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2023-01-01
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2023-04-01
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2022-01-01
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2023-04-01
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2022-04-01
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2023-01-01
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2022-01-01
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srt:EuropeMember
2023-04-01
2023-06-30
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2022-04-01
2022-06-30
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2023-01-01
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2022-01-01
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2023-04-01
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2023-04-01
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xbrli:pure
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ____________to _______________.
Commission
File Number: 001-35988
Vislink
Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
20-5856795 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(IRS
Employer
Identification
No.) |
350
Clark Drive, Suite 125,
Mt.
Olive, NJ 07828
(Address
of Principal Executive Offices)
(908)
852-3700
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock par value $0.00001 per share |
|
VISL |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such a shorter period than the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such a shorter period than the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
|
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
|
Smaller
reporting company ☒ |
|
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by a checkmark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of August 11, 2023, the registrant’s common stock shares are 2,377,362.
VISLINK
TECHNOLOGIES, INC.
QUARTERLY
REPORT ON FORM 10-Q
For
the six months ended June 30, 2023
PART
I: FINANCIAL INFORMATION
Item
1. Financial Statements
Index
to Condensed Consolidated Financial Statements
FORWARD-LOOKING
INFORMATION
This
Quarterly Report on Form 10-Q (including the section regarding Management’s Discussion and Analysis of Financial Condition and
Results of Operations) (the “Report”) contains forward-looking statements regarding our business, financial condition, results
of operations, and prospects. Words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” and similar words and phrases are intended to identify forward-looking
statements. However, this is not an all-inclusive list of words or phrases identifying forward-looking statements in this Report. Also,
all information concerning future matters is forward-looking statements.
Although
forward-looking statements in this Report reflect our management’s good faith judgment, such information is based on facts and
circumstances we currently know. Forward-looking statements are inherently subject to risks and uncertainties, and actual results and
outcomes may differ materially from those discussed in or anticipated by the forward-looking statements. Without limitation, factors
that could cause or contribute to such differences in results and outcomes include those discussed in this Report.
We
file reports with the Securities and Exchange Commission (“SEC”), and those reports are available free of charge on our website
(www.vislinktechnologies.com) under “About/Investor Information/SEC Filings.” The reports available include our annual
reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, which are available
as soon as reasonably practicable after we electronically file such materials or furnish them to the SEC. You can also read and copy
any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, DC 20549. You can obtain
additional information about the Public Reference Room’s operation by calling the SEC at 1-800-SEC-0330. The SEC also maintains
an Internet site (www.sec.gov) containing reports, proxies, information statements, and other information regarding issuers that
file electronically with the SEC, including us.
We
undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after
the date of this Report. We urge you to carefully review and consider all the disclosures made in this Report.
REFERENCES
TO VISLINK
In
this Quarterly Report, unless otherwise stated or the context otherwise indicates, references to “VISL,” “Vislink,”
“the Company,” “we,” “us,” “our,” and similar references refer to Vislink Technologies,
Inc., a Delaware corporation.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(IN
THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| (unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 10,973 | | |
$ | 25,627 | |
Accounts receivable, net | |
| 5,747 | | |
| 6,007 | |
Inventories, net | |
| 13,177 | | |
| 12,021 | |
Investments held to maturity | |
| 10,837 | | |
| — | |
Prepaid expenses and other current assets | |
| 2,376 | | |
| 1,232 | |
Total current assets | |
| 43,110 | | |
| 44,887 | |
Right of use assets, operating leases | |
| 940 | | |
| 1,075 | |
Property and equipment, net | |
| 1,744 | | |
| 1,434 | |
Intangible assets, net | |
| 3,910 | | |
| 4,400 | |
Total assets | |
$ | 49,704 | | |
$ | 51,796 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 3,333 | | |
$ | 2,626 | |
Accrued expenses | |
| 1,436 | | |
| 1,568 | |
Notes payable | |
| 394 | | |
| 84 | |
Operating lease obligations, current | |
| 406 | | |
| 455 | |
Customer deposits and deferred revenue | |
| 1,921 | | |
| 1,540 | |
Total current liabilities | |
| 7,490 | | |
| 6,273 | |
Operating lease obligations, net of current portion | |
| 934 | | |
| 1,107 | |
Deferred tax liabilities | |
| 655 | | |
| 764 | |
Total liabilities | |
| 9,079 | | |
| 8,144 | |
| |
| | | |
| | |
Commitments and contingencies (See Note 12) | |
| - | | |
| - | |
Series A Preferred stock, $0.00001 par value per share: -0- shares authorized on June 30, 2023, and December 31, 2022, respectively; -0- and 47,419 shares issued and outstanding on June 30, 2023, and December 31, 2022, respectively. | |
| — | | |
| — | |
Stockholders’ equity | |
| | | |
| | |
Preferred stock, $0.00001 par value per share: 10,000,000 shares authorized on June 30, 2023, and December 31, 2022, respectively | |
| — | | |
| — | |
Common stock, $0.00001
par value per share, 100,000,000
shares authorized on June 30, 2023, and December 31, 2022, respectively: Common stock, 2,377,362 and 2,370,966 were issued, and 2,377,229 and 2,370,833 were outstanding on June 30, 2023, and December 31, 2022, respectively. | |
| — | | |
| — | |
Additional paid-in capital | |
| 346,822 | | |
| 345,365 | |
Accumulated other comprehensive loss | |
| (1,037 | ) | |
| (1,337 | ) |
Treasury stock, at cost – 133 shares as of June 30, 2023, and December 31, 2022, respectively | |
| (277 | ) | |
| (277 | ) |
Accumulated deficit | |
| (304,883 | ) | |
| (300,099 | ) |
Total stockholders’ equity | |
| 40,625 | | |
| 43,652 | |
Total liabilities and stockholders’ equity | |
$ | 49,704 | | |
$ | 51,796 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
OTHER COMPREHENSIVE LOSS
(IN THOUSANDS EXCEPT NET LOSS PER SHARE DATA)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue, net | |
$ | 5,043 | | |
$ | 6,766 | | |
$ | 12,231 | | |
$ | 13,626 | |
Cost of revenue and operating expenses | |
| | | |
| | | |
| | | |
| | |
Cost of components and personnel | |
| 2,361 | | |
| 3,186 | | |
| 5,675 | | |
| 6,609 | |
Inventory valuation adjustments | |
| 175 | | |
| 101 | | |
| 304 | | |
| 197 | |
General and administrative expenses | |
| 4,679 | | |
| 4,439 | | |
| 9,707 | | |
| 9,349 | |
Research and development expenses | |
| 908 | | |
| 1,151 | | |
| 1,675 | | |
| 2,269 | |
Amortization and depreciation | |
| 304 | | |
| 465 | | |
| 602 | | |
| 922 | |
Total cost of revenue and operating expenses | |
| 8,427 | | |
| 9,342 | | |
| 17,963 | | |
| 19,346 | |
Loss from operations | |
| (3,384 | ) | |
| (2,576 | ) | |
| (5,732 | ) | |
| (5,720 | ) |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Unrealized loss on investments held to maturity | |
| (35 | ) | |
| — | | |
| (63 | ) | |
| — | |
Gain on settlement of debt | |
| — | | |
| 9 | | |
| — | | |
| 9 | |
Other income | |
| (11 | ) | |
| (10 | ) | |
| 330 | | |
| 316 | |
Dividend income | |
| 128 | | |
| — | | |
| 219 | | |
| — | |
Interest income, net | |
| 220 | | |
| (5 | ) | |
| 353 | | |
| (5 | ) |
Total other income (expense) | |
| 302 | | |
| (6 | ) | |
| 839 | | |
| 320 | |
Income taxes | |
| | | |
| | | |
| | | |
| | |
Deferred tax benefits | |
| 54 | | |
| 56 | | |
| 109 | | |
| 107 | |
Net loss | |
| (3,028 | ) | |
| (2,526 | ) | |
| (4,784 | ) | |
| (5,293 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted loss per share | |
$ | (1.27 | ) | |
$ | (1.10 | ) | |
$ | (2.02 | ) | |
$ | (2.30 | ) |
Basic loss per share | |
$ | (1.27 | ) | |
$ | (1.10 | ) | |
$ | (2.02 | ) | |
$ | (2.30 | ) |
Weighted average number of shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 2,377 | | |
| 2,305 | | |
| 2,374 | | |
| 2,298 | |
Basic | |
| 2,377 | | |
| 2,305 | | |
| 2,374 | | |
| 2,298 | |
Comprehensive loss: | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (3,028 | ) | |
$ | (2,526 | ) | |
$ | (4,784 | ) | |
$ | (5,293 | ) |
Unrealized gain (loss) on currency translation adjustment | |
| 145 | | |
| (1,407 | ) | |
| 300 | | |
| (1,139 | ) |
Comprehensive loss | |
$ | (2,883 | ) | |
$ | (3,933 | ) | |
$ | (4,484 | ) | |
$ | (6,432 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2023
(IN
THOUSANDS, EXCEPT SHARE DATA)
Three
months ending June 30, 2023:
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
Accumulated | | |
| | |
| | |
| |
| |
Series A | | |
| | |
| | |
Additional | | |
Other | | |
| | |
| | |
| |
| |
Preferred Stock | | |
Common Stock | | |
Paid In | | |
Comprehensive | | |
Treasury | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Income (Loss) | | |
Stock | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, March 31, 2023* | |
| — | | |
$ | — | | |
| 2,377,362 | | |
$ | — | | |
$ | 346,486 | | |
$ | (1,182 | ) | |
$ | (277 | ) | |
$ | (301,855 | ) | |
$ | 43,172 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (3,028 | ) | |
| (3,028 | ) |
Unrealized gain on currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 145 | | |
| — | | |
| — | | |
| 145 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 336 | | |
| — | | |
| — | | |
| — | | |
| 336 | |
Balance, June 30, 2023 | |
| — | | |
$ | — | | |
| 2,377,362 | | |
$ | — | | |
$ | 346,822 | | |
$ | (1,037 | ) | |
$ | (277 | ) | |
$ | (304,883 | ) | |
$ | 40,625 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Six months ending June 30, 2023: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, January 1, 2023* | |
| 47,419 | | |
$ | — | | |
| 2,367,362 | | |
$ | — | | |
$ | 345,365 | | |
$ | (1,337 | ) | |
$ | (277 | ) | |
$ | (300,099 | ) | |
$ | 43,652 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4,784 | ) | |
| (4,784 | ) |
Unrealized gain on currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 300 | | |
| — | | |
| — | | |
| 300 | |
Elimination of Series A Preferred Stock | |
| (47,419 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Issuance of common stock in connection with: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Compensation awards for services previously accrued | |
| — | | |
| — | | |
| 10,000 | | |
| — | | |
| 200 | | |
| — | | |
| — | | |
| — | | |
| 200 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,257 | | |
| — | | |
| — | | |
| — | | |
| 1,257 | |
Balance, June 30, 2023 | |
| — | | |
$ | — | | |
| 2,377,362 | | |
$ | — | | |
$ | 346,822 | | |
$ | (1,037 | ) | |
$ | (277 | ) | |
$ | (304,883 | ) | |
$ | 40,625 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
(IN
THOUSANDS, EXCEPT SHARE DATA)
Three
months ending June 30, 2022:
| |
| | |
| | |
| | |
| | |
| | |
Accumulated | | |
| | |
| | |
| |
| |
| | |
| | |
| | |
Additional | | |
Other | | |
| | |
| | |
| |
| |
Preferred
Stock | | |
Common
Stock | | |
Paid
In | | |
Comprehensive | | |
Treasury | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Loss | | |
Stock | | |
Deficit | | |
Total | |
Balance, March
31, 2022* | |
| — | | |
$ | — | | |
| 2,287,669 | | |
$ | — | | |
$ | 344,493 | | |
$ | (565 | ) | |
$ | (277 | ) | |
$ | (289,306 | ) | |
$ | 54,345 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,526 | ) | |
| (2,526 | ) |
Unrealized gain on currency
translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (871 | ) | |
| — | | |
| — | | |
| (871 | ) |
Issuance of common stock in
connection with: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Satisfaction
of accounts payable vendor balance | |
| — | | |
| — | | |
| 1,935 | | |
| — | | |
| 31 | | |
| — | | |
| — | | |
| — | | |
| 31 | |
Satisfaction
of withholding tax upon conversion of restricted stock units | |
| — | | |
| — | | |
| 17,889 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Satisfaction
with the conversion of restricted stock units | |
| — | | |
| — | | |
| 57,952 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based
compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 208 | | |
| — | | |
| — | | |
| — | | |
| 208 | |
Balance,
June 30, 2022 | |
| — | | |
$ | — | | |
| 2,365,445 | | |
$ | — | | |
$ | 344,732 | | |
$ | (1,436 | ) | |
$ | (277 | ) | |
$ | (291,832 | ) | |
$ | 51,187 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Six months
ending June 30, 2022: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, January
1, 2022* | |
| — | | |
$ | — | | |
| 2,287,669 | | |
$ | — | | |
$ | 343,746 | | |
$ | (297 | ) | |
$ | (277 | ) | |
$ | (286,539 | ) | |
$ | 56,633 | |
Balance | |
| — | | |
$ | — | | |
| 2,287,669 | | |
$ | — | | |
$ | 343,746 | | |
$ | (297 | ) | |
$ | (277 | ) | |
$ | (286,539 | ) | |
$ | 56,633 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (5,293 | ) | |
| (5,293 | ) |
Unrealized gain on currency
translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,139 | ) | |
| — | | |
| — | | |
| (1,139 | ) |
Satisfaction
of accounts payable vendor balance | |
| — | | |
| — | | |
| 1,935 | | |
| — | | |
| 31 | | |
| — | | |
| — | | |
| — | | |
| 31 | |
Satisfaction
of withholding tax upon conversion of restricted stock units | |
| — | | |
| — | | |
| 17,889 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Satisfaction
with the conversion of restricted stock units | |
| — | | |
| — | | |
| 57,952 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based
compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 955 | | |
| — | | |
| — | | |
| — | | |
| 955 | |
Balance,
June 30, 2022 | |
| — | | |
$ | — | | |
| 2,365,445 | | |
$ | — | | |
$ | 344,732 | | |
$ | (1,436 | ) | |
$ | (277 | ) | |
$ | (291,832 | ) | |
$ | 51,187 | |
Balance | |
| — | | |
$ | — | | |
| 2,365,445 | | |
$ | — | | |
$ | 344,732 | | |
$ | (1,436 | ) | |
$ | (277 | ) | |
$ | (291,832 | ) | |
$ | 51,187 | |
*In
connection with the reverse stock split implemented by the Company on May 1, 2023, the company’s stock transfer agent calculated
a de minimus adjustment to the opening quantity of shares issued.
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN
THOUSANDS)
| |
2023 | | |
2022 | |
| |
For the Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash flows used in operating activities | |
| | | |
| | |
Net loss | |
$ | (4,784 | ) | |
$ | (5,293 | ) |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Gain on settlement of debt | |
| — | | |
| (9 | ) |
Deferred tax benefits | |
| (109 | ) | |
| (107 | ) |
Unrealized loss on the fair value of investments in bonds held to maturity | |
| 63 | | |
| — | |
Accretion of bond discount | |
| (137 | ) | |
| — | |
Stock-based compensation | |
| 1,257 | | |
| 955 | |
Stock issuance commitments | |
| — | | |
| 200 | |
Provision for bad debt | |
| 38 | | |
| 15 | |
Recovery of bad debt | |
| (6 | ) | |
| (38 | ) |
Inventory valuation adjustments | |
| 304 | | |
| 197 | |
Amortization of right-of-use assets, operating assets | |
| 135 | | |
| 104 | |
Depreciation and amortization | |
| 602 | | |
| 922 | |
Changes in assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| 323 | | |
| 111 | |
Inventories | |
| (1,196 | ) | |
| (3,934 | ) |
Prepaid expenses and other current assets | |
| (619 | ) | |
| 1,118 | |
Accounts payable | |
| 708 | | |
| 202 | |
Accrued expenses | |
| 68 | | |
| (1,749 | ) |
Operating lease obligations | |
| (222 | ) | |
| (286 | ) |
Customer deposits and deferred revenue | |
| 381 | | |
| (646 | ) |
Net cash used in operating activities | |
| (3,194 | ) | |
| (8,238 | ) |
Cash flows used in investing activities | |
| | | |
| | |
Cash used for investments held to maturity | |
| (10,763 | ) | |
| — | |
Cash used for property and equipment | |
| (421 | ) | |
| (298 | ) |
Net cash used in investing activities | |
| (11,184 | ) | |
| (298 | ) |
Cash flows used in financing activities | |
| | | |
| | |
Principal payments made on notes payable | |
| (213 | ) | |
| (458 | ) |
Net cash used in financing activities | |
| (213 | ) | |
| (458 | ) |
Effect of exchange rate changes on cash | |
| (63 | ) | |
| (358 | ) |
Net decrease in cash and cash equivalents | |
| (14,654 | ) | |
| (9,352 | ) |
Cash and cash equivalents, beginning of the period | |
| 25,627 | | |
| 36,231 | |
Cash and cash equivalents, end of the period | |
$ | 10,973 | | |
$ | 26,879 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(IN
THOUSANDS)
| |
For the Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash paid during the period for interest | |
$ | 6 | | |
$ | 6 | |
Supplemental disclosure of non-cash information: | |
| | | |
| | |
Notes payable | |
$ | 523 | | |
$ | 943 | |
Common stock issued in connection with: | |
| | | |
| | |
Settlement of accounts payable | |
$ | — | | |
$ | 31 | |
Compensation awards previously accrued | |
$ | 200 | | |
$ | — | |
ROU assets and operating lease obligations recognized (Note 6): | |
| | | |
| | |
Operating lease assets recognized | |
$ | — | | |
$ | — | |
Less: non-cash changes to operating lease assets
amortization | |
$ | (135 | ) | |
$ | (104 | ) |
ROU
assets and operating lease obligations recognized | |
| (135 | ) | |
| (104 | ) |
Operating lease liabilities recognized | |
$ | — | | |
$ | — | |
Less: non-cash changes to operating lease liabilities
accretion | |
| (222 | ) | |
| (286 | ) |
Operating
lease liabilities recognized | |
$ | (222 | ) | |
$ | (286 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature
of Operations
Incorporated
in Delaware in 2006, Vislink Technologies, Inc. (“Vislink”) is an innovative technology company that collects, delivers and
manages real-time video from the action scene to the viewing screen. The Company designs, develops, and deploys innovative products and
turnkey solutions that deliver reliable connectivity across real-time production, military, and government sectors worldwide in the most
demanding environments. Vislink is a leader in designing and deploying wireless video solutions, providing customers with reliable and
secure video and data transmission. The company is committed to delivering the latest technology and the highest quality products to
meet its customers’ needs. Vislink provides solutions for collecting live news, sports, and entertainment events for the broadcast
markets. Our Mobile Viewpoint product line offers live streaming solutions that use bonded cellular, 5G, and AI-driven technologies to
automate the production of news and sports content. In addition to creating real-time video intelligence solutions, Vislink assists first
responders, law enforcement agencies at all levels of government, and military organizations with increased situational awareness. Besides
providing professional and technical services, Vislink employs a team of technology experts with decades of experience and applied knowledge
of terrestrial microwaves, satellites, fiber optics, surveillance systems, and wireless communications systems to offer customers a wide
range of services.
Basis
of Presentation
The
accompanying unaudited condensed consolidated interim financial statements and these notes should be viewed in conjunction with Vislink
Technologies, Inc.’s 2022 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2023, which
contains the audited consolidated financial statements and notes thereto as of December 31, 2022. As of December 31, 2022, a condensed
consolidated balance sheet was prepared based on audited annual financial statements but did not include all of the footnote disclosures
from the annual financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements
include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of its financial position as
of June 30, 2023, as well as results of operations for the three months and six months ended June 30, 2023, and 2022, as well as cash
flow for the six months ended June 30, 2023, and 2022. For the six months ended June 30, 2023, the results of operations are not necessarily
indicative of the results for the entire year, any other interim period, or any future period. Effective May 1, 2023, the Company effected
a one-for-20 reverse stock split of the common stock. All per-share numbers reflect the one-for-20 reverse stock split. We have retroactively
applied the reverse split throughout this quarterly report to all periods presented. The accounting policies of Vislink have not materially
changed since December 31, 2022. Note 3 of Vislink’s 2022 annual report on Form 10-K provides detailed information about these
policies.
Principles
of Consolidation
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”),
the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and
regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has eliminated all intercompany
accounts and transactions upon consolidating our subsidiaries.
Segment
Reporting
The
Company identifies operating segments as components of an enterprise about which separate discrete financial information is available
for evaluation by the operating decision-makers, or decision-making group, in deciding how to allocate resources and assess performance.
The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the
Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of
the Company reside in the United States, United Kingdom, and the Netherlands.
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates,
judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated
financial statements. These estimates also affect the reported revenues and expenses during the reporting periods. Significant accounting
estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of property,
plant, and equipment, the useful lives of right-of-use assets, the useful lives of intangible assets, impairment of long-lived assets,
allowance for accounts receivable doubtful accounts, allowance for inventory obsolescence reserve, allowance for deferred tax assets,
valuation of warranty reserves, contingent consideration liabilities, and the accrual of potential liabilities. Actual results could
differ from estimates, and any such differences may be material to our unaudited condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Allowance
for credit losses
Change
in accounting principles
In
June 2016, the FASB established Topic 326, Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments
(ASU) No. 2016-13, which requires a methodology that reflects expected credit losses and requires consideration of a broader range of
reasonable and supportable information to inform credit loss estimates, including accounts receivable.
