INTRUSION INC. Files Q2 2024 10-Q Financial Report

TL;DR

INTRUSION INC. 10-Q filed. Q2 2024 financials out, compare to last year.

AI Summary

INTRUSION INC. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as ODS NETWORKS INC. and OPTICAL DATA SYSTEMS INC., is based in Plano, Texas. The filing details financial information for the second quarter and the first half of 2024, comparing it to the same periods in 2023.

Why It Matters

This report provides investors with a detailed look at INTRUSION INC.'s financial performance and position as of June 30, 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's financial performance and market position could present inherent risks.

Key Numbers

• 20240630 — Reporting Period End (The end date for the financial data presented in the 10-Q.)
• 20240814 — Filing Date (The date the 10-Q was officially filed with the SEC.)

Key Players & Entities

• INTRUSION INC. (company) — Filer of the 10-Q
• ODS NETWORKS INC. (company) — Former company name
• OPTICAL DATA SYSTEMS INC. (company) — Former company name
• Plano, Texas (location) — Company business address
• June 30, 2024 (date) — Reporting period end date

FAQ

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
• $9.5 million — ndebtedness. As a result of exchanging $9.5 million principal in aggregate for equity, the
• $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

Filing Documents

• intrusion_i10q-63024.htm (10-Q) — 698KB
• intrusion_ex3101.htm (EX-31.1) — 11KB
• intrusion_ex3102.htm (EX-31.2) — 12KB
• intrusion_ex3201.htm (EX-32.1) — 6KB
• 0001683168-24-005587.txt ( ) — 3431KB
• intz-20240630.xsd (EX-101.SCH) — 30KB
• intz-20240630_cal.xml (EX-101.CAL) — 42KB
• intz-20240630_def.xml (EX-101.DEF) — 95KB
• intz-20240630_lab.xml (EX-101.LAB) — 271KB
• intz-20240630_pre.xml (EX-101.PRE) — 213KB
• intrusion_i10q-63024_htm.xml (XML) — 332KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited), and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024, and 2023 4 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three and six months ended June 30, 2024, and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 15

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 24

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 25 Signature Page 26 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) June 30, 2024 December 31, 2023 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 1,506 $ 139 Accounts receivable, net 708 364 Prepaid expenses and other assets 414 635 Total current assets 2,628 1,138 Noncurrent Assets: Property and Equipment: Equipment 1,864 2,069 Capitalized software development 3,418 2,791 Leasehold improvements 15 15 Property and equipment 5,297 4,875 Accumulated depreciation and amortization ( 2,330 ) ( 1,955 ) Property and equipment, net 2,967 2,920 Finance leases, right-of-use assets, net 87 382 Operating leases, right-of-use assets, net 1,502 1,637 Other assets 293 171 Total noncurrent assets 4,849 5,110 TOTAL ASSETS $ 7,477 $ 6,248 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable, trade $ 1,399 $ 2,215 Accrued expenses 239 222 Finance lease liabilities, current portion 122 384 Operating lease liabilities, current portion 260 178 Notes payable 511 10,823 Deferred revenue 578 439 Total current liabilities 3,109 14,261 Noncurrent Liabilities: Finance lease liabilities, noncurrent portion – 3 Operating lease liabilities, noncurrent portion 1,420 1,539 Total noncurrent liabilities 1,420 1,542 Commitments and Contingencies – (See Note 5) – – Stockholders' Equity (Deficit): Series A preferred stock $ 0.01 par value: Authorized shares – 20 ; issued; and outstanding shares – 9 in 2024 and 0 in 2023 8,956 – Common stock $ 0.01 par value: Authorized shares – 80,000 ; issued shares – 5,441 in 2024 and 1,848 in 2023; outstanding shares – 5,440 in 2024 and 1,847 in 2023 54 18 Common stock held in treasury, at cost – 1 share ( 362 ) ( 362 ) Additional paid-in capital 108,343 101,049 Accumulated deficit ( 114,000 ) ( 110

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View this 10-Q filing on SEC EDGAR