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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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
☐
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 001-40903
HEALTHCARE
TRIANGLE, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
84-3559776 |
(State
or other jurisdiction of incorporation or organization) |
(I.R.S.
Employer Identification No.) |
|
|
7901
Stoneridge Drive, Suite
220 Pleasanton,
CA |
94588 |
(Address
of principal executive officer) |
(Zip
Code) |
|
|
(925)
270-4812 |
(Registrant’s
telephone number, including area code) |
Title
of each class |
Ticker
Symbol(s) |
Name
of each exchange on which registered |
Common
Stock, $0.0001 par value |
HCTI |
The
Nasdaq Stock
Market LLC |
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐ No ☒
Indicate
by check if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
☐ No ☒
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 shorter period that 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 shorter period that 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, or a smaller reporting
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 check mark 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 has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
☐ No ☒
As
of August 09, 2023, 4,277,863 shares
of the registrant’s common stock, $0.0001 par value per share, were issued and outstanding.
Note
About Forward-Looking Statements |
3 |
PART
I – FINANCIAL INFORMATION |
|
Item
1. Financial statements |
5 |
Unaudited
Condensed Consolidated Balance sheets |
5 |
Unaudited
Condensed Consolidated Statements of Operations |
6 |
Unaudited
Condensed Consolidated Statements of Stockholders' Equity |
7 |
Unaudited
Condensed Consolidated Statements of Cash Flows |
8 |
Notes
to Unaudited Condensed Consolidated Financial Statements |
9 |
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
33 |
Item
3. Quantitative and Qualitative Disclosures About Market Risk |
42 |
Item
4. Controls and Procedures |
42 |
PART
II - OTHER INFORMATION |
|
Item
1. Legal Proceedings |
43 |
Item
1A. Risk Factors |
43 |
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds |
43 |
Item
3. Defaults Upon Senior Securities |
43 |
Item
4. Mine Safety Disclosures |
43 |
Item
5. Other Information |
43 |
Item
6. Exhibits |
44 |
Signatures |
45 |
NOTE
ABOUT FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q, including the sections titled "Management's Discussion and Analysis of Financial Condition and Results
of Operations" and "Risk Factors," contains certain forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involving substantial risks and uncertainties.
The words "believe," "may," "will," "potentially," "plan," "could," "should,"
"predict," "ongoing," "estimate," "continue," "anticipate," "intend," "project,"
"expect," "seek," or the negative of these words, or terms or similar expressions conveying uncertainty of future events
or outcomes, or that concern our expectations, strategy, plans or intentions, are intended to identify forward-looking statements. Forward-looking
statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or
expected. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements discussed
under the heading "Risk Factors" and in our publicly available filings and press releases. These statements include, among other
things, those regarding:
• |
|
our
ability to continue to add new customers and increase sales to our existing customers; |
• |
|
our
ability to develop new solutions and bring them to market in a timely manner; |
• |
|
our
ability to timely and effectively scale and adapt our existing solutions; |
• |
|
our
dependence on establishing and maintaining a strong brand; |
• |
|
the
occurrence of service interruptions and security or privacy breaches and related remediation efforts and fines; |
• |
|
system
failures or capacity constraints; |
• |
|
the
rate of growth of, and anticipated trends and challenges in, our business and in the market for our products; |
• |
|
our
future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, including changes
in technology and development, marketing and advertising, general and administrative and customer care expenses, and our ability
to achieve and maintain future profitability; |
• |
|
our
ability to continue to efficiently acquire customers, maintain our high customer retention rates and maintain the level of our customers'
lifetime spend; |
• |
|
our
ability to provide high quality customer care; |
• |
|
the
effects of increased competition in our markets and our ability to compete effectively; |
• |
|
our
ability to grow internationally; |
• |
|
the
impact of fluctuations in foreign currency exchange rates on our business and our ability to effectively manage the exposure to such
fluctuations; |
• |
|
our
ability to effectively manage our growth and associated investments, including our migration of the vast majority of our infrastructure
to the public cloud; |
• |
|
our
ability to maintain our relationships with our partners; |
• |
|
adverse
consequences of our substantial level of indebtedness and our ability to repay our debt; |
• |
|
our
ability to maintain, protect and enhance our intellectual property; |
• |
|
our
ability to maintain or improve our market share; |
• |
|
sufficiency
of cash and cash equivalents to meet our needs for at least the next 12 months; |
• |
|
beliefs
and objectives for future operations; |
• |
|
our
ability to stay in compliance with laws and regulations currently applicable to, or which may become applicable to, our business
both in the United States (U.S.) and internationally; |
• |
|
economic
and industry trends or trend analysis; |
• |
|
our
ability to attract and retain qualified employees and key personnel; |
• |
|
anticipated
income tax rates, tax estimates and tax standards; |
• |
|
the
future trading prices of our common stock; |
• |
|
our
expectations regarding the outcome of any regulatory investigation or litigation; |
• |
|
the
amount and timing of future repurchases of our common stock under any share repurchase program; |
• |
|
the
potential impact of shareholder activism on our business and operations; |
• |
|
the
length and severity of the coronavirus (COVID-19) pandemic and its impact on our business, customers and employees; as
well as other statements regarding our future operations, financial condition, growth prospects and business strategies. |
We
operate in very competitive and rapidly-changing environments, and new risks emerge from time-to-time. It is not possible for us to predict
all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors,
may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed in this report may not occur, and actual results could differ materially
and adversely from those implied in our forward-looking statements.
You
should not rely upon forward-looking statements as predictions of future events. Although we believe the expectations reflected in our
forward looking statements are reasonable, we cannot guarantee the future results, levels of activity, performance or events and circumstances
described in the forward looking statements will be achieved or occur. Neither we, nor any other person, assume responsibility for the
accuracy and completeness of the forward looking statements. We undertake no obligation to publicly update any forward-looking statements
for any reason after the date of this report to confirm such statements to actual results or to changes in our expectations, except as
required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
Unless
expressly indicated or the context suggests otherwise, references to "Healthcare Triangle," "company," "we,"
"us" and "our" refer to Healthcare Triangle Inc. and its consolidated subsidiary.
PART
I
FINANCIAL
INFORMATION
Item
1. Financial statements
HEALTHCARE
TRIANGLE, INC.
Condensed
Consolidated Balance Sheets
| |
| |
|
| |
June 30, | |
December
31, |
| |
2023 | |
2022 |
| |
(Unaudited) | |
(Audited) |
| |
(In
thousands) |
Assets | |
| |
|
Current
assets | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 132 | | |
$ | 1,341 | |
Accounts
receivable | |
| 4,476 | | |
| 5,592 | |
Other
current assets | |
| 816 | | |
| 816 | |
Total
current assets | |
| 5,424 | | |
| 7,749 | |
Property
and equipment, net | |
| 57 | | |
| 80 | |
Intangible
assets, net | |
| 8,921 | | |
| 10,570 | |
Goodwill | |
| 1,289 | | |
| 1,289 | |
Due
from affiliates | |
| 1,377 | | |
| 1,075 | |
Total
assets | |
$ | 16,068 | | |
$ | 20,763 | |
| |
| | | |
| | |
Liabilities
and stockholders' equity | |
| | | |
| | |
Current
liabilities | |
| | | |
| | |
Accounts
payable | |
$ | 926 | | |
$ | 1,481 | |
Warrant
Liability | |
| 55 | | |
| 55 | |
Short
term borrowing | |
| 3,531 | | |
| 2,412 | |
Other
current liabilities | |
| 1,278 | | |
| 2,200 | |
Total
current liabilities | |
| 5,790 | | |
| 6,148 | |
| |
| | | |
| | |
Long-term
liabilities | |
| | | |
| | |
Contingent
Consideration | |
| 2,227 | | |
| 2,227 | |
Total
current and long-term liabilities | |
| 8,017 | | |
| 8,375 | |
| |
| | | |
| | |
Stockholders'
equity | |
| | | |
| | |
Preferred
stock, par value $0.00001;
10,000,000 authorized | |
| — | | |
| — | |
Series
A, Super Voting Preferred Stock - 6,000
shares (1,000 votes per share) | |
| 0 | | |
| 0 | |
Common
stock, par value $0.0001;
10,000,000 authorized
4,277,863 and
4,170,953 shares
issued and outstanding as of June 30, 2023 and December 31, 2022 respectively | |
| — | | |
| 0 | |
Additional
paid-in capital | |
| 25,683 | | |
| 24,956 | |
Retained
earnings | |
| (17,632 | ) | |
| (12,568 | ) |
Total
stockholders' equity | |
| 8,051 | | |
| 12,388 | |
Total
liabilities and stockholders' equity | |
$ | 16,068 | | |
$ | 20,763 | |
| |
| | | |
| | |
The
accompanying notes are an integral part of these consolidated financial statements. |
HEALTHCARE
TRIANGLE, INC.
Condensed
Consolidated Statements of Operations
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Three Months Ended June 30, | |
Six Months Ended June 30, |
| |
2023 | |
2022 | |
2023 | |
2022 |
| |
(In thousands) | |
(In thousands) |
Net revenue | |
$ | 8,526 | | |
$ | 11,588 | | |
$ | 18,364 | | |
$ | 22,644 | |
Cost of revenue (exclusive of depreciation and amortization shown separately below) | |
| 6,579 | | |
| 8,429 | | |
| 14,824 | | |
| 16,591 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 102 | | |
| 646 | | |
| 641 | | |
| 1,712 | |
Sales and Marketing | |
| 1,026 | | |
| 1,651 | | |
| 2,787 | | |
| 3,391 | |
General and Administrative | |
| 1,612 | | |
| 1,451 | | |
| 3,240 | | |
| 2,802 | |
Depreciation and amortization | |
| 802 | | |
| 844 | | |
| 1,676 | | |
| 1,555 | |
Total operating expenses | |
| 3,542 | | |
| 4,592 | | |
| 8,344 | | |
| 9,460 | |
Loss from operation | |
| (1,595 | ) | |
| (1,433 | ) | |
| (4,804 | ) | |
| (3,407 | ) |
Other income | |
| — | | |
| 1,087 | | |
| 12 | | |
| 1,087 | |
Interest expense | |
| (186 | ) | |
| (58 | ) | |
| (248 | ) | |
| (74 | ) |
Provision for Income tax | |
| (5 | ) | |
| (1 | ) | |
| (24 | ) | |
| (22 | ) |
Net loss | |
$ | (1,786 | ) | |
$ | (405 | ) | |
$ | (5,064 | ) | |
$ | (2,416 | ) |
Net loss per common share—basic and diluted | |
| (0.42 | ) | |
| (0.11 | ) | |
| (1.20 | ) | |
| (0.68 | ) |
Weighted average shares outstanding used in per common share computations: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 4,228,379 | | |
| 3,548,429 | | |
| 4,228,379 | | |
| 3,548,429 | |
| |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part of these consolidated financial statements. |
HEALTHCARE
TRIANGLE, INC.
Consolidated
Statements of Changes in Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
Common stock |
|
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Additional paid-in capital |
|
Retained earnings |
|
Total stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Three Months Ended June 30, 2023 and 2022 |
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2023 |
|
|
6,000 |
|
|
$ |
1 |
|
|
|
4,185,940 |
|
|
$ |
0 |
|
|
$ |
25,149 |
|
|
$ |
(15,846 |
) |
|
$ |
9,303 |
|
Net Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,786 |
) |
|
$ |
(1,786 |
) |
Preferential Issue |
|
|
|
|
|
|
|
|
|
|
76,923 |
|
|
$ |
0 |
|
|
$ |
499 |
|
|
|
|
|
|
$ |
499 |
|
Issue of stock option (ISO/NSO) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
35 |
|
|
|
|
|
|
$ |
35 |
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
15,000 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
$ |
0 |
|
Balance at June 30, 2023 |
|
|
6,000 |
|
|
$ |
1 |
|
|
|
4,277,863 |
|
|
$ |
0 |
|
|
$ |
25,683 |
|
|
$ |
(17,632) |
|
|
$ |
8,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023 and 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2022 |
|
|
6,000 |
|
|
$ |
1 |
|
|
|
4,170,940 |
|
|
$ |
0 |
|
|
$ |
24,956 |
|
|
$ |
(12,568) |
|
|
$ |
12,388 |
|
Issue of Options (ISO/NSO) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
177 |
|
|
|
|
|
|
$ |
177 |
|
Preferential Issue |
|
|
|
|
|
|
|
|
|
|
76,923 |
|
|
$ |
0 |
|
|
$ |
499 |
|
|
|
|
|
|
$ |
499 |
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
30,000 |
|
|
|
0 |
|
|
$ |
51 |
|
|
|
|
|
|
$ |
51 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
(5,064) |
|
|
$ |
(5,064 |
) |
Balance at June 30, 2023 |
|
|
6,000 |
|
|
$ |
1 |
|
|
|
4,277,863 |
|
|
|
0 |
|
|
|
25,683 |
|
|
|
(17,632) |
|
|
|
8,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2022 |
|
|
6,000 |
|
|
$ |
1 |
|
|
|
3,553,667 |
|
|
$ |
0 |
|
|
$ |
19,174 |
|
|
$ |
(4,675) |
|
|
$ |
14,499 |
|
Stock Compensation Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
12 |
|
Net Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(405) |
|
|
|
(405) |
|
Balance at June 30, 2022 |
|
|
6,000 |
|
|
$ |
1 |
|
|
|
3,553,667 |
|
|
$ |
0 |
|
|
$ |
19,186 |
|
|
$ |
(5,080) |
|
|
$ |
14,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
|
|
6,000 |
|
|
$ |
1 |
|
|
|
3,526,083 |
|
|
$ |
0 |
|
|
$ |
18,799 |
|
|
$ |
(2,664) |
|
|
$ |
16,135 |
|
Stock Compensation Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 |
|
|
|
|
|
|
$ |
27 |
|
Cash collected on common stock options |
|
|
|
|
|
|
|
|
|
|
2,614 |
|
|
$ |
0 |
|
|
|
10 |
|
|
|
|
|
|
$ |
10 |
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
|
24,970 |
|
|
$ |
0 |
|
|
|
350 |
|
|
|
|
|
|
$ |
350 |
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,416) |
|
|
$ |
(2,416) |
|
Balance at June 30, 2022 |
|
|
6,000 |
|
|
$ |
1 |
|
|
|
3,553,667 |
|
|
$ |
0 |
|
|
$ |
19,186 |
|
|
$ |
(5,080) |
|
|
$ |
14,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements. |
HEALTHCARE
TRIANGLE, INC.
Condensed
Consolidated Statements of Cash Flows
| |
|
|
|
|
|
|
|
| |
Six Months Ended June 30, |
| |
2023 | |
2022 |
| |
(In thousands) |
Cash flows from operating activities | |
| | | |
| | |
Net income (loss) | |
$ | (5,064 | ) | |
$ | (2,416 | ) |
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities | |
| | | |
| | |
Depreciation and amortization | |
| 1,676 | | |
| 1,555 | |
Common stock issued for services | |
| 51 | | |
| 350 | |
Income from PPP | |
| — | | |
| (1,068 | ) |
Stock compensation expenses | |
| 174 | | |
| 32 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
(Increase)/ decrease in: | |
| | | |
| | |
Accounts receivable | |
| 1,116 | | |
| 3,125 | |
Other current assets | |
| (0 | ) | |
| (306 | ) |
Due from related party | |
| 698 | | |
| (534 | ) |
Increase/ (decrease) in: | |
| | | |
| | |
Accounts payable and accrued expenses | |
| (555 | ) | |
| (603 | ) |
Other current liabilities | |
| (922 | ) | |
| 564 | |
Payment of lease liability | |
| — | | |
| (97 | ) |
Net cash provided by/ (used in) operating activities | |
| (2,826 | ) | |
| 602 | |
Cash flows from investing activities | |
| | | |
| | |
(Purchase)/sale of property and equipment | |
| (2 | ) | |
| (22 | ) |
Increase in intangible assets | |
| — | | |
| (2,000 | ) |
Net cash provided by/ (used in) investing activities | |
| (2 | ) | |
| (2022 | ) |
Cash flows from financing activities | |
| | | |
| | |
Employee stock options exercised | |
| — | | |
| 10 | |
Increase/(decrease) in short term borrowing | |
| 1,119 | | |
| 1,003 | |
Payment of lease liabilities | |
| — | | |
| — | |
Increase in additional paid-up capital | |
| 500 | | |
| — | |
Net cash provided by/ (used in) financing activities | |
| 1,619 | | |
| 1,013 | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| (1,209 | ) | |
| (407 | ) |
Cash and cash equivalents | |
| | | |
| | |
Cash and cash equivalents at the beginning of the period | |
$ | 1,341 | | |
$ | 1,770 | |
Cash and cash equivalents at the end of the period | |
$ | 132 | | |
$ | 1,363 | |
| |
| | | |
| | |
Supplementary disclosure of cash flows information | |
| | | |
| | |
Interest | |
| 248 | | |
| 74 | |
Income taxes | |
| 24 | | |
| 22 | |
| |
| | | |
| | |
The accompanying notes are an integral part of these consolidated financial statements. |
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
1)
Organization and Description of Business
Healthcare
Triangle Inc. (“the Company”) was incorporated under the laws of the State of Nevada on October 29, 2019, and then converted
into a Delaware corporation on April 24, 2020, to provide IT and data services to the Healthcare and Life Sciences (‘HCLS”)
industry. On January 1, 2020, the Company acquired the Life Sciences Business of SecureKloud Technologies Inc. (“Parent”)
and on May 8, 2020, the Company acquired Cornerstone Advisors Group LLC (Healthcare Business) from its Parent.
Company reinforces
healthcare progress through breakthrough technology and extensive industry know-how. Company support healthcare providers and payors,
hospitals and pharma/life sciences organizations in their effort to improve health outcomes by enabling the adoption of new technologies,
data enlightenment, business agility and accelerate responding to immediate business needs and competitive threats. The highly
regulated HCLS industry turn to Company for expertise in digital transformation on the cloud, security and compliance, develops,
data lifecycle management, healthcare interoperability, clinical and business performance optimization.
Company
concentrates on accelerating value to the three healthcare sectors:
|
1. |
Pharmaceutical
companies, which require improved efficiencies in the clinical trial process. Company modernizes their IT infrastructure to advance
the clinical trial process to drug discovery and delivery. |
|
2. |
Hospitals
and health systems, which face interoperability challenges as mergers, acquisitions and partnerships drive increasing need for integrated
healthcare infrastructures. Company's health IT expertise optimizes providers' enterprise digital structure needs connecting disparate
systems and applying analytics capabilities. |
|
3. |
Life
sciences, payers and all healthcare organizations must protect and secure personal health information (PHI), a regulatory compliance
mandate that Company addresses and manages for its customers. |
As
an organization with the deep-rooted cloud expertise, Company’s technology significantly relies on Big Data, Analytics, DevOps,
Security/Compliance, Identity Access Management (IAM), Machine Learning (ML), Artificial Intelligence (AI), Internet of Things (IoT)
and Blockchain.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Devcool
Inc
Devcool
Inc (“the Company”) was incorporated under the laws of the State of California on September 25, 2016. The Company solves
complex technology problems and delivers innovation to healthcare industry. The Company has successfully implemented projects for top
Healthcare insurance companies and hospitals across United States of America. On December 10, 2021, Healthcare Triangle, Inc (the “Company”)
entered into a Share Purchase Agreement (the "Share Purchase Agreement") with Devcool, Inc., a California corporation ("Devcool"),
Go To Assistance Inc., a California corporation ("Seller"), and Mr. Sandeep Deokule, current Chief Executive Officer of Devcool
(“SD”). Pursuant to the Share Purchase Agreement, the Company will acquire 5,000,000 shares of Devcool’s Class B Common
Stock, par value $0.0001, which represents all of the issued and outstanding capital stock of Devcool (the “Acquisition”).
The closing of the Acquisition occurred on December 10, 2021 (the “Closing Date”). The Company exercised control by virtue
of taking over the operations from November 01, 2021 (effective date) and the financials have been consolidated from this date.
Impact
of the COVID-19 Pandemic
COVID-19
has created uncertainty for our employees, members, and customers. We consider the impact of the pandemic on our business by evaluating
the health of our operations, any changes to our revenue outlook, and the degree to which interest in Company’s solutions have
evolved during these unprecedented times. We measure our performance through several key metrics; and as gauged these performance metrics,
service levels have been high, and customer engagement and satisfaction have remained strong through these tough times. While the COVID-19
pandemic has not had a material adverse impact on our financial condition and results of operations to date, the future impact of the
COVID-19 outbreak on our operational and financial performance will depend on certain developments, including the duration and spread
of the outbreak, impact on our customers and our sales cycles, impact on our marketing efforts, and any reduction in spending by our
customers, all of which are uncertain and cannot be predicted. We have a diverse set of customers, while some have faced headwinds, others
have experienced growth. Because of COVID-19, Healthcare and Life Sciences organizations are accelerating research, rethinking patient
care, and maintaining clinical and operational continuity during this unprecedented time for the global health system. COVID-19 has necessitated
the adoption of digital communication channels and remote working technology within the Healthcare and Life Sciences industry at a rapid
pace and our proprietary platforms and solutions addresses these challenges. Our business is focused on providing digital platform solutions
to healthcare organizations and it is our mission to adequately address COVID-19 challenges for the benefit of our customers and society
in general. As a result, consumers have better personal care, convenience, and value. COVID-19 is expected to drive increased utilization
of technology during and after the pandemic, and such shift to a virtual approach creates a unique opportunity for our business to shape
the new virtual-oriented experiences of businesses through our cloud technology and services and our value proposition resonates with
a broader audience of companies as they turn their focus to safely reopening their workplaces and managing the ongoing health and well-being
of employees and their families.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
2)
Summary of Significant Accounting Policies
Basis
of consolidated financial statements
The
accompanying condensed consolidated financial statements include the accounts of Healthcare Triangle and its wholly owned subsidiary.
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America. All intercompany balances and transactions have been eliminated in consolidation.
The
accompanying statements of operations include expenses for certain functions historically performed by the Parent company, including
general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses
are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective
periods. We believe the assumptions underlying the accompanying condensed consolidated financial statements, including the assumptions
regarding these expenses from this related party, are reasonable. Actual results may differ from these expenses, assumptions and estimates.
The amounts recorded in the accompanying condensed consolidated financial statements are not necessarily indicative of the actual amount
of such indirect expenses that would have been recorded had we been a separate independent entity.
Unaudited
Interim Financial Information
The
accompanying unaudited condensed consolidated financial statements and the related footnote disclosures have been prepared by us in accordance
with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited condensed consolidated
financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end
December 31, 2022 condensed consolidated balance sheet data included herein was derived from audited financial statements but does not
include all disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited
condensed consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary
to present fairly our financial position as of June 30, 2023, the results of operations, comprehensive income (loss), stockholders’
deficit, and cash flows for the three months ended June 30, 2023 and 2022. The results of operations for the three months ended June 30, 2023 and 2022 are not necessarily indicative of the results to be expected for the full year. The information contained herein should
be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31,
2022 filed with the SEC. Management considers events or transactions that occur after the balance sheet date but before the financial
statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure.
Subsequent events have been evaluated through the date of issuance of these financial statements.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Accounting
Policies
Use
of Estimates
The
preparation of financial statements is in conformity with GAAP which requires us to make estimates, judgments and assumptions that affect
the financial statements and the notes thereto. These estimates are based on information available as of the date of the financial statements.
On a regular basis, management evaluates these estimates and assumptions. Items subject to such estimates and assumptions include, but
are not limited to:
• |
|
the
standalone selling price for each distinct performance obligation |
• |
|
the
determination of the period of benefit for amortization of deferred costs. |
• |
|
the
fair value of assets acquired, and liabilities assumed for business combinations. |
• |
|
Share
based compensation including warrants |
Emerging
Growth Company Status
We
are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an emerging
growth company until the earlier of (i) December 21, 2026 (the last day of the fiscal year following the fifth anniversary of our IPO),
(ii) the last day of the first fiscal year in which we have total annual gross revenue of at least $1.07 billion, (iii) the last day
of the first fiscal year in which we are deemed to be a “large accelerated filer”, as defined in the rules under the Exchange
Act, and (iv) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. We
refer to the Jumpstart Our Business Startups Act of 2012 herein as the “JOBS Act,” and any reference herein to “emerging
growth company” has the meaning ascribed to it in the JOBS Act.
We
have elected to take advantage of certain of the reduced disclosure obligations in this Annual Report on Form 10-K and may elect to take
advantage of other reduced reporting requirements in our future filings with the SEC. As a result, the information that we provide to
our stockholders may be different from the information you might receive from other public reporting companies in which you hold equity
interests. In particular, Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the Securities Act) for complying with new or revised
accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, so long
as we remain an emerging growth company, we will not be subject to the same implementation timing of new or revised accounting standards
as other public companies that are not emerging growth companies until these standards apply to private companies unless we elect to
early adopt as permitted by the relevant guidance for private companies.
Segment
Information
The
management has chosen to organize the Company around differences in products and services and segregated the reporting segments as Software
Services, Managed Services and Support, and Platform Services.
Operating
segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating
decision maker in deciding how to allocate resources and assessing performance. The Company defines the term ‘chief operating decision
maker’ to be the Chief Financial Officer. The Chief Financial Officer along with the management team reviews the financial information
presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, the Company
has determined that it operates in three distinct reportable operating segments, and all required financial segments information can
be found in the consolidated financial statements.
Expenses
included in segment operating profit consist principally of direct selling, delivery costs and research and development expenses. Certain
Sales and Marketing expenses, General and Administrative expenses, depreciation, and amortization are not allocated to individual segments
in internal management reports used by the chief operating decision maker. Accordingly, such expenses are excluded from segment operating
profit and are included below as “unallocated costs” and adjusted against our total income from operations. Additionally,
management has determined that it is not practical to allocate identifiable assets by segment, since such assets are used interchangeably
among the segments.