The
standard replaces the existing incurred credit loss model with the Current Expected Credit Losses (“CECL”) model. It is required
to measure credit losses based on the Company’s estimate of expected losses rather than incurred losses, which generally results
in earlier recognition of allowances for credit losses. Under ASC 326, the Company evaluates specific criteria, including aging and historical
write-offs, the current economic condition of customers, and future economic conditions of countries utilizing a consumption index to
determine the appropriate allowance for credit losses. The Company completed its assessment of the new standard and did not adjust the
opening balance of retained earnings relating to its trade receivables. The Company writes off receivables once it is determined that
they are no longer collectible, as local laws allow.
Recently
Issued Accounting Principles
Recent
Accounting Pronouncements
Other
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future
consolidated financial statements.
NOTE
2 — LIQUIDITY AND FINANCIAL CONDITION
For
the six months ended June 30, 2023, the Company incurred an approximate loss of $5.7 million from operations and used $3.2 million of
cash for operational purposes. On June 30, 2023, the Company had $35.6 million in working capital, $304.9 million in accumulated deficits,
and $11.0 million in cash.
During
the first quarter of 2023, the Company invested approximately $10.8 million of its cash reserves in Federal bonds and $11.3 million in
Federally insured money market mutual funds, primarily to increase investment income.
The
Company’s liquidity requirements may be affected by a variety of factors. These factors include inflation, foreign exchange fluctuations,
market conditions, strategic acquisitions, market strategy, research and development activities, regulatory matters, and product and
technology innovations. The Company believes it will have sufficient funds to continue operations for at least twelve months
from the filing date of these unaudited condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
3 — LOSS PER SHARE
The
following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in
thousands):
SCHEDULE
OF ANTI-DILIUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM THE CALCULATION OF LOSS PER SHARE
| |
2023 | | |
2022 | |
| |
Six months Ended | |
| |
June 30 | |
| |
2023 | | |
2022 | |
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: | |
| | | |
| | |
Stock options | |
| 85 | | |
| 29 | |
Warrants | |
| 456 | | |
| 459 | |
Total | |
| 541 | | |
| 488 | |
NOTE
4 — FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES
The
Company has recognized foreign exchange gains and losses and changes in accumulated comprehensive income approximately as follows:
SCHEDULE
OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net foreign exchange transactions: | |
| | | |
| | | |
| | | |
| | |
(Gains) Losses | |
$ | 41,000 | | |
$ | (21,000 | ) | |
$ | (3,000 | ) | |
$ | (5,000 | ) |
Net foreign exchange transactions: Losses | |
$ | 41,000 | | |
$ | (21,000 | ) | |
$ | (3,000 | ) | |
$ | (5,000 | ) |
Accumulated comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Unrealized (gains) losses on currency translation adjustment | |
$ | 10,000 | | |
$ | (871,000 | ) | |
$ | (145,000 | ) | |
$ | (1,139,000 | ) |
The
exchange rates adopted for foreign exchange transactions are quoted on OANDA, a Canadian-based foreign exchange company. This website
offers currency conversion, online retail foreign exchange trading, foreign currency transfers, and currency information through its
website. Based on the following exchange rates, the Company converted amounts between British Pounds and US Dollars and Euros into British
Pounds for the respective periods:
|
● |
As
of June 30, 2023 – £1.266150 to $1.00; €1.088440 to $1.00 |
|
|
|
|
● |
The
average exchange rate for the six months ended June 30, 2023 – £1.233240 to $1.00; €1.080655 to $1.00 |
|
|
|
|
● |
As
of June 30, 2022 – £ 1.080655 to $1.00; €1.044949 to $1.00 |
|
|
|
|
● |
The
average exchange rate for the six months ended June 30, 2022 – £1.298904 to $1.00; €1.091890 to $1.00 |
|
|
|
NOTE
5 — CASH AND CASH EQUIVALENTS
The
Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash
equivalents. Cash equivalents consist of unrestricted funds invested in a money market mutual fund. The following table illustrates the
Company’s cash and cash equivalents:
SCHEDULE
OF CASH AND CASH EQUIVALENTS
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash on hand | |
$ | 1,542,000 | | |
$ | 25,627,000 | |
Federally insured money market mutual funds | |
| 9,431,000 | | |
| — | |
Total cash and cash equivalents | |
$ | 10,973,000 | | |
$ | 25,627,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
6 — INVESTMENTS
The
Company used cash to purchase the following debt instruments:
|
● |
On
January 23, 2023, the Company purchased a bond, “HSBC USA INC CP,” with a face value of $5,065,789, a par value of $5,000,000,
maturing October 24, 2023, a 5.1948% interest rate, at a discount of $253,289 totaling $4,812,500. The value on June 30, 2023, was
$4,910,000. |
|
|
|
|
● |
On
February 1, 2023, the Company purchased a bond, “Federal Home Loan Banks,” with a face value of $4,999,750 and accrued
interest of $25,729, a par value of $5,000,000, maturing December 22, 2023, at an interest rate of 4.750%, totaling $5,025,479. The
value on June 30, 2023, was $4,981,000. |
|
|
|
|
● |
On
February 28, 2023, the Company purchased a bond, “Federal National Mortgage Association,” with a face and par value of
$950,000, maturing February 28, 2024, at an interest rate of 5.07%, totaling $950,000. The value on June 30, 2023, was $946,000. |
The
Company identified these transactions as investments in debt security and will apply the guidance under ASC Topic 320, “Investments
in debt securities,” and for interest income guidance under ASC Topic 310-20, “Receivables.” As of June 30, 2023, the
abovementioned investments have a stated maturity of one year or less. Management intends to treat these investments as held to maturity.
The
Company has determined the fair value of its investments held to maturity based on Level 1 input as of June 30, 2023:
SCHEDULE
OF FAIR VALUE OF ITS INVESTMENTS
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
| | |
| | |
| | |
| |
Federal Bonds | |
$ | — | | |
$ | 10,837,000 | | |
$ | — | | |
$ | 10,837,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | — | | |
$ | 10,837,000 | | |
$ | — | | |
$ | 10,837,000 | |
The
Company’s investments held to maturity are as follows as of June 30, 2023:
SCHEDULE
OF INVESTMENTS HELD TO MATURITY
| |
Amortized Cost | | |
Unrealized Gains | | |
Unrealized Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Federal Bonds | |
$ | 10,900,000 | | |
| — | | |
$ | 63,000 | | |
$ | 10,837,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 10,900,000 | | |
$ | — | | |
$ | 63,000 | | |
$ | 10,837,000 | |
NOTE
7 — INTANGIBLE ASSETS
The
following table illustrates finite intangible assets as of June 30, 2023:
SCHEDULE OF INTANGIBLE ASSETS
| |
Proprietary Technology | | |
Patents and Licenses | | |
Trade Names & Technology | | |
Customer Relationships | | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| |
| |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Net | |
Balance, December 31, 2022 | |
$ | 2,132,000 | | |
$ | (815,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,189,000 | ) | |
$ | 5,095,000 | | |
$ | (3,074,000 | ) | |
$ | 4,400,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization | |
| — | | |
| (294,000 | ) | |
| — | | |
| — | | |
| — | | |
| (69,000 | ) | |
| — | | |
| (127,000 | ) | |
| (490,000 | ) |
Balance, June 30, 2023 | |
$ | 2,132,000 | | |
$ | (1,109,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,258,000 | ) | |
$ | 5,095,000 | | |
$ | (3,201,000 | ) | |
$ | 3,910,000 | |
The
Company continuously monitors intangible assets for potential impairments based on operating results, events, and circumstances. As of
June 30, 2023, management identified no triggering events.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
7 — INTANGIBLE ASSETS (continued)
The
Company’s groups of intangible assets consist primarily of:
Proprietary
Technology:
Generally,
the Company amortizes proprietary technology over 3 to 5 years. Wireless multiplex transmitters and artificial intelligence are the proprietary
technologies that MVP uses internally to produce and sell products and services to customers.
Patents
and Licenses:
Patents
and licenses filed by the Company are amortized for 18.5 to 20 years. The amortization of the costs associated with provisional patents
and pending applications begins after successful review and filing.
Trade
Name, Technology, and Customer Relationships:
Other
intangible assets are amortized for 3 to 15 years. Prior IMT, Vislink, and MVP acquisitions contributed to developing these intangible
assets, including trade names, technology, and customer lists.
The
Company has recognized net capitalized intangible costs as follows:
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Proprietary Technology | |
$ | 1,025,000 | | |
$ | 1,319,000 | |
Trade Names and Technology | |
| 991,000 | | |
| 1,060,000 | |
Customer Relationships | |
| 1,894,000 | | |
| 2,021,000 | |
| |
$ | 3,910,000 | | |
$ | 4,400,000 | |
The
Company has recognized the amortization of intangible assets as follows:
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Proprietary Technology | |
$ | 148,000 | | |
$ | 148,000 | | |
$ | 294,000 | | |
$ | 293,000 | |
Patents and Licenses | |
| — | | |
| 167,000 | | |
| — | | |
| 331,000 | |
Trade Names and Technology | |
| 34,000 | | |
| 34,000 | | |
| 69,000 | | |
| 69,000 | |
Customer Relationships | |
| 64,000 | | |
| 64,000 | | |
| 127,000 | | |
| 127,000 | |
| |
$ | 246,000 | | |
$ | 413,000 | | |
$ | 490,000 | | |
$ | 820,000 | |
The
weighted average remaining life of the amortization of the Company’s intangible assets is approximately 5.2 years as of June 30,
2023. The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS
Period ending June 30, | |
| |
2024 | |
$ | 636,000 | |
2025 | |
| 635,000 | |
2026 | |
| 595,000 | |
2027 | |
| 533,000 | |
2028 | |
| 349,000 | |
Thereafter | |
| 1,162,000 | |
Finite-Lived Intangible
Assets, Net, Total | |
$ | 3,910,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
8 — NOTES PAYABLE
The
table below represents the Company’s notes payable as of June 30, 2023, and December 31, 2022:
SCHEDULE
OF NOTES PAYABLE
| |
Principal | |
| |
June 30,
2023 | | |
December 31,
2022 | |
The Company renewed its D&O insurance policy on April 5, 2022, reducing the premium to approximately $1,037,000, less a down payment of $194,000, with the remaining balance financed. The loan’s terms are for nine months at a 2.09% annual interest rate and a monthly principal and interest payment of approximately $84,000. Accordingly, the Company recorded interest expenses of $-0- and $150 for the three and six months ended June 30, 2023, and $-0- and $2,000 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the note has been fully repaid. | |
$ | — | | |
$ | 84,000 | |
| |
| | | |
| | |
The Company renewed its D & O insurance policy on April 5, 2023, reducing the premium to approximately $811,000, less a down payment of $288,000, financing the remaining balance of approximately $523,000. The loan’s terms are for nine months at a 6.14% annual interest rate and a monthly principal and interest payment of approximately $67,000. Accordingly, the Company recorded interest expenses of $5,000 for the three and six months ended June 30, 2023, and $-0- for the three and six months ended June 30, 2022. | |
| 394,000 | | |
| | |
| |
$ | 394,000 | | |
$ | 84,000 | |
NOTE
9 — LEASES
In
addition to leasing office space, deployment sites, and storage warehouses, the Company also leases warehouse space internationally and
domestically. Operating leases have various terms and provisions as of June 30, 2023, with lease terms remaining between one and four
years. In certain individual leases, rent escalation clauses and lease concessions require additional rental payments in the later years
of the lease term. These types of contracts are recognized on a straight-line basis over the minimum lease term.
The
Company recorded $0.9 million in Right-Of-Use (“ROU”) assets on June 30, 2023, net of $1.3 million in accumulated amortization.
Moreover, the Company recorded an operating lease liability of approximately $1.3 million, of which $0.4 million was current and $0.9
million was non-current. The weighted average remaining term of lease contracts on June 30, 2023, was 3.1 years, with maturity dates
ranging between July 2023 and May 2027, in addition to a weighted-average discount rate of 9.5%.
There
were no material adjustments to straight-line rental expenses for those periods. Most of the costs recognized for each period were reflected
in cash used in operating activities. This expense primarily consisted of payments for office and warehouse base rent. In addition, the
Company has the right to renew individual leases at various renewal terms, although the Company is not obligated to do so. Short-term
lease costs, taxes, and variable service charges were immaterial.
A
one-year lease for 600 square feet of administrative office space in Luton, UK, was signed on June 1, 2023, and will run through May
31, 2024, at approximately $2,100 per month.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
9 — LEASES (continued)
The
following table illustrates operating lease data for the three months ending June 30, 2023, and 2022:
SCHEDULE
OF OPERATING LEASE DATA
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Lease cost: | |
| | | |
| | | |
| | | |
| | |
Operating lease cost | |
$ | 103,000 | | |
$ | 114,000 | | |
$ | 206,000 | | |
$ | 233,000 | |
Short-term lease cost | |
| 10,000 | | |
| 10,000 | | |
| 20,000 | | |
| 159,000 | |
Total lease cost | |
$ | 113,000 | | |
$ | 124,000 | | |
$ | 226,000 | | |
$ | 392,000 | |
Cash paid for lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Cash flows from operating leases | |
| | | |
| | | |
$ | 325,000 | | |
$ | 253,000 | |
Weighted-average remaining lease term—operating leases | |
| | | |
| | | |
| 3.1 years | | |
| 3.8 years | |
Weighted-average discount rate—operating leases | |
| | | |
| | | |
| 9.5 | % | |
| 9.4 | % |
Maturities
of operating lease liabilities were as follows as of June 30, 2023:
SCHEDULE
OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
| |
| |
| |
Amount | |
2024 | |
$ | 507,000 | |
2025 | |
| 468,000 | |
2026 | |
| 341,000 | |
2027 | |
| 186,000 | |
2028 | |
| — | |
Thereafter | |
| — | |
Total lease payments | |
| 1,502,000 | |
Less: imputed interest | |
| 162,000 | |
Present value of lease liabilities | |
| 1,340,000 | |
Less: Current lease liabilities | |
| 406,000 | |
Non-current lease liabilities | |
$ | 934,000 | |
The
table below lists the location and lease expiration date from 2023 through 2027:
SCHEDULE
OF LEASE OBLIGATION ASSUMED
Location | |
Square Footage | | |
Lease-End
Date | |
Approximate
Future Payments | |
Colchester, UK | |
| 16,000 | | |
Dec |
2025 | | |
$ | 554,000 | |
Singapore | |
| 950 | | |
July |
2023 | | |
$ | 3,000 | |
Billerica, MA | |
| 2,000 | | |
Dec |
2026 | | |
$ | 43,000 | |
Hemel, UK | |
| 12,870 | | |
Oct |
2023 | | |
$ | 367,000 | |
Mount Olive, NJ | |
| 7,979 | | |
Jan |
2027 | | |
$ | 535,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
10 — STOCKHOLDERS’ EQUITY
Preferred
stock
On
March 22, 2023, the Board of Directors of the Corporation approved a resolution to eliminate the Corporation’s Certificate of Designation,
Preferences, and Rights (the “Certificate of Elimination”) of the Series A Preferred Stock, par value $0.00001 per share
(the “Series A Preferred Stock”), that was filed with the Secretary of State of the State of Delaware on November 9, 2022.
Upon
the effective filing of this Certificate of Elimination, the shares previously designated under the certificate of designation as Series
A Preferred Stock shall resume the status of authorized but unissued shares of preferred stock of the Corporation. As of March 31, 2023,
47,500 shares are authorized, and no Series A Preferred Stock was issued or outstanding.
Common
stock
Nasdaq
compliance and reverse stock split
On
May 20, 2022, we received notice from the Nasdaq Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market
LLC (“Nasdaq”) notifying the Company of its noncompliance with Bid Price Rule by failing to maintain a minimum bid price
for its common Stock on the Nasdaq Capital Market of at least $1.00 per share for 30 consecutive business days. The Company received
a grace period of 180 days, or until November 16, 2022, to regain compliance with the minimum bid price requirement.
On
November 10, 2022, the Company submitted a request to Nasdaq for an additional 180-day grace period to regain compliance with the minimum
bid price requirement. On November 17, 2022, the Company received a letter from Nasdaq advising that the Company had been granted an
additional 180-day grace period extension until May 15, 2023, to regain compliance with the minimum bid price requirement and all other
applicable requirements for initial listing on the Nasdaq Capital Market except for the minimum bid price requirement. On May 15, 2023,
the Company received a letter from the Nasdaq informing it of its return to compliance with the Bid Price Rule. Therefore, the Common
Stock continues to be traded on the Nasdaq Capital Market. If the Company fails to comply with the continued listing requirements of
Nasdaq, such as its corporate governance requirements or the Bid Price Rule, Nasdaq may delist the Common Stock.
On
January 11, 2023, the Company held a special meeting of stockholders (the “Special Meeting”) whereby stockholders approved
a proposal to authorize the Board of Directors of the Company (the “Board”), in its discretion but before the one-year anniversary
of the date of the Special Meeting, to implement an amendment to the Company’s certificate of incorporation to effect a reverse
stock split (the “Reverse Stock Split”) of all of the outstanding shares of Common Stock, of the Company, at a ratio in the
range of 1-for-2 to 1-for-50.
On
May 1, 2023, the Company effected a 1-for-20 reverse stock split. Upon effectiveness of the reverse stock split, every twenty shares
of an outstanding common stock decreased to one share of common stock. We have retroactively applied the reverse split throughout this
quarterly report to all periods presented.
Other
common stock activity
During
the six months that ended June 30, 2023, the Company:
|
● |
has
issued 10,000 shares of common stock to specific board members as part of a commitment agreement valued at $200,000. The common stock’s
value was determined on the agreement’s original date. |
|
|
|
|
● |
recognized
approximately $1,257,000 of stock-based compensation costs associated with outstanding stock options in general and administrative
expenses offsetting additional capital investments. |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
10 — STOCKHOLDERS’ EQUITY (continued)
Common
stock warrants
In
the six months ending June 30, 2023, 2,667 warrants expired. These outstanding warrants did not have an intrinsic value as of June 30,
2023. On June 30, 2023, the weighted average exercise price of warrants outstanding is $66.00, with a weighted average remaining contractual
life of 2.61 years.
The
following table sets forth common stock purchase warrants outstanding as of June 30, 2023:
SCHEDULE OF WARRANT OUTSTANDING
| |
Number of Warrants (in shares) | | |
Weighted Average Exercise Price | |
| |
| | |
| |
Outstanding, December 31, 2022 | |
| 458,747 | | |
$ | 72.00 | |
Warrants granted, exercised, canceled, or expired | |
| (2,667 | ) | |
| — | |
Outstanding and exercisable, June 30, 2023 | |
| 456,080 | | |
$ | 66.00 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
11 — STOCK-BASED COMPENSATION
Long-term
stock incentive plan awards:
The
Company’s stock option plans provide options to purchase shares of common stock to officers, directors, other key employees, and
consultants. The purchase price may be paid in cash or “net settled” in the Company’s common stock shares. In a net
settlement of an option, the Company does not require payment of the exercise price from the holder but reduces the number of shares
of common stock issued upon the exercise of the stock option by the smallest amount of whole shares that have an aggregate fair market
value equal to or over the aggregate exercise price for the option shares covered by the option exercised. Options generally vest over
three years from the grant date and expire ten years from the grant date.
Inducement
Awards:
Time-vested
options
The
Company grants time-vested stock options to various employees in connection with their employment agreements. The equity awards are ten-year,
non-statutory time-vested option inducement awards under the NASDAQ Listing Rule 5653(c)(4) outside of the Company’s existing equity
compensation plans (all subject to continued employment).
Performance-based
stock options
The
Company grants performance-based stock options to various employees in connection with their employment agreements. The equity awards
are ten-year, non-statutory performance-based stock option inducement awards under the NASDAQ Listing Rule 5653(c)(4) outside of the
Company’s existing equity compensation plans that will vest in three equal tranches upon achievement of applicable performance
conditions for each tranche (all subject to continued employment).
Restricted
Stock Units (“RSUs”):
Time-based
awards
The
Company grants employees time-based restricted stock units (“RSUs”) subject to continued employment. The equity awards have
an initial vesting between 25% and 33% on their one-year anniversary dates and will vest between 24 and 36 equal monthly periods thereafter.
Performance-based
awards
The
Company grants employees performance-based restricted stock unit awards subject to performance vesting conditions and continued employment.
The equity awards will vest in three equal tranches upon reaching performance conditions for each tranche.
