,459)
|
Accumulated other comprehensive loss |
(50)
|
(3)
|
STOCKHOLDERS' EQUITY |
12,358
|
13,586
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
18,424
|
20,752
|
Series A Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY |
|
|
Convertible preferred stock |
|
|
Series B Preferred Stock [Member] |
|
|
STOCKHOLDERS' EQUITY |
|
|
Convertible preferred stock |
|
|
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v3.23.2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Allowance for credit loss reserve |
$ 33
|
$ 37
|
Common stock par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
675,000,000
|
675,000,000
|
Common stock, shares issued |
10,190,433
|
9,341,002
|
Common stock, shares outstanding |
9,842,765
|
8,951,035
|
Treasury stock, shares |
347,668
|
389,967
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
37,564,767
|
37,564,767
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Series B Preferred Stock [Member] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
85
|
85
|
Preferred stock, shares issued |
0.85
|
0.85
|
Preferred stock, shares outstanding |
0.85
|
0.85
|
X |
- DefinitionAmount of allowance for credit loss of accounts and financing receivables. Includes, but is not limited to, notes and loan receivable.
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v3.23.2
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
|
NET REVENUE |
|
$ 5,335
|
$ 4,497
|
$ 10,996
|
$ 4,658
|
COST OF REVENUE |
|
3,515
|
2,812
|
7,422
|
2,850
|
GROSS PROFIT |
|
1,820
|
1,685
|
3,574
|
1,808
|
OPERATING EXPENSES |
|
|
|
|
|
General and administrative (a) |
[1] |
2,342
|
2,535
|
5,098
|
4,000
|
Research and development |
|
10
|
25
|
18
|
34
|
Sales and marketing (a) |
[1] |
506
|
447
|
1,000
|
746
|
Total Operating expenses |
|
2,858
|
3,007
|
6,116
|
4,780
|
LOSS BEFORE OTHER (EXPENSE) |
|
(1,038)
|
(1,322)
|
(2,542)
|
(2,972)
|
OTHER (EXPENSE) INCOME |
|
|
|
|
|
Interest expenses, net |
|
(46)
|
(23)
|
(88)
|
(22)
|
Unrealized gain (loss) on equity investment |
|
30
|
(246)
|
(2)
|
6
|
Realized loss on equity investment |
|
|
(10,964)
|
|
(10,964)
|
Change in fair value of contingent consideration |
|
172
|
|
172
|
|
Other (expense) income, net |
|
|
|
(2)
|
3
|
TOTAL OTHER INCOME (EXPENSE), NET |
|
156
|
(11,233)
|
80
|
(10,977)
|
NET LOSS |
|
$ (882)
|
$ (12,555)
|
$ (2,462)
|
$ (13,949)
|
LOSS PER SHARE |
|
|
|
|
|
BASIC |
|
$ (0.09)
|
$ (1.50)
|
$ (0.26)
|
$ (1.78)
|
DILUTED |
|
$ (0.09)
|
$ (1.50)
|
$ (0.26)
|
$ (1.78)
|
WEIGHTED AVERAGE COMMON SHARE OUTSTANDING |
|
|
|
|
|
BASIC |
|
9,765,452
|
8,387,662
|
9,614,183
|
7,851,463
|
DILUTED |
|
9,765,452
|
8,387,662
|
9,614,183
|
7,851,463
|
|
|
X |
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v3.23.2
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
NET LOSS |
$ (882)
|
$ (12,555)
|
$ (2,462)
|
$ (13,949)
|
Change in fair value of interest rate, Swap |
2
|
|
1
|
|
Foreign currency translation adjustments |
(46)
|
|
(48)
|
|
Total Comprehensive Loss |
$ (926)
|
$ (12,555)
|
$ (2,509)
|
$ (13,949)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net Loss |
$ (2,462)
|
$ (13,949)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Allowance for bad debt |
4
|
13
|
Stock based compensation |
41
|
92
|
Gain or loss on change in fair value of contingent consideration |
(172)
|
|
Fair value of restricted stock awards and restricted stock units issued in exchange for services |
560
|
650
|
Loss on disposal of equipment |
2
|
|
Unrealized loss on foreign currency transactions |
10
|
|
Intangible asset Impairment |
34
|
|
Unrealized loss on equity investment |
2
|
(6)
|
Realized loss on equity investment |
|
10,964
|
Amortization and depreciation |
540
|
243
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
3,156
|
(619)
|
Unbilled revenue |
451
|
(622)
|
Inventory |
34
|
(7)
|
Prepaid expenses and other current assets |
46
|
(77)
|
Accounts payable, other accrued expenses and net change in operating leases |
(2,709)
|
693
|
Net cash used in operating activities |
(463)
|
(2,625)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of patents |
(42)
|
(25)
|
Purchase of office equipment |
(24)
|
|
Acquisition of Trust Codes |
(363)
|
|
Acquisition of PeriShip |
|
(7,500)
|
Deferred implementation costs |
(56)
|
(106)
|
Capitalized software costs |
(373)
|
|
Net cash used in investing activities |
(858)
|
(7,631)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from public offering of securities |
|
4,552
|
Proceeds from Line of Credit |
800
|
|
Proceeds from SPP Plan |
71
|
67
|
Tax withholding payments for employee stock-based compensation in exchange for shares surrendered |
(3)
|
(34)
|
Increase in treasury shares (share repurchase program) |
(10)
|
|
Repayment of Debt |
(250)
|
|
Net cash provided by financing activities |
608
|
4,585
|
Effect of exchange rate changes on cash and cash equivalents |
(1)
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
(714)
|
(5,671)
|
CASH AND CASH EQUIVALENTS INCLUDIING RESTRICTED CASH BEGINNING OF PERIOD |
3,411
|
9,422
|
CASH AND CASH EQUIVALENTS INCLUDING RESTRICTED CASH - END OF PERIOD |
2,697
|
3,751
|
Cash paid during the period for: |
|
|
Interest |
68
|
|
Income taxes |
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
Change in fair value of interest rate, swap |
1
|
|
Initial recognition of right-of-use asset and lease liability during the period |
|
$ 552
|
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v3.23.2
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Series A Convertible Preferred Stock [Member] |
Series B Convertible Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stocks [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
|
|
$ 7
|
$ 86,059
|
$ (838)
|
|
$ (64,061)
|
$ 21,167
|
Beginning balance, shares at Dec. 31, 2021 |
|
0.85
|
7,196,677
|
|
223,956
|
|
|
|
Restricted stock awards, net of shares withheld for employee tax |
|
|
|
139
|
|
|
|
139
|
Restricted stock awards, net of shares withheld for employee tax, shares |
|
|
29,688
|
|
|
|
|
|
Common stock issued in relation to Stock Purchase Plan |
|
|
|
(15)
|
$ 82
|
|
|
67
|
Common stock issued in relation to Stock Purchase Plan, shares |
|
|
25,000
|
|
(25,000)
|
|
|
|
Restricted Stock Units |
|
|
|
477
|
|
|
|
477
|
Stock Purchase Plan |
|
|
|
67
|
|
|
|
67
|
Common stock issued in relation to private placement |
|
|
$ 2
|
4,550
|
|
|
|
4,552
|
Common stock issued in relation to private placement, shares |
|
|
880,208
|
|
|
|
|
|
Common stock issued for services |
|
|
|
96
|
|
|
|
96
|
Common stock issued for services, shares |
|
|
30,000
|
|
|
|
|
|
Common stock issued in relation to Acquisition |
|
|
|
974
|
|
|
|
974
|
Common stock issued in relation to Acquisition, shares |
|
|
305,473
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(13,949)
|
(13,949)
|
Ending balance, value at Jun. 30, 2022 |
|
|
$ 9
|
92,347
|
$ (756)
|
|
(78,010)
|
13,590
|
Ending balance, shares at Jun. 30, 2022 |
|
0.85
|
8,467,046
|
|
198,956
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
|
|
$ 7
|
86,387
|
$ (756)
|
|
(65,455)
|
20,183
|
Beginning balance, shares at Mar. 31, 2022 |
|
0.85
|
7,252,115
|
|
198,956
|
|
|
|
Restricted stock awards, net of shares withheld for employee tax |
|
|
|
31
|
|
|
|
31
|
Restricted stock awards, net of shares withheld for employee tax, shares |
|
|
(750)
|
|
|
|
|
|
Restricted Stock Units |
|
|
|
274
|
|
|
|
274
|
Stock Purchase Plan |
|
|
|
35
|
|
|
|
35
|
Common stock issued in relation to private placement |
|
|
$ 2
|
4,550
|
|
|
|
4,552
|
Common stock issued in relation to private placement, shares |
|
|
880,208
|
|
|
|
|
|
Common stock issued for services |
|
|
|
96
|
|
|
|
96
|
Common stock issued for services, shares |
|
|
30,000
|
|
|
|
|
|
Common stock issued in relation to Acquisition |
|
|
|
974
|
|
|
|
974
|
Common stock issued in relation to Acquisition, shares |
|
|
305,473
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(12,555)
|
(12,555)
|
Ending balance, value at Jun. 30, 2022 |
|
|
$ 9
|
92,347
|
$ (756)
|
|
(78,010)
|
13,590
|
Ending balance, shares at Jun. 30, 2022 |
|
0.85
|
8,467,046
|
|
198,956
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
|
$ 10
|
92,987
|
$ (949)
|
(3)
|
(78,459)
|
13,586
|
Beginning balance, shares at Dec. 31, 2022 |
|
0.85
|
8,951,035
|
|
389,967
|
|
|
|
Restricted stock awards, net of shares withheld for employee tax |
|
|
|
147
|
|
|
|
147
|
Restricted stock awards, net of shares withheld for employee tax, shares |
|
|
485,444
|
|
|
|
|
|
Repurchase of Common Stock |
|
|
|
|
$ (10)
|
|
|
(10)
|
Repurchase of common stock, shares |
|
|
(6,201)
|
|
6,201
|
|
|
|
Restricted Stock Units, net of shares withheld for employee tax |
|
|
|
410
|
|
|
|
410
|
Restricted Stock Units, net of shares withheld for employee tax, shares |
|
|
1,750
|
|
|
|
|
|
Common stock issued in relation to Stock Purchase Plan |
|
|
|
(58)
|
$ 167
|
|
|
109
|
Common stock issued in relation to Stock Purchase Plan, shares |
|
|
57,245
|
|
(48,500)
|
|
|
|
Accumulated Other Comprehensive Loss |
|
|
|
|
|
(47)
|
|
(47)
|
Common stock issued in relation to Acquisition |
|
|
|
625
|
|
|
|
625
|
Common stock issued in relation to Acquisition, shares |
|
|
353,492
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(2,462)
|
(2,462)
|
Ending balance, value at Jun. 30, 2023 |
|
|
$ 10
|
94,111
|
$ (792)
|
(50)
|
(80,921)
|
12,358
|
Ending balance, shares at Jun. 30, 2023 |
|
0.85
|
9,842,765
|
|
347,668
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
|
$ 10
|
93,790
|
$ (793)
|
(6)
|
(80,039)
|
12,962
|
Beginning balance, shares at Mar. 31, 2023 |
|
0.85
|
9,348,914
|
|
348,075
|
|
|
|
Restricted stock awards, net of shares withheld for employee tax |
|
|
|
146
|
|
|
|
146
|
Restricted stock awards, net of shares withheld for employee tax, shares |
|
|
485,444
|
|
|
|
|
|
Restricted Stock Units, net of shares withheld for employee tax |
|
|
|
148
|
|
|
|
148
|
Restricted Stock Units, net of shares withheld for employee tax, shares |
|
|
|
|
|
|
|
|
Common stock issued in relation to Stock Purchase Plan |
|
|
|
27
|
$ 1
|
|
|
28
|
Common stock issued in relation to Stock Purchase Plan, shares |
|
|
8,407
|
|
(407)
|
|
|
|
Accumulated Other Comprehensive Loss |
|
|
|
|
|
(44)
|
|
(44)
|
Net loss |
|
|
|
|
|
|
(882)
|
(882)
|
Ending balance, value at Jun. 30, 2023 |
|
|
$ 10
|
$ 94,111
|
$ (792)
|
$ (50)
|
$ (80,921)
|
$ 12,358
|
Ending balance, shares at Jun. 30, 2023 |
|
0.85
|
9,842,765
|
|
347,668
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of the Business
VerifyMe, Inc. (“VerifyMe”) was incorporated
in the State of Nevada on November 10, 1999. VerifyMe, together with its subsidiaries, including PeriShip Global LLC (“PeriShip
Global”) and Trust Codes Global Limited (“Trust Codes Global”), (together the “Company,” “we,”
“us,” or “our”) is based in Lake Mary, Florida and its common stock, par value $0.001 per share, and warrants
to purchase common stock are traded on The Nasdaq Capital Market (“Nasdaq”) under the trading symbols “VRME” and
“VRMEW,” respectively.
