Iveda Solutions, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Iveda Solutions, Inc. has filed its 2023 annual report on Form 10-K, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Iveda Solutions, Inc. (IVDAW) filed a Annual Report (10-K) with the SEC on April 1, 2024. Iveda Solutions, Inc. filed its 2023 annual report (10-K) on April 1, 2024. The report covers the fiscal year ending December 31, 2023. The company's principal business address is in Mesa, Arizona. Iveda Solutions, Inc. was formerly known as Iveda Corp and Charmed Homes Inc. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Iveda Solutions, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Iveda Solutions' financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors disclosed in the 10-K are essential for investors and stakeholders to understand the company's revenue streams, profitability, debt levels, and potential challenges.

Risk Assessment

Risk Level: medium — Iveda Solutions, Inc. shows moderate risk based on this filing. The company's reliance on a few key customers, such as Chunghwa Telecom and Taiwan Co, presents a significant concentration risk, as indicated by the 'CustomerConcentrationRiskMember' data for accounts receivable and sales revenue.

Analyst Insight

Investors should closely examine the company's revenue diversification strategies and customer retention efforts in light of the identified customer concentration risks.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-01 — Filing Date (Filed as of date)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)

Key Players & Entities

• Iveda Solutions, Inc. (company) — Filer name
• IVDAW (company) — Ticker symbol
• Mesa, AZ (company) — Business address city and state
• Chunghwa Telecom (company) — Key customer mentioned in risk context
• Taiwan Co (company) — Key customer mentioned in risk context

FAQ

Risk Factors

• Customer Concentration Risk [high — financial]: The company's reliance on a few key customers for a significant portion of its revenue and accounts receivable poses a risk to its financial stability.

Industry Context

Iveda Solutions operates in the prepackaged software industry, focusing on providing AI-driven video analytics and IoT solutions.

Regulatory Implications

As a publicly traded company, Iveda Solutions is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review the detailed financial statements and management's discussion and analysis in the 10-K for a thorough understanding of Iveda Solutions' performance.
2. Assess the company's strategies for mitigating customer concentration risk, particularly concerning Chunghwa Telecom and Taiwan Co.
3. Monitor future filings for updates on revenue growth, profitability, and any changes in the company's risk profile.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.00001 — (g) of the Act: Common Stock, par value $0.00001 per share Indicate by check mark if t

Filing Documents

• form10-k.htm (10-K) — 1344KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 9KB
• ex97-1.htm (EX-97.1) — 50KB
• form10-k001.jpg (GRAPHIC) — 130KB
• 0001493152-24-012417.txt (&nbsp;) — 5940KB
• ivda-20231231.xsd (EX-101.SCH) — 33KB
• ivda-20231231_cal.xml (EX-101.CAL) — 47KB
• ivda-20231231_def.xml (EX-101.DEF) — 153KB
• ivda-20231231_lab.xml (EX-101.LAB) — 331KB
• ivda-20231231_pre.xml (EX-101.PRE) — 272KB
• form10-k_htm.xml (XML) — 754KB

– BUSINESS

ITEM 1 – BUSINESS 4

– RISK FACTORS

ITEM 1A – RISK FACTORS 12 ITEM lB – UNRESOLVED STAFF COMMENTS 24

– CYBERSECURITY

ITEM 1C – CYBERSECURITY 24

– PROPERTIES

ITEM 2 – PROPERTIES 24

– LEGAL PROCEEDINGS

ITEM 3 – LEGAL PROCEEDINGS 24

– MINE SAFETY DISCLOSURES

ITEM 4 – MINE SAFETY DISCLOSURES 24 PART II 25

– MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5 – MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 25

– SELECTED FINANCIAL DATA

ITEM 6 – SELECTED FINANCIAL DATA 26

– MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7 – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26

– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 32

– FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8 – FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 32

– CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 32

– CONTROLS AND PROCEDURES

ITEM 9A – CONTROLS AND PROCEDURES 32

– OTHER INFORMATION

ITEM 9B – OTHER INFORMATION 33

– DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C – DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 33 PART III 34

– DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10 – DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 34

– EXECUTIVE COMPENSATION

ITEM 11 – EXECUTIVE COMPENSATION 37

– SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 40

– CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 41

– PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14 – PRINCIPAL ACCOUNTANT FEES AND SERVICES 41 PART IV 42

– EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15 – EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 42

SIGNATURES

SIGNATURES 43 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 EX-31.1 EX-31.2 EX-32.1 EX-32.2 2 Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward looking statements that involve risks and uncertainties. All statements other than statements of historical fact contained in this Annual Report on Form 10-K, including statements regarding future events, our future financial performance, business strategy, and plans and objectives for future operations, are forward-looking statements. In many cases, you can identify forward-looking "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Although we do not make forward looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including the risks outlined under "Risk Factors" or elsewhere in this Annual Report on Form 10-K, which may cause our or our industry's actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these forward-looking not possible for us to predict all risk factors, nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this Annual Report on Form 10-K. Except as required by law, we undertake no obligatio

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