As
shown in the following table, stock-based compensation expense is included in general and administrative expenses under the following
plans:
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSE
| |
| | |
| | |
| | |
| |
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
Equity-based plans: | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Long-term stock incentive plan awards | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,000 | |
Time-vested option inducement awards | |
| 37,000 | | |
| 28,000 | | |
| 107,000 | | |
| 56,000 | |
Performance-based stock option inducement award | |
| - | | |
| - | | |
| — | | |
| - | |
Time-based restricted stock awards
| |
| 299,000 | | |
| 180,000 | | |
| 1,150,000 | | |
| 898,000 | |
Performance-based restricted stock awards | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based
compensation expense | |
$ | 336,000 | | |
$ | 208,000 | | |
$ | 1,257,000 | | |
$ | 955,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
11 — STOCK-BASED COMPENSATION (continued)
The
following table illustrates supplementary data under various equity compensation plans:
SCHEDULE
OF EQUITY COMPENSATION PLANS
|
|
Six
months ended |
|
|
Six
months ended |
|
|
|
June
30, |
|
|
June
30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
Quantity |
|
|
Weighted
Average |
|
|
Quantity |
|
|
Weighted
Average |
|
|
Quantity |
|
|
Weighted
Average |
|
|
Quantity |
|
|
Weighted
Average |
|
|
|
Long-term
stock incentive plan awards |
|
|
Time-vested
option inducement awards |
|
Balance-January
1st, outstanding |
|
|
2,250 |
|
|
$ |
1,756 |
|
|
|
2,496 |
|
|
$ |
1,795.80 |
|
|
|
24,721 |
|
|
$ |
13.00 |
|
|
|
24,721 |
|
|
$ |
20.20 |
|
Granted,
canceled, expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
(58 |
) |
|
|
(1,166.00 |
) |
|
|
(171 |
) |
|
|
(1,931.60 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance-June
30th, outstanding |
|
|
2,192 |
|
|
$ |
1,771.40 |
|
|
|
2,325 |
|
|
$ |
1,754.00 |
|
|
|
24,721 |
|
|
$ |
10.00 |
|
|
|
24,721 |
|
|
$ |
17.80 |
|
Balance-June
30th, exercisable |
|
|
2,192 |
|
|
$ |
1,771.40 |
|
|
|
2,463 |
|
|
$ |
1,802.00 |
|
|
|
24,721 |
|
|
$ |
18.00 |
|
|
|
14,936 |
|
|
$ |
29.60 |
|
Remaining
compensation expense |
|
|
$— |
|
|
|
$— |
|
|
|
$212,000 |
|
|
|
$442,000 |
|
Remaining
amortization period |
|
|
0.0
years |
|
|
|
0.0
years |
|
|
|
0.6
years |
|
|
|
1.6
years |
|
Weighted
average remaining contractual life – options outstanding and exercisable |
|
|
4.0
years and 4.0
years |
|
|
|
5.1
years and 5.0
years |
|
|
|
6.6
years and 6.6
years |
|
|
|
7.6
years and 7.6
years |
|
Intrinsic
value per share |
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
Range
of exercise prices |
|
|
$139.20
to $1,944.00 |
|
|
|
$139.20
to $23,472.00 |
|
|
|
$19.20
to $34.20 |
|
|
|
$19.20
to $34.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance-based
stock option inducement awards |
|
|
|
Time-based
restricted stock awards |
|
Balance-January
1st, outstanding |
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
140,736 |
|
|
$ |
23.00 |
|
|
|
39,933 |
|
|
$ |
63.40 |
|
Granted,
canceled, expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,250 |
|
|
|
9.00 |
|
|
|
107,053 |
|
|
|
20.80 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,415 |
) |
|
|
(21.40 |
) |
|
|
— |
|
|
|
— |
|
Balance-June
30th, outstanding |
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
162,571 |
|
|
$ |
12.60 |
|
|
|
146,986 |
|
|
|
26.20 |
|
Balance-June
30th, exercisable |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
63,098 |
|
|
$ |
40.20 |
|
|
|
12,472 |
|
|
$ |
100.80 |
|
Remaining
compensation expense |
|
|
$414,000 |
|
|
|
$414,000 |
|
|
|
$2,049,000 |
|
|
|
$3,857,000 |
|
Remaining
amortization period |
|
|
1.6
years |
|
|
|
2.6
years |
|
|
|
1.7
years |
|
|
|
3.0
years |
|
Weighted
average remaining contractual life – options outstanding and exercisable |
|
|
6.6
years and 0.0
years |
|
|
|
7.6
years and 7.6
years |
|
|
|
2.1
years and 1.8
years |
|
|
|
3.0
years and 4.0
years |
|
Intrinsic
value per share |
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
Range
of exercise prices |
|
|
$34.20 |
|
|
|
$34.20 |
|
|
|
$8.00
to $72.00 |
|
|
|
$19.60
to $72.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance-based
restricted stock awards |
|
Balance-January
1st, outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,303 |
|
|
$ |
58.00 |
|
|
|
63,369 |
|
|
$ |
58.80 |
|
Granted,
canceled, expired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
71,303 |
|
|
|
21.00 |
|
Forfeited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19,649 |
) |
|
|
(21.00 |
) |
|
|
— |
|
|
|
— |
|
Balance-June
30th, outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,654 |
|
|
$ |
22.00 |
|
|
|
134,762 |
|
|
$ |
38.80 |
|
Balance-June
30th, exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
$ |
— |
|
|
|
63,369 |
|
|
$ |
82.40 |
|
Remaining
compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,085,000 |
|
|
|
$1,498,000 |
|
Remaining
amortization period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.5
years |
|
|
|
7.7
years |
|
Weighted
average remaining contractual life – options outstanding and exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.5
years and 0.0
years |
|
|
|
4.3
years and 3.8
years |
|
Intrinsic
value per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$— |
|
|
|
$— |
|
Range
of exercise prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$21.00
to $72.00 |
|
|
|
$21.00
to $72.00 |
|
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
12 — COMMITMENTS AND CONTINGENCIES
Pension:
The
Company may make a matching contribution to its employees’ 401(k) plan. Furthermore, Vislink operates a Group Personal Plan through
its UK subsidiary, investing funds with Royal London. Employees of the Company in the United Kingdom are entitled to participate in the
Company’s employee benefit plan, to which varying amounts are contributed according to their status. Additionally, the Company
operates a stakeholder pension plan in the United Kingdom.
The
table below represents the Company’s matching contributions as follows:
SCHEDULE
OF MATCHING CONTRIBUTIONS
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2022 | | |
2022 | | |
2022 | | |
2022 | |
Company matching contributions - Group Personal Pension Plan | |
$ | 35,000 | | |
$ | 48,000 | | |
$ | 68,000 | | |
$ | 97,000 | |
NOTE
13 — CONCENTRATIONS
Customer
concentration risk
In
the three and six months ended June 30, 2023, no customers exceeded 10 percent of the Company’s consolidated sales. In the three
and six months ending June 30, 2022, the Company derived revenue from two customers representing more than 10% of its total consolidated
sales for approximately $788,000 (12%) and $1,467,000 (11%), respectively.
Two
customers owed the Company approximately $925,000 and 688,000, respectively, representing 16% and 12% of its consolidated net receivables
on June 30, 2023. One customer owed the Company approximately $4,204,000, representing 48% of the Company’s consolidated net accounts
receivable on June 30, 2022.
Vendor
concentration risk
In
the three months ending June 30, 2023, two vendors exceeded 10% of the Company’s consolidated purchases with approximately $465,000
and $323,000, representing 15% and 10% of the Company’s consolidated inventory purchases, respectively. In the six months ending
June 30, 2023, two vendors met the criteria beyond 10% of the Company’s consolidated purchases of approximately $595,000 and $587,000,
representing 10% of the Company’s consolidated inventory purchases, respectively. During the three and six months ended June 30,
2022, no vendor made purchases exceeding 10% of the Company’s total consolidated purchases.
As
of June 30, 2023, one vendor exceeded 10% of the Company’s consolidated accounts payable of approximately $610,000 (18%). As of
June 30, 2022, no vendor represented more than 10% of the Company’s accounts payable.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
14 – REVENUE
The
Company has one operating segment, with the senior executive management team as the decision-making group. In the following table, the
Company has disaggregated revenue by the Company’s primary geographical markets and revenue sources:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
Three months Ended | | |
Six months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Primary geographical markets: | |
| | |
| | |
| | |
| |
North America | |
$ | 1,721,000 | | |
$ | 3,472,000 | | |
$ | 4,888,000 | | |
$ | 5,900,000 | |
South America | |
| 38,000 | | |
| 49,000 | | |
| 227,000 | | |
| 99,000 | |
Europe | |
| 1,593,000 | | |
| 2,105,000 | | |
| 3,436,000 | | |
| 4,294,000 | |
Asia | |
| 1,305,000 | | |
| 830,000 | | |
| 2,024,000 | | |
| 1,372,000 | |
Rest of World | |
| 386,000 | | |
| 310,000 | | |
| 1,656,000 | | |
| 1,961,000 | |
| |
$ | 5,043,000 | | |
$ | 6,766,000 | | |
$ | 12,231,000 | | |
$ | 13,626,000 | |
Primary revenue source: | |
| | | |
| | | |
| | | |
| | |
Equipment sales | |
$ | 4,279,000 | | |
$ | 6,194,000 | | |
$ | 10,673,000 | | |
$ | 12,472,000 | |
Installation, integration, and repairs | |
| 263,000 | | |
| 330,000 | | |
| 749,000 | | |
| 573,000 | |
Warranties | |
| 501,000 | | |
| 242,000 | | |
| 809,000 | | |
| 581,000 | |
| |
$ | 5,043,000 | | |
$ | 6,766,000 | | |
$ | 12,231,000 | | |
$ | 13,626,000 | |
Long-Lived Assets: | |
| | | |
| | | |
| | | |
| | |
United States | |
| | | |
| | | |
$ | 2,174,000 | | |
$ | 2,227,000 | |
Netherlands | |
| | | |
| | | |
| 23,000 | | |
| 28,000 | |
United Kingdom | |
| | | |
| | | |
| 4,397,000 | | |
| 5,471,000 | |
| |
| | | |
| | | |
$ | 6,594,000 | | |
$ | 7,726,000 | |
NOTE
15 — OTHER INCOME (REBATES)
The
following table represents tax rebates related to the research costs incurred by our U.K. subsidiary.
SCHEDULE
OF TAX REBATES
| |
Three months Ended | | |
Six months Ended | |
| |
June 30, | | |
| June 30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Total tax rebates | |
$ | **5,000 | | |
$ | *(10,000) | | |
$ | 329,000 | | |
$ | 284,000 | |
While
the Company plans to continue filing rebate forms for the 2023 fiscal year, it cannot guarantee that rebates will be available at a similar
level or at all in future years.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
16 — RECLASSIFICATION OF PRIOR YEAR PRESENTATION
We
reclassified other income amounts from the prior year to ensure consistency with the presentation of the current year’s condensed
consolidated statement of operations. For the three and six months ended June 30, 2022, adjustments have been made to the condensed consolidated
statements of operations and comprehensive loss. Tax rebates related to research costs incurred by our UK subsidiary were separated from
other revenue to other income. The
reclassification did not affect the reported operating results.
NOTE
17 — SUBSEQUENT EVENTS
Office
lease
The
Company renewed its lease for 976 square feet of administrative office space commencing on July 3, 2023, and terminating on July 2, 2024,
in Dubai Studio City, UAE, for approximately $1,632 monthly.
Relocation
of United Kingdom manufacturing division
Following
an ever-changing global business landscape, in July 2023, the Company strategically decided to consolidate its UK division and relocate
its activities to the United States in September 2023. As a result of the move, management believes that operational efficiency will
be optimized, productivity will be enhanced, and our position in the global market will be strengthened. Additionally, the move will:
| ● | enhance
our ability to meet future working capital requirements, |
| ● | eliminate
obsolete inventory items, |
| ● | reduce
the usage of our UK Colchester facility, and |
| ● | simultaneously
reduce miscellaneous operating costs. |
Our
commitment to continuous improvement and growth has driven our decision to relocate our manufacturing division. The relocation of our
manufacturing division to the United States will cost us approximately $0.2 million in severance costs over the next six months. Our
relocation process will be designed to ensure minimal disruption to our operations and employees.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following information should be read in conjunction with the accompanying consolidated financial statements and the associated notes
thereto of this Quarterly Report, the audited consolidated financial statements and the notes thereto, and our Management’s Discussion
and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December
31, 2022, as filed with the U.S. Securities and Exchange Commission on March 31, 2023.
Effective
May 1, 2023, the Company effected a one-for-20 reverse stock split of the common stock. All per-share numbers reflect the one-for-20
reverse stock split. We have retroactively applied the reverse split throughout this quarterly report to all periods presented.
Cautionary
Note About Forward-Looking Statements
This
report includes forward-looking statements that, although based on assumptions that we consider reasonable, are subject to risks and
uncertainties, which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied
by such forward-looking statements. You should read this report and the documents we reference in this report and have filed as exhibits
to this report entirely and understand that our actual future results may materially differ from what we expect. You should also review
the factors and risks we describe in reports we will file or submit from time to time with the SEC after this report’s date. We
qualify all of our forward-looking statements by these cautionary statements.
Overview
of COVID-19 Effects
The
COVID-19 pandemic has caused and may continue to cause changes in our business practices (including employee travel and work locations).
We may take further actions as government agencies require efforts that we determine are in the best interests of our employees, customers,
and business partners. The effectiveness of such measures cannot be guaranteed.
As
a result of the COVID-19 pandemic and mitigation measures, global supply chains and economic conditions have been adversely impacted
and may continue to be adversely impacted in the future. We may be affected by these impacts regarding development, deployment, maintenance,
and demand for our products and services.
The
extent to which the COVID-19 pandemic impacts our business, operations, cash flows, and financial condition will depend on future highly
uncertain developments that cannot be predicted. The Company will continue closely monitoring COVID-19’s effect on all aspects
of our business and geographies. It includes updated information concerning other virus strains and their impact.
Ukraine/Russian
Conflict
The
war increasingly affects global financial markets and escalates ongoing economic challenges, such as inflation and disruption of global
supply chains. The degree to which entities are or will be affected depends on the nature and duration of uncertain and unpredictable
events. Among these events are further military actions, additional sanctions, and reactions to the ongoing developments in international
financial markets. The impact of the war on these macroeconomic conditions may necessitate many companies worldwide to consider the effects
of the war on their specific accounting and financial reporting practices.
Neither
the Company nor its employees or contractors have a physical presence in Russia, Russian-controlled territories, or Ukraine. Due to Russia’s
invasion of Ukraine and sanctions imposed by the U.S. and other governments—designed to exacerbate the Russian economy—business
continuity, liquidity, and asset values are being affected in Ukraine and Russia, agitating global markets. In addition to increased
inflation and higher energy and transportation costs, it is difficult to estimate the impact of the ongoing invasion on the global economy;
the invasion of Ukraine could negatively affect our financial results. The Company does not anticipate any risks affecting its liquidity,
operating results, or financial reporting, but we monitor developments in Ukraine to determine whether they will harm our business, financial
condition, or results of operations.
Relocation
of United Kingdom manufacturing division
The
Company will begin moving its United Kingdom manufacturing division to the United States in September 2023. The relocation to the United
States is anticipated to result in approximately $1.0 million in annual savings. The relocation of our manufacturing division to the
United States will cost us approximately $0.2 million in severance costs over the next six months.
Climate
Change-Related Effects
Our
Company, partners, and communities face both opportunities and challenges related to climate change. Physical climate parameters, regulations,
public policy, technology, and product demand changes will likely influence our Company’s climate change strategy. We are responsible
for responding to climate change and will continue to focus on reducing our environmental impact. We will also focus on developing innovative
solutions to mitigate climate change risks. We are committed to working collaboratively with our partners to achieve a sustainable future.
Despite
our efforts to mitigate climate change risks, we recognize that climate-related risks are inherent wherever we conduct our business.
There is a possibility that any of our locations will be affected by climate change. Climate-related events can disrupt our industry
and our customers, increasing attrition, losses, and extra costs. It is important to us that our company’s communities have access
to clean water and reliable energy. For this reason, we are committed to developing and implementing strategies to reduce our carbon
footprint and ensure sustainability. We partner with organizations and governments to promote renewable energy sources and create resilient
communities.
The
increase in temperature causes natural disasters to become more frequent and severe, disrupting the operation of our business. Wildfires,
floods, droughts, hurricanes, and hurricanes are natural disasters. We can also become less productive, lose customers, and incur additional
costs if we have limited access to clean water and reliable energy. We must take proactive steps to mitigate the effects of climate change.
We need to develop strategies to reduce our carbon footprint and find ways to make our operations more resilient to climate-related disruptions.
Additionally, we must invest in technology that can help us better prepare for and respond to extreme weather events.
Overview
The
Vislink Corporation was incorporated in Delaware in 2006, and it is a global technology company dedicated to collecting, delivering,
and managing high-quality, live video and related data from the action scene to the viewing screen. Vislink provides solutions for collecting
live news, sports, entertainment, and news events for broadcast markets. The company offers real-time video intelligence solutions through
customized transmission products to the surveillance and defense markets. We also provide professional and technical services through
our technology experts. These experts have decades of practical experience and applied knowledge in the terrestrial microwave, satellite,
fiber optic, and surveillance systems, delivering a broad range of solutions to our customers.
Live
Broadcast:
Vislink
offers a broad portfolio of products and services for the live news, sports, and entertainment industries. The solutions include video
collection, transmission, management, and distribution via microwave, satellite, cellular, IP (Internet Protocol), MESH, and bonded cellular/5G
networks. Furthermore, we provide solutions utilizing artificial intelligence technologies to automate news and sporting events coverage.
The expertise and technology portfolio of Vislink, which has been in operation for more than 50 years, enable it to deliver integrated,
seamless, end-to-end solutions. Vislink’s solutions are designed to provide high-quality content and maximize operational efficiency.
The Company is committed to providing its clients with the best possible service and technology. Vislink’s solutions are tailored
to meet the specific needs of each customer.
Several
industry contributors acknowledge the value of Vislink’s live broadcast solutions. With over 200,000 systems installed worldwide,
most outside wireless broadcast video content is transmitted using our equipment. It is our pleasure to work closely with the majority
of broadcasters around the world. Many of the world’s most prestigious sporting and entertainment events are broadcast live using
Vislink wireless cameras and ultra-compact encoders. Recent examples include international sporting contests, award shows, racing events,
and cultural and music festivals. Our equipment is reliable and easy to use, making it the ideal choice for broadcast professionals.
We pride ourselves on providing quality products and excellent customer service. We are dedicated to helping our customers produce the
best broadcast content possible.
Military
And Government:
Using
our expertise in live video delivery, Vislink has developed high-quality solutions to meet the operational and industry challenges of
surveillance and defense markets. The Vislink solutions are designed to facilitate interagency collaboration, utilizing an internationally
recognized IP platform and a web-based video delivery interface. As a provider of comprehensive video, audio, and data communications
solutions to the law enforcement community and the public safety community, Vislink can provide airborne, unmanned systems, maritime,
and tactical mobile command posts. Vislink solutions are designed to provide reliable and secure communications in extreme conditions,
with the ability to adapt quickly to changing environments. They also offer a range of cost-effective products and services tailored
to customers’ needs.
Military
And Government (continued):
These
solutions may include:
|
● |
integrated
suites of airborne downlink transmitters, receivers, and antenna systems |
|
● |
data
and video connectivity for airborne, marine, and ground assets |
|
● |
UAV
video distribution |
|
● |
flexible
support for COFDM and bonded cellular/5G Networks |
|
● |
terrestrial
point-to-point |
|
● |
tactical
mobile command |
|
● |
IP-based,
high-end encryption, full-duplex, real-time connectivity at extended operating ranges |
|
● |
high-throughput
air/marine/ground-to-anywhere uplink and downlink systems |
|
● |
secure
live streaming platforms for use in mobile and fixed assets |
|
● |
personal
portable products |
Vislink
public safety and surveillance solutions are deployed worldwide, including in the United States, Europe, and the Middle East, at local,
regional, and federal level operations, criminal investigation, crisis management, and mobile command posts. These solutions are designed
to meet the needs of field operations, command centers, and central receiving centers. Short- and long-range solutions are available
in established infrastructure areas and highly remote regions, making valuable video intelligence accessible regardless of location.
Solutions can be tailored to meet specific customer requirements and are backed by knowledgeable and responsive support teams. Additionally,
these solutions are flexible and scalable, so they can be adapted to meet changing business needs.
Satellite
Communications:
Vislink’s
satellite solutions are supported by over 30 years of technical expertise. These solutions ensure robust, secure communications while
offering low transmission costs for organizations that require high-quality, reliable satellite transmission. In addition to providing
turnkey solutions, we offer state-of-the-art coding, compression, engine modulation, and robust, lightweight antenna systems. To ensure
the best possible customer experience, Vislink Satellite Solutions focus heavily on being the smallest, lightest, and most efficient
in their category. Vislink lets customers choose from a wide range of satellite designs optimized for bit rate, size, weight, and total
cost. Over 2,000 satellite systems have been deployed by governments, militaries, and broadcasters worldwide. Although we continue offering
satellite solutions, we no longer invest in the engineering and product development necessary to remain competitive. Although we will
continue to market and sell our current satellite products, we do not anticipate introducing any further upgrades or enhancements. Instead,
we focus our resources on other technologies and solutions to better serve our customers. We are confident that our new strategies will
provide the best solutions and products for our customers in the future.
Connected
Edge Solutions:
The
Mobile Viewpoint acquisition provides Vislink with the hardware and software solutions necessary for acquiring, producing, contributing,
and delivering video over private or public networks. The use of connected edge solutions facilitates the video transport concept of
ubiquitous IP networks and cloud-scale computing across 5G, WiFi6, Mesh, and COFDM-enabled networks. These solutions include:
|
● |
Live
video encoding, stream adaptation, decoding, and production solutions |
|
● |
Remote
production workflows |
|
● |
Wireless
cameras |
|
● |
AI-driven
automated production |
|
● |
Ability
to contribute video over: |
|
|
○
Bonded cellular (3G and 4G) |
|
|
○
Satellite |
|
|
○
Fiber |
|
|
○
Emerging networks, including 5G and Starlink |
Results
of Operations
Comparison
for the three and six months ended June 30, 2023, and 2022
Revenues
In
the three months ended June 30, 2023, the revenue was $5.0 million compared to $6.7 million for the three months ended June 30, 2022,
representing a decrease of $1.7 million or 25%. In the six months ended June 30, 2023, the revenue was $12.2 million compared to $13.6
million for the six months ended June 30, 2022, representing a decrease of $1.4 million or 10%.
The
Company discontinued several product lines in the third and fourth quarters of 2022 due to the lack of performance expectations and appeal
to our customers. The Company altered its product marketing for its customer base in the last quarter of 2022 by providing a simplified
approach to accessing products and solutions. We are now focusing on the products that have been successful and will invest in their
further development. We are also exploring new avenues to expand our product portfolio. Additionally, we continue evaluating the market
and customer feedback to ensure we make the best decisions for our long-term success.
Cost
of Revenue and Operating Expenses
Cost
of Components and Personnel
In
the three months ended June 30, 2023, the cost of components and personnel was $2.4 million compared to $ 3.2 million for the three months
ended June 30, 2022, representing a decrease of $0.8 million or 25%. In the six months ended June 30, 2023, the cost of components and
personnel was $5.7 million compared to $6.6 million for the six months ended June 30, 2022, representing a decrease of $0.9 million or
14%.