Schedule
of operating segment | |
| |
| |
| |
|
| |
| |
| |
| |
|
| |
Three
months Ended June 30, | |
Changes |
| |
(In
thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software
Services | |
$ | 5,185 | | |
$ | 6,585 | | |
$ | (1,400 | ) | |
| (21 | )% |
Managed
Services and Support | |
| 2,865 | | |
| 3,903 | | |
| (1,038 | ) | |
| (27 | )% |
Platform
Services | |
| 476 | | |
| 1,100 | | |
| (624 | ) | |
| (57 | )% |
Revenue | |
$ | 8,526 | | |
$ | 11,588 | | |
$ | (3,062 | ) | |
| (26 | )% |
| |
Six months Ended June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | 11,643 | | |
$ | 12,041 | | |
$ | (398 | ) | |
| (3) | % |
Managed Services and Support | |
| 5,906 | | |
| 8,172 | | |
| (2,266 | ) | |
| (28) | % |
Platform Services | |
| 815 | | |
| 2,431 | | |
| (1,616 | ) | |
| (66) | % |
Revenue | |
$ | 18,364 | | |
$ | 22,644 | | |
$ | (4,280 | ) | |
| (19) | % |
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Operating profit by Operating Segment | |
| |
| |
| |
|
| |
| |
| |
| |
|
| |
Three months Ended
June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | (643 | ) | |
$ | (321 | ) | |
$ | (322 | ) | |
| (101 | %) |
Managed Services and Support | |
| 822 | | |
| 1,284 | | |
| (462 | ) | |
| (36 | %) |
Platform Services | |
| (384 | ) | |
| (212 | ) | |
| 296 | | |
| 140 | % |
Total segment operating (loss) profit | |
| (263 | ) | |
| 751 | | |
| (488 | ) | |
| (65 | %) |
Less: unallocated costs | |
| 1,858 | | |
| 2,184 | | |
| (326 | ) | |
| (15 | %) |
Income (loss) from operations | |
| (1,595 | ) | |
| (1,433 | ) | |
| (162 | ) | |
| (11 | %) |
Other Income | |
| — | | |
| 1,087 | | |
| (1,087 | ) | |
| (100 | %) |
Interest expense | |
| (186 | ) | |
| (58 | ) | |
| (128 | ) | |
| (221 | %) |
Net income (loss) before income tax expenses | |
$ | (1,781 | ) | |
$ | (404 | ) | |
$ | (1,377 | ) | |
| (341 | %) |
| |
Six months Ended June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | (1,779 | ) | |
$ | (521 | ) | |
$ | (1,258 | ) | |
| (242 | %) |
Managed Services and Support | |
| 1,374 | | |
| 2,538 | | |
| (1,164 | ) | |
| (46 | %) |
Platform Services | |
| (379 | ) | |
| (784 | ) | |
| 405 | | |
| 52 | % |
Total segment operating (loss) profit | |
| (784 | ) | |
| 1,233 | | |
| (2,017 | ) | |
| (164 | %) |
Less: unallocated costs | |
| 4,020 | | |
| 4,640 | | |
| (620 | ) | |
| (13 | %) |
Income (loss) from operations | |
| (4,804 | ) | |
| (3,407 | ) | |
| (1,397 | ) | |
| (41 | %) |
Other Income | |
| 12 | | |
| 1,087 | | |
| (1,075 | ) | |
| (99 | %) |
Interest expense | |
| (248 | ) | |
| (74 | ) | |
| (174 | ) | |
| (235 | %) |
Net income (loss) before income tax expenses | |
$ | (5,040 | ) | |
$ | (2,394 | ) | |
$ | (2,646 | ) | |
| (111 | %) |
Revenue
from top 5 customers
Three
Months Ended June 30, 2023
Schedule
of concentration | | |
| | | |
| | |
Customer | |
Amount
(In thousands) | |
%
of Revenue |
Customer
1 | | |
$ | 4,519 | | |
| 53 | % |
Customer
2 | | |
| 912 | | |
| 11 | % |
Customer
3 | | |
| 622 | | |
| 7 | % |
Customer
4 | | |
| 539 | | |
| 6 | % |
Customer
5 | | |
$ | 319 | | |
| 4 | % |
Three
Months Ended June 30, 2022
Schedule
of concentration | |
| |
|
| |
| |
|
Customer | |
Amount
(In thousands) | |
%
of Revenue |
Customer
1 | | |
$ | 4,517 | | |
| 39 | % |
Customer
2 | | |
| 1,744 | | |
| 15 | % |
Customer
3 | | |
| 920 | | |
| 8 | % |
Customer
4 | | |
| 845 | | |
| 7 | % |
Customer
5 | | |
$ | 440 | | |
| 4 | % |
Six
Months Ended June 30, 2023
Schedule of concentration | |
| |
|
Customer | |
Amount (In thousands) | |
% of Revenue |
Customer 1 | | |
$ | 9,449 | | |
| 51 | % |
Customer 2 | | |
| 1,771 | | |
| 10 | % |
Customer 3 | | |
| 1,330 | | |
| 7 | % |
Customer 4 | | |
| 984 | | |
| 5 | % |
Customer 5 | | |
$ | 920 | | |
| 5 | % |
Six
Months Ended June 30, 2022
Schedule of concentration | |
| |
|
| |
| |
|
Customer | |
Amount (In thousands) | |
% of Revenue |
Customer 1 | | |
$ | 8,350 | | |
| 37 | % |
Customer 2 | | |
| 3,709 | | |
| 16 | % |
Customer 3 | | |
| 1,886 | | |
| 8 | % |
Customer 4 | | |
| 1,744 | | |
| 8 | % |
Customer 5 | | |
$ | 912 | | |
| 4 | % |
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Revenue
Recognition
We
recognize revenues as we transfer control of deliverables (services, solutions, and platform) to our clients in an amount reflecting
the consideration to which we expect to be entitled. To recognize revenues, we apply the following five step approach: (1) identify the
contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate
the transaction price to the performance obligations in the contract, and (5) recognize revenues when a performance obligation is satisfied.
We account for a contract when it has approval and commitment from all parties, the rights of the parties are identified, payment terms
are identified, the contract has commercial substance and collectability of consideration is probable. We apply judgment in determining
the customer’s ability and intention to pay based on a variety of factors including the customer’s historical payment experience.
For
performance obligations where control is transferred over time, revenues are recognized based on the extent of progress towards completion
of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the
nature of the deliverables to be provided.
Software
Services
The
Company enters into contractual obligations with the customers to perform (i) Strategic advisory services which include assessment of
the enterprise network, applications environment and advise on the design and tools; (ii) Implementation services which include deployment,
upgrades, enhancements, migration, training, documentation and maintenance of various electronic health record systems and (iii) Development
services which include customization of network and applications in the public cloud environment.
Revenue
from Strategic advisory, Implementation and Development services are distinct performance obligation and is recognized on time-and-material
or fixed-price project basis. Revenues related to time-and-material are recognized over the period the services are provided using labor
hours. Revenues related to fixed-price contracts are recognized as the service is performed using the cost-to-cost method, under which
the total value of revenues is recognized based on the percentage that each contract’s total labor cost to date bears to the total
expected labor costs. The cost-to-cost method requires estimation of future costs, which is updated as the project progresses to reflect
the latest available information; such estimates and changes in estimates involve the use of judgment. The cumulative impact of any revision
in estimates is reflected in the financial reporting period in which the change in estimate becomes known and any anticipated losses
on contracts are recognized immediately, where appropriate.
We
may enter into contracts that consist of multiple performance obligations. Such contracts may include any combination of our deliverables.
To the extent a contract includes multiple promised deliverables, we apply judgment to determine whether promised deliverables are capable
of being distinct and are distinct in the context of the contract. If these criteria are not met, the promised deliverables are accounted
for as a combined performance obligation. For contracts with multiple distinct performance obligations, we allocate consideration among
the performance obligations based on their relative standalone selling price. Standalone selling price is the price at which we would
sell a promised good or service separately to the customer. When not directly observable, we estimate standalone selling price by using
the expected cost plus a margin approach. We establish a standalone selling price range for our deliverables, which is reassessed on
a periodic basis or when facts and circumstances change.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Managed
Services and Support
The
Company has standard contracts for its Managed Services and Support, however the statement of work contained in such contracts is unique
for each customer. A typical Managed Services and Support contract would provide for some or all of the following types of services being
provided to the customer: Cloud hosting, Continuous monitoring of applications, security and compliance and support.
Revenue
from Managed services and support is a distinct performance obligation and recognized based on SSP (standalone selling price), rateably
on a straight-line basis over the period in which the services are rendered. Contract with customers includes subcontractor services
or third-party cloud infrastructure services in certain integrated services arrangements. In these types of arrangements, revenue is
recognized net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the
principal for the transaction. In doing so, the Company first evaluates whether it controls the platform or service before it is transferred
to the customer. The Company considers whether it has the primary obligation to fulfil the contract, pricing discretion and other factors
to determine whether it controls the platform or service and therefore is acting as a principal or an agent. Payment for managed services
and support is due monthly.
Platform
Services
The
Company has standard contracts for its Platform Services, however the statement of work contained in such contracts is unique for each
customer. A typical Platform Services contract would provide for some or all of the following types of services being provided to the
customer: Data Analytics, Backup and Recovery, through our Platform.
The
revenue from Platform services is a distinct performance obligation and recognized based on SSP. During the periods presented the Company
generated revenue from Platform services on a fixed-price solutions delivery model. Revenues related to fixed-price contracts are recognized
as the service is performed using the cost-to-cost method, under which the total value of revenues is recognized based on the percentage
that each contract’s total labor cost to date bears to the total expected labor costs. The cost-to-cost method requires estimation
of future costs, which is updated as the project progresses to reflect the latest available information; such estimates and changes in
estimates involve the use of judgment. The cumulative impact of any revision in estimates is reflected in the financial reporting period
in which the change in estimate becomes known and any anticipated losses on contracts are recognized immediately, where appropriate.
Our
contractual terms and conditions for Software services, Managed Services and Support and Platform services mandate that our services
are documented and subject to inspection, testing at the time of delivery to customer. In addition, the Company needs to integrate seamlessly
into the customers’ systems. Also, the customer has a right to cancel all, or part of the services rendered if it is not in accordance
with statement of work and within the stipulated time.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Contract
Balances
The
timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (contract assets),
and customer advances and deferred revenue (contract liabilities) on the Consolidated Balance Sheet. Amounts are billed as work progresses
in accordance with agreed-upon contractual terms, generally monthly upon achievement of contractual milestones. Generally, billing occurs
after revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers, particularly
on our international contracts, before revenue is recognized, resulting in contract liabilities. These deposits are liquidated when revenue
is recognized
The
beginning and ending contract balances were as follows:
Schedule
of receivables and contract liabilities | |
| |
|
| |
June 30, 2023 | |
December
31, 2022 |
| |
(In
thousands) |
Accounts
Receivable | |
| 4,476 | | |
| 5,592 | |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments (including money market funds) with an original maturity at acquisition of three months
or less to be cash equivalents. The Company maintains cash balances, which may exceed federally insured limits. The Company does not
believe that this results in any significant credit risk.
Accounts
Receivable
The
Company extends credit to clients based upon the management’s assessment of their creditworthiness on an unsecured basis. The
Company provides an allowance for uncollectible accounts based on historical experience and management evaluation of trend analysis.
The Company includes any balances that are determined to be uncollectible in its allowance for doubtful accounts. For the quarter
ended June 30, 2023 the Company did not provided an allowance for uncollectible accounts and year ended December 31, 2022 the
Company provided $222 as allowances for uncollectible accounts. Based on the information available, management believes the
Company’s accounts receivable are collectible.
Property
and Equipment
Property
and equipment are stated at cost. The Company provides for depreciation of property and equipment using the straight-line method over
the estimated useful lives of the related assets ranging from 3 to 7 years. Leasehold improvements are amortized using the straight-line
method over the shorter of the lease terms or the useful lives of the improvements. The Company charges repairs and maintenance costs
that do not extend the lives of the assets to expenses as incurred.
Intangible
Assets
We
capitalize certain costs incurred for the platform development when it is determined that it is probable that the platform will be completed
and will be used as intended. Costs related to preliminary project activities, post-implementation activities, training, and maintenance
are expensed as incurred. Customer relationship and platform development are amortized based on finite lives using either the straight-line
method or based on estimated future cash flows to approximate the pattern in which the economic benefit of the asset will be utilized.
Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances
occur that could impact the recoverability of these assets.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Goodwill
Goodwill
is the excess of the cost of an acquired entity over the net amounts assigned to tangible and intangible assets acquired and liabilities
assumed. Goodwill is not amortized but is subject to an annual impairment test.
The
Company performs its annual goodwill impairment test on an annual basis in the fourth quarter of each fiscal year or more frequently
if changes in circumstances or the occurrence of events suggest that an impairment exists. If the fair value of the reporting unit is
less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the reporting unit’s
goodwill is less than the carrying value of the reporting unit’s goodwill.
The
Company’s quarterly goodwill impairment test resulted in no impairment charges in the quarter ended June 30, 2023 and 2022.
Allowance
for Doubtful Accounts
Trade
accounts receivable are stated at the amount the Company expects to collect and do not bear interest. The collectability of trade receivable
balances is regularly evaluated based on a combination of factors such as customer creditworthiness, past transaction history with the
customer, current economic industry trends and changes in customer payment pattern. Additionally, if it is determined that a customer
will be unable to fully meet its financial obligation, such as in the case of a bankruptcy filing or other material event impacting its
business, a specific allowance for doubtful accounts may be recorded to reduce the related receivable to the amount expected to be recovered.
Although
we believe that our approach to estimates and judgments regarding our allowance for doubtful accounts is reasonable, actual results could
differ and we may be exposed to increases or decreases in required allowances that could be material.
Business
Combinations
As
per ASC 805-50 a common-control transaction does not meet the definition of a business combination because there is no change in control
over the net assets. The accounting for these transactions are addressed in the “Transactions Between Entities Under Common Control”.
The net assets are derecognized by the transferring entity and recognized by the receiving entity at the historical cost of the parent
of the entities under common control. Any difference between the proceeds transferred or received and the carrying amounts of the net
assets is recognized in equity in the transferring and receiving entities’ separate financial statements and eliminated in consolidation.
The change in accounting principle is applied retroactively for all periods presented.
We
account for business combinations using the acquisition method, which requires the identification of the acquirer, the determination
of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets
acquired, the liabilities assumed, including any contingent consideration and any non-controlling interest in the acquiree at their acquisition
date fair values.
Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount
assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related
costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in our
consolidated financial statements from the date of effective control.
Valuation
of Contingent Earn-out Consideration.
Acquisitions
may include contingent consideration payments based on the achievement of certain future financial performance measures of the acquired
company. Contingent consideration is required to be recognized at fair value as of the acquisition date. We estimate the fair value of
these liabilities based on financial projections of the acquired companies and estimated probabilities of achievement. We believe our
estimates and assumptions are reasonable, however, there is significant judgment involved. We evaluate, on a routine, periodic basis,
the estimated fair value of the contingent consideration and changes in estimated fair value, subsequent to the initial fair value estimate
at the time of the acquisition, will be reflected in income or expense in the consolidated statements of operations. Changes in the fair
value of contingent consideration obligations may result from changes in discount periods and rates, changes in the timing and amount
of revenue and/or earnings estimates and changes in probability assumptions with respect to the likelihood of achieving the various earn-out
criteria. Any changes in the estimated fair value of contingent consideration may have a material impact on our operating results.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Earnings
(Loss) Per Share.
Earnings
per share (“EPS”) is the amount of earnings attributable to each share of common stock. For convenience, the term is used
to refer to either earnings or loss per share. EPS is computed pursuant to Section 260-10-45 of the FASB Accounting Standards Codification.
Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS shall be computed by dividing income available to common stockholders
(the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to
common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid)
and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations
(if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation
of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding
if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common
shares issuable through contingent shares issuance arrangement, stock options or warrants.
Fair
Value Measurements
The
Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable
inputs and minimizes the use of unobservable inputs when measuring fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level
1—Inputs are observable and reflect quoted prices in active markets for identical assets or liabilities that the Company has the
ability to access at the measurement date.
Level
2—Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
Level
3—Inputs that are unobservable
Money
market funds and U.S. treasury securities are classified within Level 1 because they are valued using quoted market prices or alternative
pricing sources and models utilizing market observable inputs. Other debt securities and investments are classified within Level 2 if
the investments are valued using model driven valuations which use observable inputs such as quoted market prices, benchmark yields,
reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Available-for-sale
debt securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs
in various asset price models. In connection with the acquisition of Devcool, Inc., the Company recognized a liability on the acquisition
date for the estimated fair value of the contingent consideration based on the probability of achieving certain milestones pursuant to
the acquisition agreement. The fair value measurement of the contingent consideration is based on significant unobservable inputs and
management judgment; therefore, it is categorized under Level 3 at the balance sheet date in the table below.
Schedule
of balance sheet |
|
| |
June 30, 2023 |
| |
Fair
Value Measured Using |
| |
(In
thousands) |
| |
Level
1 | |
Level
2 | |
Level
3 | |
Total |
Financial
liabilities: | |
| |
| | | |
| | | |
| | |
Warrant
Liabilities | |
| |
| | | |
$ | 55 | | |
$ | 55 | |
Acquisition-related
contingent consideration | |
— | |
| — | | |
$ | 2,227 | | |
$ | 2,227 | |
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Stock-Based
Compensation
The
Company accounts for stock-based awards to employees and consultants in accordance with applicable accounting principles, which requires
compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial
statements based on a determination of the fair value of the stock options over the instruments vesting period. Options awarded to purchase
shares of common stock issued to non-employees do not need to be remeasured as per ASU 2018-07 principles.
The
Company adopted the “2020 Stock Incentive Plan” (Plan). The Company has reserved 600,000
shares of the Company’s Common stock.
Income
taxes
The
provision for income taxes was determined using the asset and liability approach of accounting for income taxes. Under this approach,
deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered
or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes
during the period. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities
and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred
tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax assets and liabilities are measured
using enacted tax rates applicable in the years in which they are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax law is recognized in income in the period that includes the enactment date.
Advertising
Costs
The
Company expenses advertising cost as incurred. Advertising expense for the quarters ended June 30, 2023 and 2022 were Nil 0.
Concentrations
Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and trade receivables.
Credit risks associated with trade receivables is minimal due to the Company’s customer base which consist of large customer base
and ongoing procedures, which monitor the credit worthiness of its customers. For the quarter ended June 30, 2023 and 2022 revenue from
the top five customers accounted for approximately 81%
and 73%
of total revenue respectively. For the quarter ended June 30, 2023 and year ended December 31, 2022 accounts receivable from five major
customers accounted for approximately 81%
and 72%
of the total accounts receivables.
The
Company maintains cash balances in various financial institutions. The balances are generally insured by the Federal Deposit Insurance
Corporation up to $250,000 (valid
through June 30, 2023) per institution.
As
of June 30, 2023 and December 31, 2022, the Company had Nil0
and $816
respectively, of uninsured cash balances. The
Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
4)
Property and Equipment
Property
and equipment consisted of the following:
Schedule of property and equipment | |
| |
|
| |
June 30, 2023 | |
December
31, 2022 |
| |
(In
thousands) |
Furniture
and Equipment | |
$ | 123 | | |
$ | 119 | |
Less: Accumulated
depreciation | |
| (66 | ) | |
| (39 | ) |
Net
Fixed Assets | |
$ | 57 | | |
$ | 80 | |
Depreciation
expenses for the quarter ended June 30, 2023, and June 30, 2022 were $10
and $8.5
respectively.
5)
Intangible Assets
The
Company’s intangible assets consist primarily of intellectual property and customer relationship it acquired through various acquisitions.
We capitalize certain costs incurred for the platform development when it is determined that it is probable that the platform will be
completed and will be used as intended. We amortize our intangible assets that have finite lives using either the straight-line method
or based on estimated future cash flows to approximate the pattern in which the economic benefit of the asset will be utilized
Intangible
assets consist of the following:
Schedule
of intangible assets | |
| |
| |
| |
| |
| |
| |
|
| |
June 30, 2023 | |
December
31, 2022 |
| |
Weighted
average Remaining Useful life (Years) | |
Gross
Carrying Amount | |
Accumulated
Amortization | |
Net
Carrying Amount | |
Gross
Carrying Amount | |
Accumulated
Amortization | |
Net
Carrying Amount |
| |
(In
thousands) | |
(In
thousands) |
Customer
relationships | |
| 2.97 | | |
$ | 8,667 | | |
$ | 4,390 | | |
$ | 4,277 | | |
$ | 8,667 | | |
$ | 3,523 | | |
$ | 5,144 | |
Intellectual
property | |
| 4.39 | | |
| 7,329 | | |
| 2,685 | | |
| 4,644 | | |
| 7,329 | | |
| 2,013 | | |
| 5,316 | |
Product
development | |
| 0.5 | | |
| 477 | | |
| 477 | | |
| 0 | | |
| 477 | | |
| 367 | | |
| 110 | |
Total
Intangible Assets | |
| | | |
$ | 16,473 | | |
$ | 7,552 | | |
$ | 8,921 | | |
$ | 16,473 | | |
$ | 5,903 | | |
$ | 10,570 | |
Amortization
expense for the quarter ended June 30, 2023 and June 30, 2022 were $792
and $793
respectively. This amortization expense relates
to capitalized software expenses, intellectual property, and customer lists.
Schedule
of intangibles asset useful life | |
|
| |
|
Nature
of Intangibles | |
Useful
Life |
Customer
relationships | |
5
years |
Intellectual
property | |
5
years |
Product
development | |
5
years |
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Estimated
annual amortization expense (including amortization expense associated with capitalized software costs) for each of the next six years
are as follows:
Schedule
of amortization expense | |
|
| |
|
June 30, | |
|
2023 | | |
$ | 1,538 | |
2024 | | |
| 3,077 | |
2025 | | |
| 3,020 | |
2026 | | |
| 1,286 | |
Total | | |
$ | 8,921 | |
6)
Due from Related Party
Securekloud
Technologies Inc, (Parent) is a Nevada based corporation, focusing on digital transformation for Avionics, Technology and Manufacturing
Industry. As a pioneer in enabling cloud transformation for global enterprises, Securekloud Technologies Inc is building on foundation
of cloud capabilities by creating innovative platforms that are time-tested and designed to drive success in its digital transformation
journey. HTI uses the capabilities and resources of the parent for the execution of the projects for its customers.
Securekloud
Technologies Inc owns 59.61%
of Healthcare Triangle Inc as of June 30, 2023.
The
Company entered into a Master Service Agreement, Shared Services Agreement and Rental Sublease Agreement with its parent. As per the
Master Services Agreement, parent provides technical resources according to the statement of work from the Company. The initial term
of the agreement is twenty-four months, which is extendable based on mutual consent. The parent charges for the services at cost. The
Company received services amounting to $756
and $218
for the quarter ended June 30, 2023, and 2022
respectively. The Company has paid for these services during the year.
As
per the terms of the Shared Services and Rental Sublease Agreement, the cost incurred by the parent on behalf of the Company are settled
at cost. The Shared Services Agreement includes Development infrastructure, Sales support, Recruitment and Immigration support, Project
coordination, HR and Operation support, Management /Advisory services. The Company received services amounting to $71
and $43
for the quarter ended June 30, 2023, and 2022
respectively. The Company has paid for these services during the year.
The
Company does not have any signed lease agreement on its name and currently operates from two office locations leased by the Parent. The
Company has entered into a sublease agreement with the Parent and paid rent of $67
and $43
for the quarter ended June 30, 2023, and 2022
respectively.
The
Company has earned $9 from
sale to related parties for the quarter ended June 30, 2023, and Nil0
for the quarter ended June 30, 2022.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
7)
Business Combination
Effective
May 8, 2020, the Company acquired the entire equity of Cornerstone Advisory Services LLC in exchange for a promissory note. In accordance
with the terms of the Equity Purchase Agreement dated May 8, 2020, the Company acquired 100%
of the equity of Cornerstone Advisory Services LLC for a total consideration of $7,000.
The total purchase price of $7,000
was allocated to net working capital of $4,700
and intangibles of $2,300,
taking into consideration projected revenue from the acquired list of Subsidiary’s customers over a period of five years.
Acquisition
of Devcool, Inc.
On
December 10, 2021, Healthcare Triangle, Inc. (the “Company”) entered into a Share Purchase Agreement (the "Share Purchase
Agreement") with Devcool, Inc., a California corporation ("Devcool"), Go To Assistance Inc., a California corporation ("Seller"),
and Mr. Sandeep Deokule, current Chief Executive Officer of Devcool (“SD”). Pursuant to the Share Purchase Agreement, the
Company will acquire 5,000,000 shares of Devcool’s Class B Common Stock, par value $0.0001, which represents all of the issued
and outstanding capital stock of Devcool (the “Acquisition”). The closing of the Acquisition occurred on December 10, 2021
(the “Closing Date”). The Company exercised control by virtue of taking over the operation from November 01, 2021 (effective
date) and the financials have been consolidated from this date.
The
aggregate purchase price for the acquisition of Devcool Inc was $7,773
consisting of;
1.
$4,500 payable
to the Seller in cash on the Closing Date;
2.
$700 worth
of equity of the Company’s common stock (the “Common Stock”) whereby the number of shares of common stock issuable
to Mr. Deokule will be calculated by dividing $700
by the volume weighted average price of the Company’s
common stock as reported by Bloomberg Financial Markets or if Bloomberg Financial Markets is not then reporting such prices, by a comparable
reporting service of national reputation (“VWAP”) for the 20 trading days immediately prior to the closing date of the Transaction.
Such shares of common stock were issued as follows:
a)
20,930
shares of unvested Common Stock were issued to
the Seller, which shall vest upon Devcool meeting one of two gross revenue targets set forth in the Share Purchase Agreement; and
b)
8,372 shares
of unvested Common Stock were issued as retention bonus to certain key personnel of Devcool to be retained by Devcool post-Closing (the
“Retention Personnel”), subject to the Retention Personnel continuing to perform services to Devcool (or its affiliates)
up to and through the second anniversary of the closing date, which shares shall vest equally monthly on the corresponding day of the
closing date over a period of 24 successive months; and
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
3.
A sum of up to $2,500 as
post-closing earnout payment (the “Earnout”), subject to Devcool’s achievement of the applicable yearly earnout targets
set forth in the Share Purchase Agreement, which Earnout shall be payable as follows:
a)
up to $250
worth of Common Stock (calculated based on the
average of the VWAPs for the 20 trading days immediately prior to December 31, 2022) issuable to SD or the Seller as SD’s nominee
for achievement of the Year 1 Equity Earnout (as defined in Annexure B to the Share Purchase Agreement);
b)
up to $1,000
payable to the Seller or its nominees in cash
upon achieving the Year 1 Cash Earnout; and
c)
up to $250
worth of Common Stock (calculated based on the
average of the VWAPs for the 20 trading days immediately prior to December 31, 2023) issuable to SD or the Seller as SD’s nominee
for achievement of the Year 2 Equity Earnout (as defined in Annexure B to the Share Purchase Agreement).
d)
up to $1,000
payable to the Seller or its nominees in cash
upon achieving the Year 2 Cash Earnout; and
4.
The Company also issued the Seller a secured non-interest-bearing promissory note in the principal amount of $2,209
that matures on April
30, 2022 (the “Note”) that reflects
an amount owed to the Seller by the Company equal to the difference between the amount of accrued and outstanding accounts receivable
on the Closing Date less the amount of accrued and outstanding accounts payable on the Closing Date.
Based
on the preliminary purchase price allocation, we recorded $1,289
of goodwill which is not tax deductible.
Presented
below is the summary of the foregoing acquisitions
Allocation
of purchase price
Schedule
of allocation of purchase price | |
|
| |
|
Asset
Component | |
June 30, 2023 |
Intangible
Assets | |
$ | 6,018 | |
Goodwill | |
| 1,289 | |
Working
Capital | |
| — | |
Current
Assets | |
| | |
Cash | |
| 970 | |
Accounts
Receivables | |
| 3,142 | |
Other
Current Assets | |
| | |
Other Current Assets | |
| 11,419 | |
Current
Liabilities | |
| | |
Accounts
Payable | |
| 758 | |
Short
term borrowing | |
| 2,209 | |
Other
Current liabilities | |
| 679 | |
Current liabilities | |
| 3,646 | |
Net
Working Capital Acquired | |
| 7,773 | |
Total
Purchase price | |
$ | 7,773 | |
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
8)
Debt Securities
A.
Common Stock Warrants
In
connection with the issuance of Convertible Notes, the Company also issued Warrants to each holder of Convertible Notes which entitles
the holder thereof to purchase a number of shares of our common stock equal to 50% of the number of shares that Convertible Note issued
with such Warrant is convertible into at a price equal to $28.8
per share.
The
warrants are subject to certain customary adjustments in the event of stock dividends and splits, issuance of options, subsequent rights
offerings, and pro rata distributions.
Warrant
holders have “piggyback” registration rights as set forth therein and a breach of such rights with respect to any Warrant
would result in an increase by 25% of the shares of our common stock underlying such Warrant.
As
of June 30, 2023, none of the warrants have been exercised by the note holders and hence no proceeds have been received towards any
of the warrants.