VerifyMe, through PeriShip Global, is a software driven predictive
analytics logistics provider of high-touch, end-to-end logistics management, which represents most of our current revenue stream. In addition,
VerifyMe technologies provide product traceability, brand protections services, and brand enhancement solutions. Our operations are split
into two segments: Precision Logistics and Authentication. Through our Precision Logistics segment, we provide a value-added service for
time and temperature sensitive parcel management driven by a proprietary software platform that provides predictive analytics from key
metrics such as flight-tracking, weather, and traffic, all delivered to customers via a secure portal. The portal provides real-time visibility
into shipment transit and last-mile events, with dynamic dashboards. All aspects of the shipping journey are managed by a dedicated service
center. Using our proprietary logistics solution, we provide real-time information and analysis to mitigate supply chain flow interruption,
delivering last-mile resolution for key markets, including the perishable healthcare and food industries. Through our Authentication segment,
our technologies provide unit level traceability, brand protection, and brand enhancement solutions allowing brand owners to gather business
intelligence, cross-sell products, monitor product diversion through the supply chain and build brand loyalty through interaction utilizing
our unique dynamic codes which are read by consumers with their smart phones. The Company’s activities are subject to significant
risks and uncertainties. See the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections in this report.
Reclassifications
Certain amounts presented for the three
and six months ended June 30, 2022, reflect reclassifications made to conform to the presentation in our current reporting
period. These reclassifications had no effect on the previously reported net loss.
Basis of Presentation
The accompanying unaudited interim consolidated
financial statements (the “Interim Statements”) include the accounts of VerifyMe and its wholly owned subsidiaries PeriShip
Global and Trust Codes Global. All significant intercompany balances and transactions have been eliminated upon consolidation. The consolidated
financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information
and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements are not
included herein. The Interim Statements should be read in conjunction with the financial statements and notes thereto included in the
Company’s latest Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission
(the “SEC”) on March 28, 2023. The accompanying Interim Statements are unaudited; however, in the opinion of management,
all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The interim
results for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the year ending
December 31, 2023, or for any future interim periods.
Segment Reporting
Operating segments are defined as components of
an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or
decision-making group, in deciding the method by which to allocate resources and assess performance. The Company has two reportable segments,
namely, (i) Precision Logistics (formerly PeriShip Global) and (ii) Authentication (formerly VerifyMe Solutions). See Note 13 Segment
Reporting, for further discussion of the Company’s segment reporting structure.
Foreign Currency Translation
The function currency of our New Zealand operations
is the local currency, New Zealand dollar (NZD). The translation of the foreign currency into U. S. dollars is performed for balance sheet
accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted average
exchange rates prevailing during the year. The unrealized gains and losses resulting from such translation are included as a component
of comprehensive income. Translation gains and losses arising from currency exchange rate fluctuations on transactions denominated in
a currency other than the local functional currency are included in “General and administrative” on our Consolidated Statements
of Operations. The foreign currency transaction losses for the three and six months ended June 30, 2023, were immaterial.
Use of Estimates
The preparation of financial statements in conformity
with 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 financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from these estimates.
Recent Accounting Pronouncements
In October 2021, the FASB
issued Accounting Standards Update No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU
2021-08”). ASU 2021-08 amends ASC 805 to require acquiring entities to apply Topic 606 to recognize and measure contract assets
and contract liabilities in a business combination. The Company adopted the new standard beginning January 1, 2023, and did not have an
effect on its financial position, results of operations or cash flows.
Fair Value of Financial Instruments
The Company’s financial instruments consist
of accounts receivable, unbilled revenue, accounts payable, notes payable and accrued expenses, equity investment, contingent consideration
and long-term derivative liabilities. The carrying value of accounts receivable, accounts payable and accrued expenses approximate their
fair value because of their short maturities. The Company believes the carrying amount of its notes payable approximates fair value
based on rates and other terms currently available to the Company for similar debt instruments.
The Company follows FASB ASC 820, “Fair
Value Measurements and Disclosures,” and applies it to all assets and liabilities that are being measured and reported on a fair
value basis. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following
three categories:
Level 1: Quoted market prices in active markets
for identical assets or liabilities
Level 2: Observable market-based inputs or unobservable
inputs that are corroborated by market data
Level 3: Unobservable inputs that are not corroborated by market data
The level in the fair value within which a fair
value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.
The following table presents the Company’s
financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis, and their
level within the fair value hierarchy as of June 30, 2023 and December 31, 2022.
Amounts in Thousands ('000)
Schedule of fair value assets measured on recurring basis
| |
| | |
| | |
| |
| |
Short Term Investment | | |
Derivative Liability | | |
Contingent Consideration | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| |
| | |
| | |
| |
Balance as of December 31, 2022 | |
$ | 100 | | |
| (3 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Unrealized loss on fair value recognized in other income (expense) | |
| (2 | ) | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Contingent Consideration at issuance | |
| - | | |
| - | | |
| 1,125 | |
| |
| | | |
| | | |
| | |
Change in fair value of Contingent Consideration | |
| - | | |
| - | | |
| (172 | ) |
| |
| | | |
| | | |
| | |
Change in fair value to interest rate, SWAP, recognized in other comprehensive loss | |
| | | |
| 1 | | |
| - | |
| |
| - | | |
| | | |
| | |
Balance at June 30, 2023 | |
$ | 98 | | |
$ | (2 | ) | |
$ | 953 | |
Equity
Investments
When the Company does not have a controlling financial
interest in an entity but can exert influence over the entity’s operations and financial policies, the investment is accounted for
either (i) under the equity method of accounting or (ii) at fair value by electing the fair value option available under applicable generally
accepted accounting policies. The Company has elected the fair value option for its equity security under prepaid expenses and other current
assets on the Consolidated Balance Sheets, as it has determined the fair value best reflects the economic performance of the equity investment.
Changes in unrecognized gain or loss of the fair value of the equity investments are included in Other income (expense) on the accompanying
Consolidated Statements of Operations.
Revenue Recognition
The Company accounts for revenues according to
Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” which
establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from
the entity's contracts to provide goods or services to customers.
The Company applies the following five steps in
order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
| · | identify the contract with a customer; |
| · | identify the performance obligations in the contract; |
| · | determine the transaction price; |
| · | allocate the transaction price to performance obligations in the contract; and |
| · | recognize revenue as the performance obligation is satisfied. |
During the three and six months ended June 30,
2023, the Company’s revenues primarily consisted of revenue related to our shipping logistics services generated by our subsidiary
PeriShip Global.
Goodwill
Goodwill represents the excess of purchase price
over the fair value of net assets acquired in business combinations. Pursuant to ASC 350, the Company tests goodwill for impairment
on an annual basis in the fourth quarter, or between annual tests, in certain circumstances. Under authoritative guidance, the Company
first assesses qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment test.
The assessment considers factors such as, but not limited to, macroeconomic conditions, data showing other companies in the industry and
our share price. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative
assessment, that it is more likely than not that its fair value is less than its carrying amount. Events or changes in circumstances which
could trigger an impairment review include macroeconomic conditions, industry and market conditions, cost factors, overall financial performance,
other entity specific events and sustained decrease in share price.
Business Combinations
The Company applies the provisions of Accounting
Standard Codification (“ASC”) Topic 805, Business Combinations, in the accounting for business acquisitions. ASC 805 requires
the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values.
Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values
of the identifiable assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately
apply preliminary value to assets acquired and liabilities assumed at the acquisition date, where applicable, these estimates are inherently
uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition
date, the Company records adjustments in the current period, rather than a revision to a prior period. Upon the conclusion of the measurement
period or final determination of the values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments
are recorded in the Consolidated Statements of Operations. Accounting for business combinations requires management to make significant
estimates and assumptions, especially at the acquisition date, including estimates for intangible assets where applicable. Although the
Company believes the assumptions and estimates made have been reasonable and appropriate, they are based in part on information obtained
from management of the acquired companies and are inherently uncertain. Unanticipated events and circumstances may occur that may affect
the accuracy or validity of such assumptions, estimates, or actual results.
Basic and Diluted Net Loss per Share of Common Stock
The Company follows Financial Accounting Standards
Board (“FASB”) ASC 260, “Earnings Per Share,” when reporting earnings per share resulting in the presentation
of basic and diluted earnings per share. Because the Company reported a net loss for each of the periods presented, common
stock equivalents, including preferred stock, stock options and warrants were anti-dilutive; therefore, the amounts reported for basic
and diluted loss per share were the same.
For the six months ended June 30, 2023, and 2022,
there were shares potentially issuable, that could dilute basic earnings per share in the future that were excluded from the calculation
of diluted earnings per share because their inclusion would have been anti-dilutive to the Company’s losses during the periods presented. For
the three and six months ended June 30, 2023, there were approximately 7,108,000 anti-dilutive shares consisting of 1,998,000 unvested
performance restricted stock units, restricted stock units, restricted stock awards and options under the stock purchase plan, 337,000
shares issuable upon exercise of stock options, 4,629,000 shares issuable upon exercise of warrants, and 144,000 shares issuable upon
conversion of preferred stock. For the three and six months ended June 30, 2022, there were
approximately 5,596,000 anti-dilutive shares consisting of 727,000 unvested restricted stock units and options under the stock purchase
plan, 337,000 shares issuable upon exercise of stock options, 3,713,000 shares issuable upon exercise of warrants, 675,000 shares issuable
upon exercise of pre-funded warrants, and 144,000 shares issuable upon conversion of preferred stock.
Stock-Based Compensation
We account for stock-based compensation under
the provisions of FASB ASC 718, “Compensation—Stock Compensation”, which requires the measurement and recognition of
compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. We estimate
the fair value of stock-based awards on the date of grant using the Black-Scholes model. The assumptions used in the Black-Scholes option
pricing model include risk-free interest rates, expected volatility and expected life of the stock options. Changes in these assumptions
can materially affect estimates of fair value stock-based compensation, and the compensation expense recorded in future periods. The value
of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods using the
straight-line method. For performance restricted stock units with stock price appreciation targets (see Note 7 – Stock Options,
Restricted Stock and Warrants), we applied a lattice approach that incorporated a Monte Carlo simulation, which involved random iterations
that took different future price paths over the RSU’s contractual life based on the appropriate probability distributions (which
are based on commonly applied Black Scholes inputs). The fair value was determined by taking the average of the grant date fair values
under each Monte Carlo simulation trial. We recognize compensation expense on a straight-line basis over the performance period and there
is no ongoing adjustment or reversal based on actual achievement during the period.
We account for stock-based compensation awards
to non-employees in accordance with ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee
Share-Based Payment Accounting (“ASU 2018-07”), which aligns accounting for share-based payments issued to nonemployees to
that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based
payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees.
All issuances of stock options or other equity
instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value
of the equity instruments issued. Non-employee equity-based payments are recorded as an expense over the service period, as if we had
paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services,
the fair value of the equity-based payments will be re-measured, and the non-cash expense recognized during the period will be adjusted
accordingly. Since the fair value of equity-based payments granted to non-employees is subject to change in the future, the amount of
the future expense will include fair value re-measurements until the equity-based payments are fully vested or the service completed.
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- DefinitionThe entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.
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v3.23.2
EQUITY INVESTMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
EQUITY INVESTMENTS |
NOTE 2 – EQUITY INVESTMENTS
In December 2021, the Company acquired 8,841 shares
of 10% Cumulative Convertible Series D Preferred Stock at a price of $10.00 per share as payment for a customer’s outstanding AR
balance of $88,410. This instrument is considered an equity security within the scope of Topic 321 since the issuing entity has the option
but no contractual obligation to redeem the preferred stock, and the Company can convert the preferred shares to common stock. For the
three and six months ended June 30, 2023, an unrealized fair value gain of $30 thousand and a loss of $2 thousand was recognized, respectively
and included in Unrealized gain (loss) on equity investments, in the accompanying Consolidated Statements of Operations. The fair value
of the equity investment was $98 thousand as of June 30, 2023, and $100 thousand as of December 31, 2022, and included in Prepaid expenses
and other current assets on the accompanying Consolidated Balance Sheets. The fair value of the equity investment is classified as Level
1 in the fair value hierarchy as the calculation is dependent upon the quoted market price of the entity.
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
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v3.23.2
REVENUE
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE |
NOTE 3 – REVENUE
Revenue by Category
The following series of tables present our revenue disaggregated by
various categories (dollars in thousands).
Schedule of disaggregation of revenue
| |
| | |
| | |
| |
| |
Authentication | | |
Precision Logistics | | |
Consolidated | |
Revenue | |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Proactive services | |
$ | - | | |
$ | - | | |
$ | 4,200 | | |
$ | 3,315 | | |
$ | 4,200 | | |
$ | 3,315 | |
Premium services | |
| - | | |
| - | | |
| 1,014 | | |
| 916 | | |
| 1,014 | | |
| 916 | |
Brand protection services | |
| 121 | | |
| 266 | | |
| - | | |
| - | | |
| 121 | | |
| 266 | |
| |
$ | 121 | | |
$ | 266 | | |
$ | 5,214 | | |
$ | 4,231 | | |
$ | 5,335 | | |
$ | 4,497 | |
Schedule of disaggregation of revenue
| |
| | |
| | |
| |
| |
Authentication | | |
Precision Logistics | | |
Consolidated | |
Revenue | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Proactive services | |
$ | - | | |
$ | - | | |
$ | 8,704 | | |
$ | 3,315 | | |
$ | 8,704 | | |
$ | 3,315 | |
Premium services | |
| - | | |
| - | | |
| 1,924 | | |
| 916 | | |
| 1,924 | | |
| 916 | |
Brand protection services | |
| 368 | | |
| 427 | | |
| - | | |
| - | | |
| 368 | | |
| 427 | |
| |
$ | 368 | | |
$ | 427 | | |
$ | 10,628 | | |
$ | 4,231 | | |
$ | 10,996 | | |
$ | 4,658 | |
Contract Balances
The timing of revenue recognition, billings and
cash collections results in unbilled revenue (contract assets) and deferred revenue (contract liabilities) on the consolidated balance
sheets. Amounts charged to our clients become billable according to the contract terms, which usually consider the delivery completion.