Management’s
decision to discontinue several product lines in the third and fourth quarters of 2022 can be attributed to reduced components and personnel
costs. This cost-cutting measure will enable the Company to focus on the more profitable product lines and increase the efficiency and
productivity of its operations. The move will also help the Company remain competitive and position itself for future growth.
General
and Administrative Expenses
General
and administrative expenses are costs incurred during the day-to-day operation of the business, including salaries, benefits, stock-based
compensation, payroll taxes, trade shows, marketing programs, promotional materials, professional services, facility upkeep, general
liability insurance, travel, and other operating expenses associated with an established public entity.
In
the three months ended June 30, 2023, the general and administrative expenses were $4.7 million compared to $4.4 million for the three
months ended June 30, 2022, representing an increase of $0.3 million or 7%. In the six months ended June 30, 2023, the general and administrative
expenses were $9.7 million compared to $9.3 million for the six months ended June 30, 2022, representing an increase of $0.4 million
or 4%.
The
three-month increase of $0.3 million is predominantly due to warranty costs, salaries, and benefits of $0.2 million each and multiple
de minimus expenses of $0.1 million each. The decrease was primarily attributed to reductions attributable to directors’ fees,
computer expenses, and travel and entertainment costs of $0.2 million each.
The
six-month increase of $0.4 million is primarily attributable to $0.3 million in stock-based compensation, $0.2 million each for dues
and subscriptions, rent and utilities, legal fees, and multiple de minimus expenses of $0.1 million each. The increase was offset by
decreases of $0.2 million each for insurance and directors’ fees. In addition, there were multiple de minimus expenses of $0.1
million each.
Research
and Development Expenses
Research
and development expenses are primarily associated with salaries and benefits, including payroll taxes, prototypes, facilities, and travel
expenses.
In
the three months ended June 30, 2023, research and development expenses were $0.9 million compared to $1.2 million for the three months
ended June 30, 2022, representing a decrease of $0.3 million or 25%. In the six months ended June 30, 2023, research and development
expenses were $1.7 million compared to $2.3 million for the six months ended June 30, 2022, representing a decrease of $0.6 million or
26%.
The
three-month decrease of $0.3 million is primarily attributable to the reduction of $ 0.2 million in salaries and benefits and $0.1 million
in consulting. The six-month decline of $0.6 million is mainly attributable to $0.3 in research costs, $0.2 million in salaries and benefits,
and $0.1 million in consulting.
Amortization
and Depreciation
In
the three months ended June 30, 2023, amortization and depreciation expenses were $0.3 million compared to $0.5 million for the three
months ended June 30, 2022, representing a decrease of $0.2 million or 40%. In the six months ended June 30, 2023, amortization and depreciation
expenses were $0.6 million compared to $0.9 million for the six months ended June 30, 2022, representing a decrease of $0.3 million or
33%.
A
decrease in the net book value of intangible assets is attributed to the decreased amortization of intangible asset costs.
Other
Dividend
and Interest Income
In
the three months ended June 30, 2023, dividend and interest income was $0.4 million, compared to $0.0 million for the three months ended
June 30, 2022, representing an increase of $0.4 million or 100%. In the six months ended June 30, 2023, dividend and interest income
were $0.6 million compared to $0.0 million for the six months ended June 30, 2022, representing an increase of $0.6 million or 100%.
The increase is due to the Company’s investment in government-backed bonds held to maturity and money market funds.
Net
Loss
In
the three months ended June 30, 2023, the Company had a net loss of $3.1 million compared to a net loss of $2.6 million in the three
months ended June 30, 2022, or an increase in net loss of $0.6 million or 23%. The Company’s net loss for the six months ending
June 30, 2023, was $5.0 million, compared to $5.4 million for the six months ending June 30, 2022, or a decrease of $0.4 million or 7%.
The
increase of the net loss of $0.6 million for the three months ended June 30, 2023, was primarily the result of a decrease in revenue
of $1.8 million, as well as an increase in general and administrative expenses of $0.3 million, which was offset by a decline in component
and personnel costs of $0.8 million, a reduction in research and development expenses of $0.3 million, and an increase in interest and
dividend income of $0.3 million.
The
decrease in the net loss of $0.4 million was primarily due to a reduction of revenue of $1.4 million, an increase in general and administrative
expenses of $0.4 million, offset by a decrease in component costs of $0.9 million, a reduction in research and development expenses of
$0.6 million, and an increase in interest income and dividend income of $0.6 million.
Liquidity
and Capital Resources
For
the six months ended June 30, 2023, the Company incurred an approximate loss of $5.7 million from operations and used $3.2 million of
cash for operational purposes. On June 30, 2023, the Company had $35.6 million in working capital, $304.9 million in accumulated deficits,
and $11.0 million in cash.
During
the first quarter of 2023, the Company invested approximately $10.8 million of its cash reserves in Federal bonds and $11.3 million in
Federally insured money market mutual funds, primarily to increase investment income. The Company’s investments in Federal bonds
and money market mutual funds are intended to provide a steady source of income and liquidity. The Company believes the investment strategy
carefully balances risk and return while protecting capital.
The Company’s liquidity requirements may be affected by a variety of factors. These factors include inflation, foreign
exchange fluctuations, market conditions, strategic acquisitions, market strategy, research and development activities, regulatory matters,
and product and technology innovations. The Company believes it will have sufficient funds to continue operations for at least twelve
months from the filing date of these unaudited condensed consolidated financial statements.
Critical
Accounting Policies
As
of the date of the filing of this quarterly report, we believe there have been no material changes to our critical accounting policies
during the three months ended June 30, 2023, compared to those disclosed in our Annual Report on Form 10-K for the year ended December
31, 2022, as filed with the SEC on March 31, 2023. The location of additional information about these critical accounting policies is
in the “Management’s Discussion & Analysis of Financial Condition and Results of Operations” section included in
our Annual Report on Form 10-K for the fiscal year ending December 31, 2022.
Cash
Flows
The
following table sets forth the significant components of our cash flow data statements for the periods presented.
For
the Six Months Ended
(In
Thousands)
| |
June 30, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (3,194 | ) | |
$ | (8,238 | ) |
Net cash used in investing activities | |
| (11,184 | ) | |
| (298 | ) |
Net cash used in financing activities | |
| (213 | ) | |
| (458 | ) |
Effect of exchange rate changes on cash | |
| (63 | ) | |
| (358 | ) |
Net decrease in cash | |
$ | (14,654 | ) | |
$ | (9,352 | ) |
Operating
Activities
Net
cash used in operating activities of approximately $3.2 million during the six months ended June 30, 2023, was principally attributable
to a net loss of $4.8 million, $1.3 million of stock-based compensation, $0.6 million of depreciation and amortization, an increase in
$1.2 million of inventory, $0.7 million of accounts payable, $0.6 million of prepaid expenses and other current assets, offset by $0.4
million of bad debt recovery, decreases of $0.3 million of accounts receivable and operating lease liabilities each.
Net
cash used in operating activities of approximately $8.2 million during the six months ended June 30, 2022, was principally attributable
to an increase in a net loss of $5.3 million, $3.9 million in inventory, $1.0 million in stock-based compensation, a decrease in $0.6
million in deferred revenue and customer deposits, $1.1 million in prepaid expenses and other current assets, and $1.7 million of accrued
expenses and interest expense.
Investing
Activities
Net
cash used by investing activities for the six months ended June 30, 2023, and 2022 were $11.2 million and $0.3 million, respectively,
and principally related to the Company’s investment in government-backed securities and money market funds and capital expenditures
for furniture and computer equipment.
Financing
Activities
Net
cash used in financing activities of approximately $0.2 million during the six months ended June 30, 2023, was principally attributable
to principal payments made towards D & O policy premiums.
Net
cash used in financing activities of approximately $0.5 million during the six months ended June 30, 2022, was principally attributable
to principal payments made towards D & O policy premiums.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
As
of June 30, 2023, there have been no material changes to the information related to quantitative and qualitative disclosures about the
market risk provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March
31, 2023.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate
to allow timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our
disclosure controls and procedures as of the end of the fiscal quarter ended June 30, 2023, as such term is defined in Rules 13a-15I
and 15d-15I under the Exchange Act. In their assessment of the effectiveness of internal control over financial reporting as of June
30, 2023, management concluded that such control was ineffective and that there were control deficiencies that constituted material weaknesses
because (i) we currently do not employ the appropriate number of accounting personnel to ensure (a) we maintain proper segregation of
duties, (b) conduct a tolerable risk assessment, and (ii) we have not adequately documented a complete assessment of the effectiveness
of the design and operation of our internal control over financial reporting. Considering these material weaknesses, we performed additional
procedures and analyses as deemed necessary to ensure that our financial statements were prepared in accordance with U.S. generally accepted
accounting principles.
Management
has engaged a third-party consultant to identify and document our internal control deficiencies and assess current controls and recommendations
regarding remediation efforts to eliminate or mitigate the control deficiencies.
Notwithstanding
the material weakness as of June 30, 2023, management, including the Certifying Officers, believes that the condensed consolidated financial
statements contained in this Annual Report filing fairly present, in all material respect, our financial condition, results of operations,
and cash flows for the fiscal period presented in conformity with GAAP.
Changes
to Internal Control Over Financial Reporting
Although
we have continued our remediation efforts in connection with identified material weaknesses, the material weakness, as discussed in our
Annual Report on Form 10-K for the period ended December 31, 2022, has not been fully remediated. As we continue to remediate the material
weakness in our internal controls, we have made changes during our most recently completed fiscal quarter to our internal controls, including
changes to enhance the supervisory review of our accounting procedures. Notwithstanding the continuing and un-remediated material weakness,
management, including the Certifying Officers, believes that the condensed consolidated financial statements contained in this Quarterly
Report fairly present, in all material respects, our financial condition, results of operations, and cash flows for the fiscal periods
presented in this Quarterly Report in conformity with GAAP.
PART
II: OTHER INFORMATION
Item
1. Legal Proceedings.
In
the ordinary course of business, we may become involved in various lawsuits and legal proceedings. We cannot predict the impact or outcome
of litigation, if any, and we may experience a negative outcome from time to time that may harm our business. We are currently not a
party to, and our properties are not currently the subject of any material pending legal proceedings, which, individually or in the aggregate,
would adversely affect our financial position or results of operations.
Item
1A. Risk Factors.
The
risks described in “Risk Factors” within our 2022 Annual Report and this Quarterly Report on Form 10-Q, including the risk
factor outlined in this Item 1A below, could materially and adversely affect our business, financial condition, and results of operations,
and the trading price of our common stock could decline. The Risk Factors section in the 2022 Annual Report, as updated in this Quarterly
Report on Form 10-Q, remains current in all material respects. These risk factors do not identify all risks that we face. Our operations
could also be affected by factors not presently known to us or that we currently consider immaterial to our operations. Due to risks
and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance, and historical
trends should not be used to anticipate results or trends in future periods. Refer also to the other information outlined in this Form
10-Q, including the Forward-Looking Statements, MD&A, and Unaudited Condensed Consolidated Financial Statements sections.
Relocating
a division from the United Kingdom (U.K.) to the United States (U.S.) can be complex and challenging. Some of the key risks involved
in our relocation process are as follows:
1.
Economic Factors:
Relocating
a division from the U.K. to the U.S. entails significant economic risks including:
a)
Currency Fluctuations: Changes in exchange rates between the British pound and the U.S. dollar can impact the financial stability of
the relocated division. Fluctuations can affect costs, revenue, and profitability, potentially leading to financial losses.
b)
Tax Implications: Differences in tax laws, regulations, and incentives between the U.K. and the U.S. may result in unexpected financial burdens, compliance
requirements, or penalties.
2.
Operational Factors:
Relocating
a division involves various operational risks including:
a)
Workforce Disruption: The relocation process may cause significant disruption to the existing workforce. Issues such as employee attrition,
loss of key talent, and difficulties in hiring and training new staff can impact productivity and overall operational efficiency.
b)
Supply Chain Disruptions: Relocating a division can disrupt established supply chains, leading to delays, increased costs, and potential
customer dissatisfaction.
3.
Legal and Regulatory Factors:
Relocating a division across international borders requires compliance with legal and regulatory frameworks. Key legal and regulatory
risk factors include employment law matters. We will need to navigate the differences between U.K. and U.S. employment laws, including
hiring, firing, and employee benefits regulations. Failure to comply with these laws can result in legal disputes, reputational damage,
and financial liabilities.
Further, our inability to manage the relocation of our U.K. operations to the U.S. effectively may result in weaknesses in our infrastructure,
give rise to operational mistakes, loss of business opportunities, loss of employees, and reduced productivity among remaining employees,
any of which could have a material adverse effect on our business and financial performance.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
(a)
Not applicable.
(b)
Not applicable.
(c)
Trading Plans
During
the quarter that ended June 30, 2023, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or
non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).
Item
6. Exhibits.
In
accordance with SEC Release 33-8238, Exhibits 31.1, 31.2, 32.1 and 32.2 are being furnished and not filed.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
VISLINK
TECHNOLOGIES, INC. |
|
|
|
Date:
August 11, 2023 |
By: |
/s/
Carleton Miller |
|
|
Carleton
Miller |
|
|
Chief
Executive Officer |
|
|
(Duly
Authorized Officer and Principal Executive Officer) |
|
|
|
Date:
August 11, 2023 |
By: |
/s/
Paul Norridge |
|
|
Paul
Norridge |
|
|
Chief
Financial Officer |
|
|
(Duly
Authorized Officer and Principal Financial Officer) |
Exhibit
31.1
CERTIFICATION
PURSUANT TO 18 USC. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I,
Carleton M. Miller, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Vislink Technologies, Inc. (the “registrant”):
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13-a13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures; and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report is any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
August 11, 2023 |
/s/
Carleton M. Miller |
|
Carleton
M. Miller |
|
Chief
Executive Officer |
Exhibit
31.2
CERTIFICATION
OF
PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I,
Paul Norridge, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Vislink Technologies, Inc. (the “registrant”):
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules
13-a13a-15(f)
and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures; and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report is any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
August 11, 2023 |
/s/
Paul Norridge |
|
Paul
Norridge |
|
Chief
Financial Officer |
Exhibit
32.1
CERTIFICATION
OF
PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Vislink Technologies, Inc. (the “Company”) on Form 10-Q for the period ended June
30, 2023 (the “Report”), I, Carleton M. Miller, Chief Executive Officer of the Company, hereby certify pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
August 11, 2023 |
/s/
Carleton M. Miller |
|
Carleton
M. Miller |
|
Chief
Executive Officer |
A
signed original of this written statement required by Section 906 or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
OF
PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Vislink Technologies, Inc. (the “Company”) on Form 10-Q for the period ended June
30, 2023 (the “Report”), I, Paul Norridge, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section
1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
August 11, 2023 |
/s/
Paul Norridge |
|
Paul
Norridge |
|
Chief
Financial Officer |
A
signed original of this written statement required by Section 906 or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.2
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalents |
$ 10,973,000
|
$ 25,627,000
|
Accounts receivable, net |
5,747,000
|
6,007,000
|
Inventories, net |
13,177,000
|
12,021,000
|
Investments held to maturity |
10,837,000
|
|
Prepaid expenses and other current assets |
2,376,000
|
1,232,000
|
Total current assets |
43,110,000
|
44,887,000
|
Right of use assets, operating leases |
940,000
|
1,075,000
|
Property and equipment, net |
1,744,000
|
1,434,000
|
Intangible assets, net |
3,910,000
|
4,400,000
|
Total assets |
49,704,000
|
51,796,000
|
Current liabilities |
|
|
Accounts payable |
3,333,000
|
2,626,000
|
Accrued expenses |
1,436,000
|
1,568,000
|
Notes payable |
394,000
|
84,000
|
Operating lease obligations, current |
406,000
|
455,000
|
Customer deposits and deferred revenue |
1,921,000
|
1,540,000
|
Total current liabilities |
7,490,000
|
6,273,000
|
Operating lease obligations, net of current portion |
934,000
|
1,107,000
|
Deferred tax liabilities |
655,000
|
764,000
|
Total liabilities |
9,079,000
|
8,144,000
|
Commitments and contingencies (See Note 12) |
|
|
Series A Preferred stock, $0.00001 par value per share: -0- shares authorized on June 30, 2023, and December 31, 2022, respectively; -0- and 47,419 shares issued and outstanding on June 30, 2023, and December 31, 2022, respectively. |
|
|
Stockholders’ equity |
|
|
Preferred stock, $0.00001 par value per share: 10,000,000 shares authorized on June 30, 2023, and December 31, 2022, respectively |
|
|
Common stock, $0.00001 par value per share, 100,000,000 shares authorized on June 30, 2023, and December 31, 2022, respectively: Common stock, 2,377,362 and 2,370,966 were issued, and 2,377,229 and 2,370,833 were outstanding on June 30, 2023, and December 31, 2022, respectively. |
|
|
Additional paid-in capital |
346,822,000
|
345,365,000
|
Accumulated other comprehensive loss |
(1,037,000)
|
(1,337,000)
|
Treasury stock, at cost – 133 shares as of June 30, 2023, and December 31, 2022, respectively |
(277,000)
|
(277,000)
|
Accumulated deficit |
(304,883,000)
|
(300,099,000)
|
Total stockholders’ equity |
40,625,000
|
43,652,000
|
Total liabilities and stockholders’ equity |
$ 49,704,000
|
$ 51,796,000
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, par value |
$ 0.00001
|
$ 0.00001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
2,377,362
|
2,370,966
|
Common Stock, shares outstanding |
2,377,229
|
2,370,833
|
Treasury stock, shares |
133
|
133
|
Series A Preferred Stock [Member] |
|
|
Temporary equity, par value |
$ 0.00001
|
$ 0.00001
|
Temporary equity, shares authorized |
0
|
0
|
Temporary equity, shares issued |
0
|
47,419
|
Temporary equity, shares outstanding |
0
|
47,419
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue, net |
$ 5,043,000
|
$ 6,766,000
|
$ 12,231,000
|
$ 13,626,000
|
Cost of revenue and operating expenses |
|
|
|
|
Cost of components and personnel |
2,361,000
|
3,186,000
|
5,675,000
|
6,609,000
|
Inventory valuation adjustments |
175,000
|
101,000
|
304,000
|
197,000
|
General and administrative expenses |
4,679,000
|
4,439,000
|
9,707,000
|
9,349,000
|
Research and development expenses |
908,000
|
1,151,000
|
1,675,000
|
2,269,000
|
Amortization and depreciation |
304,000
|
465,000
|
602,000
|
922,000
|
Total cost of revenue and operating expenses |
8,427,000
|
9,342,000
|
17,963,000
|
19,346,000
|
Loss from operations |
(3,384,000)
|
(2,576,000)
|
(5,732,000)
|
(5,720,000)
|
Other income (expense) |
|
|
|
|
Unrealized loss on investments held to maturity |
(35,000)
|
|
(63,000)
|
|
Gain on settlement of debt |
|
9,000
|
|
9,000
|
Other income |
(11,000)
|
(10,000)
|
330,000
|
316,000
|
Dividend income |
128,000
|
|
219,000
|
|
Interest income, net |
220,000
|
(5,000)
|
353,000
|
(5,000)
|
Total other income (expense) |
302,000
|
(6,000)
|
839,000
|
320,000
|
Net loss before income taxes |
(3,082,000)
|
(2,582,000)
|
(4,893,000)
|
(5,400,000)
|
Income taxes |
|
|
|
|
Deferred tax benefits |
54,000
|
56,000
|
109,000
|
107,000
|
Net loss |
$ (3,028,000)
|
$ (2,526,000)
|
$ (4,784,000)
|
$ (5,293,000)
|
Basic loss per share |
$ (1.27)
|
$ (1.10)
|
$ (2.02)
|
$ (2.30)
|
Diluted loss per share |
$ (1.27)
|
$ (1.10)
|
$ (2.02)
|
$ (2.30)
|
Weighted average number of shares outstanding: |
|
|
|
|
Basic |
2,377
|
2,305
|
2,374
|
2,298
|
Diluted |
2,377
|
2,305
|
2,374
|
2,298
|
Comprehensive loss: |
|
|
|
|
Unrealized gain (loss) on currency translation adjustment |
$ 145,000
|
$ (1,407,000)
|
$ 300,000
|
$ (1,139,000)
|
Comprehensive loss |
$ (2,883,000)
|
$ (3,933,000)
|
$ (4,484,000)
|
$ (6,432,000)
|
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v3.23.2
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
|
|
|
$ 343,746
|
$ (297)
|
$ (277)
|
$ (286,539)
|
$ 56,633
|
Balance, shares at Dec. 31, 2021 |
|
|
2,287,669
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(5,293)
|
(5,293)
|
Unrealized gain on currency translation adjustment |
|
|
|
|
(1,139)
|
|
|
(1,139)
|
Stock-based compensation |
|
|
|
955
|
|
|
|
955
|
Issuance of common stock in connection with: |
|
|
|
|
|
|
|
|
Satisfaction of accounts payable vendor balance |
|
|
|
31
|
|
|
|
31
|
Satisfaction of accounts payable vendor balance, shares |
|
|
1,935
|
|
|
|
|
|
Satisfaction of withholding tax upon conversion of restricted stock units |
|
|
|
|
|
|
|
|
Satisfaction of withholding tax upon conversion of restricted stock units, shares |
|
|
17,889
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock units |
|
|
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock units, shares |
|
|
57,952
|
|
|
|
|
|
Balance at Jun. 30, 2022 |
|
|
|
344,732
|
(1,436)
|
(277)
|
(291,832)
|
51,187
|
Balance, shares at Jun. 30, 2022 |
|
|
2,365,445
|
|
|
|
|
|
Balance at Mar. 31, 2022 |
|
|
|
344,493
|
(565)
|
(277)
|
(289,306)
|
54,345
|
Balance, shares at Mar. 31, 2022 |
|
|
2,287,669
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(2,526)
|
(2,526)
|
Unrealized gain on currency translation adjustment |
|
|
|
|
(871)
|
|
|
(871)
|
Stock-based compensation |
|
|
|
208
|
|
|
|
208
|
Issuance of common stock in connection with: |
|
|
|
|
|
|
|
|
Satisfaction of accounts payable vendor balance |
|
|
|
31
|
|
|
|
31
|
Satisfaction of accounts payable vendor balance, shares |
|
|
1,935
|
|
|
|
|
|
Satisfaction of withholding tax upon conversion of restricted stock units |
|
|
|
|
|
|
|
|
Satisfaction of withholding tax upon conversion of restricted stock units, shares |
|
|
17,889
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock units |
|
|
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock units, shares |
|
|
57,952
|
|
|
|
|
|
Balance at Jun. 30, 2022 |
|
|
|
344,732
|
(1,436)
|
(277)
|
(291,832)
|
51,187
|
Balance, shares at Jun. 30, 2022 |
|
|
2,365,445
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
|
|
345,365
|
(1,337)
|
(277)
|
(300,099)
|
43,652
|
Balance, shares at Dec. 31, 2022 |
|
47,419
|
2,367,362
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(4,784)
|
(4,784)
|
Unrealized gain on currency translation adjustment |
|
|
|
|
300
|
|
|
300
|
Stock-based compensation |
|
|
|
1,257
|
|
|
|
1,257
|
Elimination of Series A Preferred Stock |
|
|
|
|
|
|
|
|
Elimination of Series A Preferred Stock, shares |
|
(47,419)
|
|
|
|
|
|
|
Issuance of common stock in connection with: |
|
|
|
|
|
|
|
|
Compensation awards for services previously accrued |
|
|
|
200
|
|
|
|
200
|
Compensation awards for services previously accrued, shares |
|
|
10,000
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
|
|
346,822
|
(1,037)
|
(277)
|
(304,883)
|
40,625
|
Balance, shares at Jun. 30, 2023 |
|
|
2,377,362
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
[1] |
|
|
346,486
|
(1,182)
|
(277)
|
(301,855)
|
43,172
|
Balance, shares at Mar. 31, 2023 |
[1] |
|
2,377,362
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(3,028)
|
(3,028)
|
Unrealized gain on currency translation adjustment |
|
|
|
|
145
|
|
|
145
|
Stock-based compensation |
|
|
|
336
|
|
|
|
336
|
Balance at Jun. 30, 2023 |
|
|
|
$ 346,822
|
$ (1,037)
|
$ (277)
|
$ (304,883)
|
$ 40,625
|
Balance, shares at Jun. 30, 2023 |
|
|
2,377,362
|
|
|
|
|
|
|
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows used in operating activities |
|
|
Net loss |
$ (4,784)
|
$ (5,293)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Gain on settlement of debt |
|
(9)
|
Deferred tax benefits |
(109)
|
(107)
|
Unrealized loss on the fair value of investments in bonds held to maturity |
63
|
|
Accretion of bond discount |
(137)
|
|
Stock-based compensation |
1,257
|
955
|
Stock issuance commitments |
|
200
|
Provision for bad debt |
38
|
15
|
Recovery of bad debt |
(6)
|
(38)
|
Inventory valuation adjustments |
304
|
197
|
Amortization of right-of-use assets, operating assets |
135
|
104
|
Depreciation and amortization |
602
|
922
|
Changes in assets and liabilities |
|
|
Accounts receivable |
323
|
111
|
Inventories |
(1,196)
|
(3,934)
|
Prepaid expenses and other current assets |
(619)
|
1,118
|
Accounts payable |
708
|
202
|
Accrued expenses |
68
|
(1,749)
|
Operating lease obligations |
(222)
|
(286)
|
Customer deposits and deferred revenue |
381
|
(646)
|
Net cash used in operating activities |
(3,194)
|
(8,238)
|
Cash flows used in investing activities |
|
|
Cash used for investments held to maturity |
(10,763)
|
|
Cash used for property and equipment |
(421)
|
(298)
|
Net cash used in investing activities |
(11,184)
|
(298)
|
Cash flows used in financing activities |
|
|
Principal payments made on notes payable |
(213)
|
(458)
|
Net cash used in financing activities |
(213)
|
(458)
|
Effect of exchange rate changes on cash |
(63)
|
(358)
|
Net decrease in cash and cash equivalents |
(14,654)
|
(9,352)
|
Cash and cash equivalents, beginning of the period |
25,627
|
36,231
|
Cash and cash equivalents, end of the period |
10,973
|
26,879
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid during the period for interest |
6
|
6
|
Supplemental disclosure of non-cash information: |
|
|
Notes payable |
523
|
943
|
Common stock issued in connection with: |
|
|
Settlement of accounts payable |
|
31
|
Compensation awards previously accrued |
200
|
|
ROU assets and operating lease obligations recognized (Note 6): |
|
|
Operating lease assets recognized |
|
|
Less: non-cash changes to operating lease assets amortization |
(135)
|
(104)
|
ROU assets and operating lease obligations recognized |
(135)
|
(104)
|
Operating lease liabilities recognized |
|
|
Less: non-cash changes to operating lease liabilities accretion |
(222)
|
(286)
|
Operating lease liabilities recognized |
$ (222)
|
$ (286)
|
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v3.23.2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature
of Operations
Incorporated
in Delaware in 2006, Vislink Technologies, Inc. (“Vislink”) is an innovative technology company that collects, delivers and
manages real-time video from the action scene to the viewing screen. The Company designs, develops, and deploys innovative products and
turnkey solutions that deliver reliable connectivity across real-time production, military, and government sectors worldwide in the most
demanding environments. Vislink is a leader in designing and deploying wireless video solutions, providing customers with reliable and
secure video and data transmission. The company is committed to delivering the latest technology and the highest quality products to
meet its customers’ needs. Vislink provides solutions for collecting live news, sports, and entertainment events for the broadcast
markets. Our Mobile Viewpoint product line offers live streaming solutions that use bonded cellular, 5G, and AI-driven technologies to
automate the production of news and sports content. In addition to creating real-time video intelligence solutions, Vislink assists first
responders, law enforcement agencies at all levels of government, and military organizations with increased situational awareness. Besides
providing professional and technical services, Vislink employs a team of technology experts with decades of experience and applied knowledge
of terrestrial microwaves, satellites, fiber optics, surveillance systems, and wireless communications systems to offer customers a wide
range of services.