The
Warrants have been valued using the Black-Scholes-Merton Option (“BSM”) pricing model that is based on the individual characteristics
of the warrants on the valuation date, which include the Company’s stock fair value and assumptions for expected volatility, expected
life and risk-free interest rate, as well as the present value of the minimum cash payment component of the instrument for the warrants,
when applicable. Changes in the assumptions used could have a material impact on the resulting fair value of each warrant. The primary
inputs affecting the value of the warrant liability are the Company’s stock price and volatility in the Company’s stock price,
as well as assumptions about the probability and timing of certain events, such as a change in control or future equity offerings. Increases
in the fair value of the underlying stock or increases in the volatility of the stock price generally result in a corresponding increase
in the fair value of the warrant liability; conversely, decreases in the fair value of the underlying stock or decreases in the volatility
of the stock price generally result in a corresponding decrease in the fair value of the warrant liability.
Schedule of common stock
warrants | |
| |
| |
| |
|
Warrants | |
Number
of Warrants | |
Weighted
Average Exercise price | |
Weighted
Average Remaining Contractual Term | |
Aggregate
Intrinsic value |
Outstanding
on January 1, 2023 | |
| 590,923 | | |
$ | 28.8 | | |
| — | | |
| — | |
Granted | |
| — | | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | | |
| — | |
Forfeited
or expired | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding
on June 30, 2023 | |
| 90,923 | | |
$ | 28.8 | | |
| — | | |
| — | |
Exercisable
on June 30, 2023 | |
| 90,923 | | |
$ | 28.8 | | |
| — | | |
| — | |
The
following table summarizes the activities for our unvested warrants for the quarter ended June 30, 2023
Schedule
of unvested warrants | | |
| | | |
| | |
| | |
| Number
of Warrants | | |
| Weighted
average Grant Date Fair Value Per warrant | |
Unvested
on December 31, 2022 | | |
| — | | |
| | |
Granted | | |
| — | | |
$ | | |
Vested | | |
| — | | |
$ | | |
Forfeited | | |
| — | | |
$ | | |
Unvested
on June 30, 2023 | | |
| — | | |
| | |
The
Company has recognized cost of nil for the quarter ended June 30, 2023, and nil for the quarter ended June 30, 2022.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
B.
Warrant Liability
The
Company has allocated the proceeds from convertible note between promissory notes and warrants; as of June 30, 2023, the Company has
reported a Warrant liability of $55
at fair value, with subsequent changes in their
respective fair values recognized in the consolidated statement of operations at each reporting date.
The
fair value of the warrant liabilities was measured using a binomial lattice model. Significant inputs into the model at the inception
and reporting period measurement dates are as follows:
Schedule
of fair value of warrant liabilities | |
|
| |
|
Fair
value assumptions | |
June 30, 2023 |
Estimated
fair value of common stock warrant | |
$ | 4.0 | |
Exercise
price | |
$ | 28.8 | |
Expected
volatility | |
| 45%-52% | |
Expected
terms (in years) | |
| 2 | |
Risk-free
interest rate | |
| 1.48%-2.18% | |
Dividend
Yield | |
| 0% | |
C.
Short Term borrowing
The
Company has obtained a credit facility from Seacoast business funding (SBF) a division of Seacoast National Bank . The funding is against
the accounts receivables of the company and its subsidiary. The SBF facility charges an interest of prime rate plus 1%
on a floating basis. The balance as of June 30, 2023, is $2,352
and $3,212
for the period ended December 31, 2022.
The Company has obtained a
credit facility from Agile Lending LLC in the month of May 2023. The balance as of June 30, 2023, is $1,179.
9)
Provision for Income Taxes
The
Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes. Deferred income taxes reflect the net tax
effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for income tax purposes. Management evaluates all available evidence about future taxable income and other possible sources of realization
of deferred tax assets. A valuation allowance is established to reduce deferred tax assets to an amount that represents management’s
best estimate of the amount of such deferred tax assets that more likely than not will be realized. To the extent the Company establishes
a valuation allowance or increased the allowance in any given period, an expense is recognized within the provision for income taxes
in the statement of income.
The
Company recognizes the tax benefit from uncertain tax position only if it is more likely than not that the tax position will be sustained
on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest
benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The Company recognizes interest and
penalties related to income tax matters as other expense in the statement of income. Based on management’s evaluations, there are
no uncertain tax positions requiring recognition as of the date of these financial statements.
The
components of the Company’s net deferred tax assets as of June 30, 2023 and December 31, 2022, were as follows (in thousands):
Schedule
of deferred tax assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, 2023 |
|
December
31, 2022 |
Deferred
tax assets: |
|
|
|
|
|
|
|
|
Net
Operating loss carry forward |
|
$ |
1,361 |
|
|
$ |
2,578 |
|
Stock-based
compensation |
|
|
(47 |
) |
|
|
(27 |
) |
Other
income (PPP loan forgiveness) |
|
|
— |
|
|
|
292 |
|
Total
Deferred tax asset |
|
|
1,314 |
|
|
|
2,843 |
|
Less:
Valuation allowance |
|
$ |
(1,314 |
) |
|
$ |
(2,843 |
) |
Deferred
tax asset. net of valuation allowance |
|
|
— |
|
|
|
— |
|
Deferred
tax liabilities |
|
|
— |
|
|
|
— |
|
Net
Deferred tax asset |
|
|
— |
|
|
|
— |
|
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
Income
tax expense (benefit) was computed as follows:
Schedule
of income tax expense benefit |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
June 30, 2022 |
Federal
income tax |
|
$ |
— |
|
|
$ |
— |
|
State
income tax |
|
|
5 |
|
|
|
1 |
|
Total
Income taxes , Current provision |
|
|
5 |
|
|
|
1 |
|
Deferred
Income taxes (benefit) |
|
|
— |
|
|
|
— |
|
Total
Income expenses (benefit) |
|
$ |
5 |
|
|
$ |
1 |
|
The
Company’s effective tax rate is 0%
for the quarter ended June 30, 2023 and 0%
and for the quarter ended June 30, 2022 The future effective income tax rate depends on various factors, such as the Company’s
income (loss) before taxes, tax legislation and the geographic composition of pre-tax income.
The
Company files a consolidated federal tax return with its parent and records its share of the consolidated federal tax expense on a separate
return basis. The Company’s current tax expense is nil. There is no liability in 2022 on account of losses.
The
Company’s federal and state income tax returns are generally subject to possible examination by the taxing authorities until the
expiration of the related statute of limitations on those tax returns which is generally three years from the original filing deadline.The
Company regularly reviews its deferred tax assets for recoverability based on historical taxable income, projected future taxable income,
the expected timing of the reversals of existing taxable temporary differences and tax planning strategies. The Company’s judgment
regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute
the business plans and/or tax planning strategies. Should there be a change in the ability to recover deferred tax assets, the Company’s
income tax provision would increase or decrease in the period in which the assessment is changed.
10)
New Accounting Pronouncements
i)
ASU 2021-08—Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts
with Customers. For public business entities, the amendments in this Update are effective for fiscal years beginning after December
15, 2022, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years
beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the amendments is permitted,
including adoption in an interim period. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on
its consolidated financial statements.
(ii)
ASU 2021-10—Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The
amendments in this Update are effective for all entities within their scope for financial statements issued for annual periods beginning
after December 15, 2021. Early application of the amendments is permitted. The Company is currently evaluating the impact that the adoption
of ASU 2016-02 will have on its consolidated financial statements.
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
11)
Legal Matters
The
Company is not involved in any action, arbitration and/or other legal proceedings that it expects to have a material adverse effect on
the business, financial condition, results of operations or liquidity of the Company. All legal cost is expensed as incurred.
12)
Share Based Compensation
We
estimate the fair value of our stock options using the Black-Scholes option pricing model. This requires the input of subjective assumptions,
including the fair value of our underlying common stock, the expected term of stock options, the expected volatility of the price of
our common stock, risk-free interest rates, and the expected dividend yield of our common stock, the most critical of which, prior to
our IPO, was the estimated fair value of common stock. The assumptions used in our option pricing model represent our best estimates.
These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions
are used, our stock-based compensation expense could be materially different in the future. The resulting fair value, net of actual forfeitures,
is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the award
These
assumptions used in the Black-Scholes option pricing model, other than the fair value of our common stock, are estimated as follows:
• |
|
Expected
volatility. Since a public market for our common stock did not exist prior to our IPO in October 2021 and, therefore, we do not have
an extensive trading history of our common stock, we estimated the expected volatility based on the volatility of similar publicly-held
entities (guideline companies) over a period equivalent to the expected term of the awards. In evaluating the similarity of guideline
companies to us, we considered factors such as industry, stage of life cycle, size, and financial leverage. We intend to continue
to consistently apply this process using the same or similar guideline companies to estimate the expected volatility until sufficient
historical information regarding the volatility of the share price of our common stock becomes available. |
• |
|
Expected
term. We estimate the expected term using the simplified method, as we do not have sufficient historical exercise activity to develop
reasonable expectations about future exercise patterns and post-vesting employment termination behaviour. The simplified method calculates
the average period the stock options are expected to remain outstanding as the midpoint between the vesting date and the contractual
expiration date of the award. |
• |
|
Risk-free
interest rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for maturities
corresponding with the expected term of the option. |
• |
|
Expected
dividend yield. We have never declared or paid any dividends and do not presently plan to pay dividends in the foreseeable future.
Consequently, we use an expected dividend yield of zero. |
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
We
are required to estimate the fair value of the common stock underlying our stock-based awards when performing fair value calculations
Historically
for all periods prior to our IPO, given the absence of a public trading market for our common stock, and in accordance with the American
Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation,
we exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair
value of our common stock including:
• |
|
contemporaneous
valuations performed at periodic intervals by unrelated third-party specialists |
• |
|
our
actual operating and financial performance. |
• |
|
relevant
precedent transactions involving our capital stock; |
• |
|
likelihood
of achieving a liquidity event, such as an initial public offering or a sale of our company given prevailing market conditions and
the nature and history of our business; |
• |
|
market
multiples of comparable companies in our industry; |
• |
|
industry
information such as market size and growth; |
• |
|
illiquidity
of stock-based awards involving securities in a private company; and
|
In
valuing our common stock prior to our IPO, our board of directors determined the enterprise value of our company using both the income
approach and market approach valuation methods. The income approach estimates value based on the expectation of future cash flows that
a company will generate. These future cash flows are discounted to their present values using a discount rate based on the cost of capital
at a company’s stage of development. The market approach estimates value based on a comparison of the subject company to comparable
public companies in a similar line of business. From the comparable companies, a representative market value multiple is determined and
then applied to the subject company’s financial results to estimate the enterprise value of the subject company.
A
summary of option activity under the employee share option plan as of December 31, 2023, and changes during the year then period is
presented below.
Schedule of stock option
activity | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Options | |
Shares
of Stock |
| |
No.
of Options | |
Weighted
Average Price | |
No.
of Shares | |
Weighted
Average Price | |
Total |
Balance
outstanding as at December 31, 2022 | |
| 208,514 | | |
| — | | |
| — | | |
| — | | |
| 208,514 | |
Additions
to the plan | |
| 200,000 | | |
| | | |
| | | |
| | | |
| | |
Incentive
Stock Options (ISO) | |
| | | |
| — | | |
| — | | |
| — | | |
| 200,000 | |
Non-Qualified
Stock Options (NSO) | |
| 88,076 | | |
| 3.6 | | |
| — | | |
| — | | |
| 880,757 | |
Cancelled/expired/exercised | |
| 12,386 | | |
| 4.0 | | |
| — | | |
| — | | |
| 12,386 | |
Balance
available under the plan as of March 31, 2023 | |
| 332,824 | | |
| — | | |
| — | | |
| — | | |
| 332,824 | |
Cancelled/expired/exercised | |
| 11,226 | | |
| 3.6 | | |
| — | | |
| — | | |
| 11,226 | |
Issued | |
| 70,000 | | |
| 3.9 | | |
| — | | |
| — | | |
| 70,000 | |
Balance available under the plan as of June 30, 2023 | |
| 274,050 | | |
| | | |
| | | |
| | | |
| 274,050 | |
HEALTHCARE
TRIANGLE, INC.
Notes
To Condensed Consolidated Financial Statements
(Unaudited)
(In
thousands except share and per share data)
The
following table summarizes the activities for our unvested options for the quarter ended June 30, 2023
Schedule
of unvested options | |
| |
|
| |
Number
of options | |
Weighted
average Grant Date Fair Value Per Option |
Unvested
on December 31, 2022 | | |
| 69,600 | | |
| 5.3 | |
Granted
| | |
| 88,076 | | |
| 3.6 | |
Vested
| | |
| (54,663 | ) | |
| 5.1 | |
Forfeited
| | |
| — | | |
| — | |
Unvested
on March 31, 2023 | | |
| 103,013 | | |
| 4.0 | |
Granted | | |
| — | | |
| — | |
Vested | | |
| (18,657 | ) | |
| 6.4 | |
Forfeited | | |
| — | | |
| — | |
Unvested on June 30, 2023 | | |
| 84,356 | | |
| 3.7 | |
The
weighted-average grant date fair value of options granted during the quarter ended June 30, 2023 was Nil and $3.6
during the quarter ended March 31, 2023. The fair
value as of the respective vesting dates of options that vested during the quarter ended June 30, 2023,was $119 and $278
during the quarter ended March 31, 2023.
As
of June 30, 2023, there was $309
of unrecognized share-based compensation expense
related to unvested options. This unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately two
years based on vesting under the award service conditions.
Schedule of assumptions | |
| |
|
Fair
value assumptions | |
2023 | |
2022 |
Expected
volatility | |
| 45%-52% | | |
| 45%-52% | |
Expected
terms (in years) | |
| 2 | | |
| 3 | |
Risk-free
interest rate | |
| 2.18%-3.57% | | |
| 1.48%-2.18% | |
Dividend
Yield | |
| 0% | | |
| 0% | |
13)
Net Income per share
The
Company presents basic and diluted earnings per share ("EPS") data for its common stock. Basic EPS is calculated by dividing
the net income attributable to stockholders of the Company by the weighted average number of shares of common stock outstanding during
the period. Diluted EPS is determined by adjusting the net income attributable to stockholders of the Company and the weighted average
number of shares of common stock outstanding during the period for the effects of all dilutive potential common shares, including awards
under stock-based compensation arrangements.
The
Company's unvested restricted stock awards are considered participating securities under FASB Codification topic, Earnings Per
Share, because they entitle holders to non-forfeitable rights to dividends until the awards vest or are forfeited. When a company
has a security that qualifies as a "participating security," the Codification requires the use of the two-class method when computing
basic EPS. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating
security according to dividends declared (or accumulated) and participation rights in undistributed earnings. In determining the amount
of net income to allocate to common stockholders, income is allocated to both common stock and participating securities based on their
respective weighted average shares outstanding for the period, with net income attributable to common stockholders ultimately equalling
net income less net income attributable to participating securities. Diluted EPS for the Company's common stock is computed using the
more dilutive of the two-class method or the treasury stock method.
The
company has 90,923
warranties that are exercisable at weighted average
price of $28.80
on June 30, 2023, and 90,923
warrant that are exercisable at weighted average
price of $28.80
at June 30, 2022.
The
company has 2,082,604
options that are vested and exercisable on June 30,2023.
Schedule
of earning per shares |
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
2023 |
|
2022 |
Net
income attributable to common stockholders |
|
$ |
(1,786 |
) |
|
$ |
(405 |
) |
Weighted
average shares outstanding used in basic per common share computations |
|
|
4,228,379 |
|
|
|
3,548,429 |
|
Basic
/Diluted EPS |
|
$ |
(0.42 |
) |
|
$ |
(0.11 |
) |
14)
Subsequent Events
For
the quarter ended June 30, 2023, the Company has evaluated subsequent events through August 09, 2023 the date, which the financial statements
were available to be issued. No reportable subsequent events have occurred through August 09, 2023, which would have a significant effect
on the financial statements as of June 30, 2023.
Item
2. Management’s discussion and analysis of financial condition and results of operations.
The
following discussion summarizes the significant factors affecting the operating results, financial condition, liquidity, and cash flows
of our Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with the
condensed consolidated financial statements and the related notes thereto, and the consolidated financial statements and the related
notes thereto all included elsewhere in this prospectus. The statements in this discussion regarding industry outlook, our expectations
regarding our future performance, liquidity, and capital resources, and all other non-historical statements in this discussion are forward-looking
statements and are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our
management. Actual results could differ materially from those discussed in or implied by forward looking statements as a result of various
factors, including those discussed below and elsewhere in this report, and in the sections entitled “Special Note Regarding Forward-Looking
Statements” and “Risk Factors” contained in the Company’s final prospectus for its initial public offering filed
with the Securities and Exchange Commission (‘SEC”).
Overview
Healthcare
Triangle, Inc. (the “Company”) is a leading healthcare information technology company focused on advancing innovative, industry-transforming
solutions in the areas of cloud services, data science, professional and managed services for the Healthcare and Life Sciences industry.
The
Company was formed on October 29, 2019, as a Nevada corporation and then converted into a Delaware corporation on April 24, 2020, to
provide IT and data services to the Healthcare and Life Sciences (“HCLS”) industry. The business commenced on January 1,
2020, after the Parent transferred its Life Sciences business to us. As of June 30, 2023, we had a total of 49 full time employees, 163
sub-contractors, including 79 certified cloud engineers, 96 Epic Certified EHR experts and 17 MEDITECH Certified EHR experts. Many of
the senior management team and the members of our board of directors hold advanced degrees and some are leading experts in software development,
regulatory science, and market access. During the quarter ended June 30, 2023, we generated revenues of approximately $ 8.5 million compared
to revenue of $ 11.5 million for the quarter ended June 30, 2022 which represents decrease of $ 3 million or 26% compared to the previous
year.
Our
approach leverages our proprietary technology platforms, extensive industry knowledge, and healthcare domain expertise to provide solutions
and services that reinforce healthcare progress. Through our platform, solutions, and services, we support healthcare delivery organizations,
healthcare insurance companies, pharmaceutical, and Life Sciences, biotech companies, and medical device manufacturers in their efforts
to improve data management, develop analytical insights into their operations, and deliver measurable clinical, financial, and operational
improvements.
We
offer a comprehensive suite of software, solutions, platforms, and services that enables some of the world’s leading healthcare
and pharma organizations to deliver personalized healthcare, precision medicine, advances in drug discovery, development and efficacy,
collaborative research and development, respond to real-world evidence, and accelerate their digital transformation. We combine our expertise
in the healthcare technology domain, cloud technologies, DevOps and automation, data engineering, advanced analytics, AI/ML, IoT, security,
compliance, and governance to deliver platforms and solutions that drive improved results in the complex workflows of Life Sciences,
biotech, healthcare providers, and payers. Our differentiated solutions, enabled by our intellectual property and delivered as a service,
provide advanced analytics, data science applications, and data aggregation in these highly regulated environments in a more compliant,
secure, and cost-effective manner to our customers.
Our
deep expertise in healthcare allows us to reinforce our clients’ progress by accelerating their innovation. Our healthcare IT services
include Electronic Health Records (EHR) and software implementation, optimization, extension to community partners, as well as application
managed services, and backup and disaster recovery capabilities on public cloud. Our 24x7 managed services are used by hospitals and
health systems, payers, Life Sciences, and biotech organizations in their effort to improve health outcomes and deliver deeper, more
meaningful patient and consumer experiences. Through our services, our customers achieve a return on investment in their technology by
delivering measurable improvements. Combined with our software and solutions, our services provide clients with an end-to-end partnership
for their technology innovation.
Our
Business Model
The
majority of our revenue is generated by our full-time employees who provide software services and Managed Services and Support to our
clients in the Healthcare and Life Sciences industry. Our software services include strategic advisory, implementation and development
services and Managed Services and Support include post implementation support and cloud hosting.
Impacts
of the COVID-19 Pandemic
The
COVID-19 pandemic has had, and is likely to continue to have, a severe and unprecedented impact on the world and on our business. Measures
to prevent its spread, including government-imposed restrictions on large gatherings, closures of face-to-face events, “shelter
in place” health orders and travel restrictions have had a significant effect on certain of our business operations. In response
to these business disruptions, which include a transition to remote working, reducing certain of our discretionary expenditures and eliminating
non-essential travel particularly with respect to COVID-19 impacted operation and complying with health and safety guidelines to protect
employees, contractors, and customers.
There
has been no major impact on account of COVID19 during the quarter ended June 30, 2023.
The
Company has obtained necessary funding to manage our short-term working capital requirements. The Company has not altered any credit
terms with its customers and the realization from the customers have generally been on time. The Company has been able to service its
debt and other obligations on time. There has been no material impact on the operational liquidity and capital resources on account of
COVID-19.
Key
Factors of Success
We
believe that our future growth, success, and performance are dependent on many factors, including those mentioned below. While these
factors present significant opportunities for us, they also represent the challenges that we must successfully address in order to grow
our business and improve our results of operations.
Investment
in scaling the business
We
need to continuously invest in sales, and marketing to promote our solutions to new and existing customers in various geographies, and
other operational and administrative functions in systems, controls and governance to support our expected growth and our transition
to a public company. We anticipate that our employee strength will increase because of these investments.
Adoption
of our solutions by new and existing customers
We
believe that our ability to increase our customer base will enable us to drive growth. Most of our customers initially deploy our solutions
within a division or geography and may only initially deploy a limited set of our available solutions. Our future growth is dependent
upon our existing customers’ continued success and renewals of our solutions agreements, deployment of our solutions to additional
divisions or geographies and the purchase of subscriptions to additional solutions. Our growth is also dependent on the adoption of our
solutions by new customers. Our customers are large organizations who typically have long procurement cycles which may lead to declines
in the pace of our new customer additions.
Subscription
services adoption
The
key factor to our success in generating substantial recurring subscription revenues in future will be our ability to successfully market
and persuade new customers to adopt our SaaS offerings. We are in the early stages of marketing our SaaS offerings such as DataEz, CloudEz
and Readabl.AI, and do not yet have enough information about our competition or customer acceptance to determine whether or not recurring
subscription revenue from these offerings will have a material impact on our revenue growth.
Mix
of solutions and software services revenues
Another
factor to our success is the ability to sell our solutions to the existing software services customers. During the initial period of
deployment by a customer, we generally provide a greater number of services including advisory, implementation and training. At the same
time, many of our customers have historically purchased our solutions after the deployment. Hence, the proportion of total revenues for
a customer associated with software services is relatively high during the initial deployment period. While our software services help
our customers achieve measurable improvements and make them stickier, they have lower gross margins than solution-based revenue. Over
time, we expect the revenues to shift towards recurring and subscription-based revenues.
Components
of Results of Operations
Revenues
We provide
our services and manage our business under these operating segments:
• | | Managed Services
and Support |
Software
Services
The
Company earns revenue primarily through the sale of software services that is generated from providing strategic advisory, implementation,
and development services. The Company enters into Statement of Work (SOW) which provides for service obligations that need to be fulfilled
as agreed with the customer. The majority of our software services arrangements are billed on a time and materials basis and revenues
are recognized over time based on time incurred and contractually agreed upon rates. Certain software services revenues are billed on
a fixed fee basis and revenues are typically recognized over time as the services are delivered based on time incurred and customer acceptance.
We recognize revenue when we have the right to invoice the customer using the allowable practical expedient under ASC 606-10-55-18 since
the right to invoice the customer corresponds with the performance obligations completed.
Managed
Services and Support
Managed
Services and Support include post implementation support and cloud hosting. Managed Services and Support are a distinct performance obligation.
Revenue for Managed Services and Support is recognized rateably over the life of the contract.
Platform
Services
Platform
Services from CloudEz, DataEz are offered both as a solution delivery model and as Software as a Service (SaaS) on a subscription model.
readbl.ai is offered only as Software as a Service (SaaS) on a subscription model.
The
revenue from solutions delivery model contains a series of separately identifiable and distinct services that represent performance obligations
that are satisfied over time. During the periods presented the company generated Platform revenue on SaaS, which is recurring revenue.
Our
SaaS agreements are generally non-cancellable during the term, although customers typically will have the right to terminate their agreements
for cause in the event of material breach.
SaaS
revenues will be recognized rateably over the respective non-cancellable subscription term because of the continuous transfer of control
to the customer. Our subscription arrangements will be considered service contracts, and the customer will not have the right to take
possession of the software Segment wise revenue breakup.
Cost
of Revenue
Cost
of revenue consists primarily of employee-related costs associated with the rendering of our services, including salaries, benefits and
stock-based compensation expense, the cost of subcontractors, travel costs, cloud hosting charges and allocated overhead the cost of
providing professional services is significantly higher as a percentage of the related revenues than for our subscription services due
to the direct labor costs and costs of subcontractors. Our business and operational models are designed to be highly scalable and leverage
variable costs to support revenue-generating activities.
While
we may grow our headcount overtime to capitalize on our market opportunities, we believe our increased investment in automation, electronic
health record integration capabilities, and economies of scale in our operating model, will position us to grow our platform solutions
revenue at a greater rate than our cost of revenue.
Operating
Expenses
Research
and Development
Research
and development expense (majorly our investment in innovation) consists primarily of employee-related expenses, including salaries, benefits,
incentives, employment taxes, severance, and equity compensation costs for our software developers, engineers, analysts, project managers,
and other employees engaged in the development and enhancement of our cloud-based platform applications. Research and development expenses
also include certain third-party consulting fees. Our research and development expense excludes any depreciation and amortization.
We
expect to continue our focus on developing new product offerings and enhancing our existing product offerings. As a result, we expect
our research and development expense to increase in absolute dollars, although it may vary from period to period as a percentage of revenue.
Sales
and Marketing
Sales
and marketing expense consists primarily of employee-related expenses, including salaries, benefits, commissions, travel, discretionary
incentive compensation, employment taxes, severance, and equity compensation costs for our employees engaged in sales, sales support,
business development, and marketing. Sales and marketing expense also includes operating expenses for marketing programs, research, trade
shows, and brand messages, and public relations costs.
We
expect our sales and marketing expenses to continue to increase in absolute dollar terms as we strategically invest to expand our business,
although it may vary from period to period as a percentage of total revenues.
General
and Administrative
Our
general and administrative expenses consist primarily of employee-related expenses including salaries, benefits, discretionary incentive
compensation, employment taxes, severance, and stock-based compensation expenses, for employees who are responsible for management information
systems, administration, human resources, finance, legal, and executive management. The general and administrative expenses also include
occupancy expenses (including rent, utilities, and facilities maintenance), professional fees, consulting fees, insurance, travel, contingent
consideration, transaction costs, integration costs, and other expenses. Our general and administrative expenses exclude depreciation
and amortization.
In
the nearest future, we expect our general and administrative expenses to continue to increase to support business growth. Over the long
term, we expect general and administrative expenses to decrease as a percentage of revenue.
Depreciation
and Amortization Expenses
Our
depreciation and amortization expense consists primarily of depreciation of fixed assets, amortization of Customer relationship and capitalized
software development costs, and amortization of intangible assets. We expect our depreciation and amortization expense to increase as
we expand our business organically and through acquisitions.
Other
Income (Expense), Net
Other
income (expense), net consists of finance cost and gains or losses on foreign currency.
Deferred
revenues
Advanced
billings to clients in excess of revenue earned are recorded as deferred revenue until the revenue recognition criteria are met.
Unbilled
accounts receivable
Unbilled
accounts receivable is a contract asset related to the delivery of our professional services for which the related billings will occur
in a future period. Unbilled receivables are classified as accounts receivable on the consolidated balance sheet. Although we believe
that our approach to estimates and judgments regarding revenue recognition is reasonable, actual results could differ and we may be exposed
to increases or decreases in revenue that could be material.
Provision
for Income Taxes
Provision
for income taxes consists of federal and state income taxes in the United States, including deferred income taxes reflecting the net
tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes.
