Intellicheck, Inc. Files Q3 2024 10-Q Report

Ticker: IDN · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 1040896

Intellicheck, Inc. 10-Q Filing Summary
FieldDetail
CompanyIntellicheck, Inc. (IDN)
Form Type10-Q
Filed DateNov 14, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $250,000
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, filing

Related Tickers: IDN

TL;DR

Intellicheck (IDN) filed its 10-Q for Q3 2024. All systems go.

AI Summary

Intellicheck, Inc. filed its quarterly report for the period ended September 30, 2024. The company is incorporated in Delaware and its principal executive offices are located in Melville, NY. Intellicheck's common stock trades on The Nasdaq Stock Market LLC under the symbol IDN.

Why It Matters

This filing provides an update on Intellicheck's financial and operational status for the third quarter of 2024, which is crucial for investors to assess the company's performance and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain any immediately apparent new risks or significant negative developments.

Key Players & Entities

  • Intellicheck, Inc. (company) — Registrant
  • September 30, 2024 (date) — Quarterly period ended
  • Delaware (jurisdiction) — State of Incorporation
  • Melville, NY (location) — Principal Executive Offices
  • IDN (ticker) — Trading Symbol
  • The Nasdaq Stock Market LLC (company) — Exchange

FAQ

What is the filing date for this 10-Q report?

The filing is for the quarterly period ended September 30, 2024.

What is Intellicheck, Inc.'s state of incorporation?

Intellicheck, Inc. is incorporated in Delaware.

Where are Intellicheck, Inc.'s principal executive offices located?

Intellicheck, Inc.'s principal executive offices are located at 200 Broadhollow Road, Suite 207, Melville, NY 11747.

What is the trading symbol for Intellicheck, Inc.'s common stock?

The trading symbol for Intellicheck, Inc.'s common stock is IDN.

On which exchange is Intellicheck, Inc.'s common stock registered?

Intellicheck, Inc.'s common stock is registered on The Nasdaq Stock Market LLC.

Filing Stats: 4,592 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2024-11-14 16:09:20

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

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

Unaudited Condensed Financial Statements

Item 1. Unaudited Condensed Financial Statements 3 Condensed Balance Sheets – September 30, 2024 (Unaudited) and December 31, 2023 3 Unaudited Condensed Statements of Operations for the three and nine months ended September 30, 2024 and 2023 4 Unaudited Condensed Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 6 Unaudited Condensed Statements of Cash Flows for the nine months ended S eptember 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 10.1 Separation Agreement dated as of July 12, 2024 by and between the Registrant and Jeffrey Ishmael 10.2 Employment Agreement dated as of July 31, 2024 by and between the Registrant and Adam Sragovicz 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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 5,747 $ 3,980 Short-term investments — 5,000 Accounts receivable, net of allowance for credit losses of $ 100 and $ 69 at September 30, 2024 and December 31, 2023, respectively 3,374 4,703 Other current assets 525 692 Total current assets 9,646 14,375 PROPERTY AND EQUIPMENT, NET 573 666 GOODWILL 8,102 8,102 INTANGIBLE ASSETS, NET 2,271 575 OTHER ASSETS 90 90 Total assets $ 20,682 $ 23,808 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 848 $ 884 Accrued expenses 1,787 3,245 Equity awards liability — 4 Liability for shares withheld — 190 Deferred revenue 1,312 2,209 Total current liabilities 3,947 6,532 Total liabilities 3,947 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 September 30, 2024 and December 31, 2023, respectively — — Common stock - $ 0.001 par value; 40,000,000 shares authorized; 19,550,965 and 19,354,335 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 19 19 Additional paid-in capital 151,687 150,822 Accumulated deficit ( 134,971 ) ( 133,565 ) Total stockholders' equity 16,735 17,276 Total liabilities and stockholders' equity $ 20,682 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 REVENUES $ 4,709 $ 4,760 $ 14,060 $ 13,730 COST OF REVENUES ( 424 ) ( 428 ) ( 1,303 ) ( 1,112 ) Gross profit 4,285 4,332 12,757 12,618

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 nine months ended September 30, 2024, the Company incurred a net loss of $( 1,406 ) and used cash in operations of $( 1,373 ). As of September 30, 2024, the Company had cash and cash equivalents of $ 5,747 , working capital (defined as current assets minus current liabilities) of $ 5,699 and an accumulated deficit of $( 134,971 ). 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 September 30, 2024, the results of operations, and stockholders' equity for the three and nine months ended September 30, 2024 and 2023 and cash flow

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