☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF |
VERIFYME, INC. |
(Exact Name of Registrant as Specified in Its Charter) |
Nevada | 23-3023677 | ||
(State or Other Jurisdiction of Incorporation or Organization) | ( Identification No.) | ||
Clinton Square, 75 S. Clinton Rochester, NY | 14604 | ||
(Address of Principal Executive Offices) | |||
585) 736-9400 | |||
(Registrant’s Telephone Number, Including Area Code) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
Emerging growth company ☐ |
4 | ||
4 | ||
5 | ||
6 | ||
7 | ||
16 | ||
PART II - OTHER INFORMATION | ||
As of | ||||||||
June 30, 2018 | December 31, 2017 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 2,316,301 | $ | 693,001 | ||||
Accounts Receivable | 5,667 | - | ||||||
Prepaid expenses and other current assets | 18,668 | 18,668 | ||||||
Inventory | 11,769 | - | ||||||
TOTAL CURRENT ASSETS | 2,352,405 | 711,669 | ||||||
OTHER ASSETS | ||||||||
Patents and Trademarks, net of accumulated amortization of | ||||||||
$248,225 and $237,331 as of June 30, 2018 and December 31, 2017 | 181,438 | 191,507 | ||||||
TOTAL ASSETS | $ | 2,533,843 | $ | 903,176 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 440,556 | $ | 923,202 | ||||
Notes payable | 50,000 | 50,000 | ||||||
Common Stock payable | - | 122,478 | ||||||
TOTAL CURRENT LIABILITIES | 490,556 | 1,095,680 | ||||||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
Series A Convertible Preferred Stock, $.001 par value, 37,564,767 shares | ||||||||
authorized; 304,778 shares issued and outstanding as of June 30, 2018 and | ||||||||
324,778 shares issued and outstanding as of December 31, 2017 | 305 | 325 | ||||||
Inventory | ||||||||
Series B Convertible Preferred Stock, $.001 par value; 85 shares | ||||||||
authorized; 0.85 shares issued and outstanding as of June 30, 2018 and | ||||||||
0.92 shares issued and outstanding as of December 31, 2017 | - | - | ||||||
Common stock of $.001 par value; 675,000,000 authorized; 101,165,202 and 53,873,872 issued, 100,814,662 and 53,523,332 shares outstanding as of June 30, 2018 and December 31, 2017 | 101,165 | 53,522 | ||||||
Additional paid in capital | 60,305,122 | 56,198,126 | ||||||
Treasury stock as cost (350,540 shares at June 30, 2018 and December 31, 2017) | (113,389 | ) | (113,389 | ) | ||||
Accumulated deficit | (58,249,916 | ) | (56,331,088 | ) | ||||
STOCKHOLDERS' EQUITY (DEFICIT) | 2,043,287 | (192,504 | ) | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 2,533,843 | $ | 903,176 |
As of | ||||||||
March 31, 2018 | December 31, 2017 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 2,341,401 | $ | 693,001 | ||||
Prepaid expenses and other current assets | 31,234 | 18,668 | ||||||
Inventory | 9,768 | - | ||||||
TOTAL CURRENT ASSETS | 2,382,403 | 711,669 | ||||||
OTHER ASSETS | ||||||||
Patents and Trademarks, net of accumulated amortization of | ||||||||
$242,365 and $237,331 as of March 31, 2018 and December 31, 2017 | 187,298 | 191,507 | ||||||
TOTAL ASSETS | $ | 2,569,701 | $ | 903,176 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 513,191 | $ | 923,202 | ||||
Notes payable | 50,000 | 50,000 | ||||||
Common Stock payable | - | 122,478 | ||||||
TOTAL CURRENT LIABILITIES | 563,191 | 1,095,680 | ||||||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
Series A Convertible Preferred Stock, $.001 par value, 37,564,767 shares | ||||||||
authorized; 304,778 shares issued and outstanding as of March 31, 2018 and | ||||||||
324,778 shares issued and outstanding as of December 31, 2017 | 305 | 325 | ||||||
Series B Convertible Preferred Stock, $.001 par value; 85 shares | ||||||||
