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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ____________to _______________.
Commission
File Number: 001-35988
Vislink
Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
20-5856795 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(IRS
Employer
Identification
No.) |
350
Clark Drive, Suite 125,
Mt.
Olive, NJ 07828
(Address
of Principal Executive Offices)
(908)
852-3700
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock par value $0.00001 per share |
|
VISL |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such a shorter period than the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such a shorter period than the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by a checkmark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of November 8, 2023, the registrant’s common stock shares are 2,387,596.
VISLINK
TECHNOLOGIES, INC.
QUARTERLY
REPORT ON FORM 10-Q
For
the nine months ended September 30, 2023
PART
I: FINANCIAL INFORMATION
Item
1. Financial Statements
Index
to Condensed Consolidated Financial Statements
FORWARD-LOOKING
INFORMATION
This
Quarterly Report on Form 10-Q (including the section regarding Management’s Discussion and Analysis of Financial Condition and
Results of Operations) (the “Report”) contains forward-looking statements regarding our business, financial condition, results
of operations, and prospects. Words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” and similar words and phrases are intended to identify forward-looking
statements. However, this is not an all-inclusive list of words or phrases identifying forward-looking statements in this Report. Also,
all information concerning future matters is forward-looking statements.
Although
forward-looking statements in this Report reflect our management’s good faith judgment, such information is based on facts and
circumstances we currently know. Forward-looking statements are inherently subject to risks and uncertainties, and actual results and
outcomes may differ materially from those discussed in or anticipated by the forward-looking statements. Without limitation, factors
that could cause or contribute to such differences in results and outcomes include those discussed in this Report.
We
file reports with the Securities and Exchange Commission (“SEC”), and those reports are available free of charge on our website
(www.vislinktechnologies.com) under “About/Investor Information/SEC Filings.” The reports available include our annual
reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, which are available
as soon as reasonably practicable after we electronically file such materials or furnish them to the SEC. You can also read and copy
any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, DC 20549. You can obtain
additional information about the Public Reference Room’s operation by calling the SEC at 1-800-SEC-0330. The SEC also maintains
an Internet site (www.sec.gov) containing reports, proxies, information statements, and other information regarding issuers who
file electronically with the SEC, including us.
We
undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after
the date of this Report. We urge you to carefully review and consider all the disclosures made in this Report.
REFERENCES
TO VISLINK
In
this Quarterly Report, unless otherwise stated or the context otherwise indicates, references to “VISL,” “Vislink,”
“the Company,” “we,” “us,” “our,” and similar references refer to Vislink Technologies,
Inc., a Delaware corporation.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(IN
THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
| |
September
30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash
equivalents | |
$ | 7,240 | | |
$ | 25,627 | |
Accounts receivable, net | |
| 7,407 | | |
| 6,007 | |
Inventories, net | |
| 13,537 | | |
| 12,021 | |
Investments held to maturity | |
| 10,920 | | |
| — | |
Prepaid
expenses and other current assets | |
| 2,033 | | |
| 1,232 | |
Total current assets | |
| 41,137 | | |
| 44,887 | |
Right of use assets, operating
leases | |
| 716 | | |
| 1,075 | |
Property and equipment,
net | |
| 1,762 | | |
| 1,434 | |
Intangible
assets, net | |
| 4,156 | | |
| 4,400 | |
Total
assets | |
$ | 47,771 | | |
$ | 51,796 | |
LIABILITIES AND STOCKHOLDERS’
EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 3,131 | | |
$ | 2,626 | |
Accrued expenses | |
| 1,807 | | |
| 1,568 | |
Notes payable | |
| 199 | | |
| 84 | |
Operating lease obligations,
current | |
| 372 | | |
| 455 | |
Customer
deposits and deferred revenue | |
| 2,205 | | |
| 1,540 | |
Total current liabilities | |
| 7,714 | | |
| 6,273 | |
Operating lease obligations,
net of current portion | |
| 823 | | |
| 1,107 | |
Deferred
tax liabilities | |
| 600 | | |
| 764 | |
Total
liabilities | |
| 9,137 | | |
| 8,144 | |
| |
| | | |
| | |
Commitments and contingencies (See Note 13) | |
| - | | |
| - | |
Series A Preferred stock, $0.00001 par value
per share: -0- shares authorized on September 30, 2023, and December 31, 2022, respectively; -0- and 47,419 shares issued and outstanding
on September 30, 2023, and December 31, 2022, respectively. | |
| — | | |
| — | |
Stockholders’ equity | |
| | | |
| | |
Preferred stock, $0.00001
par value per share: 10,000,000 shares authorized on September 30, 2023, and December 31, 2022, respectively | |
| — | | |
| — | |
Common stock, $0.00001
par value per share, 100,000,000 shares authorized on September 30, 2023, and December 31, 2022, respectively: Common stock, 2,387,596
and 2,367,362 were issued, and 2,387,463 and 2,367,229 were outstanding on September 30, 2023, and December 31, 2022, respectively. | |
| — | | |
| — | |
Additional paid-in capital | |
| 347,165 | | |
| 345,365 | |
Accumulated other comprehensive
loss | |
| (1,401 | ) | |
| (1,337 | ) |
Treasury stock, at cost – 133 shares
as of September 30, 2023, and December 31, 2022, respectively | |
| (277 | ) | |
| (277 | ) |
Accumulated
deficit | |
| (306,853 | ) | |
| (300,099 | ) |
Total
stockholders’ equity | |
| 38,634 | | |
| 43,652 | |
Total liabilities and
stockholders’ equity | |
$ | 47,771 | | |
$ | 51,796 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
OTHER COMPREHENSIVE LOSS
(IN THOUSANDS EXCEPT NET LOSS PER SHARE DATA)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three
Months Ended | | |
For the Nine
Months Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue,
net | |
$ | 7,179 | | |
$ | 7,123 | | |
$ | 19,410 | | |
$ | 20,749 | |
Cost of revenue and operating
expenses | |
| | | |
| | | |
| | | |
| | |
Cost of components and
personnel | |
| 3,302 | | |
| 3,616 | | |
| 8,977 | | |
| 10,225 | |
Inventory valuation
adjustments | |
| 176 | | |
| 207 | | |
| 480 | | |
| 404 | |
General and administrative
expenses | |
| 4,793 | | |
| 4,624 | | |
| 14,500 | | |
| 13,973 | |
Research and development
expenses | |
| 805 | | |
| 885 | | |
| 2,480 | | |
| 3,154 | |
Impairment on right-of-use
assets | |
| 83 | | |
| 88 | | |
| 83 | | |
| 88 | |
Amortization
and depreciation | |
| 311 | | |
| 502 | | |
| 913 | | |
| 1,424 | |
Total
cost of revenue and operating expenses | |
| 9,470 | | |
| 9,922 | | |
| 27,433 | | |
| 29,268 | |
Loss
from operations | |
| (2,291 | ) | |
| (2,799 | ) | |
| (8,023 | ) | |
| (8,519 | ) |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Unrealized loss on investments
held to maturity | |
| (4 | ) | |
| — | | |
| (67 | ) | |
| — | |
Gain on settlement of
debt | |
| — | | |
| 17 | | |
| — | | |
| 26 | |
Other income | |
| (36 | ) | |
| (9 | ) | |
| 294 | | |
| 307 | |
Dividend income | |
| 104 | | |
| — | | |
| 323 | | |
| — | |
Interest
income, net | |
| 202 | | |
| (3 | ) | |
| 555 | | |
| (8 | ) |
Total
other income (expense) | |
| 266 | | |
| 5 | | |
| 1,105 | | |
| 325 | |
Income taxes | |
| | | |
| | | |
| | | |
| | |
Deferred
tax benefits | |
| 55 | | |
| 54 | | |
| 164 | | |
| 161 | |
Net
loss | |
$ | (1,970 | ) | |
$ | (2,740 | ) | |
$ | (6,754 | ) | |
$ | (8,033 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
and diluted loss per share | |
$ | (0.83 | ) | |
$ | (1.16 | ) | |
$ | (2.84 | ) | |
$ | (3.46 | ) |
Weighted average number
of shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic
and diluted | |
| 2,382 | | |
| 2,370 | | |
| 2,377 | | |
| 2,322 | |
Comprehensive loss: | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (1,970 | ) | |
$ | (2,740 | ) | |
$ | (6,754 | ) | |
$ | (8,033 | ) |
Unrealized gain (loss)
on currency translation adjustment | |
| (364 | ) | |
| 746 | | |
| (64 | ) | |
| 1,885 | |
Comprehensive loss | |
$ | (2,334 | ) | |
$ | (1,994 | ) | |
$ | (6,818 | ) | |
$ | (6,148 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023
(IN
THOUSANDS, EXCEPT SHARE DATA)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Income
(Loss) | | |
Stock | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
Accumulated | | |
| | |
| | |
| |
| |
Series A | | |
| | |
| | |
Additional | | |
Other | | |
| | |
| | |
| |
| |
Preferred
Stock | | |
Common
Stock | | |
Paid
In | | |
Comprehensive | | |
Treasury | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Income
(Loss) | | |
Stock | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Three
months ending September 30, 2023: |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, July 1, 2023 | |
| — | | |
$ | — | | |
| 2,377,362 | | |
$ | — | | |
$ | 346,822 | | |
$ | (1,037 | ) | |
$ | (277 | ) | |
$ | (304,883 | ) | |
$ | 40,625 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,970 | ) | |
| (1,970 | ) |
Unrealized loss on currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (364 | ) | |
| — | | |
| — | | |
| (364 | ) |
Issuance of common stock in connection with: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Satisfaction with the conversion of restricted stock unit awards | |
| — | | |
| — | | |
| 10,234 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 343 | | |
| — | | |
| — | | |
| — | | |
| 343 | |
Balance, September
30, 2023 | |
| — | | |
$ | — | | |
| 2,387,596 | | |
$ | — | | |
$ | 347,165 | | |
$ | (1,401 | ) | |
$ | (277 | ) | |
$ | (306,853 | ) | |
$ | 38,634 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Nine
months ending September 30, 2023: |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, January 1, 2023* | |
| 47,419 | | |
$ | — | | |
| 2,367,362 | | |
$ | — | | |
$ | 345,365 | | |
$ | (1,337 | ) | |
$ | (277 | ) | |
$ | (300,099 | ) | |
$ | 43,652 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (6,754 | ) | |
| (6,754 | ) |
Unrealized loss on currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (64 | ) | |
| — | | |
| — | | |
| (64 | ) |
Elimination of Series A Preferred Stock | |
| (47,419 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Issuance of common stock in connection with: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Compensation awards for
services previously accrued | |
| — | | |
| — | | |
| 10,000 | | |
| — | | |
| 200 | | |
| — | | |
| — | | |
| — | | |
| 200 | |
Satisfaction with the conversion of restricted stock unit awards | |
| — | | |
| — | | |
| 10,234 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,600 | | |
| — | | |
| — | | |
| — | | |
| 1,600 | |
Balance, September
30, 2023 | |
| — | | |
$ | — | | |
| 2,387,596 | | |
$ | — | | |
$ | 347,165 | | |
$ | (1,401 | ) | |
$ | (277 | ) | |
$ | (306,853 | ) | |
$ | 38,634 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022
(IN
THOUSANDS, EXCEPT SHARE DATA)
| |
| | |
| | |
| | |
| | |
| | |
Accumulated | | |
| | |
| | |
| |
| |
| | |
| | |
| | |
Additional | | |
Other | | |
| | |
| | |
| |
| |
Preferred
Stock | | |
Common
Stock | | |
Paid
In | | |
Comprehensive | | |
Treasury | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Loss | | |
Stock | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Three
months ending September 30, 2022: |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, July 1, 2022* | |
| — | | |
$ | — | | |
| 2,365,445 | | |
$ | — | | |
$ | 344,732 | | |
$ | (1,436 | ) | |
$ | (277 | ) | |
$ | (291,832 | ) | |
$ | 51,187 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,740 | ) | |
| (2,740 | ) |
Unrealized loss on currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (746 | ) | |
| — | | |
| — | | |
| (746 | ) |
Issuance of common stock in connection with: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Satisfaction of accounts
payable vendor balance | |
| — | | |
| — | | |
| 1,935 | | |
| — | | |
| 23 | | |
| — | | |
| — | | |
| — | | |
| 23 | |
Satisfaction of withholding
tax upon conversion of restricted stock units | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Satisfaction with the conversion
of restricted stock units | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 315 | | |
| — | | |
| — | | |
| — | | |
| 315 | |
Balance, September
30, 2022 | |
| — | | |
$ | — | | |
| 2,367,380 | | |
$ | — | | |
$ | 345,070 | | |
$ | (2,182 | ) | |
$ | (277 | ) | |
$ | (294,572 | ) | |
$ | 48,039 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Nine
months ending September 30, 2022: |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, January 1, 2022* | |
| — | | |
$ | — | | |
| 2,287,669 | | |
$ | — | | |
$ | 343,746 | | |
$ | (297 | ) | |
$ | (277 | ) | |
$ | (286,539 | ) | |
$ | 56,633 | |
Balance | |
| — | | |
$ | — | | |
| 2,287,669 | | |
$ | — | | |
$ | 343,746 | | |
$ | (297 | ) | |
$ | (277 | ) | |
$ | (286,539 | ) | |
$ | 56,633 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (8,033 | ) | |
| (8,033 | ) |
Unrealized loss on currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,885 | ) | |
| — | | |
| — | | |
| (1,885 | ) |
Satisfaction of accounts
payable vendor balance | |
| — | | |
| — | | |
| 3,870 | | |
| — | | |
| 54 | | |
| — | | |
| — | | |
| — | | |
| 54 | |
Satisfaction of withholding
tax upon conversion of restricted stock units | |
| — | | |
| — | | |
| 17,889 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Satisfaction with the conversion
of restricted stock units | |
| — | | |
| — | | |
| 57,952 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,270 | | |
| — | | |
| — | | |
| — | | |
| 1,270 | |
Balance, September
30, 2022 | |
| — | | |
$ | — | | |
| 2,367,380 | | |
$ | — | | |
$ | 345,070 | | |
$ | (2,182 | ) | |
$ | (277 | ) | |
$ | (294,572 | ) | |
$ | 48,039 | |
Balance | |
| — | | |
$ | — | | |
| 2,367,380 | | |
$ | — | | |
$ | 345,070 | | |
$ | (2,182 | ) | |
$ | (277 | ) | |
$ | (294,572 | ) | |
$ | 48,039 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN
THOUSANDS)
| |
2023 | | |
2022 | |
| |
For
the Nine Months Ended September
30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash flows used in operating
activities | |
| | | |
| | |
Net loss | |
$ | (6,754 | ) | |
$ | (8,033 | ) |
Adjustments to reconcile
net loss to net cash used in operating activities | |
| | | |
| | |
Gain on settlement of
debt | |
| — | | |
| (26 | ) |
Deferred tax benefits | |
| (164 | ) | |
| (161 | ) |
Unrealized loss on the
fair value of investments in bonds held to maturity | |
| 67 | | |
| — | |
Accretion of bond discount | |
| (224 | ) | |
| — | |
Stock-based compensation | |
| 1,600 | | |
| 1,270 | |
Stock issuance commitments | |
| — | | |
| 200 | |
Provision for bad debt | |
| 64 | | |
| 19 | |
Recovery of bad debt | |
| (8 | ) | |
| (17 | ) |
Inventory valuation
adjustments | |
| 480 | | |
| 404 | |
Amortization of right-of-use
assets, operating assets | |
| 276 | | |
| 152 | |
Depreciation and amortization | |
| 913 | | |
| 1,424 | |
Impairment on right-of-use
assets | |
| 83 | | |
| 88 | |
Changes in assets and
liabilities | |
| | | |
| | |
Accounts receivable | |
| (1,400 | ) | |
| (803 | ) |
Inventories | |
| (1,598 | ) | |
| (6,077 | ) |
Prepaid expenses and
other current assets | |
| (278 | ) | |
| 1,695 | |
Accounts payable | |
| 505 | | |
| 33 | |
Accrued expenses | |
| 445 | | |
| (1,555 | ) |
Accrued Directors Compensation | |
| (5 | ) | |
| — | |
Operating lease obligations | |
| (367 | ) | |
| (464 | ) |
Customer
deposits and deferred revenue | |
| 373 | | |
| 84 | |
Net
cash used in operating activities | |
| (5,992 | ) | |
| (11,767 | ) |
Cash flows used in investing
activities | |
| | | |
| | |
Cash used for investments
held to maturity | |
| (10,763 | ) | |
| — | |
Cash used in asset acquisition | |
| (269 | ) | |
| — | |
Cash
used for property and equipment | |
| (502 | ) | |
| (352 | ) |
Net
cash used in investing activities | |
| (11,534 | ) | |
| (352 | ) |
Cash flows used in financing
activities | |
| | | |
| | |
Principal
payments made on notes payable | |
| (409 | ) | |
| (791 | ) |
Net
cash used in financing activities | |
| (409 | ) | |
| (791 | ) |
Effect
of exchange rate changes on cash | |
| (452 | ) | |
| 1,155 | |
Net decrease in cash
and cash equivalents | |
| (18,387 | ) | |
| (11,755 | ) |
Cash
and cash equivalents, beginning of the period | |
| 25,627 | | |
| 36,231 | |
Cash
and cash equivalents, end of the period | |
$ | 7,240 | | |
$ | 24,476 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(IN
THOUSANDS)
| |
For
the Nine Months Ended September
30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Supplemental disclosure
of cash flow information: | |
| | | |
| | |
Cash
paid during the period for interest | |
$ | 11 | | |
$ | 9 | |
Supplemental disclosure
of non-cash information: | |
| | | |
| | |
Assets
acquired in asset acquisition | |
$ | 561 | | |
$ | — | |
| |
| | | |
| | |
Liabilities
assumed in asset acquisition | |
$ | 292 | | |
$ | — | |
| |
| | | |
| | |
Notes
payable | |
$ | 523 | | |
$ | 943 | |
Common stock issued
in connection with: | |
| | | |
| | |
Settlement
of accounts payable | |
$ | — | | |
$ | 54 | |
Compensation
awards previously accrued | |
$ | 200 | | |
$ | — | |
ROU assets and operating
lease obligations recognized (Note 6): | |
| | | |
| | |
Operating lease assets
recognized | |
$ | — | | |
$ | — | |
Less: non-cash changes
to operating lease assets | |
| | | |
| | |
amortization | |
| (276 | ) | |
| (152 | ) |
lease termination | |
| — | | |
| (131 | ) |
impairments | |
| (83 | ) | |
| (43 | ) |
loss
on lease impairments | |
$ | 83 | | |
$ | 88 | |
ROU
assets and operating lease obligations recognized | |
| (276 | ) | |
| (238 | ) |
Operating lease liabilities
recognized | |
$ | — | | |
$ | — | |
Less: non-cash changes
to operating lease liabilities | |
| | | |
| | |
accretion | |
| (367 | ) | |
| (464 | ) |
Operating
lease liabilities recognized | |
$ | (367 | ) | |
$ | (464 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature
of Operations
Incorporated
in Delaware in 2006, Vislink Technologies, Inc. (“Vislink”) is an innovative technology company that collects, delivers and
manages real-time video from the action scene to the viewing screen. The Company designs, develops, and deploys innovative products and
turnkey solutions that deliver reliable connectivity across real-time production, military, and government sectors worldwide in the most
demanding environments. Vislink is a leader in designing and deploying wireless video solutions, providing customers with reliable and
secure video and data transmission. The company is committed to delivering the latest technology and the highest quality products to
meet its customers’ needs. Vislink provides solutions for collecting live news, sports, and entertainment events for the broadcast
markets. Our Mobile Viewpoint product line offers live streaming solutions that use bonded cellular, 5G, and AI-driven technologies to
automate the production of news and sports content. In addition to creating real-time video intelligence solutions, Vislink assists first
responders, law enforcement agencies at all levels of government, and military organizations with increased situational awareness. Besides
providing professional and technical services, Vislink employs a team of technology experts with decades of experience and applied knowledge
of terrestrial microwaves, satellites, fiber optics, surveillance systems, and wireless communications systems to offer customers a wide
range of services.
Basis
of Presentation
The
accompanying unaudited condensed consolidated interim financial statements and these notes should be viewed in conjunction with Vislink
Technologies, Inc.’s 2022 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2023, which
contains the audited consolidated financial statements and notes thereto as of December 31, 2022. As of December 31, 2022, a condensed
consolidated balance sheet was prepared based on audited annual financial statements but did not include all of the footnote disclosures
from the annual financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements
include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of its financial position as
of September 30, 2023, as well as results of operations for the three months and nine months ended September 30, 2023, and 2022, as well
as cash flow for the nine months ended September 30, 2023, and 2022. For the nine months ended September 30, 2023, the results of operations
are not necessarily indicative of the results for the entire year, any other interim period, or any future period. Effective May 1, 2023,
the Company effected a 1-for-20 reverse stock split of the common stock. All per-share numbers reflect the 1-for-20 reverse stock
split. We have retroactively applied the reverse split throughout this quarterly report to all periods presented. The accounting policies
of Vislink have not materially changed since December 31, 2022. Note 3 of Vislink’s 2022 annual report on Form 10-K provides detailed
information about these policies.
Principles
of Consolidation
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”),
the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and
regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has eliminated all intercompany
accounts and transactions upon consolidating our subsidiaries.
Segment
Reporting
The
Company identifies operating segments as components of an enterprise about which separate discrete financial information is available
for evaluation by the operating decision-makers, or decision-making group, in deciding how to allocate resources and assess performance.
