VerifyMe, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>VerifyMe, Inc. (VRME) has filed its Q1 2024 10-Q report, detailing financial positions and stock information.</b>

AI Summary

VerifyMe, Inc. (VRME) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. VerifyMe, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data for common stock, preferred stock (Series A and B), and warrants. Financial data points for Q1 2024 and Q1 2023 are present. Balance sheet information as of March 31, 2024, and December 31, 2023, is detailed. The company was formerly known as LASERLOCK TECHNOLOGIES INC.

Why It Matters

For investors and stakeholders tracking VerifyMe, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and balance sheet details for VerifyMe, Inc., crucial for assessing the company's current health and operational status. The inclusion of specific stock and warrant data allows for a clear understanding of the company's capital structure and potential dilution factors.

Risk Assessment

Risk Level: low — VerifyMe, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with public companies.

Analyst Insight

Review the detailed financial statements and balance sheet figures in the 10-Q to understand VerifyMe's Q1 2024 performance and financial standing.

Key Numbers

• 2024-03-31 — Period of Report (10-Q filing)
• 2024-05-14 — Filing Date (10-Q filing)
• 2023-12-31 — Previous Fiscal Year End (Balance sheet comparison)
• 2000-10-04 — Date of Name Change (Former company name)

Key Players & Entities

• VerifyMe, Inc. (company) — Filer name
• VRME (company) — Ticker symbol
• LASERLOCK TECHNOLOGIES INC (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-14 (date) — Filing date

FAQ

Risk Factors

• No specific risk factors detailed in the provided header. [low — regulatory]: No specific risk factors were detailed in the provided header information.

Industry Context

The filing is a standard 10-Q for a publicly traded company, providing routine financial disclosures.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet as of March 31, 2024, and compare it to December 31, 2023.
2. Examine any disclosed changes in stock and warrant structures.
3. Note the company's former name and the date of its name change.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share VRME The Nasdaq Capital Mar
• $458 thousand — a) Includes share-based compensation of $458 thousand and $286 thousand for the three months
• $286 thousand — based compensation of $458 thousand and $286 thousand for the three months ended March 31, 20

Filing Documents

• v5324010q.htm (10-Q) — 864KB
• ex10_1.htm (EX-10.1) — 15KB
• ex31_1.htm (EX-31.1) — 8KB
• ex31_2.htm (EX-31.2) — 8KB
• ex32_1.htm (EX-32.1) — 7KB
• vrme_bluelogo.jpg (GRAPHIC) — 7KB
• 0001214659-24-009060.txt (&nbsp;) — 5382KB
• vrme-20240331.xsd (EX-101.SCH) — 46KB
• vrme-20240331_cal.xml (EX-101.CAL) — 60KB
• vrme-20240331_def.xml (EX-101.DEF) — 195KB
• vrme-20240331_lab.xml (EX-101.LAB) — 346KB
• vrme-20240331_pre.xml (EX-101.PRE) — 286KB
• v5324010q_htm.xml (XML) — 826KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 4 Consolidated Balance Sheets (Unaudited) 4 Consolidated Statements of Operations (Unaudited) 6 Consolidated Statements of Comprehensive Loss (Unaudited) 7 Consolidated Statements of Cash Flows (Unaudited) 8 Consolidated Statements of Stockholders' Equity (Unaudited) 10

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 11 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 ITEM 4.

Controls and Procedures

Controls and Procedures 34

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 35 ITEM 1A.

Risk Factors

Risk Factors 35 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 ITEM 3. Defaults Upon Senior Securities 35 ITEM 4. Mine Safety Disclosures 35 ITEM 5. Other Information 35 ITEM 6. Exhibits 36

SIGNATURES

SIGNATURES 37 3 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS VerifyMe, Inc. Consolidated Balance Sheets (In thousands, except share data) As of March 31, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents including restricted cash $ 2,818 $ 3,095 Accounts receivable, net of allowance for credit loss reserve, $ 156 and $ 165 as of March 31, 2024 and December 31, 2023, respectively 1,197 3,017 Unbilled revenue 916 1,282 Prepaid expenses and other current assets 261 254 Inventory 32 38 TOTAL CURRENT ASSETS 5,224 7,686 PROPERTY AND EQUIPMENT, NET $ 212 $ 240 RIGHT OF USE ASSET 419 468 INTANGIBLE ASSETS, NET 6,729 6,927 GOODWILL 5,309 5,384 TOTAL ASSETS $ 17,893 $ 20,705 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Term note, current $ 500 $ 500 Accounts payable 1,214 3,310 Other accrued expense 716 988 Lease liability- current 167 170 Contingent liability- current 195 173 TOTAL CURRENT LIABILITIES 2,792 5,141 LONG-TERM LIABILITIES Contingent liability, non-current $ 597 $ 751 Long-term lease liability 263 307 Term note 750 875 Convertible Note – related party 475 475 Convertible Note 625 625 TOTAL LIABILITIES $ 5,502 $ 8,174 STOCKHOLDERS' EQUITY Series A Convertible Preferred Stock, $ .001 par value, 37,564,767 shares authorized; 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively - - Series B Convertible Preferred Stock, $ .001 par value; 85 shares authorized; 0.85 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively - - 4 Table of Contents Common stock, $ 0.001 par value; 675,000,000 authorized; 10,485,065 and 10,453,315 issued, 10,176,603 and 10,123,964 shares outstanding as of March 31, 2024 and December 31, 2023, respectively 10 10 Additional paid in capital 95,438 95,031 Treasury stock at cost; 308,462 and 329,351 shares at March 31, 2024 and De

View Full Filing

View this 10-Q filing on SEC EDGAR