authorized; 0.85 shares issued and outstanding as of March 31, 2018 and | ||||||||
0.92 shares issued and outstanding as of December 31, 2017 | - | - | ||||||
Common stock of $.001 par value; 675,000,000 authorized; 92,945,925 and 53,873,872 issued, 92,595,385 and 53,523,332 shares outstanding as of March 31, 2018 and December 31, 2017 | 92,944 | 53,522 | ||||||
Additional paid in capital | 59,481,371 | 56,198,126 | ||||||
Treasury stock as cost (350,540 shares at March 31, 2018 and December 31, 2017) | (113,389 | ) | (113,389 | ) | ||||
Accumulated deficit | (57,454,721 | ) | (56,331,088 | ) | ||||
STOCKHOLDERS' EQUITY (DEFICIT) | 2,006,510 | (192,504 | ) | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 2,569,701 | $ | 903,176 |
VerifyMe, Inc. (Unaudited) |
Three months ended | Three Months ended | Six Months Ended | ||||||||||||||||||||||
March 31, 2018 | March 31, 2017 | June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||||||||||
NET REVENUE | ||||||||||||||||||||||||
Sales | $ | 6,799 | $ | - | $ | 6,799 | $ | - | ||||||||||||||||
COST OF SALES | 2,000 | - | 2,000 | |||||||||||||||||||||
- | ||||||||||||||||||||||||
GROSS PROFIT | 4,799 | - | 4,799 | - | ||||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||
General and administrative (a) | 495,574 | 142,061 | 525,760 | 482,384 | 1,021,334 | 628,831 | ||||||||||||||||||
Legal and accounting | 133,704 | 9,044 | 163,770 | 82,162 | 297,474 | 91,206 | ||||||||||||||||||
Payroll expenses (a) | 92,051 | 22,810 | 99,803 | 20,252 | 191,854 | 43,062 | ||||||||||||||||||
Research and development | 12,196 | 8,669 | 16,233 | 8,641 | 28,429 | 17,310 | ||||||||||||||||||
Sales and marketing | 8,042 | 5,921 | 25 | - | 8,067 | 1,535 | ||||||||||||||||||
Total Operating expenses | 741,567 | 188,505 | 805,591 | 593,439 | 1,547,158 | 781,944 | ||||||||||||||||||
LOSS BEFORE OTHER INCOME (EXPENSE) | (741,567 | ) | (188,505 | ) | (800,792 | ) | (593,439 | ) | (1,542,359 | ) | (781,944 | ) | ||||||||||||
OTHER (EXPENSE) INCOME | ||||||||||||||||||||||||
Interest expenses, net | (791 | ) | (66,544 | ) | ||||||||||||||||||||
Interest (expense) income, net | 1,074 | (145,772 | ) | 283 | (212,316 | ) | ||||||||||||||||||
Settlement agreement with shareholders | (779,000 | ) | - | - | - | (779,000 | ) | - | ||||||||||||||||
Gain on accounts payable forgiveness | 397,725 | - | 4,523 | - | 402,248 | - | ||||||||||||||||||
Change in fair value of warrants | - | (28,256 | ) | - | 130,000 | - | 101,744 | |||||||||||||||||
Change in fair value of embedded derivative liability | - | (21,282 | ) | - | 100,702 | - | 79,420 | |||||||||||||||||
(382,066 | ) | (116,082 | ) | 5,597 | 84,930 | (376,469 | ) | (31,152 | ) | |||||||||||||||
- | ||||||||||||||||||||||||
NET LOSS | $ | (1,123,633 | ) | $ | (304,587 | ) | (795,195 | ) | (508,509 | ) | (1,918,828 | ) | (813,096 | ) | ||||||||||
Less: Deemed dividend on convertible preferred shares | - | (144,219 | ) | - | (144,219 | ) | ||||||||||||||||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (795,195 | ) | $ | (652,728 | ) | $ | (1,918,828 | ) | $ | (957,315 | ) | ||||||||||||
LOSS PER SHARE | ||||||||||||||||||||||||
BASIC | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.09 | ) | ||||||
DILUTED | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.09 | ) | ||||||
WEIGHTED AVERAGE COMMON SHARE OUTSTANDING | WEIGHTED AVERAGE COMMON SHARE OUTSTANDING | |||||||||||||||||||||||
BASIC | 76,278,102 | 8,397,976 | 95,910,130 | 12,598,466 | 86,488,400 | 10,220,611 | ||||||||||||||||||
DILUTED | 76,278,102 | 8,397,976 | 95,910,130 | 12,598,466 | 86,488,400 | 10,220,611 |
VerifyMe, Inc. |
(Unaudited) |