Results
of Operations
The
following tables set forth selected consolidated statements of operations data and such data as a percentage of total revenues for each
of the periods indicated:
| |
Three Months Ended June 30, | |
Six Months Ended June 30, |
| |
2023 | |
% Sales | |
2022 | |
% Sales | |
2023 | |
% Sales | |
2022 | |
% Sales |
| |
(In thousands) | |
(In thousands) | |
(In thousands) | |
(In thousands) |
Revenue | |
$ | 8,526 | | |
| 100 | % | |
$ | 11,588 | | |
| 100 | % | |
$ | 18,364 | | |
| 100 | % | |
$ | 22,644 | | |
| 100 | % |
Cost of Revenue (exclusive of depreciation /amortization) | |
| 6,579 | | |
| 77 | % | |
| 8,429 | | |
| 73 | % | |
| 14,824 | | |
| 81 | % | |
| 16,591 | | |
| 73 | % |
Research and Development | |
| 102 | | |
| 1 | % | |
| 646 | | |
| 6 | % | |
| 641 | | |
| 3 | % | |
| 1,712 | | |
| 8 | % |
Sales and Marketing | |
| 1,026 | | |
| 12 | % | |
| 1,651 | | |
| 14 | % | |
| 2,787 | | |
| 15 | % | |
| 3,391 | | |
| 15 | % |
General and Administrative | |
| 1,612 | | |
| 19 | % | |
| 1,451 | | |
| 13 | % | |
| 3,240 | | |
| 18 | % | |
| 2,802 | | |
| 12 | % |
Depreciation and Amortization | |
| 802 | | |
| 9 | % | |
| 844 | | |
| 7 | % | |
| 1,676 | | |
| 9 | % | |
| 1,555 | | |
| 7 | % |
Other Income | |
| — | | |
| 0 | % | |
| (1,087 | ) | |
| (9 | %) | |
| (12 | ) | |
| (0 | %) | |
| (1,087 | ) | |
| (5 | %) |
Interest expense | |
| 186 | | |
| 2 | % | |
| 58 | | |
| 1 | % | |
| 248 | | |
| 1 | % | |
| 74 | | |
| 0 | % |
Income tax | |
| 5 | | |
| 0 | % | |
| 1 | | |
| 0 | % | |
| 24 | | |
| 0 | % | |
| 22 | | |
| 0 | % |
Net income (loss) | |
$ | (1,786 | ) | |
| (21 | %) | |
$ | (405 | ) | |
| (3 | %) | |
$ | (5064 | ) | |
| (28 | %) | |
$ | (2,416 | ) | |
| (11 | %) |
Three
Months Ended June 30, 2023 and June 30, 2022
Revenue
from operations
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Revenue | | |
$ | 8,526 | | |
$ | 11,588 | | |
$ | (3,062 | ) | |
| (26 | %) |
Revenue
decreased by $3 million, or 26% to $8.5 million for the quarter ended June 30, 2023, as compared to $11.5 million for the quarter ended
June 30, 2022. Revenue from Software Services , Managed Services and support and Platform services have reduced resulting in net decrease
in revenue. The Software Services are typically short-term engagements to provide software consulting and development services, which
do not require continual third-party maintenance. Managed Services and Support such as cloud hosting and cloud disaster recovery call
for services on a continuous basis and allow for strengthening of client relationships.
Our
top 5 customers accounted for 81% of the revenue in quarter ended June 30, 2023, and 73% during quarter ended June 30, 2022, respectively.
The
following table has the breakdown of our revenues for the quarter ended June 30, 2023, and 2022 for each of our top 5 customers. Two
of the top 5 customers in 2023 are not the same for 2022.
Top
Five Customers Revenue for three months ended June 30, 2023 and 2022.
2023
(In thousands, except percentages) | |
|
Customer | |
Amount | |
% of Revenue |
Customer 1 | |
$ | 4,519 | | |
| 53 | % |
Customer 2 | |
| 912 | | |
| 11 | % |
Customer 3 | |
| 622 | | |
| 7 | % |
Customer 4 | |
| 539 | | |
| 6 | % |
Customer 5 | |
$ | 319 | | |
| 4 | % |
2022
(In thousands, except percentages) | |
|
Customer | |
Amount | |
% of Revenue |
Customer 1 | |
$ | 4,517 | | |
| 39 | % |
Customer 2 | |
| 1,744 | | |
| 15 | % |
Customer 3 | |
| 920 | | |
| 8 | % |
Customer 4 | |
| 845 | | |
| 7 | % |
Customer 5 | |
$ | 440 | | |
| 4 | % |
The
following table provides details of Customer 1 revenue by operating segments:
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Software Services | |
$ | 4,087 | | |
$ | 3,698 | | |
$ | 389 | | |
| 11 | % |
Managed Services and Support | |
| 432 | | |
| 819 | | |
| (387 | ) | |
| (47 | %) |
Platform Services | |
| — | | |
| — | | |
| — | | |
| 0 | % |
Total Revenue | |
$ | 4,519 | | |
$ | 4,517 | | |
$ | 2 | | |
| 0 | % |
Revenue
from Customer 1 has no significant change in overall revenue in comparison to the quarter ended June 30, 2023 and June 30, 2022
Cost
of Revenue (exclusive of depreciation /amortization)
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Cost of Revenue (exclusive of depreciation /amortization) | |
$ | 6,579 | | |
$ | 8,429 | | |
$ | (1,850 | ) | |
| (22 | %) |
Cost
of revenue, excluding depreciation and amortization decreased by $1.8 million, or 22%, to $6.6 million for the quarter ended June 30,
2023, as compared to $8.4 million for the quarter ended June 30, 2022.
Research
and Development
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Research and Development | |
$ | 102 | | |
$ | 646 | | |
$ | (544 | ) | |
| (84 | %) |
Research
and Development expenses decreased by $0.5 million, or 84% to $0.1 million for the quarter ended June 30, 2023, as compared to $0.65
million for the quarter ended June 30, 2022.
Sales
and Marketing
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Sales and Marketing | |
$ | 1,026 | | |
$ | 1,651 | | |
$ | (625 | ) | |
| (38 | %) |
Sales
and Marketing expenses decreased by $0.63 million, or 38% to $1 million for the quarter ended June 30, 2023, as compared to $1.65 million
for the quarter ended June 30, 2022, this is primarily due to reduction in headcount and stock compensation expenses
General
and Administrative
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
General and Administrative | |
$ | 1,612 | | |
$ | 1,451 | | |
$ | 161 | | |
| 11 | % |
General
and Administrative expenses increased by $0.16 million, or 11% to $1.6 million for the quarter ended June 30, 2023, as compared to $1.45
million for the quarter ended June 30, 2022.
Depreciation
and amortization
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Depreciation and amortization | |
$ | 802 | | |
$ | 844 | | |
$ | (42 | ) | |
| (5 | %) |
Depreciation
and amortization expenses decreased by $0.04 million, or 5% to $0.8 million for the quarter ended June 30, 2023, as compared to $0.84
million for the quarter ended June 30, 2022.
Interest
expense
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Interest expense | |
$ | 186 | | |
$ | 58 | | |
$ | 128 | | |
| 221 | % |
Interest
expenses increased by $0.13 million, or 221% to $0.19 million for the quarter ended June 30, 2023, as compared to $0.06 million for the
quarter ended June 30, 2022, the increase was due to additional funding during the quarter.
Provision
for Income Taxes
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Income taxes | |
$ | 5 | | |
$ | 1 | | |
| $ | | |
| 4 | | |
| 400 | % |
Income
tax increased by $0.004 million, or 400% to $0.005 million for the quarter ended June 30, 2023, as compared to $0.001 million for the
quarter ended June 30, 2022.
Revenue,
Cost of Revenue and Operating Profit by Operating Segment
We
manage and report our business under three operating segments which are Software Services, Managed Services and Support and Platform
Services.
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Software Services | |
$ | 5,185 | | |
$ | 6,585 | | |
$ | (1,400 | ) | |
| (21 | %) |
Managed Services and Support | |
| 2,865 | | |
| 3,903 | | |
| (1,038 | ) | |
| (27 | %) |
Platform Services | |
| 476 | | |
| 1,100 | | |
| (624 | ) | |
| (57 | %) |
Revenue | |
$ | 8,526 | | |
$ | 11,588 | | |
$ | (3,062 | ) | |
| (26 | %) |
Revenue
from Software Services decreased by $1.4 million, or 21% to $5.1 million for the quarter ended June 30, 2023, as compared to $6.5 million
for the quarter ended June 30, 2022. Revenue from Managed Services and Support decreased by $1.03 million, or 27% to $2.8 million for
the quarter ended June 30, 2023, as compared to $3.9 million for the quarter ended June 30, 2022. Revenue from Platform Services decreased
by $0.6 million, or 57% to $0.48 million for the quarter ended June 30, 2023, as compared to $1.1 million for the quarter ended June
30, 2022.
Factors
affecting revenues of Software Services, Managed Services and Support and Platform Services
Our
strategy is to achieve meaningful long-term revenue growth through sales of Managed Services and Support and Platform Services to existing
and new clients within our target market. In order to increase our cross-selling opportunity between our operating segments and realize
long time revenue growth, our focus has shifted more towards Managed Services and Support and Platform Services which is of recurring
nature when compared to Software Services segment which is of non-recurring nature. This also helps in retaining existing customers by
leveraging our Managed Services and Support and Platform Services as a growth agent. This renewed focus on driving demand for subscription
and platform-based model will help us in expanding our customer base and enhance customer retention which is a challenge for our existing
Software Services segment. Software Services contracts are driven by Time and Material and on-site employees delivering services at customers
location.
Cost
of Revenue
| |
Three Months Ended June 30, | |
Changes |
| |
2023 | |
2022 | |
Amount | |
% |
| |
(In thousands, except percentages) |
Software Services | |
$ | 4,245 | | |
$ | 5,145 | | |
$ | (900 | ) | |
| (17 | %) |
Managed Services and Support | |
| 2,043 | | |
| 2,618 | | |
| (575 | ) | |
| (22 | %) |
Platform Services | |
| 290 | | |
| 666 | | |
| (376 | ) | |
| (56 | %) |
Cost of Revenue | |
$ | 6,578 | | |
$ | 8,429 | | |
$ | (1,851 | ) | |
| (22 | %) |
Cost
of Revenue from Software Services decreased by $0.9 million, or 17% to $4.2 million for the quarter ended June 30, 2023, as compared
to $5.1 million for the quarter ended June 30, 2022. Cost of Revenue from Managed Services and Support decreased by $0.57 million, or
22% to $2 million for the quarter ended June 30, 2023, as compared to $2.6 million for the quarter ended June 30, 2022. Cost of Revenue
from Platform Services decreased by $0.38 million, or 56% to $0.29 million for the quarter ended June 30, 2023, as compared to $0.67
million for the quarter ended June 30, 2022.
Segment
operating profits by reportable segment were as follows:
Operating profit by Operating Segment | |
| |
| |
| |
|
| |
Three months Ended June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | (643 | ) | |
$ | (321 | ) | |
$ | (322 | ) | |
| (101 | %) |
Managed Services and Support | |
| 822 | | |
| 1,284 | | |
| (462 | ) | |
| (36 | %) |
Platform Services | |
| 84 | | |
| (212 | ) | |
| 296 | | |
| 140 | % |
Total segment operating (loss) profit | |
| 263 | | |
| 751 | | |
| (488 | ) | |
| (65 | %) |
Less: unallocated costs | |
| 1,858 | | |
| 2,184 | | |
| (326 | ) | |
| (15 | %) |
Income (loss) from operations | |
| (1,595 | ) | |
| (1,433 | ) | |
| (162 | ) | |
| (11 | %) |
Other Income | |
| — | | |
| 1,087 | | |
| (1,087 | ) | |
| (100 | %) |
Interest expense | |
| (186 | ) | |
| (58 | ) | |
| (128 | ) | |
| (221 | %) |
Net income (loss) before income tax expenses | |
$ | (1,781 | ) | |
$ | (404 | ) | |
$ | (1,377 | ) | |
| (341 | %) |
Operating
loss from Software Services increased by $0.3 million, or 101% to $0.6 million for the quarter ended June 30, 2023, as compared to operating
loss of $0.3 million for the quarter ended June 30, 2022. Operating profit from Managed Services and Support decreased by $0.46 million,
or 36% to $0.8 million for the quarter ended June 30, 2023, as compared to $1.3 million for the quarter ended June 30, 2022. Operating
profit from Platform Services increased by $0.3 million, or 140% to $0.08 million for the quarter ended June 30, 2023, as compared to
$ (0.2) million for the quarter ended June 30, 2022.
Liquidity
and Capital Resources
Liquidity
The
current ratio measures a company's ability to pay off its current liabilities (payable within one year) with its total current assets
such as cash, accounts receivable, and inventories. The higher the ratio, the better the company's liquidity position. A good current
ratio is between 1.2 to 2, which means that a business has 2 times more current assets than liabilities to covers its debts. The Company’s
current ratio, based on the three months ended June 30, 2023, financial statement is 0.9 compared to 1.3 for the financial year ended
December 31, 2022.
The
Company’s current debt equity ratio, based on the three months ended June 30, 2023, financial statement is 0.45, for the quarter
ended June 30, 2023, compared to 0.20 for the quarter ended December 31, 2022. A debt-to-equity ratio below 1 means that a company has
lower exposure to debts than equity.
The
Company does not have inventory and hence the quick ratio is the same as current ratio.
Sources
of Liquidity
As
of June 30, 2023, our principal sources of liquidity consisted of cash and cash equivalents of $0.13 million. We believe that our cash
and cash equivalents as of June 30, 2023, and the future operating cash flows of the entity will provide adequate resources to fund ongoing
cash requirements. If sources of liquidity are not available or if we cannot generate sufficient cash flow from operations during the
next twelve months, we may be required to obtain additional sources of funds through additional operational improvements, capital market
transactions, asset sales or financing from third parties, a combination thereof or otherwise. We cannot provide assurance that these
additional sources of funds will be available or, if available, would have reasonable terms.
|
|
As
of
June 30,
2023 |
|
As
of
June 30,
2022 |
|
|
(In
thousands) |
Cash
and cash equivalents |
|
$ |
132 |
|
|
$ |
1,363 |
|
Short-term
investments |
|
|
— |
|
|
|
— |
|
Total
cash, cash equivalents and short-term investments |
|
$ |
132 |
|
|
$ |
1,363 |
|
As
of June 30, 2023, our principal sources of liquidity for working capital purposes were cash, cash equivalents and short-term investments
totaling $0.13 million.
We
have financed our operations primarily through financing activity and operating cash flows. We believe our existing cash, cash equivalents
and short-term investments generated from operations will be sufficient to meet our working capital over the next 12 months. Our future
capital requirements will depend on many factors including our growth rate, subscription renewal activity, the expansion of sales and
marketing activities and the ongoing investments in platform development.
Cash
Flows
The
following table presents a summary of our consolidated cash flows provided by (used in) operating, investing, and financing activities
for the periods indicated:
| |
As of June 30, 2023 | |
As of June 30, 2022 |
| |
(In thousands) |
Cash flows provided by operating activities | |
$ | (2,826 | ) | |
$ | 602 | |
Cash flows used in investing activities | |
| (2 | ) | |
| (2022 | ) |
Cash flows provided by financing activities | |
| 1,619 | | |
| 1,013 | |
Net increase in cash and cash equivalents | |
$ | (1,209 | ) | |
$ | (407 | ) |
Operating
Activities
Net
Cash generated (used) by operating activities during the six months ended June 30, 2023, was $ (2.8) million compared to $0.6 million
for the six months ended June 30, 2022.
Investing
Activities
Net cash used in investing activities was $ (0.002) million for the
six months ended June 30, 2023, and $ (2) million for the six months ended June 30, 2022.
Financing
Activities
Cash
(outflow)/inflow from financing activities was $1.6 million for the six months ended June 30, 2023, and $1 million for the six months
ended June 30, 2022.
Off-Balance
Sheet Arrangements
We
do not have any relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose
entities that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow
or limited purposes as defined by Item 303(a)(4) of SEC Regulation S-K, as of June 30, 2023.
Item
3. Quantitative and Qualitative Disclosures about Market Risk.
We
did not have investments and do not utilize derivative financial instruments to manage our interest rate risks.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures and Changes in Internal Control over Financial Reporting
Disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) are designed to ensure that information required to be disclosed
by us in reports we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported
within the appropriate time periods, and that such information is accumulated and communicated to the Chief Executive Officer and Chief
Financial Officer, as appropriate, to allow timely discussions regarding required disclosure. We, under the supervision of and with the
participation of our management, including our Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness
of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded
that the design and operation of our disclosure controls and procedures were effective as of June 30, 2023.
Changes
in Internal Control over Financial Reporting
There
were no changes to our internal control over financial reporting during the three months ended June 30, 2023, that have materially affected,
or are reasonable likely to materially effect, our internal controls over financial reporting.
PART
II
OTHER
INFORMATION
Item
1. Legal Proceedings.
From
time to time, we are involved in routine litigation that arises in the ordinary course of business. We are not currently involved in
any claims outside the ordinary course of business that are material to our financial condition or results of operations.
Item
1A. Risk Factors.
As
of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our Annual Report
on Form 10-K , filed with the SEC on March 28, 2023. We may disclose changes to such factors or disclose additional factors from time
to time in our future filings with the SEC.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Not
Applicable
Item
3. Defaults Upon Senior Securities.
Not
Applicable
Item
4. Mine Safety Disclosures.
Not
Applicable
Item
5. Other Information
None
Item
6. Exhibits
Exhibit No. |
Description |
3.1 |
Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement No. 333-259180, initially filed on August 30, 2021) |
3.2 |
Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement No. 333-259180, initially filed on August 30, 2021) |
3.3 |
Amendment to Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement No. 333-259180, initially filed on August 30, 2021) |
3.4 |
Series A Preferred Stock Certificate of Designation (incorporated by reference to Exhibit 3.4 to the Company’s Registration Statement No. 333-259180, initially filed on August 30, 2021) |
3.5 |
Series A Preferred Stock Amended and Restated Certificate of Designations (incorporated by reference to Exhibit 3.5 to the Company’s Registration Statement No. 333-259180, initially filed on August 30, 2021) |
4.1 |
Form of Underwriter’s Warrant (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement No. 333-259180, initially filed on August 30, 2021) |
10.1 |
Form of Common Stock Purchase Warrant issued pursuant to the Securities Purchase Agreement (incorporated by reference to Exhibit 10.5 to the Registrant’s Registration Statement No. 333-259180, initially filed on August 30, 2021) |
10.2 |
The Company’s 2020 Stock Incentive Plan (incorporated by reference to Exhibit 10.6 to the Registrant’s Registration Statement No. 333-259180, initially filed on August 30, 2021) |
10.3 |
Form of Grant (incorporated by reference to Exhibit 10.7 to the Registrant’s Registration Statement No. 333-259180, initially filed on August 30, 2021) |
10.4 |
Master Services Agreement dated January 1, 2021 between the Company and SecureKloud Technologies, Inc. (incorporated by reference to Exhibit 10.8 to the Company’s Annual Report on Form 10-K filed on March 28, 2023.) |
10.5 |
Shared Services Agreement dated January 1, 2021 between the Company and SecureKloud Technologies, Inc. (incorporated by reference to Exhibit 10.9 to the Company’s Annual Report on Form 10-K filed on March 28, 2023.) |
10.6 |
Rental Sublease Agreement dated January 1, 2021 between SecureKloud Technologies, Inc. and the Company (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K filed on March 28, 2023.) |
10.7 |
Offer letter dated January 1, 2020 between the Company and Anand Kumar (incorporated by reference to Exhibit 10.12 to the Registrant’s Registration Statement No. 333-259180, initially filed on August 30, 2021.) |
10.8 |
IT Master Services Agreement effective as of May 1, 2017 between F. Hoffmann-La Roche Ltd and the Company (incorporated by reference to Exhibit 10.14 to the Registrant’s Registration Statement No. 333-259180, initially filed on August 30, 2021.) |
10.9 |
Form of Statement of Work under Master Services Agreement between F. Hoffmann-La Roche Ltd and the Company (incorporated by reference to Exhibit 10.15 to the Registrant’s Registration Statement No. 333-259180, initially filed on August 30, 2021.) |
10.10 |
Form of Common Stock Purchase Warrant to be issued to the Placement Agent for the Note and Warrant Private Offering (incorporated by reference to Exhibit 10.16 to the Registrant’s Registration Statement No. 333-259180, as amended and filed on September 27, 2021.) |
10.11 |
Share Purchase Agreement, dated December 10, 2021, among Healthcare Triangle, Inc., Devcool, Inc., Go To Assistance Inc., and Mr. Sandeep Deokule. (Incorporated by reference to the Company’s Current Report on Form 8-K filed on December 14, 2021.) |
10.12 |
Convertible Promissory Note, dated December 10, 2021 made to Go To Assistance Inc. (Incorporated by reference to the Company’s Annual Report on Form 10-K filed on March 8, 2022.) |
10.13 |
Consulting Agreement dated December 10, 2021 between the Company and Sandeep Deokule (Incorporated by reference to the Company’s Annual Report on Form 10-K filed on March 8, 2022.) |
21.1 |
List of Subsidiaries of the Company (Incorporated by reference to the Company’s Annual Report on Form 10-K filed on March 8, 2022.) |
31.1* |
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2* |
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1+ |
Certification of the Chief Executive Officer pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2+ |
Certification of the Chief Financial Officer pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
*Filed
herewith
+ Furnished
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.
|
HEALTHCARE
TRIANGLE, INC. |
|
|
Date:
August 10, 2023 |
/s/
Dave Rosa |
|
Dave
Rosa |
|
Chairman
of the Board and Director |
|
|
Date:
August 10, 2023 |
/s/
Lakshmanan Kannappan |
|
Lakshmanan
Kannappan |
|
Head
of Strategic Partnership |
|
(Principal
executive officer) |
|
|
Date:
August 10, 2023 |
/s/
Thyagarajan Ramachandran |
|
Thyagarajan
Ramachandran |
|
Chief
Financial Officer (principal financial and accounting officer, and principal executive officer) |
CERTIFICATION
PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I,
Lakshmanan Kannappan, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2023 of Healthcare Triangle, Inc.;
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 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 13a–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 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
10, 2023
By: /s/
Lakshmanan Kannappan
Name: Lakshmanan
Kannappan
Title:
Head of Strategic Partnership
(Principal
Executive Officer)
CERTIFICATION
PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I,
Thyagarajan Ramachandran, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2023 of Healthcare Triangle, Inc.;
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 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 13a–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 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
10, 2023
By: /s/Thyagarajan
Ramachandran
Name: Thyagarajan
Ramachandran
Title:
Chief Financial Officer
(Principal
Financial Officer)
CERTIFICATION
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
(18
U.S.C. Section 1350)
In
connection with the Quarterly Report on Form 10-Q of Healthcare Triangle, Inc. (the “Company”) for the period ending
June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant
to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1) | | The Report fully
complies with the requirements of section 13(a) or 15(d) 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
10, 2023
By: /s/
Lakshmanan Kannappan
Name: Lakshmanan
Kannappan
Title:
Head of Strategic Partnership
(Principal
Executive Officer)
CERTIFICATION
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
(18
U.S.C. Section 1350)
In
connection with the Quarterly Report on Form 10-Q of Healthcare Triangle, Inc. (the “Company”) for the period ending
June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant
to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1) | | The Report fully
complies with the requirements of section 13(a) or 15(d) 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
10, 2023
By: /s/Thyagarajan
Ramachandran
Name: Thyagarajan
Ramachandran
Title:
Chief Financial Officer
(Principal
Financial Officer)
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 09, 2023 |
Cover [Abstract] |
|
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Document Type |
10-Q
|
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Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-40903
|
|
Entity Registrant Name |
HEALTHCARE
TRIANGLE, INC.