Basis
of Presentation
The
accompanying unaudited condensed consolidated interim financial statements and these notes should be viewed in conjunction with Vislink
Technologies, Inc.’s 2022 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2023, which
contains the audited consolidated financial statements and notes thereto as of December 31, 2022. As of December 31, 2022, a condensed
consolidated balance sheet was prepared based on audited annual financial statements but did not include all of the footnote disclosures
from the annual financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements
include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of its financial position as
of June 30, 2023, as well as results of operations for the three months and six months ended June 30, 2023, and 2022, as well as cash
flow for the six months ended June 30, 2023, and 2022. For the six months ended June 30, 2023, the results of operations are not necessarily
indicative of the results for the entire year, any other interim period, or any future period. Effective May 1, 2023, the Company effected
a one-for-20 reverse stock split of the common stock. All per-share numbers reflect the one-for-20 reverse stock split. We have retroactively
applied the reverse split throughout this quarterly report to all periods presented. The accounting policies of Vislink have not materially
changed since December 31, 2022. Note 3 of Vislink’s 2022 annual report on Form 10-K provides detailed information about these
policies.
Principles
of Consolidation
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”),
the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and
regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has eliminated all intercompany
accounts and transactions upon consolidating our subsidiaries.
Segment
Reporting
The
Company identifies operating segments as components of an enterprise about which separate discrete financial information is available
for evaluation by the operating decision-makers, or decision-making group, in deciding how to allocate resources and assess performance.
The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the
Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of
the Company reside in the United States, United Kingdom, and the Netherlands.
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates,
judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated
financial statements. These estimates also affect the reported revenues and expenses during the reporting periods. Significant accounting
estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of property,
plant, and equipment, the useful lives of right-of-use assets, the useful lives of intangible assets, impairment of long-lived assets,
allowance for accounts receivable doubtful accounts, allowance for inventory obsolescence reserve, allowance for deferred tax assets,
valuation of warranty reserves, contingent consideration liabilities, and the accrual of potential liabilities. Actual results could
differ from estimates, and any such differences may be material to our unaudited condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Allowance
for credit losses
Change
in accounting principles
In
June 2016, the FASB established Topic 326, Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments
(ASU) No. 2016-13, which requires a methodology that reflects expected credit losses and requires consideration of a broader range of
reasonable and supportable information to inform credit loss estimates, including accounts receivable.
The
standard replaces the existing incurred credit loss model with the Current Expected Credit Losses (“CECL”) model. It is required
to measure credit losses based on the Company’s estimate of expected losses rather than incurred losses, which generally results
in earlier recognition of allowances for credit losses. Under ASC 326, the Company evaluates specific criteria, including aging and historical
write-offs, the current economic condition of customers, and future economic conditions of countries utilizing a consumption index to
determine the appropriate allowance for credit losses. The Company completed its assessment of the new standard and did not adjust the
opening balance of retained earnings relating to its trade receivables. The Company writes off receivables once it is determined that
they are no longer collectible, as local laws allow.
Recently
Issued Accounting Principles
Recent
Accounting Pronouncements
Other
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future
consolidated financial statements.
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v3.23.2
LIQUIDITY AND FINANCIAL CONDITION
|
6 Months Ended |
Jun. 30, 2023 |
Liquidity And Financial Condition |
|
LIQUIDITY AND FINANCIAL CONDITION |
NOTE
2 — LIQUIDITY AND FINANCIAL CONDITION
For
the six months ended June 30, 2023, the Company incurred an approximate loss of $5.7 million from operations and used $3.2 million of
cash for operational purposes. On June 30, 2023, the Company had $35.6 million in working capital, $304.9 million in accumulated deficits,
and $11.0 million in cash.
During
the first quarter of 2023, the Company invested approximately $10.8 million of its cash reserves in Federal bonds and $11.3 million in
Federally insured money market mutual funds, primarily to increase investment income.
The
Company’s liquidity requirements may be affected by a variety of factors. These factors include inflation, foreign exchange fluctuations,
market conditions, strategic acquisitions, market strategy, research and development activities, regulatory matters, and product and
technology innovations. The Company believes it will have sufficient funds to continue operations for at least twelve months
from the filing date of these unaudited condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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v3.23.2
LOSS PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
LOSS PER SHARE |
NOTE
3 — LOSS PER SHARE
The
following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in
thousands):
SCHEDULE
OF ANTI-DILIUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM THE CALCULATION OF LOSS PER SHARE
| |
2023 | | |
2022 | |
| |
Six months Ended | |
| |
June 30 | |
| |
2023 | | |
2022 | |
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: | |
| | | |
| | |
Stock options | |
| 85 | | |
| 29 | |
Warrants | |
| 456 | | |
| 459 | |
Total | |
| 541 | | |
| 488 | |
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v3.23.2
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES
|
6 Months Ended |
Jun. 30, 2023 |
Foreign Currency [Abstract] |
|
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES |
NOTE
4 — FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES
The
Company has recognized foreign exchange gains and losses and changes in accumulated comprehensive income approximately as follows:
SCHEDULE
OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net foreign exchange transactions: | |
| | | |
| | | |
| | | |
| | |
(Gains) Losses | |
$ | 41,000 | | |
$ | (21,000 | ) | |
$ | (3,000 | ) | |
$ | (5,000 | ) |
Net foreign exchange transactions: Losses | |
$ | 41,000 | | |
$ | (21,000 | ) | |
$ | (3,000 | ) | |
$ | (5,000 | ) |
Accumulated comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Unrealized (gains) losses on currency translation adjustment | |
$ | 10,000 | | |
$ | (871,000 | ) | |
$ | (145,000 | ) | |
$ | (1,139,000 | ) |
The
exchange rates adopted for foreign exchange transactions are quoted on OANDA, a Canadian-based foreign exchange company. This website
offers currency conversion, online retail foreign exchange trading, foreign currency transfers, and currency information through its
website. Based on the following exchange rates, the Company converted amounts between British Pounds and US Dollars and Euros into British
Pounds for the respective periods:
|
● |
As
of June 30, 2023 – £1.266150 to $1.00; €1.088440 to $1.00 |
|
|
|
|
● |
The
average exchange rate for the six months ended June 30, 2023 – £1.233240 to $1.00; €1.080655 to $1.00 |
|
|
|
|
● |
As
of June 30, 2022 – £ 1.080655 to $1.00; €1.044949 to $1.00 |
|
|
|
|
● |
The
average exchange rate for the six months ended June 30, 2022 – £1.298904 to $1.00; €1.091890 to $1.00 |
|
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v3.23.2
CASH AND CASH EQUIVALENTS
|
6 Months Ended |
Jun. 30, 2023 |
Cash and Cash Equivalents [Abstract] |
|
CASH AND CASH EQUIVALENTS |
NOTE
5 — CASH AND CASH EQUIVALENTS
The
Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash
equivalents. Cash equivalents consist of unrestricted funds invested in a money market mutual fund. The following table illustrates the
Company’s cash and cash equivalents:
SCHEDULE
OF CASH AND CASH EQUIVALENTS
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash on hand | |
$ | 1,542,000 | | |
$ | 25,627,000 | |
Federally insured money market mutual funds | |
| 9,431,000 | | |
| — | |
Total cash and cash equivalents | |
$ | 10,973,000 | | |
$ | 25,627,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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v3.23.2
INVESTMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
INVESTMENTS |
NOTE
6 — INVESTMENTS
The
Company used cash to purchase the following debt instruments:
|
● |
On
January 23, 2023, the Company purchased a bond, “HSBC USA INC CP,” with a face value of $5,065,789, a par value of $5,000,000,
maturing October 24, 2023, a 5.1948% interest rate, at a discount of $253,289 totaling $4,812,500. The value on June 30, 2023, was
$4,910,000. |
|
|
|
|
● |
On
February 1, 2023, the Company purchased a bond, “Federal Home Loan Banks,” with a face value of $4,999,750 and accrued
interest of $25,729, a par value of $5,000,000, maturing December 22, 2023, at an interest rate of 4.750%, totaling $5,025,479. The
value on June 30, 2023, was $4,981,000. |
|
|
|
|
● |
On
February 28, 2023, the Company purchased a bond, “Federal National Mortgage Association,” with a face and par value of
$950,000, maturing February 28, 2024, at an interest rate of 5.07%, totaling $950,000. The value on June 30, 2023, was $946,000. |
The
Company identified these transactions as investments in debt security and will apply the guidance under ASC Topic 320, “Investments
in debt securities,” and for interest income guidance under ASC Topic 310-20, “Receivables.” As of June 30, 2023, the
abovementioned investments have a stated maturity of one year or less. Management intends to treat these investments as held to maturity.
The
Company has determined the fair value of its investments held to maturity based on Level 1 input as of June 30, 2023:
SCHEDULE
OF FAIR VALUE OF ITS INVESTMENTS
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
| | |
| | |
| | |
| |
Federal Bonds | |
$ | — | | |
$ | 10,837,000 | | |
$ | — | | |
$ | 10,837,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | — | | |
$ | 10,837,000 | | |
$ | — | | |
$ | 10,837,000 | |
The
Company’s investments held to maturity are as follows as of June 30, 2023:
SCHEDULE
OF INVESTMENTS HELD TO MATURITY
| |
Amortized Cost | | |
Unrealized Gains | | |
Unrealized Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Federal Bonds | |
$ | 10,900,000 | | |
| — | | |
$ | 63,000 | | |
$ | 10,837,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 10,900,000 | | |
$ | — | | |
$ | 63,000 | | |
$ | 10,837,000 | |
|
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v3.23.2
INTANGIBLE ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE
7 — INTANGIBLE ASSETS
The
following table illustrates finite intangible assets as of June 30, 2023:
SCHEDULE OF INTANGIBLE ASSETS
| |
Proprietary Technology | | |
Patents and Licenses | | |
Trade Names & Technology | | |
Customer Relationships | | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| |
| |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Net | |
Balance, December 31, 2022 | |
$ | 2,132,000 | | |
$ | (815,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,189,000 | ) | |
$ | 5,095,000 | | |
$ | (3,074,000 | ) | |
$ | 4,400,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization | |
| — | | |
| (294,000 | ) | |
| — | | |
| — | | |
| — | | |
| (69,000 | ) | |
| — | | |
| (127,000 | ) | |
| (490,000 | ) |
Balance, June 30, 2023 | |
$ | 2,132,000 | | |
$ | (1,109,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,258,000 | ) | |
$ | 5,095,000 | | |
$ | (3,201,000 | ) | |
$ | 3,910,000 | |
The
Company continuously monitors intangible assets for potential impairments based on operating results, events, and circumstances. As of
June 30, 2023, management identified no triggering events.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
7 — INTANGIBLE ASSETS (continued)
The
Company’s groups of intangible assets consist primarily of:
Proprietary
Technology:
Generally,
the Company amortizes proprietary technology over 3 to 5 years. Wireless multiplex transmitters and artificial intelligence are the proprietary
technologies that MVP uses internally to produce and sell products and services to customers.
Patents
and Licenses:
Patents
and licenses filed by the Company are amortized for 18.5 to 20 years. The amortization of the costs associated with provisional patents
and pending applications begins after successful review and filing.
Trade
Name, Technology, and Customer Relationships:
Other
intangible assets are amortized for 3 to 15 years. Prior IMT, Vislink, and MVP acquisitions contributed to developing these intangible
assets, including trade names, technology, and customer lists.
The
Company has recognized net capitalized intangible costs as follows:
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Proprietary Technology | |
$ | 1,025,000 | | |
$ | 1,319,000 | |
Trade Names and Technology | |
| 991,000 | | |
| 1,060,000 | |
Customer Relationships | |
| 1,894,000 | | |
| 2,021,000 | |
| |
$ | 3,910,000 | | |
$ | 4,400,000 | |
The
Company has recognized the amortization of intangible assets as follows:
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Proprietary Technology | |
$ | 148,000 | | |
$ | 148,000 | | |
$ | 294,000 | | |
$ | 293,000 | |
Patents and Licenses | |
| — | | |
| 167,000 | | |
| — | | |
| 331,000 | |
Trade Names and Technology | |
| 34,000 | | |
| 34,000 | | |
| 69,000 | | |
| 69,000 | |
Customer Relationships | |
| 64,000 | | |
| 64,000 | | |
| 127,000 | | |
| 127,000 | |
| |
$ | 246,000 | | |
$ | 413,000 | | |
$ | 490,000 | | |
$ | 820,000 | |
The
weighted average remaining life of the amortization of the Company’s intangible assets is approximately 5.2 years as of June 30,
2023. The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS
Period ending June 30, | |
| |
2024 | |
$ | 636,000 | |
2025 | |
| 635,000 | |
2026 | |
| 595,000 | |
2027 | |
| 533,000 | |
2028 | |
| 349,000 | |
Thereafter | |
| 1,162,000 | |
Finite-Lived Intangible
Assets, Net, Total | |
$ | 3,910,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.2
NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
8 — NOTES PAYABLE
The
table below represents the Company’s notes payable as of June 30, 2023, and December 31, 2022:
SCHEDULE
OF NOTES PAYABLE
| |
Principal | |
| |
June 30,
2023 | | |
December 31,
2022 | |
The Company renewed its D&O insurance policy on April 5, 2022, reducing the premium to approximately $1,037,000, less a down payment of $194,000, with the remaining balance financed. The loan’s terms are for nine months at a 2.09% annual interest rate and a monthly principal and interest payment of approximately $84,000. Accordingly, the Company recorded interest expenses of $-0- and $150 for the three and six months ended June 30, 2023, and $-0- and $2,000 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the note has been fully repaid. | |
$ | — | | |
$ | 84,000 | |
| |
| | | |
| | |
The Company renewed its D & O insurance policy on April 5, 2023, reducing the premium to approximately $811,000, less a down payment of $288,000, financing the remaining balance of approximately $523,000. The loan’s terms are for nine months at a 6.14% annual interest rate and a monthly principal and interest payment of approximately $67,000. Accordingly, the Company recorded interest expenses of $5,000 for the three and six months ended June 30, 2023, and $-0- for the three and six months ended June 30, 2022. | |
| 394,000 | | |
| | |
| |
$ | 394,000 | | |
$ | 84,000 | |
|
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
NOTE
9 — LEASES
In
addition to leasing office space, deployment sites, and storage warehouses, the Company also leases warehouse space internationally and
domestically. Operating leases have various terms and provisions as of June 30, 2023, with lease terms remaining between one and four
years. In certain individual leases, rent escalation clauses and lease concessions require additional rental payments in the later years
of the lease term. These types of contracts are recognized on a straight-line basis over the minimum lease term.
The
Company recorded $0.9 million in Right-Of-Use (“ROU”) assets on June 30, 2023, net of $1.3 million in accumulated amortization.
Moreover, the Company recorded an operating lease liability of approximately $1.3 million, of which $0.4 million was current and $0.9
million was non-current. The weighted average remaining term of lease contracts on June 30, 2023, was 3.1 years, with maturity dates
ranging between July 2023 and May 2027, in addition to a weighted-average discount rate of 9.5%.
There
were no material adjustments to straight-line rental expenses for those periods. Most of the costs recognized for each period were reflected
in cash used in operating activities. This expense primarily consisted of payments for office and warehouse base rent. In addition, the
Company has the right to renew individual leases at various renewal terms, although the Company is not obligated to do so. Short-term
lease costs, taxes, and variable service charges were immaterial.