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, 2018 | March 31, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
Net loss | $ | (1,123,633 | ) | $ | (304,587 | ) | $ | (1,918,828 | ) | $ | (813,096 | ) | ||||
Adjustments to reconcile net loss to net cash used in | ||||||||||||||||
operating activities: | ||||||||||||||||
Stock based compensation | 32,644 | - | 44,119 | - | ||||||||||||
Fair value of options and warrants issued in exchange for services | 205,969 | 51,597 | 226,188 | 335,970 | ||||||||||||
Fair value of restricted stock and restricted stock units issued in exchange for services | 51,290 | - | 235,406 | - | ||||||||||||
Gain on accounts payable forgiveness | (397,725 | ) | - | (402,248 | ) | - | ||||||||||
Share-based payment for settlement agreement with shareholders | 279,000 | - | 279,000 | - | ||||||||||||
Accretion of discount on notes payable | - | 64,529 | - | 204,516 | ||||||||||||
Change in fair value of warrant liability | - | 28,256 | - | (101,744 | ) | |||||||||||
Change in fair value of embedded derivative liability | - | 21,282 | - | (79,420 | ) | |||||||||||
Amortization and depreciation | 5,034 | (2,212 | ) | 10,894 | 6,331 | |||||||||||
Changes in operating assets and liabilities: | - | |||||||||||||||
Accounts Receivable | (5,667 | ) | - | |||||||||||||
Inventory | (9,768 | ) | 1,535 | (11,769 | ) | 300 | ||||||||||
Prepaid expenses and other current assets | (12,566 | ) | 300 | |||||||||||||
Prepaid expenses | - | (14,904 | ) | |||||||||||||
Accounts payable and accrued expenses | (12,286 | ) | (5,122 | ) | (80,398 | ) | 180,598 | |||||||||
Net cash used in operating activities | (982,041 | ) | (144,422 | ) | (1,623,303 | ) | (281,449 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
Purchase of Patents | (825 | ) | - | (825 | ) | - | ||||||||||
- | ||||||||||||||||
Net cash used in investing activities | (825 | ) | - | (825 | ) | - | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
Proceeds from issuance of related party notes payable | - | 145,000 | ||||||||||||||
Proceeds from exercise of warrants | 1,476,489 | - | 2,093,217 | 281,000 | ||||||||||||
Proceeds from sale of common stock | 1,154,777 | - | 1,154,211 | 531,250 | ||||||||||||
Stock issuance costs | - | (15,128 | ) | |||||||||||||
Net cash provided by financing activities | 2,631,266 | 145,000 | 3,247,428 | 797,122 | ||||||||||||
NET INCREASE IN CASH AND | ||||||||||||||||
CASH EQUIVALENTS | 1,648,400 | 578 | 1,623,300 | 515,673 | ||||||||||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 693,001 | 22,644 | 693,001 | 22,644 | ||||||||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 2,341,401 | $ | 23,222 | $ | 2,316,301 | $ | 538,317 | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||||||||||
Cash paid during the year for: | ||||||||||||||||
Interest | $ | - | $ | - | $ | - | $ | - | ||||||||
Income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||||||||||
Series A Convertible Preferred Stock converted to common stock | $ | 400 | $ | 660 | $ | 400 | $ | 1,060 | ||||||||
Series B Convertible Preferred Stock converted to common stock | $ | 599 | $ | - | $ | 599 | $ | - | ||||||||
Series C Convertible Preferred Stock converted to common stock | $ | - | $ | 12,014 | ||||||||||||
Series D Convertible Preferred Stock converted to common stock | $ | - | $ | 1,810 | ||||||||||||
Cashless Exercise of Stock Options | $ | 4,028 | $ | - | $ | 4,028 | $ | - | ||||||||
Common Stock and Warrants Issued for Common Stock Payable | $ | 122,478 | $ | - | $ | 122,478 | $ | - | ||||||||
Deemed divided distribution on issuance of common stock for conversion of Series C and Series D | $ | - | $ | 525,630 | ||||||||||||