The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the
Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of
the Company reside in the United States, United Kingdom, and the Netherlands.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates,
judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated
financial statements. These estimates also affect the reported revenues and expenses during the reporting periods. Significant accounting
estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of property,
plant, and equipment, the useful lives of right-of-use assets, the useful lives of intangible assets, impairment of long-lived assets,
allowance for accounts receivable doubtful accounts, allowance for inventory obsolescence reserve, allowance for deferred tax assets,
valuation of warranty reserves, contingent consideration liabilities, and the accrual of potential liabilities. Actual results could
differ from estimates, and any such differences may be material to our unaudited condensed consolidated financial statements.
Allowance
for Credit Losses
Change
in accounting principles
In
June 2016, the FASB established Topic 326, Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments
(ASU) No. 2016-13, which requires a methodology that reflects expected credit losses and requires consideration of a broader range of
reasonable and supportable information to inform credit loss estimates, including accounts receivable.
The
standard replaces the existing incurred credit loss model with the Current Expected Credit Losses (“CECL”) model. It is required
to measure credit losses based on the Company’s estimate of expected losses rather than incurred losses, which generally results
in earlier recognition of allowances for credit losses. Under ASC 326, the Company evaluates specific criteria, including aging and historical
write-offs, the current economic condition of customers, and future economic conditions of countries utilizing a consumption index to
determine the appropriate allowance for credit losses. The Company completed its assessment of the new standard and did not adjust the
opening balance of retained earnings relating to its trade receivables. The Company writes off receivables once it is determined that
they are no longer collectible, as local laws allow.
Asset
Acquisitions
The
Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted
for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair
value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the
transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has
acquired inputs and processes that can create outputs that would meet the definition of a business. Significant judgment is required
in applying the screen test to determine whether an acquisition is a business combination or an acquisition of assets.
The
accounting for asset acquisitions falls under the guidance of Topic 805, Business Combinations, specifically Subtopic 805-50. For asset
acquisitions, a cost accumulation model is used to determine an asset acquisition’s cost. Assets acquired are based on their cost
generally allocated to the assets on a relative fair value basis. Direct acquisition-related costs are included in the cost of the acquired
assets.
Recently
Issued Accounting Principles
Recent
Accounting Pronouncements
Other
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future
consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
2 — LIQUIDITY AND FINANCIAL CONDITION
For
the nine months ended September 30, 2023, the Company incurred an approximate loss of $8.0 million from operations and used $6.0 million
of cash for operational purposes. On September 30, 2023, the Company had $33.4 million in working capital, $306.9 million in accumulated
deficits, and $7.2 million in cash.
During
the first quarter of 2023, the Company invested approximately $10.8 million of its cash reserves in Federal bonds and $11.3 million in
Federally insured money market mutual funds, primarily to increase investment income (Note 6). In the third quarter of 2023, the Company
entered into an asset purchase agreement with BMS, LLC, acquiring inventory and assuming certain liabilities in exchange for $200,000
in cash consideration paid at the transaction’s closing on October 2, 2023 (See Note 7).
The
Company’s liquidity requirements may be affected by a variety of factors. These factors include inflation, foreign exchange fluctuations,
market conditions, strategic acquisitions, market strategy, research and development activities, regulatory matters, and product and
technology innovations. The Company believes it will have sufficient funds to continue operations for at least twelve months from the
filing date of these unaudited condensed consolidated financial statements.
NOTE
3 — LOSS PER SHARE
The
following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in
thousands):
SCHEDULE OF ANTI-DILIUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM THE CALCULATION OF LOSS PER SHARE
| |
2023 | | |
2022 | |
| |
Nine months
ended | |
| |
September
30 | |
| |
2023 | | |
2022 | |
Anti-dilutive potential common stock equivalents
excluded from the calculation of loss per share: | |
| | | |
| | |
Stock options | |
| 76 | | |
| 35 | |
Warrants | |
| 456 | | |
| 459 | |
Total | |
| 532 | | |
| 494 | |
NOTE
4 — FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES
The
Company has recognized foreign exchange gains and losses and changes in accumulated comprehensive income approximately as follows:
SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months
ended | | |
Nine months
ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net foreign exchange transactions: | |
| | | |
| | | |
| | | |
| | |
(Gains)
Losses | |
$ | 58,000 | | |
$ | 52,000 | | |
$ | 55,000 | | |
$ | 47,000 | |
Net foreign exchange transactions: (Gains) Losses | |
$ | 58,000 | | |
$ | 52,000 | | |
$ | 55,000 | | |
$ | 47,000 | |
Accumulated comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Unrealized
(gains) losses on currency translation adjustment | |
$ | 364,000 | | |
$ | (746,000 | ) | |
$ | 64,000 | | |
$ | (1,885,000 | ) |
OANDA,
a Canadian company that offers foreign exchange services, provides exchange rates for foreign exchange transactions. Its website includes
currency conversion, online retail foreign exchange trading, foreign exchange transfers, and currency information. Amounts were converted
from British Pounds to US Dollars and Euros to British Pounds using the following exchange rates:
|
● |
As
of September 30, 2023 – £1.221980 to $1.00; €1.058230 to $1.00 |
|
● |
The
average exchange rate for the nine months ended September 30, 2023 – £1.244390 to $1.00; €1.083310 to $1.00 |
|
● |
As
of September 30, 2022 – £1.113291 to $1.00; €0.979744 to $1.00 |
|
● |
The
average exchange rate for the nine months ended September 30, 2022 – £1.257858 to $1.00; €1.062845 to $1.00 |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
5 — CASH AND CASH EQUIVALENTS
The
Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash
equivalents. Cash equivalents consist of unrestricted funds invested in a money market mutual fund. The following table illustrates the
Company’s cash and cash equivalents:
SCHEDULE OF CASH AND CASH EQUIVALENTS
|
|
September
30, |
|
|
December
31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Cash
on hand |
|
$ |
2,706,000 |
|
|
$ |
25,627,000 |
|
Federally
insured money market mutual funds |
|
|
4,534,000 |
|
|
|
— |
|
Total
cash and cash equivalents |
|
$ |
7,240,000 |
|
|
$ |
25,627,000 |
|
NOTE
6 — INVESTMENTS
The
Company used cash to purchase the following debt instruments:
|
● |
On
January 23, 2023, the Company purchased a bond, “HSBC USA INC CP,” with a face value of $5,065,789, a par value of $5,000,000,
maturing October 24, 2023, a 5.1948% interest rate, at a discount of $253,289 totaling $4,812,500. The value on September 30, 2023,
was $4,982,000. |
|
|
|
|
● |
On
February 1, 2023, the Company purchased a bond, “Federal Home Loan Banks,” with a face value of $4,999,750 and accrued
interest of $25,729, a par value of $5,000,000, maturing December 22, 2023, at an interest rate of 4.750%, totaling $5,025,479. The
value on September 30, 2023, was $4,991,000 |
|
|
|
|
● |
On
February 28, 2023, the Company purchased a bond, “Federal National Mortgage Association,” with a face and par value of
$950,000, maturing February 28, 2024, at an interest rate of 5.07%, totaling $950,000. The value on September 30, 2023, was $947,000. |
The
Company identified these transactions as investments in debt security. It will apply the guidance under ASC Topic 320, “Investments
in debt securities,” and for interest income guidance under ASC Topic 310-20, “Receivables.” As of September 30, 2023,
the abovementioned investments have a stated maturity of one year or less. Management intends to treat these investments as held to maturity.
The
Company has determined the fair value of its investments held to maturity based on Level 2 input as of September 30, 2023:
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| |
| | |
| | |
| | |
| |
Federal
Bonds | |
$ | — | | |
$ | 10,920,000 | | |
$ | — | | |
$ | 10,920,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | — | | |
$ | 10,920,000 | | |
$ | — | | |
$ | 10,920,000 | |
The
Company’s investments held to maturity are as follows as of September 30, 2023:
SCHEDULE OF INVESTMENTS HELD TO MATURITY
| |
Amortized
Cost | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Fair
Value | |
| |
| | |
| | |
| | |
| |
Federal Bonds | |
$ | 10,987,000 | | |
| — | | |
$ | 67,000 | | |
$ | 10,920,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 10,987,000 | | |
$ | — | | |
$ | 67,000 | | |
$ | 10,920,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
7 — ASSET ACQUISITION
On
September 14, 2023, Vislink Poway, LLC (“Poway”), a wholly owned subsidiary of the Parent Company
formed on September 13, 2023, entered into an asset purchase agreement with BMS, LLC (“BMS”), acquiring working in process
inventory consisting of microwave technology systems involving long-range data transmission and assuming certain liabilities in exchange
for $200,000 in cash consideration paid at together with a commitment to acquire additional inventory in the amount of $230,000 October
2, 2023 with title to the inventory passing to Poway on October 2, 2023. We believe that the acquisition is considered complementary
to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the acquisition cost was
allocated on a relative fair value basis, and transaction costs were capitalized as a component of the cost of the assets acquired.
We
recorded the purchase of this agreement under purchase price accounting, recording the fair value of the assets acquired and the liabilities
assumed, as summarized in the table below:
SCHEDULE OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
| |
| | |
Assets acquired: | |
| | |
Work-in-process
inventory | |
$ | 66,042 | |
Intangible
assets - customer relationships | |
| 495,372 | |
total
assets | |
| 561,414 | |
| |
| | |
Liabilities assumed: | |
| | |
Deferred
revenue | |
| 292,014 | |
total
liabilities | |
| 292,014 | |
| |
| | |
Total
cash used for asset acquisition | |
$ | 269,400 | |
| |
| | |
Cash used in acquisition: | |
| | |
Acquisition price | |
$ | 200,000 | |
Transaction
costs | |
| 69,400 | |
Total
cash used for asset acquisition | |
$ | 269,400 | |
NOTE
8 — INTANGIBLE ASSETS
The
following table illustrates finite intangible assets as of September 30, 2023:
SCHEDULE OF INTANGIBLE ASSETS
| |
Proprietary
Technology | | |
Patents
and Licenses | | |
Trade
Names & Technology | | |
Customer
Relationships | | |
| |
| |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| |
| |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Net | |
Balance,
December 31, 2022 | |
$ | 2,132,000 | | |
$ | (815,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,189,000 | ) | |
$ | 5,095,000 | | |
$ | (3,074,000 | ) | |
$ | 4,400,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Additions | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 496,000 | | |
| — | | |
| 496,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization | |
| — | | |
| (443,000 | ) | |
| — | | |
| — | | |
| — | | |
| (104,000 | ) | |
| — | | |
| (193,000 | ) | |
| (740,000 | ) |
Balance,
September 30, 2023 | |
$ | 2,132,000 | | |
$ | (1,258,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,293,000 | ) | |
$ | 5,591,000 | | |
$ | (3,267,000 | ) | |
$ | 4,156,000 | |
The
Company continuously monitors intangible assets for potential impairments based on operating results, events, and circumstances. As of
September 30, 2023, management identified no triggering events.
The
Company’s groups of intangible assets consist primarily of:
Proprietary
Technology:
Generally,
the Company amortizes proprietary technology over 3 to 5 years. Wireless multiplex transmitters and artificial intelligence are the proprietary
technologies that MVP uses internally to produce and sell products and services to customers.
Patents
and Licenses:
Patents
and licenses filed by the Company are amortized for 18.5 to 20 years. The amortization of the costs associated with provisional patents
and pending applications begins after successful review and filing.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
8 — INTANGIBLE ASSETS (continued)
Trade
Name, Technology, and Customer Relationships:
Other
intangible assets are amortized for 3 to 15 years. IMT, Vislink, MVP, and Poway acquisitions contributed to developing these intangible
assets, including trade names, technology, and customer lists.
The
Company has recognized net capitalized intangible costs as follows:
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS
| |
September
30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Proprietary Technology | |
$ | 875,000 | | |
$ | 1,319,000 | |
Trade Names and Technology | |
| 957,000 | | |
| 1,060,000 | |
Customer Relationships | |
| 2,324,000 | | |
| 2,021,000 | |
| |
$ | 4,156,000 | | |
$ | 4,400,000 | |
The
Company has recognized the amortization of intangible assets as follows:
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
Three Months
Ended | | |
Nine Months
Ended | |
| |
September
30, | | |
September
30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
| | | |
| | | |
| | | |
| | |
Proprietary Technology | |
$ | 149,000 | | |
$ | 149,000 | | |
$ | 443,000 | | |
$ | 442,000 | |
| |
| | | |
| | | |
| | | |
| | |
Patents and Licenses | |
| — | | |
| 204,000 | | |
| — | | |
| 535,000 | |
| |
| | | |
| | | |
| | | |
| | |
Trade Names and Technology | |
| 35,000 | | |
| 35,000 | | |
| 104,000 | | |
| 104,000 | |
| |
| | | |
| | | |
| | | |
| | |
Customer Relationships | |
| 66,000 | | |
| 65,000 | | |
| 193,000 | | |
| 192,000 | |
| |
| | | |
| | | |
| | | |
| | |
Amortization
of intangible assets | |
$ | 250,000 | | |
$ | 453,000 | | |
$ | 740,000 | | |
$ | 1,273,000 | |
The
weighted average remaining life of the amortization of the Company’s intangible assets is approximately 4.9 years as of September
30, 2023. The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS
Period ending September
30, | |
| | |
2024 | |
$ | 793,000 | |
2025 | |
| 791,000 | |
2026 | |
| 726,000 | |
2027 | |
| 467,000 | |
2028 | |
| 289,000 | |
Thereafter | |
| 1,090,000 | |
Finite-Lived Intangible
Assets, Net, Total | |
$ | 4,156,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
9 — NOTES PAYABLE
The
table below represents the Company’s notes payable as of September 30, 2023, and December 31, 2022:
SCHEDULE
OF NOTES PAYABLE
| |
Principal | |
| |
September
30, 2023 | | |
December
31, 2022 | |
The Company renewed its D&O
insurance policy on April 5, 2022, reducing the premium to approximately $1,037,000, less a down payment of $194,000, with the remaining
balance financed. The loan’s terms are for nine months at a 2.09% annual interest rate and a monthly principal and interest
payment of approximately $84,000. Accordingly, the Company recorded interest expenses of $-0- and $150 for the three and nine months
ended September 30, 2023, and $4,000 and $6,000 for the three and nine months ended September 30, 2022, respectively. As of September
30, 2023, the note has been fully repaid. | |
$ | — | | |
$ | 84,000 | |
The Company renewed its D&O
insurance policy on April 5, 2022, reducing the premium to approximately $1,037,000, less a down payment of $194,000, with the remaining
balance financed. The loan’s terms are for nine months at a 2.09% annual interest rate and a monthly principal and interest
payment of approximately $84,000. Accordingly, the Company recorded interest expenses of $-0- and $150 for the three and nine months
ended September 30, 2023, and $4,000 and $6,000 for the three and nine months ended September 30, 2022, respectively. As of September
30, 2023, the note has been fully repaid. | |
$ | — | | |
$ | 84,000 | |
| |
| | | |
| | |
The Company renewed
its D & O insurance policy on April 5, 2023, reducing the premium to approximately $811,000, less a down payment of $288,000,
financing the remaining balance of approximately $523,000. The loan’s terms are for nine months at a 6.14% annual interest
rate and a monthly principal and interest payment of approximately $67,000. Accordingly, the Company recorded interest expenses of
$5,000 and $10,000 for the three and nine months ended September 30, 2023, and $-0- for the three and nine months ended September
30, 2022. | |
| 199,000 | | |
| | |
| |
$ | 199,000 | | |
$ | 84,000 | |
NOTE
10 — LEASES
In
addition to leasing office space, deployment sites, and storage warehouses, the Company also leases warehouse space internationally and
domestically. Operating leases have various terms and provisions as of September 30, 2023, with lease terms remaining between one and
four years. In certain individual leases, rent escalation clauses and lease concessions require additional rental payments in the later
years of the lease term. These types of contracts are recognized on a straight-line basis over the minimum lease term.
The
Company recorded $0.7 million in ROU assets on September 30, 2023, net of $1.5 million in accumulated amortization. Moreover, the Company
recorded an operating lease liability of approximately $1.2 million, of which $0.4 million was current and $0.8 million was non-current.
The weighted average remaining term of lease contracts on September 30, 2023, was 3.0 years, with maturity dates ranging between October
2023 and May 2027, in addition to a weighted average discount rate of 9.5%.
There
were no material adjustments to straight-line rental expenses for those periods. Most of the costs recognized for each period were reflected
in cash used in operating activities. This expense primarily consisted of payments for office and warehouse base rent. In addition, we
have the right to renew individual leases at various renewal terms, although we are not obligated to do so. Short-term lease costs, taxes,
and variable service charges were immaterial.
A
one-year lease for 600 square feet of administrative office space in Lutton, UK, was signed on September 1, 2023, and will run through
May 31, 2024, at approximately $2,100 per month. The Company renewed its lease for 976 square feet of administrative office space commencing
on July 3, 2023, and terminating on July 2, 2024, in Dubai Studio City, UAE, for approximately $1,632 monthly.
Included
in part of the September 14, 2023, acquisition of assets from BMS is a sub-lease of 11,715 square feet of general office use facilities
previously held by BMS, LLC, with lease responsibilities, conveyed to Poway, LLC under a six-month agreement for approximately $22,300
per month.
Right-of-use
operating lease abandonment
Approximately
2,700 square feet of manufacturing space at the Colchester, UK facility were abandoned as part of the Company’s strategic decision
to relocate its UK manufacturing division to the United States commencing in September 2023. Impracticable conditions made subletting
the unused space unachievable, and the Company considered it abandoned. According to ASC 360, leased space abandonment is an impairment
indicator, and the Company assessed whether the lease ROU assets were impaired. It was determined that approximately $83,000 of the Company’s
right-of-use operating assets were impaired.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
10 — LEASES (continued)
The
following table illustrates operating lease data for the three and nine months ending September 30, 2023, and 2022:
SCHEDULE
OF OPERATING LEASE DATA
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
Three Months
Ended | | |
Nine Months
Ended | |
| |
September
30, | | |
September
30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Lease cost: | |
| | | |
| | | |
| | | |
| | |
Operating
lease cost | |
$ | 97,000 | | |
$ | 105,000 | | |
$ | 303,000 | | |
$ | 338,000 | |
Short-term
lease cost | |
| 5,000 | | |
| 10,000 | | |
| 25,000 | | |
| 84,000 | |
Total lease cost | |
$ | 102,000 | | |
$ | 115,000 | | |
$ | 328,000 | | |
$ | 422,000 | |
Cash paid for lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Cash
flows from operating leases | |
| | | |
| | | |
$ | 473,000 | | |
$ | 380,000 | |
Weighted-average remaining lease term—operating
leases | |
| | | |
| | | |
| 3.0
years | | |
| 3.7
years | |
Weighted-average discount rate—operating
leases | |
| | | |
| | | |
| 9.5 | % | |
| 9.4 | % |
Maturities
of operating lease liabilities were as follows as of September 30, 2023:
SCHEDULE
OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
| |
Amount | |
| |
| |
2024 | |
$ | 471,000 | |
2025 | |
| 508,000 | |
2026 | |
| 278,000 | |
2027 | |
| 122,000 | |
2028 | |
| — | |
Thereafter | |
| — | |
Total lease payments | |
| 1,379,000 | |
Less:
imputed interest | |
| 184,000 | |
Present value of lease
liabilities | |
| 1,195,000 | |
Less:
Current lease liabilities | |
| 372,000 | |
Non-current
lease liabilities | |
$ | 823,000 | |
The
table below lists the location and lease expiration date from 2023 through 2027:
SCHEDULE
OF LEASE OBLIGATION ASSUMED
Location | |
Square
Footage | | |
Lease-End
Date | |
Approximate
Future Payments | |
Colchester, U.K. – Waterside
House | |
| 13,223 | | |
Dec |
| 2025 | | |
$ | 535,000 | |
Billerica, MA | |
| 2,000 | | |
Dec |
| 2026 | | |
| 342,000 | |
Mount Olive, NJ | |
| 7,979 | | |
Jan |
| 2027 | | |
| 502,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
11— STOCKHOLDERS’ EQUITY
Preferred
Stock
On
March 22, 2023, the Board of Directors of the Company (the “Board”) approved a resolution to eliminate the Company’s
Certificate of Designation, Preferences, and Rights (the “Certificate of Elimination”) of the Series A Preferred Stock, par
value $0.00001 per share (the “Series A Preferred Stock”), that was filed with the Secretary of State of the State of Delaware
on November 9, 2022.
Upon
the effective filing of this Certificate of Elimination, the shares previously designated under the certificate of designation as Series
A Preferred Stock shall resume the status of authorized but unissued shares of the Company’s preferred stock. As of September 30,
2023, -0- shares are authorized, and no Series A Preferred Stock was issued or outstanding.
Common
Stock
Nasdaq
compliance and reverse stock split
On
May 20, 2022, we received notice from the Nasdaq Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market
LLC (“Nasdaq”) notifying the Company of its noncompliance with the bid price rule by failing to maintain a minimum bid price
for its common Stock on the Nasdaq Capital Market of at least $1.00 per share for 30 consecutive business days (the “Bid Price
Rule”). The Company received a grace period of 180 days, or until November 16, 2022, to regain compliance with the minimum bid
price requirement.