A
one-year lease for 600 square feet of administrative office space in Luton, UK, was signed on June 1, 2023, and will run through May
31, 2024, at approximately $2,100 per month.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
9 — LEASES (continued)
The
following table illustrates operating lease data for the three months ending June 30, 2023, and 2022:
SCHEDULE
OF OPERATING LEASE DATA
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Lease cost: | |
| | | |
| | | |
| | | |
| | |
Operating lease cost | |
$ | 103,000 | | |
$ | 114,000 | | |
$ | 206,000 | | |
$ | 233,000 | |
Short-term lease cost | |
| 10,000 | | |
| 10,000 | | |
| 20,000 | | |
| 159,000 | |
Total lease cost | |
$ | 113,000 | | |
$ | 124,000 | | |
$ | 226,000 | | |
$ | 392,000 | |
Cash paid for lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Cash flows from operating leases | |
| | | |
| | | |
$ | 325,000 | | |
$ | 253,000 | |
Weighted-average remaining lease term—operating leases | |
| | | |
| | | |
| 3.1 years | | |
| 3.8 years | |
Weighted-average discount rate—operating leases | |
| | | |
| | | |
| 9.5 | % | |
| 9.4 | % |
Maturities
of operating lease liabilities were as follows as of June 30, 2023:
SCHEDULE
OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
| |
| |
| |
Amount | |
2024 | |
$ | 507,000 | |
2025 | |
| 468,000 | |
2026 | |
| 341,000 | |
2027 | |
| 186,000 | |
2028 | |
| — | |
Thereafter | |
| — | |
Total lease payments | |
| 1,502,000 | |
Less: imputed interest | |
| 162,000 | |
Present value of lease liabilities | |
| 1,340,000 | |
Less: Current lease liabilities | |
| 406,000 | |
Non-current lease liabilities | |
$ | 934,000 | |
The
table below lists the location and lease expiration date from 2023 through 2027:
SCHEDULE
OF LEASE OBLIGATION ASSUMED
Location | |
Square Footage | | |
Lease-End
Date | |
Approximate
Future Payments | |
Colchester, UK | |
| 16,000 | | |
Dec |
2025 | | |
$ | 554,000 | |
Singapore | |
| 950 | | |
July |
2023 | | |
$ | 3,000 | |
Billerica, MA | |
| 2,000 | | |
Dec |
2026 | | |
$ | 43,000 | |
Hemel, UK | |
| 12,870 | | |
Oct |
2023 | | |
$ | 367,000 | |
Mount Olive, NJ | |
| 7,979 | | |
Jan |
2027 | | |
$ | 535,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
10 — STOCKHOLDERS’ EQUITY
Preferred
stock
On
March 22, 2023, the Board of Directors of the Corporation approved a resolution to eliminate the Corporation’s Certificate of Designation,
Preferences, and Rights (the “Certificate of Elimination”) of the Series A Preferred Stock, par value $0.00001 per share
(the “Series A Preferred Stock”), that was filed with the Secretary of State of the State of Delaware on November 9, 2022.
Upon
the effective filing of this Certificate of Elimination, the shares previously designated under the certificate of designation as Series
A Preferred Stock shall resume the status of authorized but unissued shares of preferred stock of the Corporation. As of March 31, 2023,
47,500 shares are authorized, and no Series A Preferred Stock was issued or outstanding.
Common
stock
Nasdaq
compliance and reverse stock split
On
May 20, 2022, we received notice from the Nasdaq Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market
LLC (“Nasdaq”) notifying the Company of its noncompliance with Bid Price Rule by failing to maintain a minimum bid price
for its common Stock on the Nasdaq Capital Market of at least $1.00 per share for 30 consecutive business days. The Company received
a grace period of 180 days, or until November 16, 2022, to regain compliance with the minimum bid price requirement.
On
November 10, 2022, the Company submitted a request to Nasdaq for an additional 180-day grace period to regain compliance with the minimum
bid price requirement. On November 17, 2022, the Company received a letter from Nasdaq advising that the Company had been granted an
additional 180-day grace period extension until May 15, 2023, to regain compliance with the minimum bid price requirement and all other
applicable requirements for initial listing on the Nasdaq Capital Market except for the minimum bid price requirement. On May 15, 2023,
the Company received a letter from the Nasdaq informing it of its return to compliance with the Bid Price Rule. Therefore, the Common
Stock continues to be traded on the Nasdaq Capital Market. If the Company fails to comply with the continued listing requirements of
Nasdaq, such as its corporate governance requirements or the Bid Price Rule, Nasdaq may delist the Common Stock.
On
January 11, 2023, the Company held a special meeting of stockholders (the “Special Meeting”) whereby stockholders approved
a proposal to authorize the Board of Directors of the Company (the “Board”), in its discretion but before the one-year anniversary
of the date of the Special Meeting, to implement an amendment to the Company’s certificate of incorporation to effect a reverse
stock split (the “Reverse Stock Split”) of all of the outstanding shares of Common Stock, of the Company, at a ratio in the
range of 1-for-2 to 1-for-50.
On
May 1, 2023, the Company effected a 1-for-20 reverse stock split. Upon effectiveness of the reverse stock split, every twenty shares
of an outstanding common stock decreased to one share of common stock. We have retroactively applied the reverse split throughout this
quarterly report to all periods presented.
Other
common stock activity
During
the six months that ended June 30, 2023, the Company:
|
● |
has
issued 10,000 shares of common stock to specific board members as part of a commitment agreement valued at $200,000. The common stock’s
value was determined on the agreement’s original date. |
|
|
|
|
● |
recognized
approximately $1,257,000 of stock-based compensation costs associated with outstanding stock options in general and administrative
expenses offsetting additional capital investments. |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
10 — STOCKHOLDERS’ EQUITY (continued)
Common
stock warrants
In
the six months ending June 30, 2023, 2,667 warrants expired. These outstanding warrants did not have an intrinsic value as of June 30,
2023. On June 30, 2023, the weighted average exercise price of warrants outstanding is $66.00, with a weighted average remaining contractual
life of 2.61 years.
The
following table sets forth common stock purchase warrants outstanding as of June 30, 2023:
SCHEDULE OF WARRANT OUTSTANDING
| |
Number of Warrants (in shares) | | |
Weighted Average Exercise Price | |
| |
| | |
| |
Outstanding, December 31, 2022 | |
| 458,747 | | |
$ | 72.00 | |
Warrants granted, exercised, canceled, or expired | |
| (2,667 | ) | |
| — | |
Outstanding and exercisable, June 30, 2023 | |
| 456,080 | | |
$ | 66.00 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.2
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE
11 — STOCK-BASED COMPENSATION
Long-term
stock incentive plan awards:
The
Company’s stock option plans provide options to purchase shares of common stock to officers, directors, other key employees, and
consultants. The purchase price may be paid in cash or “net settled” in the Company’s common stock shares. In a net
settlement of an option, the Company does not require payment of the exercise price from the holder but reduces the number of shares
of common stock issued upon the exercise of the stock option by the smallest amount of whole shares that have an aggregate fair market
value equal to or over the aggregate exercise price for the option shares covered by the option exercised. Options generally vest over
three years from the grant date and expire ten years from the grant date.
Inducement
Awards:
Time-vested
options
The
Company grants time-vested stock options to various employees in connection with their employment agreements. The equity awards are ten-year,
non-statutory time-vested option inducement awards under the NASDAQ Listing Rule 5653(c)(4) outside of the Company’s existing equity
compensation plans (all subject to continued employment).
Performance-based
stock options
The
Company grants performance-based stock options to various employees in connection with their employment agreements. The equity awards
are ten-year, non-statutory performance-based stock option inducement awards under the NASDAQ Listing Rule 5653(c)(4) outside of the
Company’s existing equity compensation plans that will vest in three equal tranches upon achievement of applicable performance
conditions for each tranche (all subject to continued employment).
Restricted
Stock Units (“RSUs”):
Time-based
awards
The
Company grants employees time-based restricted stock units (“RSUs”) subject to continued employment. The equity awards have
an initial vesting between 25% and 33% on their one-year anniversary dates and will vest between 24 and 36 equal monthly periods thereafter.
Performance-based
awards
The
Company grants employees performance-based restricted stock unit awards subject to performance vesting conditions and continued employment.
The equity awards will vest in three equal tranches upon reaching performance conditions for each tranche.
As
shown in the following table, stock-based compensation expense is included in general and administrative expenses under the following
plans:
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSE
| |
| | |
| | |
| | |
| |
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
Equity-based plans: | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Long-term stock incentive plan awards | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,000 | |
Time-vested option inducement awards | |
| 37,000 | | |
| 28,000 | | |
| 107,000 | | |
| 56,000 | |
Performance-based stock option inducement award | |
| - | | |
| - | | |
| — | | |
| - | |
Time-based restricted stock awards
| |
| 299,000 | | |
| 180,000 | | |
| 1,150,000 | | |
| 898,000 | |
Performance-based restricted stock awards | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based
compensation expense | |
$ | 336,000 | | |
$ | 208,000 | | |
$ | 1,257,000 | | |
$ | 955,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
11 — STOCK-BASED COMPENSATION (continued)
The
following table illustrates supplementary data under various equity compensation plans:
SCHEDULE
OF EQUITY COMPENSATION PLANS
|
|
Six
months ended |
|
|
Six
months ended |
|
|
|
June
30, |
|
|
June
30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
Quantity |
|
|
Weighted
Average |
|
|
Quantity |
|
|
Weighted
Average |
|
|
Quantity |
|
|
Weighted
Average |
|
|
Quantity |
|
|
Weighted
Average |
|
|
|
Long-term
stock incentive plan awards |
|
|
Time-vested
option inducement awards |
|
Balance-January
1st, outstanding |
|
|
2,250 |
|
|
$ |
1,756 |
|
|
|
2,496 |
|
|
$ |
1,795.80 |
|
|
|
24,721 |
|
|
$ |
13.00 |
|
|
|
24,721 |
|
|
$ |
20.20 |
|
Granted,
canceled, expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
(58 |
) |
|
|
(1,166.00 |
) |
|
|
(171 |
) |
|
|
(1,931.60 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance-June
30th, outstanding |
|
|
2,192 |
|
|
$ |
1,771.40 |
|
|
|
2,325 |
|
|
$ |
1,754.00 |
|
|
|
24,721 |
|
|
$ |
10.00 |
|
|
|
24,721 |
|
|
$ |
17.80 |
|
Balance-June
30th, exercisable |
|
|
2,192 |
|
|
$ |
1,771.40 |
|
|
|
2,463 |
|
|
$ |
1,802.00 |
|
|
|
24,721 |
|
|
$ |
18.00 |
|
|
|
14,936 |
|
|
$ |
29.60 |
|
Remaining
compensation expense |
|
|
$— |
|
|
|
$— |
|
|
|
$212,000 |
|
|
|
$442,000 |
|
Remaining
amortization period |
|
|
0.0
years |
|
|
|
0.0
years |
|
|
|
0.6
years |
|
|
|
1.6
years |
|
Weighted
average remaining contractual life – options outstanding and exercisable |
|
|
4.0
years and 4.0
years |
|
|
|
5.1
years and 5.0
years |
|
|
|
6.6
years and 6.6
years |
|
|
|
7.6
years and 7.6
years |
|
Intrinsic
value per share |
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
Range
of exercise prices |
|
|
$139.20
to $1,944.00 |
|
|
|
$139.20
to $23,472.00 |
|
|
|
$19.20
to $34.20 |
|
|
|
$19.20
to $34.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance-based
stock option inducement awards |
|
|
|
Time-based
restricted stock awards |
|
Balance-January
1st, outstanding |
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
140,736 |
|
|
$ |
23.00 |
|
|
|
39,933 |
|
|
$ |
63.40 |
|
Granted,
canceled, expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,250 |
|
|
|
9.00 |
|
|
|
107,053 |
|
|
|
20.80 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,415 |
) |
|
|
(21.40 |
) |
|
|
— |
|
|
|
— |
|
Balance-June
30th, outstanding |
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
162,571 |
|
|
$ |
12.60 |
|
|
|
146,986 |
|
|
|
26.20 |
|
Balance-June
30th, exercisable |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
63,098 |
|
|
$ |
40.20 |
|
|
|
12,472 |
|
|
$ |
100.80 |
|
Remaining
compensation expense |
|
|
$414,000 |
|
|
|
$414,000 |
|
|
|
$2,049,000 |
|
|
|
$3,857,000 |
|
Remaining
amortization period |
|
|
1.6
years |
|
|
|
2.6
years |
|
|
|
1.7
years |
|
|
|
3.0
years |
|
Weighted
average remaining contractual life – options outstanding and exercisable |
|
|
6.6
years and 0.0
years |
|
|
|
7.6
years and 7.6
years |
|
|
|
2.1
years and 1.8
years |
|
|
|
3.0
years and 4.0
years |
|
Intrinsic
value per share |
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
Range
of exercise prices |
|
|
$34.20 |
|
|
|
$34.20 |
|
|
|
$8.00
to $72.00 |
|
|
|
$19.60
to $72.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance-based
restricted stock awards |
|
Balance-January
1st, outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,303 |
|
|
$ |
58.00 |
|
|
|
63,369 |
|
|
$ |
58.80 |
|
Granted,
canceled, expired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
71,303 |
|
|
|
21.00 |
|
Forfeited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19,649 |
) |
|
|
(21.00 |
) |
|
|
— |
|
|
|
— |
|
Balance-June
30th, outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,654 |
|
|
$ |
22.00 |
|
|
|
134,762 |
|
|
$ |
38.80 |
|
Balance-June
30th, exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
$ |
— |
|
|
|
63,369 |
|
|
$ |
82.40 |
|
Remaining
compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,085,000 |
|
|
|
$1,498,000 |
|
Remaining
amortization period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.5
years |
|
|
|
7.7
years |
|
Weighted
average remaining contractual life – options outstanding and exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.5
years and 0.0
years |
|
|
|
4.3
years and 3.8
years |
|
Intrinsic
value per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$— |
|
|
|
$— |
|
Range
of exercise prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$21.00
to $72.00 |
|
|
|
$21.00
to $72.00 |
|
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
12 — COMMITMENTS AND CONTINGENCIES
Pension:
The
Company may make a matching contribution to its employees’ 401(k) plan. Furthermore, Vislink operates a Group Personal Plan through
its UK subsidiary, investing funds with Royal London. Employees of the Company in the United Kingdom are entitled to participate in the
Company’s employee benefit plan, to which varying amounts are contributed according to their status. Additionally, the Company
operates a stakeholder pension plan in the United Kingdom.
The
table below represents the Company’s matching contributions as follows:
SCHEDULE
OF MATCHING CONTRIBUTIONS
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2022 | | |
2022 | | |
2022 | | |
2022 | |
Company matching contributions - Group Personal Pension Plan | |
$ | 35,000 | | |
$ | 48,000 | | |
$ | 68,000 | | |
$ | 97,000 | |
|
X |
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
CONCENTRATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS |
NOTE
13 — CONCENTRATIONS
Customer
concentration risk
In
the three and six months ended June 30, 2023, no customers exceeded 10 percent of the Company’s consolidated sales. In the three
and six months ending June 30, 2022, the Company derived revenue from two customers representing more than 10% of its total consolidated
sales for approximately $788,000 (12%) and $1,467,000 (11%), respectively.
Two
customers owed the Company approximately $925,000 and 688,000, respectively, representing 16% and 12% of its consolidated net receivables
on June 30, 2023. One customer owed the Company approximately $4,204,000, representing 48% of the Company’s consolidated net accounts
receivable on June 30, 2022.
Vendor
concentration risk
In
the three months ending June 30, 2023, two vendors exceeded 10% of the Company’s consolidated purchases with approximately $465,000
and $323,000, representing 15% and 10% of the Company’s consolidated inventory purchases, respectively. In the six months ending
June 30, 2023, two vendors met the criteria beyond 10% of the Company’s consolidated purchases of approximately $595,000 and $587,000,
representing 10% of the Company’s consolidated inventory purchases, respectively. During the three and six months ended June 30,
2022, no vendor made purchases exceeding 10% of the Company’s total consolidated purchases.
As
of June 30, 2023, one vendor exceeded 10% of the Company’s consolidated accounts payable of approximately $610,000 (18%). As of
June 30, 2022, no vendor represented more than 10% of the Company’s accounts payable.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
REVENUE
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE |
NOTE
14 – REVENUE
The
Company has one operating segment, with the senior executive management team as the decision-making group. In the following table, the
Company has disaggregated revenue by the Company’s primary geographical markets and revenue sources:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
Three months Ended | | |
Six months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Primary geographical markets: | |
| | |
| | |
| | |
| |
North America | |
$ | 1,721,000 | | |
$ | 3,472,000 | | |
$ | 4,888,000 | | |
$ | 5,900,000 | |
South America | |
| 38,000 | | |
| 49,000 | | |
| 227,000 | | |
| 99,000 | |
Europe | |
| 1,593,000 | | |
| 2,105,000 | | |
| 3,436,000 | | |
| 4,294,000 | |
Asia | |
| 1,305,000 | | |
| 830,000 | | |
| 2,024,000 | | |
| 1,372,000 | |
Rest of World | |
| 386,000 | | |
| 310,000 | | |
| 1,656,000 | | |
| 1,961,000 | |
| |
$ | 5,043,000 | | |
$ | 6,766,000 | | |
$ | 12,231,000 | | |
$ | 13,626,000 | |
Primary revenue source: | |
| | | |
| | | |
| | | |
| | |
Equipment sales | |
$ | 4,279,000 | | |
$ | 6,194,000 | | |
$ | 10,673,000 | | |
$ | 12,472,000 | |
Installation, integration, and repairs | |
| 263,000 | | |
| 330,000 | | |
| 749,000 | | |
| 573,000 | |
Warranties | |
| 501,000 | | |
| 242,000 | | |
| 809,000 | | |
| 581,000 | |
| |
$ | 5,043,000 | | |
$ | 6,766,000 | | |
$ | 12,231,000 | | |
$ | 13,626,000 | |
Long-Lived Assets: | |
| | | |
| | | |
| | | |
| | |
United States | |
| | | |
| | | |
$ | 2,174,000 | | |
$ | 2,227,000 | |
Netherlands | |
| | | |
| | | |
| 23,000 | | |
| 28,000 | |
United Kingdom | |
| | | |
| | | |
| 4,397,000 | | |
| 5,471,000 | |
| |
| | | |
| | | |
$ | 6,594,000 | | |
$ | 7,726,000 | |
|
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v3.23.2
OTHER INCOME (REBATES)
|
6 Months Ended |
Jun. 30, 2023 |
Other Income and Expenses [Abstract] |
|
OTHER INCOME (REBATES) |
NOTE
15 — OTHER INCOME (REBATES)
The
following table represents tax rebates related to the research costs incurred by our U.K. subsidiary.
SCHEDULE
OF TAX REBATES
| |
Three months Ended | | |
Six months Ended | |
| |
June 30, | | |
| June 30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Total tax rebates | |
$ | **5,000 | | |
$ | *(10,000) | | |
$ | 329,000 | | |
$ | 284,000 | |
** |
|
An
increase of $5,000 represents a strengthening in the exchange rate from British Pounds to U.S. dollars, resulting in a gain from
initial recognition of $324,000 in the first quarter of fiscal 2023. |
|
|
|
* |
|
As
a result of a weakening in the translation rate from British pounds to U.S. dollars, this $10,000 decrease represents a loss compared
to the initially recognized $294,000 in fiscal 2022. |
While
the Company plans to continue filing rebate forms for the 2023 fiscal year, it cannot guarantee that rebates will be available at a similar
level or at all in future years.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
X |
- DefinitionThe entire disclosure for interest and other income.
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v3.23.2
RECLASSIFICATION OF PRIOR YEAR PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Reclassification Of Prior Year Presentation |
|
RECLASSIFICATION OF PRIOR YEAR PRESENTATION |
NOTE
16 — RECLASSIFICATION OF PRIOR YEAR PRESENTATION
We
reclassified other income amounts from the prior year to ensure consistency with the presentation of the current year’s condensed
consolidated statement of operations. For the three and six months ended June 30, 2022, adjustments have been made to the condensed consolidated
statements of operations and comprehensive loss. Tax rebates related to research costs incurred by our UK subsidiary were separated from
other revenue to other income. The
reclassification did not affect the reported operating results.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
17 — SUBSEQUENT EVENTS
Office
lease
The
Company renewed its lease for 976 square feet of administrative office space commencing on July 3, 2023, and terminating on July 2, 2024,
in Dubai Studio City, UAE, for approximately $1,632 monthly.
Relocation
of United Kingdom manufacturing division
Following
an ever-changing global business landscape, in July 2023, the Company strategically decided to consolidate its UK division and relocate
its activities to the United States in September 2023. As a result of the move, management believes that operational efficiency will
be optimized, productivity will be enhanced, and our position in the global market will be strengthened. Additionally, the move will:
| ● | enhance
our ability to meet future working capital requirements, |
| ● | eliminate
obsolete inventory items, |
| ● | reduce
the usage of our UK Colchester facility, and |
| ● | simultaneously
reduce miscellaneous operating costs. |
Our
commitment to continuous improvement and growth has driven our decision to relocate our manufacturing division. The relocation of our
manufacturing division to the United States will cost us approximately $0.2 million in severance costs over the next six months. Our
relocation process will be designed to ensure minimal disruption to our operations and employees.
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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
Nature
of Operations
Incorporated
in Delaware in 2006, Vislink Technologies, Inc. (“Vislink”) is an innovative technology company that collects, delivers and
manages real-time video from the action scene to the viewing screen. The Company designs, develops, and deploys innovative products and
turnkey solutions that deliver reliable connectivity across real-time production, military, and government sectors worldwide in the most
demanding environments. Vislink is a leader in designing and deploying wireless video solutions, providing customers with reliable and
secure video and data transmission. The company is committed to delivering the latest technology and the highest quality products to
meet its customers’ needs. Vislink provides solutions for collecting live news, sports, and entertainment events for the broadcast
markets. Our Mobile Viewpoint product line offers live streaming solutions that use bonded cellular, 5G, and AI-driven technologies to
automate the production of news and sports content. In addition to creating real-time video intelligence solutions, Vislink assists first
responders, law enforcement agencies at all levels of government, and military organizations with increased situational awareness. Besides
providing professional and technical services, Vislink employs a team of technology experts with decades of experience and applied knowledge
of terrestrial microwaves, satellites, fiber optics, surveillance systems, and wireless communications systems to offer customers a wide
range of services.