|
|
Entity Central Index Key |
0001839285
|
|
Entity Tax Identification Number |
84-3559776
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
7901
Stoneridge Drive
|
|
Entity Address, Address Line Two |
Suite
220
|
|
Entity Address, City or Town |
Pleasanton
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
94588
|
|
City Area Code |
(925)
|
|
Local Phone Number |
270-4812
|
|
Title of 12(b) Security |
Common
Stock, $0.0001 par value
|
|
Trading Symbol |
HCTI
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
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Entity Interactive Data Current |
Yes
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true
|
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true
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalents |
$ 132
|
$ 1,341
|
Accounts receivable |
4,476
|
5,592
|
Other current assets |
816
|
816
|
Total current assets |
5,424
|
7,749
|
Property and equipment, net |
57
|
80
|
Intangible assets, net |
8,921
|
10,570
|
Goodwill |
1,289
|
1,289
|
Due from affiliates |
1,377
|
1,075
|
Total assets |
16,068
|
20,763
|
Current liabilities |
|
|
Accounts payable |
926
|
1,481
|
Warrant Liability |
55
|
55
|
Short term borrowing |
3,531
|
2,412
|
Other current liabilities |
1,278
|
2,200
|
Total current liabilities |
5,790
|
6,148
|
Long-term liabilities |
|
|
Contingent Consideration |
2,227
|
2,227
|
Total current and long-term liabilities |
8,017
|
8,375
|
Stockholders' equity |
|
|
Preferred stock, par value $ 0.00001 ; 10,000,000 authorized |
|
|
Common stock, par value $0.0001; 10,000,000 authorized 4,277,863 and 4,170,953 shares issued and outstanding as of June 30, 2023 and December 31, 2022 respectively |
|
0
|
Additional paid-in capital |
25,683
|
24,956
|
Retained earnings |
(17,632)
|
(12,568)
|
Total stockholders' equity |
8,051
|
12,388
|
Total liabilities and stockholders' equity |
16,068
|
20,763
|
Series A Preferred Stock [Member] |
|
|
Stockholders' equity |
|
|
Preferred stock, par value $ 0.00001 ; 10,000,000 authorized |
$ 0
|
$ 0
|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred Stock, Par or Stated Value Per Share |
|
$ 0.00001
|
Preferred Stock, Shares Authorized |
|
10,000,000
|
Preferred stock voting shares |
|
6,000
|
Common Stock, Par or Stated Value Per Share |
|
$ 0.0001
|
Common Stock, Shares Authorized |
|
10,000,000
|
Common Stock, Shares, Outstanding |
4,277,863
|
4,170,953
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net revenue |
$ 8,526
|
$ 11,588
|
$ 18,364
|
$ 22,644
|
Cost of revenue (exclusive of depreciation and amortization shown separately below) |
6,579
|
8,429
|
14,824
|
16,591
|
Operating expenses |
|
|
|
|
Research and development |
102
|
646
|
641
|
1,712
|
Sales and Marketing |
1,026
|
1,651
|
2,787
|
3,391
|
General and Administrative |
1,612
|
1,451
|
3,240
|
2,802
|
Depreciation and amortization |
802
|
844
|
1,676
|
1,555
|
Total operating expenses |
3,542
|
4,592
|
8,344
|
9,460
|
Loss from operation |
(1,595)
|
(1,433)
|
(4,804)
|
(3,407)
|
Other income |
|
1,087
|
12
|
1,087
|
Interest expense |
(186)
|
(58)
|
(248)
|
(74)
|
Loss before income tax |
(1,781)
|
(404)
|
(5,040)
|
(2,394)
|
Provision for Income tax |
(5)
|
(1)
|
(24)
|
(22)
|
Net loss |
$ (1,786)
|
$ (405)
|
$ (5,064)
|
$ (2,416)
|
Net loss per common share—basic and diluted |
$ (0.42)
|
$ (0.11)
|
$ (1.20)
|
$ (0.68)
|
Weighted average shares outstanding used in per common share computations: |
|
|
|
|
Basic and diluted |
4,228,379
|
3,548,429
|
4,228,379
|
3,548,429
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v3.23.2
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 1,000
|
$ 0
|
$ 18,799,000
|
$ (2,664,000)
|
$ 16,135,000
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 |
6,000
|
3,526,083
|
|
|
|
Net loss |
|
|
|
(2,416,000)
|
(2,416,000)
|
Shares issued for services |
|
$ 0
|
350,000
|
|
350,000
|
Stock Issued During Period, Shares, Issued for Services |
|
24,970
|
|
|
|
Stock Compensation Expenses |
|
|
27,000
|
|
27,000
|
Cash collected on common stock options |
|
$ 0
|
10,000
|
|
10,000
|
Ending balance, value at Jun. 30, 2022 |
$ 1,000
|
$ 0
|
19,186,000
|
(5,080,000)
|
14,106,000
|
Shares, Outstanding, Ending Balance at Jun. 30, 2022 |
6,000
|
3,553,667
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 1,000
|
$ 0
|
19,174,000
|
(4,675,000)
|
14,499,000
|
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 |
6,000
|
3,553,667
|
|
|
|
Net loss |
|
|
|
(405,000)
|
(405,000)
|
Stock Compensation Expenses |
|
|
12,000
|
|
12,000
|
Ending balance, value at Jun. 30, 2022 |
$ 1,000
|
$ 0
|
19,186,000
|
(5,080,000)
|
14,106,000
|
Shares, Outstanding, Ending Balance at Jun. 30, 2022 |
6,000
|
3,553,667
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 1,000
|
$ 0
|
24,956,000
|
(12,568,000)
|
12,388,000
|
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 |
6,000
|
4,170,940
|
|
|
|
Net loss |
|
|
|
(5,064,000)
|
(5,064,000)
|
Preferential Issue |
|
0
|
499,000
|
|
499,000
|
[custom:PreferentialIssuesShares] |
|
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|
|
|
|
Issue of Options (ISO/NSO) |
|
|
177,000
|
|
177,000
|
Shares issued for services |
|
$ 0
|
51,000
|
|
51,000
|
Stock Issued During Period, Shares, Issued for Services |
|
30,000
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 1,000
|
$ 0
|
25,683,000
|
(17,632,000)
|
8,051,000
|
Shares, Outstanding, Ending Balance at Jun. 30, 2023 |
6,000
|
4,277,863
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 1,000
|
$ 0
|
25,149,000
|
(15,846,000)
|
9,303,000
|
Shares, Outstanding, Beginning Balance at Mar. 31, 2023 |
6,000
|
4,185,940
|
|
|
|
Net loss |
|
|
|
(1,786,000)
|
(1,786,000)
|
Preferential Issue |
|
$ 0
|
499,000
|
|
499,000
|
[custom:PreferentialIssuesShares] |
|
76,923
|
|
|
|
Issue of Options (ISO/NSO) |
|
|
35,000
|
|
35,000
|
Shares issued for services |
|
$ 0
|
|
|
0
|
Stock Issued During Period, Shares, Issued for Services |
|
15,000
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 1,000
|
$ 0
|
$ 25,683,000
|
$ (17,632,000)
|
$ 8,051,000
|
Shares, Outstanding, Ending Balance at Jun. 30, 2023 |
6,000
|
4,277,863
|
|
|
|
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities |
|
|
Net income (loss) |
$ (5,064)
|
$ (2,416)
|
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities |
|
|
Depreciation and amortization |
1,676
|
1,555
|
Common stock issued for services |
51
|
350
|
Income from PPP |
|
(1,068)
|
Stock compensation expenses |
174
|
32
|
Increase/ (decrease) in: |
|
|
Accounts receivable |
1,116
|
3,125
|
Other current assets |
0
|
(306)
|
Due from related party |
698
|
(534)
|
Accounts payable and accrued expenses |
(555)
|
(603)
|
Other current liabilities |
(922)
|
564
|
Payment of lease liability |
|
(97)
|
Net cash provided by/ (used in) operating activities |
(2,826)
|
602
|
Cash flows from investing activities |
|
|
(Purchase)/sale of property and equipment |
(2)
|
(22)
|
Increase in intangible assets |
|
(2,000)
|
Net cash provided by/ (used in) investing activities |
(2)
|
(2,022)
|
Cash flows from financing activities |
|
|
Employee stock options exercised |
|
10
|
Increase/(decrease) in short term borrowing |
1,119
|
1,003
|
Payment of lease liabilities |
|
|
Net cash provided by/ (used in) financing activities |
1,619
|
1,013
|
Net increase (decrease) in cash and cash equivalents |
(1,209)
|
(407)
|
Cash and cash equivalents |
|
|
Cash and cash equivalents at the beginning of the period |
1,341
|
1,770
|
Cash and cash equivalents at the end of the period |
132
|
1,363
|
Supplementary disclosure of cash flows information |
|
|
Interest |
248
|
74
|
Income taxes |
$ 24
|
$ 22
|
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v3.23.2
Organization and Description of Business
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Organization and Description of Business |
1)
Organization and Description of Business
Healthcare
Triangle Inc. (“the Company”) was incorporated under the laws of the State of Nevada on October 29, 2019, and then converted
into a Delaware corporation on April 24, 2020, to provide IT and data services to the Healthcare and Life Sciences (‘HCLS”)
industry. On January 1, 2020, the Company acquired the Life Sciences Business of SecureKloud Technologies Inc. (“Parent”)
and on May 8, 2020, the Company acquired Cornerstone Advisors Group LLC (Healthcare Business) from its Parent.
Company reinforces
healthcare progress through breakthrough technology and extensive industry know-how. Company support healthcare providers and payors,
hospitals and pharma/life sciences organizations in their effort to improve health outcomes by enabling the adoption of new technologies,
data enlightenment, business agility and accelerate responding to immediate business needs and competitive threats. The highly
regulated HCLS industry turn to Company for expertise in digital transformation on the cloud, security and compliance, develops,
data lifecycle management, healthcare interoperability, clinical and business performance optimization.
Company
concentrates on accelerating value to the three healthcare sectors:
|
1. |
Pharmaceutical
companies, which require improved efficiencies in the clinical trial process. Company modernizes their IT infrastructure to advance
the clinical trial process to drug discovery and delivery. |
|
2. |
Hospitals
and health systems, which face interoperability challenges as mergers, acquisitions and partnerships drive increasing need for integrated
healthcare infrastructures. Company's health IT expertise optimizes providers' enterprise digital structure needs connecting disparate
systems and applying analytics capabilities. |
|
3. |
Life
sciences, payers and all healthcare organizations must protect and secure personal health information (PHI), a regulatory compliance
mandate that Company addresses and manages for its customers. |
As
an organization with the deep-rooted cloud expertise, Company’s technology significantly relies on Big Data, Analytics, DevOps,
Security/Compliance, Identity Access Management (IAM), Machine Learning (ML), Artificial Intelligence (AI), Internet of Things (IoT)
and Blockchain.
Devcool
Inc
Devcool
Inc (“the Company”) was incorporated under the laws of the State of California on September 25, 2016. The Company solves
complex technology problems and delivers innovation to healthcare industry. The Company has successfully implemented projects for top
Healthcare insurance companies and hospitals across United States of America. On December 10, 2021, Healthcare Triangle, Inc (the “Company”)
entered into a Share Purchase Agreement (the "Share Purchase Agreement") with Devcool, Inc., a California corporation ("Devcool"),
Go To Assistance Inc., a California corporation ("Seller"), and Mr. Sandeep Deokule, current Chief Executive Officer of Devcool
(“SD”). Pursuant to the Share Purchase Agreement, the Company will acquire 5,000,000 shares of Devcool’s Class B Common
Stock, par value $0.0001, which represents all of the issued and outstanding capital stock of Devcool (the “Acquisition”).
The closing of the Acquisition occurred on December 10, 2021 (the “Closing Date”). The Company exercised control by virtue
of taking over the operations from November 01, 2021 (effective date) and the financials have been consolidated from this date.
Impact
of the COVID-19 Pandemic
COVID-19
has created uncertainty for our employees, members, and customers. We consider the impact of the pandemic on our business by evaluating
the health of our operations, any changes to our revenue outlook, and the degree to which interest in Company’s solutions have
evolved during these unprecedented times. We measure our performance through several key metrics; and as gauged these performance metrics,
service levels have been high, and customer engagement and satisfaction have remained strong through these tough times. While the COVID-19
pandemic has not had a material adverse impact on our financial condition and results of operations to date, the future impact of the
COVID-19 outbreak on our operational and financial performance will depend on certain developments, including the duration and spread
of the outbreak, impact on our customers and our sales cycles, impact on our marketing efforts, and any reduction in spending by our
customers, all of which are uncertain and cannot be predicted. We have a diverse set of customers, while some have faced headwinds, others
have experienced growth. Because of COVID-19, Healthcare and Life Sciences organizations are accelerating research, rethinking patient
care, and maintaining clinical and operational continuity during this unprecedented time for the global health system. COVID-19 has necessitated
the adoption of digital communication channels and remote working technology within the Healthcare and Life Sciences industry at a rapid
pace and our proprietary platforms and solutions addresses these challenges. Our business is focused on providing digital platform solutions
to healthcare organizations and it is our mission to adequately address COVID-19 challenges for the benefit of our customers and society
in general. As a result, consumers have better personal care, convenience, and value. COVID-19 is expected to drive increased utilization
of technology during and after the pandemic, and such shift to a virtual approach creates a unique opportunity for our business to shape
the new virtual-oriented experiences of businesses through our cloud technology and services and our value proposition resonates with
a broader audience of companies as they turn their focus to safely reopening their workplaces and managing the ongoing health and well-being
of employees and their families.
|
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI https://asc.fasb.org/topic&trid=2122369
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2)
Summary of Significant Accounting Policies
Basis
of consolidated financial statements
The
accompanying condensed consolidated financial statements include the accounts of Healthcare Triangle and its wholly owned subsidiary.
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America. All intercompany balances and transactions have been eliminated in consolidation.
The
accompanying statements of operations include expenses for certain functions historically performed by the Parent company, including
general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses
are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective
periods. We believe the assumptions underlying the accompanying condensed consolidated financial statements, including the assumptions
regarding these expenses from this related party, are reasonable. Actual results may differ from these expenses, assumptions and estimates.
The amounts recorded in the accompanying condensed consolidated financial statements are not necessarily indicative of the actual amount
of such indirect expenses that would have been recorded had we been a separate independent entity.
Unaudited
Interim Financial Information
The
accompanying unaudited condensed consolidated financial statements and the related footnote disclosures have been prepared by us in accordance
with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited condensed consolidated
financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end
December 31, 2022 condensed consolidated balance sheet data included herein was derived from audited financial statements but does not
include all disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited
condensed consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary
to present fairly our financial position as of June 30, 2023, the results of operations, comprehensive income (loss), stockholders’
deficit, and cash flows for the three months ended June 30, 2023 and 2022. The results of operations for the three months ended June 30, 2023 and 2022 are not necessarily indicative of the results to be expected for the full year. The information contained herein should
be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31,
2022 filed with the SEC. Management considers events or transactions that occur after the balance sheet date but before the financial
statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure.
Subsequent events have been evaluated through the date of issuance of these financial statements.
Accounting
Policies
Use
of Estimates
The
preparation of financial statements is in conformity with GAAP which requires us to make estimates, judgments and assumptions that affect
the financial statements and the notes thereto. These estimates are based on information available as of the date of the financial statements.
On a regular basis, management evaluates these estimates and assumptions. Items subject to such estimates and assumptions include, but
are not limited to:
• |
|
the
standalone selling price for each distinct performance obligation |
• |
|
the
determination of the period of benefit for amortization of deferred costs. |
• |
|
the
fair value of assets acquired, and liabilities assumed for business combinations. |
• |
|
Share
based compensation including warrants |
Emerging
Growth Company Status
We
are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an emerging
growth company until the earlier of (i) December 21, 2026 (the last day of the fiscal year following the fifth anniversary of our IPO),
(ii) the last day of the first fiscal year in which we have total annual gross revenue of at least $1.07 billion, (iii) the last day
of the first fiscal year in which we are deemed to be a “large accelerated filer”, as defined in the rules under the Exchange
Act, and (iv) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. We
refer to the Jumpstart Our Business Startups Act of 2012 herein as the “JOBS Act,” and any reference herein to “emerging
growth company” has the meaning ascribed to it in the JOBS Act.
We
have elected to take advantage of certain of the reduced disclosure obligations in this Annual Report on Form 10-K and may elect to take
advantage of other reduced reporting requirements in our future filings with the SEC. As a result, the information that we provide to
our stockholders may be different from the information you might receive from other public reporting companies in which you hold equity
interests. In particular, Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the Securities Act) for complying with new or revised
accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, so long
as we remain an emerging growth company, we will not be subject to the same implementation timing of new or revised accounting standards
as other public companies that are not emerging growth companies until these standards apply to private companies unless we elect to
early adopt as permitted by the relevant guidance for private companies.
Segment
Information
The
management has chosen to organize the Company around differences in products and services and segregated the reporting segments as Software
Services, Managed Services and Support, and Platform Services.
Operating
segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating
decision maker in deciding how to allocate resources and assessing performance. The Company defines the term ‘chief operating decision
maker’ to be the Chief Financial Officer. The Chief Financial Officer along with the management team reviews the financial information
presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, the Company
has determined that it operates in three distinct reportable operating segments, and all required financial segments information can
be found in the consolidated financial statements.
Expenses
included in segment operating profit consist principally of direct selling, delivery costs and research and development expenses. Certain
Sales and Marketing expenses, General and Administrative expenses, depreciation, and amortization are not allocated to individual segments
in internal management reports used by the chief operating decision maker. Accordingly, such expenses are excluded from segment operating
profit and are included below as “unallocated costs” and adjusted against our total income from operations. Additionally,
management has determined that it is not practical to allocate identifiable assets by segment, since such assets are used interchangeably
among the segments.
Schedule
of operating segment | |
| |
| |
| |
|
| |
| |
| |
| |
|
| |
Three
months Ended June 30, | |
Changes |
| |
(In
thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software
Services | |
$ | 5,185 | | |
$ | 6,585 | | |
$ | (1,400 | ) | |
| (21 | )% |
Managed
Services and Support | |
| 2,865 | | |
| 3,903 | | |
| (1,038 | ) | |
| (27 | )% |
Platform
Services | |
| 476 | | |
| 1,100 | | |
| (624 | ) | |
| (57 | )% |
Revenue | |
$ | 8,526 | | |
$ | 11,588 | | |
$ | (3,062 | ) | |
| (26 | )% |
| |
Six months Ended June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | 11,643 | | |
$ | 12,041 | | |
$ | (398 | ) | |
| (3) | % |
Managed Services and Support | |
| 5,906 | | |
| 8,172 | | |
| (2,266 | ) | |
| (28) | % |
Platform Services | |
| 815 | | |
| 2,431 | | |
| (1,616 | ) | |
| (66) | % |
Revenue | |
$ | 18,364 | | |
$ | 22,644 | | |
$ | (4,280 | ) | |
| (19) | % |
Operating profit by Operating Segment | |
| |
| |
| |
|
| |
| |
| |
| |
|
| |
Three months Ended
June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | (643 | ) | |
$ | (321 | ) | |
$ | (322 | ) | |
| (101 | %) |
Managed Services and Support | |
| 822 | | |
| 1,284 | | |
| (462 | ) | |
| (36 | %) |
Platform Services | |
| (384 | ) | |
| (212 | ) | |
| 296 | | |
| 140 | % |
Total segment operating (loss) profit | |
| (263 | ) | |
| 751 | | |
| (488 | ) | |
| (65 | %) |
Less: unallocated costs | |
| 1,858 | | |
| 2,184 | | |
| (326 | ) | |
| (15 | %) |
Income (loss) from operations | |
| (1,595 | ) | |
| (1,433 | ) | |
| (162 | ) | |
| (11 | %) |
Other Income | |
| — | | |
| 1,087 | | |
| (1,087 | ) | |
| (100 | %) |
Interest expense | |
| (186 | ) | |
| (58 | ) | |
| (128 | ) | |
| (221 | %) |
Net income (loss) before income tax expenses | |
$ | (1,781 | ) | |
$ | (404 | ) | |
$ | (1,377 | ) | |
| (341 | %) |
| |
Six months Ended June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | (1,779 | ) | |
$ | (521 | ) | |
$ | (1,258 | ) | |
| (242 | %) |
Managed Services and Support | |
| 1,374 | | |
| 2,538 | | |
| (1,164 | ) | |
| (46 | %) |
Platform Services | |
| (379 | ) | |
| (784 | ) | |
| 405 | | |
| 52 | % |
Total segment operating (loss) profit | |
| (784 | ) | |
| 1,233 | | |
| (2,017 | ) | |
| (164 | %) |
Less: unallocated costs | |
| 4,020 | | |
| 4,640 | | |
| (620 | ) | |
| (13 | %) |
Income (loss) from operations | |
| (4,804 | ) | |
| (3,407 | ) | |
| (1,397 | ) | |
| (41 | %) |
Other Income | |
| 12 | | |
| 1,087 | | |
| (1,075 | ) | |
| (99 | %) |
Interest expense | |
| (248 | ) | |
| (74 | ) | |
| (174 | ) | |
| (235 | %) |
Net income (loss) before income tax expenses | |
$ | (5,040 | ) | |
$ | (2,394 | ) | |
$ | (2,646 | ) | |
| (111 | %) |
Revenue
from top 5 customers
Three
Months Ended June 30, 2023
Schedule
of concentration | | |
| | | |
| | |
Customer | |
Amount
(In thousands) | |
%
of Revenue |
Customer
1 | | |
$ | 4,519 | | |
| 53 | % |
Customer
2 | | |
| 912 | | |
| 11 | % |
Customer
3 | | |
| 622 | | |
| 7 | % |
Customer
4 | | |
| 539 | | |
| 6 | % |
Customer
5 | | |
$ | 319 | | |
| 4 | % |
Three
Months Ended June 30, 2022
Schedule
of concentration | |
| |
|
| |
| |
|
Customer | |
Amount
(In thousands) | |
%
of Revenue |
Customer
1 | | |
$ | 4,517 | | |
| 39 | % |
Customer
2 | | |
| 1,744 | | |
| 15 | % |
Customer
3 | | |
| 920 | | |
| 8 | % |
Customer
4 | | |
| 845 | | |
| 7 | % |
Customer
5 | | |
$ | 440 | | |
| 4 | % |
Six
Months Ended June 30, 2023
Schedule of concentration | |
| |
|
Customer | |
Amount (In thousands) | |
% of Revenue |
Customer 1 | | |
$ | 9,449 | | |
| 51 | % |
Customer 2 | | |
| 1,771 | | |
| 10 | % |
Customer 3 | | |
| 1,330 | | |
| 7 | % |
Customer 4 | | |
| 984 | | |
| 5 | % |
Customer 5 | | |
$ | 920 | | |
| 5 | % |
Six
Months Ended June 30, 2022
Schedule of concentration | |
| |
|
| |
| |
|
Customer | |
Amount (In thousands) | |
% of Revenue |
Customer 1 | | |
$ | 8,350 | | |
| 37 | % |
Customer 2 | | |
| 3,709 | | |
| 16 | % |
Customer 3 | | |
| 1,886 | | |
| 8 | % |
Customer 4 | | |
| 1,744 | | |
| 8 | % |
Customer 5 | | |
$ | 912 | | |
| 4 | % |
Revenue
Recognition
We
recognize revenues as we transfer control of deliverables (services, solutions, and platform) to our clients in an amount reflecting
the consideration to which we expect to be entitled. To recognize revenues, we apply the following five step approach: (1) identify the
contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate
the transaction price to the performance obligations in the contract, and (5) recognize revenues when a performance obligation is satisfied.
We account for a contract when it has approval and commitment from all parties, the rights of the parties are identified, payment terms
are identified, the contract has commercial substance and collectability of consideration is probable. We apply judgment in determining
the customer’s ability and intention to pay based on a variety of factors including the customer’s historical payment experience.
For
performance obligations where control is transferred over time, revenues are recognized based on the extent of progress towards completion
of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the
nature of the deliverables to be provided.
Software
Services
The
Company enters into contractual obligations with the customers to perform (i) Strategic advisory services which include assessment of
the enterprise network, applications environment and advise on the design and tools; (ii) Implementation services which include deployment,
upgrades, enhancements, migration, training, documentation and maintenance of various electronic health record systems and (iii) Development
services which include customization of network and applications in the public cloud environment.
Revenue
from Strategic advisory, Implementation and Development services are distinct performance obligation and is recognized on time-and-material
or fixed-price project basis. Revenues related to time-and-material are recognized over the period the services are provided using labor
hours. Revenues related to fixed-price contracts are recognized as the service is performed using the cost-to-cost method, under which
the total value of revenues is recognized based on the percentage that each contract’s total labor cost to date bears to the total
expected labor costs. The cost-to-cost method requires estimation of future costs, which is updated as the project progresses to reflect
the latest available information; such estimates and changes in estimates involve the use of judgment. The cumulative impact of any revision
in estimates is reflected in the financial reporting period in which the change in estimate becomes known and any anticipated losses
on contracts are recognized immediately, where appropriate.
We
may enter into contracts that consist of multiple performance obligations. Such contracts may include any combination of our deliverables.
To the extent a contract includes multiple promised deliverables, we apply judgment to determine whether promised deliverables are capable
of being distinct and are distinct in the context of the contract. If these criteria are not met, the promised deliverables are accounted
for as a combined performance obligation. For contracts with multiple distinct performance obligations, we allocate consideration among
the performance obligations based on their relative standalone selling price. Standalone selling price is the price at which we would
sell a promised good or service separately to the customer. When not directly observable, we estimate standalone selling price by using
the expected cost plus a margin approach. We establish a standalone selling price range for our deliverables, which is reassessed on
a periodic basis or when facts and circumstances change.
Managed
Services and Support
The
Company has standard contracts for its Managed Services and Support, however the statement of work contained in such contracts is unique
for each customer. A typical Managed Services and Support contract would provide for some or all of the following types of services being
provided to the customer: Cloud hosting, Continuous monitoring of applications, security and compliance and support.
Revenue
from Managed services and support is a distinct performance obligation and recognized based on SSP (standalone selling price), rateably
on a straight-line basis over the period in which the services are rendered. Contract with customers includes subcontractor services
or third-party cloud infrastructure services in certain integrated services arrangements. In these types of arrangements, revenue is
recognized net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the
principal for the transaction. In doing so, the Company first evaluates whether it controls the platform or service before it is transferred
to the customer. The Company considers whether it has the primary obligation to fulfil the contract, pricing discretion and other factors
to determine whether it controls the platform or service and therefore is acting as a principal or an agent. Payment for managed services
and support is due monthly.
Platform
Services
The
Company has standard contracts for its Platform Services, however the statement of work contained in such contracts is unique for each
customer. A typical Platform Services contract would provide for some or all of the following types of services being provided to the
customer: Data Analytics, Backup and Recovery, through our Platform.
The
revenue from Platform services is a distinct performance obligation and recognized based on SSP. During the periods presented the Company
generated revenue from Platform services on a fixed-price solutions delivery model. Revenues related to fixed-price contracts are recognized
as the service is performed using the cost-to-cost method, under which the total value of revenues is recognized based on the percentage
that each contract’s total labor cost to date bears to the total expected labor costs. The cost-to-cost method requires estimation
of future costs, which is updated as the project progresses to reflect the latest available information; such estimates and changes in
estimates involve the use of judgment. The cumulative impact of any revision in estimates is reflected in the financial reporting period
in which the change in estimate becomes known and any anticipated losses on contracts are recognized immediately, where appropriate.
Our
contractual terms and conditions for Software services, Managed Services and Support and Platform services mandate that our services
are documented and subject to inspection, testing at the time of delivery to customer. In addition, the Company needs to integrate seamlessly
into the customers’ systems. Also, the customer has a right to cancel all, or part of the services rendered if it is not in accordance
with statement of work and within the stipulated time.
Contract
Balances
The
timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (contract assets),
and customer advances and deferred revenue (contract liabilities) on the Consolidated Balance Sheet. Amounts are billed as work progresses
in accordance with agreed-upon contractual terms, generally monthly upon achievement of contractual milestones. Generally, billing occurs
after revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers, particularly
on our international contracts, before revenue is recognized, resulting in contract liabilities. These deposits are liquidated when revenue
is recognized
The
beginning and ending contract balances were as follows:
Schedule
of receivables and contract liabilities | |
| |
|
| |
June 30, 2023 | |
December
31, 2022 |
| |
(In
thousands) |
Accounts
Receivable | |
| 4,476 | | |
| 5,592 | |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments (including money market funds) with an original maturity at acquisition of three months
or less to be cash equivalents. The Company maintains cash balances, which may exceed federally insured limits. The Company does not
believe that this results in any significant credit risk.
Accounts
Receivable
The
Company extends credit to clients based upon the management’s assessment of their creditworthiness on an unsecured basis. The
Company provides an allowance for uncollectible accounts based on historical experience and management evaluation of trend analysis.
The Company includes any balances that are determined to be uncollectible in its allowance for doubtful accounts. For the quarter
ended June 30, 2023 the Company did not provided an allowance for uncollectible accounts and year ended December 31, 2022 the
Company provided $222 as allowances for uncollectible accounts. Based on the information available, management believes the
Company’s accounts receivable are collectible.
Property
and Equipment
Property
and equipment are stated at cost. The Company provides for depreciation of property and equipment using the straight-line method over
the estimated useful lives of the related assets ranging from 3 to 7 years. Leasehold improvements are amortized using the straight-line
method over the shorter of the lease terms or the useful lives of the improvements. The Company charges repairs and maintenance costs
that do not extend the lives of the assets to expenses as incurred.
Intangible
Assets
We
capitalize certain costs incurred for the platform development when it is determined that it is probable that the platform will be completed
and will be used as intended. Costs related to preliminary project activities, post-implementation activities, training, and maintenance
are expensed as incurred. Customer relationship and platform development are amortized based on finite lives using either the straight-line
method or based on estimated future cash flows to approximate the pattern in which the economic benefit of the asset will be utilized.
Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances
occur that could impact the recoverability of these assets.
Goodwill
Goodwill
is the excess of the cost of an acquired entity over the net amounts assigned to tangible and intangible assets acquired and liabilities
assumed. Goodwill is not amortized but is subject to an annual impairment test.
The
Company performs its annual goodwill impairment test on an annual basis in the fourth quarter of each fiscal year or more frequently
if changes in circumstances or the occurrence of events suggest that an impairment exists. If the fair value of the reporting unit is
less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the reporting unit’s
goodwill is less than the carrying value of the reporting unit’s goodwill.
The
Company’s quarterly goodwill impairment test resulted in no impairment charges in the quarter ended June 30, 2023 and 2022.
Allowance
for Doubtful Accounts
Trade
accounts receivable are stated at the amount the Company expects to collect and do not bear interest. The collectability of trade receivable
balances is regularly evaluated based on a combination of factors such as customer creditworthiness, past transaction history with the
customer, current economic industry trends and changes in customer payment pattern. Additionally, if it is determined that a customer
will be unable to fully meet its financial obligation, such as in the case of a bankruptcy filing or other material event impacting its
business, a specific allowance for doubtful accounts may be recorded to reduce the related receivable to the amount expected to be recovered.
Although
we believe that our approach to estimates and judgments regarding our allowance for doubtful accounts is reasonable, actual results could
differ and we may be exposed to increases or decreases in required allowances that could be material.