Unbilled amounts will generally be billed and collected within 30 days but typically no longer than 60 days. When we advance
bill clients prior to the work being performed, generally, such amounts will be earned and recognized in revenue within twelve months.
These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting
period. Changes in the contract asset and liability balances during the six-month period ended June 30, 2023, were not materially impacted
by any other factors.
Applying the practical expedient in ASC Topic
606, we recognize the incremental costs of obtaining contracts (i.e. sales commissions) as an expense when incurred if the amortization
period of the assets that we otherwise would have recognized is one year or less. As of June 30, 2023, we did not have any capitalized
sales commissions.
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v3.23.2
BUSINESS COMBINATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
BUSINESS COMBINATIONS |
NOTE 4 – BUSINESS COMBINATIONS
Trust Codes Global Limited
On March 1, 2023, we acquired, through Trust Codes
Global, the business and certain assets of Trust Codes Limited (“Trust Codes”), specializing in brand protection, anti-counterfeiting,
and consumer engagement technology with an expertise in the food and agriculture industry. Trust Codes Global uses unique QR codes or
IoT, coupled with GS1 standards to deliver cloud-based brand protection based on a unique per-item digital identity to protect brand and
product authenticity, increase data visualization of a product through the end to end supply chain, and creates a data-drive engine to
inform and educate consumers of the product. The Company accounted for the transaction as an acquisition of a business under ASC 805 –
Business Combination. The purchase price was approximately $1.0 million which consisted of $0.36 million in cash paid at closing
and 353,492 shares of common stock of the Company, representing $0.65 million in stock consideration. In addition, the purchase agreement
requires consideration contingent upon the achievement of earnings targets during a five-year period subsequent to the closing of the
acquisition. The earn-out consideration is estimated at $1.1 million at the acquisition date, however the maximum amount of the payment
is unlimited. The preliminary purchase price allocation is subject to change and is expected to be finalized in the third quarter of 2023.
The goodwill recognized is due to the expected synergies from combining the operations of the acquiree with the Company. All of the goodwill
recorded for financial statement purposes is deductible for tax purposes. Trust Codes Global is included in the Authentication segment
and the results of its operations have been included in the consolidated financial statements beginning March 1, 2023. The pro-forma
financial information for Trust Codes is not required.
The following table summarizes the purchase price
allocation for the acquisition (dollars in thousands).
Schedule of business acquisitions
| |
| | |
|
Cash | |
| 363 | | |
|
Fair value of contingent consideration | |
| 1,125 | | |
|
Stock (issuance of 353,492 shares of common stock) (a) | |
| 625 | | |
|
Total purchase price | |
| 2,113 | | |
|
| |
| | | |
|
| |
| | | |
Amortization |
| |
| | | |
Period |
Purchase price allocation: | |
| | | |
|
Prepaid expenses | |
| 25 | | |
|
Property and Equipment, net | |
| 18 | | |
|
ROU Asset | |
| 171 | | |
|
Developed Technology | |
| 485 | | |
8 years |
Trade Names/Trademarks | |
| 148 | | |
18 years |
Customer Relationships | |
| 68 | | |
10 years |
Goodwill | |
| 1,383 | | |
|
Accounts payable and other accrued expenses | |
| (14 | ) | |
|
Current lease liability | |
| (63 | ) | |
|
Long term lease liability | |
| (108 | ) | |
|
| |
| 2,113 | | |
|
(a) Stock issued was calculated based
on the 15 day volume-weighted average price (“VWAP”) through February 28, 2023 calculated at $1.8388.
Contingent Consideration
ASC Topic 805 requires that contingent consideration
to be recognized at fair value on the acquisition date and be re-measured each reporting period with subsequent adjustments recognized
in the consolidated statement of operations. We estimate the fair value of contingent consideration liabilities using an appropriate valuation
methodology, typically either an income-based approach or a simulation model, such as the Monte Carlo model, depending on the structure
of the contingent consideration arrangement. Contingent consideration is valued using significant inputs that are not observable in the
market which are defined as Level 3 inputs pursuant to fair value measurement accounting. We believe our estimates and assumptions are
reasonable; however, there is significant judgment involved. At each reporting date, the contingent consideration obligation is revalued
to estimated fair value, and changes in fair value subsequent to the acquisitions are reflected in income or expense in the consolidated
statements of operations, and could cause a material impact to, and volatility in, our results. Changes in the fair value of contingent
consideration obligations may result from changes in discount periods and rates and changes in the timing and amount of revenue and/or
earnings projections.
As of June 30, 2023, contingent consideration
presented as current liability totaled $122 thousand. As of June 30, 2023, we also had accrued long term contingent consideration totaling
$831 thousand related to the acquisition of Trust Codes on the consolidated balance sheets and represents the portion of contingent consideration
estimated to be payable greater than twelve months from the balance sheet date.
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS AND GOODWILL |
NOTE 5 – INTANGIBLE ASSETS AND GOODWILL
Goodwill
Goodwill represents costs in excess of values
assigned to the underlying net assets of acquired businesses. Intangible assets acquired are recorded at estimated fair value. Goodwill
is deemed to have an indefinite life and is not amortized but is tested for impairment annually, and at any time when events suggest an
impairment more likely than not has occurred. We test goodwill at the reporting unit level.
ASC Topic 350, Intangibles - Goodwill
and Other (ASC Topic 350), permits an entity to first assess qualitative factors to determine whether it is more likely than
not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform
a quantitative goodwill impairment test. Under ASC Topic 350, an entity is not required to perform a quantitative goodwill
impairment test for a reporting unit if it is more likely than not that its fair value is greater than its carrying amount. A reporting
unit is an operating segment, or one level below an operating segment, as defined by U.S. GAAP.
Determining the fair value of a reporting unit
is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue
growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market
conditions and determination of appropriate market comparables. We base our fair value estimates on assumptions we believe to be reasonable
but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. The timing and frequency of
our goodwill impairment tests are based on an ongoing assessment of events and circumstances that would indicate a possible impairment.
We will continue to monitor our goodwill and intangible assets for impairment and conduct formal tests when impairment indicators are
present.
Each of our two reportable segments represents
an operating segment under ASC Topic 280, Segment Reporting. We test our goodwill at the reporting unit level, or one level
below an operating segment, under ASC Topic 350, Intangibles - Goodwill and Other. We determined that we have two reporting
units for purposes of goodwill impairment testing, which represent our two reportable business segments, as discussed below.
Changes in the carrying amount of goodwill by
reportable business segment for the six months ended June 30, 2023, were as follows (in thousands):
Schedule of goodwill by reportable business segment
| |
| | |
| | |
| |
| |
Authentication | | |
Precision Logistics | | |
Total | |
Net book value at | |
| | |
| | |
| |
January 1, 2023 | |
$ | - | | |
$ | 3,988 | | |
$ | 3,988 | |
| |
| | | |
| | | |
| | |
2023 Activity | |
| | | |
| | | |
| | |
Acquisition of Trust Codes Global
| |
| 1,383 | | |
| - | | |
| 1,383 | |
Foreign currency translation | |
| (33 | ) | |
| - | | |
| (33 | ) |
Net book value at | |
| | | |
| | | |
| | |
June 30, 2023 | |
$ | 1,350 | | |
$ | 3,988 | | |
$ | 5,338 | |
Intangible Assets Subject to Amortization
Our intangible assets include amounts recognized
in connection with patents and trademarks, capitalized software and acquisitions, including customer relationships, tradenames, developed
technology and non-compete agreements. Intangible assets are initially valued at fair market value using generally accepted valuation
methods appropriate for the type of intangible asset. Amortization is recognized on a straight-line basis over the estimated useful life
of the intangible assets. Intangible assets with definite lives are reviewed for impairment if indicators of impairment arise. Except
for goodwill, we do not have any intangible assets with indefinite useful lives.
Intangible assets with finite lives are subject
to amortization over their estimated useful lives. The primary assets included in this category and their respective balances were as
follows (in thousands):
Schedule of intangible assets
subject to amortization | |
| | |
| | |
| | |
| |
June 30, 2023 | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | | |
Weighted
Average Useful
Life (Years) | |
Patents and Trademarks | |
$ | 2,039 | | |
$ | (507 | ) | |
$ | 1,532 | | |
| 13 | |
Capitalized Software | |
| 161 | | |
| (92 | ) | |
| 69 | | |
| 2 | |
Customer Relationships | |
| 1,906 | | |
| (221 | ) | |
| 1,685 | | |
| 9 | |
Developed Technology | |
| 3,616 | | |
| (645 | ) | |
| 2,971 | | |
| 5 | |
Internally Used Software | |
| 610 | | |
| (22 | ) | |
| 588 | | |
| 6 | |
Non-Compete Agreement | |
| 191 | | |
| (46 | ) | |
| 145 | | |
| 4 | |
| |
$ | 8,523 | | |
$ | (1,533 | ) | |
$ | 6,990 | | |
| | |
December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Patents and Trademarks | |
$ | 1,858 | | |
$ | (445 | ) | |
$ | 1,413 | | |
| 13 | |
Capitalized Software | |
| 206 | | |
| (91 | ) | |
| 115 | | |
| 3 | |
Customer Relationships | |
| 1,839 | | |
| (133 | ) | |
| 1,706 | | |
| 9 | |
Developed Technology | |
| 3,143 | | |
| (360 | ) | |
| 2,783 | | |
| 5 | |
Internally Used Software | |
| 236 | | |
| (4 | ) | |
| 232 | | |
| 14 | |
Non-Compete Agreement | |
| 191 | | |
| (28 | ) | |
| 163 | | |
| 4 | |
| |
$ | 7,473 | | |
$ | (1,061 | ) | |
$ | 6,412 | | |
| | |
Amortization expense for intangible assets was $495 thousand
and $197 thousand for the six months ended June 30, 2023, and 2022, respectively. During the six months ended June 30, 2023, the Company
impaired certain assets related to its Developed Technology and Patents by $28 thousand and $6 thousand, respectively, to bring the gross
carrying amount related to these assets to zero, as these technologies are no longer in use.
Patents and Trademarks
As of June 30, 2023, our current patent and trademark
portfolios consist of nine granted U.S. patents and one granted European patent validated in four countries (France, Germany, United
Kingdom, and Italy), five pending U.S. and foreign patent applications, twenty-six registered U.S. trademarks (of which seven trademarks
were acquired through our wholly owned subsidiary, PeriShip Global), two EU trademark registrations, one Colombian trademark registration,
one Australian trademark registration, one Japanese trademark registration, one Mexican trademark registration, one Singaporean trademark
registration, two UK trademark registrations, six NZ trademark registration (in the name of Trust Codes Limited and/or Trust Codes Global
Limited), one OAPI (African Intellectual Property Organization) trademark registration (in the name of Trust Codes Global Limited), and
ten pending US and foreign trademark applications (of which one European trademark application is in the name of Trust Codes Limited).
The Company abandoned three patents during the six months ended June 30, 2023.
The Company expects to record amortization expense
of intangible assets over the next 5 years and thereafter as follows (in thousands):
Schedule of future amortization expense
| | |
| |
Fiscal Year ending December 31, | | |
| |
2023 (six months remaining) | | |
$ | 534 | |
2024 | | |
| 1,069 | |
2025 | | |
| 1,044 | |
2026 | | |
| 1,040 | |
2027 | | |
| 1,005 | |
Thereafter | | |
| 2,298 | |
Total | | |
$ | 6,990 | |
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE 6 – STOCKHOLDERS’ EQUITY
The Company expensed $147 thousand and $148 thousand
related to restricted stock awards for the three and six months ended June 30, 2023, respectively. The Company expensed $34 thousand and
$173 thousand related to restricted stock awards for the three and six months ended June 30, 2022, respectively.
The Company expensed $149 thousand and $412 thousand
related to restricted stock units for the three and six months ended June 30, 2023, and $274 thousand and $477 thousand related to restricted
stock units for the three and six months ended June 30, 2022.
On February 28, 2023, 353,492 shares of common
stock were issued in relation to the acquisition of Trust Codes Global, see Note 4 – Business Combinations, for details.
Non-Qualified Stock Purchase Plan
On June 10, 2021, the stockholders of the Company
approved a non-qualified stock purchase plan (the “2021 Plan”). The 2021 Plan provides eligible participants, including employees,
directors and consultants of the Company, the opportunity to purchase shares of the Company’s common stock thereby increasing their
interest in the Company’s continued success. The maximum number of common stock reserved and available for issuance under the 2021
Plan is 500,000 shares. The purchase price of shares of common stock acquired pursuant to the exercise of an option will be the lesser
of 85% of the fair market value of a share (a) on the enrollment date, and (b) on the exercise date. The 2021 Plan is not intended to
qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”).