On
November 10, 2022, the Company submitted a request to Nasdaq for an additional 180-day grace period to regain compliance with the minimum
bid price requirement. On November 17, 2022, the Company received a letter from Nasdaq advising that the Company had been granted an
additional 180-day grace period extension until May 15, 2023, to regain compliance with the minimum bid price requirement and all other
applicable requirements for initial listing on the Nasdaq Capital Market except for the minimum bid price requirement. On May 15, 2023,
the Company received a letter from the Nasdaq informing it of its return to compliance with the Bid Price Rule. Therefore, the common
stock continues to be traded on the Nasdaq Capital Market. If the Company fails to comply with the continued listing requirements of
Nasdaq, such as its corporate governance requirements or the Bid Price Rule, Nasdaq may delist the common stock.
On
January 11, 2023, the Company held a special meeting of stockholders (the “Special Meeting”) whereby stockholders approved
a proposal to authorize the Board, in its discretion but before the one-year anniversary of the date of the Special Meeting, to implement
an amendment to the Company’s certificate of incorporation to effect a reverse stock split of all of the outstanding shares of
common stock, of the Company, at a ratio in the range of 1-for-2 to 1-for-50.
On
May 1, 2023, the Company effected a 1-for-20 reverse stock split (the “Reverse Stock Split”). Upon effectiveness of the Reverse
Stock Split, every twenty shares of an outstanding common stock decreased to one share of common stock. We have retroactively applied
the Reverse Stock Split throughout this quarterly report to all periods presented.
Other
common stock activity
During
the nine months that ended September 30, 2023, the Company:
|
● |
has
issued 10,000 shares of common stock to specific board members as part of a commitment agreement valued at $200,000. The common stock’s
value was determined on the agreement’s original date. |
|
|
|
|
● |
has
issued 10,234 shares of common stock in satisfaction with the conversion of restricted stock unit awards. |
|
|
|
|
● |
recognized
approximately $1,600,000 of stock-based compensation costs associated with outstanding stock options in general and administrative
expenses offsetting additional capital investments. |
Common
Stock Warrants
In
the nine months ending September 30, 2023, 2,667 warrants expired. On September 30, 2023, 456,080 warrants were outstanding and exercisable;
the weighted average exercise price of warrants outstanding is $66.00, with a weighted average remaining contractual life of 2.4 years.
These outstanding warrants did not have an intrinsic value as of September 30, 2023.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
12 — STOCK-BASED COMPENSATION
Long-Term
Stock Incentive Plan Awards:
The
Company’s stock option plans provide options to purchase shares of common stock to officers, directors, other key employees, and
consultants. The purchase price may be paid in cash or “net settled” in the Company’s common stock shares. In a net
settlement of an option, the Company does not require payment of the exercise price from the holder but reduces the number of shares
of common stock issued upon the exercise of the stock option by the smallest amount of whole shares that have an aggregate fair market
value equal to or over the aggregate exercise price for the option shares covered by the option exercised. Options generally vest over
three years from the grant date and expire ten years from the grant date.
Inducement
Awards:
Time-vested
options
The
Company granted time-vested stock options to various employees in connection with their employment agreements. The Company granted the
ten-year, non-statutory time-vested option inducement awards under the NASDAQ Listing Rule 5653(c)(4) outside of the Company’s
existing equity compensation plans (all subject to continued employment).
Performance-based
stock options
The
Company granted performance-based stock options to various employees in connection with their employment agreements. The Company granted
the ten-year, non-statutory performance-based stock option inducement award under the NASDAQ Listing Rule 5653(c)(4) outside of the Company’s
existing equity compensation plans that will vest in three equal tranches upon achievement of applicable performance conditions for each
tranche (all subject to continued employment).
Restricted
Stock Units (“RSUs”):
Time-based
awards
The
Company granted awards under the amended plan for time-based restricted stock units (“RSUs”) to various employees subject
to continued employment. The RSUs have an initial vesting between 25% and 33% on their one-year anniversary dates and will vest between
24 and 36 equal monthly periods thereafter.
Performance-based
awards
The
Company granted awards under the amended plan for performance-based restricted stock units subject to performance vesting conditions
and continued employment. The RSUs will vest in three equal tranches upon reaching performance conditions for each tranche.
2023
Omnibus Equity Incentive Plan:
We
received stockholder approval on August 23, 2023, to adopt the 2023 Omnibus Equity Incentive Plan (the “2023 Plan”), which
will enable us to continue to grant equity-based compensation awards to our employees (including officers), non-employee consultants,
non-employee directors, and our affiliates. The 2023 Plan replaces our 2015 Incentive Compensation Plan, 2016 Incentive Compensation
Plan, and 2017 Incentive Compensation Plan. The Company has ceased granting awards under the 2015 Incentive Compensation Plan, 2016 Incentive
Compensation Plan, and 2017 Incentive Compensation Plan. The Company has been authorized to reserve 166,415 shares of its common stock
for delivery under the 2023 Plan. The 2023 Plan is designed to reward eligible participants for contributing to the Company’s success
and encourage retaining and recruiting qualified personnel. The Company’s Board of Directors and Compensation Committee will administer
the 2023 Plan.
The
2023 Plan generally grants awards without consideration other than prior and future service. The Company’s compensation committee
may grant awards under the 2023 Plan either alone or in addition to, in tandem with, or as a substitute for any other award granted under
the 2023 Plan or other company plans. It is important to note, however, that if a SAR is granted in conjunction with an ISO, the grant
date and term of the SAR and ISO must be the same, and the exercise price of the SAR cannot be lower than the exercise price of the ISO.
A written award agreement between us and the grantee will outline the material terms of the award.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
12 — STOCK-BASED COMPENSATION (continued)
As
shown in the following table, stock-based compensation expense is included in general and administrative expenses under the following
plans:
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSE
Equity-based
plans: | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
Three months
ended | | |
Nine months
ended | |
| |
September
30, | | |
September
30, | |
Equity-based
plans: | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
| | | |
| | | |
| | | |
| | |
Long-term stock
incentive plan awards | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,000 | |
Time-vested option inducement
awards | |
| 37,000 | | |
| 33,000 | | |
| 144,000 | | |
| 89,000 | |
Performance-based stock
option inducement award | |
| - | | |
| - | | |
| — | | |
| - | |
Time-based restricted
stock awards
| |
| 306,000 | | |
| 282,000 | | |
| 1,456,000 | | |
| 1,180,000 | |
Performance-based
restricted stock awards | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based
compensation expense | |
$ | 343,000 | | |
$ | 315,000 | | |
$ | 1,600,000 | | |
$ | 1,270,000 | |
NOTE
13 — COMMITMENTS AND CONTINGENCIES
Pension:
The
Company may make a matching contribution to its employees’ 401(k) plan. Furthermore, Vislink operates a Group Personal Plan through
its UK subsidiary, investing funds with Royal London. Employees of the Company in the United Kingdom are entitled to participate in the
Company’s employee benefit plan, to which varying amounts are contributed according to their status. Additionally, the Company
operates a stakeholder pension plan in the United Kingdom.
The
table below represents the Company’s matching contributions as follows:
SCHEDULE
OF MATCHING CONTRIBUTIONS
| |
Three months
ended | | |
Nine months
ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Company
matching contributions - Group Personal Pension Plan | |
$ | 42,000 | | |
$ | 51,000 | | |
$ | 110,000 | | |
$ | 148,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
14 — CONCENTRATIONS
Customer
concentration risk
During
the three months ending September 30, 2023, one customer accounted for approximately $782,000 of the Company’s consolidated sales,
which represents 11% of the Company’s overall sales. During the nine months ended September 30, 2023, no customer contributed more
than 10 percent to the company’s consolidated sales.
One
customer owed the Company approximately $893,000, representing approximately 12% of its consolidated net receivables on September 30,
2023. One customer owed the Company approximately $4,204,000 on September 30, 2022, representing 33% of the Company’s consolidated
net accounts receivable.
Vendor
concentration risk
In
the three months ending September 30, 2023, two vendors exceeded 10% of the Company’s consolidated purchases with approximately
$898,000 and $468,000, representing 26% and 13% of the Company’s consolidated inventory purchases. During the nine months ended
September 30, 2023, two vendors exceeded 10% of the Company’s consolidated purchases by purchasing approximately $1,458,000 and
$1,055,000, representing 16% and 11% of the Company’s consolidated inventory purchases.
A
vendor accounted for approximately $500,000 of the Company’s total consolidated purchases during the three months ended September
30, 2022. In the nine months ended September 30, 2022, no purchases were made by individual vendors exceeding 10% of the total consolidated
purchases of the Company.
Approximately
$378,000 was owed to one vendor, representing 12% of the company’s consolidated accounts payable on September 30, 2023. No vendor
represented more than 10% of the Company’s accounts payable on September 30, 2022.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
15 – REVENUE
The
Company has one operating segment, with the senior executive management team acting as the decision-making group. In the following table,
the Company has disaggregated revenue by the Company’s primary geographical markets and revenue sources:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
Three months
Ended | | |
Nine months
Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Primary geographical markets: | |
| | | |
| | | |
| | | |
| | |
North America | |
$ | 4,120,000 | | |
$ | 4,394,000 | | |
$ | 9,008,000 | | |
$ | 10,294,000 | |
South America | |
| 137,000 | | |
| 70,000 | | |
| 364,000 | | |
| 169,000 | |
Europe | |
| 1,347,000 | | |
| 2,061,000 | | |
| 4,783,000 | | |
| 6,355,000 | |
Asia | |
| 1,191,000 | | |
| 64,000 | | |
| 3,215,000 | | |
| 1,436,000 | |
Rest
of World | |
| 384,000 | | |
| 534,000 | | |
| 2,040,000 | | |
| 2,495,000 | |
| |
$ | 7,179,000 | | |
$ | 7,123,000 | | |
$ | 19,410,000 | | |
$ | 20,749,000 | |
Primary revenue source: | |
| | | |
| | | |
| | | |
| | |
Equipment sales | |
$ | 6,234,000 | | |
$ | 6,061,000 | | |
$ | 16,907,000 | | |
$ | 18,533,000 | |
Installation, integration,
and repairs | |
| 348,000 | | |
| 687,000 | | |
| 1,097,000 | | |
| 1,260,000 | |
Warranties | |
| 597,000 | | |
| 375,000 | | |
| 1,406,000 | | |
| 956,000 | |
| |
$ | 7,179,000 | | |
$ | 7,123,000 | | |
$ | 19,410,000 | | |
$ | 20,749,000 | |
Long-Lived Assets: | |
| | | |
| | | |
| | | |
| | |
United States | |
| | | |
| | | |
$ | 2,683,000 | | |
$ | 1,922,000 | |
Netherlands | |
| | | |
| | | |
| 18,000 | | |
| 20,000 | |
United
Kingdom | |
| | | |
| | | |
| 3,933,000 | | |
| 5,191,000 | |
| |
| | | |
| | | |
$ | 6,634,000 | | |
$ | 7,133,000 | |
NOTE
16 — OTHER INCOME (REBATES)
The
following table represents tax rebates related to the research costs incurred by our U.K. subsidiary included in other income.
SCHEDULE
OF TAX REBATES
| |
Three months
Ended | | |
Nine months
Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Total
tax rebates | |
$ | 3,000 | | |
$ | *(10,000 | ) | |
$ | 332,000 | | |
$ | 284,000 | |
While
the Company plans to continue filing rebate forms for the 2023 fiscal year, it cannot guarantee that rebates will be available at a similar
level or at all in future years.
NOTE
17 — RECLASSIFICATION OF PRIOR YEAR PRESENTATION
We
reclassified other income amounts from the prior year to ensure consistency with the presentation of the current year’s condensed
consolidated statement of operations. For the three and Nine months ended September 30, 2022, adjustments have been made to the condensed
consolidated statements of operations and comprehensive loss. Tax rebates related to research costs incurred by our UK subsidiary were
separated from other revenue to other income. The
reclassification did not affect the reported operating results.
NOTE
18 — SUBSEQUENT EVENTS
Post
Asset Acquisition Commitment
A
cash payment of $230,000
was made by the Company to BMS on October 2,
2023, in accordance with the asset acquisition agreement to acquire additional inventory on October 2, 2023, being held by BMS. The Company
did not hold the remaining inventory title of BMS as of September 14, 2023, or September 30, 2023. (See Note 7)
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following information should be read in conjunction with the accompanying consolidated financial statements and the associated notes
thereto of this Quarterly Report, the audited consolidated financial statements and the notes thereto, and our Management’s Discussion
and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December
31, 2022, as filed with the U.S. Securities and Exchange Commission on March 31, 2023.
Effective
May 1, 2023, the Company effected a one-for-20 reverse stock split of the common stock. All per-share numbers reflect the one-for-20
reverse stock split. We have retroactively applied the reverse split throughout this quarterly report to all periods presented.
Cautionary
Note About Forward-Looking Statements
This
report includes forward-looking statements that, although based on assumptions that we consider reasonable, are subject to risks and
uncertainties, which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied
by such forward-looking statements. You should read this report and the documents we reference in this report and have filed as exhibits
to this report entirely and understand that our actual future results may materially differ from what we expect. You should also review
the factors and risks we describe in reports we will file or submit from time to time with the SEC after this report’s date. We
qualify all of our forward-looking statements by these cautionary statements.
Overview
of COVID-19 Effects
Covid-19
remains a significant influence on the conduct of business. These challenging times have necessitated adopting remote work, hybrid models,
employee well-being initiatives, supply chain resilience, digital transformation, and enhanced health and safety measures. By adapting
to these changes, businesses can survive and thrive despite ongoing uncertainties resulting from the pandemic. It is not possible to
guarantee the effectiveness of such measures.
The
COVID-19 pandemic and mitigation measures have adversely impacted global supply chains and economic conditions and may continue to do
so in the future. These impacts may affect our products and services’ development, deployment, maintenance, and demand.
It
is impossible to predict the extent to which the COVID-19 pandemic will impact our business, operations, cash flow, and financial condition
in the future. As a result, the Company will continue to closely monitor COVID-19’s impact on all aspects of its business and geographical
operations. It includes reviewing updated information concerning other virus strains and their impact.
Ukraine/Russian
Conflict
The
Ukraine-Russian conflict has had a significant impact on global financial markets. Stock markets have experienced volatility, currency
markets have seen fluctuations, commodity markets have faced supply chain concerns, bond markets have witnessed changes in demand and
yields, and geopolitical risks have risen. The impact of the war on these macroeconomic conditions may necessitate many companies worldwide
to consider the effects of the war on their specific accounting and financial reporting practices. As the conflict unfolds, investors
and market participants must monitor the situation and adapt their strategies closely.
Neither
the Company nor its employees or contractors have a physical presence in Russia, Russian-controlled territories, or Ukraine. Due to Russia’s
invasion of Ukraine and sanctions imposed by the U.S. and other governments—designed to exacerbate the Russian economy—business
continuity, liquidity, and asset values are being affected in Ukraine and Russia, agitating global markets. In addition to increased
inflation and higher energy and transportation costs, it is difficult to estimate the impact of the ongoing invasion on the global economy;
the invasion of Ukraine could negatively affect our financial results. The Company does not anticipate any risks affecting its liquidity,
operating results, or financial reporting. Still, we monitor developments in Ukraine to determine whether they will harm our business,
financial condition, or results of operations.
Israel/Hamas
Conflict
In
the wake of the Israeli-Hamas war, there have been and will continue to be uncertainties and disruptions in the global economy and financial
markets. Our team is also monitoring and responding to the conflict between Israel and Hamas. As of the date of this report, there have
been no material impacts on our business operations and financial performance. The future impact of the conflicts on our business operations
and financial performance is still uncertain. It will depend on future developments, including the severity and duration of the conflict,
as well as its impact on regional and global economic conditions. We will continue to monitor the conflict, assess their related restrictions,
and make prudent decisions for team members, customers, and the company.
Relocation
of United Kingdom manufacturing division
We
are relocating our manufacturing division from the United Kingdom to the United States. The relocation process is anticipated to be completed
by the end of 2023.
The
relocation to the United States is estimated to result in approximately $1.0 million in annual savings. Over the next nine months, we
will incur approximately $0.2 million in severance costs due to the relocation of our manufacturing division to the United States.
Climate
Change-Related Effects
Our
Company, partners, and communities face both opportunities and challenges related to climate change. Physical climate parameters, regulations,
public policy, technology, and product demand changes will likely influence our Company’s climate change strategy. We are responsible
for responding to climate change and will continue to focus on reducing our environmental impact. We will also focus on developing innovative
solutions to mitigate climate change risks. We are committed to working collaboratively with our partners to achieve a sustainable future.
Despite
our efforts to mitigate climate change risks, we recognize that climate-related risks are inherent wherever we conduct our business.
There is a possibility that any of our locations will be affected by climate change. Climate-related events can disrupt our industry
and customers, increasing attrition, losses, and extra costs. It is important to us that our company’s communities have access
to clean water and reliable energy. For this reason, we are committed to developing and implementing strategies to reduce our carbon
footprint and ensure sustainability. We partner with organizations and governments to promote renewable energy sources and create resilient
communities.
The
increase in temperature causes natural disasters to become more frequent and severe, disrupting the operation of our business. Wildfires,
floods, droughts, hurricanes, and hurricanes are natural disasters. We can also become less productive, lose customers, and incur additional
costs if we have limited access to clean water and reliable energy. We must take proactive steps to mitigate the effects of climate change.
We need to develop strategies to reduce our carbon footprint and find ways to make our operations more resilient to climate-related disruptions.
Additionally, we must invest in technology that can help us better prepare for and respond to extreme weather events.
Asset
Acquisition
Poway,
LLC, a newly formed wholly owned subsidiary of Vislink Technologies, Inc., entered into an asset purchase agreement from BMS, LLC on
September 14, 2023. BMS is known for its cutting-edge video microwave systems used by broadcasters, law enforcement, and defense contractors.
As a result of this acquisition, Vislink can leverage BMS’ extensive customer base and global reach. Due to the growing demand
for real-time video transmission in various applications, the airborne video downlink systems market is experiencing significant growth.
Ground stations can receive live video feeds from airborne platforms like helicopters and drones. Aerial surveillance, emergency response,
news gathering, and other critical operations use them. Vislink will be well-positioned to capture this growing market by acquiring BMS
assets. By acquiring Broadcast Microwave Services (BMS) assets, Vislink extends its position in airborne video downlink systems. A strategic
move like this enhances Vislink’s product offerings, customer relationships, and market leadership. This dynamic market offers
opportunities for Vislink with the growing demand for real-time video transmission.
It
was agreed that Vislink would pay BMS $200,000 on September 14, 2023, for inventory and assume certain liabilities. The Company agreed
to pay $230,000 to BMS on October 2, 2023, in exchange for BMS’s remaining inventory. As of September 14, 2023, or September 30,
2023, the Company did not hold the remaining inventory title of BMS.
Overview
Vislink
was incorporated in Delaware in 2006, and it is a global technology company dedicated to collecting, delivering, and managing high-quality,
live video and related data from the action scene to the viewing screen. Vislink provides solutions for collecting live news, sports,
entertainment, and news events for broadcast markets. The company offers real-time video intelligence solutions through customized transmission
products to the surveillance and defense markets. We also provide professional and technical services through our technology experts.
These experts have decades of practical experience and applied knowledge in the terrestrial microwave, satellite, fiber optic, and surveillance
systems, delivering a broad range of solutions to our customers.
Live
Broadcast:
Vislink
offers a broad portfolio of products and services for the live news, sports, and entertainment industries. The solutions include video
collection, transmission, management, and distribution via microwave, satellite, cellular, IP (Internet Protocol), MESH, and bonded cellular/5G
networks. Furthermore, we provide solutions utilizing artificial intelligence technologies to automate news and sporting events coverage.
The expertise and technology portfolio of Vislink, which has been in operation for more than 50 years, enable it to deliver integrated,
seamless, end-to-end solutions. Vislink’s solutions are designed to provide high-quality content and maximize operational efficiency.
The Company is committed to providing its clients with the best possible service and technology. Vislink’s solutions are tailored
to meet the specific needs of each customer.
Several
industry contributors acknowledge the value of Vislink’s live broadcast solutions. With over 200,000 systems installed worldwide,
most outside wireless broadcast video content is transmitted using our equipment. It is our pleasure to work closely with the majority
of broadcasters around the world. Many of the world’s most prestigious sporting and entertainment events are broadcast live using
Vislink wireless cameras and ultra-compact encoders. Recent examples include international sporting contests, award shows, racing events,
and cultural and music festivals. Our equipment is reliable and easy to use, making it the ideal choice for broadcast professionals.
We pride ourselves on providing quality products and excellent customer service. We are dedicated to helping our customers produce the
best broadcast content possible.
Military
And Government:
Using
our expertise in live video delivery, Vislink has developed high-quality solutions to meet the operational and industry challenges of
surveillance and defense markets. The Vislink solutions are designed to facilitate interagency collaboration, utilizing an internationally
recognized IP platform and a web-based video delivery interface. As a provider of comprehensive video, audio, and data communications
solutions to the law enforcement community and the public safety community, Vislink can provide airborne, unmanned systems, maritime,
and tactical mobile command posts. Vislink solutions are designed to provide reliable and secure communications in extreme conditions,
with the ability to adapt quickly to changing environments. They also offer a range of cost-effective products and services tailored
to customers’ needs.
These
solutions may include:
|
● |
integrated
suites of airborne downlink transmitters, receivers, and antenna systems |
|
● |
data
and video connectivity for airborne, marine, and ground assets |
|
● |
UAV
video distribution |
|
● |
flexible
support for COFDM and bonded cellular/5G Networks |
|
● |
terrestrial
point-to-point |
|
● |
tactical
mobile command |
|
● |
IP-based,
high-end encryption, full-duplex, real-time connectivity at extended operating ranges |
|
● |
high-throughput
air/marine/ground-to-anywhere uplink and downlink systems |
|
● |
secure
live streaming platforms for use in mobile and fixed assets |
|
● |
personal
portable products |
Vislink
public safety and surveillance solutions are deployed worldwide, including in the United States, Europe, and the Middle East, at local,
regional, and federal level operations, criminal investigation, crisis management, and mobile command posts. These solutions are designed
to meet the needs of field operations, command centers, and central receiving centers. Short- and long-range solutions are available
in established infrastructure areas and highly remote regions, making valuable video intelligence accessible regardless of location.