Business
Combinations
As
per ASC 805-50 a common-control transaction does not meet the definition of a business combination because there is no change in control
over the net assets. The accounting for these transactions are addressed in the “Transactions Between Entities Under Common Control”.
The net assets are derecognized by the transferring entity and recognized by the receiving entity at the historical cost of the parent
of the entities under common control. Any difference between the proceeds transferred or received and the carrying amounts of the net
assets is recognized in equity in the transferring and receiving entities’ separate financial statements and eliminated in consolidation.
The change in accounting principle is applied retroactively for all periods presented.
We
account for business combinations using the acquisition method, which requires the identification of the acquirer, the determination
of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets
acquired, the liabilities assumed, including any contingent consideration and any non-controlling interest in the acquiree at their acquisition
date fair values.
Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount
assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related
costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in our
consolidated financial statements from the date of effective control.
Valuation
of Contingent Earn-out Consideration.
Acquisitions
may include contingent consideration payments based on the achievement of certain future financial performance measures of the acquired
company. Contingent consideration is required to be recognized at fair value as of the acquisition date. We estimate the fair value of
these liabilities based on financial projections of the acquired companies and estimated probabilities of achievement. We believe our
estimates and assumptions are reasonable, however, there is significant judgment involved. We evaluate, on a routine, periodic basis,
the estimated fair value of the contingent consideration and changes in estimated fair value, subsequent to the initial fair value estimate
at the time of the acquisition, will be reflected in income or expense in the consolidated statements of operations. Changes in the fair
value of contingent consideration obligations may result from changes in discount periods and rates, changes in the timing and amount
of revenue and/or earnings estimates and changes in probability assumptions with respect to the likelihood of achieving the various earn-out
criteria. Any changes in the estimated fair value of contingent consideration may have a material impact on our operating results.
Earnings
(Loss) Per Share.
Earnings
per share (“EPS”) is the amount of earnings attributable to each share of common stock. For convenience, the term is used
to refer to either earnings or loss per share. EPS is computed pursuant to Section 260-10-45 of the FASB Accounting Standards Codification.
Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS shall be computed by dividing income available to common stockholders
(the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to
common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid)
and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations
(if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation
of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding
if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common
shares issuable through contingent shares issuance arrangement, stock options or warrants.
Fair
Value Measurements
The
Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable
inputs and minimizes the use of unobservable inputs when measuring fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level
1—Inputs are observable and reflect quoted prices in active markets for identical assets or liabilities that the Company has the
ability to access at the measurement date.
Level
2—Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
Level
3—Inputs that are unobservable
Money
market funds and U.S. treasury securities are classified within Level 1 because they are valued using quoted market prices or alternative
pricing sources and models utilizing market observable inputs. Other debt securities and investments are classified within Level 2 if
the investments are valued using model driven valuations which use observable inputs such as quoted market prices, benchmark yields,
reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Available-for-sale
debt securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs
in various asset price models. In connection with the acquisition of Devcool, Inc., the Company recognized a liability on the acquisition
date for the estimated fair value of the contingent consideration based on the probability of achieving certain milestones pursuant to
the acquisition agreement. The fair value measurement of the contingent consideration is based on significant unobservable inputs and
management judgment; therefore, it is categorized under Level 3 at the balance sheet date in the table below.
Schedule
of balance sheet |
|
| |
June 30, 2023 |
| |
Fair
Value Measured Using |
| |
(In
thousands) |
| |
Level
1 | |
Level
2 | |
Level
3 | |
Total |
Financial
liabilities: | |
| |
| | | |
| | | |
| | |
Warrant
Liabilities | |
| |
| | | |
$ | 55 | | |
$ | 55 | |
Acquisition-related
contingent consideration | |
— | |
| — | | |
$ | 2,227 | | |
$ | 2,227 | |
Stock-Based
Compensation
The
Company accounts for stock-based awards to employees and consultants in accordance with applicable accounting principles, which requires
compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial
statements based on a determination of the fair value of the stock options over the instruments vesting period. Options awarded to purchase
shares of common stock issued to non-employees do not need to be remeasured as per ASU 2018-07 principles.
The
Company adopted the “2020 Stock Incentive Plan” (Plan). The Company has reserved 600,000
shares of the Company’s Common stock.
Income
taxes
The
provision for income taxes was determined using the asset and liability approach of accounting for income taxes. Under this approach,
deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered
or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes
during the period. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities
and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred
tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax assets and liabilities are measured
using enacted tax rates applicable in the years in which they are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax law is recognized in income in the period that includes the enactment date.
Advertising
Costs
The
Company expenses advertising cost as incurred. Advertising expense for the quarters ended June 30, 2023 and 2022 were Nil 0.
Concentrations
Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and trade receivables.
Credit risks associated with trade receivables is minimal due to the Company’s customer base which consist of large customer base
and ongoing procedures, which monitor the credit worthiness of its customers. For the quarter ended June 30, 2023 and 2022 revenue from
the top five customers accounted for approximately 81%
and 73%
of total revenue respectively. For the quarter ended June 30, 2023 and year ended December 31, 2022 accounts receivable from five major
customers accounted for approximately 81%
and 72%
of the total accounts receivables.
The
Company maintains cash balances in various financial institutions. The balances are generally insured by the Federal Deposit Insurance
Corporation up to $250,000 (valid
through June 30, 2023) per institution.
As
of June 30, 2023 and December 31, 2022, the Company had Nil0
and $816
respectively, of uninsured cash balances. The
Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.
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v3.23.2
Property and Equipment
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
4)
Property and Equipment
Property
and equipment consisted of the following:
Schedule of property and equipment | |
| |
|
| |
June 30, 2023 | |
December
31, 2022 |
| |
(In
thousands) |
Furniture
and Equipment | |
$ | 123 | | |
$ | 119 | |
Less: Accumulated
depreciation | |
| (66 | ) | |
| (39 | ) |
Net
Fixed Assets | |
$ | 57 | | |
$ | 80 | |
Depreciation
expenses for the quarter ended June 30, 2023, and June 30, 2022 were $10
and $8.5
respectively.
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v3.23.2
Intangible Assets
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
5)
Intangible Assets
The
Company’s intangible assets consist primarily of intellectual property and customer relationship it acquired through various acquisitions.
We capitalize certain costs incurred for the platform development when it is determined that it is probable that the platform will be
completed and will be used as intended. We amortize our intangible assets that have finite lives using either the straight-line method
or based on estimated future cash flows to approximate the pattern in which the economic benefit of the asset will be utilized
Intangible
assets consist of the following:
Schedule
of intangible assets | |
| |
| |
| |
| |
| |
| |
|
| |
June 30, 2023 | |
December
31, 2022 |
| |
Weighted
average Remaining Useful life (Years) | |
Gross
Carrying Amount | |
Accumulated
Amortization | |
Net
Carrying Amount | |
Gross
Carrying Amount | |
Accumulated
Amortization | |
Net
Carrying Amount |
| |
(In
thousands) | |
(In
thousands) |
Customer
relationships | |
| 2.97 | | |
$ | 8,667 | | |
$ | 4,390 | | |
$ | 4,277 | | |
$ | 8,667 | | |
$ | 3,523 | | |
$ | 5,144 | |
Intellectual
property | |
| 4.39 | | |
| 7,329 | | |
| 2,685 | | |
| 4,644 | | |
| 7,329 | | |
| 2,013 | | |
| 5,316 | |
Product
development | |
| 0.5 | | |
| 477 | | |
| 477 | | |
| 0 | | |
| 477 | | |
| 367 | | |
| 110 | |
Total
Intangible Assets | |
| | | |
$ | 16,473 | | |
$ | 7,552 | | |
$ | 8,921 | | |
$ | 16,473 | | |
$ | 5,903 | | |
$ | 10,570 | |
Amortization
expense for the quarter ended June 30, 2023 and June 30, 2022 were $792
and $793
respectively. This amortization expense relates
to capitalized software expenses, intellectual property, and customer lists.
Schedule
of intangibles asset useful life | |
|
| |
|
Nature
of Intangibles | |
Useful
Life |
Customer
relationships | |
5
years |
Intellectual
property | |
5
years |
Product
development | |
5
years |
Estimated
annual amortization expense (including amortization expense associated with capitalized software costs) for each of the next six years
are as follows:
Schedule
of amortization expense | |
|
| |
|
June 30, | |
|
2023 | | |
$ | 1,538 | |
2024 | | |
| 3,077 | |
2025 | | |
| 3,020 | |
2026 | | |
| 1,286 | |
Total | | |
$ | 8,921 | |
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v3.23.2
Due from Related Party
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Due from Related Party |
6)
Due from Related Party
Securekloud
Technologies Inc, (Parent) is a Nevada based corporation, focusing on digital transformation for Avionics, Technology and Manufacturing
Industry. As a pioneer in enabling cloud transformation for global enterprises, Securekloud Technologies Inc is building on foundation
of cloud capabilities by creating innovative platforms that are time-tested and designed to drive success in its digital transformation
journey. HTI uses the capabilities and resources of the parent for the execution of the projects for its customers.
Securekloud
Technologies Inc owns 59.61%
of Healthcare Triangle Inc as of June 30, 2023.
The
Company entered into a Master Service Agreement, Shared Services Agreement and Rental Sublease Agreement with its parent. As per the
Master Services Agreement, parent provides technical resources according to the statement of work from the Company. The initial term
of the agreement is twenty-four months, which is extendable based on mutual consent. The parent charges for the services at cost. The
Company received services amounting to $756
and $218
for the quarter ended June 30, 2023, and 2022
respectively. The Company has paid for these services during the year.
As
per the terms of the Shared Services and Rental Sublease Agreement, the cost incurred by the parent on behalf of the Company are settled
at cost. The Shared Services Agreement includes Development infrastructure, Sales support, Recruitment and Immigration support, Project
coordination, HR and Operation support, Management /Advisory services. The Company received services amounting to $71
and $43
for the quarter ended June 30, 2023, and 2022
respectively. The Company has paid for these services during the year.
The
Company does not have any signed lease agreement on its name and currently operates from two office locations leased by the Parent. The
Company has entered into a sublease agreement with the Parent and paid rent of $67
and $43
for the quarter ended June 30, 2023, and 2022
respectively.
The
Company has earned $9 from
sale to related parties for the quarter ended June 30, 2023, and Nil0
for the quarter ended June 30, 2022.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
Business Combination
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Business Combination |
7)
Business Combination
Effective
May 8, 2020, the Company acquired the entire equity of Cornerstone Advisory Services LLC in exchange for a promissory note. In accordance
with the terms of the Equity Purchase Agreement dated May 8, 2020, the Company acquired 100%
of the equity of Cornerstone Advisory Services LLC for a total consideration of $7,000.
The total purchase price of $7,000
was allocated to net working capital of $4,700
and intangibles of $2,300,
taking into consideration projected revenue from the acquired list of Subsidiary’s customers over a period of five years.
Acquisition
of Devcool, Inc.
On
December 10, 2021, Healthcare Triangle, Inc. (the “Company”) entered into a Share Purchase Agreement (the "Share Purchase
Agreement") with Devcool, Inc., a California corporation ("Devcool"), Go To Assistance Inc., a California corporation ("Seller"),
and Mr. Sandeep Deokule, current Chief Executive Officer of Devcool (“SD”). Pursuant to the Share Purchase Agreement, the
Company will acquire 5,000,000 shares of Devcool’s Class B Common Stock, par value $0.0001, which represents all of the issued
and outstanding capital stock of Devcool (the “Acquisition”). The closing of the Acquisition occurred on December 10, 2021
(the “Closing Date”). The Company exercised control by virtue of taking over the operation from November 01, 2021 (effective
date) and the financials have been consolidated from this date.
The
aggregate purchase price for the acquisition of Devcool Inc was $7,773
consisting of;
1.
$4,500 payable
to the Seller in cash on the Closing Date;
2.
$700 worth
of equity of the Company’s common stock (the “Common Stock”) whereby the number of shares of common stock issuable
to Mr. Deokule will be calculated by dividing $700
by the volume weighted average price of the Company’s
common stock as reported by Bloomberg Financial Markets or if Bloomberg Financial Markets is not then reporting such prices, by a comparable
reporting service of national reputation (“VWAP”) for the 20 trading days immediately prior to the closing date of the Transaction.
Such shares of common stock were issued as follows:
a)
20,930
shares of unvested Common Stock were issued to
the Seller, which shall vest upon Devcool meeting one of two gross revenue targets set forth in the Share Purchase Agreement; and
b)
8,372 shares
of unvested Common Stock were issued as retention bonus to certain key personnel of Devcool to be retained by Devcool post-Closing (the
“Retention Personnel”), subject to the Retention Personnel continuing to perform services to Devcool (or its affiliates)
up to and through the second anniversary of the closing date, which shares shall vest equally monthly on the corresponding day of the
closing date over a period of 24 successive months; and
3.
A sum of up to $2,500 as
post-closing earnout payment (the “Earnout”), subject to Devcool’s achievement of the applicable yearly earnout targets
set forth in the Share Purchase Agreement, which Earnout shall be payable as follows:
a)
up to $250
worth of Common Stock (calculated based on the
average of the VWAPs for the 20 trading days immediately prior to December 31, 2022) issuable to SD or the Seller as SD’s nominee
for achievement of the Year 1 Equity Earnout (as defined in Annexure B to the Share Purchase Agreement);
b)
up to $1,000
payable to the Seller or its nominees in cash
upon achieving the Year 1 Cash Earnout; and
c)
up to $250
worth of Common Stock (calculated based on the
average of the VWAPs for the 20 trading days immediately prior to December 31, 2023) issuable to SD or the Seller as SD’s nominee
for achievement of the Year 2 Equity Earnout (as defined in Annexure B to the Share Purchase Agreement).
d)
up to $1,000
payable to the Seller or its nominees in cash
upon achieving the Year 2 Cash Earnout; and
4.
The Company also issued the Seller a secured non-interest-bearing promissory note in the principal amount of $2,209
that matures on April
30, 2022 (the “Note”) that reflects
an amount owed to the Seller by the Company equal to the difference between the amount of accrued and outstanding accounts receivable
on the Closing Date less the amount of accrued and outstanding accounts payable on the Closing Date.
Based
on the preliminary purchase price allocation, we recorded $1,289
of goodwill which is not tax deductible.
Presented
below is the summary of the foregoing acquisitions
Allocation
of purchase price
Schedule
of allocation of purchase price | |
|
| |
|
Asset
Component | |
June 30, 2023 |
Intangible
Assets | |
$ | 6,018 | |
Goodwill | |
| 1,289 | |
Working
Capital | |
| — | |
Current
Assets | |
| | |
Cash | |
| 970 | |
Accounts
Receivables | |
| 3,142 | |
Other
Current Assets | |
| | |
Other Current Assets | |
| 11,419 | |
Current
Liabilities | |
| | |
Accounts
Payable | |
| 758 | |
Short
term borrowing | |
| 2,209 | |
Other
Current liabilities | |
| 679 | |
Current liabilities | |
| 3,646 | |
Net
Working Capital Acquired | |
| 7,773 | |
Total
Purchase price | |
$ | 7,773 | |
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v3.23.2
Debt Securities
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt Securities |
8)
Debt Securities
A.
Common Stock Warrants
In
connection with the issuance of Convertible Notes, the Company also issued Warrants to each holder of Convertible Notes which entitles
the holder thereof to purchase a number of shares of our common stock equal to 50% of the number of shares that Convertible Note issued
with such Warrant is convertible into at a price equal to $28.8
per share.
The
warrants are subject to certain customary adjustments in the event of stock dividends and splits, issuance of options, subsequent rights
offerings, and pro rata distributions.
Warrant
holders have “piggyback” registration rights as set forth therein and a breach of such rights with respect to any Warrant
would result in an increase by 25% of the shares of our common stock underlying such Warrant.
As
of June 30, 2023, none of the warrants have been exercised by the note holders and hence no proceeds have been received towards any
of the warrants.
The
Warrants have been valued using the Black-Scholes-Merton Option (“BSM”) pricing model that is based on the individual characteristics
of the warrants on the valuation date, which include the Company’s stock fair value and assumptions for expected volatility, expected
life and risk-free interest rate, as well as the present value of the minimum cash payment component of the instrument for the warrants,
when applicable. Changes in the assumptions used could have a material impact on the resulting fair value of each warrant. The primary
inputs affecting the value of the warrant liability are the Company’s stock price and volatility in the Company’s stock price,
as well as assumptions about the probability and timing of certain events, such as a change in control or future equity offerings. Increases
in the fair value of the underlying stock or increases in the volatility of the stock price generally result in a corresponding increase
in the fair value of the warrant liability; conversely, decreases in the fair value of the underlying stock or decreases in the volatility
of the stock price generally result in a corresponding decrease in the fair value of the warrant liability.
Schedule of common stock
warrants | |
| |
| |
| |
|
Warrants | |
Number
of Warrants | |
Weighted
Average Exercise price | |
Weighted
Average Remaining Contractual Term | |
Aggregate
Intrinsic value |
Outstanding
on January 1, 2023 | |
| 590,923 | | |
$ | 28.8 | | |
| — | | |
| — | |
Granted | |
| — | | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | | |
| — | |
Forfeited
or expired | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding
on June 30, 2023 | |
| 90,923 | | |
$ | 28.8 | | |
| — | | |
| — | |
Exercisable
on June 30, 2023 | |
| 90,923 | | |
$ | 28.8 | | |
| — | | |
| — | |
The
following table summarizes the activities for our unvested warrants for the quarter ended June 30, 2023
Schedule
of unvested warrants | | |
| | | |
| | |
| | |
| Number
of Warrants | | |
| Weighted
average Grant Date Fair Value Per warrant | |
Unvested
on December 31, 2022 | | |
| — | | |
| | |
Granted | | |
| — | | |
$ | | |
Vested | | |
| — | | |
$ | | |
Forfeited | | |
| — | | |
$ | | |
Unvested
on June 30, 2023 | | |
| — | | |
| | |
The
Company has recognized cost of nil for the quarter ended June 30, 2023, and nil for the quarter ended June 30, 2022.
B.
Warrant Liability
The
Company has allocated the proceeds from convertible note between promissory notes and warrants; as of June 30, 2023, the Company has
reported a Warrant liability of $55
at fair value, with subsequent changes in their
respective fair values recognized in the consolidated statement of operations at each reporting date.
The
fair value of the warrant liabilities was measured using a binomial lattice model. Significant inputs into the model at the inception
and reporting period measurement dates are as follows:
Schedule
of fair value of warrant liabilities | |
|
| |
|
Fair
value assumptions | |
June 30, 2023 |
Estimated
fair value of common stock warrant | |
$ | 4.0 | |
Exercise
price | |
$ | 28.8 | |
Expected
volatility | |
| 45%-52% | |
Expected
terms (in years) | |
| 2 | |
Risk-free
interest rate | |
| 1.48%-2.18% | |
Dividend
Yield | |
| 0% | |
C.
Short Term borrowing
The
Company has obtained a credit facility from Seacoast business funding (SBF) a division of Seacoast National Bank . The funding is against
the accounts receivables of the company and its subsidiary. The SBF facility charges an interest of prime rate plus 1%
on a floating basis. The balance as of June 30, 2023, is $2,352
and $3,212
for the period ended December 31, 2022.
The Company has obtained a
credit facility from Agile Lending LLC in the month of May 2023. The balance as of June 30, 2023, is $1,179.
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
Provision for Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Provision for Income Taxes |
9)
Provision for Income Taxes
The
Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes. Deferred income taxes reflect the net tax
effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for income tax purposes. Management evaluates all available evidence about future taxable income and other possible sources of realization
of deferred tax assets. A valuation allowance is established to reduce deferred tax assets to an amount that represents management’s
best estimate of the amount of such deferred tax assets that more likely than not will be realized. To the extent the Company establishes
a valuation allowance or increased the allowance in any given period, an expense is recognized within the provision for income taxes
in the statement of income.
The
Company recognizes the tax benefit from uncertain tax position only if it is more likely than not that the tax position will be sustained
on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest
benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The Company recognizes interest and
penalties related to income tax matters as other expense in the statement of income. Based on management’s evaluations, there are
no uncertain tax positions requiring recognition as of the date of these financial statements.
The
components of the Company’s net deferred tax assets as of June 30, 2023 and December 31, 2022, were as follows (in thousands):
Schedule
of deferred tax assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, 2023 |
|
December
31, 2022 |
Deferred
tax assets: |
|
|
|
|
|
|
|
|
Net
Operating loss carry forward |
|
$ |
1,361 |
|
|
$ |
2,578 |
|
Stock-based
compensation |
|
|
(47 |
) |
|
|
(27 |
) |
Other
income (PPP loan forgiveness) |
|
|
— |
|
|
|
292 |
|
Total
Deferred tax asset |
|
|
1,314 |
|
|
|
2,843 |
|
Less:
Valuation allowance |
|
$ |
(1,314 |
) |
|
$ |
(2,843 |
) |
Deferred
tax asset. net of valuation allowance |
|
|
— |
|
|
|
— |
|
Deferred
tax liabilities |
|
|
— |
|
|
|
— |
|
Net
Deferred tax asset |
|
|
— |
|
|
|
— |
|
Income
tax expense (benefit) was computed as follows:
Schedule
of income tax expense benefit |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
June 30, 2022 |
Federal
income tax |
|
$ |
— |
|
|
$ |
— |
|
State
income tax |
|
|
5 |
|
|
|
1 |
|
Total
Income taxes , Current provision |
|
|
5 |
|
|
|
1 |
|
Deferred
Income taxes (benefit) |
|
|
— |
|
|
|
— |
|
Total
Income expenses (benefit) |
|
$ |
5 |
|
|
$ |
1 |
|
The
Company’s effective tax rate is 0%
for the quarter ended June 30, 2023 and 0%
and for the quarter ended June 30, 2022 The future effective income tax rate depends on various factors, such as the Company’s
income (loss) before taxes, tax legislation and the geographic composition of pre-tax income.
The
Company files a consolidated federal tax return with its parent and records its share of the consolidated federal tax expense on a separate
return basis. The Company’s current tax expense is nil. There is no liability in 2022 on account of losses.
The
Company’s federal and state income tax returns are generally subject to possible examination by the taxing authorities until the
expiration of the related statute of limitations on those tax returns which is generally three years from the original filing deadline.The
Company regularly reviews its deferred tax assets for recoverability based on historical taxable income, projected future taxable income,
the expected timing of the reversals of existing taxable temporary differences and tax planning strategies. The Company’s judgment
regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute
the business plans and/or tax planning strategies. Should there be a change in the ability to recover deferred tax assets, the Company’s
income tax provision would increase or decrease in the period in which the assessment is changed.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
New Accounting Pronouncements
|
6 Months Ended |
Jun. 30, 2023 |
New Accounting Pronouncements |
|
New Accounting Pronouncements |
10)
New Accounting Pronouncements
i)
ASU 2021-08—Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts
with Customers. For public business entities, the amendments in this Update are effective for fiscal years beginning after December
15, 2022, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years
beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the amendments is permitted,
including adoption in an interim period. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on
its consolidated financial statements.
(ii)
ASU 2021-10—Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The
amendments in this Update are effective for all entities within their scope for financial statements issued for annual periods beginning
after December 15, 2021. Early application of the amendments is permitted. The Company is currently evaluating the impact that the adoption
of ASU 2016-02 will have on its consolidated financial statements.
|
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v3.23.2
Legal Matters
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Legal Matters |
11)
Legal Matters
The
Company is not involved in any action, arbitration and/or other legal proceedings that it expects to have a material adverse effect on
the business, financial condition, results of operations or liquidity of the Company. All legal cost is expensed as incurred.
|
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- DefinitionThe entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies.
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v3.23.2
Share Based Compensation
|
6 Months Ended |
Jun. 30, 2023 |
Compensation Related Costs [Abstract] |
|
Share Based Compensation |
12)
Share Based Compensation
We
estimate the fair value of our stock options using the Black-Scholes option pricing model. This requires the input of subjective assumptions,
including the fair value of our underlying common stock, the expected term of stock options, the expected volatility of the price of
our common stock, risk-free interest rates, and the expected dividend yield of our common stock, the most critical of which, prior to
our IPO, was the estimated fair value of common stock. The assumptions used in our option pricing model represent our best estimates.
These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions
are used, our stock-based compensation expense could be materially different in the future. The resulting fair value, net of actual forfeitures,
is recognized on a straight-line basis over the period during which an employee is required to provide service in exchange for the award
These
assumptions used in the Black-Scholes option pricing model, other than the fair value of our common stock, are estimated as follows:
• |
|
Expected
volatility. Since a public market for our common stock did not exist prior to our IPO in October 2021 and, therefore, we do not have
an extensive trading history of our common stock, we estimated the expected volatility based on the volatility of similar publicly-held
entities (guideline companies) over a period equivalent to the expected term of the awards. In evaluating the similarity of guideline
companies to us, we considered factors such as industry, stage of life cycle, size, and financial leverage. We intend to continue
to consistently apply this process using the same or similar guideline companies to estimate the expected volatility until sufficient
historical information regarding the volatility of the share price of our common stock becomes available. |
• |
|
Expected
term. We estimate the expected term using the simplified method, as we do not have sufficient historical exercise activity to develop
reasonable expectations about future exercise patterns and post-vesting employment termination behaviour. The simplified method calculates
the average period the stock options are expected to remain outstanding as the midpoint between the vesting date and the contractual
expiration date of the award. |
• |
|
Risk-free
interest rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for maturities
corresponding with the expected term of the option. |
• |
|
Expected
dividend yield. We have never declared or paid any dividends and do not presently plan to pay dividends in the foreseeable future.
Consequently, we use an expected dividend yield of zero. |
We
are required to estimate the fair value of the common stock underlying our stock-based awards when performing fair value calculations
Historically
for all periods prior to our IPO, given the absence of a public trading market for our common stock, and in accordance with the American
Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation,
we exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair
value of our common stock including:
• |
|
contemporaneous
valuations performed at periodic intervals by unrelated third-party specialists |
• |
|
our
actual operating and financial performance. |
• |
|
relevant
precedent transactions involving our capital stock; |
• |
|
likelihood
of achieving a liquidity event, such as an initial public offering or a sale of our company given prevailing market conditions and
the nature and history of our business; |
• |
|
market
multiples of comparable companies in our industry; |
• |
|
industry
information such as market size and growth; |
• |
|
illiquidity
of stock-based awards involving securities in a private company; and
|
In
valuing our common stock prior to our IPO, our board of directors determined the enterprise value of our company using both the income
approach and market approach valuation methods. The income approach estimates value based on the expectation of future cash flows that
a company will generate. These future cash flows are discounted to their present values using a discount rate based on the cost of capital
at a company’s stage of development. The market approach estimates value based on a comparison of the subject company to comparable
public companies in a similar line of business. From the comparable companies, a representative market value multiple is determined and
then applied to the subject company’s financial results to estimate the enterprise value of the subject company.
A
summary of option activity under the employee share option plan as of December 31, 2023, and changes during the year then period is
presented below.