The Company applied FASB ASC 718, “Compensation-Stock Compensation” and estimated the fair value using the Black-Scholes model,
as the 2021 Plan is considered compensatory. In relation to the 2021 Plan the Company expensed $19 thousand and $41 thousand for the three
and six months ended June 30, 2023, respectively. During the six months ended June 30, 2023, the Company received $71 thousand in proceeds
related to the 2021 Plan.
Shares Held in Treasury
As of June 30, 2023, and December 31, 2022, the
Company had 347,668 and 389,967 shares, respectively, held in treasury with a value of approximately $792 thousand and $949 thousand,
respectively.
On February 28, 2023, fourteen participants exercised
their option under the Company’s non-qualified stock purchase plan, and as a result, 57,245 shares were issued, of which 48,500
were issued from treasury, with a purchase price of $1.19 per share.
On February 28, 2022, five participants exercised
their option under the Company’s non-qualified stock purchase plan, and as a result, 25,000 shares were issued from treasury with
a purchase price of $2.69 per share.
Shares Repurchase Program
Effective July 1, 2022, the Company’s Board
of Directors approved a share repurchase program to allow the Company to spend up to $1.5 million to repurchase shares of its
common stock, so long as the price does not exceed $5.00. This plan ended on July 1, 2023. During the six months ended June 30, 2023,
the Company repurchased 6,201 shares of common stock for $10 thousand under the Company’s repurchase program.
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v3.23.2
STOCK OPTIONS, RESTRICTED STOCK AND WARRANTS
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCK OPTIONS, RESTRICTED STOCK AND WARRANTS |
NOTE 7 – STOCK OPTIONS, RESTRICTED STOCK
AND WARRANTS
During 2013, the Company adopted the 2013 Omnibus
Equity Compensation Plan (the “2013 Plan”). Under the 2013 Plan, the Company is authorized to grant awards of stock options,
restricted stock, restricted stock units and other stock-based awards up to an aggregate of 400,000 shares of common stock. The
2013 Plan is intended to permit certain stock options granted to employees under the 2013 Plan to qualify as incentive stock options. All
options granted under the 2013 Plan, which are not intended to qualify as incentive stock options are deemed to be non-qualified stock
options.
On November 14, 2017, the Executive Committee
of the Company’s Board of Directors adopted the 2017 Equity Incentive Plan (the “2017 Plan”) which covered the potential
issuance of 260,000 shares of common stock. The 2017 Plan provided that directors, officers, employees, and consultants of the Company
were eligible to receive equity incentives under the 2017 Plan at the discretion of the Board or the Board’s Compensation Committee.
On August 10, 2020, the Company’s Board
of Directors adopted the 2020 Equity Incentive Plan (the “2020 Plan”), subject to stockholder approval, which authorizes the
potential issuance of up to 1,069,110 shares of common stock. On September 30, 2020, the Company’s stockholders approved the 2020
Plan, and upon such approval the 2020 Plan became effective and the 2017 Plan was terminated. Shares of common stock underlying existing
awards under the 2017 Plan may become available for issuance pursuant to the terms of the 2020 Plan under certain circumstances. Employees
and non-employee directors of the Company or its affiliates, and other individuals who perform services for the Company or any of its
affiliates, are eligible to receive awards under the 2020 Plan at the discretion of the Board of Directors or the Board’s Compensation
Committee.
On March 28, 2022, the Company’s Board of
Directors adopted the First Amendment to the 2020 Plan, subject to stockholder approval, which increased the shares authorized for potential
issuance under the 2020 Plan to 2,069,100 shares of common stock and extended the term of the 2020 Plan to June 9, 2023. On June 9, 2022,
the Company’s stockholders approved the First Amendment to the 2020 Plan. On April 17, 2023, the Company’s Board of Directors
adopted the Second Amendment to the 2020 Plan, subject to stockholder approval, which increased the shares authorized for potential issuance
under the 2020 Plan to 3,069,100 shares of common stock and extended the term of the 2020 Plan to June 6, 2033. On June 6, 2023, the Company’s
stockholders approved the Second Amendment to the 2020 Plan.
The 2020 Plan, as amended, is administered by
the Compensation Committee which determines the persons to whom awards will be granted, the number of awards to be granted and the specific
terms of each grant, including the vesting thereof, subject to the provisions of the plan.
In connection with incentive stock options, the
exercise price of each option may not be less than 100% of the fair market value of the common stock on the date of the grant (or 110%
of the fair market value in the case of a grantee holding more than 10% of the outstanding stock of the Company). The aggregate fair market
value (determined at the time of the grant) of stock with respect to which incentive stock options are exercisable for the first time
by any individual during any calendar year (under all plans of the Company and its affiliates) shall not exceed $100 thousand, and the
options in excess of $100 thousand shall be deemed to be non-qualified stock options, including prices, duration, transferability and
limitations on exercise. The maximum number of shares of common stock that may be issued under the 2020 Plan pursuant to incentive stock
options may not exceed, in the aggregate, 1,000,000.
The Company has issued non-qualified stock options
pursuant to contractual agreements with non-employees. Options granted under the agreements are expensed when the related service
or product is provided. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions. The
Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair
value represent management’s best estimates and involve inherent uncertainties and judgements.
Stock Options
The following table summarizes the activities
for the Company’s stock options as of June 30, 2023:
Schedule of stock options | |
| | | |
| | | |
| | | |
| | |
| |
Options Outstanding | |
| |
| | |
| | |
Weighted - | | |
| |
| |
| | |
| | |
Average | | |
| |
| |
| | |
| | |
Remaining | | |
Aggregate | |
| |
| | |
Weighted- | | |
Contractual | | |
Intrinsic | |
| |
Number of | | |
Average | | |
Term | | |
Value | |
| |
Shares | | |
Exercise Price | | |
(in years) | | |
(in thousands)(1) | |
Balance as of December 31, 2022 | |
| 337,471 | | |
$ | 4.63 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Granted | |
| - | | |
| - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Forfeited/Cancelled/Expired | |
| - | | |
| - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 337,471 | | |
$ | 4.63 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable as of June 30, 2023 | |
| 337,471 | | |
$ | 4.63 | | |
| 1.9 | | |
$ | - | |
| (1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying
awards and the quoted price of the Company’s common stock for options that were in-the-money at each respective period. |
As of June 30, 2023, the Company had no unvested stock options.
During the three and six months ended June 30,
2023, and 2022, the Company expensed $0 thousand, respectively, with respect to options.
As of June 30, 2023, there was $0 unrecognized
compensation cost related to outstanding stock options.
Restricted Stock Awards and Restricted Stock
Units
The following table summarizes the unvested restricted
stock awards as of June 30, 2023:
Schedule of unvested restricted stock awards
| |
| |
| |
Unvested Restricted Stock Awards | |
| |
| | |
Weighted - | |
| |
| | |
Average | |
| |
Number of | | |
Grant | |
| |
Award Shares | | |
Date Fair Value | |
| |
| | |
| |
Unvested at December 31, 2022 | |
| 41,808 | | |
| 3.24 | |
| |
| | | |
| | |
Granted | |
| 486,194 | | |
| 1.46 | |
| |
| | | |
| | |
Vested | |
| (111,333 | ) | |
| 2.20 | |
| |
| | | |
| | |
Balance June 30, 2023 | |
| 416,669 | | |
$ | 1.44 | |
As of June 30, 2023, total unrecognized share-based
compensation cost related to unvested restricted stock awards is $562 thousand, which is expected to be recognized over a weighted-average
period of less than one year.
The following table summarizes the unvested restricted
stock units as of June 30, 2023:
Schedule of unvested restricted stock units
| |
| |
| |
Unvested Restricted Stock Units | |
| |
| | |
Weighted - | |
| |
| | |
Average | |
| |
Number of | | |
Grant | |
| |
Unit Shares | | |
Date Fair Value | |
Unvested at December 31, 2022 | |
| 413,626 | | |
| 2.14 | |
| |
| | | |
| | |
Granted | |
| 209,082 | | |
| 1.39 | |
| |
| | | |
| | |
Vested | |
| (162,909 | ) | |
| 3.16 | |
| |
| | | |
| | |
Forfeited | |
| (7,000 | ) | |
| 3.44 | |
| |
| | | |
| | |
Balance June 30, 2023 | |
| 452,799 | | |
$ | 1.41 | |
As of June 30, 2023, total unrecognized share-based
compensation cost related to unvested restricted stock units was $445 thousand, which is expected to be recognized over a weighted-average
period of 1.5 years.
For RSUs with stock price appreciation targets,
we applied a lattice approach that incorporated a Monte Carlo simulation, which involved random iterations that took different future
price paths over the RSU’s contractual life based on the appropriate probability distributions (which are based on commonly applied
Black Scholes inputs). The fair value of each grant was determined by taking the average of the grant date fair values under each Monte
Carlo simulation trial. We recognize compensation expense on a straight-line basis over the derived service period and there is no ongoing
adjustment or reversal based on actual achievement during the period.
The following table summarizes the unvested performance
restricted stock units as of June 30, 2023:
Schedule of unvested performance restricted stock units
|
|
|
|
|
|
Unvested Performance Restricted Stock Units |
|
|
|
|
|
|
Weighted - |
|
|
|
|
|
|
Average |
|
|
|
Number of |
|
|
Number of |
|
|
|
Unit Shares |
|
|
Unit Shares |
|
Unvested at December 31, 2022 |
|
|
432,326 |
|
|
|
2.95 |
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
718,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeited/Cancelled |
|
|
(70,625 |
) |
|
|
2.95 |
|
|
|
|
|
|
|
|
|
|
Balance June 30, 2023 |
|
|
1,079,884 |
|
|
$ |
1.84 |
|
As of June 30, 2023, total unrecognized share-based
compensation cost related to unvested restricted stock units was $1,348 thousand, which is expected to be recognized over a weighted-average
period of 2.04 years.
Warrants
The following table summarizes the activities
for the Company’s warrants for the six months ended June 30, 2023:
Schedule of warrants outstanding
|
|
|
|
|
|
Warrants Outstanding |
|
|
|
Number of
Warrant Shares |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted -
Average
Remaining
Contractual
Term
in years) |
|
|
Aggregate
Intrinsic
Value
(in thousands)(1) |
|
Balance as of December 31, 2022 |
|
|
5,103,455 |
|
|
$ |
4.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expired |
|
|
(474,869 |
) |
|
|
6.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2023 |
|
|
4,628,586 |
|
|
$ |
4.13 |
|
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable as of June 30, 2023 |
|
|
4,628,586 |
|
|
$ |
4.13 |
|
|
|
2.8 |
|
|
$ |
- |
|
| (1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying
warrants and the closing stock price of $1.38 for our common stock on June 30, 2023. |
|
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- DefinitionThe entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).
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v3.23.2
DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
DEBT |
NOTE 8—DEBT
PeriShip Global is a party to a debt facility
with PNC Bank, National Association (the “PNC Facility”). The PNC Facility includes a $1 million revolving line of credit
(the “RLOC”) with a term of one-year, expiring in September 2023. The RLOC has no scheduled payments of principal until
maturity, and bears interest per annum at a rate equal to the sum of Daily SOFR plus 2.85% with monthly interest payments. The PNC Facility
also includes a four-year term note (the “Term Note”) for $2 million which matures in September of 2026 and requires equal
quarterly payments of principal and interest. The Term Note incurs interest per annum at a rate equal to the sum of Daily SOFR plus 3.1%.
The RLOC and Term Note are guaranteed by VerifyMe and secured by the assets of PeriShip Global and VerifyMe.
The PNC Facility includes a number of affirmative
and restrictive covenants applicable to PeriShip Global, including, among others, a financial covenant to maintain a fixed charge coverage
ratio of at least 1.10 to 1.00 at the end of each fiscal year, affirmative covenants regarding delivery of financial statements, payment
of taxes, and establishing primary depository accounts with PNC Bank, and restrictive covenants regarding dispositions of property, acquisitions,
incurrence of additional indebtedness or liens, investments and transactions with affiliates. PeriShip Global is also restricted from
paying dividends or making other distributions or payments on its capital stock if an event of default (as defined in the PNC Facility)
has occurred or would occur upon such declaration of dividend. PeriShip Global was in compliance with all affirmative and restrictive
covenants under the PNC Facility at June 30, 2023.
As of June 30, 2023, our short-term debt outstanding
under the Term Note was $0.5 million and total long-term debt outstanding under the Term Note was $1.1 million. During the six months
ended June 30, 2023, the Company made a repayment of $250 thousand towards the principal of the outstanding Term Note.
As of and during the six months ended June
30, 2023, $800 thousand was drawn on the
RLOC and is included in short-term debt outstanding.
