Intellicheck, Inc. Files Q2 2024 10-Q Report

TL;DR

**Intellicheck Q2 2024 10-Q filed. Check financials.**

AI Summary

Intellicheck, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial health and operational performance of Intellicheck, Inc. for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information and disclosures that could reveal risks or opportunities impacting the company's stock.

Key Players & Entities

• Intellicheck, Inc. (company) — Filer of the 10-Q report
• 200 BROADHOLLOW ROAD, SUITE 207, MELVILLE, NY 11747 (location) — Business and mailing address
• 20240630 (date) — Conformed period of report
• 20240814 (date) — Filing date

FAQ

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-20240630.htm (10-Q) — 739KB
• idn-20240630xexx311.htm (EX-31.1) — 11KB
• idn-20240630xexx312.htm (EX-31.2) — 10KB
• idn-20240630xexx32.htm (EX-32) — 7KB
• 0001628280-24-037186.txt ( ) — 5120KB
• idn-20240630.xsd (EX-101.SCH) — 34KB
• idn-20240630_cal.xml (EX-101.CAL) — 46KB
• idn-20240630_def.xml (EX-101.DEF) — 164KB
• idn-20240630_lab.xml (EX-101.LAB) — 532KB
• idn-20240630_pre.xml (EX-101.PRE) — 348KB
• idn-20240630_htm.xml (XML) — 669KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

Unaudited Condensed Financial Statements

Item 1. Unaudited Condensed Financial Statements 3 Condensed Balance Sheets – June 30 , 2024 (Unaudited) and December 31, 2023 3 Unaudited Condensed Statements of Operations for the three and si x months ended June 30 , 2024 and 2023 4 Unaudited Condensed Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 6 Unaudited Condensed Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 7 Notes to Unaudited Condensed Financial Statements 8

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 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

– OTHER INFORMATION

Part II – OTHER INFORMATION 28

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 29

Signatures

Signatures 30 Exhibits 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) 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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 7,260 $ 3,980 Short-term investments — 5,000 Accounts receivable, net of allowance for credit losses of $ 87 and $ 69 at June 30, 2024 and December 31, 2023, respectively 3,315 4,703 Other current assets 645 692 Total current assets 11,220 14,375 PROPERTY AND EQUIPMENT, NET 592 666 GOODWILL 8,102 8,102 INTANGIBLE ASSETS, NET 1,912 575 OTHER ASSETS 90 90 Total assets $ 21,916 $ 23,808 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 909 $ 884 Accrued expenses 1,902 3,245 Equity awards liability — 4 Liability for shares withheld — 190 Deferred revenue 1,798 2,209 Total current liabilities 4,609 6,532 Total liabilities 4,609 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 June 30, 2024 and December 31, 2023, respectively — — Common stock - $ 0.001 par value; 40,000,000 shares authorized; 19,492,702 and 19,354,335 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 19 19 Additional paid-in capital 151,422 150,822 Accumulated deficit ( 134,134 ) ( 133,565 ) Total stockholders' equity 17,307 17,276 Total liabilities and stockholders' equity $ 21,916 $ 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 June 30, Six months ended June 30, 2024 2023 2024 2023 REVENUES $ 4,672 $ 4,716 $ 9,352 $ 8,970 COST OF REVENUES ( 444 ) ( 352 ) ( 879 ) ( 684 ) Gross profit 4,228 4,364 8,473 8,286 OPERATING EXPENSES Selling, general an

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 six months ended June 30, 2024, the Company incurred a net loss of $( 569 ) and used cash in operations of $( 312 ). As of June 30, 2024, the Company had cash and cash equivalents of $ 7,260 , working capital (defined as current assets minus current liabilities) of $ 6,611 and an accumulated deficit of $( 134,134 ). Based on the Company's business plan and cash resources, Intellicheck expects its existing cash 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 June 30, 2024, the results of operations, and stockholders' equity for the three and six months ended June 30, 2024 and 2023 and cash flows for the six months ended

View Full Filing

View this 10-Q filing on SEC EDGAR