Schedule of stock option
activity | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Options | |
Shares
of Stock |
| |
No.
of Options | |
Weighted
Average Price | |
No.
of Shares | |
Weighted
Average Price | |
Total |
Balance
outstanding as at December 31, 2022 | |
| 208,514 | | |
| — | | |
| — | | |
| — | | |
| 208,514 | |
Additions
to the plan | |
| 200,000 | | |
| | | |
| | | |
| | | |
| | |
Incentive
Stock Options (ISO) | |
| | | |
| — | | |
| — | | |
| — | | |
| 200,000 | |
Non-Qualified
Stock Options (NSO) | |
| 88,076 | | |
| 3.6 | | |
| — | | |
| — | | |
| 880,757 | |
Cancelled/expired/exercised | |
| 12,386 | | |
| 4.0 | | |
| — | | |
| — | | |
| 12,386 | |
Balance
available under the plan as of March 31, 2023 | |
| 332,824 | | |
| — | | |
| — | | |
| — | | |
| 332,824 | |
Cancelled/expired/exercised | |
| 11,226 | | |
| 3.6 | | |
| — | | |
| — | | |
| 11,226 | |
Issued | |
| 70,000 | | |
| 3.9 | | |
| — | | |
| — | | |
| 70,000 | |
Balance available under the plan as of June 30, 2023 | |
| 274,050 | | |
| | | |
| | | |
| | | |
| 274,050 | |
The
following table summarizes the activities for our unvested options for the quarter ended June 30, 2023
Schedule
of unvested options | |
| |
|
| |
Number
of options | |
Weighted
average Grant Date Fair Value Per Option |
Unvested
on December 31, 2022 | | |
| 69,600 | | |
| 5.3 | |
Granted
| | |
| 88,076 | | |
| 3.6 | |
Vested
| | |
| (54,663 | ) | |
| 5.1 | |
Forfeited
| | |
| — | | |
| — | |
Unvested
on March 31, 2023 | | |
| 103,013 | | |
| 4.0 | |
Granted | | |
| — | | |
| — | |
Vested | | |
| (18,657 | ) | |
| 6.4 | |
Forfeited | | |
| — | | |
| — | |
Unvested on June 30, 2023 | | |
| 84,356 | | |
| 3.7 | |
The
weighted-average grant date fair value of options granted during the quarter ended June 30, 2023 was Nil and $3.6
during the quarter ended March 31, 2023. The fair
value as of the respective vesting dates of options that vested during the quarter ended June 30, 2023,was $119 and $278
during the quarter ended March 31, 2023.
As
of June 30, 2023, there was $309
of unrecognized share-based compensation expense
related to unvested options. This unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately two
years based on vesting under the award service conditions.
Schedule of assumptions | |
| |
|
Fair
value assumptions | |
2023 | |
2022 |
Expected
volatility | |
| 45%-52% | | |
| 45%-52% | |
Expected
terms (in years) | |
| 2 | | |
| 3 | |
Risk-free
interest rate | |
| 2.18%-3.57% | | |
| 1.48%-2.18% | |
Dividend
Yield | |
| 0% | | |
| 0% | |
|
X |
- DefinitionThe entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.
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v3.23.2
Net Income per share
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net Income per share |
13)
Net Income per share
The
Company presents basic and diluted earnings per share ("EPS") data for its common stock. Basic EPS is calculated by dividing
the net income attributable to stockholders of the Company by the weighted average number of shares of common stock outstanding during
the period. Diluted EPS is determined by adjusting the net income attributable to stockholders of the Company and the weighted average
number of shares of common stock outstanding during the period for the effects of all dilutive potential common shares, including awards
under stock-based compensation arrangements.
The
Company's unvested restricted stock awards are considered participating securities under FASB Codification topic, Earnings Per
Share, because they entitle holders to non-forfeitable rights to dividends until the awards vest or are forfeited. When a company
has a security that qualifies as a "participating security," the Codification requires the use of the two-class method when computing
basic EPS. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating
security according to dividends declared (or accumulated) and participation rights in undistributed earnings. In determining the amount
of net income to allocate to common stockholders, income is allocated to both common stock and participating securities based on their
respective weighted average shares outstanding for the period, with net income attributable to common stockholders ultimately equalling
net income less net income attributable to participating securities. Diluted EPS for the Company's common stock is computed using the
more dilutive of the two-class method or the treasury stock method.
The
company has 90,923
warranties that are exercisable at weighted average
price of $28.80
on June 30, 2023, and 90,923
warrant that are exercisable at weighted average
price of $28.80
at June 30, 2022.
The
company has 2,082,604
options that are vested and exercisable on June 30,2023.
Schedule
of earning per shares |
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
2023 |
|
2022 |
Net
income attributable to common stockholders |
|
$ |
(1,786 |
) |
|
$ |
(405 |
) |
Weighted
average shares outstanding used in basic per common share computations |
|
|
4,228,379 |
|
|
|
3,548,429 |
|
Basic
/Diluted EPS |
|
$ |
(0.42 |
) |
|
$ |
(0.11 |
) |
|
X |
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- DefinitionThe entire disclosure for earnings per share.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
14)
Subsequent Events
For
the quarter ended June 30, 2023, the Company has evaluated subsequent events through August 09, 2023 the date, which the financial statements
were available to be issued. No reportable subsequent events have occurred through August 09, 2023, which would have a significant effect
on the financial statements as of June 30, 2023.
|
X |
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements is in conformity with GAAP which requires us to make estimates, judgments and assumptions that affect
the financial statements and the notes thereto. These estimates are based on information available as of the date of the financial statements.
On a regular basis, management evaluates these estimates and assumptions. Items subject to such estimates and assumptions include, but
are not limited to:
• |
|
the
standalone selling price for each distinct performance obligation |
• |
|
the
determination of the period of benefit for amortization of deferred costs. |
• |
|
the
fair value of assets acquired, and liabilities assumed for business combinations. |
• |
|
Share
based compensation including warrants |
|
Emerging Growth Company Status |
Emerging
Growth Company Status
We
are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an emerging
growth company until the earlier of (i) December 21, 2026 (the last day of the fiscal year following the fifth anniversary of our IPO),
(ii) the last day of the first fiscal year in which we have total annual gross revenue of at least $1.07 billion, (iii) the last day
of the first fiscal year in which we are deemed to be a “large accelerated filer”, as defined in the rules under the Exchange
Act, and (iv) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. We
refer to the Jumpstart Our Business Startups Act of 2012 herein as the “JOBS Act,” and any reference herein to “emerging
growth company” has the meaning ascribed to it in the JOBS Act.
We
have elected to take advantage of certain of the reduced disclosure obligations in this Annual Report on Form 10-K and may elect to take
advantage of other reduced reporting requirements in our future filings with the SEC. As a result, the information that we provide to
our stockholders may be different from the information you might receive from other public reporting companies in which you hold equity
interests. In particular, Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the Securities Act) for complying with new or revised
accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, so long
as we remain an emerging growth company, we will not be subject to the same implementation timing of new or revised accounting standards
as other public companies that are not emerging growth companies until these standards apply to private companies unless we elect to
early adopt as permitted by the relevant guidance for private companies.
|
Segment Information |
Segment
Information
The
management has chosen to organize the Company around differences in products and services and segregated the reporting segments as Software
Services, Managed Services and Support, and Platform Services.
Operating
segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating
decision maker in deciding how to allocate resources and assessing performance. The Company defines the term ‘chief operating decision
maker’ to be the Chief Financial Officer. The Chief Financial Officer along with the management team reviews the financial information
presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, the Company
has determined that it operates in three distinct reportable operating segments, and all required financial segments information can
be found in the consolidated financial statements.
Expenses
included in segment operating profit consist principally of direct selling, delivery costs and research and development expenses. Certain
Sales and Marketing expenses, General and Administrative expenses, depreciation, and amortization are not allocated to individual segments
in internal management reports used by the chief operating decision maker. Accordingly, such expenses are excluded from segment operating
profit and are included below as “unallocated costs” and adjusted against our total income from operations. Additionally,
management has determined that it is not practical to allocate identifiable assets by segment, since such assets are used interchangeably
among the segments.
Schedule
of operating segment | |
| |
| |
| |
|
| |
| |
| |
| |
|
| |
Three
months Ended June 30, | |
Changes |
| |
(In
thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software
Services | |
$ | 5,185 | | |
$ | 6,585 | | |
$ | (1,400 | ) | |
| (21 | )% |
Managed
Services and Support | |
| 2,865 | | |
| 3,903 | | |
| (1,038 | ) | |
| (27 | )% |
Platform
Services | |
| 476 | | |
| 1,100 | | |
| (624 | ) | |
| (57 | )% |
Revenue | |
$ | 8,526 | | |
$ | 11,588 | | |
$ | (3,062 | ) | |
| (26 | )% |
| |
Six months Ended June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | 11,643 | | |
$ | 12,041 | | |
$ | (398 | ) | |
| (3) | % |
Managed Services and Support | |
| 5,906 | | |
| 8,172 | | |
| (2,266 | ) | |
| (28) | % |
Platform Services | |
| 815 | | |
| 2,431 | | |
| (1,616 | ) | |
| (66) | % |
Revenue | |
$ | 18,364 | | |
$ | 22,644 | | |
$ | (4,280 | ) | |
| (19) | % |
Operating profit by Operating Segment | |
| |
| |
| |
|
| |
| |
| |
| |
|
| |
Three months Ended
June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | (643 | ) | |
$ | (321 | ) | |
$ | (322 | ) | |
| (101 | %) |
Managed Services and Support | |
| 822 | | |
| 1,284 | | |
| (462 | ) | |
| (36 | %) |
Platform Services | |
| (384 | ) | |
| (212 | ) | |
| 296 | | |
| 140 | % |
Total segment operating (loss) profit | |
| (263 | ) | |
| 751 | | |
| (488 | ) | |
| (65 | %) |
Less: unallocated costs | |
| 1,858 | | |
| 2,184 | | |
| (326 | ) | |
| (15 | %) |
Income (loss) from operations | |
| (1,595 | ) | |
| (1,433 | ) | |
| (162 | ) | |
| (11 | %) |
Other Income | |
| — | | |
| 1,087 | | |
| (1,087 | ) | |
| (100 | %) |
Interest expense | |
| (186 | ) | |
| (58 | ) | |
| (128 | ) | |
| (221 | %) |
Net income (loss) before income tax expenses | |
$ | (1,781 | ) | |
$ | (404 | ) | |
$ | (1,377 | ) | |
| (341 | %) |
| |
Six months Ended June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | (1,779 | ) | |
$ | (521 | ) | |
$ | (1,258 | ) | |
| (242 | %) |
Managed Services and Support | |
| 1,374 | | |
| 2,538 | | |
| (1,164 | ) | |
| (46 | %) |
Platform Services | |
| (379 | ) | |
| (784 | ) | |
| 405 | | |
| 52 | % |
Total segment operating (loss) profit | |
| (784 | ) | |
| 1,233 | | |
| (2,017 | ) | |
| (164 | %) |
Less: unallocated costs | |
| 4,020 | | |
| 4,640 | | |
| (620 | ) | |
| (13 | %) |
Income (loss) from operations | |
| (4,804 | ) | |
| (3,407 | ) | |
| (1,397 | ) | |
| (41 | %) |
Other Income | |
| 12 | | |
| 1,087 | | |
| (1,075 | ) | |
| (99 | %) |
Interest expense | |
| (248 | ) | |
| (74 | ) | |
| (174 | ) | |
| (235 | %) |
Net income (loss) before income tax expenses | |
$ | (5,040 | ) | |
$ | (2,394 | ) | |
$ | (2,646 | ) | |
| (111 | %) |
Revenue
from top 5 customers
Three
Months Ended June 30, 2023
Schedule
of concentration | | |
| | | |
| | |
Customer | |
Amount
(In thousands) | |
%
of Revenue |
Customer
1 | | |
$ | 4,519 | | |
| 53 | % |
Customer
2 | | |
| 912 | | |
| 11 | % |
Customer
3 | | |
| 622 | | |
| 7 | % |
Customer
4 | | |
| 539 | | |
| 6 | % |
Customer
5 | | |
$ | 319 | | |
| 4 | % |
Three
Months Ended June 30, 2022
Schedule
of concentration | |
| |
|
| |
| |
|
Customer | |
Amount
(In thousands) | |
%
of Revenue |
Customer
1 | | |
$ | 4,517 | | |
| 39 | % |
Customer
2 | | |
| 1,744 | | |
| 15 | % |
Customer
3 | | |
| 920 | | |
| 8 | % |
Customer
4 | | |
| 845 | | |
| 7 | % |
Customer
5 | | |
$ | 440 | | |
| 4 | % |
Six
Months Ended June 30, 2023
Schedule of concentration | |
| |
|
Customer | |
Amount (In thousands) | |
% of Revenue |
Customer 1 | | |
$ | 9,449 | | |
| 51 | % |
Customer 2 | | |
| 1,771 | | |
| 10 | % |
Customer 3 | | |
| 1,330 | | |
| 7 | % |
Customer 4 | | |
| 984 | | |
| 5 | % |
Customer 5 | | |
$ | 920 | | |
| 5 | % |
Six
Months Ended June 30, 2022
Schedule of concentration | |
| |
|
| |
| |
|
Customer | |
Amount (In thousands) | |
% of Revenue |
Customer 1 | | |
$ | 8,350 | | |
| 37 | % |
Customer 2 | | |
| 3,709 | | |
| 16 | % |
Customer 3 | | |
| 1,886 | | |
| 8 | % |
Customer 4 | | |
| 1,744 | | |
| 8 | % |
Customer 5 | | |
$ | 912 | | |
| 4 | % |
|
Revenue Recognition |
Revenue
Recognition
We
recognize revenues as we transfer control of deliverables (services, solutions, and platform) to our clients in an amount reflecting
the consideration to which we expect to be entitled. To recognize revenues, we apply the following five step approach: (1) identify the
contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate
the transaction price to the performance obligations in the contract, and (5) recognize revenues when a performance obligation is satisfied.
We account for a contract when it has approval and commitment from all parties, the rights of the parties are identified, payment terms
are identified, the contract has commercial substance and collectability of consideration is probable. We apply judgment in determining
the customer’s ability and intention to pay based on a variety of factors including the customer’s historical payment experience.
For
performance obligations where control is transferred over time, revenues are recognized based on the extent of progress towards completion
of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the
nature of the deliverables to be provided.
|
Software Services |
Software
Services
The
Company enters into contractual obligations with the customers to perform (i) Strategic advisory services which include assessment of
the enterprise network, applications environment and advise on the design and tools; (ii) Implementation services which include deployment,
upgrades, enhancements, migration, training, documentation and maintenance of various electronic health record systems and (iii) Development
services which include customization of network and applications in the public cloud environment.
Revenue
from Strategic advisory, Implementation and Development services are distinct performance obligation and is recognized on time-and-material
or fixed-price project basis. Revenues related to time-and-material are recognized over the period the services are provided using labor
hours. Revenues related to fixed-price contracts are recognized as the service is performed using the cost-to-cost method, under which
the total value of revenues is recognized based on the percentage that each contract’s total labor cost to date bears to the total
expected labor costs. The cost-to-cost method requires estimation of future costs, which is updated as the project progresses to reflect
the latest available information; such estimates and changes in estimates involve the use of judgment. The cumulative impact of any revision
in estimates is reflected in the financial reporting period in which the change in estimate becomes known and any anticipated losses
on contracts are recognized immediately, where appropriate.
We
may enter into contracts that consist of multiple performance obligations. Such contracts may include any combination of our deliverables.
To the extent a contract includes multiple promised deliverables, we apply judgment to determine whether promised deliverables are capable
of being distinct and are distinct in the context of the contract. If these criteria are not met, the promised deliverables are accounted
for as a combined performance obligation. For contracts with multiple distinct performance obligations, we allocate consideration among
the performance obligations based on their relative standalone selling price. Standalone selling price is the price at which we would
sell a promised good or service separately to the customer. When not directly observable, we estimate standalone selling price by using
the expected cost plus a margin approach. We establish a standalone selling price range for our deliverables, which is reassessed on
a periodic basis or when facts and circumstances change.
|
Managed Services and Support |
Managed
Services and Support
The
Company has standard contracts for its Managed Services and Support, however the statement of work contained in such contracts is unique
for each customer. A typical Managed Services and Support contract would provide for some or all of the following types of services being
provided to the customer: Cloud hosting, Continuous monitoring of applications, security and compliance and support.
Revenue
from Managed services and support is a distinct performance obligation and recognized based on SSP (standalone selling price), rateably
on a straight-line basis over the period in which the services are rendered. Contract with customers includes subcontractor services
or third-party cloud infrastructure services in certain integrated services arrangements. In these types of arrangements, revenue is
recognized net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the
principal for the transaction. In doing so, the Company first evaluates whether it controls the platform or service before it is transferred
to the customer. The Company considers whether it has the primary obligation to fulfil the contract, pricing discretion and other factors
to determine whether it controls the platform or service and therefore is acting as a principal or an agent. Payment for managed services
and support is due monthly.
|
Platform Services |
Platform
Services
The
Company has standard contracts for its Platform Services, however the statement of work contained in such contracts is unique for each
customer. A typical Platform Services contract would provide for some or all of the following types of services being provided to the
customer: Data Analytics, Backup and Recovery, through our Platform.
The
revenue from Platform services is a distinct performance obligation and recognized based on SSP. During the periods presented the Company
generated revenue from Platform services on a fixed-price solutions delivery model. Revenues related to fixed-price contracts are recognized
as the service is performed using the cost-to-cost method, under which the total value of revenues is recognized based on the percentage
that each contract’s total labor cost to date bears to the total expected labor costs. The cost-to-cost method requires estimation
of future costs, which is updated as the project progresses to reflect the latest available information; such estimates and changes in
estimates involve the use of judgment. The cumulative impact of any revision in estimates is reflected in the financial reporting period
in which the change in estimate becomes known and any anticipated losses on contracts are recognized immediately, where appropriate.
Our
contractual terms and conditions for Software services, Managed Services and Support and Platform services mandate that our services
are documented and subject to inspection, testing at the time of delivery to customer. In addition, the Company needs to integrate seamlessly
into the customers’ systems. Also, the customer has a right to cancel all, or part of the services rendered if it is not in accordance
with statement of work and within the stipulated time.
|
Contract Balances |
Contract
Balances
The
timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (contract assets),
and customer advances and deferred revenue (contract liabilities) on the Consolidated Balance Sheet. Amounts are billed as work progresses
in accordance with agreed-upon contractual terms, generally monthly upon achievement of contractual milestones. Generally, billing occurs
after revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers, particularly
on our international contracts, before revenue is recognized, resulting in contract liabilities. These deposits are liquidated when revenue
is recognized
The
beginning and ending contract balances were as follows:
Schedule
of receivables and contract liabilities | |
| |
|
| |
June 30, 2023 | |
December
31, 2022 |
| |
(In
thousands) |
Accounts
Receivable | |
| 4,476 | | |
| 5,592 | |
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments (including money market funds) with an original maturity at acquisition of three months
or less to be cash equivalents. The Company maintains cash balances, which may exceed federally insured limits. The Company does not
believe that this results in any significant credit risk.
|
Accounts Receivable |
Accounts
Receivable
The
Company extends credit to clients based upon the management’s assessment of their creditworthiness on an unsecured basis. The
Company provides an allowance for uncollectible accounts based on historical experience and management evaluation of trend analysis.
The Company includes any balances that are determined to be uncollectible in its allowance for doubtful accounts. For the quarter
ended June 30, 2023 the Company did not provided an allowance for uncollectible accounts and year ended December 31, 2022 the
Company provided $222 as allowances for uncollectible accounts. Based on the information available, management believes the
Company’s accounts receivable are collectible.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are stated at cost. The Company provides for depreciation of property and equipment using the straight-line method over
the estimated useful lives of the related assets ranging from 3 to 7 years. Leasehold improvements are amortized using the straight-line
method over the shorter of the lease terms or the useful lives of the improvements. The Company charges repairs and maintenance costs
that do not extend the lives of the assets to expenses as incurred.
|
Intangible Assets |
Intangible
Assets
We
capitalize certain costs incurred for the platform development when it is determined that it is probable that the platform will be completed
and will be used as intended. Costs related to preliminary project activities, post-implementation activities, training, and maintenance
are expensed as incurred. Customer relationship and platform development are amortized based on finite lives using either the straight-line
method or based on estimated future cash flows to approximate the pattern in which the economic benefit of the asset will be utilized.
Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances
occur that could impact the recoverability of these assets.
|
Goodwill |
Goodwill
Goodwill
is the excess of the cost of an acquired entity over the net amounts assigned to tangible and intangible assets acquired and liabilities
assumed. Goodwill is not amortized but is subject to an annual impairment test.
The
Company performs its annual goodwill impairment test on an annual basis in the fourth quarter of each fiscal year or more frequently
if changes in circumstances or the occurrence of events suggest that an impairment exists. If the fair value of the reporting unit is
less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the reporting unit’s
goodwill is less than the carrying value of the reporting unit’s goodwill.
The
Company’s quarterly goodwill impairment test resulted in no impairment charges in the quarter ended June 30, 2023 and 2022.
|
Allowance for Doubtful Accounts |
Allowance
for Doubtful Accounts
Trade
accounts receivable are stated at the amount the Company expects to collect and do not bear interest. The collectability of trade receivable
balances is regularly evaluated based on a combination of factors such as customer creditworthiness, past transaction history with the
customer, current economic industry trends and changes in customer payment pattern. Additionally, if it is determined that a customer
will be unable to fully meet its financial obligation, such as in the case of a bankruptcy filing or other material event impacting its
business, a specific allowance for doubtful accounts may be recorded to reduce the related receivable to the amount expected to be recovered.
Although
we believe that our approach to estimates and judgments regarding our allowance for doubtful accounts is reasonable, actual results could
differ and we may be exposed to increases or decreases in required allowances that could be material.
|
Business Combinations |
Business
Combinations
As
per ASC 805-50 a common-control transaction does not meet the definition of a business combination because there is no change in control
over the net assets. The accounting for these transactions are addressed in the “Transactions Between Entities Under Common Control”.
The net assets are derecognized by the transferring entity and recognized by the receiving entity at the historical cost of the parent
of the entities under common control. Any difference between the proceeds transferred or received and the carrying amounts of the net
assets is recognized in equity in the transferring and receiving entities’ separate financial statements and eliminated in consolidation.
The change in accounting principle is applied retroactively for all periods presented.
We
account for business combinations using the acquisition method, which requires the identification of the acquirer, the determination
of the acquisition date and the allocation of the purchase price paid by the acquirer to the identifiable tangible and intangible assets
acquired, the liabilities assumed, including any contingent consideration and any non-controlling interest in the acquiree at their acquisition
date fair values.
Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount
assigned to identifiable intangible assets. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related
costs are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in our
consolidated financial statements from the date of effective control.
|
Valuation of Contingent Earn-out Consideration. |
Valuation
of Contingent Earn-out Consideration.
Acquisitions
may include contingent consideration payments based on the achievement of certain future financial performance measures of the acquired
company. Contingent consideration is required to be recognized at fair value as of the acquisition date. We estimate the fair value of
these liabilities based on financial projections of the acquired companies and estimated probabilities of achievement. We believe our
estimates and assumptions are reasonable, however, there is significant judgment involved. We evaluate, on a routine, periodic basis,
the estimated fair value of the contingent consideration and changes in estimated fair value, subsequent to the initial fair value estimate
at the time of the acquisition, will be reflected in income or expense in the consolidated statements of operations. Changes in the fair
value of contingent consideration obligations may result from changes in discount periods and rates, changes in the timing and amount
of revenue and/or earnings estimates and changes in probability assumptions with respect to the likelihood of achieving the various earn-out
criteria. Any changes in the estimated fair value of contingent consideration may have a material impact on our operating results.
|
Earnings (Loss) Per Share. |
Earnings
(Loss) Per Share.
Earnings
per share (“EPS”) is the amount of earnings attributable to each share of common stock. For convenience, the term is used
to refer to either earnings or loss per share. EPS is computed pursuant to Section 260-10-45 of the FASB Accounting Standards Codification.
Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS shall be computed by dividing income available to common stockholders
(the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to
common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid)
and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations
(if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation
of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding
if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common
shares issuable through contingent shares issuance arrangement, stock options or warrants.
|
Fair Value Measurements |
Fair
Value Measurements
The
Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable
inputs and minimizes the use of unobservable inputs when measuring fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving
significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level
1—Inputs are observable and reflect quoted prices in active markets for identical assets or liabilities that the Company has the
ability to access at the measurement date.
Level
2—Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
Level
3—Inputs that are unobservable
Money
market funds and U.S. treasury securities are classified within Level 1 because they are valued using quoted market prices or alternative
pricing sources and models utilizing market observable inputs. Other debt securities and investments are classified within Level 2 if
the investments are valued using model driven valuations which use observable inputs such as quoted market prices, benchmark yields,
reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Available-for-sale
debt securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs
in various asset price models. In connection with the acquisition of Devcool, Inc., the Company recognized a liability on the acquisition
date for the estimated fair value of the contingent consideration based on the probability of achieving certain milestones pursuant to
the acquisition agreement. The fair value measurement of the contingent consideration is based on significant unobservable inputs and
management judgment; therefore, it is categorized under Level 3 at the balance sheet date in the table below.
Schedule
of balance sheet |
|
| |
June 30, 2023 |
| |
Fair
Value Measured Using |
| |
(In
thousands) |
| |
Level
1 | |
Level
2 | |
Level
3 | |
Total |
Financial
liabilities: | |
| |
| | | |
| | | |
| | |
Warrant
Liabilities | |
| |
| | | |
$ | 55 | | |
$ | 55 | |
Acquisition-related
contingent consideration | |
— | |
| — | | |
$ | 2,227 | | |
$ | 2,227 | |
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company accounts for stock-based awards to employees and consultants in accordance with applicable accounting principles, which requires
compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial
statements based on a determination of the fair value of the stock options over the instruments vesting period. Options awarded to purchase
shares of common stock issued to non-employees do not need to be remeasured as per ASU 2018-07 principles.
The
Company adopted the “2020 Stock Incentive Plan” (Plan). The Company has reserved 600,000
shares of the Company’s Common stock.
|
Income taxes |
Income
taxes
The
provision for income taxes was determined using the asset and liability approach of accounting for income taxes. Under this approach,
deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered
or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes
during the period. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities
and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred
tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax assets and liabilities are measured
using enacted tax rates applicable in the years in which they are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax law is recognized in income in the period that includes the enactment date.
|
Advertising Costs |
Advertising
Costs
The
Company expenses advertising cost as incurred. Advertising expense for the quarters ended June 30, 2023 and 2022 were Nil 0.
|
Concentrations |
Concentrations
Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and trade receivables.
Credit risks associated with trade receivables is minimal due to the Company’s customer base which consist of large customer base
and ongoing procedures, which monitor the credit worthiness of its customers. For the quarter ended June 30, 2023 and 2022 revenue from
the top five customers accounted for approximately 81%
and 73%
of total revenue respectively. For the quarter ended June 30, 2023 and year ended December 31, 2022 accounts receivable from five major
customers accounted for approximately 81%
and 72%
of the total accounts receivables.
The
Company maintains cash balances in various financial institutions. The balances are generally insured by the Federal Deposit Insurance
Corporation up to $250,000 (valid
through June 30, 2023) per institution.