Effective
October 17, 2022, the Company entered into an interest rate swap agreement, with a notional amount of $1,958 thousand, effectively
fixing the interest rate on the Company’s outstanding debt at 7.602%. The Company has designated the intertest rate swap, expiring
September 2026, as a cash flow hedge and have applied hedge accounting. The fair value of the derivative liability associated with the
interest rate swap was $2 thousand as of June 30, 2023, and $3 thousand as of December 31, 2022, and
is included in Long-term Derivative Liability on the Consolidated Balance Sheets.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE 9—INCOME TAXES
There are no taxes payable as of June 30, 2023, or December 31, 2022.
Some of the federal tax carry forwards will expire
at various dates through 2037. Generally, these can be carried forward and applied against future taxable income at the tax rate applicable
at that time. We are currently using an effective income tax rate of 21% for our projected available net operating loss carry-forward.
No tax benefit has been recognized in the six months ending June 30, 2023, due to the uncertainty surrounding the realizability of the
benefit.
Utilization of the net operating losses (NOL)
carryforwards may be subject to a substantial annual limitation as required by Section 382 of the IRC, due to ownership changes of the
company that could occur in the future, as well as similar state provisions. In general, an “ownership change” as defined
by Section 382 results from a transaction or series of transactions over a three-year period resulting in an ownership change of more
than 50 percentage points of the outstanding stock of a company by certain stockholders. These ownership changes may limit the amount
of NOL carryforwards that can be utilized annually to offset future taxable income.
In accordance with FASB ASC 740 “Income
Taxes”, valuation allowances are provided against deferred tax assets, if based on the weight of available evidence, some or all,
of the deferred tax assets may or will not be realized. The Company did not utilize any NOL deductions for the six months ended June 30,
2023.
The Company acquired certain assets and the business
of Trust Codes Limited on March 1, 2023. Intangible assets have been established in the amount of $701 thousand for trademarks, customer
relationships and developed technology. These assets will be amortized over 15 years for tax purposes, while for book purposes they will
be amortized over varying useful lives ranging from 8 to 18 years. In addition, goodwill of $1,383 thousand was established. Goodwill
is not amortizable for book purposes but is amortizable for tax over a period of 15 years. These timing differences will result in the
creation of deferred tax assets in future quarters. As of June 30, 2023, the differences are not material. See Note 5. Intangible Assets
and Goodwill.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
LONG TERM DERIVATIVE LIABILITY
|
6 Months Ended |
Jun. 30, 2023 |
Long Term Derivative Liability |
|
LONG TERM DERIVATIVE LIABILITY |
NOTE 10—LONG TERM DERIVATIVE LIABILITY
Effective October 17, 2022, the Company entered
into an interest rate swap agreement (see Note 8 – Debt for details). The fair value of the derivative liability associated with
the interest rate swap was $2 thousand as of June 30, 2023, and $3 thousand as of December 31, 2022.
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
NOTE 11– LEASES
The Company accounts for its leases under Accounting Standard
Codification (“ASC”) Topic 842, Leases. The Company determines at its inception whether an arrangement that provides us control
over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present
value of the future lease payments over the lease term. We have elected not to recognize a ROU asset and lease liability for leases with
terms of 12 months or less. Our current long-term leases include an option to extend the term of the lease prior to the end of the initial
term. It is not reasonably certain that we will exercise the option and have not included the impact of the option in the lease term for
purposes of determining total future lease payments. As our lease agreement does not explicitly state the discount rate implicit in the
lease, we use our promissory note borrowing rate to calculate the present value of future payments.
In addition to the base rent, real estate leases
typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting
purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset
and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed
as incurred.
We have operating leases for office facilities.
We do not have any finance leases.
Lease expenses are included in General & Administrative
Expenses on the accompanying Consolidated Statements of Operations. The components of lease expense were as follows (in thousands):
Schedule of components of lease expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Operating lease cost |
|
$ |
48 |
|
|
$ |
21 |
|
|
$ |
85 |
|
|
$ |
21 |
|
Short-term lease cost |
|
|
9 |
|
|
|
3 |
|
|
|
18 |
|
|
|
7 |
|
Total lease costs |
|
$ |
57 |
|
|
$ |
24 |
|
|
$ |
103 |
|
|
$ |
28 |
|
Supplemental information related to leases was
as follows (dollars in thousands):
Schedule of supplemental information related to leases
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Operating Lease right-of-use asset |
|
$ |
554 |
|
|
$ |
469 |
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
174 |
|
|
$ |
115 |
|
Non-current portion of operating lease liabilities |
|
|
389 |
|
|
|
359 |
|
Total operating lease liabilities |
|
$ |
563 |
|
|
$ |
474 |
|
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
82 |
|
|
$ |
80 |
|
|
|
|
|
|
|
|
|
|
Right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
- |
|
|
$ |
552 |
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term for operating leases (years) |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average discount rate for operating leases |
|
|
6.4 |
% |
|
|
|
|
The following is a reconciliation of future undiscounted
cash flows to the operating lease liabilities on our consolidated balance sheets as of June 30, 2023 (in thousands):
Schedule of operating lease liabilities maturities
|
|
|
|
Year ended December 31, |
|
|
|
2023 (Excluding six months ended June 2023) |
|
$ |
94 |
|
2024 |
|
|
189 |
|
2025 |
|
|
193 |
|
2026 |
|
|
139 |
|
2027 |
|
|
45 |
|
Thereafter |
|
|
|
|
Total future lease payments |
|
|
660 |
|
Less: imputed interest |
|
|
(97 |
) |
Present value of future lease payments |
|
|
563 |
|
Less: current portion of lease liabilities |
|
|
(174 |
) |
Long-term lease liabilities |
|
$ |
389 |
|
|
X |
- DefinitionThe entire disclosure for lessor's operating leases.
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v3.23.2
CONCENTRATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS |
NOTE 12– CONCENTRATIONS
For the three months ended June 30, 2023, one
customer represented 16% of revenues and one customer represented 17% of revenues for the three months ended June 30, 2022. For the six
months ended June 30, 2023, one customer represented 15% of revenues and one customer represented 17% of revenues for the six months ended
June 30, 2022.
As of June 30, 2023, one customer made up 23%
of accounts receivable.
During the three and six months ended June 30, 2023, one vendor accounted
for 99% of transportation cost, in our Precision Logistics segment.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
SEGMENT REPORTING
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT REPORTING |
NOTE 13 – SEGMENT REPORTING
As of June 30, 2023, we operated through two reportable business segments:
(i) Precision Logistics (formerly PeriShip Global Solutions) and (ii) Authentication (formerly VerifyMe Solutions).
Precision Logistics: This segment offers a value-added
service provider for time and temperature sensitive parcel management. Through logistics management from a sophisticated IT platform with
proprietary databases, package and flight-tracking software, weather, traffic, as well as dynamic dashboards with real-time visibility
into shipment transit and last-mile events that are managed by a service center we provide our clients an end-to-end vertical approach
for their most critical service delivery needs. Using our proprietary IT platform, we provide real-time information and analysis to mitigate
supply chain flow interruption, delivering last-mile resolution for key markets, including the perishable healthcare and food industries.
Authentication: This segment specializes
in solutions that connect brands with consumers through their products. Consumers can authenticate products with their smart phone prior
to usage, and brand owners have the ability to gather business intelligence while engaging directly with their consumers. Our Authentication
segment also provides brand protection and supply chain functions such as counterfeit prevention.
We do not allocate the following items to the
segments: general & administrative expenses, sales & marketing expenses, research and development and other income (expense).
The following table sets forth the revenue and operating results attributable
to each reportable segment and includes a reconciliation of segment revenue to consolidated revenue and operating results to consolidated
loss before income tax expense (in thousands):
Schedule of segment reporting information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision Logistics |
|
$ |
5,214 |
|
|
$ |
4,231 |
|
|
$ |
10,628 |
|
|
$ |
4,231 |
|
Authentication |
|
|
121 |
|
|
|
266 |
|
|
|
368 |
|
|
|
427 |
|
Total Revenue |
|
$ |
5,335 |
|
|
$ |
4,497 |
|
|
$ |
10,996 |
|
|
$ |
4,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Precision Logistics |
|
$ |
1,719 |
|
|
$ |
1,509 |
|
|
$ |
3,305 |
|
|
$ |
1,509 |
|
Authentication |
|
|
101 |
|
|
|
176 |
|
|
|
269 |
|
|
|
299 |
|
Total Gross Profit |
|
|
1,820 |
|
|
|
1,685 |
|
|
|
3,574 |
|
|
|
1,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
2,342 |
|
|
|
2,535 |
|
|
|
5,098 |
|
|
|
4,000 |
|
Research and development |
|
|
10 |
|
|
|
25 |
|
|
|
18 |
|
|
|
34 |
|
Sales and marketing |
|
|
506 |
|
|
|
447 |
|
|
|
1,000 |
|
|
|
746 |
|
LOSS BEFORE OTHER (EXPENSE) INCOME |
|
|
(1,038 |
) |
|
|
(1,322 |
) |
|
|
(2,542 |
) |
|
|
(2,972 |
) |
OTHER INCOME (EXPENSE) |
|
|
156 |
|
|
|
(11,233 |
) |
|
|
80 |
|
|
|
(10,977 |
) |
NET LOSS |
|
$ |
(882 |
) |
|
$ |
(12,555 |
) |
|
$ |
(2,462 |
) |
|
$ |
(13,949 |
) |
|
X |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 14 – SUBSEQUENT EVENTS
Effective
July 31, 2023, the Company’s President and Chief Operating Officer (“COO”) and now former Chief Financial Officer
(“CFO”) separated from the Company. As part of their separation they forfeited 79,532
performance restricted stock units and were granted a total of 123,408
restricted stock units subject to the conditions of the 2020 Plan, which will vest within three years in equal tranches provided the Company’s
stock price exceeds $2.75 and $3.75 per share for twenty consecutive trading days.
On July 20, 2023, the Company issued 20,000 restricted stock awards vesting on July 31,
2023 to its former CFO. The Company withheld 6,000 shares of common stock in order to satisfy her tax obligations.
On July 20, 2023, the Company issued 20,000
restricted stock units to its CFO with a vesting date of December
31, 2024.
On July 20, 2023, the Company issued a total of 315,000 performance restricted stock
units that vest over four years provided certain conditions are met.
On July 10, 2023, and July 25, 2023, the Company issued 14,000 and 29,002 shares
of common stock underlying vested restricted stock units to a former board member.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Nature of the Business |
Nature of the Business
VerifyMe, Inc. (“VerifyMe”) was incorporated
in the State of Nevada on November 10, 1999. VerifyMe, together with its subsidiaries, including PeriShip Global LLC (“PeriShip
Global”) and Trust Codes Global Limited (“Trust Codes Global”), (together the “Company,” “we,”
“us,” or “our”) is based in Lake Mary, Florida and its common stock, par value $0.001 per share, and warrants
to purchase common stock are traded on The Nasdaq Capital Market (“Nasdaq”) under the trading symbols “VRME” and
“VRMEW,” respectively.
VerifyMe, through PeriShip Global, is a software driven predictive
analytics logistics provider of high-touch, end-to-end logistics management, which represents most of our current revenue stream. In addition,
VerifyMe technologies provide product traceability, brand protections services, and brand enhancement solutions. Our operations are split
into two segments: Precision Logistics and Authentication. Through our Precision Logistics segment, we provide a value-added service for
time and temperature sensitive parcel management driven by a proprietary software platform that provides predictive analytics from key
metrics such as flight-tracking, weather, and traffic, all delivered to customers via a secure portal. The portal provides real-time visibility
into shipment transit and last-mile events, with dynamic dashboards. All aspects of the shipping journey are managed by a dedicated service
center. Using our proprietary logistics solution, we provide real-time information and analysis to mitigate supply chain flow interruption,
delivering last-mile resolution for key markets, including the perishable healthcare and food industries. Through our Authentication segment,
our technologies provide unit level traceability, brand protection, and brand enhancement solutions allowing brand owners to gather business
intelligence, cross-sell products, monitor product diversion through the supply chain and build brand loyalty through interaction utilizing
our unique dynamic codes which are read by consumers with their smart phones. The Company’s activities are subject to significant
risks and uncertainties. See the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections in this report.
|
Reclassifications |
Reclassifications
Certain amounts presented for the three
and six months ended June 30, 2022, reflect reclassifications made to conform to the presentation in our current reporting
period. These reclassifications had no effect on the previously reported net loss.
|
Basis of Presentation |
Basis of Presentation
The accompanying unaudited interim consolidated
financial statements (the “Interim Statements”) include the accounts of VerifyMe and its wholly owned subsidiaries PeriShip
Global and Trust Codes Global. All significant intercompany balances and transactions have been eliminated upon consolidation. The consolidated
financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information
and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements are not
included herein. The Interim Statements should be read in conjunction with the financial statements and notes thereto included in the
Company’s latest Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission
(the “SEC”) on March 28, 2023. The accompanying Interim Statements are unaudited; however, in the opinion of management,
all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The interim
results for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the year ending
December 31, 2023, or for any future interim periods.
|
Segment Reporting |
Segment Reporting
Operating segments are defined as components of
an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or
decision-making group, in deciding the method by which to allocate resources and assess performance. The Company has two reportable segments,
namely, (i) Precision Logistics (formerly PeriShip Global) and (ii) Authentication (formerly VerifyMe Solutions). See Note 13 Segment
Reporting, for further discussion of the Company’s segment reporting structure.
|
Foreign Currency Translation |
Foreign Currency Translation
The function currency of our New Zealand operations
is the local currency, New Zealand dollar (NZD). The translation of the foreign currency into U. S. dollars is performed for balance sheet
accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted average
exchange rates prevailing during the year. The unrealized gains and losses resulting from such translation are included as a component
of comprehensive income. Translation gains and losses arising from currency exchange rate fluctuations on transactions denominated in
a currency other than the local functional currency are included in “General and administrative” on our Consolidated Statements
of Operations. The foreign currency transaction losses for the three and six months ended June 30, 2023, were immaterial.