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated interim financial statements and these notes should be viewed in conjunction with Vislink
Technologies, Inc.’s 2022 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2023, which
contains the audited consolidated financial statements and notes thereto as of December 31, 2022. As of December 31, 2022, a condensed
consolidated balance sheet was prepared based on audited annual financial statements but did not include all of the footnote disclosures
from the annual financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements
include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of its financial position as
of June 30, 2023, as well as results of operations for the three months and six months ended June 30, 2023, and 2022, as well as cash
flow for the six months ended June 30, 2023, and 2022. For the six months ended June 30, 2023, the results of operations are not necessarily
indicative of the results for the entire year, any other interim period, or any future period. Effective May 1, 2023, the Company effected
a one-for-20 reverse stock split of the common stock. All per-share numbers reflect the one-for-20 reverse stock split. We have retroactively
applied the reverse split throughout this quarterly report to all periods presented. The accounting policies of Vislink have not materially
changed since December 31, 2022. Note 3 of Vislink’s 2022 annual report on Form 10-K provides detailed information about these
policies.
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”),
the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and
regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company has eliminated all intercompany
accounts and transactions upon consolidating our subsidiaries.
|
Segment Reporting |
Segment
Reporting
The
Company identifies operating segments as components of an enterprise about which separate discrete financial information is available
for evaluation by the operating decision-makers, or decision-making group, in deciding how to allocate resources and assess performance.
The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the
Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of
the Company reside in the United States, United Kingdom, and the Netherlands.
|
Use of Estimates |
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates,
judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated
financial statements. These estimates also affect the reported revenues and expenses during the reporting periods. Significant accounting
estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of property,
plant, and equipment, the useful lives of right-of-use assets, the useful lives of intangible assets, impairment of long-lived assets,
allowance for accounts receivable doubtful accounts, allowance for inventory obsolescence reserve, allowance for deferred tax assets,
valuation of warranty reserves, contingent consideration liabilities, and the accrual of potential liabilities. Actual results could
differ from estimates, and any such differences may be material to our unaudited condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Allowance for credit losses |
Allowance
for credit losses
Change
in accounting principles
In
June 2016, the FASB established Topic 326, Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments
(ASU) No. 2016-13, which requires a methodology that reflects expected credit losses and requires consideration of a broader range of
reasonable and supportable information to inform credit loss estimates, including accounts receivable.
The
standard replaces the existing incurred credit loss model with the Current Expected Credit Losses (“CECL”) model. It is required
to measure credit losses based on the Company’s estimate of expected losses rather than incurred losses, which generally results
in earlier recognition of allowances for credit losses. Under ASC 326, the Company evaluates specific criteria, including aging and historical
write-offs, the current economic condition of customers, and future economic conditions of countries utilizing a consumption index to
determine the appropriate allowance for credit losses. The Company completed its assessment of the new standard and did not adjust the
opening balance of retained earnings relating to its trade receivables. The Company writes off receivables once it is determined that
they are no longer collectible, as local laws allow.
|
Recently Issued Accounting Principles |
Recently
Issued Accounting Principles
Recent
Accounting Pronouncements
Other
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future
consolidated financial statements.
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v3.23.2
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Foreign Currency [Abstract] |
|
SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME |
The
Company has recognized foreign exchange gains and losses and changes in accumulated comprehensive income approximately as follows:
SCHEDULE
OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net foreign exchange transactions: | |
| | | |
| | | |
| | | |
| | |
(Gains) Losses | |
$ | 41,000 | | |
$ | (21,000 | ) | |
$ | (3,000 | ) | |
$ | (5,000 | ) |
Net foreign exchange transactions: Losses | |
$ | 41,000 | | |
$ | (21,000 | ) | |
$ | (3,000 | ) | |
$ | (5,000 | ) |
Accumulated comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Unrealized (gains) losses on currency translation adjustment | |
$ | 10,000 | | |
$ | (871,000 | ) | |
$ | (145,000 | ) | |
$ | (1,139,000 | ) |
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v3.23.2
CASH AND CASH EQUIVALENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Cash and Cash Equivalents [Abstract] |
|
SCHEDULE OF CASH AND CASH EQUIVALENTS |
The
Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash
equivalents. Cash equivalents consist of unrestricted funds invested in a money market mutual fund. The following table illustrates the
Company’s cash and cash equivalents:
SCHEDULE
OF CASH AND CASH EQUIVALENTS
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash on hand | |
$ | 1,542,000 | | |
$ | 25,627,000 | |
Federally insured money market mutual funds | |
| 9,431,000 | | |
| — | |
Total cash and cash equivalents | |
$ | 10,973,000 | | |
$ | 25,627,000 | |
|
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v3.23.2
INVESTMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS |
The
Company has determined the fair value of its investments held to maturity based on Level 1 input as of June 30, 2023:
SCHEDULE
OF FAIR VALUE OF ITS INVESTMENTS
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
| | |
| | |
| | |
| |
Federal Bonds | |
$ | — | | |
$ | 10,837,000 | | |
$ | — | | |
$ | 10,837,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | — | | |
$ | 10,837,000 | | |
$ | — | | |
$ | 10,837,000 | |
|
SCHEDULE OF INVESTMENTS HELD TO MATURITY |
The
Company’s investments held to maturity are as follows as of June 30, 2023:
SCHEDULE
OF INVESTMENTS HELD TO MATURITY
| |
Amortized Cost | | |
Unrealized Gains | | |
Unrealized Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Federal Bonds | |
$ | 10,900,000 | | |
| — | | |
$ | 63,000 | | |
$ | 10,837,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 10,900,000 | | |
$ | — | | |
$ | 63,000 | | |
$ | 10,837,000 | |
|
X |
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v3.23.2
INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
The
following table illustrates finite intangible assets as of June 30, 2023:
SCHEDULE OF INTANGIBLE ASSETS
| |
Proprietary Technology | | |
Patents and Licenses | | |
Trade Names & Technology | | |
Customer Relationships | | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| |
| |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Net | |
Balance, December 31, 2022 | |
$ | 2,132,000 | | |
$ | (815,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,189,000 | ) | |
$ | 5,095,000 | | |
$ | (3,074,000 | ) | |
$ | 4,400,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization | |
| — | | |
| (294,000 | ) | |
| — | | |
| — | | |
| — | | |
| (69,000 | ) | |
| — | | |
| (127,000 | ) | |
| (490,000 | ) |
Balance, June 30, 2023 | |
$ | 2,132,000 | | |
$ | (1,109,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,258,000 | ) | |
$ | 5,095,000 | | |
$ | (3,201,000 | ) | |
$ | 3,910,000 | |
|
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS |
The
Company has recognized net capitalized intangible costs as follows:
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Proprietary Technology | |
$ | 1,025,000 | | |
$ | 1,319,000 | |
Trade Names and Technology | |
| 991,000 | | |
| 1,060,000 | |
Customer Relationships | |
| 1,894,000 | | |
| 2,021,000 | |
| |
$ | 3,910,000 | | |
$ | 4,400,000 | |
|
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS |
The
Company has recognized the amortization of intangible assets as follows:
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Proprietary Technology | |
$ | 148,000 | | |
$ | 148,000 | | |
$ | 294,000 | | |
$ | 293,000 | |
Patents and Licenses | |
| — | | |
| 167,000 | | |
| — | | |
| 331,000 | |
Trade Names and Technology | |
| 34,000 | | |
| 34,000 | | |
| 69,000 | | |
| 69,000 | |
Customer Relationships | |
| 64,000 | | |
| 64,000 | | |
| 127,000 | | |
| 127,000 | |
| |
$ | 246,000 | | |
$ | 413,000 | | |
$ | 490,000 | | |
$ | 820,000 | |
|
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS |
The
weighted average remaining life of the amortization of the Company’s intangible assets is approximately 5.2 years as of June 30,
2023. The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS
Period ending June 30, | |
| |
2024 | |
$ | 636,000 | |
2025 | |
| 635,000 | |
2026 | |
| 595,000 | |
2027 | |
| 533,000 | |
2028 | |
| 349,000 | |
Thereafter | |
| 1,162,000 | |
Finite-Lived Intangible
Assets, Net, Total | |
$ | 3,910,000 | |
|
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v3.23.2
NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF NOTES PAYABLE |
The
table below represents the Company’s notes payable as of June 30, 2023, and December 31, 2022:
SCHEDULE
OF NOTES PAYABLE
| |
Principal | |
| |
June 30,
2023 | | |
December 31,
2022 | |
The Company renewed its D&O insurance policy on April 5, 2022, reducing the premium to approximately $1,037,000, less a down payment of $194,000, with the remaining balance financed. The loan’s terms are for nine months at a 2.09% annual interest rate and a monthly principal and interest payment of approximately $84,000. Accordingly, the Company recorded interest expenses of $-0- and $150 for the three and six months ended June 30, 2023, and $-0- and $2,000 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the note has been fully repaid. | |
$ | — | | |
$ | 84,000 | |
| |
| | | |
| | |
The Company renewed its D & O insurance policy on April 5, 2023, reducing the premium to approximately $811,000, less a down payment of $288,000, financing the remaining balance of approximately $523,000. The loan’s terms are for nine months at a 6.14% annual interest rate and a monthly principal and interest payment of approximately $67,000. Accordingly, the Company recorded interest expenses of $5,000 for the three and six months ended June 30, 2023, and $-0- for the three and six months ended June 30, 2022. | |
| 394,000 | | |
| | |
| |
$ | 394,000 | | |
$ | 84,000 | |
|
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF OPERATING LEASE DATA |
The
following table illustrates operating lease data for the three months ending June 30, 2023, and 2022:
SCHEDULE
OF OPERATING LEASE DATA
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Lease cost: | |
| | | |
| | | |
| | | |
| | |
Operating lease cost | |
$ | 103,000 | | |
$ | 114,000 | | |
$ | 206,000 | | |
$ | 233,000 | |
Short-term lease cost | |
| 10,000 | | |
| 10,000 | | |
| 20,000 | | |
| 159,000 | |
Total lease cost | |
$ | 113,000 | | |
$ | 124,000 | | |
$ | 226,000 | | |
$ | 392,000 | |
Cash paid for lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Cash flows from operating leases | |
| | | |
| | | |
$ | 325,000 | | |
$ | 253,000 | |
Weighted-average remaining lease term—operating leases | |
| | | |
| | | |
| 3.1 years | | |
| 3.8 years | |
Weighted-average discount rate—operating leases | |
| | | |
| | | |
| 9.5 | % | |
| 9.4 | % |
|
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES |
Maturities
of operating lease liabilities were as follows as of June 30, 2023:
SCHEDULE
OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
| |
| |
| |
Amount | |
2024 | |
$ | 507,000 | |
2025 | |
| 468,000 | |
2026 | |
| 341,000 | |
2027 | |
| 186,000 | |
2028 | |
| — | |
Thereafter | |
| — | |
Total lease payments | |
| 1,502,000 | |
Less: imputed interest | |
| 162,000 | |
Present value of lease liabilities | |
| 1,340,000 | |
Less: Current lease liabilities | |
| 406,000 | |
Non-current lease liabilities | |
$ | 934,000 | |
|
SCHEDULE OF LEASE OBLIGATION ASSUMED |
The
table below lists the location and lease expiration date from 2023 through 2027:
SCHEDULE
OF LEASE OBLIGATION ASSUMED
Location | |
Square Footage | | |
Lease-End
Date | |
Approximate
Future Payments | |
Colchester, UK | |
| 16,000 | | |
Dec |
2025 | | |
$ | 554,000 | |
Singapore | |
| 950 | | |
July |
2023 | | |
$ | 3,000 | |
Billerica, MA | |
| 2,000 | | |
Dec |
2026 | | |
$ | 43,000 | |
Hemel, UK | |
| 12,870 | | |
Oct |
2023 | | |
$ | 367,000 | |
Mount Olive, NJ | |
| 7,979 | | |
Jan |
2027 | | |
$ | 535,000 | |
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF WARRANT OUTSTANDING |
The
following table sets forth common stock purchase warrants outstanding as of June 30, 2023:
SCHEDULE OF WARRANT OUTSTANDING
| |
Number of Warrants (in shares) | | |
Weighted Average Exercise Price | |
| |
| | |
| |
Outstanding, December 31, 2022 | |
| 458,747 | | |
$ | 72.00 | |
Warrants granted, exercised, canceled, or expired | |
| (2,667 | ) | |
| — | |
Outstanding and exercisable, June 30, 2023 | |
| 456,080 | | |
$ | 66.00 | |
|
X |
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- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1
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v3.23.2
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE |
As
shown in the following table, stock-based compensation expense is included in general and administrative expenses under the following
plans:
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSE
| |
| | |
| | |
| | |
| |
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
Equity-based plans: | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Long-term stock incentive plan awards | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,000 | |
Time-vested option inducement awards | |
| 37,000 | | |
| 28,000 | | |
| 107,000 | | |
| 56,000 | |
Performance-based stock option inducement award | |
| - | | |
| - | | |
| — | | |
| - | |
Time-based restricted stock awards
| |
| 299,000 | | |
| 180,000 | | |
| 1,150,000 | | |
| 898,000 | |
Performance-based restricted stock awards | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based
compensation expense | |
$ | 336,000 | | |
$ | 208,000 | | |
$ | 1,257,000 | | |
$ | 955,000 | |
|
SCHEDULE OF EQUITY COMPENSATION PLANS |
The
following table illustrates supplementary data under various equity compensation plans:
SCHEDULE
OF EQUITY COMPENSATION PLANS
|
|
Six
months ended |
|
|
Six
months ended |
|
|
|
June
30, |
|
|
June
30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
Quantity |
|
|
Weighted
Average |
|
|
Quantity |
|
|
Weighted
Average |
|
|
Quantity |
|
|
Weighted
Average |
|
|
Quantity |
|
|
Weighted
Average |
|
|
|
Long-term
stock incentive plan awards |
|
|
Time-vested
option inducement awards |
|
Balance-January
1st, outstanding |
|
|
2,250 |
|
|
$ |
1,756 |
|
|
|
2,496 |
|
|
$ |
1,795.80 |
|
|
|
24,721 |
|
|
$ |
13.00 |
|
|
|
24,721 |
|
|
$ |
20.20 |
|
Granted,
canceled, expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
(58 |
) |
|
|
(1,166.00 |
) |
|
|
(171 |
) |
|
|
(1,931.60 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance-June
30th, outstanding |
|
|
2,192 |
|
|
$ |
1,771.40 |
|
|
|
2,325 |
|
|
$ |
1,754.00 |
|
|
|
24,721 |
|
|
$ |
10.00 |
|
|
|
24,721 |
|
|
$ |
17.80 |
|
Balance-June
30th, exercisable |
|
|
2,192 |
|
|
$ |
1,771.40 |
|
|
|
2,463 |
|
|
$ |
1,802.00 |
|
|
|
24,721 |
|
|
$ |
18.00 |
|
|
|
14,936 |
|
|
$ |
29.60 |
|
Remaining
compensation expense |
|
|
$— |
|
|
|
$— |
|
|
|
$212,000 |
|
|
|
$442,000 |
|
Remaining
amortization period |
|
|
0.0
years |
|
|
|
0.0
years |
|
|
|
0.6
years |
|
|
|
1.6
years |
|
Weighted
average remaining contractual life – options outstanding and exercisable |
|
|
4.0
years and 4.0
years |
|
|
|
5.1
years and 5.0
years |
|
|
|
6.6
years and 6.6
years |
|
|
|
7.6
years and 7.6
years |
|
Intrinsic
value per share |
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
Range
of exercise prices |
|
|
$139.20
to $1,944.00 |
|
|
|
$139.20
to $23,472.00 |
|
|
|
$19.20
to $34.20 |
|
|
|
$19.20
to $34.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance-based
stock option inducement awards |
|
|
|
Time-based
restricted stock awards |
|
Balance-January
1st, outstanding |
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
140,736 |
|
|
$ |
23.00 |
|
|
|
39,933 |
|
|
$ |
63.40 |
|
Granted,
canceled, expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,250 |
|
|
|
9.00 |
|
|
|
107,053 |
|
|
|
20.80 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,415 |
) |
|
|
(21.40 |
) |
|
|
— |
|
|
|
— |
|
Balance-June
30th, outstanding |
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
12,500 |
|
|
$ |
33.00 |
|
|
|
162,571 |
|
|
$ |
12.60 |
|
|
|
146,986 |
|
|
|
26.20 |
|
Balance-June
30th, exercisable |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
63,098 |
|
|
$ |
40.20 |
|
|
|
12,472 |
|
|
$ |
100.80 |
|
Remaining
compensation expense |
|
|
$414,000 |
|
|
|
$414,000 |
|
|
|
$2,049,000 |
|
|
|
$3,857,000 |
|
Remaining
amortization period |
|
|
1.6
years |
|
|
|
2.6
years |
|
|
|
1.7
years |
|
|
|
3.0
years |
|
Weighted
average remaining contractual life – options outstanding and exercisable |
|
|
6.6
years and 0.0
years |
|
|
|
7.6
years and 7.6
years |
|
|
|
2.1
years and 1.8
years |
|
|
|
3.0
years and 4.0
years |
|
Intrinsic
value per share |
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
|
|
$— |
|
Range
of exercise prices |
|
|
$34.20 |
|
|
|
$34.20 |
|
|
|
$8.00
to $72.00 |
|
|
|
$19.60
to $72.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance-based
restricted stock awards |
|
Balance-January
1st, outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,303 |
|
|
$ |
58.00 |
|
|
|
63,369 |
|
|
$ |
58.80 |
|
Granted,
canceled, expired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
71,303 |
|
|
|
21.00 |
|
Forfeited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19,649 |
) |
|
|
(21.00 |
) |
|
|
— |
|
|
|
— |
|
Balance-June
30th, outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,654 |
|
|
$ |
22.00 |
|
|
|
134,762 |
|
|
$ |
38.80 |
|
Balance-June
30th, exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
$ |
— |
|
|
|
63,369 |
|
|
$ |
82.40 |
|
Remaining
compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,085,000 |
|
|
|
$1,498,000 |
|
Remaining
amortization period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.5
years |
|
|
|
7.7
years |
|
Weighted
average remaining contractual life – options outstanding and exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.5
years and 0.0
years |
|
|
|
4.3
years and 3.8
years |
|
Intrinsic
value per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$— |
|
|
|
$— |
|
Range
of exercise prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$21.00
to $72.00 |
|
|
|
$21.00
to $72.00 |
|
|
X |
- DefinitionTabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF MATCHING CONTRIBUTIONS |
The
table below represents the Company’s matching contributions as follows:
SCHEDULE
OF MATCHING CONTRIBUTIONS
| |
Three months ended | | |
Six months ended | |
| |
June 30, | | |
June 30, | |
| |
2022 | | |
2022 | | |
2022 | | |
2022 | |
Company matching contributions - Group Personal Pension Plan | |
$ | 35,000 | | |
$ | 48,000 | | |
$ | 68,000 | | |
$ | 97,000 | |
|
X |
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- DefinitionTabular disclosure of defined contribution pension plans or defined contribution other postretirement plans, separately for pension plans and other postretirement benefit plans.
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v3.23.2
REVENUE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF DISAGGREGATION OF REVENUE |
The
Company has one operating segment, with the senior executive management team as the decision-making group. In the following table, the
Company has disaggregated revenue by the Company’s primary geographical markets and revenue sources:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
Three months Ended | | |
Six months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Primary geographical markets: | |
| | |
| | |
| | |
| |
North America | |
$ | 1,721,000 | | |
$ | 3,472,000 | | |
$ | 4,888,000 | | |
$ | 5,900,000 | |
South America | |
| 38,000 | | |
| 49,000 | | |
| 227,000 | | |
| 99,000 | |
Europe | |
| 1,593,000 | | |
| 2,105,000 | | |
| 3,436,000 | | |
| 4,294,000 | |
Asia | |
| 1,305,000 | | |
| 830,000 | | |
| 2,024,000 | | |
| 1,372,000 | |
Rest of World | |
| 386,000 | | |
| 310,000 | | |
| 1,656,000 | | |
| 1,961,000 | |
| |
$ | 5,043,000 | | |
$ | 6,766,000 | | |
$ | 12,231,000 | | |
$ | 13,626,000 | |
Primary revenue source: | |
| | | |
| | | |
| | | |
| | |
Equipment sales | |
$ | 4,279,000 | | |
$ | 6,194,000 | | |
$ | 10,673,000 | | |
$ | 12,472,000 | |
Installation, integration, and repairs | |
| 263,000 | | |
| 330,000 | | |
| 749,000 | | |
| 573,000 | |
Warranties | |
| 501,000 | | |
| 242,000 | | |
| 809,000 | | |
| 581,000 | |
| |
$ | 5,043,000 | | |
$ | 6,766,000 | | |
$ | 12,231,000 | | |
$ | 13,626,000 | |
Long-Lived Assets: | |
| | | |
| | | |
| | | |
| | |
United States | |
| | | |
| | | |
$ | 2,174,000 | | |
$ | 2,227,000 | |
Netherlands | |
| | | |
| | | |
| 23,000 | | |
| 28,000 | |
United Kingdom | |
| | | |
| | | |
| 4,397,000 | | |
| 5,471,000 | |
| |
| | | |
| | | |
$ | 6,594,000 | | |
$ | 7,726,000 | |
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
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v3.23.2
OTHER INCOME (REBATES) (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Other Income and Expenses [Abstract] |
|
SCHEDULE OF TAX REBATES |
The
following table represents tax rebates related to the research costs incurred by our U.K. subsidiary.