As
of June 30, 2023 and December 31, 2022, the Company had Nil0
and $816
respectively, of uninsured cash balances. The
Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of operating segment |
Schedule
of operating segment | |
| |
| |
| |
|
| |
| |
| |
| |
|
| |
Three
months Ended June 30, | |
Changes |
| |
(In
thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software
Services | |
$ | 5,185 | | |
$ | 6,585 | | |
$ | (1,400 | ) | |
| (21 | )% |
Managed
Services and Support | |
| 2,865 | | |
| 3,903 | | |
| (1,038 | ) | |
| (27 | )% |
Platform
Services | |
| 476 | | |
| 1,100 | | |
| (624 | ) | |
| (57 | )% |
Revenue | |
$ | 8,526 | | |
$ | 11,588 | | |
$ | (3,062 | ) | |
| (26 | )% |
| |
Six months Ended June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | 11,643 | | |
$ | 12,041 | | |
$ | (398 | ) | |
| (3) | % |
Managed Services and Support | |
| 5,906 | | |
| 8,172 | | |
| (2,266 | ) | |
| (28) | % |
Platform Services | |
| 815 | | |
| 2,431 | | |
| (1,616 | ) | |
| (66) | % |
Revenue | |
$ | 18,364 | | |
$ | 22,644 | | |
$ | (4,280 | ) | |
| (19) | % |
|
Operating profit by Operating Segment |
Operating profit by Operating Segment | |
| |
| |
| |
|
| |
| |
| |
| |
|
| |
Three months Ended
June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | (643 | ) | |
$ | (321 | ) | |
$ | (322 | ) | |
| (101 | %) |
Managed Services and Support | |
| 822 | | |
| 1,284 | | |
| (462 | ) | |
| (36 | %) |
Platform Services | |
| (384 | ) | |
| (212 | ) | |
| 296 | | |
| 140 | % |
Total segment operating (loss) profit | |
| (263 | ) | |
| 751 | | |
| (488 | ) | |
| (65 | %) |
Less: unallocated costs | |
| 1,858 | | |
| 2,184 | | |
| (326 | ) | |
| (15 | %) |
Income (loss) from operations | |
| (1,595 | ) | |
| (1,433 | ) | |
| (162 | ) | |
| (11 | %) |
Other Income | |
| — | | |
| 1,087 | | |
| (1,087 | ) | |
| (100 | %) |
Interest expense | |
| (186 | ) | |
| (58 | ) | |
| (128 | ) | |
| (221 | %) |
Net income (loss) before income tax expenses | |
$ | (1,781 | ) | |
$ | (404 | ) | |
$ | (1,377 | ) | |
| (341 | %) |
| |
Six months Ended June 30, | |
Changes |
| |
(In thousands) | |
|
| |
2023 | |
2022 | |
Amount | |
% |
Software Services | |
$ | (1,779 | ) | |
$ | (521 | ) | |
$ | (1,258 | ) | |
| (242 | %) |
Managed Services and Support | |
| 1,374 | | |
| 2,538 | | |
| (1,164 | ) | |
| (46 | %) |
Platform Services | |
| (379 | ) | |
| (784 | ) | |
| 405 | | |
| 52 | % |
Total segment operating (loss) profit | |
| (784 | ) | |
| 1,233 | | |
| (2,017 | ) | |
| (164 | %) |
Less: unallocated costs | |
| 4,020 | | |
| 4,640 | | |
| (620 | ) | |
| (13 | %) |
Income (loss) from operations | |
| (4,804 | ) | |
| (3,407 | ) | |
| (1,397 | ) | |
| (41 | %) |
Other Income | |
| 12 | | |
| 1,087 | | |
| (1,075 | ) | |
| (99 | %) |
Interest expense | |
| (248 | ) | |
| (74 | ) | |
| (174 | ) | |
| (235 | %) |
Net income (loss) before income tax expenses | |
$ | (5,040 | ) | |
$ | (2,394 | ) | |
$ | (2,646 | ) | |
| (111 | %) |
|
Schedule of concentration |
Schedule
of concentration | | |
| | | |
| | |
Customer | |
Amount
(In thousands) | |
%
of Revenue |
Customer
1 | | |
$ | 4,519 | | |
| 53 | % |
Customer
2 | | |
| 912 | | |
| 11 | % |
Customer
3 | | |
| 622 | | |
| 7 | % |
Customer
4 | | |
| 539 | | |
| 6 | % |
Customer
5 | | |
$ | 319 | | |
| 4 | % |
Three
Months Ended June 30, 2022
Schedule
of concentration | |
| |
|
| |
| |
|
Customer | |
Amount
(In thousands) | |
%
of Revenue |
Customer
1 | | |
$ | 4,517 | | |
| 39 | % |
Customer
2 | | |
| 1,744 | | |
| 15 | % |
Customer
3 | | |
| 920 | | |
| 8 | % |
Customer
4 | | |
| 845 | | |
| 7 | % |
Customer
5 | | |
$ | 440 | | |
| 4 | % |
Six
Months Ended June 30, 2023
Schedule of concentration | |
| |
|
Customer | |
Amount (In thousands) | |
% of Revenue |
Customer 1 | | |
$ | 9,449 | | |
| 51 | % |
Customer 2 | | |
| 1,771 | | |
| 10 | % |
Customer 3 | | |
| 1,330 | | |
| 7 | % |
Customer 4 | | |
| 984 | | |
| 5 | % |
Customer 5 | | |
$ | 920 | | |
| 5 | % |
Six
Months Ended June 30, 2022
Schedule of concentration | |
| |
|
| |
| |
|
Customer | |
Amount (In thousands) | |
% of Revenue |
Customer 1 | | |
$ | 8,350 | | |
| 37 | % |
Customer 2 | | |
| 3,709 | | |
| 16 | % |
Customer 3 | | |
| 1,886 | | |
| 8 | % |
Customer 4 | | |
| 1,744 | | |
| 8 | % |
Customer 5 | | |
$ | 912 | | |
| 4 | % |
|
Schedule of receivables and contract liabilities |
Schedule
of receivables and contract liabilities | |
| |
|
| |
June 30, 2023 | |
December
31, 2022 |
| |
(In
thousands) |
Accounts
Receivable | |
| 4,476 | | |
| 5,592 | |
|
Schedule of balance sheet |
Schedule
of balance sheet |
|
| |
June 30, 2023 |
| |
Fair
Value Measured Using |
| |
(In
thousands) |
| |
Level
1 | |
Level
2 | |
Level
3 | |
Total |
Financial
liabilities: | |
| |
| | | |
| | | |
| | |
Warrant
Liabilities | |
| |
| | | |
$ | 55 | | |
$ | 55 | |
Acquisition-related
contingent consideration | |
— | |
| — | | |
$ | 2,227 | | |
$ | 2,227 | |
|
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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 |
Schedule
of intangible assets | |
| |
| |
| |
| |
| |
| |
|
| |
June 30, 2023 | |
December
31, 2022 |
| |
Weighted
average Remaining Useful life (Years) | |
Gross
Carrying Amount | |
Accumulated
Amortization | |
Net
Carrying Amount | |
Gross
Carrying Amount | |
Accumulated
Amortization | |
Net
Carrying Amount |
| |
(In
thousands) | |
(In
thousands) |
Customer
relationships | |
| 2.97 | | |
$ | 8,667 | | |
$ | 4,390 | | |
$ | 4,277 | | |
$ | 8,667 | | |
$ | 3,523 | | |
$ | 5,144 | |
Intellectual
property | |
| 4.39 | | |
| 7,329 | | |
| 2,685 | | |
| 4,644 | | |
| 7,329 | | |
| 2,013 | | |
| 5,316 | |
Product
development | |
| 0.5 | | |
| 477 | | |
| 477 | | |
| 0 | | |
| 477 | | |
| 367 | | |
| 110 | |
Total
Intangible Assets | |
| | | |
$ | 16,473 | | |
$ | 7,552 | | |
$ | 8,921 | | |
$ | 16,473 | | |
$ | 5,903 | | |
$ | 10,570 | |
|
Schedule of intangibles asset useful life |
Schedule
of intangibles asset useful life | |
|
| |
|
Nature
of Intangibles | |
Useful
Life |
Customer
relationships | |
5
years |
Intellectual
property | |
5
years |
Product
development | |
5
years |
|
Schedule of amortization expense |
Schedule
of amortization expense | |
|
| |
|
June 30, | |
|
2023 | | |
$ | 1,538 | |
2024 | | |
| 3,077 | |
2025 | | |
| 3,020 | |
2026 | | |
| 1,286 | |
Total | | |
$ | 8,921 | |
|
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v3.23.2
Business Combination (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of allocation of purchase price |
Schedule
of allocation of purchase price | |
|
| |
|
Asset
Component | |
June 30, 2023 |
Intangible
Assets | |
$ | 6,018 | |
Goodwill | |
| 1,289 | |
Working
Capital | |
| — | |
Current
Assets | |
| | |
Cash | |
| 970 | |
Accounts
Receivables | |
| 3,142 | |
Other
Current Assets | |
| | |
Other Current Assets | |
| 11,419 | |
Current
Liabilities | |
| | |
Accounts
Payable | |
| 758 | |
Short
term borrowing | |
| 2,209 | |
Other
Current liabilities | |
| 679 | |
Current liabilities | |
| 3,646 | |
Net
Working Capital Acquired | |
| 7,773 | |
Total
Purchase price | |
$ | 7,773 | |
|
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v3.23.2
Debt Securities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of common stock warrants |
Schedule of common stock
warrants | |
| |
| |
| |
|
Warrants | |
Number
of Warrants | |
Weighted
Average Exercise price | |
Weighted
Average Remaining Contractual Term | |
Aggregate
Intrinsic value |
Outstanding
on January 1, 2023 | |
| 590,923 | | |
$ | 28.8 | | |
| — | | |
| — | |
Granted | |
| — | | |
| — | | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | | |
| — | | |
| — | |
Forfeited
or expired | |
| — | | |
| — | | |
| — | | |
| — | |
Outstanding
on June 30, 2023 | |
| 90,923 | | |
$ | 28.8 | | |
| — | | |
| — | |
Exercisable
on June 30, 2023 | |
| 90,923 | | |
$ | 28.8 | | |
| — | | |
| — | |
|
Schedule of unvested warrants |
Schedule
of unvested warrants | | |
| | | |
| | |
| | |
| Number
of Warrants | | |
| Weighted
average Grant Date Fair Value Per warrant | |
Unvested
on December 31, 2022 | | |
| — | | |
| | |
Granted | | |
| — | | |
$ | | |
Vested | | |
| — | | |
$ | | |
Forfeited | | |
| — | | |
$ | | |
Unvested
on June 30, 2023 | | |
| — | | |
| | |
|
Schedule of fair value of warrant liabilities |
Schedule
of fair value of warrant liabilities | |
|
| |
|
Fair
value assumptions | |
June 30, 2023 |
Estimated
fair value of common stock warrant | |
$ | 4.0 | |
Exercise
price | |
$ | 28.8 | |
Expected
volatility | |
| 45%-52% | |
Expected
terms (in years) | |
| 2 | |
Risk-free
interest rate | |
| 1.48%-2.18% | |
Dividend
Yield | |
| 0% | |
|
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v3.23.2
Provision for Income Taxes (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Schedule of deferred tax assets |
Schedule
of deferred tax assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, 2023 |
|
December
31, 2022 |
Deferred
tax assets: |
|
|
|
|
|
|
|
|
Net
Operating loss carry forward |
|
$ |
1,361 |
|
|
$ |
2,578 |
|
Stock-based
compensation |
|
|
(47 |
) |
|
|
(27 |
) |
Other
income (PPP loan forgiveness) |
|
|
— |
|
|
|
292 |
|
Total
Deferred tax asset |
|
|
1,314 |
|
|
|
2,843 |
|
Less:
Valuation allowance |
|
$ |
(1,314 |
) |
|
$ |
(2,843 |
) |
Deferred
tax asset. net of valuation allowance |
|
|
— |
|
|
|
— |
|
Deferred
tax liabilities |
|
|
— |
|
|
|
— |
|
Net
Deferred tax asset |
|
|
— |
|
|
|
— |
|
|
Schedule of income tax expense benefit |
Schedule
of income tax expense benefit |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
June 30, 2022 |
Federal
income tax |
|
$ |
— |
|
|
$ |
— |
|
State
income tax |
|
|
5 |
|
|
|
1 |
|
Total
Income taxes , Current provision |
|
|
5 |
|
|
|
1 |
|
Deferred
Income taxes (benefit) |
|
|
— |
|
|
|
— |
|
Total
Income expenses (benefit) |
|
$ |
5 |
|
|
$ |
1 |
|
|
X |
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v3.23.2
Share Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Compensation Related Costs [Abstract] |
|
Schedule of stock option activity |
Schedule of stock option
activity | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Options | |
Shares
of Stock |
| |
No.
of Options | |
Weighted
Average Price | |
No.
of Shares | |
Weighted
Average Price | |
Total |
Balance
outstanding as at December 31, 2022 | |
| 208,514 | | |
| — | | |
| — | | |
| — | | |
| 208,514 | |
Additions
to the plan | |
| 200,000 | | |
| | | |
| | | |
| | | |
| | |
Incentive
Stock Options (ISO) | |
| | | |
| — | | |
| — | | |
| — | | |
| 200,000 | |
Non-Qualified
Stock Options (NSO) | |
| 88,076 | | |
| 3.6 | | |
| — | | |
| — | | |
| 880,757 | |
Cancelled/expired/exercised | |
| 12,386 | | |
| 4.0 | | |
| — | | |
| — | | |
| 12,386 | |
Balance
available under the plan as of March 31, 2023 | |
| 332,824 | | |
| — | | |
| — | | |
| — | | |
| 332,824 | |
Cancelled/expired/exercised | |
| 11,226 | | |
| 3.6 | | |
| — | | |
| — | | |
| 11,226 | |
Issued | |
| 70,000 | | |
| 3.9 | | |
| — | | |
| — | | |
| 70,000 | |
Balance available under the plan as of June 30, 2023 | |
| 274,050 | | |
| | | |
| | | |
| | | |
| 274,050 | |
|
Schedule of unvested options |
Schedule
of unvested options | |
| |
|
| |
Number
of options | |
Weighted
average Grant Date Fair Value Per Option |
Unvested
on December 31, 2022 | | |
| 69,600 | | |
| 5.3 | |
Granted
| | |
| 88,076 | | |
| 3.6 | |
Vested
| | |
| (54,663 | ) | |
| 5.1 | |
Forfeited
| | |
| — | | |
| — | |
Unvested
on March 31, 2023 | | |
| 103,013 | | |
| 4.0 | |
Granted | | |
| — | | |
| — | |
Vested | | |
| (18,657 | ) | |
| 6.4 | |
Forfeited | | |
| — | | |
| — | |
Unvested on June 30, 2023 | | |
| 84,356 | | |
| 3.7 | |
|
Schedule of assumptions |
Schedule of assumptions | |
| |
|
Fair
value assumptions | |
2023 | |
2022 |
Expected
volatility | |
| 45%-52% | | |
| 45%-52% | |
Expected
terms (in years) | |
| 2 | | |
| 3 | |
Risk-free
interest rate | |
| 2.18%-3.57% | | |
| 1.48%-2.18% | |
Dividend
Yield | |
| 0% | | |
| 0% | |
|
X |
- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.
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v3.23.2
Net Income per share (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of earning per shares |
Schedule
of earning per shares |
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
|
2023 |
|
2022 |
Net
income attributable to common stockholders |
|
$ |
(1,786 |
) |
|
$ |
(405 |
) |
Weighted
average shares outstanding used in basic per common share computations |
|
|
4,228,379 |
|
|
|
3,548,429 |
|
Basic
/Diluted EPS |
|
$ |
(0.42 |
) |
|
$ |
(0.11 |
) |
|
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v3.23.2
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Product Information [Line Items] |
|
|
|
|
Revenue |
$ 8,526
|
$ 11,588
|
$ 18,364
|
$ 22,644
|
Changes amount |
$ (3,062)
|
|
$ (4,280)
|
|
Changes percentage |
(26.00%)
|
|
(19.00%)
|
|
Software Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
$ 5,185
|
6,585
|
$ 11,643
|
12,041
|
Changes amount |
$ (1,400)
|
|
$ (398)
|
|
Changes percentage |
(21.00%)
|
|
(3.00%)
|
|
Managed Services And Support [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
$ 2,865
|
3,903
|
$ 5,906
|
8,172
|
Changes amount |
$ (1,038)
|
|
$ (2,266)
|
|
Changes percentage |
(27.00%)
|
|
(28.00%)
|
|
Platform Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenue |
$ 476
|
$ 1,100
|
$ 815
|
$ 2,431
|
Changes amount |
$ (624)
|
|
$ (1,616)
|
|
Changes percentage |
(57.00%)
|
|
(66.00%)
|
|
X |
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v3.23.2
Summary of Significant Accounting Policies (Details 1) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Product Information [Line Items] |
|
|
|
|
Total segment operating profit |
$ (263,000)
|
$ 751,000
|
$ (784,000)
|
$ 1,233,000
|
Total segment operating profit amount changes |
$ (488,000)
|
|
$ (2,017,000)
|
|
Total Segment Operating Profit Percentage Changes |
(65.00%)
|
|
(164.00%)
|
|
Less: unallocated costs |
$ 1,858,000
|
2,184,000
|
$ 4,020,000
|
4,640,000
|
Less: unallocated costs amount changes |
$ (326,000)
|
|
$ (620,000)
|
|
Less Unallocated Costs Percentage Changes |
(15.00%)
|
|
(13.00%)
|
|
Income from operations |
$ (1,595,000)
|
(1,433,000)
|
$ (4,804,000)
|
(3,407,000)
|
Income from operations amount changes |
$ (162,000)
|
|
$ (1,397,000)
|
|
Income From Operations Percentage Changes |
(11.00%)
|
|
(41.00%)
|
|
Other income |
|
1,087,000
|
$ 12,000
|
1,087,000
|
Other income amount changes |
$ (1,087,000)
|
|
$ (1,075,000)
|
|
Other Income |
(100.00%)
|
|
(99.00%)
|
|
Interest expense |
$ (186,000)
|
(58,000)
|
$ (248,000)
|
(74,000)
|
Interest expense amount changes |
$ (128,000)
|
|
$ (174,000)
|
|
Interest Expense Percentage Changes |
(221.00%)
|
|
(235.00%)
|
|
Net income (loss) before income tax expenses |
$ (1,781,000)
|
(404,000)
|
$ (5,040,000)
|
(2,394,000)
|
Net income (loss) before income tax expenses amount changes |
$ (1,377,000)
|
|
$ (2,646,000)
|
|
Net Income Loss Before Income Tax Expenses Percentage Changes |
(341.00%)
|
|
(111.00%)
|
|
Software Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total segment operating profit |
$ (643,000)
|
(321,000)
|
$ (1,779,000)
|
(521,000)
|
Total segment operating profit amount changes |
$ (322,000)
|
|
$ (1,258,000)
|
|
Total Segment Operating Profit Percentage Changes |
(101.00%)
|
|
(242.00%)
|
|
Managed Services And Support [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total segment operating profit |
$ 822,000
|
1,284,000
|
$ 1,374,000
|
2,538,000
|
Total segment operating profit amount changes |
$ (462,000)
|
|
$ (1,164,000)
|
|
Total Segment Operating Profit Percentage Changes |
(36.00%)
|
|
(46.00%)
|
|
Platform Services [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total segment operating profit |
$ (384,000)
|
$ (212,000)
|
$ (379,000)
|
$ (784,000)
|
Total segment operating profit amount changes |
$ 296,000
|
|
$ 405,000
|
|
Total Segment Operating Profit Percentage Changes |
140.00%
|
|
52.00%
|
|
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Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue |
$ 8,526
|
$ 11,588
|
$ 18,364
|
$ 22,644
|
Customer 1 [Member] |
|
|
|
|
Revenue |
$ 4,519
|
$ 4,517
|
$ 9,449
|
$ 8,350
|
Concentration Risk, Percentage |
53.00%
|
39.00%
|
51.00%
|
37.00%
|
Customer 2 [Member] |
|
|
|
|
Revenue |
$ 912
|
$ 1,744
|
$ 1,771
|
$ 3,709
|
Concentration Risk, Percentage |
11.00%
|
15.00%
|
10.00%
|
16.00%
|
Customer 3 [Member] |
|
|
|
|
Revenue |
$ 622
|
$ 920
|
$ 1,330
|
$ 1,886
|
Concentration Risk, Percentage |
7.00%
|
8.00%
|
7.00%
|
8.00%
|
Customer 4 [Member] |
|
|
|
|
Revenue |
$ 539
|
$ 845
|
$ 984
|
$ 1,744
|
Concentration Risk, Percentage |
6.00%
|
7.00%
|
5.00%
|
8.00%
|
Customer 5 [Member] |
|
|
|
|
Revenue |
$ 319
|
$ 440
|
$ 920
|
$ 912
|
Concentration Risk, Percentage |
4.00%
|
4.00%
|
5.00%
|
4.00%
|
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Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
Advertising Expense |
|
$ 0
|
|
Cash, FDIC Insured Amount |
$ 250,000
|
|
|
Cash Equivalents, at Carrying Value |
$ 0
|
|
$ 816,000
|
Five Major Customers [Member] | Revenue Benchmark [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration Risk, Percentage |
81.00%
|
73.00%
|
|
Five Major Customers [Member] | Accounts Receivable [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Concentration Risk, Percentage |
81.00%
|
72.00%
|
|
Stock Incentive Plan 2020 [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Common Stock, Capital Shares Reserved for Future Issuance |
600,000
|
|
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Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets gross |
$ 16,473
|
$ 16,473
|
Accumulated amortization |
7,552
|
5,903
|
Net Intangible Assets |
$ 8,921
|
10,570
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life |
2 years 11 months 19 days
|
|
Intangible assets gross |
$ 8,667
|
8,667
|
Accumulated amortization |
4,390
|
3,523
|
Net Intangible Assets |
$ 4,277
|
5,144
|
Intellectual Property [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life |
4 years 4 months 20 days
|
|
Intangible assets gross |
$ 7,329
|
7,329
|
Accumulated amortization |
2,685
|
2,013
|
Net Intangible Assets |
$ 4,644
|
5,316
|
Product Development [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life |
6 months
|
|
Intangible assets gross |
$ 477
|
477
|
Accumulated amortization |
477
|
367
|
Net Intangible Assets |
$ 0
|
$ 110
|
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v3.23.2
Business Combination (Details Narrative) - USD ($) $ in Thousands |
|
6 Months Ended |
May 08, 2020 |
Jun. 30, 2023 |
Business Acquisition [Line Items] |
|
|
Proceeds from Sale of Other Assets |
|
$ 4,500
|
Weighted average price of stock amount |
|
$ 700
|
Unvested common stock |
|
8,372
|
Earnout payment |
|
$ 2,500
|
Debt Instrument, Face Amount |
|
$ 2,209
|
Debt Instrument, Maturity Date |
|
Apr. 30, 2022
|
Goodwill, Gross |
|
$ 1,289
|
Year 1 Equity Earnout [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Proceeds from Sale of Other Assets |
|
1,000
|
Stock Issued During Period, Value, New Issues |
|
250
|
Year 2 Equity Earnout [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Proceeds from Sale of Other Assets |
|
1,000
|
Stock Issued During Period, Value, New Issues |
|
250
|
Devcool Inc [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Aggregate purchase price |
|
$ 7,773
|
Share Purchase Agreement [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Unvested common stock |
|
20,930
|
Cornerstone Advisory Services L L C [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Equity Method Investment, Ownership Percentage |
100.00%
|
|
Cornerstone Advisory Services L L C [Member] | Equity Purchase Agreement [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Business Combination, Consideration Transferred |
$ 7,000
|
|
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable |
7,000
|
|
Net working capital |
4,700
|
|
Intangibles consideration |
$ 2,300
|
|
Mr. Deokule [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Stock Issued During Period, Value, New Issues |
|
$ 700
|
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v3.23.2
Debt Securities (Details) - Warrant [Member] - $ / shares
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of warrants outstanding, beginning balance |
590,923
|
Weighted average exercise price, beginning balance |
$ 28.8
|
Number of warrants, granted |
|
Weighted average exercise price, granted |
|
Number of warrants, excised |
|
Weighted average exercise price, excised |
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period |
|
Weighted average exercise price, forfeited or expired |
|
Number of warrants outstanding, endingbalance |
90,923
|
Weighted average exercise price, ending balance |
$ 28.8
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number |
90,923
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price |
$ 28.8
|
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Debt Securities (Details 2)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
|
Debt Instrument [Line Items] |
|
Estimated fair value of common stock warrant |
$ 4.0
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price |
$ 28.8
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term |
2 years
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate |
0.00%
|
Minimum [Member] |
|
Debt Instrument [Line Items] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
45.00%
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
1.48%
|
Maximum [Member] |
|
Debt Instrument [Line Items] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
52.00%
|
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v3.23.2
Debt Securities (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
Debt Instrument, Convertible, Conversion Price |
$ 28.8
|
|
Fair Value Adjustment of Warrants |
$ 55,000
|
|
Short-Term Debt, Interest Rate Increase |
1.00%
|
|
Short-Term Bank Loans and Notes Payable |
$ 2,352,000
|
$ 3,212,000
|
Line of Credit Facility, Fair Value of Amount Outstanding |
$ 1,179
|
|
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v3.23.2
v3.23.2
Share Based Compensation (Details) - $ / shares
|
3 Months Ended |
6 Months Ended |
15 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of Shares Outstanding ending |
332,824
|
208,514
|
208,514
|
|
Incentive Stock Options (ISO) |
|
200,000
|
|
|
Non-Qualified Stock Options (NSO) |
11,226
|
880,757
|
|
|
Cancelled/expired/exercised |
|
12,386
|
|
|
Issued |
70,000,000
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance |
274,050
|
332,824
|
274,050
|
274,050
|
Equity Option [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of Shares Outstanding ending |
332,824
|
208,514
|
208,514
|
|
Weighted average exercise price, beginning balance |
|
|
|
|
Additions to the plan |
|
200,000
|
|
|
Weighted Average Price, Incentive Stock Options (ISO) |
|
|
|
|
Non-Qualified Stock Options (NSO) |
|
88,076
|
|
|
Weighted Average Price, Non-Qualified Stock Options (NSO) |
$ 3.6
|
$ 3.6
|
|
|
Cancelled/expired/exercised |
11,226
|
12,386
|
|
|
Weighted average price cancelled/expired/exercised |
|
$ 4.0
|
|
|
Issued |
70,000,000
|
|
|
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|
$ 3.9
|
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|
332,824
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274,050
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274,050
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v3.23.2
Share Based Compensation (Details 1) - Equity Option [Member] - $ / shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Number of shares unvested, ending balance |
103,013
|
69,600
|
69,600
|
Weighted average grant date fair value per share, unvested ending balance |
$ 4.0
|
$ 5.3
|
$ 5.3
|
Number of shares, granted |
|
|
88,076
|
Weighted average grant date fair value per share, granted |
|
$ 3.6
|
$ 3.6
|
Number of shares, vested |
(18,657)
|
|
(54,663)
|
Weighted average grant date fair value per share, vested |
$ 6.4
|
|
$ 5.1
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares, Ending Balance |
84,356
|
103,013
|
84,356
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Option, Nonvested, Weighted Average Exercise Price, Ending Balance |
$ 3.7
|
$ 4.0
|
$ 3.7
|
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v3.23.2
Share Based Compensation (Details 2)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate |
0.00%
|
|
Options Held [Member] |
|
|
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionExpectedTerm1] |
2 years
|
3 years
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate |
0.00%
|
0.00%
|
Minimum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
45.00%
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
1.48%
|
|
Minimum [Member] | Options Held [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
45.00%
|
45.00%
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
2.18%
|
1.48%
|
Maximum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
52.00%
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
2.18%
|
|
Maximum [Member] | Options Held [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
52.00%
|
52.00%
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
3.57%
|
2.18%
|
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v3.23.2
Share Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount |
$ 309
|
|
$ 309
|
Venkatachari [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Share-Based Payment Arrangement, Noncash Expense |
|
$ 278
|
$ 119
|
Equity Option [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value |
|
$ 3.6
|
$ 3.6
|
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v3.23.2
Net Income per share (Details Narrative) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Warrants [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Warrants excisable |
90,923
|
90,923
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price |
$ 28.80
|
$ 28.80
|
Equity Option [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number |
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