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with 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 financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from these estimates.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In October 2021, the FASB
issued Accounting Standards Update No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU
2021-08”). ASU 2021-08 amends ASC 805 to require acquiring entities to apply Topic 606 to recognize and measure contract assets
and contract liabilities in a business combination. The Company adopted the new standard beginning January 1, 2023, and did not have an
effect on its financial position, results of operations or cash flows.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
The Company’s financial instruments consist
of accounts receivable, unbilled revenue, accounts payable, notes payable and accrued expenses, equity investment, contingent consideration
and long-term derivative liabilities. The carrying value of accounts receivable, accounts payable and accrued expenses approximate their
fair value because of their short maturities. The Company believes the carrying amount of its notes payable approximates fair value
based on rates and other terms currently available to the Company for similar debt instruments.
The Company follows FASB ASC 820, “Fair
Value Measurements and Disclosures,” and applies it to all assets and liabilities that are being measured and reported on a fair
value basis. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following
three categories:
Level 1: Quoted market prices in active markets
for identical assets or liabilities
Level 2: Observable market-based inputs or unobservable
inputs that are corroborated by market data
Level 3: Unobservable inputs that are not corroborated by market data
The level in the fair value within which a fair
value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.
The following table presents the Company’s
financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis, and their
level within the fair value hierarchy as of June 30, 2023 and December 31, 2022.
Amounts in Thousands ('000)
Schedule of fair value assets measured on recurring basis
| |
| | |
| | |
| |
| |
Short Term Investment | | |
Derivative Liability | | |
Contingent Consideration | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| |
| | |
| | |
| |
Balance as of December 31, 2022 | |
$ | 100 | | |
| (3 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Unrealized loss on fair value recognized in other income (expense) | |
| (2 | ) | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Contingent Consideration at issuance | |
| - | | |
| - | | |
| 1,125 | |
| |
| | | |
| | | |
| | |
Change in fair value of Contingent Consideration | |
| - | | |
| - | | |
| (172 | ) |
| |
| | | |
| | | |
| | |
Change in fair value to interest rate, SWAP, recognized in other comprehensive loss | |
| | | |
| 1 | | |
| - | |
| |
| - | | |
| | | |
| | |
Balance at June 30, 2023 | |
$ | 98 | | |
$ | (2 | ) | |
$ | 953 | |
|
Equity Investments |
Equity
Investments
When the Company does not have a controlling financial
interest in an entity but can exert influence over the entity’s operations and financial policies, the investment is accounted for
either (i) under the equity method of accounting or (ii) at fair value by electing the fair value option available under applicable generally
accepted accounting policies. The Company has elected the fair value option for its equity security under prepaid expenses and other current
assets on the Consolidated Balance Sheets, as it has determined the fair value best reflects the economic performance of the equity investment.
Changes in unrecognized gain or loss of the fair value of the equity investments are included in Other income (expense) on the accompanying
Consolidated Statements of Operations.
|
Revenue Recognition |
Revenue Recognition
The Company accounts for revenues according to
Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” which
establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from
the entity's contracts to provide goods or services to customers.
The Company applies the following five steps in
order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
| · | identify the contract with a customer; |
| · | identify the performance obligations in the contract; |
| · | determine the transaction price; |
| · | allocate the transaction price to performance obligations in the contract; and |
| · | recognize revenue as the performance obligation is satisfied. |
During the three and six months ended June 30,
2023, the Company’s revenues primarily consisted of revenue related to our shipping logistics services generated by our subsidiary
PeriShip Global.
|
Goodwill |
Goodwill
Goodwill represents the excess of purchase price
over the fair value of net assets acquired in business combinations. Pursuant to ASC 350, the Company tests goodwill for impairment
on an annual basis in the fourth quarter, or between annual tests, in certain circumstances. Under authoritative guidance, the Company
first assesses qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment test.
The assessment considers factors such as, but not limited to, macroeconomic conditions, data showing other companies in the industry and
our share price. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative
assessment, that it is more likely than not that its fair value is less than its carrying amount. Events or changes in circumstances which
could trigger an impairment review include macroeconomic conditions, industry and market conditions, cost factors, overall financial performance,
other entity specific events and sustained decrease in share price.
|
Business Combinations |
Business Combinations
The Company applies the provisions of Accounting
Standard Codification (“ASC”) Topic 805, Business Combinations, in the accounting for business acquisitions. ASC 805 requires
the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values.
Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values
of the identifiable assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately
apply preliminary value to assets acquired and liabilities assumed at the acquisition date, where applicable, these estimates are inherently
uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition
date, the Company records adjustments in the current period, rather than a revision to a prior period. Upon the conclusion of the measurement
period or final determination of the values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments
are recorded in the Consolidated Statements of Operations. Accounting for business combinations requires management to make significant
estimates and assumptions, especially at the acquisition date, including estimates for intangible assets where applicable. Although the
Company believes the assumptions and estimates made have been reasonable and appropriate, they are based in part on information obtained
from management of the acquired companies and are inherently uncertain. Unanticipated events and circumstances may occur that may affect
the accuracy or validity of such assumptions, estimates, or actual results.
|
Basic and Diluted Net Loss per Share of Common Stock |
Basic and Diluted Net Loss per Share of Common Stock
The Company follows Financial Accounting Standards
Board (“FASB”) ASC 260, “Earnings Per Share,” when reporting earnings per share resulting in the presentation
of basic and diluted earnings per share. Because the Company reported a net loss for each of the periods presented, common
stock equivalents, including preferred stock, stock options and warrants were anti-dilutive; therefore, the amounts reported for basic
and diluted loss per share were the same.
For the six months ended June 30, 2023, and 2022,
there were shares potentially issuable, that could dilute basic earnings per share in the future that were excluded from the calculation
of diluted earnings per share because their inclusion would have been anti-dilutive to the Company’s losses during the periods presented. For
the three and six months ended June 30, 2023, there were approximately 7,108,000 anti-dilutive shares consisting of 1,998,000 unvested
performance restricted stock units, restricted stock units, restricted stock awards and options under the stock purchase plan, 337,000
shares issuable upon exercise of stock options, 4,629,000 shares issuable upon exercise of warrants, and 144,000 shares issuable upon
conversion of preferred stock. For the three and six months ended June 30, 2022, there were
approximately 5,596,000 anti-dilutive shares consisting of 727,000 unvested restricted stock units and options under the stock purchase
plan, 337,000 shares issuable upon exercise of stock options, 3,713,000 shares issuable upon exercise of warrants, 675,000 shares issuable
upon exercise of pre-funded warrants, and 144,000 shares issuable upon conversion of preferred stock.
|
Stock-Based Compensation |
Stock-Based Compensation
We account for stock-based compensation under
the provisions of FASB ASC 718, “Compensation—Stock Compensation”, which requires the measurement and recognition of
compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. We estimate
the fair value of stock-based awards on the date of grant using the Black-Scholes model. The assumptions used in the Black-Scholes option
pricing model include risk-free interest rates, expected volatility and expected life of the stock options. Changes in these assumptions
can materially affect estimates of fair value stock-based compensation, and the compensation expense recorded in future periods. The value
of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods using the
straight-line method. For performance restricted stock units with stock price appreciation targets (see Note 7 – Stock Options,
Restricted Stock and Warrants), we applied a lattice approach that incorporated a Monte Carlo simulation, which involved random iterations
that took different future price paths over the RSU’s contractual life based on the appropriate probability distributions (which
are based on commonly applied Black Scholes inputs). The fair value was determined by taking the average of the grant date fair values
under each Monte Carlo simulation trial. We recognize compensation expense on a straight-line basis over the performance period and there
is no ongoing adjustment or reversal based on actual achievement during the period.
We account for stock-based compensation awards
to non-employees in accordance with ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee
Share-Based Payment Accounting (“ASU 2018-07”), which aligns accounting for share-based payments issued to nonemployees to
that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based
payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees.
All issuances of stock options or other equity
instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value
of the equity instruments issued. Non-employee equity-based payments are recorded as an expense over the service period, as if we had
paid cash for the services. At the end of each financial reporting period, prior to vesting or prior to the completion of the services,
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accordingly. Since the fair value of equity-based payments granted to non-employees is subject to change in the future, the amount of
the future expense will include fair value re-measurements until the equity-based payments are fully vested or the service completed.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of fair value assets measured on recurring basis |
Schedule of fair value assets measured on recurring basis
| |
| | |
| | |
| |
| |
Short Term Investment | | |
Derivative Liability | | |
Contingent Consideration | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| |
| | |
| | |
| |
Balance as of December 31, 2022 | |
$ | 100 | | |
| (3 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Unrealized loss on fair value recognized in other income (expense) | |
| (2 | ) | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Contingent Consideration at issuance | |
| - | | |
| - | | |
| 1,125 | |
| |
| | | |
| | | |
| | |
Change in fair value of Contingent Consideration | |
| - | | |
| - | | |
| (172 | ) |
| |
| | | |
| | | |
| | |
Change in fair value to interest rate, SWAP, recognized in other comprehensive loss | |
| | | |
| 1 | | |
| - | |
| |
| - | | |
| | | |
| | |
Balance at June 30, 2023 | |
$ | 98 | | |
$ | (2 | ) | |
$ | 953 | |
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v3.23.2
REVENUE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of disaggregation of revenue |
Schedule of disaggregation of revenue
| |
| | |
| | |
| |
| |
Authentication | | |
Precision Logistics | | |
Consolidated | |
Revenue | |
Three Months Ended June 30, | | |
Three Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Proactive services | |
$ | - | | |
$ | - | | |
$ | 4,200 | | |
$ | 3,315 | | |
$ | 4,200 | | |
$ | 3,315 | |
Premium services | |
| - | | |
| - | | |
| 1,014 | | |
| 916 | | |
| 1,014 | | |
| 916 | |
Brand protection services | |
| 121 | | |
| 266 | | |
| - | | |
| - | | |
| 121 | | |
| 266 | |
| |
$ | 121 | | |
$ | 266 | | |
$ | 5,214 | | |
$ | 4,231 | | |
$ | 5,335 | | |
$ | 4,497 | |
Schedule of disaggregation of revenue
| |
| | |
| | |
| |
| |
Authentication | | |
Precision Logistics | | |
Consolidated | |
Revenue | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Proactive services | |
$ | - | | |
$ | - | | |
$ | 8,704 | | |
$ | 3,315 | | |
$ | 8,704 | | |
$ | 3,315 | |
Premium services | |
| - | | |
| - | | |
| 1,924 | | |
| 916 | | |
| 1,924 | | |
| 916 | |
Brand protection services | |
| 368 | | |
| 427 | | |
| - | | |
| - | | |
| 368 | | |
| 427 | |
| |
$ | 368 | | |
$ | 427 | | |
$ | 10,628 | | |
$ | 4,231 | | |
$ | 10,996 | | |
$ | 4,658 | |
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.23.2
BUSINESS COMBINATIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of business acquisitions |
Schedule of business acquisitions
| |
| | |
|
Cash | |
| 363 | | |
|
Fair value of contingent consideration | |
| 1,125 | | |
|
Stock (issuance of 353,492 shares of common stock) (a) | |
| 625 | | |
|
Total purchase price | |
| 2,113 | | |
|
| |
| | | |
|
| |
| | | |
Amortization |
| |
| | | |
Period |
Purchase price allocation: | |
| | | |
|
Prepaid expenses | |
| 25 | | |
|
Property and Equipment, net | |
| 18 | | |
|
ROU Asset | |
| 171 | | |
|
Developed Technology | |
| 485 | | |
8 years |
Trade Names/Trademarks | |
| 148 | | |
18 years |
Customer Relationships | |
| 68 | | |
10 years |
Goodwill | |
