Intellicheck, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Intellicheck, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational updates.</b>

AI Summary

Intellicheck, Inc. (IDN) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Intellicheck, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's previous name was Intellicheck Mobilisa, Inc. The company is incorporated in Delaware. The filing was made on May 14, 2024.

Why It Matters

For investors and stakeholders tracking Intellicheck, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management discussion for Intellicheck, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, operational performance, and future outlook.

Risk Assessment

Risk Level: low — Intellicheck, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would alter the company's risk profile.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Intellicheck's Q1 2024 performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q report is for the period ending March 31, 2024.)
• 2024-05-14 — Filing Date (The 10-Q report was filed on May 14, 2024.)
• 2023-03-31 — Prior Year Period End Date (Comparative period for Q1 2023.)

Key Players & Entities

• Intellicheck, Inc. (company) — Filer of the 10-Q report.
• Intellicheck Mobilisa, Inc. (company) — Former name of Intellicheck, Inc.
• 2024-03-31 (date) — Reporting period end date for the 10-Q.
• 2024-05-14 (date) — Filing date of the 10-Q.

FAQ

Industry Context

Intellicheck, Inc. operates in the software and services sector, focusing on identity verification solutions.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business performance and outlook.
3. Check for any new risk factors or updates to existing ones disclosed in the report.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date Intellicheck, Inc. submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial data.

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value per share IDN The Nasdaq St
• $250,000 — it Insurance Corporation ("FDIC") up to $250,000, however amounts may exceed FDIC insure

Filing Documents

• idn-20240331.htm (10-Q) — 596KB
• idn-2024331x10qxexx101.htm (EX-10.1) — 2KB
• idn-20240331xexx311.htm (EX-31.1) — 11KB
• idn-20240331xexx312.htm (EX-31.2) — 10KB
• idn-20240331xexx322.htm (EX-32) — 7KB
• a1715701666635-75d2ebeaxff.jpg (GRAPHIC) — 97KB
• a1715701666635-75d2ebeaxffa.jpg (GRAPHIC) — 112KB
• a1715701666635-75d2ebeaxffb.jpg (GRAPHIC) — 45KB
• 0001628280-24-023185.txt (&nbsp;) — 4985KB
• idn-20240331.xsd (EX-101.SCH) — 34KB
• idn-20240331_cal.xml (EX-101.CAL) — 44KB
• idn-20240331_def.xml (EX-101.DEF) — 163KB
• idn-20240331_lab.xml (EX-101.LAB) — 509KB
• idn-20240331_pre.xml (EX-101.PRE) — 337KB
• idn-20240331_htm.xml (XML) — 557KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

Unaudited Condensed Financial Statements

Item 1. Unaudited Condensed Financial Statements 3 Condensed Balance Sheets – March 31 , 202 4 (Unaudited) and December 31, 202 3 3 Unaudited Condensed Statements of Operations for the three months ended March 31 , 202 4 and 202 3 4 Unaudited Condensed Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 6 Unaudited Condensed Statements of Cash Flows for the three months ended March 3 1 , 202 4 and 202 3 6 Notes to Unaudited Condensed Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

– OTHER INFORMATION

Part II – OTHER INFORMATION 26

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 Exhibits 10.1* Jonathan Robins Employment Agreement 31.1 Rule 13a-14(a) Certification of Chief Executive Officer 31.2 Rule 13a-14(a) Certification of Chief Financial Officer 32 U.S.C. Section 1350 Certifications 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema 101.CAL XBRL Taxonomy Extension Calculation Linkbase 101.DEF XBRL Taxonomy Extension Definition Linkbase 101.LAB XBRL Taxonomy Extension Label Linkbase 101.PRE XBRL Taxonomy Extension Presentation Linkbase 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) *Denotes a management contract or compensatory plan, contract or agreement. 2 Index

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS INTELLICHECK, INC. CONDENSED BALANCE SHEETS (in thousands except share and per share amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 9,239 $ 3,980 Short-term investments — 5,000 Accounts receivable, net of allowance of $ 85 and $ 69 at March 31, 2024 and December 31, 2023, respectively 2,744 4,703 Other current assets 654 692 Total current assets 12,637 14,375 PROPERTY AND EQUIPMENT, NET 628 666 GOODWILL 8,102 8,102 INTANGIBLE ASSETS, NET 1,157 575 OTHER ASSETS 91 90 Total assets $ 22,615 $ 23,808 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,121 $ 884 Accrued expenses 2,657 3,245 Equity awards liability — 4 Liability for shares withheld 190 190 Deferred revenue 1,469 2,209 Total current liabilities 5,437 6,532 Total liabilities 5,437 6,532 COMMITMENTS AND CONTINGENCIES (Note 10) STOCKHOLDERS' EQUITY: Preferred stock - $ 0.01 par value; 30,000 shares authorized; Series A convertible preferred stock, zero shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively — — Common stock - $ 0.001 par value; 40,000,000 shares authorized; 19,404,561 and 19,354,335 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 19 19 Additional paid-in capital 151,166 150,822 Accumulated deficit ( 134,007 ) ( 133,565 ) Total stockholders' equity 17,178 17,276 Total liabilities and stockholders' equity $ 22,615 $ 23,808 See accompanying notes to unaudited condensed financial statements. 3 Index INTELLICHECK, INC. CONDENSED STATEMENTS OF OPERATIONS (In thousands except shares and per share amounts) (Unaudited) Three months ended March 31, 2024 2023 REVENUES $ 4,680 $ 4,254 COST OF REVENUES ( 435 ) ( 332 ) Gross profit 4,245 3,922 OPERATING EXPENSES Selling, general and administrative 3,949 3,995 Research and development 819 1,308 Total operating expense

Business

Business Intellicheck, Inc. (the "Company" or "Intellicheck") is a prominent technology company that is engaged in developing, integrating and marketing identity verification solutions to address challenges that include commercial retail and banking fraud prevention. Intellicheck's products include solutions for preventing identity fraud across any industry delivered via smartphone, tablet, POS integration or other electronic devices. Intellicheck continues to develop and release innovative products based upon its rich patent portfolio consisting of eleven ( 11) U.S. and one Canadian patents. Liquidity For the three months ended March 31, 2024, the Company incurred a net loss of $( 442 ) and generated cash from operations of $ 869 . As of March 31, 2024, the Company had cash and cash equivalents of $ 9,239 , working capital (defined as current assets minus current liabilities) of $ 7,200 and an accumulated deficit of $( 134,007 ). Based on the Company's business plan and cash resources, Intellicheck expects its existing and future resources and revenues generated from operations to satisfy its working capital requirements for at least the next 12 months from the date of filing. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments necessary for a fair presentation of the Company's financial position at March 31, 2024, the results of operations, and stockholders' equity for the three months ended March 31, 2024 and 2023 and cash flows for the three months ended

View Full Filing

View this 10-Q filing on SEC EDGAR