Solutions can be tailored to meet specific customer requirements and are backed by knowledgeable and responsive support teams. Additionally,
these solutions are flexible and scalable, so they can be adapted to meet changing business needs.
Satellite
Communications:
Vislink’s
satellite solutions are supported by over 30 years of technical expertise. These solutions ensure robust, secure communications while
offering low transmission costs for organizations that require high-quality, reliable satellite transmission. In addition to providing
turnkey solutions, we offer state-of-the-art coding, compression, engine modulation, and robust, lightweight antenna systems. To ensure
the best possible customer experience, Vislink Satellite Solutions focus heavily on being the smallest, lightest, and most efficient
in their category. Vislink lets customers choose from a wide range of satellite designs optimized for bit rate, size, weight, and total
cost. Over 2,000 satellite systems have been deployed by governments, militaries, and broadcasters worldwide. Although we continue offering
satellite solutions, we no longer invest in the engineering and product development necessary to remain competitive. Although we will
continue to market and sell our current satellite products, we do not anticipate introducing any further upgrades or enhancements. Instead,
we will focus our resources on other technologies and solutions to better serve our customers.
Connected
Edge Solutions:
Our
Mobile Viewpoint [operations/products] provides Vislink with the hardware and software solutions necessary for acquiring, producing,
contributing, and delivering video over private or public networks. The use of connected edge solutions facilitates the video transport
concept of ubiquitous IP networks and cloud-scale computing across 5G, WiFi6, Mesh, and COFDM-enabled networks. These solutions include:
|
● |
Live
video encoding, stream adaptation, decoding, and production solutions |
|
● |
Remote
production workflows |
|
● |
Wireless
cameras |
|
● |
AI-driven
automated production |
|
● |
Ability
to contribute video over: |
|
|
○
Bonded cellular (3G and 4G) |
|
|
○
Satellite |
|
|
○
Fiber |
|
|
○
Emerging networks, including 5G and Starlink |
Results
of Operations
Comparison
for the three and nine months ended September 30, 2023, and 2022
Revenues
In
the three months ended September 30, 2023, the revenue was $7.2 million compared to $7.1 million for the three months ended September
30, 2022, representing an increase of $0.1 million or 1%. In the nine months ended September 30, 2023, the revenue was $19.4 million
compared to $20.8 million for the nine months ended September 30, 2022, representing a decrease of $1.4 million or 7%.
As
a result of the poor performance of several product lines and an inability to meet customer expectations, the Company discontinued several
product lines during the third and fourth quarters of 2022. To address economic fluctuations, changing customer demands, and competitive
pressures, we have altered our product marketing for our customer base in the last quarter of 2022 by simplifying the process of accessing
products and solutions. Moreover, the Company has decided to consolidate its UK manufacturing division and relocate its activities to
the United States beginning in September 2023. With this move, management expects to improve operational efficiency, increase productivity,
and strengthen our position in the global market. Currently, we are focusing on developing successful products, and we will invest in
their further development. Additionally, we will be exploring new avenues for expanding our product offering.
Cost
of Revenue and Operating Expenses
Cost
of Components and Personnel
In
the three months ended September 30, 2023, the cost of components and personnel was $3.3 million compared to $3.6 million for the three
months ended September 30, 2022, representing a decrease of $0.3 million or 8%. In the nine months ended September 30, 2023, the cost
of components and personnel was $9.0 million compared to $10.2 million for the nine months ended September 30, 2022, representing a decrease
of $1.2 million or 12%.
Management’s
decision to discontinue several product lines in the third and fourth quarters of 2022 can be attributed to reduced components and personnel
costs. This cost-cutting measure, together with the relocation of our U.K. manufacturing division to the U.S., will enable the Company
to focus on what it believes are the more profitable product lines and increase the efficiency and productivity of its operations.
General
and Administrative Expenses
General
and administrative expenses are costs incurred during the day-to-day operation of the business, including salaries, benefits, stock-based
compensation, payroll taxes, trade shows, marketing programs, promotional materials, professional services, facility upkeep, general
liability insurance, travel, and other operating expenses associated with an established public entity.
In
the three months ended September 30, 2023, the general and administrative expenses were $4.8 million compared to $4.7 million for the
three months ended September 30, 2022, representing an increase of $0.1 million or 2%. In the nine months ended September 30, 2023, the
general and administrative expenses were $14.5 million compared to $14.0 million for the nine months ended September 30, 2022, representing
an increase of $0.5 million or 4%.
The
nine-month increase of $0.1 million is predominantly due to $0.2 million each in insurance, taxes and licenses, and miscellaneous expenses
offset by a decrease of $0.4 million in salaries and benefits. The nine-month increase of $0.5 million is primarily attributable to $0.3
million each in stock-based compensation, rent and utilities, and miscellaneous expenses offset by a decrease of $0.4 million in salaries
and benefits.
Research
and Development Expenses
Research
and development expenses are primarily associated with salaries and benefits, including payroll taxes, prototypes, facilities, and travel
expenses.
In
the three months ended September 30, 2023, research and development expenses were $0.8 million compared to $0.9 million for the three
months ended September 30, 2022, representing a decrease of $0.1 million or 11%. In the nine months ended September 30, 2023, research
and development expenses were $2.5 million compared to $3.2 million for the nine months ended September 30, 2022, representing a decrease
of $0.7 million or 22%.
The
three-month decrease of $0.1 million is primarily attributable to the reduction of $1.0 million in salaries and benefits offset by an
increase of $0.8 million in consulting. The nine-month decline of $0.7 million is mainly attributable to $1.2 million in salaries and
benefits offset by an increase of $0.7 million in consulting.
Amortization
and Depreciation
In
the three months ended September 30, 2023, amortization and depreciation expenses were $0.3 million compared to $0.5 million for the
three months ended September 30, 2022, representing a decrease of $0.2 million or 40%. In the nine months ended September 30, 2023, amortization
and depreciation expenses were $0.9 million compared to $1.4 million for the nine months ended September 30, 2022, representing a decrease
of $0.5 million or 36%. A decrease in the net book value of intangible assets is attributed to the decreased amortization of intangible
asset costs.
Other
Dividend
and Interest Income
In
the three months ended September 30, 2023, dividend and interest income was $0.3 million, compared to $0.0 million for the three months
ended September 30, 2022, representing an increase of $0.3 million or 100%. In the nine months ended September 30, 2023, dividend and
interest income were $0.9 million compared to $0.0 million for the nine months ended September 30, 2022, representing an increase of
$0.9 million or 100%. The growth is due to the Company’s investment in government-backed bonds held to maturity and money market
funds.
Net
Loss
In
the three months ended September 30, 2023, the Company had a net loss of $1.9 million compared to a net loss of $2.8 million in the three
months ended September 30, 2022, or a decrease in net loss of $0.9 million or 32%. The Company’s net loss for the nine months ending
September 30, 2023, was $6.8 million, compared to $8.0 million for the nine months ending September 30, 2022, or a decrease in net loss
of $1.2 million or 15%.
The
decrease in the net loss of $1.9 million for the three months ended September 30, 2023, was primarily the result of a decrease of $0.3
million in cost of components and personal, $0.2 million in amortization and depreciation, $0.1 million in research and development costs
coupled with the benefit of $0.3 million in interest and dividend income.
The
decrease in the net loss of $1.2 million for the nine months ended September 30, 2023, was primarily the result of a decrease of $1.2
million in cost of components and personal, $0.7 million each in salaries and benefits and research, and development expenses, $0.4 million
in amortization and depreciation offset by an increase of $0.7 million in rent and utilities, $0.4 million in professional fees, and
$0.9 million in dividend and interest income.
Liquidity
and Capital Resources
For
the nine months ended September 30, 2023, the Company incurred an approximate loss of $8.0 million from operations and used $6.0 million
of cash for operational purposes. On September 30, 2023, the Company had $33.4 million in working capital, $306.9 million in accumulated
deficits, and $7.2 million in cash.
During
the first quarter of 2023, the Company invested approximately $10.8 million of its cash reserves in Federal bonds and $11.3 million in
federally insured money market mutual funds, primarily to increase investment income (Note 6). In the third quarter of 2023, the Company
entered into an asset purchase agreement with BMS, LLC, acquiring inventory and assuming certain liabilities in exchange for $200,000
in cash consideration paid at the closing of the transaction on October 2, 2023, (See Note 7).
The
Company’s liquidity requirements may be affected by a variety of factors. These factors include inflation, foreign exchange fluctuations,
market conditions, strategic acquisitions, market strategy, research and development activities, regulatory matters, and product and
technology innovations. The Company believes it will have sufficient funds to continue operations for at least twelve months from the
filing date of these unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q.
Critical
Accounting Policies
As
of the date of the filing of this Quarterly Report on Form 10-Qt, we believe there have been no material changes to our critical accounting
policies during the three months ended September 30, 2023, compared to those disclosed in our Annual Report on Form 10-K for the year
ended December 31, 2022, as filed with the SEC on March 31, 2023. The location of additional information about these critical accounting
policies is in the “Management’s Discussion & Analysis of Financial Condition and Results of Operations” section
included in our Annual Report on Form 10-K for the fiscal year ending December 31, 2022.
Cash
Flows
The
following table sets forth the significant components of our cash flow data statements for the periods presented.
For
the Nine Months Ended
(In
Thousands)
| |
September
30, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (5,992 | ) | |
$ | (11,767 | ) |
Net cash used in investing activities | |
| (11,534 | ) | |
| (352 | ) |
Net cash used in financing activities | |
| (409 | ) | |
| (791 | ) |
Effect of exchange rate
changes on cash | |
| (452 | ) | |
| 1,155 | |
Net
decrease in cash | |
$ | (18,387 | ) | |
$ | (11,755 | ) |
Operating
Activities
Net
cash used in operating activities of approximately $6.0 million during the nine months ended September 30, 2023, was principally attributable
to a net loss of $6.8 million, $1.6 million of stock-based compensation, $0.9 million of depreciation and amortization, an increase of
$1.6 million in inventory, an increase of $1.4 million in accounts receivable, an increase of $0.5 million of accounts payable, offset
by decreases of $0.4 million in operating lease liabilities, together with $0.4 million of deferred revenue and customer deposits, $0.2
million each in deferred tax benefits, and accretion of bond discount.
Net
cash used in operating activities of approximately $11.8 million during the nine months ended September 30, 2022, was principally attributable
to a net loss of $8.0 million and an increase in $6.0 million in inventory, $0.8 million in accounts receivable, and $1.3 million in
stock-based compensation; a decrease in $1.7 million in prepaid expenses and other current assets, and $1.6 million of accrued expenses
and interest expense.
Investing
Activities
Net
cash used by investing activities for the nine months ended September 30, 2023, and 2022 were $11.2 million and $0.3 million, respectively,
and principally related to the Company’s investment in government-backed securities and money market funds and capital expenditures
for furniture and computer equipment and an asset acquisition.
Financing
Activities
Net
cash used in financing activities for the nine months ended September 30, 2023, and 2022 were $0.4 million and $ 0.8 million, was principally
attributable to principal payments made towards D & O policy premiums.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
As
of September 30, 2023, there have been no material changes to the information related to quantitative and qualitative disclosures about
the market risk provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on
March 31, 2023.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized, and reported within the periods specified in the SEC’s rules and forms and that such information is accumulated
and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow
timely decisions regarding required disclosure.
Under
the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated
the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended September 30, 2023, as such term
is defined in Rules 13a-15I and 15d-15I under the Exchange Act. In their assessment of the effectiveness of internal control over financial
reporting as of September 30, 2023, management concluded that such control was ineffective and that there were control deficiencies that
constituted material weaknesses because (i) we currently do not employ the appropriate number of accounting personnel to ensure (a) we
maintain proper segregation of duties, and (b) conduct a tolerable risk assessment, and (ii) we have not adequately documented a complete
assessment of the effectiveness of the design and operation of our internal control over financial reporting. Considering these material
weaknesses, we performed additional procedures and analyses as deemed necessary to ensure that our financial statements were prepared
in accordance with U.S. generally accepted accounting principles.
Management
has engaged a third-party consultant to identify and document our internal control deficiencies and assess current controls and recommendations
regarding remediation efforts to eliminate or mitigate the control deficiencies.
Notwithstanding
the material weakness as of September 30, 2023, management, including the Certifying Officers, believes that the condensed consolidated
financial statements contained in this Annual Report filing fairly present, in all material respects, our financial condition, results
of operations, and cash flows for the fiscal period presented in conformity with GAAP.
Changes
to Internal Control Over Financial Reporting
Although
we have continued our remediation efforts in connection with identified material weaknesses, the material weakness, as discussed in our
Annual Report on Form 10-K for the period ended December 31, 2022, has not been fully remediated. As we continue to remediate the material
weakness in our internal controls, we have made changes during our most recently completed fiscal quarter to our internal controls, including
changes to enhance the supervisory review of our accounting procedures. Notwithstanding the continuing and un-remediated material weakness,
management, including the Certifying Officers, believes that the condensed consolidated financial statements contained in this Quarterly
Report present, in all material respects, our financial condition, results of operations, and cash flows for the fiscal periods presented
in this Quarterly Report in conformity with GAAP.
PART
II: OTHER INFORMATION
Item
1. Legal Proceedings.
In
the ordinary course of business, we may become involved in various lawsuits and legal proceedings. We cannot predict the impact or outcome
of litigation, if any, and we may experience a negative outcome from time to time that may harm our business. We are not a party to,
and our properties are not currently the subject of any material pending legal proceedings, which, individually or in the aggregate,
would adversely affect our financial position or the results of operations.
Item
1A. Risk Factors.
The
risks described in “Risk Factors” within our 2022 Annual Report and in our Quarterly Report on Form 10-Q for the quarter
ended June 30, 2023, could materially and adversely affect our business, financial condition, and results of operations, and the trading
price of our common stock could decline. The Risk Factors section in the 2022 Annual Report, as updated in the Quarterly Report on Form
10-Q for the quarter ended June 30, 2023, remains current in all material respects. These risk factors do not identify all the risks
that we face. Our operations could also be affected by factors not presently known to us or that we consider immaterial. Due to risks
and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance, and historical
trends should not be used to anticipate results or trends in future periods. Refer also to the other information outlined in this Form
10-Q, including the Forward-Looking Statements, MD&A, and Unaudited Condensed Consolidated Financial Statements sections.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
(a)
Not applicable.
(b)
Not applicable.
(c)
Trading Plans
During
the quarter that ended September 30, 2023, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements
or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).
Item
6. Exhibits. To be updated by outside attorneys
In
accordance with SEC Release 33-8238, Exhibits 31.1, 31.2, 32.1 and 32.2 are being furnished and not filed.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
VISLINK
TECHNOLOGIES, INC. |
|
|
|
Date:
November 8, 2023 |
By: |
/s/
Carleton Miller |
|
|
Carleton
Miller |
|
|
Chief
Executive Officer |
|
|
(Duly
Authorized Officer and Principal Executive Officer) |
|
|
|
Date:
November 8, 2023 |
By: |
/s/
Paul Norridge |
|
|
Paul
Norridge |
|
|
Chief
Financial Officer |
|
|
(Duly
Authorized Officer and Principal Financial Officer) |
Exhibit
31.1
CERTIFICATION
PURSUANT TO 18 USC. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I,
Carleton M. Miller, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Vislink Technologies, Inc. (the “registrant”):
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13-a13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures; and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report is any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date: November 8, 2023 |
/s/
Carleton M. Miller |
|
Carleton M. Miller |
|
Chief Executive Officer |
Exhibit
31.2
CERTIFICATION
OF
PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I,
Paul Norridge, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Vislink Technologies, Inc. (the “registrant”):
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13-a13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures; and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report is any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date: November 8, 2023 |
/s/
Paul Norridge |
|
Paul Norridge |
|
Chief Financial Officer |
Exhibit 32.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Vislink
Technologies, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023 (the “Report”), I, Carleton
M. Miller, Chief Executive Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906
of the Sarbanes-Oxley Act of 2002, that:
1. The Report fully complies with
the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
2. The information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 8, 2023 |
/s/ Carleton M. Miller |
|
Carleton M. Miller |
|
Chief Executive Officer |
A signed original of this written statement required
by Section 906 or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within
the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to
the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
OF
PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Vislink Technologies, Inc. (the “Company”) on Form 10-Q for the period ended September
30, 2023 (the “Report”), I, Paul Norridge, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section
1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date: November
8, 2023 |
/s/
Paul Norridge |
|
Paul Norridge |
|
Chief Financial Officer |
A
signed original of this written statement required by Section 906 or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 08, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-35988
|
|
Entity Registrant Name |
Vislink
Technologies, Inc.
|
|
Entity Central Index Key |
0001565228
|
|
Entity Tax Identification Number |
20-5856795
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
350
Clark Drive
|
|
Entity Address, Address Line Two |
Suite 125
|
|
Entity Address, City or Town |
Mt.
