ICTS International N.V. 6-K: German payroll, Dutch tax deferrals, Yen loan

TL;DR

ICTS Intl. got COVID cash, deferred taxes, and gov't payroll help in Germany.

AI Summary

ICTS International N.V. filed a 6-K report on December 20, 2024, detailing financial activities up to June 30, 2024. The company received reimbursement from the German government for payroll support provided to its German employees. Additionally, the report mentions deferred VAT and wage tax payments to the Dutch government, with installments starting in October 2022. A 50 million Yen loan, taken in July 2020 for COVID-19 related financial support, had long-term balances of $39 and $45 as of June 30, 2024, and December 31, 2023, respectively.

Why It Matters

This filing provides insight into how ICTS International N.V. is managing government support programs and deferred tax liabilities, which can impact its cash flow and financial stability.

Risk Assessment

Risk Level: low — The filing primarily details routine financial reporting and government support programs, with no immediate significant negative events.

Key Numbers

• $39 — Yen loan balance (Long-term balance as of June 30, 2024)
• $45 — Yen loan balance (Long-term balance as of December 31, 2023)

Key Players & Entities

• ICTS INTERNATIONAL N V (company) — Filer
• German government (company) — Reimbursed payroll support
• Dutch government (company) — Deferred VAT and wage tax
• 50 million Yen (dollar_amount) — COVID-19 loan amount
• June 30, 2024 (date) — Reporting period end
• December 31, 2023 (date) — Previous reporting period end

FAQ

Filing Documents

• zk2432438.htm (6-K) — 1121KB
• 0001178913-24-004016.txt ( ) — 5866KB
• ictsf-20240630.xsd (EX-101.SCH) — 94KB
• ictsf-20240630_cal.xml (EX-101.CAL) — 37KB
• ictsf-20240630_def.xml (EX-101.DEF) — 169KB
• ictsf-20240630_lab.xml (EX-101.LAB) — 1007KB
• ictsf-20240630_pre.xml (EX-101.PRE) — 245KB
• zk2432438_htm.xml (XML) — 780KB

Signatures

Signatures 23 3 ITEM 1. FINANCIAL STATEMENTS ICTS INTERNATIONAL N.V AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (US $ in thousands, except share data) (Unaudited) June 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 50,853 $ 55,222 Restricted cash 5,123 9,766 Bank deposits 31,356 34,002 Accounts receivable, net 80,827 70,442 Prepaid expenses and other current assets 9,145 7,125 Total current assets 177,304 176,557 Deferred tax assets, net 667 1,575 Investments 267 249 Deposits 1,877 2,564 Restricted cash 1,439 2,037 Property and equipment, net 4,750 5,194 Operating leases right of use assets 13,530 7,398 Goodwill 653 668 Other Assets 987 854 Total assets $ 201,474 $ 197,096 LIABILITIES AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES: Notes payable - financial institutions $ 3,939 $ 209 Accounts payable 6,728 6,601 Accrued expenses and other current liabilities 58,556 52,470 Value added tax (VAT) payable 11,741 10,759 Income taxes payable 4,935 6,652 Operating lease liabilities, current 4,248 3,804 Total current liabilities 90,147 80,495 Operating lease liabilities, non current 9,239 3,645 Other liabilities 18,042 22,038 Total liabilities 117,428 106,178 COMMITMENTS AND CONTINGENCIES REDEEMABLE NON-CONTROLLING INTERESTS 90,903 93,521 SHAREHOLDERS' DEFICIT: Common stock, 0.45 Euro par value; 150,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 37,433,333 shares issued and outstanding as of June 30, 2024 and December 31, 2023 19,186 19,186 Additional paid-in capital 19,839 17,818 Accumulated deficit ( 36,181 ) ( 31,440 ) Accumulated other comprehensive loss ( 7,902 ) ( 8,117 ) Treasury shares ( 1,518 ) ( 1,518 ) Non controlling interest in subsidaries ( 281 ) 1,468

View Full Filing

View this 6-K filing on SEC EDGAR