INTRUSION INC. Files 10-Q for Quarter Ended March 31, 2024

TL;DR

<b>INTRUSION INC. has filed its Q1 2024 10-Q report detailing financial positions and historical company name changes.</b>

AI Summary

INTRUSION INC (INTZ) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. INTRUSION INC. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in Plano, Texas. INTRUSION INC. was formerly known as INTRUSION COM INC, ODS NETWORKS INC, and OPTICAL DATA SYSTEMS INC. The filing includes data related to preferred stock, common stock, treasury stock, accumulated other comprehensive income, additional paid-in capital, and retained earnings for various periods.

Why It Matters

For investors and stakeholders tracking INTRUSION INC, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of INTRUSION INC. for the first quarter of 2024, crucial for understanding the company's current performance and financial health. The inclusion of historical company names and SIC code (3576 - COMPUTER COMMUNICATIONS EQUIPMENT) offers context for the company's evolution and industry classification.

Risk Assessment

Risk Level: low — INTRUSION INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks or positive/negative events.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any updates on the company's strategic initiatives.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-15 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Fiscal year 2024 Q1 start date)
• 2023-03-31 — Prior Year Quarter End Date (Prior year comparable period)

Key Players & Entities

• INTRUSION INC (company) — Filer name
• INTZ (company) — Ticker symbol
• Plano, TX (location) — Business address city and state
• 0000736012 (company) — Central Index Key
• 3576 (industry) — Standard Industrial Classification
• INTRUSION COM INC (company) — Former company name
• ODS NETWORKS INC (company) — Former company name
• OPTICAL DATA SYSTEMS INC (company) — Former company name

FAQ

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance and position during the quarter.)

SIC Code

Standard Industrial Classification code used to classify businesses by industry. (Helps categorize INTRUSION INC. within the 'COMPUTER COMMUNICATIONS EQUIPMENT' sector.)

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share INTZ Nasdaq Capital Market
• $0.5 million — the term of such note in amounts up to $0.5 million per calendar month upon the noteholder'
• $1,100 — ries A Preferred have a stated value of $1,100 per share and are subject to preference
• $0.4 million — ded March 31, 2023 the Company recorded $0.4 million of interest expense, respectively in th
• $9.5 million — issue costs. As a result of exchanging $9.5 million principal in aggregate for equity, the
• $1.0 million — e of unamortized debt issuance costs of $1.0 million for the three months ended March 31, 20
• $101 thousand — principal balance due under the note by $101 thousand which reflected the amount due from Sco
• $0.3 million — any, in connection with the action. The $0.3 million settlement payment was made by the Comp
• $1,100.00 — Stock shall have a stated face value of $1,100.00 ("Stated Value"). The Series A Stock is
• $50.0 million — s the Company to potentially sell up to $50.0 million of the Company's common stock using a s

Filing Documents

• intrusion_i10q-033124.htm (10-Q) — 490KB
• intrusion_ex3101.htm (EX-31.1) — 11KB
• intrusion_ex3102.htm (EX-31.2) — 12KB
• intrusion_ex3201.htm (EX-32.1) — 5KB
• 0001683168-24-003495.txt (&nbsp;) — 2939KB
• intz-20240331.xsd (EX-101.SCH) — 26KB
• intz-20240331_cal.xml (EX-101.CAL) — 41KB
• intz-20240331_def.xml (EX-101.DEF) — 86KB
• intz-20240331_lab.xml (EX-101.LAB) — 254KB
• intz-20240331_pre.xml (EX-101.PRE) — 202KB
• intrusion_i10q-033124_htm.xml (XML) — 247KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited), and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024, and 2023 4 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2024, and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024, and 2023 6 Notes to Unaudited Condensed Consolidated 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 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

– OTHER INFORMATION

PART II – OTHER INFORMATION 22

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Purchases of Equity Securities 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 23 Signature Pag 24 2

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS INTRUSION INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value amounts) March 31, 2024 December 31, 2023 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 122 $ 139 Accounts receivable, net 256 364 Prepaid expenses and other assets 385 635 Total current assets 763 1,138 Property and Equipment: Equipment 1,972 2,069 Capitalized software development 3,131 2,791 Leasehold improvements 15 15 Property and equipment 5,118 4,875 Accumulated depreciation and amortization ( 2,105 ) ( 1,955 ) Property and equipment, net 3,013 2,920 Finance leases, right-of-use assets, net 216 382 Operating leases, right-of-use assets, net 1,569 1,637 Other assets 171 171 Total noncurrent assets 4,969 5,110 TOTAL ASSETS $ 5,732 $ 6,248 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable, trade $ 1,893 $ 2,215 Accrued expenses 356 222 Finance leases liabilities, current portion 284 384 Operating leases liabilities, current portion 247 178 Notes payable 1,724 10,823 Deferred revenue 915 439 Total current liabilities 5,419 14,261 Noncurrent Liabilities: Finance leases liabilities, noncurrent portion 2 3 Operating leases liability, noncurrent portion 1,480 1,539 Total noncurrent liabilities 1,482 1,542 Commitments and Contingencies – (See Note 5) – – Stockholders' Deficit: Series A preferred stock $ 0.01 par value: Authorized shares – 20 issued and outstanding shares – 9 in 2024 and 0 in 2023 9,275 – Common stock $ 0.01 par value: Authorized shares – 80,000 ; issued shares – 1,958 in 2024 and 1,791 in 2023; outstanding shares – 1,957 in 2024 and 1,790 in 2023 19 18 Common stock held in treasury, at cost – 1 share ( 362 ) ( 362 ) Additional paid-in capital 101,875 101,049 Accumulated deficit ( 111,933 ) ( 110,217 ) Accumulated other com

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