Olive
|
|
Entity Address, State or Province |
NJ
|
|
Entity Address, Postal Zip Code |
07828
|
|
City Area Code |
(908)
|
|
Local Phone Number |
852-3700
|
|
Title of 12(b) Security |
Common
stock par value $0.00001 per share
|
|
Trading Symbol |
VISL
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
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|
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
|
Cash and cash equivalents |
$ 7,240,000
|
$ 25,627,000
|
|
Accounts receivable, net |
7,407,000
|
6,007,000
|
|
Inventories, net |
13,537,000
|
12,021,000
|
|
Investments held to maturity |
10,920,000
|
|
|
Prepaid expenses and other current assets |
2,033,000
|
1,232,000
|
|
Total current assets |
41,137,000
|
44,887,000
|
|
Right of use assets, operating leases |
716,000
|
1,075,000
|
|
Property and equipment, net |
1,762,000
|
1,434,000
|
|
Intangible assets, net |
4,156,000
|
4,400,000
|
|
Total assets |
47,771,000
|
51,796,000
|
|
Current liabilities |
|
|
|
Accounts payable |
3,131,000
|
2,626,000
|
|
Accrued expenses |
1,807,000
|
1,568,000
|
|
Notes payable |
199,000
|
84,000
|
|
Operating lease obligations, current |
372,000
|
455,000
|
|
Customer deposits and deferred revenue |
2,205,000
|
1,540,000
|
|
Total current liabilities |
7,714,000
|
6,273,000
|
|
Operating lease obligations, net of current portion |
823,000
|
1,107,000
|
|
Deferred tax liabilities |
600,000
|
764,000
|
|
Total liabilities |
9,137,000
|
8,144,000
|
|
Commitments and contingencies (See Note 13) |
|
|
|
Series A Preferred stock, $0.00001 par value per share: -0- shares authorized on September 30, 2023, and December 31, 2022, respectively; -0- and 47,419 shares issued and outstanding on September 30, 2023, and December 31, 2022, respectively. |
|
|
|
Stockholders’ equity |
|
|
|
Preferred stock, $0.00001 par value per share: 10,000,000 shares authorized on September 30, 2023, and December 31, 2022, respectively |
|
|
|
Common stock, $0.00001 par value per share, 100,000,000 shares authorized on September 30, 2023, and December 31, 2022, respectively: Common stock, 2,387,596 and 2,367,362 were issued, and 2,387,463 and 2,367,229 were outstanding on September 30, 2023, and December 31, 2022, respectively. |
|
|
|
Additional paid-in capital |
347,165,000
|
345,365,000
|
|
Accumulated other comprehensive loss |
(1,401,000)
|
(1,337,000)
|
|
Treasury stock, at cost – 133 shares as of September 30, 2023, and December 31, 2022, respectively |
(277,000)
|
(277,000)
|
|
Accumulated deficit |
(306,853,000)
|
(300,099,000)
|
|
Total stockholders’ equity |
38,634,000
|
43,652,000
|
[1] |
Total liabilities and stockholders’ equity |
$ 47,771,000
|
$ 51,796,000
|
|
|
|
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, par value |
$ 0.00001
|
$ 0.00001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
Preferred stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
2,387,596
|
2,367,362
|
Common Stock, shares outstanding |
2,387,463
|
2,367,229
|
Treasury stock, shares |
133
|
133
|
Series A Preferred Stock [Member] |
|
|
Temporary equity, par value |
$ 0.00001
|
$ 0.00001
|
Temporary equity, shares authorized |
0
|
0
|
Temporary equity, shares issued |
0
|
47,419
|
Temporary equity, shares outstanding |
0
|
47,419
|
Preferred stock, shares authorized |
0
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($) shares in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue, net |
$ 7,179,000
|
$ 7,123,000
|
$ 19,410,000
|
$ 20,749,000
|
Cost of revenue and operating expenses |
|
|
|
|
Cost of components and personnel |
3,302,000
|
3,616,000
|
8,977,000
|
10,225,000
|
Inventory valuation adjustments |
176,000
|
207,000
|
480,000
|
404,000
|
General and administrative expenses |
4,793,000
|
4,624,000
|
14,500,000
|
13,973,000
|
Research and development expenses |
805,000
|
885,000
|
2,480,000
|
3,154,000
|
Impairment on right-of-use assets |
83,000
|
88,000
|
83,000
|
88,000
|
Amortization and depreciation |
311,000
|
502,000
|
913,000
|
1,424,000
|
Total cost of revenue and operating expenses |
9,470,000
|
9,922,000
|
27,433,000
|
29,268,000
|
Loss from operations |
(2,291,000)
|
(2,799,000)
|
(8,023,000)
|
(8,519,000)
|
Other income (expense) |
|
|
|
|
Unrealized loss on investments held to maturity |
(4,000)
|
|
(67,000)
|
|
Gain on settlement of debt |
|
17,000
|
|
26,000
|
Other income |
(36,000)
|
(9,000)
|
294,000
|
307,000
|
Dividend income |
104,000
|
|
323,000
|
|
Interest income, net |
202,000
|
(3,000)
|
555,000
|
(8,000)
|
Total other income (expense) |
266,000
|
5,000
|
1,105,000
|
325,000
|
Net loss before income taxes |
(2,025,000)
|
(2,794,000)
|
(6,918,000)
|
(8,194,000)
|
Income taxes |
|
|
|
|
Deferred tax benefits |
55,000
|
54,000
|
164,000
|
161,000
|
Net loss |
$ (1,970,000)
|
$ (2,740,000)
|
$ (6,754,000)
|
$ (8,033,000)
|
Basic loss per share |
$ (0.83)
|
$ (1.16)
|
$ (2.84)
|
$ (3.46)
|
Diluted loss per share |
$ (0.83)
|
$ (1.16)
|
$ (2.84)
|
$ (3.46)
|
Weighted average number of shares outstanding: |
|
|
|
|
Basic |
2,382
|
2,370
|
2,377
|
2,322
|
Diluted |
2,382
|
2,370
|
2,377
|
2,322
|
Comprehensive loss: |
|
|
|
|
Unrealized gain (loss) on currency translation adjustment |
$ (364,000)
|
$ 746,000
|
$ (64,000)
|
$ 1,885,000
|
Comprehensive loss |
$ (2,334,000)
|
$ (1,994,000)
|
$ (6,818,000)
|
$ (6,148,000)
|
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v3.23.3
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
[1] |
|
|
$ 343,746
|
$ (297)
|
$ (277)
|
$ (286,539)
|
$ 56,633
|
Balance, shares at Dec. 31, 2021 |
[1] |
|
2,287,669
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(8,033)
|
(8,033)
|
Unrealized loss on currency translation adjustment |
|
|
|
|
(1,885)
|
|
|
(1,885)
|
Issuance of common stock in connection with: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
1,270
|
|
|
|
1,270
|
Satisfaction of accounts payable vendor balance |
|
|
|
54
|
|
|
|
54
|
Satisfaction of accounts payable vendor balance, shares |
|
|
3,870
|
|
|
|
|
|
Satisfaction of withholding tax upon conversion of restricted stock units |
|
|
|
|
|
|
|
|
Satisfaction of withholding tax upon conversion of restricted stock units, shares |
|
|
17,889
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock units |
|
|
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock units, shares |
|
|
57,952
|
|
|
|
|
|
Balance at Sep. 30, 2022 |
|
|
|
345,070
|
(2,182)
|
(277)
|
(294,572)
|
48,039
|
Balance, shares at Sep. 30, 2022 |
|
|
2,367,380
|
|
|
|
|
|
Balance at Jun. 30, 2022 |
[1] |
|
|
344,732
|
(1,436)
|
(277)
|
(291,832)
|
51,187
|
Balance, shares at Jun. 30, 2022 |
[1] |
|
2,365,445
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(2,740)
|
(2,740)
|
Unrealized loss on currency translation adjustment |
|
|
|
|
(746)
|
|
|
(746)
|
Issuance of common stock in connection with: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
315
|
|
|
|
315
|
Satisfaction of accounts payable vendor balance |
|
|
|
23
|
|
|
|
23
|
Satisfaction of accounts payable vendor balance, shares |
|
|
1,935
|
|
|
|
|
|
Satisfaction of withholding tax upon conversion of restricted stock units |
|
|
|
|
|
|
|
|
Satisfaction of withholding tax upon conversion of restricted stock units, shares |
|
|
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock units |
|
|
|
|
|
|
|
|
Balance at Sep. 30, 2022 |
|
|
|
345,070
|
(2,182)
|
(277)
|
(294,572)
|
48,039
|
Balance, shares at Sep. 30, 2022 |
|
|
2,367,380
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
[2] |
|
|
345,365
|
(1,337)
|
(277)
|
(300,099)
|
43,652
|
Balance, shares at Dec. 31, 2022 |
[2] |
47,419
|
2,367,362
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(6,754)
|
(6,754)
|
Unrealized loss on currency translation adjustment |
|
|
|
|
(64)
|
|
|
(64)
|
Issuance of common stock in connection with: |
|
|
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock unit awards |
|
|
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock unit awards, shares |
|
|
10,234
|
|
|
|
|
|
Stock-based compensation |
|
|
|
1,600
|
|
|
|
1,600
|
Elimination of Series A Preferred Stock |
|
|
|
|
|
|
|
|
Elimination of Series A Preferred Stock, shares |
|
(47,419)
|
|
|
|
|
|
|
Compensation awards for services previously accrued |
|
|
|
200
|
|
|
|
200
|
Compensation awards for services previously accrued, shares |
|
|
10,000
|
|
|
|
|
|
Balance at Sep. 30, 2023 |
|
|
|
347,165
|
(1,401)
|
(277)
|
(306,853)
|
38,634
|
Balance, shares at Sep. 30, 2023 |
[2] |
|
2,387,596
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
|
|
346,822
|
(1,037)
|
(277)
|
(304,883)
|
40,625
|
Balance, shares at Jun. 30, 2023 |
[2] |
|
2,377,362
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(1,970)
|
(1,970)
|
Unrealized loss on currency translation adjustment |
|
|
|
|
(364)
|
|
|
(364)
|
Issuance of common stock in connection with: |
|
|
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock unit awards |
|
|
|
|
|
|
|
|
Satisfaction with the conversion of restricted stock unit awards, shares |
[2] |
|
10,234
|
|
|
|
|
|
Stock-based compensation |
|
|
|
343
|
|
|
|
343
|
Balance at Sep. 30, 2023 |
|
|
|
$ 347,165
|
$ (1,401)
|
$ (277)
|
$ (306,853)
|
$ 38,634
|
Balance, shares at Sep. 30, 2023 |
[2] |
|
2,387,596
|
|
|
|
|
|
|
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows used in operating activities |
|
|
Net loss |
$ (6,754)
|
$ (8,033)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Gain on settlement of debt |
|
(26)
|
Deferred tax benefits |
(164)
|
(161)
|
Unrealized loss on the fair value of investments in bonds held to maturity |
67
|
|
Accretion of bond discount |
(224)
|
|
Stock-based compensation |
1,600
|
1,270
|
Stock issuance commitments |
|
200
|
Provision for bad debt |
64
|
19
|
Recovery of bad debt |
(8)
|
(17)
|
Inventory valuation adjustments |
480
|
404
|
Amortization of right-of-use assets, operating assets |
276
|
152
|
Depreciation and amortization |
913
|
1,424
|
Impairment on right-of-use assets |
83
|
88
|
Changes in assets and liabilities |
|
|
Accounts receivable |
(1,400)
|
(803)
|
Inventories |
(1,598)
|
(6,077)
|
Prepaid expenses and other current assets |
(278)
|
1,695
|
Accounts payable |
505
|
33
|
Accrued expenses |
445
|
(1,555)
|
Accrued Directors Compensation |
(5)
|
|
Operating lease obligations |
(367)
|
(464)
|
Customer deposits and deferred revenue |
373
|
84
|
Net cash used in operating activities |
(5,992)
|
(11,767)
|
Cash flows used in investing activities |
|
|
Cash used for investments held to maturity |
(10,763)
|
|
Cash used in asset acquisition |
(269)
|
|
Cash used for property and equipment |
(502)
|
(352)
|
Net cash used in investing activities |
(11,534)
|
(352)
|
Cash flows used in financing activities |
|
|
Principal payments made on notes payable |
(409)
|
(791)
|
Net cash used in financing activities |
(409)
|
(791)
|
Effect of exchange rate changes on cash |
(452)
|
1,155
|
Net decrease in cash and cash equivalents |
(18,387)
|
(11,755)
|
Cash and cash equivalents, beginning of the period |
25,627
|
36,231
|
Cash and cash equivalents, end of the period |
7,240
|
24,476
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid during the period for interest |
11
|
9
|
Supplemental disclosure of non-cash information: |
|
|
Assets acquired in asset acquisition |
561
|
|
Liabilities assumed in asset acquisition |
292
|
|
Notes payable |
523
|
943
|
Common stock issued in connection with: |
|
|
Settlement of accounts payable |
|
54
|
Compensation awards previously accrued |
200
|
|
ROU assets and operating lease obligations recognized (Note 6): |
|
|
Operating lease assets recognized |
|
|
Less: non-cash changes to operating lease assets |
|
|
amortization |
(276)
|
(152)
|
lease termination |
|
(131)
|
impairments |
(83)
|
(43)
|
loss on lease impairments |
83
|
88
|
ROU assets and operating lease obligations recognized |
(276)
|
(238)
|
Operating lease liabilities recognized |
|
|
accretion |
(367)
|
(464)
|
Operating lease liabilities recognized |
$ (367)
|
$ (464)
|
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v3.23.3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature
of Operations
Incorporated
in Delaware in 2006, Vislink Technologies, Inc. (“Vislink”) is an innovative technology company that collects, delivers and
manages real-time video from the action scene to the viewing screen. The Company designs, develops, and deploys innovative products and
turnkey solutions that deliver reliable connectivity across real-time production, military, and government sectors worldwide in the most
demanding environments. Vislink is a leader in designing and deploying wireless video solutions, providing customers with reliable and
secure video and data transmission. The company is committed to delivering the latest technology and the highest quality products to
meet its customers’ needs. Vislink provides solutions for collecting live news, sports, and entertainment events for the broadcast
markets. Our Mobile Viewpoint product line offers live streaming solutions that use bonded cellular, 5G, and AI-driven technologies to
automate the production of news and sports content. In addition to creating real-time video intelligence solutions, Vislink assists first
responders, law enforcement agencies at all levels of government, and military organizations with increased situational awareness. Besides
providing professional and technical services, Vislink employs a team of technology experts with decades of experience and applied knowledge
of terrestrial microwaves, satellites, fiber optics, surveillance systems, and wireless communications systems to offer customers a wide
range of services.
Basis
of Presentation
The
accompanying unaudited condensed consolidated interim financial statements and these notes should be viewed in conjunction with Vislink
Technologies, Inc.’s 2022 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2023, which
contains the audited consolidated financial statements and notes thereto as of December 31, 2022. As of December 31, 2022, a condensed
consolidated balance sheet was prepared based on audited annual financial statements but did not include all of the footnote disclosures
from the annual financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements
include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of its financial position as
of September 30, 2023, as well as results of operations for the three months and nine months ended September 30, 2023, and 2022, as well
as cash flow for the nine months ended September 30, 2023, and 2022. For the nine months ended September 30, 2023, the results of operations
are not necessarily indicative of the results for the entire year, any other interim period, or any future period. Effective May 1, 2023,
the Company effected a 1-for-20 reverse stock split of the common stock. All per-share numbers reflect the 1-for-20 reverse stock
split. We have retroactively applied the reverse split throughout this quarterly report to all periods presented. The accounting policies
of Vislink have not materially changed since December 31, 2022. Note 3 of Vislink’s 2022 annual report on Form 10-K provides detailed
information about these policies.
Principles
of Consolidation
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”),
the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and
regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has eliminated all intercompany
accounts and transactions upon consolidating our subsidiaries.
Segment
Reporting
The
Company identifies operating segments as components of an enterprise about which separate discrete financial information is available
for evaluation by the operating decision-makers, or decision-making group, in deciding how to allocate resources and assess performance.
The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the
Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of
the Company reside in the United States, United Kingdom, and the Netherlands.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates,
judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated
financial statements. These estimates also affect the reported revenues and expenses during the reporting periods. Significant accounting
estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of property,
plant, and equipment, the useful lives of right-of-use assets, the useful lives of intangible assets, impairment of long-lived assets,
allowance for accounts receivable doubtful accounts, allowance for inventory obsolescence reserve, allowance for deferred tax assets,
valuation of warranty reserves, contingent consideration liabilities, and the accrual of potential liabilities. Actual results could
differ from estimates, and any such differences may be material to our unaudited condensed consolidated financial statements.
Allowance
for Credit Losses
Change
in accounting principles
In
June 2016, the FASB established Topic 326, Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments
(ASU) No. 2016-13, which requires a methodology that reflects expected credit losses and requires consideration of a broader range of
reasonable and supportable information to inform credit loss estimates, including accounts receivable.
The
standard replaces the existing incurred credit loss model with the Current Expected Credit Losses (“CECL”) model. It is required
to measure credit losses based on the Company’s estimate of expected losses rather than incurred losses, which generally results
in earlier recognition of allowances for credit losses. Under ASC 326, the Company evaluates specific criteria, including aging and historical
write-offs, the current economic condition of customers, and future economic conditions of countries utilizing a consumption index to
determine the appropriate allowance for credit losses. The Company completed its assessment of the new standard and did not adjust the
opening balance of retained earnings relating to its trade receivables. The Company writes off receivables once it is determined that
they are no longer collectible, as local laws allow.
Asset
Acquisitions
The
Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted
for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair
value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the
transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has
acquired inputs and processes that can create outputs that would meet the definition of a business. Significant judgment is required
in applying the screen test to determine whether an acquisition is a business combination or an acquisition of assets.
The
accounting for asset acquisitions falls under the guidance of Topic 805, Business Combinations, specifically Subtopic 805-50. For asset
acquisitions, a cost accumulation model is used to determine an asset acquisition’s cost. Assets acquired are based on their cost
generally allocated to the assets on a relative fair value basis. Direct acquisition-related costs are included in the cost of the acquired
assets.
Recently
Issued Accounting Principles
Recent
Accounting Pronouncements
Other
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future
consolidated financial statements.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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v3.23.3
LIQUIDITY AND FINANCIAL CONDITION
|
9 Months Ended |
Sep. 30, 2023 |
Liquidity And Financial Condition |
|
LIQUIDITY AND FINANCIAL CONDITION |
NOTE
2 — LIQUIDITY AND FINANCIAL CONDITION
For
the nine months ended September 30, 2023, the Company incurred an approximate loss of $8.0 million from operations and used $6.0 million
of cash for operational purposes. On September 30, 2023, the Company had $33.4 million in working capital, $306.9 million in accumulated
deficits, and $7.2 million in cash.
During
the first quarter of 2023, the Company invested approximately $10.8 million of its cash reserves in Federal bonds and $11.3 million in
Federally insured money market mutual funds, primarily to increase investment income (Note 6). In the third quarter of 2023, the Company
entered into an asset purchase agreement with BMS, LLC, acquiring inventory and assuming certain liabilities in exchange for $200,000
in cash consideration paid at the transaction’s closing on October 2, 2023 (See Note 7).
The
Company’s liquidity requirements may be affected by a variety of factors. These factors include inflation, foreign exchange fluctuations,
market conditions, strategic acquisitions, market strategy, research and development activities, regulatory matters, and product and
technology innovations. The Company believes it will have sufficient funds to continue operations for at least twelve months from the
filing date of these unaudited condensed consolidated financial statements.
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v3.23.3
LOSS PER SHARE
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
LOSS PER SHARE |
NOTE
3 — LOSS PER SHARE
The
following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in
thousands):
SCHEDULE OF ANTI-DILIUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM THE CALCULATION OF LOSS PER SHARE
| |
2023 | | |
2022 | |
| |
Nine months
ended | |
| |
September
30 | |
| |
2023 | | |
2022 | |
Anti-dilutive potential common stock equivalents
excluded from the calculation of loss per share: | |
| | | |
| | |
Stock options | |
| 76 | | |
| 35 | |
Warrants | |
| 456 | | |
| 459 | |
Total | |
| 532 | | |
| 494 | |
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v3.23.3
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES
|
9 Months Ended |
Sep. 30, 2023 |
Foreign Currency [Abstract] |
|
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES |
NOTE
4 — FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES
The
Company has recognized foreign exchange gains and losses and changes in accumulated comprehensive income approximately as follows:
SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months
ended | | |
Nine months
ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net foreign exchange transactions: | |
| | | |
| | | |
| | | |
| | |
(Gains)
Losses | |
$ | 58,000 | | |
$ | 52,000 | | |
$ | 55,000 | | |
$ | 47,000 | |
Net foreign exchange transactions: (Gains) Losses | |
$ | 58,000 | | |
$ | 52,000 | | |
$ | 55,000 | | |
$ | 47,000 | |
Accumulated comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Unrealized
(gains) losses on currency translation adjustment | |
$ | 364,000 | | |
$ | (746,000 | ) | |
$ | 64,000 | | |
$ | (1,885,000 | ) |
OANDA,
a Canadian company that offers foreign exchange services, provides exchange rates for foreign exchange transactions. Its website includes
currency conversion, online retail foreign exchange trading, foreign exchange transfers, and currency information. Amounts were converted
from British Pounds to US Dollars and Euros to British Pounds using the following exchange rates:
|
● |
As
of September 30, 2023 – £1.221980 to $1.00; €1.058230 to $1.00 |
|
● |
The
average exchange rate for the nine months ended September 30, 2023 – £1.244390 to $1.00; €1.083310 to $1.00 |
|
● |
As
of September 30, 2022 – £1.113291 to $1.00; €0.979744 to $1.00 |
|
● |
The
average exchange rate for the nine months ended September 30, 2022 – £1.257858 to $1.00; €1.062845 to $1.00 |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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v3.23.3
CASH AND CASH EQUIVALENTS
|
9 Months Ended |
Sep. 30, 2023 |
Cash and Cash Equivalents [Abstract] |
|
CASH AND CASH EQUIVALENTS |
NOTE
5 — CASH AND CASH EQUIVALENTS
The
Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash
equivalents. Cash equivalents consist of unrestricted funds invested in a money market mutual fund. The following table illustrates the
Company’s cash and cash equivalents:
SCHEDULE OF CASH AND CASH EQUIVALENTS
|
|
September
30, |
|
|
December
31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Cash
on hand |
|
$ |
2,706,000 |
|
|
$ |
25,627,000 |
|
Federally
insured money market mutual funds |
|
|
4,534,000 |
|
|
|
— |
|
Total
cash and cash equivalents |
|
$ |
7,240,000 |
|
|
$ |
25,627,000 |
|
|
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- DefinitionThe entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.
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v3.23.3
INVESTMENTS
|
9 Months Ended |
Sep. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
INVESTMENTS |
NOTE
6 — INVESTMENTS
The
Company used cash to purchase the following debt instruments:
|
● |
On
January 23, 2023, the Company purchased a bond, “HSBC USA INC CP,” with a face value of $5,065,789, a par value of $5,000,000,
maturing October 24, 2023, a 5.1948% interest rate, at a discount of $253,289 totaling $4,812,500. The value on September 30, 2023,
was $4,982,000. |
|
|
|
|
● |
On
February 1, 2023, the Company purchased a bond, “Federal Home Loan Banks,” with a face value of $4,999,750 and accrued
interest of $25,729, a par value of $5,000,000, maturing December 22, 2023, at an interest rate of 4.750%, totaling $5,025,479. The
value on September 30, 2023, was $4,991,000 |
|
|
|
|
● |
On
February 28, 2023, the Company purchased a bond, “Federal National Mortgage Association,” with a face and par value of
$950,000, maturing February 28, 2024, at an interest rate of 5.07%, totaling $950,000. The value on September 30, 2023, was $947,000. |
The
Company identified these transactions as investments in debt security. It will apply the guidance under ASC Topic 320, “Investments
in debt securities,” and for interest income guidance under ASC Topic 310-20, “Receivables.” As of September 30, 2023,
the abovementioned investments have a stated maturity of one year or less. Management intends to treat these investments as held to maturity.
The
Company has determined the fair value of its investments held to maturity based on Level 2 input as of September 30, 2023:
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| |
| | |
| | |
| | |
| |
Federal
Bonds | |
$ | — | | |
$ | 10,920,000 | | |
$ | — | | |
$ | 10,920,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | — | | |
$ | 10,920,000 | | |
$ | — | | |
$ | 10,920,000 | |
The
Company’s investments held to maturity are as follows as of September 30, 2023:
SCHEDULE OF INVESTMENTS HELD TO MATURITY
| |
Amortized
Cost | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Fair
Value | |
| |
| | |
| | |
| | |
| |
Federal Bonds | |
$ | 10,987,000 | | |
| — | | |
$ | 67,000 | | |
$ | 10,920,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 10,987,000 | | |
$ | — | | |
$ | 67,000 | | |
$ | 10,920,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
X |
- DefinitionThe entire disclosure for investment.
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v3.23.3
ASSET ACQUISITION
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
ASSET ACQUISITION |
NOTE
7 — ASSET ACQUISITION
On
September 14, 2023, Vislink Poway, LLC (“Poway”), a wholly owned subsidiary of the Parent Company
formed on September 13, 2023, entered into an asset purchase agreement with BMS, LLC (“BMS”), acquiring working in process
inventory consisting of microwave technology systems involving long-range data transmission and assuming certain liabilities in exchange
for $200,000 in cash consideration paid at together with a commitment to acquire additional inventory in the amount of $230,000 October
2, 2023 with title to the inventory passing to Poway on October 2, 2023. We believe that the acquisition is considered complementary
to our business. The transaction was accounted for as an acquisition of assets under U.S. GAAP. Accordingly, the acquisition cost was
allocated on a relative fair value basis, and transaction costs were capitalized as a component of the cost of the assets acquired.
