VerifyMe, Inc. Files Q3 2024 10-Q Report

TL;DR

VerifyMe's Q3 10-Q is in. Check financials for 9 months ending Sep 30, 2024.

AI Summary

VerifyMe, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational updates for this period are detailed within the report.

Why It Matters

This 10-Q filing provides investors and stakeholders with the latest financial performance and operational status of VerifyMe, Inc. for the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a public company filing a quarterly report, there are inherent risks associated with financial performance and market conditions that are detailed in the filing.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
• 2024-11-12 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• VerifyMe, Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2024-11-12 (date) — Filing date of the report
• 0001104038 (company) — Central Index Key for VerifyMe, Inc.

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share VRME The Nasdaq Capital Mar
• $486 thousand — a) Includes share-based compensation of $486 thousand and $1,183 thousand for the three and n
• $1,183 thousand — based compensation of $486 thousand and $1,183 thousand for the three and nine months ended Sep
• $498 thousand — d September 30, 2024, respectively, and $498 thousand and $1,099 thousand for the three and n
• $1,099 thousand — 24, respectively, and $498 thousand and $1,099 thousand for the three and nine months ended Sep

Filing Documents

• y11524010q.htm (10-Q) — 1155KB
• ex10_3.htm (EX-10.3) — 61KB
• ex31_1.htm (EX-31.1) — 8KB
• ex31_2.htm (EX-31.2) — 8KB
• ex32_1.htm (EX-32.1) — 7KB
• pnc_logo.jpg (GRAPHIC) — 7KB
• 0001214659-24-018758.txt ( ) — 6343KB
• vrme-20240930.xsd (EX-101.SCH) — 48KB
• vrme-20240930_cal.xml (EX-101.CAL) — 62KB
• vrme-20240930_def.xml (EX-101.DEF) — 207KB
• vrme-20240930_lab.xml (EX-101.LAB) — 410KB
• vrme-20240930_pre.xml (EX-101.PRE) — 333KB
• y11524010q_htm.xml (XML) — 1005KB

- 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) 12 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 30 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 38 ITEM 4.

Controls and Procedures

Controls and Procedures 38

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 39 ITEM 1A.

Risk Factors

Risk Factors 39 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 ITEM 3. Defaults Upon Senior Securities 40 ITEM 4. Mine Safety Disclosures 40 ITEM 5. Other Information 41 ITEM 6. Exhibits 41

SIGNATURES

SIGNATURES 42 3 Table of Contents

- FINANCIAL STATEMENTS

PART I - FINANCIAL STATEMENTS ITEM 1. VerifyMe, Inc. Consolidated Balance Sheets (In thousands, except share data) As of September 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents including restricted cash $ 2,610 $ 3,095 Accounts receivable, net of allowance for credit loss reserve, $ 117 and $ 165 as of September 30, 2024 and December 31, 2023, respectively 1,200 3,017 Unbilled revenue 786 1,282 Prepaid expenses and other current assets 205 254 Inventory 19 38 TOTAL CURRENT ASSETS 4,820 7,686 PROPERTY AND EQUIPMENT, NET $ 159 $ 240 RIGHT OF USE ASSET 339 468 INTANGIBLE ASSETS, NET 5,523 6,927 GOODWILL 3,988 5,384 TOTAL ASSETS $ 14,829 $ 20,705 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Term note, current $ 500 $ 500 Accounts payable 1,622 3,310 Other accrued expense 455 988 Lease liability- current 166 170 Contingent liability- current 22 173 TOTAL CURRENT LIABILITIES 2,765 5,141 LONG-TERM LIABILITIES Contingent liability, non-current $ - $ 751 Long-term lease liability 184 307 Term note 500 875 Convertible Note – related party 450 475 Convertible Note 650 625 TOTAL LIABILITIES $ 4,549 $ 8,174 STOCKHOLDERS' EQUITY Series A Convertible Preferred Stock, $ .001 par value, 37,564,767 shares authorized; 0 shares issued and outstanding as of September 30, 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 September 30, 2024 and December 31, 2023, respectively - - 4 Table of Contents Common stock, $ 0.001 par value; 675,000,000 authorized; 10,715,065 and 10,453,315 issued, 10,444,698 and 10,123,964 shares outstanding as of September 30, 2024 and December 31, 2023, respectively 11 10 Additional paid in capital 95,991 95,031 Treasury stock at cost; 270,367 and 329,351 shares

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View this 10-Q filing on SEC EDGAR