SCHEDULE
OF TAX REBATES
| |
Three months Ended | | |
Six months Ended | |
| |
June 30, | | |
| June 30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Total tax rebates | |
$ | **5,000 | | |
$ | *(10,000) | | |
$ | 329,000 | | |
$ | 284,000 | |
** |
|
An
increase of $5,000 represents a strengthening in the exchange rate from British Pounds to U.S. dollars, resulting in a gain from
initial recognition of $324,000 in the first quarter of fiscal 2023. |
|
|
|
* |
|
As
a result of a weakening in the translation rate from British pounds to U.S. dollars, this $10,000 decrease represents a loss compared
to the initially recognized $294,000 in fiscal 2022. |
|
X |
- DefinitionSchedule Of Tax Rebates [Table Text Block]
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v3.23.2
LIQUIDITY AND FINANCIAL CONDITION (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
Operating income loss |
$ 3,384
|
$ 2,576
|
$ 5,732
|
$ 5,720
|
|
|
Net cash provided by used in operating activities |
|
|
3,194
|
$ 8,238
|
|
|
Working capital |
35,600
|
|
35,600
|
|
|
|
Accumulated deficit |
304,883
|
|
304,883
|
|
|
$ 300,099
|
Cash |
11,000
|
|
11,000
|
|
|
|
Held to maturity |
10,837
|
|
10,837
|
|
|
|
Investments, fair value disclosure |
10,837
|
|
10,837
|
|
|
|
Federal Bonds [Member] |
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
Held to maturity |
|
|
|
|
$ 10,800
|
|
Investments, fair value disclosure |
10,837
|
|
10,837
|
|
|
|
Federal Backed Mutual Fund [Member] |
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
Held to maturity |
$ 10,837
|
|
$ 10,837
|
|
|
|
Investments, fair value disclosure |
|
|
|
|
$ 11,300
|
|
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v3.23.2
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] |
|
|
Cash on hand |
$ 1,542,000
|
$ 25,627,000
|
Federally insured money market mutual funds |
9,431,000
|
|
Total cash and cash equivalents |
$ 10,973,000
|
$ 25,627,000
|
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v3.23.2
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
$ 10,837
|
Federal Bonds [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
10,837
|
Fair Value, Inputs, Level 1 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
|
Fair Value, Inputs, Level 1 [Member] | Federal Bonds [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
|
Fair Value, Inputs, Level 2 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
10,837
|
Fair Value, Inputs, Level 2 [Member] | Federal Bonds [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
10,837
|
Fair Value, Inputs, Level 3 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
|
Fair Value, Inputs, Level 3 [Member] | Federal Bonds [Member] |
|
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|
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|
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SCHEDULE OF INVESTMENTS HELD TO MATURITY (Details) $ in Thousands |
6 Months Ended |
Jun. 30, 2023
USD ($)
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
Amortized Cost |
$ 10,900
|
Unrealized Gains |
|
Unrealized Losses |
63
|
Fair Value |
10,837
|
Federal Backed Mutual Fund [Member] |
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
Amortized Cost |
10,900
|
Unrealized Gains |
|
Unrealized Losses |
63,000
|
Fair Value |
$ 10,837
|
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v3.23.2
INVESTMENTS (Details Narrative) - USD ($)
|
Feb. 28, 2023 |
Feb. 01, 2023 |
Jan. 23, 2023 |
Jun. 30, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt instrument face amount |
$ 950,000
|
$ 4,999,750
|
$ 5,065,789
|
|
Debt instrument face amount |
|
$ 5,000,000
|
$ 5,000,000
|
|
Debt instrument maturity date |
Feb. 28, 2024
|
Dec. 22, 2023
|
Oct. 24, 2023
|
|
Debt instrument interest rate |
5.07%
|
4.75%
|
5.1948%
|
|
Debt instrument discount |
|
|
$ 253,289
|
|
Debt instrument |
$ 950,000
|
$ 5,025,479
|
$ 4,812,500
|
$ 4,910,000
|
Debt instrument accrued interest |
|
$ 25,729
|
|
|
Federal Home Loan Banks [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt instrument |
|
|
|
4,981,000
|
Federal National Mortgage Association [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt instrument |
|
|
|
$ 946,000
|
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance net |
|
|
$ 4,400,000
|
|
Intangible assets, net Amortization |
$ (246,000)
|
$ (413,000)
|
(490,000)
|
$ (820,000)
|
Ending balance net |
3,910,000
|
|
3,910,000
|
|
Proprietary Technology [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance cost |
|
|
2,132,000
|
|
Beginning balance, accumulated amortization |
|
|
(815,000)
|
|
Intangible assets, Amortization |
|
|
|
|
Intangible assets, net Amortization |
(148,000)
|
(148,000)
|
(294,000)
|
(293,000)
|
Ending balance cost |
2,132,000
|
|
2,132,000
|
|
Ending balance, accumulated Amortization |
(1,109,000)
|
|
(1,109,000)
|
|
Patents and Licenses [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance cost |
|
|
12,378,000
|
|
Beginning balance, accumulated amortization |
|
|
(12,378,000)
|
|
Intangible assets, Amortization |
|
|
|
|
Intangible assets, net Amortization |
|
(167,000)
|
|
(331,000)
|
Ending balance cost |
12,378,000
|
|
12,378,000
|
|
Ending balance, accumulated Amortization |
(12,378,000)
|
|
(12,378,000)
|
|
Trade Names And Technology [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance cost |
|
|
2,251,000
|
|
Beginning balance, accumulated amortization |
|
|
(1,189,000)
|
|
Intangible assets, Amortization |
|
|
|
|
Intangible assets, net Amortization |
(34,000)
|
(34,000)
|
(69,000)
|
(69,000)
|
Ending balance cost |
2,251,000
|
|
2,251,000
|
|
Ending balance, accumulated Amortization |
(1,258,000)
|
|
(1,258,000)
|
|
Customer Relationships [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance cost |
|
|
5,095,000
|
|
Beginning balance, accumulated amortization |
|
|
(3,074,000)
|
|
Intangible assets, Amortization |
|
|
|
|
Intangible assets, net Amortization |
(64,000)
|
$ (64,000)
|
(127,000)
|
$ (127,000)
|
Ending balance cost |
5,095,000
|
|
5,095,000
|
|
Ending balance, accumulated Amortization |
$ (3,201,000)
|
|
$ (3,201,000)
|
|
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|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Intangible assets |
$ 3,910,000
|
$ 4,400,000
|
Proprietary Technology [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Intangible assets |
1,025,000
|
1,319,000
|
Trade Names And Technology [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Intangible assets |
991,000
|
1,060,000
|
Customer Relationships [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Intangible assets |
$ 1,894,000
|
$ 2,021,000
|
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SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
$ 246,000
|
$ 413,000
|
$ 490,000
|
$ 820,000
|
Proprietary Technology [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
148,000
|
148,000
|
294,000
|
293,000
|
Patents and Licenses [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
|
167,000
|
|
331,000
|
Trade Names And Technology [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
34,000
|
34,000
|
69,000
|
69,000
|
Customer Relationships [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
$ 64,000
|
$ 64,000
|
$ 127,000
|
$ 127,000
|
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v3.23.2
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2024 |
$ 636,000
|
|
2025 |
635,000
|
|
2026 |
595,000
|
|
2027 |
533,000
|
|
2028 |
349,000
|
|
Thereafter |
1,162,000
|
|
Finite-Lived Intangible Assets, Net, Total |
$ 3,910,000
|
$ 4,400,000
|
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v3.23.2
SCHEDULE OF NOTES PAYABLE (Details) (Parenthethical) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Apr. 05, 2023 |
Apr. 05, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Feb. 28, 2023 |
Feb. 01, 2023 |
Jan. 23, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
$ 950,000
|
$ 4,999,750
|
$ 5,065,789
|
Debt instrument, interest rate, stated percentage |
|
|
|
|
|
|
5.07%
|
4.75%
|
5.1948%
|
D & O Insurance Policy Renewed [Member] | Notes Payable One [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
$ 1,037,000
|
|
|
|
|
|
|
|
Debt instrument down payment |
|
$ 194,000
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
2.09%
|
|
|
|
|
|
|
|
Debt instrument, periodic payment, interest |
|
$ 84,000
|
|
|
|
|
|
|
|
Interest expense |
|
|
$ 0
|
$ 0
|
$ 150
|
$ 2,000
|
|
|
|
D & O Insurance Policy Renewed [Member] | Notes Payable Two [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
$ 811,000
|
|
|
|
|
|
|
|
|
Debt instrument down payment |
$ 288,000
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
6.14%
|
|
|
|
|
|
|
|
|
Debt instrument, periodic payment, interest |
$ 67,000
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
$ 5,000
|
$ 0
|
$ 5,000
|
$ 0
|
|
|
|
Notes payable |
$ 523,000
|
|
|
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF OPERATING LEASE DATA (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Leases |
|
|
|
|
Operating lease cost |
$ 103,000
|
$ 114,000
|
$ 206,000
|
$ 233,000
|
Short-term lease cost |
10,000
|
10,000
|
20,000
|
159,000
|
Total lease cost |
$ 113,000
|
$ 124,000
|
226,000
|
392,000
|
Cash flows from operating leases |
|
|
$ 325,000
|
$ 253,000
|
Weighted-average remaining lease term-operating leases |
3 years 1 month 6 days
|
3 years 9 months 18 days
|
3 years 1 month 6 days
|
3 years 9 months 18 days
|
Weighted-average discount rate-operating leases |
9.50%
|
9.40%
|
9.50%
|
9.40%
|
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v3.23.2
SCHEDULE OF LEASE OBLIGATION ASSUMED (Details)
|
6 Months Ended |
Jun. 30, 2023
USD ($)
ft²
|
Approximate Future Payments |
$ 1,502,000
|
Colchester, U.K. - Waterside House [Member]. |
|
Area of land | ft² |
16,000
|
Lease-End Date |
2025
|
Approximate Future Payments |
$ 554,000
|
SINGAPORE |
|
Area of land | ft² |
950
|
Lease-End Date |
2023
|
Approximate Future Payments |
$ 3,000
|
Billerica, MA [Member] |
|
Area of land | ft² |
2,000
|
Lease-End Date |
2026
|
Approximate Future Payments |
$ 43,000
|
Hemel, UK [Member] |
|
Area of land | ft² |
12,870
|
Lease-End Date |
2023
|
Approximate Future Payments |
$ 367,000
|
Mount Olive, NJ [Member] |
|
Area of land | ft² |
7,979
|
Lease-End Date |
2027
|
Approximate Future Payments |
$ 535,000
|
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v3.23.2
LEASES (Details Narrative)
|
6 Months Ended |
|
|
Jun. 30, 2023
USD ($)
ft²
|
Dec. 31, 2022
USD ($)
|
Jun. 30, 2022 |
Right of use of assets |
$ 940,000
|
$ 1,075,000
|
|
Right of use assets, accumulated depreciation |
1,300,000
|
|
|
Operating lease liabilities |
1,340,000
|
|
|
Current operating lease liabilities |
406,000
|
455,000
|
|
Non-current operating lease liabilities |
$ 934,000
|
$ 1,107,000
|
|
Weighted-average remaining term |
3 years 1 month 6 days
|
|
3 years 9 months 18 days
|
Lease maturity description |
July 2023 and May 2027
|
|
|
Weighted-average discount rate |
9.50%
|
|
9.40%
|
Luton UK [Member] |
|
|
|
Area of land description |
A
one-year lease for 600 square feet of administrative office space in Luton, UK, was signed on June 1, 2023, and will run through May
31, 2024, at approximately $2,100 per month.
|
|
|
Area of land | ft² |
600
|
|
|
Lease expiration |
May 31, 2024
|
|
|
Payments for rent |
$ 2,100
|
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v3.23.2
SCHEDULE OF WARRANT OUTSTANDING (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Equity [Abstract] |
|
Number of Warrants, beginning balance | shares |
458,747
|
Weighted Average Exercise Price, beginning balance | $ / shares |
$ 72.00
|
Number of Warrants, Warrants granted, exercised, canceled, or expired | shares |
(2,667)
|
Weighted Average Exercise Price, Warrants granted, exercised, canceled, or expired | $ / shares |
|
Number of Warrants, ending outstanding | shares |
456,080
|
Weighted Average Exercise Price, ending outstanding | $ / shares |
$ 66.00
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
May 01, 2023 |
Jan. 11, 2023 |
Jan. 10, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Mar. 22, 2023 |
Dec. 31, 2022 |
May 20, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Preferred stock par value |
|
|
|
$ 0.00001
|
|
$ 0.00001
|
|
|
|
$ 0.00001
|
|
Preferred stock, shares authorized |
|
|
|
10,000,000
|
|
10,000,000
|
|
|
|
10,000,000
|
|
Common stock per share value |
|
|
|
$ 0.00001
|
|
$ 0.00001
|
|
|
|
$ 0.00001
|
$ 1.00
|
Reverse split |
1-for-20
|
1-for-50
|
1-for-2
|
|
|
|
|
|
|
|
|
Stock compensation costs |
|
|
|
$ 336,000
|
$ 208,000
|
$ 1,257,000
|
$ 955,000
|
|
|
|
|
Number of warrants cancelled/expired |
|
|
|
|
|
2,667
|
|
|
|
|
|
Common Stock Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of warrants cancelled/expired |
|
|
|
|
|
2,667
|
|
|
|
|
|
Weighted average exercise price ending exercisable |
|
|
|
$ 66.00
|
|
$ 66.00
|
|
|
|
|
|
Weighted average remaining contractual life |
|
|
|
|
|
2 years 7 months 9 days
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares attributable to withholding tax |
|
|
|
|
|
10,000
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Restricted stock options, granted |
|
|
|
|
|
$ 200,000,000
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
$ 0.00001
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
47,500
|
|
|
|
Preferred stock, shares issed |
|
|
|
|
|
|
|
0
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
0
|
|
|
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v3.23.2
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 336,000
|
$ 208,000
|
$ 1,257,000
|
$ 955,000
|
Long Term Stock Incentive Plan Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
|
1,000,000
|
Time Vested Option Inducement Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
37,000,000
|
28,000,000
|
107,000,000
|
56,000,000
|
Performance Based Stock Option Inducement [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
|
|
Time Based Restricted Stock Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
299,000,000
|
180,000,000
|
1,150,000,000
|
898,000,000
|
Performance Based Restricted Stock Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
|
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.2
SCHEDULE OF EQUITY COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Long Term Stock Incentive Plan Awards [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Quantity, outstanding beginning balance |
2,250
|
2,496
|
Weighted Average, outstanding beginning balance |
$ 1,756
|
$ 1,795.80
|
Quantity, outstanding beginning balance |
|
|
Weighted Average, outstanding beginning balance |
|
|
Quantity, outstanding beginning balance |
(58)
|
(171)
|
Weighted Average, outstanding beginning balance |
$ (1,166.00)
|
$ (1,931.60)
|
Quantity, outstanding beginning balance |
2,192
|
2,325
|
Weighted Average, outstanding beginning balance |
$ 1,771.40
|
$ 1,754.00
|
Quantity, outstanding beginning balance |
2,192
|
2,463
|
Weighted Average, outstanding beginning balance |
$ 1,771.40
|
$ 1,802.00
|
Remaining compensation expense |
|
|
Services previously accrued |
0 years
|
0 years
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term |
4 years
|
5 years 1 month 6 days
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term |
4 years
|
5 years
|
Intrinsic value per share |
|
|
Quantity, outstanding beginning balance |
|
|
Long Term Stock Incentive Plan Awards [Member] | Minimum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Share based compensation shares authorized under stock other than option plans exercise price |
$ 139.20
|
$ 139.20
|
Long Term Stock Incentive Plan Awards [Member] | Maximum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Share based compensation shares authorized under stock other than option plans exercise price |
$ 1,944.00
|
$ 23,472.00
|
Time Vested Option Inducement Awards [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Quantity, outstanding beginning balance |
24,721
|
24,721
|
Weighted Average, outstanding beginning balance |
$ 13.00
|
$ 20.20
|
Quantity, outstanding beginning balance |
|
|
Weighted Average, outstanding beginning balance |
|
|
Quantity, outstanding beginning balance |
|
|
Weighted Average, outstanding beginning balance |
|
|
Quantity, outstanding beginning balance |
24,721
|
24,721
|
Weighted Average, outstanding beginning balance |
$ 10.00
|
$ 17.80
|
Quantity, outstanding beginning balance |
24,721
|
14,936
|
Weighted Average, outstanding beginning balance |
$ 18.00
|
$ 29.60
|
Remaining compensation expense |
$ 212,000
|
$ 442,000
|
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|
1 year 7 months 6 days
|
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|
7 years 7 months 6 days
|
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|
7 years 7 months 6 days
|
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|
|
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|
|
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|
|
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|
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|
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Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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|
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|
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|
$ 33.00
|
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|
|
Weighted Average, outstanding beginning balance |
|
|
Quantity, outstanding beginning balance |
|
|
Weighted Average, outstanding beginning balance |
|
|
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|
12,500
|
Weighted Average, outstanding beginning balance |
$ 33.00
|
$ 33.00
|
Quantity, outstanding beginning balance |
|
|
Weighted Average, outstanding beginning balance |
|
|
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|
$ 414,000
|
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|
2 years 7 months 6 days
|
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|
7 years 7 months 6 days
|
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|
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|
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|
|
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|
$ 34.20
|
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|
|
Time Based Restricted Stock Awards [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
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140,736
|
39,933
|
Weighted Average, outstanding beginning balance |
$ 23.00
|
$ 63.40
|
Quantity, outstanding beginning balance |
(41,250)
|
(107,053)
|
Weighted Average, outstanding beginning balance |
$ 9.00
|
$ 20.80
|
Quantity, outstanding beginning balance |
(19,415)
|
|
Weighted Average, outstanding beginning balance |
$ (21.40)
|
|
Quantity, outstanding beginning balance |
162,571
|
146,986
|
Weighted Average, outstanding beginning balance |
$ 12.60
|
$ 26.20
|
Quantity, outstanding beginning balance |
63,098
|
12,472
|
Weighted Average, outstanding beginning balance |
$ 40.20
|
$ 100.80
|
Remaining compensation expense |
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|
$ 3,857,000
|
Services previously accrued |
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|
3 years
|
Intrinsic value per share |
|
|
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|
107,053
|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
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|
$ 19.60
|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
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|
$ 72.00
|
Time Based Restricted Stock Awards One [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
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|
3 years
|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
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|
4 years
|
Performance Based Restricted Stock Awards [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
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71,303
|
63,369
|
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|
$ 58.80
|
Quantity, outstanding beginning balance |
|
(71,303)
|
Weighted Average, outstanding beginning balance |
|
$ 21.00
|
Quantity, outstanding beginning balance |
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|
|
Weighted Average, outstanding beginning balance |
$ (21.00)
|
|
Quantity, outstanding beginning balance |
51,654
|
134,762
|
Weighted Average, outstanding beginning balance |
$ 22.00
|
$ 38.80
|
Quantity, outstanding beginning balance |
|
63,369
|
Weighted Average, outstanding beginning balance |
|
$ 82.40
|
Remaining compensation expense |
$ 1,085,000
|
$ 1,498,000
|
Services previously accrued |
2 years 6 months
|
7 years 8 months 12 days
|
Intrinsic value per share |
|
|
Quantity, outstanding beginning balance |
|
71,303
|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
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|
$ 21.00
|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
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|
$ 72.00
|
Performance Based Restricted Stock Awards One [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingAndExercisableWeightedAverageRemainingContractualTerms] |
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|
4 years 3 months 18 days
|
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|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingAndExercisableWeightedAverageRemainingContractualTerms] |
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|
3 years 9 months 18 days
|
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v3.23.2
CONCENTRATIONS (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
$ 5,043,000
|
$ 6,766,000
|
$ 12,231,000
|
$ 13,626,000
|
|
Accounts payable |
3,333,000
|
|
3,333,000
|
|
$ 2,626,000
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
|
$ 788,000
|
|
$ 1,467,000
|
|
Concentration risk, percentage |
|
12.00%
|
|
11.00%
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
|
|
$ 688,000
|
|
|
Concentration risk, percentage |
|
|
12.00%
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
|
|
$ 925,000
|
$ 4,204,000
|
|
Concentration risk, percentage |
|
|
16.00%
|
48.00%
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | One Vendor [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Accounts payable |
465,000
|
|
$ 465,000
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
|
Accounts payable |
$ 323,000
|
|
$ 323,000
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
15.00%
|
|
18.00%
|
|
|
Accounts payable |
$ 610,000
|
|
$ 610,000
|
|
|
Purchase [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
|
|
587,000
|
|
|
Purchase [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
|
|
$ 595,000
|
|
|
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SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
$ 5,043,000
|
$ 6,766,000
|
$ 12,231,000
|
$ 13,626,000
|
Long-Lived Assets |
6,594,000
|
7,726,000
|
6,594,000
|
7,726,000
|
Equipment Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
4,279,000
|
6,194,000
|
10,673,000
|
12,472,000
|
Installation, Integration and Repairs [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
263,000
|
330,000
|
749,000
|
573,000
|
Warranties [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
501,000
|
242,000
|
809,000
|
581,000
|
North America [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
1,721,000
|
3,472,000
|
4,888,000
|
5,900,000
|
South America [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
38,000
|
49,000
|
227,000
|
99,000
|
Europe [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
1,593,000
|
2,105,000
|
3,436,000
|
4,294,000
|
Asia [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
1,305,000
|
830,000
|
2,024,000
|
1,372,000
|
Rest of World [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
386,000
|
310,000
|
1,656,000
|
1,961,000
|
UNITED STATES |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Long-Lived Assets |
2,174,000
|
2,227,000
|
2,174,000
|
2,227,000
|
NETHERLANDS |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Long-Lived Assets |
23,000
|
28,000
|
23,000
|
28,000
|
UNITED KINGDOM |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Long-Lived Assets |
$ 4,397,000
|
$ 5,471,000
|
$ 4,397,000
|
$ 5,471,000
|
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SCHEDULE OF TAX REBATES (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
UK Subsidiary [Member] |
|
|
|
|
|
|
Tax rebate |
$ 5,000
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[1] |
$ (10,000)
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$ 329,000
|
$ 284,000
|
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