We
recorded the purchase of this agreement under purchase price accounting, recording the fair value of the assets acquired and the liabilities
assumed, as summarized in the table below:
SCHEDULE OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
| |
| | |
Assets acquired: | |
| | |
Work-in-process
inventory | |
$ | 66,042 | |
Intangible
assets - customer relationships | |
| 495,372 | |
total
assets | |
| 561,414 | |
| |
| | |
Liabilities assumed: | |
| | |
Deferred
revenue | |
| 292,014 | |
total
liabilities | |
| 292,014 | |
| |
| | |
Total
cash used for asset acquisition | |
$ | 269,400 | |
| |
| | |
Cash used in acquisition: | |
| | |
Acquisition price | |
$ | 200,000 | |
Transaction
costs | |
| 69,400 | |
Total
cash used for asset acquisition | |
$ | 269,400 | |
|
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v3.23.3
INTANGIBLE ASSETS
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE
8 — INTANGIBLE ASSETS
The
following table illustrates finite intangible assets as of September 30, 2023:
SCHEDULE OF INTANGIBLE ASSETS
| |
Proprietary
Technology | | |
Patents
and Licenses | | |
Trade
Names & Technology | | |
Customer
Relationships | | |
| |
| |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| |
| |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Net | |
Balance,
December 31, 2022 | |
$ | 2,132,000 | | |
$ | (815,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,189,000 | ) | |
$ | 5,095,000 | | |
$ | (3,074,000 | ) | |
$ | 4,400,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Additions | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 496,000 | | |
| — | | |
| 496,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization | |
| — | | |
| (443,000 | ) | |
| — | | |
| — | | |
| — | | |
| (104,000 | ) | |
| — | | |
| (193,000 | ) | |
| (740,000 | ) |
Balance,
September 30, 2023 | |
$ | 2,132,000 | | |
$ | (1,258,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,293,000 | ) | |
$ | 5,591,000 | | |
$ | (3,267,000 | ) | |
$ | 4,156,000 | |
The
Company continuously monitors intangible assets for potential impairments based on operating results, events, and circumstances. As of
September 30, 2023, management identified no triggering events.
The
Company’s groups of intangible assets consist primarily of:
Proprietary
Technology:
Generally,
the Company amortizes proprietary technology over 3 to 5 years. Wireless multiplex transmitters and artificial intelligence are the proprietary
technologies that MVP uses internally to produce and sell products and services to customers.
Patents
and Licenses:
Patents
and licenses filed by the Company are amortized for 18.5 to 20 years. The amortization of the costs associated with provisional patents
and pending applications begins after successful review and filing.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
8 — INTANGIBLE ASSETS (continued)
Trade
Name, Technology, and Customer Relationships:
Other
intangible assets are amortized for 3 to 15 years. IMT, Vislink, MVP, and Poway acquisitions contributed to developing these intangible
assets, including trade names, technology, and customer lists.
The
Company has recognized net capitalized intangible costs as follows:
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS
| |
September
30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Proprietary Technology | |
$ | 875,000 | | |
$ | 1,319,000 | |
Trade Names and Technology | |
| 957,000 | | |
| 1,060,000 | |
Customer Relationships | |
| 2,324,000 | | |
| 2,021,000 | |
| |
$ | 4,156,000 | | |
$ | 4,400,000 | |
The
Company has recognized the amortization of intangible assets as follows:
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
Three Months
Ended | | |
Nine Months
Ended | |
| |
September
30, | | |
September
30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
| | | |
| | | |
| | | |
| | |
Proprietary Technology | |
$ | 149,000 | | |
$ | 149,000 | | |
$ | 443,000 | | |
$ | 442,000 | |
| |
| | | |
| | | |
| | | |
| | |
Patents and Licenses | |
| — | | |
| 204,000 | | |
| — | | |
| 535,000 | |
| |
| | | |
| | | |
| | | |
| | |
Trade Names and Technology | |
| 35,000 | | |
| 35,000 | | |
| 104,000 | | |
| 104,000 | |
| |
| | | |
| | | |
| | | |
| | |
Customer Relationships | |
| 66,000 | | |
| 65,000 | | |
| 193,000 | | |
| 192,000 | |
| |
| | | |
| | | |
| | | |
| | |
Amortization
of intangible assets | |
$ | 250,000 | | |
$ | 453,000 | | |
$ | 740,000 | | |
$ | 1,273,000 | |
The
weighted average remaining life of the amortization of the Company’s intangible assets is approximately 4.9 years as of September
30, 2023. The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS
Period ending September
30, | |
| | |
2024 | |
$ | 793,000 | |
2025 | |
| 791,000 | |
2026 | |
| 726,000 | |
2027 | |
| 467,000 | |
2028 | |
| 289,000 | |
Thereafter | |
| 1,090,000 | |
Finite-Lived Intangible
Assets, Net, Total | |
$ | 4,156,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.3
NOTES PAYABLE
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
9 — NOTES PAYABLE
The
table below represents the Company’s notes payable as of September 30, 2023, and December 31, 2022:
SCHEDULE
OF NOTES PAYABLE
| |
Principal | |
| |
September
30, 2023 | | |
December
31, 2022 | |
The Company renewed its D&O
insurance policy on April 5, 2022, reducing the premium to approximately $1,037,000, less a down payment of $194,000, with the remaining
balance financed. The loan’s terms are for nine months at a 2.09% annual interest rate and a monthly principal and interest
payment of approximately $84,000. Accordingly, the Company recorded interest expenses of $-0- and $150 for the three and nine months
ended September 30, 2023, and $4,000 and $6,000 for the three and nine months ended September 30, 2022, respectively. As of September
30, 2023, the note has been fully repaid. | |
$ | — | | |
$ | 84,000 | |
The Company renewed its D&O
insurance policy on April 5, 2022, reducing the premium to approximately $1,037,000, less a down payment of $194,000, with the remaining
balance financed. The loan’s terms are for nine months at a 2.09% annual interest rate and a monthly principal and interest
payment of approximately $84,000. Accordingly, the Company recorded interest expenses of $-0- and $150 for the three and nine months
ended September 30, 2023, and $4,000 and $6,000 for the three and nine months ended September 30, 2022, respectively. As of September
30, 2023, the note has been fully repaid. | |
$ | — | | |
$ | 84,000 | |
| |
| | | |
| | |
The Company renewed
its D & O insurance policy on April 5, 2023, reducing the premium to approximately $811,000, less a down payment of $288,000,
financing the remaining balance of approximately $523,000. The loan’s terms are for nine months at a 6.14% annual interest
rate and a monthly principal and interest payment of approximately $67,000. Accordingly, the Company recorded interest expenses of
$5,000 and $10,000 for the three and nine months ended September 30, 2023, and $-0- for the three and nine months ended September
30, 2022. | |
| 199,000 | | |
| | |
| |
$ | 199,000 | | |
$ | 84,000 | |
|
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v3.23.3
LEASES
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
LEASES |
NOTE
10 — LEASES
In
addition to leasing office space, deployment sites, and storage warehouses, the Company also leases warehouse space internationally and
domestically. Operating leases have various terms and provisions as of September 30, 2023, with lease terms remaining between one and
four years. In certain individual leases, rent escalation clauses and lease concessions require additional rental payments in the later
years of the lease term. These types of contracts are recognized on a straight-line basis over the minimum lease term.
The
Company recorded $0.7 million in ROU assets on September 30, 2023, net of $1.5 million in accumulated amortization. Moreover, the Company
recorded an operating lease liability of approximately $1.2 million, of which $0.4 million was current and $0.8 million was non-current.
The weighted average remaining term of lease contracts on September 30, 2023, was 3.0 years, with maturity dates ranging between October
2023 and May 2027, in addition to a weighted average discount rate of 9.5%.
There
were no material adjustments to straight-line rental expenses for those periods. Most of the costs recognized for each period were reflected
in cash used in operating activities. This expense primarily consisted of payments for office and warehouse base rent. In addition, we
have the right to renew individual leases at various renewal terms, although we are not obligated to do so. Short-term lease costs, taxes,
and variable service charges were immaterial.
A
one-year lease for 600 square feet of administrative office space in Lutton, UK, was signed on September 1, 2023, and will run through
May 31, 2024, at approximately $2,100 per month. The Company renewed its lease for 976 square feet of administrative office space commencing
on July 3, 2023, and terminating on July 2, 2024, in Dubai Studio City, UAE, for approximately $1,632 monthly.
Included
in part of the September 14, 2023, acquisition of assets from BMS is a sub-lease of 11,715 square feet of general office use facilities
previously held by BMS, LLC, with lease responsibilities, conveyed to Poway, LLC under a six-month agreement for approximately $22,300
per month.
Right-of-use
operating lease abandonment
Approximately
2,700 square feet of manufacturing space at the Colchester, UK facility were abandoned as part of the Company’s strategic decision
to relocate its UK manufacturing division to the United States commencing in September 2023. Impracticable conditions made subletting
the unused space unachievable, and the Company considered it abandoned. According to ASC 360, leased space abandonment is an impairment
indicator, and the Company assessed whether the lease ROU assets were impaired. It was determined that approximately $83,000 of the Company’s
right-of-use operating assets were impaired.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
10 — LEASES (continued)
The
following table illustrates operating lease data for the three and nine months ending September 30, 2023, and 2022:
SCHEDULE
OF OPERATING LEASE DATA
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
Three Months
Ended | | |
Nine Months
Ended | |
| |
September
30, | | |
September
30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Lease cost: | |
| | | |
| | | |
| | | |
| | |
Operating
lease cost | |
$ | 97,000 | | |
$ | 105,000 | | |
$ | 303,000 | | |
$ | 338,000 | |
Short-term
lease cost | |
| 5,000 | | |
| 10,000 | | |
| 25,000 | | |
| 84,000 | |
Total lease cost | |
$ | 102,000 | | |
$ | 115,000 | | |
$ | 328,000 | | |
$ | 422,000 | |
Cash paid for lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Cash
flows from operating leases | |
| | | |
| | | |
$ | 473,000 | | |
$ | 380,000 | |
Weighted-average remaining lease term—operating
leases | |
| | | |
| | | |
| 3.0
years | | |
| 3.7
years | |
Weighted-average discount rate—operating
leases | |
| | | |
| | | |
| 9.5 | % | |
| 9.4 | % |
Maturities
of operating lease liabilities were as follows as of September 30, 2023:
SCHEDULE
OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
| |
Amount | |
| |
| |
2024 | |
$ | 471,000 | |
2025 | |
| 508,000 | |
2026 | |
| 278,000 | |
2027 | |
| 122,000 | |
2028 | |
| — | |
Thereafter | |
| — | |
Total lease payments | |
| 1,379,000 | |
Less:
imputed interest | |
| 184,000 | |
Present value of lease
liabilities | |
| 1,195,000 | |
Less:
Current lease liabilities | |
| 372,000 | |
Non-current
lease liabilities | |
$ | 823,000 | |
The
table below lists the location and lease expiration date from 2023 through 2027:
SCHEDULE
OF LEASE OBLIGATION ASSUMED
Location | |
Square
Footage | | |
Lease-End
Date | |
Approximate
Future Payments | |
Colchester, U.K. – Waterside
House | |
| 13,223 | | |
Dec |
| 2025 | | |
$ | 535,000 | |
Billerica, MA | |
| 2,000 | | |
Dec |
| 2026 | | |
| 342,000 | |
Mount Olive, NJ | |
| 7,979 | | |
Jan |
| 2027 | | |
| 502,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
X |
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v3.23.3
STOCKHOLDERS’ EQUITY
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
11— STOCKHOLDERS’ EQUITY
Preferred
Stock
On
March 22, 2023, the Board of Directors of the Company (the “Board”) approved a resolution to eliminate the Company’s
Certificate of Designation, Preferences, and Rights (the “Certificate of Elimination”) of the Series A Preferred Stock, par
value $0.00001 per share (the “Series A Preferred Stock”), that was filed with the Secretary of State of the State of Delaware
on November 9, 2022.
Upon
the effective filing of this Certificate of Elimination, the shares previously designated under the certificate of designation as Series
A Preferred Stock shall resume the status of authorized but unissued shares of the Company’s preferred stock. As of September 30,
2023, -0- shares are authorized, and no Series A Preferred Stock was issued or outstanding.
Common
Stock
Nasdaq
compliance and reverse stock split
On
May 20, 2022, we received notice from the Nasdaq Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market
LLC (“Nasdaq”) notifying the Company of its noncompliance with the bid price rule by failing to maintain a minimum bid price
for its common Stock on the Nasdaq Capital Market of at least $1.00 per share for 30 consecutive business days (the “Bid Price
Rule”). The Company received a grace period of 180 days, or until November 16, 2022, to regain compliance with the minimum bid
price requirement.
On
November 10, 2022, the Company submitted a request to Nasdaq for an additional 180-day grace period to regain compliance with the minimum
bid price requirement. On November 17, 2022, the Company received a letter from Nasdaq advising that the Company had been granted an
additional 180-day grace period extension until May 15, 2023, to regain compliance with the minimum bid price requirement and all other
applicable requirements for initial listing on the Nasdaq Capital Market except for the minimum bid price requirement. On May 15, 2023,
the Company received a letter from the Nasdaq informing it of its return to compliance with the Bid Price Rule. Therefore, the common
stock continues to be traded on the Nasdaq Capital Market. If the Company fails to comply with the continued listing requirements of
Nasdaq, such as its corporate governance requirements or the Bid Price Rule, Nasdaq may delist the common stock.
On
January 11, 2023, the Company held a special meeting of stockholders (the “Special Meeting”) whereby stockholders approved
a proposal to authorize the Board, in its discretion but before the one-year anniversary of the date of the Special Meeting, to implement
an amendment to the Company’s certificate of incorporation to effect a reverse stock split of all of the outstanding shares of
common stock, of the Company, at a ratio in the range of 1-for-2 to 1-for-50.
On
May 1, 2023, the Company effected a 1-for-20 reverse stock split (the “Reverse Stock Split”). Upon effectiveness of the Reverse
Stock Split, every twenty shares of an outstanding common stock decreased to one share of common stock. We have retroactively applied
the Reverse Stock Split throughout this quarterly report to all periods presented.
Other
common stock activity
During
the nine months that ended September 30, 2023, the Company:
|
● |
has
issued 10,000 shares of common stock to specific board members as part of a commitment agreement valued at $200,000. The common stock’s
value was determined on the agreement’s original date. |
|
|
|
|
● |
has
issued 10,234 shares of common stock in satisfaction with the conversion of restricted stock unit awards. |
|
|
|
|
● |
recognized
approximately $1,600,000 of stock-based compensation costs associated with outstanding stock options in general and administrative
expenses offsetting additional capital investments. |
Common
Stock Warrants
In
the nine months ending September 30, 2023, 2,667 warrants expired. On September 30, 2023, 456,080 warrants were outstanding and exercisable;
the weighted average exercise price of warrants outstanding is $66.00, with a weighted average remaining contractual life of 2.4 years.
These outstanding warrants did not have an intrinsic value as of September 30, 2023.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.3
STOCK-BASED COMPENSATION
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE
12 — STOCK-BASED COMPENSATION
Long-Term
Stock Incentive Plan Awards:
The
Company’s stock option plans provide options to purchase shares of common stock to officers, directors, other key employees, and
consultants. The purchase price may be paid in cash or “net settled” in the Company’s common stock shares. In a net
settlement of an option, the Company does not require payment of the exercise price from the holder but reduces the number of shares
of common stock issued upon the exercise of the stock option by the smallest amount of whole shares that have an aggregate fair market
value equal to or over the aggregate exercise price for the option shares covered by the option exercised. Options generally vest over
three years from the grant date and expire ten years from the grant date.
Inducement
Awards:
Time-vested
options
The
Company granted time-vested stock options to various employees in connection with their employment agreements. The Company granted the
ten-year, non-statutory time-vested option inducement awards under the NASDAQ Listing Rule 5653(c)(4) outside of the Company’s
existing equity compensation plans (all subject to continued employment).
Performance-based
stock options
The
Company granted performance-based stock options to various employees in connection with their employment agreements. The Company granted
the ten-year, non-statutory performance-based stock option inducement award under the NASDAQ Listing Rule 5653(c)(4) outside of the Company’s
existing equity compensation plans that will vest in three equal tranches upon achievement of applicable performance conditions for each
tranche (all subject to continued employment).
Restricted
Stock Units (“RSUs”):
Time-based
awards
The
Company granted awards under the amended plan for time-based restricted stock units (“RSUs”) to various employees subject
to continued employment. The RSUs have an initial vesting between 25% and 33% on their one-year anniversary dates and will vest between
24 and 36 equal monthly periods thereafter.
Performance-based
awards
The
Company granted awards under the amended plan for performance-based restricted stock units subject to performance vesting conditions
and continued employment. The RSUs will vest in three equal tranches upon reaching performance conditions for each tranche.
2023
Omnibus Equity Incentive Plan:
We
received stockholder approval on August 23, 2023, to adopt the 2023 Omnibus Equity Incentive Plan (the “2023 Plan”), which
will enable us to continue to grant equity-based compensation awards to our employees (including officers), non-employee consultants,
non-employee directors, and our affiliates. The 2023 Plan replaces our 2015 Incentive Compensation Plan, 2016 Incentive Compensation
Plan, and 2017 Incentive Compensation Plan. The Company has ceased granting awards under the 2015 Incentive Compensation Plan, 2016 Incentive
Compensation Plan, and 2017 Incentive Compensation Plan. The Company has been authorized to reserve 166,415 shares of its common stock
for delivery under the 2023 Plan. The 2023 Plan is designed to reward eligible participants for contributing to the Company’s success
and encourage retaining and recruiting qualified personnel. The Company’s Board of Directors and Compensation Committee will administer
the 2023 Plan.
The
2023 Plan generally grants awards without consideration other than prior and future service. The Company’s compensation committee
may grant awards under the 2023 Plan either alone or in addition to, in tandem with, or as a substitute for any other award granted under
the 2023 Plan or other company plans. It is important to note, however, that if a SAR is granted in conjunction with an ISO, the grant
date and term of the SAR and ISO must be the same, and the exercise price of the SAR cannot be lower than the exercise price of the ISO.
A written award agreement between us and the grantee will outline the material terms of the award.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
12 — STOCK-BASED COMPENSATION (continued)
As
shown in the following table, stock-based compensation expense is included in general and administrative expenses under the following
plans:
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSE
Equity-based
plans: | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
Three months
ended | | |
Nine months
ended | |
| |
September
30, | | |
September
30, | |
Equity-based
plans: | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
| | | |
| | | |
| | | |
| | |
Long-term stock
incentive plan awards | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,000 | |
Time-vested option inducement
awards | |
| 37,000 | | |
| 33,000 | | |
| 144,000 | | |
| 89,000 | |
Performance-based stock
option inducement award | |
| - | | |
| - | | |
| — | | |
| - | |
Time-based restricted
stock awards
| |
| 306,000 | | |
| 282,000 | | |
| 1,456,000 | | |
| 1,180,000 | |
Performance-based
restricted stock awards | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based
compensation expense | |
$ | 343,000 | | |
$ | 315,000 | | |
$ | 1,600,000 | | |
$ | 1,270,000 | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
13 — COMMITMENTS AND CONTINGENCIES
Pension:
The
Company may make a matching contribution to its employees’ 401(k) plan. Furthermore, Vislink operates a Group Personal Plan through
its UK subsidiary, investing funds with Royal London. Employees of the Company in the United Kingdom are entitled to participate in the
Company’s employee benefit plan, to which varying amounts are contributed according to their status. Additionally, the Company
operates a stakeholder pension plan in the United Kingdom.
The
table below represents the Company’s matching contributions as follows:
SCHEDULE
OF MATCHING CONTRIBUTIONS
| |
Three months
ended | | |
Nine months
ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Company
matching contributions - Group Personal Pension Plan | |
$ | 42,000 | | |
$ | 51,000 | | |
$ | 110,000 | | |
$ | 148,000 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.3
CONCENTRATIONS
|
9 Months Ended |
Sep. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS |
NOTE
14 — CONCENTRATIONS
Customer
concentration risk
During
the three months ending September 30, 2023, one customer accounted for approximately $782,000 of the Company’s consolidated sales,
which represents 11% of the Company’s overall sales. During the nine months ended September 30, 2023, no customer contributed more
than 10 percent to the company’s consolidated sales.
One
customer owed the Company approximately $893,000, representing approximately 12% of its consolidated net receivables on September 30,
2023. One customer owed the Company approximately $4,204,000 on September 30, 2022, representing 33% of the Company’s consolidated
net accounts receivable.
Vendor
concentration risk
In
the three months ending September 30, 2023, two vendors exceeded 10% of the Company’s consolidated purchases with approximately
$898,000 and $468,000, representing 26% and 13% of the Company’s consolidated inventory purchases. During the nine months ended
September 30, 2023, two vendors exceeded 10% of the Company’s consolidated purchases by purchasing approximately $1,458,000 and
$1,055,000, representing 16% and 11% of the Company’s consolidated inventory purchases.
A
vendor accounted for approximately $500,000 of the Company’s total consolidated purchases during the three months ended September
30, 2022. In the nine months ended September 30, 2022, no purchases were made by individual vendors exceeding 10% of the total consolidated
purchases of the Company.