| 1,383 | | |
|
Accounts payable and other accrued expenses | |
| (14 | ) | |
|
Current lease liability | |
| (63 | ) | |
|
Long term lease liability | |
| (108 | ) | |
|
| |
| 2,113 | | |
|
|
X |
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of goodwill by reportable business segment |
Schedule of goodwill by reportable business segment
| |
| | |
| | |
| |
| |
Authentication | | |
Precision Logistics | | |
Total | |
Net book value at | |
| | |
| | |
| |
January 1, 2023 | |
$ | - | | |
$ | 3,988 | | |
$ | 3,988 | |
| |
| | | |
| | | |
| | |
2023 Activity | |
| | | |
| | | |
| | |
Acquisition of Trust Codes Global
| |
| 1,383 | | |
| - | | |
| 1,383 | |
Foreign currency translation | |
| (33 | ) | |
| - | | |
| (33 | ) |
Net book value at | |
| | | |
| | | |
| | |
June 30, 2023 | |
$ | 1,350 | | |
$ | 3,988 | | |
$ | 5,338 | |
|
Schedule of intangible assets subject to amortization |
Schedule of intangible assets
subject to amortization | |
| | |
| | |
| | |
| |
June 30, 2023 | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | | |
Weighted
Average Useful
Life (Years) | |
Patents and Trademarks | |
$ | 2,039 | | |
$ | (507 | ) | |
$ | 1,532 | | |
| 13 | |
Capitalized Software | |
| 161 | | |
| (92 | ) | |
| 69 | | |
| 2 | |
Customer Relationships | |
| 1,906 | | |
| (221 | ) | |
| 1,685 | | |
| 9 | |
Developed Technology | |
| 3,616 | | |
| (645 | ) | |
| 2,971 | | |
| 5 | |
Internally Used Software | |
| 610 | | |
| (22 | ) | |
| 588 | | |
| 6 | |
Non-Compete Agreement | |
| 191 | | |
| (46 | ) | |
| 145 | | |
| 4 | |
| |
$ | 8,523 | | |
$ | (1,533 | ) | |
$ | 6,990 | | |
| | |
December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Patents and Trademarks | |
$ | 1,858 | | |
$ | (445 | ) | |
$ | 1,413 | | |
| 13 | |
Capitalized Software | |
| 206 | | |
| (91 | ) | |
| 115 | | |
| 3 | |
Customer Relationships | |
| 1,839 | | |
| (133 | ) | |
| 1,706 | | |
| 9 | |
Developed Technology | |
| 3,143 | | |
| (360 | ) | |
| 2,783 | | |
| 5 | |
Internally Used Software | |
| 236 | | |
| (4 | ) | |
| 232 | | |
| 14 | |
Non-Compete Agreement | |
| 191 | | |
| (28 | ) | |
| 163 | | |
| 4 | |
| |
$ | 7,473 | | |
$ | (1,061 | ) | |
$ | 6,412 | | |
| | |
|
Schedule of future amortization expense |
Schedule of future amortization expense
| | |
| |
Fiscal Year ending December 31, | | |
| |
2023 (six months remaining) | | |
$ | 534 | |
2024 | | |
| 1,069 | |
2025 | | |
| 1,044 | |
2026 | | |
| 1,040 | |
2027 | | |
| 1,005 | |
Thereafter | | |
| 2,298 | |
Total | | |
$ | 6,990 | |
|
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v3.23.2
STOCK OPTIONS, RESTRICTED STOCK AND WARRANTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of stock options |
Schedule of stock options | |
| | | |
| | | |
| | | |
| | |
| |
Options Outstanding | |
| |
| | |
| | |
Weighted - | | |
| |
| |
| | |
| | |
Average | | |
| |
| |
| | |
| | |
Remaining | | |
Aggregate | |
| |
| | |
Weighted- | | |
Contractual | | |
Intrinsic | |
| |
Number of | | |
Average | | |
Term | | |
Value | |
| |
Shares | | |
Exercise Price | | |
(in years) | | |
(in thousands)(1) | |
Balance as of December 31, 2022 | |
| 337,471 | | |
$ | 4.63 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Granted | |
| - | | |
| - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Forfeited/Cancelled/Expired | |
| - | | |
| - | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 337,471 | | |
$ | 4.63 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable as of June 30, 2023 | |
| 337,471 | | |
$ | 4.63 | | |
| 1.9 | | |
$ | - | |
| (1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying
awards and the quoted price of the Company’s common stock for options that were in-the-money at each respective period. |
|
Schedule of unvested restricted stock awards |
Schedule of unvested restricted stock awards
| |
| |
| |
Unvested Restricted Stock Awards | |
| |
| | |
Weighted - | |
| |
| | |
Average | |
| |
Number of | | |
Grant | |
| |
Award Shares | | |
Date Fair Value | |
| |
| | |
| |
Unvested at December 31, 2022 | |
| 41,808 | | |
| 3.24 | |
| |
| | | |
| | |
Granted | |
| 486,194 | | |
| 1.46 | |
| |
| | | |
| | |
Vested | |
| (111,333 | ) | |
| 2.20 | |
| |
| | | |
| | |
Balance June 30, 2023 | |
| 416,669 | | |
$ | 1.44 | |
|
Schedule of unvested restricted stock units |
Schedule of unvested restricted stock units
| |
| |
| |
Unvested Restricted Stock Units | |
| |
| | |
Weighted - | |
| |
| | |
Average | |
| |
Number of | | |
Grant | |
| |
Unit Shares | | |
Date Fair Value | |
Unvested at December 31, 2022 | |
| 413,626 | | |
| 2.14 | |
| |
| | | |
| | |
Granted | |
| 209,082 | | |
| 1.39 | |
| |
| | | |
| | |
Vested | |
| (162,909 | ) | |
| 3.16 | |
| |
| | | |
| | |
Forfeited | |
| (7,000 | ) | |
| 3.44 | |
| |
| | | |
| | |
Balance June 30, 2023 | |
| 452,799 | | |
$ | 1.41 | |
|
Schedule of unvested performance restricted stock units |
Schedule of unvested performance restricted stock units
|
|
|
|
|
|
Unvested Performance Restricted Stock Units |
|
|
|
|
|
|
Weighted - |
|
|
|
|
|
|
Average |
|
|
|
Number of |
|
|
Number of |
|
|
|
Unit Shares |
|
|
Unit Shares |
|
Unvested at December 31, 2022 |
|
|
432,326 |
|
|
|
2.95 |
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
718,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeited/Cancelled |
|
|
(70,625 |
) |
|
|
2.95 |
|
|
|
|
|
|
|
|
|
|
Balance June 30, 2023 |
|
|
1,079,884 |
|
|
$ |
1.84 |
|
|
Schedule of warrants outstanding |
Schedule of warrants outstanding
|
|
|
|
|
|
Warrants Outstanding |
|
|
|
Number of
Warrant Shares |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted -
Average
Remaining
Contractual
Term
in years) |
|
|
Aggregate
Intrinsic
Value
(in thousands)(1) |
|
Balance as of December 31, 2022 |
|
|
5,103,455 |
|
|
$ |
4.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expired |
|
|
(474,869 |
) |
|
|
6.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2023 |
|
|
4,628,586 |
|
|
$ |
4.13 |
|
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable as of June 30, 2023 |
|
|
4,628,586 |
|
|
$ |
4.13 |
|
|
|
2.8 |
|
|
$ |
- |
|
| (1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying
warrants and the closing stock price of $1.38 for our common stock on June 30, 2023. |
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
Schedule of components of lease expense |
Schedule of components of lease expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Operating lease cost |
|
$ |
48 |
|
|
$ |
21 |
|
|
$ |
85 |
|
|
$ |
21 |
|
Short-term lease cost |
|
|
9 |
|
|
|
3 |
|
|
|
18 |
|
|
|
7 |
|
Total lease costs |
|
$ |
57 |
|
|
$ |
24 |
|
|
$ |
103 |
|
|
$ |
28 |
|
|
Schedule of supplemental information related to leases |
Schedule of supplemental information related to leases
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Operating Lease right-of-use asset |
|
$ |
554 |
|
|
$ |
469 |
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
174 |
|
|
$ |
115 |
|
Non-current portion of operating lease liabilities |
|
|
389 |
|
|
|
359 |
|
Total operating lease liabilities |
|
$ |
563 |
|
|
$ |
474 |
|
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
82 |
|
|
$ |
80 |
|
|
|
|
|
|
|
|
|
|
Right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
- |
|
|
$ |
552 |
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term for operating leases (years) |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average discount rate for operating leases |
|
|
6.4 |
% |
|
|
|
|
|
Schedule of operating lease liabilities maturities |
Schedule of operating lease liabilities maturities
|
|
|
|
Year ended December 31, |
|
|
|
2023 (Excluding six months ended June 2023) |
|
$ |
94 |
|
2024 |
|
|
189 |
|
2025 |
|
|
193 |
|
2026 |
|
|
139 |
|
2027 |
|
|
45 |
|
Thereafter |
|
|
|
|
Total future lease payments |
|
|
660 |
|
Less: imputed interest |
|
|
(97 |
) |
Present value of future lease payments |
|
|
563 |
|
Less: current portion of lease liabilities |
|
|
(174 |
) |
Long-term lease liabilities |
|
$ |
389 |
|
|
X |
- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.
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v3.23.2
SEGMENT REPORTING (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of segment reporting information |
Schedule of segment reporting information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Precision Logistics |
|
$ |
5,214 |
|
|
$ |
4,231 |
|
|
$ |
10,628 |
|
|
$ |
4,231 |
|
Authentication |
|
|
121 |
|
|
|
266 |
|
|
|
368 |
|
|
|
427 |
|
Total Revenue |
|
$ |
5,335 |
|
|
$ |
4,497 |
|
|
$ |
10,996 |
|
|
$ |
4,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Precision Logistics |
|
$ |
1,719 |
|
|
$ |
1,509 |
|
|
$ |
3,305 |
|
|
$ |
1,509 |
|
Authentication |
|
|
101 |
|
|
|
176 |
|
|
|
269 |
|
|
|
299 |
|
Total Gross Profit |
|
|
1,820 |
|
|
|
1,685 |
|
|
|
3,574 |
|
|
|
1,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
2,342 |
|
|
|
2,535 |
|
|
|
5,098 |
|
|
|
4,000 |
|
Research and development |
|
|
10 |
|
|
|
25 |
|
|
|
18 |
|
|
|
34 |
|
Sales and marketing |
|
|
506 |
|
|
|
447 |
|
|
|
1,000 |
|
|
|
746 |
|
LOSS BEFORE OTHER (EXPENSE) INCOME |
|
|
(1,038 |
) |
|
|
(1,322 |
) |
|
|
(2,542 |
) |
|
|
(2,972 |
) |
OTHER INCOME (EXPENSE) |
|
|
156 |
|
|
|
(11,233 |
) |
|
|
80 |
|
|
|
(10,977 |
) |
NET LOSS |
|
$ |
(882 |
) |
|
$ |
(12,555 |
) |
|
$ |
(2,462 |
) |
|
$ |
(13,949 |
) |
|
X |
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands |
6 Months Ended |
Jun. 30, 2023
USD ($)
|
Platform Operator, Crypto-Asset [Line Items] |
|
Derivative liability at beginning |
$ 3
|
Derivative liability at end |
2
|
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Short term investment at beginning |
100
|
Unrealized gain on fair value recognized in other (expense)/income |
(2)
|
Short-term investments at end |
98
|
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] |
|
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|
Derivative liability at beginning |
(3)
|
Change in fair value to interest rate, SWAP, recognized in other comprehensive loss |
1
|
Derivative liability at end |
(2)
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Contingent Consideration at beginning |
|
Increase in contingent consideration |
1,125
|
Change in fair value of Contingent Consideration |
(172)
|
Contingent consideration at end |
$ 953
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Anti-dilutive shares |
7,108,000
|
5,596,000
|
7,108,000
|
5,596,000
|
Restricted Stock [Member] |
|
|
|
|
Anti-dilutive shares |
1,998,000
|
727,000
|
1,998,000
|
727,000
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
Anti-dilutive shares |
337,000
|
337,000
|
337,000
|
337,000
|
Warrant [Member] |
|
|
|
|
Anti-dilutive shares |
4,629,000
|
3,713,000
|
4,629,000
|
3,713,000
|
Preferred Stock [Member] |
|
|
|
|
Anti-dilutive shares |
144,000
|
144,000
|
144,000
|
144,000
|
Pre Funded Warrants [Member] |
|
|
|
|
Anti-dilutive shares |
|
675,000
|
|
675,000
|
Verify Me Inc [Member] |
|
|
|
|
State of incorporation |
|
|
Nevada
|
|
X |
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v3.23.2
REVENUE (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
$ 5,335
|
$ 4,497
|
$ 10,996
|
$ 4,658
|
Proactive Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
4,200
|
3,315
|
8,704
|
3,315
|
Premium Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
1,014
|
916
|
1,924
|
916
|
Brand Protection Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
121
|
266
|
368
|
427
|
Parent Company [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
121
|
266
|
368
|
427
|
Parent Company [Member] | Proactive Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
Parent Company [Member] | Premium Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
Parent Company [Member] | Brand Protection Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
121
|
266
|
368
|
427
|
Subsidiaries [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
5,214
|
4,231
|
10,628
|
4,231
|
Subsidiaries [Member] | Proactive Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
4,200
|
3,315
|
8,704
|
3,315
|
Subsidiaries [Member] | Premium Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
1,014
|
916
|
1,924
|
916
|
Subsidiaries [Member] | Brand Protection Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
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v3.23.2
BUSINESS COMBINATION (Details) - USD ($) $ in Thousands |
Mar. 01, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
Goodwill |
$ 1,383
|
$ 5,338
|
$ 3,988
|
Trust Codes Global Limited [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Cash |
363
|
|
|
Fair value of contingent consideration |
1,125
|
|
|
Stock (issuance of 353,492 shares of restricted common stock) |
625
|
|
|
Total purchase price |
2,113
|
|
|
Prepaid expenses |
25
|
|
|
Property and Equipment, net |
18
|
|
|
ROU Asset |
171
|
|
|
Goodwill |
1,383
|
|
|
Accounts payable and other accrued expenses |
(14)
|
|
|
Current lease liability |
(63)
|
|
|
Long term lease liability |
(108)
|
|
|
Total purchase price allocation |
2,113
|
|
|
Trust Codes Global Limited [Member] | Developed Technology Rights [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Intangible Assets |
$ 485
|
|
|
Amortization Period |
8 years
|
|
|
Trust Codes Global Limited [Member] | Trademarks [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Intangible Assets |
$ 148
|
|
|
Amortization Period |
18 years
|
|
|
Trust Codes Global Limited [Member] | Customer Relationships [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Intangible Assets |
$ 68
|
|
|
Amortization Period |
10 years
|
|
|
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v3.23.2
BUSINESS COMBINATIONS (Details Narrative) - USD ($) $ in Thousands |
Mar. 01, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
Consideration transferred |
$ 360
|
|
|
Common stock shares, issued |
|
10,190,433
|
9,341,002
|
Earn-out consideration |
1,100
|
|
|
Current liability |
122
|
|
|
Long term contingent consideration |
831
|
|
|
Business Combination [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Purchase price |
1,000
|
|
|
Stock consideration amount |
$ 650
|
|
|
Business Combination [Member] | Restricted Stock [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Common stock shares, issued |
353,492
|
|
|
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- DefinitionThe capitalized costs incurred during the period (excluded from amortization) to purchase, lease or otherwise acquire an unproved property, including costs of lease bonuses and options to purchase or lease properties, the portion of costs applicable to minerals when land including mineral rights is purchased in fee, brokers' fees, recording fees, legal costs, and other costs incurred in acquiring properties.