Approximately
$378,000 was owed to one vendor, representing 12% of the company’s consolidated accounts payable on September 30, 2023. No vendor
represented more than 10% of the Company’s accounts payable on September 30, 2022.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.3
REVENUE
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE |
NOTE
15 – REVENUE
The
Company has one operating segment, with the senior executive management team acting as the decision-making group. In the following table,
the Company has disaggregated revenue by the Company’s primary geographical markets and revenue sources:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
Three months
Ended | | |
Nine months
Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Primary geographical markets: | |
| | | |
| | | |
| | | |
| | |
North America | |
$ | 4,120,000 | | |
$ | 4,394,000 | | |
$ | 9,008,000 | | |
$ | 10,294,000 | |
South America | |
| 137,000 | | |
| 70,000 | | |
| 364,000 | | |
| 169,000 | |
Europe | |
| 1,347,000 | | |
| 2,061,000 | | |
| 4,783,000 | | |
| 6,355,000 | |
Asia | |
| 1,191,000 | | |
| 64,000 | | |
| 3,215,000 | | |
| 1,436,000 | |
Rest
of World | |
| 384,000 | | |
| 534,000 | | |
| 2,040,000 | | |
| 2,495,000 | |
| |
$ | 7,179,000 | | |
$ | 7,123,000 | | |
$ | 19,410,000 | | |
$ | 20,749,000 | |
Primary revenue source: | |
| | | |
| | | |
| | | |
| | |
Equipment sales | |
$ | 6,234,000 | | |
$ | 6,061,000 | | |
$ | 16,907,000 | | |
$ | 18,533,000 | |
Installation, integration,
and repairs | |
| 348,000 | | |
| 687,000 | | |
| 1,097,000 | | |
| 1,260,000 | |
Warranties | |
| 597,000 | | |
| 375,000 | | |
| 1,406,000 | | |
| 956,000 | |
| |
$ | 7,179,000 | | |
$ | 7,123,000 | | |
$ | 19,410,000 | | |
$ | 20,749,000 | |
Long-Lived Assets: | |
| | | |
| | | |
| | | |
| | |
United States | |
| | | |
| | | |
$ | 2,683,000 | | |
$ | 1,922,000 | |
Netherlands | |
| | | |
| | | |
| 18,000 | | |
| 20,000 | |
United
Kingdom | |
| | | |
| | | |
| 3,933,000 | | |
| 5,191,000 | |
| |
| | | |
| | | |
$ | 6,634,000 | | |
$ | 7,133,000 | |
|
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v3.23.3
OTHER INCOME (REBATES)
|
9 Months Ended |
Sep. 30, 2023 |
Other Income and Expenses [Abstract] |
|
OTHER INCOME (REBATES) |
NOTE
16 — OTHER INCOME (REBATES)
The
following table represents tax rebates related to the research costs incurred by our U.K. subsidiary included in other income.
SCHEDULE
OF TAX REBATES
| |
Three months
Ended | | |
Nine months
Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Total
tax rebates | |
$ | 3,000 | | |
$ | *(10,000 | ) | |
$ | 332,000 | | |
$ | 284,000 | |
* |
As
a result of a weakening in the translation rate from British Pounds to U.S. dollars, this $10,000 decrease represents a loss compared
to the initially recognized $294,000 in fiscal 2022. |
While
the Company plans to continue filing rebate forms for the 2023 fiscal year, it cannot guarantee that rebates will be available at a similar
level or at all in future years.
|
X |
- DefinitionThe entire disclosure for interest and other income.
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v3.23.3
RECLASSIFICATION OF PRIOR YEAR PRESENTATION
|
9 Months Ended |
Sep. 30, 2023 |
Reclassification Of Prior Year Presentation |
|
RECLASSIFICATION OF PRIOR YEAR PRESENTATION |
NOTE
17 — RECLASSIFICATION OF PRIOR YEAR PRESENTATION
We
reclassified other income amounts from the prior year to ensure consistency with the presentation of the current year’s condensed
consolidated statement of operations. For the three and Nine months ended September 30, 2022, adjustments have been made to the condensed
consolidated statements of operations and comprehensive loss. Tax rebates related to research costs incurred by our UK subsidiary were
separated from other revenue to other income. The
reclassification did not affect the reported operating results.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
18 — SUBSEQUENT EVENTS
Post
Asset Acquisition Commitment
A
cash payment of $230,000
was made by the Company to BMS on October 2,
2023, in accordance with the asset acquisition agreement to acquire additional inventory on October 2, 2023, being held by BMS. The Company
did not hold the remaining inventory title of BMS as of September 14, 2023, or September 30, 2023. (See Note 7)
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v3.23.3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
Nature
of Operations
Incorporated
in Delaware in 2006, Vislink Technologies, Inc. (“Vislink”) is an innovative technology company that collects, delivers and
manages real-time video from the action scene to the viewing screen. The Company designs, develops, and deploys innovative products and
turnkey solutions that deliver reliable connectivity across real-time production, military, and government sectors worldwide in the most
demanding environments. Vislink is a leader in designing and deploying wireless video solutions, providing customers with reliable and
secure video and data transmission. The company is committed to delivering the latest technology and the highest quality products to
meet its customers’ needs. Vislink provides solutions for collecting live news, sports, and entertainment events for the broadcast
markets. Our Mobile Viewpoint product line offers live streaming solutions that use bonded cellular, 5G, and AI-driven technologies to
automate the production of news and sports content. In addition to creating real-time video intelligence solutions, Vislink assists first
responders, law enforcement agencies at all levels of government, and military organizations with increased situational awareness. Besides
providing professional and technical services, Vislink employs a team of technology experts with decades of experience and applied knowledge
of terrestrial microwaves, satellites, fiber optics, surveillance systems, and wireless communications systems to offer customers a wide
range of services.
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated interim financial statements and these notes should be viewed in conjunction with Vislink
Technologies, Inc.’s 2022 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2023, which
contains the audited consolidated financial statements and notes thereto as of December 31, 2022. As of December 31, 2022, a condensed
consolidated balance sheet was prepared based on audited annual financial statements but did not include all of the footnote disclosures
from the annual financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements
include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of its financial position as
of September 30, 2023, as well as results of operations for the three months and nine months ended September 30, 2023, and 2022, as well
as cash flow for the nine months ended September 30, 2023, and 2022. For the nine months ended September 30, 2023, the results of operations
are not necessarily indicative of the results for the entire year, any other interim period, or any future period. Effective May 1, 2023,
the Company effected a 1-for-20 reverse stock split of the common stock. All per-share numbers reflect the 1-for-20 reverse stock
split. We have retroactively applied the reverse split throughout this quarterly report to all periods presented. The accounting policies
of Vislink have not materially changed since December 31, 2022. Note 3 of Vislink’s 2022 annual report on Form 10-K provides detailed
information about these policies.
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”),
the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and
regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company has eliminated all intercompany
accounts and transactions upon consolidating our subsidiaries.
|
Segment Reporting |
Segment
Reporting
The
Company identifies operating segments as components of an enterprise about which separate discrete financial information is available
for evaluation by the operating decision-makers, or decision-making group, in deciding how to allocate resources and assess performance.
The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the
Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of
the Company reside in the United States, United Kingdom, and the Netherlands.
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Use of Estimates |
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates,
judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated
financial statements. These estimates also affect the reported revenues and expenses during the reporting periods. Significant accounting
estimates reflected in the Company’s unaudited condensed consolidated financial statements include the useful lives of property,
plant, and equipment, the useful lives of right-of-use assets, the useful lives of intangible assets, impairment of long-lived assets,
allowance for accounts receivable doubtful accounts, allowance for inventory obsolescence reserve, allowance for deferred tax assets,
valuation of warranty reserves, contingent consideration liabilities, and the accrual of potential liabilities. Actual results could
differ from estimates, and any such differences may be material to our unaudited condensed consolidated financial statements.
|
Allowance for Credit Losses |
Allowance
for Credit Losses
Change
in accounting principles
In
June 2016, the FASB established Topic 326, Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments
(ASU) No. 2016-13, which requires a methodology that reflects expected credit losses and requires consideration of a broader range of
reasonable and supportable information to inform credit loss estimates, including accounts receivable.
The
standard replaces the existing incurred credit loss model with the Current Expected Credit Losses (“CECL”) model. It is required
to measure credit losses based on the Company’s estimate of expected losses rather than incurred losses, which generally results
in earlier recognition of allowances for credit losses. Under ASC 326, the Company evaluates specific criteria, including aging and historical
write-offs, the current economic condition of customers, and future economic conditions of countries utilizing a consumption index to
determine the appropriate allowance for credit losses. The Company completed its assessment of the new standard and did not adjust the
opening balance of retained earnings relating to its trade receivables. The Company writes off receivables once it is determined that
they are no longer collectible, as local laws allow.
|
Asset Acquisitions |
Asset
Acquisitions
The
Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted
for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair
value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the
transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has
acquired inputs and processes that can create outputs that would meet the definition of a business. Significant judgment is required
in applying the screen test to determine whether an acquisition is a business combination or an acquisition of assets.
The
accounting for asset acquisitions falls under the guidance of Topic 805, Business Combinations, specifically Subtopic 805-50. For asset
acquisitions, a cost accumulation model is used to determine an asset acquisition’s cost. Assets acquired are based on their cost
generally allocated to the assets on a relative fair value basis. Direct acquisition-related costs are included in the cost of the acquired
assets.
|
Recently Issued Accounting Principles |
Recently
Issued Accounting Principles
Recent
Accounting Pronouncements
Other
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future
consolidated financial statements.
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v3.23.3
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Foreign Currency [Abstract] |
|
SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME |
The
Company has recognized foreign exchange gains and losses and changes in accumulated comprehensive income approximately as follows:
SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months
ended | | |
Nine months
ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net foreign exchange transactions: | |
| | | |
| | | |
| | | |
| | |
(Gains)
Losses | |
$ | 58,000 | | |
$ | 52,000 | | |
$ | 55,000 | | |
$ | 47,000 | |
Net foreign exchange transactions: (Gains) Losses | |
$ | 58,000 | | |
$ | 52,000 | | |
$ | 55,000 | | |
$ | 47,000 | |
Accumulated comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Unrealized
(gains) losses on currency translation adjustment | |
$ | 364,000 | | |
$ | (746,000 | ) | |
$ | 64,000 | | |
$ | (1,885,000 | ) |
|
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v3.23.3
CASH AND CASH EQUIVALENTS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Cash and Cash Equivalents [Abstract] |
|
SCHEDULE OF CASH AND CASH EQUIVALENTS |
The
Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash
equivalents. Cash equivalents consist of unrestricted funds invested in a money market mutual fund. The following table illustrates the
Company’s cash and cash equivalents:
SCHEDULE OF CASH AND CASH EQUIVALENTS
|
|
September
30, |
|
|
December
31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Cash
on hand |
|
$ |
2,706,000 |
|
|
$ |
25,627,000 |
|
Federally
insured money market mutual funds |
|
|
4,534,000 |
|
|
|
— |
|
Total
cash and cash equivalents |
|
$ |
7,240,000 |
|
|
$ |
25,627,000 |
|
|
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v3.23.3
INVESTMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS |
The
Company has determined the fair value of its investments held to maturity based on Level 2 input as of September 30, 2023:
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| |
| | |
| | |
| | |
| |
Federal
Bonds | |
$ | — | | |
$ | 10,920,000 | | |
$ | — | | |
$ | 10,920,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | — | | |
$ | 10,920,000 | | |
$ | — | | |
$ | 10,920,000 | |
|
SCHEDULE OF INVESTMENTS HELD TO MATURITY |
The
Company’s investments held to maturity are as follows as of September 30, 2023:
SCHEDULE OF INVESTMENTS HELD TO MATURITY
| |
Amortized
Cost | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Fair
Value | |
| |
| | |
| | |
| | |
| |
Federal Bonds | |
$ | 10,987,000 | | |
| — | | |
$ | 67,000 | | |
$ | 10,920,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 10,987,000 | | |
$ | — | | |
$ | 67,000 | | |
$ | 10,920,000 | |
|
X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.
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v3.23.3
ASSET ACQUISITION (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED |
We
recorded the purchase of this agreement under purchase price accounting, recording the fair value of the assets acquired and the liabilities
assumed, as summarized in the table below:
SCHEDULE OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
| |
| | |
Assets acquired: | |
| | |
Work-in-process
inventory | |
$ | 66,042 | |
Intangible
assets - customer relationships | |
| 495,372 | |
total
assets | |
| 561,414 | |
| |
| | |
Liabilities assumed: | |
| | |
Deferred
revenue | |
| 292,014 | |
total
liabilities | |
| 292,014 | |
| |
| | |
Total
cash used for asset acquisition | |
$ | 269,400 | |
| |
| | |
Cash used in acquisition: | |
| | |
Acquisition price | |
$ | 200,000 | |
Transaction
costs | |
| 69,400 | |
Total
cash used for asset acquisition | |
$ | 269,400 | |
|
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v3.23.3
INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
The
following table illustrates finite intangible assets as of September 30, 2023:
SCHEDULE OF INTANGIBLE ASSETS
| |
Proprietary
Technology | | |
Patents
and Licenses | | |
Trade
Names & Technology | | |
Customer
Relationships | | |
| |
| |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| | |
Accumulated | | |
| |
| |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Cost | | |
Amortization | | |
Net | |
Balance,
December 31, 2022 | |
$ | 2,132,000 | | |
$ | (815,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,189,000 | ) | |
$ | 5,095,000 | | |
$ | (3,074,000 | ) | |
$ | 4,400,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Additions | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 496,000 | | |
| — | | |
| 496,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization | |
| — | | |
| (443,000 | ) | |
| — | | |
| — | | |
| — | | |
| (104,000 | ) | |
| — | | |
| (193,000 | ) | |
| (740,000 | ) |
Balance,
September 30, 2023 | |
$ | 2,132,000 | | |
$ | (1,258,000 | ) | |
$ | 12,378,000 | | |
$ | (12,378,000 | ) | |
$ | 2,251,000 | | |
$ | (1,293,000 | ) | |
$ | 5,591,000 | | |
$ | (3,267,000 | ) | |
$ | 4,156,000 | |
|
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS |
The
Company has recognized net capitalized intangible costs as follows:
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS
| |
September
30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Proprietary Technology | |
$ | 875,000 | | |
$ | 1,319,000 | |
Trade Names and Technology | |
| 957,000 | | |
| 1,060,000 | |
Customer Relationships | |
| 2,324,000 | | |
| 2,021,000 | |
| |
$ | 4,156,000 | | |
$ | 4,400,000 | |
|
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS |
The
Company has recognized the amortization of intangible assets as follows:
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
Three Months
Ended | | |
Nine Months
Ended | |
| |
September
30, | | |
September
30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
| | | |
| | | |
| | | |
| | |
Proprietary Technology | |
$ | 149,000 | | |
$ | 149,000 | | |
$ | 443,000 | | |
$ | 442,000 | |
| |
| | | |
| | | |
| | | |
| | |
Patents and Licenses | |
| — | | |
| 204,000 | | |
| — | | |
| 535,000 | |
| |
| | | |
| | | |
| | | |
| | |
Trade Names and Technology | |
| 35,000 | | |
| 35,000 | | |
| 104,000 | | |
| 104,000 | |
| |
| | | |
| | | |
| | | |
| | |
Customer Relationships | |
| 66,000 | | |
| 65,000 | | |
| 193,000 | | |
| 192,000 | |
| |
| | | |
| | | |
| | | |
| | |
Amortization
of intangible assets | |
$ | 250,000 | | |
$ | 453,000 | | |
$ | 740,000 | | |
$ | 1,273,000 | |
|
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS |
The
weighted average remaining life of the amortization of the Company’s intangible assets is approximately 4.9 years as of September
30, 2023. The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS
Period ending September
30, | |
| | |
2024 | |
$ | 793,000 | |
2025 | |
| 791,000 | |
2026 | |
| 726,000 | |
2027 | |
| 467,000 | |
2028 | |
| 289,000 | |
Thereafter | |
| 1,090,000 | |
Finite-Lived Intangible
Assets, Net, Total | |
$ | 4,156,000 | |
|
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v3.23.3
NOTES PAYABLE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF NOTES PAYABLE |
The
table below represents the Company’s notes payable as of September 30, 2023, and December 31, 2022:
SCHEDULE
OF NOTES PAYABLE
| |
Principal | |
| |
September
30, 2023 | | |
December
31, 2022 | |
The Company renewed its D&O
insurance policy on April 5, 2022, reducing the premium to approximately $1,037,000, less a down payment of $194,000, with the remaining
balance financed. The loan’s terms are for nine months at a 2.09% annual interest rate and a monthly principal and interest
payment of approximately $84,000. Accordingly, the Company recorded interest expenses of $-0- and $150 for the three and nine months
ended September 30, 2023, and $4,000 and $6,000 for the three and nine months ended September 30, 2022, respectively. As of September
30, 2023, the note has been fully repaid. | |
$ | — | | |
$ | 84,000 | |
The Company renewed its D&O
insurance policy on April 5, 2022, reducing the premium to approximately $1,037,000, less a down payment of $194,000, with the remaining
balance financed. The loan’s terms are for nine months at a 2.09% annual interest rate and a monthly principal and interest
payment of approximately $84,000. Accordingly, the Company recorded interest expenses of $-0- and $150 for the three and nine months
ended September 30, 2023, and $4,000 and $6,000 for the three and nine months ended September 30, 2022, respectively. As of September
30, 2023, the note has been fully repaid. | |
$ | — | | |
$ | 84,000 | |
| |
| | | |
| | |
The Company renewed
its D & O insurance policy on April 5, 2023, reducing the premium to approximately $811,000, less a down payment of $288,000,
financing the remaining balance of approximately $523,000. The loan’s terms are for nine months at a 6.14% annual interest
rate and a monthly principal and interest payment of approximately $67,000. Accordingly, the Company recorded interest expenses of
$5,000 and $10,000 for the three and nine months ended September 30, 2023, and $-0- for the three and nine months ended September
30, 2022. | |
| 199,000 | | |
| | |
| |
$ | 199,000 | | |
$ | 84,000 | |
|
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v3.23.3
LEASES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
SCHEDULE OF OPERATING LEASE DATA |
The
following table illustrates operating lease data for the three and nine months ending September 30, 2023, and 2022:
SCHEDULE
OF OPERATING LEASE DATA
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
Three Months
Ended | | |
Nine Months
Ended | |
| |
September
30, | | |
September
30, | |
| |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Lease cost: | |
| | | |
| | | |
| | | |
| | |
Operating
lease cost | |
$ | 97,000 | | |
$ | 105,000 | | |
$ | 303,000 | | |
$ | 338,000 | |
Short-term
lease cost | |
| 5,000 | | |
| 10,000 | | |
| 25,000 | | |
| 84,000 | |
Total lease cost | |
$ | 102,000 | | |
$ | 115,000 | | |
$ | 328,000 | | |
$ | 422,000 | |
Cash paid for lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Cash
flows from operating leases | |
| | | |
| | | |
$ | 473,000 | | |
$ | 380,000 | |
Weighted-average remaining lease term—operating
leases | |
| | | |
| | | |
| 3.0
years | | |
| 3.7
years | |
Weighted-average discount rate—operating
leases | |
| | | |
| | | |
| 9.5 | % | |
| 9.4 | % |
|
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES |
Maturities
of operating lease liabilities were as follows as of September 30, 2023:
SCHEDULE
OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
| |
Amount | |
| |
| |
2024 | |
$ | 471,000 | |
2025 | |
| 508,000 | |
2026 | |
| 278,000 | |
2027 | |
| 122,000 | |
2028 | |
| — | |
Thereafter | |
| — | |
Total lease payments | |
| 1,379,000 | |
Less:
imputed interest | |
| 184,000 | |
Present value of lease
liabilities | |
| 1,195,000 | |
Less:
Current lease liabilities | |
| 372,000 | |
Non-current
lease liabilities | |
$ | 823,000 | |
|
SCHEDULE OF LEASE OBLIGATION ASSUMED |
The
table below lists the location and lease expiration date from 2023 through 2027:
SCHEDULE
OF LEASE OBLIGATION ASSUMED
Location | |
Square
Footage | | |
Lease-End
Date | |
Approximate
Future Payments | |
Colchester, U.K. – Waterside
House | |
| 13,223 | | |
Dec |
| 2025 | | |
$ | 535,000 | |
Billerica, MA | |
| 2,000 | | |
Dec |
| 2026 | | |
| 342,000 | |
Mount Olive, NJ | |
| 7,979 | | |
Jan |
| 2027 | | |
| 502,000 | |
|
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v3.23.3
STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE |
As
shown in the following table, stock-based compensation expense is included in general and administrative expenses under the following
plans:
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSE
Equity-based
plans: | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
Three months
ended | | |
Nine months
ended | |
| |
September
30, | | |
September
30, | |
Equity-based
plans: | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
| | | |
| | | |
| | | |
| | |
Long-term stock
incentive plan awards | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,000 | |
Time-vested option inducement
awards | |
| 37,000 | | |
| 33,000 | | |
| 144,000 | | |
| 89,000 | |
Performance-based stock
option inducement award | |
| - | | |
| - | | |
| — | | |
| - | |
Time-based restricted
stock awards
| |
| 306,000 | | |
| 282,000 | | |
| 1,456,000 | | |
| 1,180,000 | |
Performance-based
restricted stock awards | |
| — | | |
| — | | |
| — | | |
| — | |
Stock-based
compensation expense | |
$ | 343,000 | | |
$ | 315,000 | | |
$ | 1,600,000 | | |
$ | 1,270,000 | |
|
X |
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF MATCHING CONTRIBUTIONS |
The
table below represents the Company’s matching contributions as follows:
SCHEDULE
OF MATCHING CONTRIBUTIONS
| |
Three months
ended | | |
Nine months
ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Company
matching contributions - Group Personal Pension Plan | |
$ | 42,000 | | |
$ | 51,000 | | |
$ | 110,000 | | |
$ | 148,000 | |
|
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v3.23.3
REVENUE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF DISAGGREGATION OF REVENUE |
The
Company has one operating segment, with the senior executive management team acting as the decision-making group. In the following table,
the Company has disaggregated revenue by the Company’s primary geographical markets and revenue sources:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| |
Three months
Ended | | |
Nine months
Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Primary geographical markets: | |
| | | |
| | | |
| | | |
| | |
North America | |
$ | 4,120,000 | | |
$ | 4,394,000 | | |
$ | 9,008,000 | | |
$ | 10,294,000 | |
South America | |
| 137,000 | | |
| 70,000 | | |
| 364,000 | | |
| 169,000 | |
Europe | |
| 1,347,000 | | |
| 2,061,000 | | |
| 4,783,000 | | |
| 6,355,000 | |
Asia | |
| 1,191,000 | | |
| 64,000 | | |
| 3,215,000 | | |
| 1,436,000 | |
Rest
of World | |
| 384,000 | | |
| 534,000 | | |
| 2,040,000 | | |
| 2,495,000 | |
| |
$ | 7,179,000 | | |
$ | 7,123,000 | | |
$ | 19,410,000 | | |
$ | 20,749,000 | |
Primary revenue source: | |
| | | |
| | | |
| | | |
| | |
Equipment sales | |
$ | 6,234,000 | | |
$ | 6,061,000 | | |
$ | 16,907,000 | | |
$ | 18,533,000 | |
Installation, integration,
and repairs | |
| 348,000 | | |
| 687,000 | | |
| 1,097,000 | | |
| 1,260,000 | |
Warranties | |
| 597,000 | | |
| 375,000 | | |
| 1,406,000 | | |
| 956,000 | |
| |
$ | 7,179,000 | | |
$ | 7,123,000 | | |
$ | 19,410,000 | | |
$ | 20,749,000 | |
Long-Lived Assets: | |
| | | |
| | | |
| | | |
| | |
United States | |
| | | |
| | | |
$ | 2,683,000 | | |
$ | 1,922,000 | |
Netherlands | |
| | | |
| | | |
| 18,000 | | |
| 20,000 | |
United
Kingdom | |
| | | |
| | | |
| 3,933,000 | | |
| 5,191,000 | |
| |
| | | |
| | | |
$ | 6,634,000 | | |
$ | 7,133,000 | |
|
X |
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v3.23.3
OTHER INCOME (REBATES) (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Other Income and Expenses [Abstract] |
|
SCHEDULE OF TAX REBATES |
The
following table represents tax rebates related to the research costs incurred by our U.K. subsidiary included in other income.