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL (Details 1) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 8,523
|
$ 7,473
|
Accumulated Amortization |
(1,533)
|
(1,061)
|
Net Carrying Amount |
6,990
|
6,412
|
Trademarks [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
2,039
|
1,858
|
Accumulated Amortization |
(507)
|
(445)
|
Net Carrying Amount |
$ 1,532
|
$ 1,413
|
Weighted average useful life (years) |
13 years
|
13 years
|
Capitalized Software [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 161
|
$ 206
|
Accumulated Amortization |
(92)
|
(91)
|
Net Carrying Amount |
$ 69
|
$ 115
|
Weighted average useful life (years) |
2 years
|
3 years
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 1,906
|
$ 1,839
|
Accumulated Amortization |
(221)
|
(133)
|
Net Carrying Amount |
$ 1,685
|
$ 1,706
|
Weighted average useful life (years) |
9 years
|
9 years
|
Developed Technology Rights [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 3,616
|
$ 3,143
|
Accumulated Amortization |
(645)
|
(360)
|
Net Carrying Amount |
$ 2,971
|
$ 2,783
|
Weighted average useful life (years) |
5 years
|
5 years
|
Internally Used Software [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 610
|
$ 236
|
Accumulated Amortization |
(22)
|
(4)
|
Net Carrying Amount |
588
|
$ 232
|
Weighted average useful life (years) |
|
14 years
|
Noncompete Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
191
|
$ 191
|
Accumulated Amortization |
(46)
|
(28)
|
Net Carrying Amount |
$ 145
|
$ 163
|
Weighted average useful life (years) |
4 years
|
4 years
|
X |
- DefinitionUseful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
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- DefinitionAmount of amortization for asset, excluding financial asset and goodwill, lacking physical substance with finite life expected to be recognized after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
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- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
Jul. 01, 2022 |
Feb. 28, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Feb. 28, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Restricted stock award, expense |
|
|
$ 147
|
$ 34
|
$ 148
|
$ 173
|
|
|
Restricted stock units, expense |
|
|
149
|
$ 274
|
412
|
$ 477
|
|
|
Stock-based compensation expense |
|
|
$ 19
|
|
$ 41
|
|
|
|
Treasury stock share |
|
|
347,668
|
|
347,668
|
|
389,967
|
|
Treasury stock value |
|
|
$ 792
|
|
$ 792
|
|
$ 949
|
|
Non-qualified stock purchase plan |
|
57,245
|
|
|
|
|
|
25,000
|
Non-qualified stock purchase exercise price |
|
$ 1.19
|
|
|
|
|
|
$ 2.69
|
Share repurchase program |
$ 1,500
|
|
|
|
|
|
|
|
Repurchased shares of common stock |
|
|
6,201
|
|
6,201
|
|
|
|
Repurchased shares of common stock, amount |
|
|
$ 10
|
|
$ 10
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Stock issued for services |
|
353,492
|
|
30,000
|
|
30,000
|
|
|
X |
- DefinitionThe adjustment needed to reconcile previously recorded amounts to the actual aggregate amount paid, whether in cash or other consideration, to acquire all of the shares purchased under an Accelerated Share Repurchase arrangement.
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v3.23.2
STOCK OPTIONS, RESTRICTED STOCK AND WARRANTS (Details) - Share-Based Payment Arrangement, Option [Member]
|
6 Months Ended |
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Balance at beginning | shares |
337,471
|
|
Weighted average exercise price, balance at beginning | $ / shares |
$ 4.63
|
|
Granted | shares |
|
|
Weighted average exercise price, granted | $ / shares |
|
|
Forfeited/cancelled/expired | shares |
|
|
Weighted average exercise price, forfeited/cancelled/expired | $ / shares |
|
|
Balance at ending | shares |
337,471
|
|
Balance at ending | $ / shares |
$ 4.63
|
|
Vested and exercisable at ending | shares |
337,471
|
|
Weighted average exercise price, balance at ending | $ / shares |
$ 4.63
|
|
Weighted average remaining contractual term, exercisable at ending |
1 year 10 months 24 days
|
|
Vested and exercisable at ending | $ |
|
[1] |
|
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.2
STOCK OPTIONS, RESTRICTED STOCK AND WARRANTS (Details 1) - Restricted Stock [Member]
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Balance at beginning | shares |
41,808
|
Weighted - average grant date fair value, balance at beginning | $ / shares |
$ 3.24
|
Granted | shares |
486,194
|
Weighted - average grant date fair value, granted | $ / shares |
$ 1.46
|
Vested | shares |
(111,333)
|
Weighted - average grant date fair value, vested | $ / shares |
$ 2.20
|
Balance at ending | shares |
416,669
|
Weighted - average grant date fair value, balance at ending | $ / shares |
$ 1.44
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.2
STOCK OPTIONS, RESTRICTED STOCK AND WARRANTS (Details 2) - Restricted Stock Units [Member]
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Balance at beginning | shares |
413,626
|
Weighted - average grant date fair value, balance at beginning | $ / shares |
$ 2.14
|
Granted | shares |
209,082
|
Weighted - average grant date fair value, granted | $ / shares |
$ 1.39
|
Vested | shares |
(162,909)
|
Weighted - average grant date fair value, vested | $ / shares |
$ 3.16
|
Forfeited | shares |
(7,000)
|
Weighted - average grant date fair value, forfeited | $ / shares |
$ 3.44
|
Balance at ending | shares |
452,799
|
Weighted - average grant date fair value, balance at ending | $ / shares |
$ 1.41
|
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v3.23.2
STOCK OPTIONS, RESTRICTED STOCK AND WARRANTS (Details 3) - Nonvested Stock Options [Member]
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Balance at beginning | shares |
432,326
|
Balance at beginning, weighted average grant date fair value | $ / shares |
$ 2.95
|
Granted | shares |
718,183
|
Granted, weighted average grant date fair value | $ / shares |
$ 1.27
|
Forfeited/Cancelled | shares |
(70,625)
|
Forfeited/Cancelled, weighted average grant date fair value | $ / shares |
$ 2.95
|
Balance at ending | shares |
1,079,884
|
Balance at ending, weighted average grant date fair value | $ / shares |
$ 1.84
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v3.23.2
STOCK OPTIONS, RESTRICTED STOCK AND WARRANTS (Details 4)
|
6 Months Ended |
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Equity [Abstract] |
|
|
Number of warrants outstanding, beginning balance | shares |
5,103,455
|
|
Weighted average exercise price, beginning balance | $ / shares |
$ 4.34
|
|
Number of warrants outstanding, granted | shares |
|
|
Weighted average exercise price, granted | $ / shares |
|
|
Number of warrants outstanding, expired | shares |
(474,869)
|
|
Weighted average exercise price, expired | $ / shares |
$ 6.34
|
|
Number of warrants outstanding, ending Balance | shares |
4,628,586
|
|
Weighted average exercise price, ending balance | $ / shares |
$ 4.13
|
|
Weighted average remaining contractual terms |
2 years 9 months 18 days
|
|
Number of warrants outstanding, exercisable | shares |
4,628,586
|
|
Weighted average exercise price, exercisable | $ / shares |
$ 4.13
|
|
Weighted average remaining contractual terms, exercisable |
2 years 9 months 18 days
|
|
Aggregate intrinsic value, exercisable | $ |
|
[1] |
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v3.23.2
STOCK OPTIONS, RESTRICTED STOCK AND WARRANTS (Details Narrative) - USD ($) $ in Thousands |
|
|
|
1 Months Ended |
6 Months Ended |
|
Jun. 09, 2022 |
Aug. 10, 2020 |
Nov. 14, 2017 |
Mar. 28, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2013 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Unrecognized compensation cost |
|
|
|
|
$ 0
|
|
|
Equity Incentive Plan2017 [Member] | Board of Directors Chairman [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock issued during period shares new issues |
|
1,069,110
|
260,000
|
|
|
|
|
Equity investments fair value | Board of Directors Chairman [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Shares authorized for potential issuance |
3,069,100
|
|
|
2,069,100
|
|
|
|
Issued Under The 2020 Plan [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Incentive stock options granted |
|
|
|
|
1,000,000
|
|
|
Stock Options Restricted Stockand Unitsand Other Stockbased Awards [Member] | Omnibus Equity Compensation Plan2013 [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Number of shares authorized to grand awards |
|
|
|
|
|
|
400,000
|
Incentive Stock Options [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Exercise price, description |
|
|
|
|
In connection with incentive stock options, the
exercise price of each option may not be less than 100% of the fair market value of the common stock on the date of the grant (or 110%
of the fair market value in the case of a grantee holding more than 10% of the outstanding stock of the Company).
|
|
|
Equity Option [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock or Unit Option Plan Expense |
|
|
|
|
$ 0
|
$ 0
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Unvested restricted stock awards |
|
|
|
|
562
|
|
|
Restricted Stock Units [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Unvested restricted stock awards |
|
|
|
|
$ 445
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term |
|
|
|
|
1 year 6 months
|
|
|
Nonvested Stock Options [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Incentive stock options granted |
|
|
|
|
718,183
|
|
|
Unvested restricted stock awards |
|
|
|
|
$ 1,348
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term |
|
|
|
|
2 years 14 days
|
|
|
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v3.23.2
SEGMENT REPORTING (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Total Revenue |
|
$ 5,335
|
$ 4,497
|
$ 10,996
|
$ 4,658
|
Total Gross Profit |
|
1,820
|
1,685
|
3,574
|
1,808
|
General and administrative |
[1] |
2,342
|
2,535
|
5,098
|
4,000
|
Research and development |
|
10
|
25
|
18
|
34
|
Sales and marketing |
[1] |
506
|
447
|
1,000
|
746
|
LOSS BEFORE OTHER (EXPENSE) INCOME |
|
(1,038)
|
(1,322)
|
(2,542)
|
(2,972)
|
OTHER INCOME (EXPENSE) |
|
156
|
(11,233)
|
80
|
(10,977)
|
NET LOSS |
|
(882)
|
(12,555)
|
(2,462)
|
(13,949)
|
Precision Logistics [Member] |
|
|
|
|
|
Total Revenue |
|
5,214
|
4,231
|
10,628
|
4,231
|
Total Gross Profit |
|
1,719
|
1,509
|
3,305
|
1,509
|
Authentication [Member] |
|
|
|
|
|
Total Revenue |
|
121
|
266
|
368
|
427
|
Total Gross Profit |
|
$ 101
|
$ 176
|
$ 269
|
$ 299
|
|
|
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - shares
|
|
1 Months Ended |
Jul. 10, 2023 |
Jul. 31, 2023 |
Jul. 25, 2023 |
Jul. 20, 2023 |
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Shares issued |
|
|
|
315,000
|
Chief Financial Officer [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Common stock issued in order to satisfy tax obligations |
|
|
|
6,000
|
Chief Financial Officer [Member] | Plan 2020 [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Shares granted |
|
123,408
|
|
|
Stock price exceeds, description |
|
Company’s
stock price exceeds $2.75 and $3.75 per share for twenty consecutive trading days.
|
|
|
Chief Financial Officer [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Shares forfeited |
|
79,532
|
|
|
Shares issued |
|
|
|
20,000
|
Vesting date |
|
|
|
Dec. 31, 2024
|
Former board member [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Shares issued |
14,000
|
|
29,002
|
|
X |
- DefinitionThe number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.
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