SCHEDULE
OF TAX REBATES
| |
Three months
Ended | | |
Nine months
Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Total
tax rebates | |
$ | 3,000 | | |
$ | *(10,000 | ) | |
$ | 332,000 | | |
$ | 284,000 | |
* |
As
a result of a weakening in the translation rate from British Pounds to U.S. dollars, this $10,000 decrease represents a loss compared
to the initially recognized $294,000 in fiscal 2022. |
|
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v3.23.3
LIQUIDITY AND FINANCIAL CONDITION (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
|
Sep. 13, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Operating income loss |
|
$ 2,291,000
|
$ 2,799,000
|
$ 8,023,000
|
$ 8,519,000
|
|
|
Net cash provided by used in operating activities |
|
|
|
5,992,000
|
$ 11,767,000
|
|
|
Working capital |
|
33,400,000
|
|
33,400,000
|
|
|
|
Accumulated deficit |
|
306,853,000
|
|
306,853,000
|
|
|
$ 300,099,000
|
Cash |
|
7,200,000
|
|
7,200,000
|
|
|
|
Held to maturity |
|
10,920,000
|
|
10,920,000
|
|
|
|
Investments, fair value disclosure |
|
10,920,000
|
|
10,920,000
|
|
|
|
BMS, LLC [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Business combination, cash consideration |
$ 200,000
|
200,000
|
|
|
|
|
|
Federal Bonds [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Held to maturity |
|
|
|
|
|
$ 10,800,000
|
|
Investments, fair value disclosure |
|
10,920,000
|
|
10,920,000
|
|
|
|
Federal Backed Mutual Fund [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Held to maturity |
|
$ 10,920,000
|
|
$ 10,920,000
|
|
|
|
Investments, fair value disclosure |
|
|
|
|
|
$ 11,300,000
|
|
X |
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SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Foreign Currency [Abstract] |
|
|
|
|
Net foreign exchange transactions: (Gains) Losses |
$ 58,000
|
$ 52,000
|
$ 55,000
|
$ 47,000
|
Unrealized (gains) losses on currency translation adjustment |
$ 364,000
|
$ (746,000)
|
$ 64,000
|
$ (1,885,000)
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v3.23.3
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] |
|
|
Cash on hand |
$ 2,706,000
|
$ 25,627,000
|
Federally insured money market mutual funds |
4,534,000
|
|
Total cash and cash equivalents |
$ 7,240,000
|
$ 25,627,000
|
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v3.23.3
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
$ 10,920
|
Federal Bonds [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
10,920
|
Fair Value, Inputs, Level 1 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
|
Fair Value, Inputs, Level 1 [Member] | Federal Bonds [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
|
Fair Value, Inputs, Level 2 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
10,920
|
Fair Value, Inputs, Level 2 [Member] | Federal Bonds [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
10,920
|
Fair Value, Inputs, Level 3 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
Fair value of investments |
|
Fair Value, Inputs, Level 3 [Member] | Federal Bonds [Member] |
|
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|
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|
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v3.23.3
SCHEDULE OF INVESTMENTS HELD TO MATURITY (Details) $ in Thousands |
9 Months Ended |
Sep. 30, 2023
USD ($)
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
Amortized Cost |
$ 10,987
|
Unrealized Gains |
|
Unrealized Losses |
67,000
|
Fair Value |
10,920
|
Federal Backed Mutual Fund [Member] |
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
Amortized Cost |
10,987
|
Unrealized Gains |
|
Unrealized Losses |
67,000
|
Fair Value |
$ 10,920
|
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v3.23.3
INVESTMENTS (Details Narrative) - USD ($)
|
Feb. 28, 2023 |
Feb. 01, 2023 |
Jan. 23, 2023 |
Sep. 30, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt instrument face amount |
$ 950,000
|
$ 4,999,750
|
$ 5,065,789
|
|
Debt instrument face amount |
|
$ 5,000,000
|
$ 5,000,000
|
|
Debt instrument maturity date |
Feb. 28, 2024
|
Dec. 22, 2023
|
Oct. 24, 2023
|
|
Debt instrument interest rate |
5.07%
|
4.75%
|
5.1948%
|
|
Debt instrument discount |
|
|
$ 253,289
|
|
Debt instrument |
$ 950,000
|
$ 5,025,479
|
$ 4,812,500
|
$ 4,982,000
|
Debt instrument accrued interest |
|
$ 25,729
|
|
|
Federal Home Loan Banks [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt instrument |
|
|
|
4,991,000
|
Federal National Mortgage Association [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt instrument |
|
|
|
$ 947,000
|
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v3.23.3
SCHEDULE OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - BMS, LLC [Member]
|
Sep. 14, 2023
USD ($)
|
Assets acquired: |
|
Work-in-process inventory |
$ 66,042
|
Intangible assets - customer relationships |
495,372
|
total assets |
561,414
|
Liabilities assumed: |
|
Deferred revenue |
292,014
|
total liabilities |
292,014
|
Total cash used for asset acquisition |
269,400
|
Acquisition price |
200,000
|
Transaction costs |
$ 69,400
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SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance net |
|
|
$ 4,400,000
|
|
Intangible assets, net Addition |
|
|
496,000
|
|
Intangible assets, net Amortization |
$ (250,000)
|
$ (453,000)
|
(740,000)
|
$ (1,273,000)
|
Ending balance net |
4,156,000
|
|
4,156,000
|
|
Proprietary Technology [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance cost |
|
|
2,132,000
|
|
Beginning balance, accumulated amortization |
|
|
(815,000)
|
|
Intangible assets, Additions |
|
|
|
|
Intangible assets accumulated amortization, Additions |
|
|
|
|
Intangible assets, Amortization |
|
|
|
|
Intangible assets, net Amortization |
(149,000)
|
(149,000)
|
(443,000)
|
(442,000)
|
Ending balance cost |
2,132,000
|
|
2,132,000
|
|
Ending balance, accumulated Amortization |
(1,258,000)
|
|
(1,258,000)
|
|
Patents and Licenses [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance cost |
|
|
12,378,000
|
|
Beginning balance, accumulated amortization |
|
|
(12,378,000)
|
|
Intangible assets, Additions |
|
|
|
|
Intangible assets accumulated amortization, Additions |
|
|
|
|
Intangible assets, Amortization |
|
|
|
|
Intangible assets, net Amortization |
|
(204,000)
|
|
(535,000)
|
Ending balance cost |
12,378,000
|
|
12,378,000
|
|
Ending balance, accumulated Amortization |
(12,378,000)
|
|
(12,378,000)
|
|
Trade Names and Technology [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance cost |
|
|
2,251,000
|
|
Beginning balance, accumulated amortization |
|
|
(1,189,000)
|
|
Intangible assets, Additions |
|
|
|
|
Intangible assets accumulated amortization, Additions |
|
|
|
|
Intangible assets, Amortization |
|
|
|
|
Intangible assets, net Amortization |
(35,000)
|
(35,000)
|
(104,000)
|
(104,000)
|
Ending balance cost |
2,251,000
|
|
2,251,000
|
|
Ending balance, accumulated Amortization |
(1,293,000)
|
|
(1,293,000)
|
|
Customer Relationships [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Beginning balance cost |
|
|
5,095,000
|
|
Beginning balance, accumulated amortization |
|
|
(3,074,000)
|
|
Intangible assets, Additions |
|
|
496,000
|
|
Intangible assets accumulated amortization, Additions |
|
|
|
|
Intangible assets, Amortization |
|
|
|
|
Intangible assets, net Amortization |
(66,000)
|
$ (65,000)
|
(193,000)
|
$ (192,000)
|
Ending balance cost |
5,591,000
|
|
5,591,000
|
|
Ending balance, accumulated Amortization |
$ (3,267,000)
|
|
$ (3,267,000)
|
|
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SCHEDULE OF CAPITALIZED INTANGIBLE COSTS (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Intangible assets |
$ 4,156,000
|
$ 4,400,000
|
Proprietary Technology [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Intangible assets |
875,000
|
1,319,000
|
Trade Names and Technology [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Intangible assets |
957,000
|
1,060,000
|
Customer Relationships [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Intangible assets |
$ 2,324,000
|
$ 2,021,000
|
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SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
$ 250,000
|
$ 453,000
|
$ 740,000
|
$ 1,273,000
|
Proprietary Technology [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
149,000
|
149,000
|
443,000
|
442,000
|
Patents and Licenses [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
|
204,000
|
|
535,000
|
Trade Names and Technology [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
35,000
|
35,000
|
104,000
|
104,000
|
Customer Relationships [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Amortization of intangible assets |
$ 66,000
|
$ 65,000
|
$ 193,000
|
$ 192,000
|
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v3.23.3
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2024 |
$ 793,000
|
|
2025 |
791,000
|
|
2026 |
726,000
|
|
2027 |
467,000
|
|
2028 |
289,000
|
|
Thereafter |
1,090,000
|
|
Finite-Lived Intangible Assets, Net, Total |
$ 4,156,000
|
$ 4,400,000
|
X |
- DefinitionAmount of amortization for asset, excluding financial asset and goodwill, lacking physical substance with finite life expected to be recognized after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
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v3.23.3
SCHEDULE OF NOTES PAYABLE (Details) (Parenthethical) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
|
|
|
Apr. 05, 2023 |
Apr. 05, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Feb. 28, 2023 |
Feb. 01, 2023 |
Jan. 23, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
$ 950,000
|
$ 4,999,750
|
$ 5,065,789
|
Debt instrument, interest rate, stated percentage |
|
|
|
|
|
|
5.07%
|
4.75%
|
5.1948%
|
D & O Insurance Policy Renewed [Member] | Notes Payable One [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
$ 1,037,000
|
|
|
|
|
|
|
|
Debt instrument down payment |
|
$ 194,000
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
2.09%
|
|
|
|
|
|
|
|
Debt instrument, periodic payment, interest |
|
$ 84,000
|
|
|
|
|
|
|
|
Interest expense |
|
|
$ 0
|
$ 4,000
|
$ 150
|
$ 6,000
|
|
|
|
D & O Insurance Policy Renewed [Member] | Notes Payable Two [Member] |
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
$ 811,000
|
|
|
|
|
|
|
|
|
Debt instrument down payment |
$ 288,000
|
|
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
6.14%
|
|
|
|
|
|
|
|
|
Debt instrument, periodic payment, interest |
$ 67,000
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
$ 5,000
|
$ 0
|
$ 10,000
|
$ 0
|
|
|
|
Notes payable |
$ 523,000
|
|
|
|
|
|
|
|
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v3.23.3
SCHEDULE OF OPERATING LEASE DATA (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Leases |
|
|
|
|
Operating lease cost |
$ 97,000
|
$ 105,000
|
$ 303,000
|
$ 338,000
|
Short-term lease cost |
5,000
|
10,000
|
25,000
|
84,000
|
Total lease cost |
$ 102,000
|
$ 115,000
|
328,000
|
422,000
|
Cash flows from operating leases |
|
|
$ 473,000
|
$ 380,000
|
Weighted-average remaining lease term-operating leases |
3 years
|
3 years 8 months 12 days
|
3 years
|
3 years 8 months 12 days
|
Weighted-average discount rate-operating leases |
9.50%
|
9.40%
|
9.50%
|
9.40%
|
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v3.23.3
SCHEDULE OF LEASE OBLIGATION ASSUMED (Details)
|
9 Months Ended |
Sep. 30, 2023
USD ($)
ft²
|
Approximate Future Payments |
$ 1,379,000
|
Colchester, U.K. - Waterside House [Member]. |
|
Area of land | ft² |
13,223
|
Lease-End Date |
2025
|
Approximate Future Payments |
$ 535,000
|
Billerica, MA [Member] |
|
Area of land | ft² |
2,000
|
Lease-End Date |
2026
|
Approximate Future Payments |
$ 342,000
|
Mount Olive, NJ [Member] |
|
Area of land | ft² |
7,979
|
Lease-End Date |
2027
|
Approximate Future Payments |
$ 502,000
|
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v3.23.3
LEASES (Details Narrative)
|
9 Months Ended |
|
|
|
Sep. 30, 2023
USD ($)
ft²
|
Sep. 14, 2023
ft²
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022 |
Right of use of assets |
$ 716,000
|
|
$ 1,075,000
|
|
Right of use assets, accumulated depreciation |
1,500,000
|
|
|
|
Operating lease liabilities |
1,195,000
|
|
|
|
Current operating lease liabilities |
372,000
|
|
455,000
|
|
Non-current operating lease liabilities |
$ 823,000
|
|
$ 1,107,000
|
|
Weighted-average remaining term |
3 years
|
|
|
3 years 8 months 12 days
|
Lease maturity description |
October
2023 and May 2027
|
|
|
|
Weighted-average discount rate |
9.50%
|
|
|
9.40%
|
BMS, LLC [Member] |
|
|
|
|
Area of land | ft² |
|
11,715
|
|
|
Poway L L C [Member] |
|
|
|
|
Payments for rent |
$ 22,300
|
|
|
|
Luton UK [Member] |
|
|
|
|
Area of land description |
A
one-year lease for 600 square feet of administrative office space in Lutton, UK, was signed on September 1, 2023, and will run through
May 31, 2024, at approximately $2,100 per month.
|
|
|
|
Area of land | ft² |
600
|
|
|
|
Lease expiration |
May 31, 2024
|
|
|
|
Payments for rent |
$ 2,100
|
|
|
|
Dubai, UAE [Member] |
|
|
|
|
Area of land description |
lease for 976 square feet of administrative office space commencing
on July 3, 2023, and terminating on July 2, 2024, in Dubai Studio City, UAE, for approximately $1,632 monthly.
|
|
|
|
Area of land | ft² |
976
|
|
|
|
Lease expiration |
Jul. 02, 2024
|
|
|
|
Payments for rent |
$ 1,632
|
|
|
|
Colchester UK [Member] |
|
|
|
|
Area of land | ft² |
2,700
|
|
|
|
Loss on impairment of right of use asset |
$ 83,000
|
|
|
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v3.23.3
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
|
May 01, 2023 |
Jan. 11, 2023 |
Jan. 10, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 22, 2023 |
Dec. 31, 2022 |
May 20, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
Preferred stock par value |
|
|
|
$ 0.00001
|
|
$ 0.00001
|
|
|
$ 0.00001
|
|
Preferred stock, shares authorized |
|
|
|
10,000,000
|
|
10,000,000
|
|
|
10,000,000
|
|
Common stock per share value |
|
|
|
$ 0.00001
|
|
$ 0.00001
|
|
|
$ 0.00001
|
$ 1.00
|
Reverse split |
1-for-20
|
1-for-50
|
1-for-2
|
|
|
|
|
|
|
|
Stock compensation costs |
|
|
|
$ 343,000
|
$ 315,000
|
$ 1,600,000
|
$ 1,270,000
|
|
|
|
Common Stock Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of warrants cancelled/expired |
|
|
|
|
|
2,667
|
|
|
|
|
Number of warrants outstanding and exercisable |
|
|
|
456,080
|
|
456,080
|
|
|
|
|
Weighted average exercise price ending exercisable |
|
|
|
$ 66.00
|
|
$ 66.00
|
|
|
|
|
Weighted average remaining contractual life |
|
|
|
|
|
2 years 4 months 24 days
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares attributable to withholding tax |
|
|
|
|
|
10,000
|
|
|
|
|
Conversion of restricted stock unit |
|
|
|
|
|
10,234
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
Restricted stock options, granted |
|
|
|
|
|
$ 200,000
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
$ 0.00001
|
|
|
Preferred stock, shares authorized |
|
|
|
0
|
|
0
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
0
|
|
0
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
0
|
|
0
|
|
|
|
|
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v3.23.3
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 343,000
|
$ 315,000
|
$ 1,600,000
|
$ 1,270,000
|
Long Term Stock Incentive Plan Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
|
1,000,000
|
Time Vested Option Inducement Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
37,000
|
33,000
|
144,000
|
89,000
|
Performance Based Stock Option Inducement [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
|
|
Time Based Restricted Stock Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
306,000
|
282,000
|
1,456,000
|
1,180,000
|
Performance Based Restricted Stock Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
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v3.23.3
CONCENTRATIONS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
$ 7,179,000
|
$ 7,123,000
|
$ 19,410,000
|
$ 20,749,000
|
|
Accounts payable |
3,131,000
|
|
3,131,000
|
|
$ 2,626,000
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
$ 782,000
|
|
|
|
|
Concentration risk, percentage |
11.00%
|
|
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
|
|
$ 893,000
|
$ 4,204,000
|
|
Concentration risk, percentage |
|
|
12.00%
|
33.00%
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | One Vendor [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Accounts payable |
$ 898,000
|
|
$ 898,000
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
13.00%
|
|
|
|
|
Accounts payable |
$ 468,000
|
|
468,000
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
26.00%
|
|
|
|
|
Accounts payable |
$ 378,000
|
|
$ 378,000
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
12.00%
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor No [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
10.00%
|
|
Purchase [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
|
|
$ 1,055,000
|
|
|
Concentration risk, percentage |
|
|
11.00%
|
|
|
Purchase [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
|
|
$ 1,458,000
|
|
|
Concentration risk, percentage |
|
|
16.00%
|
|
|
Purchase [Member] | Supplier Concentration Risk [Member] | Vendor [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Revenue, net |
|
$ 500,000
|
|
$ 0
|
|
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v3.23.3
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
$ 7,179,000
|
$ 7,123,000
|
$ 19,410,000
|
$ 20,749,000
|
Long-Lived Assets |
6,634,000
|
7,133,000
|
6,634,000
|
7,133,000
|
Equipment Sales [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
6,234,000
|
6,061,000
|
16,907,000
|
18,533,000
|
Installation, Integration and Repairs [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
348,000
|
687,000
|
1,097,000
|
1,260,000
|
Warranties [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
597,000
|
375,000
|
1,406,000
|
956,000
|
North America [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
4,120,000
|
4,394,000
|
9,008,000
|
10,294,000
|
South America [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
137,000
|
70,000
|
364,000
|
169,000
|
Europe [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
1,347,000
|
2,061,000
|
4,783,000
|
6,355,000
|
Asia [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
1,191,000
|
64,000
|
3,215,000
|
1,436,000
|
Rest of World [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue, net |
384,000
|
534,000
|
2,040,000
|
2,495,000
|
UNITED STATES |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Long-Lived Assets |
2,683,000
|
1,922,000
|
2,683,000
|
1,922,000
|
NETHERLANDS |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Long-Lived Assets |
18,000
|
20,000
|
18,000
|
20,000
|
UNITED KINGDOM |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Long-Lived Assets |
$ 3,933,000
|
$ 5,191,000
|
$ 3,933,000
|
$ 5,191,000
|
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SCHEDULE OF TAX REBATES (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
UK Subsidiary [Member] |
|
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$ 3,000
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$ (10,000)
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