Revaluation of embedded derivative liability upon conversion of Series C Convertible Preferred Stock | $ | - | $ | 137,625 | ||||||||||||
Revaluation of embedded derivative liability upon conversion of Series D Convertible Preferred Stock | $ | - | $ | 11,673 | ||||||||||||
Revaluation of warrant liability upon conversion of Series C Convertible Preferred Stock | $ | - | $ | 189,008 | ||||||||||||
Revaluation of warrant liability upon conversion of Series D Convertible Preferred Stock | $ | - | $ | 43,105 | ||||||||||||
Warrants issued as discount to notes payable | $ | - | $ | 119,651 | $ | - | $ | 113,585 | ||||||||
Conversion of accounts payable and accrued expenses to common stock | $ | - | $ | 80,750 | ||||||||||||
Conversion of notes payable and accrued expenses to common stock | $ | - | $ | 396,101 |
· | identify the contract with a customer; |
· | identify the performance obligations in the contract; |
· | determine the transaction price; |
· | allocate the transaction price to performance obligations in the contract; and |
· | recognize revenue as the performance obligation is satisfied. |
June 30, | December 31, | |||||||
2018 | 2017 | |||||||
Series A notes payable; interest at 8% per annum; principal and accrued interest due at maturity in October 2011 (past due) | 50,000 | 50,000 | ||||||
Net | 50,000 | 50,000 | ||||||
Less: Current portion | (50,000 | ) | (50,000 | ) | ||||
$ | - | $ | - |
March 31, 2018 | December 31, 2017 | |||||||
Series A notes payable; interest at 8% per annum; principal and accrued interest due at maturity in October 2011 (past due) | $ | 50,000 | $ | 50,000 | ||||
Net | 50,000 | 50,000 | ||||||
Less: current portion | (50,000 | ) | (50,000 | ) | ||||
Balance | $ | - | $ | - |
Risk Free Interest Rate | 2.39 | % | ||
Expected Volatility | 201.48 | % | ||
Expected Life (in years) | 5.0 | |||
Dividend Yield | 0 | % | ||
Weighted average estimated fair value of | ||||
options during the period | $ | 0.18 |
Options Outstanding | |||||||||||||
Weighted - | |||||||||||||
Average | |||||||||||||
Remaining | Aggregate | ||||||||||||
Weighted- | Contractual | Intrinsic | |||||||||||
Number of | Average | Term | Value | ||||||||||
Shares | Exercise Price | (in years) | (1) | ||||||||||
Balance as of December 31, 2017 | 22,013,529 | $ | 0.11 | ||||||||||
Granted | 1,000,000 | 0.21 | |||||||||||
Exercised | (5,000,000 | ) | 0.07 | ||||||||||
Balance June 30, 2018 | 18,013,529 | $ | 0.13 | ||||||||||
Exercisable at June 30, 2018 | 15,513,529 | $ | 0.14 | 4.4 | $ | 1,838,287 | |||||||
Options Outstanding | ||||||||||||||||
Weighted - | ||||||||||||||||
Average | ||||||||||||||||
Remaining | Aggregate | |||||||||||||||
Weighted- | Contractual | Intrinsic | ||||||||||||||
Number of | Average | Term | Value | |||||||||||||
Shares | Exercise Price | (in years) | (1) | |||||||||||||
Balance as of December 31, 2017 | 22,013,529 | $ | 0.11 | |||||||||||||
Granted | 1,000,000 | 0.21 | ||||||||||||||
Exercised | (5,000,000 | ) | 0.07 | �� | ||||||||||||
Balance March 31, 2018 | 18,013,529 | $ | 0.13 | |||||||||||||
Exercisable at March 31, 2018 | 15,513,529 | $ | 0.14 | 4.6 | $ | 2,795,335 | ||||||||||
(1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for options that were in-the-money at each respective period. As of $1,838,287. |
Unvested Options | Unvested Options | |||||||||||||||
Weighted - | Weighted - | |||||||||||||||
Average | Average | |||||||||||||||
Grant | Grant | |||||||||||||||
Number of Unvested | Date Exercise Price | Number of Unvested | Date Exercise Price | |||||||||||||
Options | Options | |||||||||||||||
Balance December 31, 2017 | 2,666,666 | $ | 0.06 | 2,666,666 | $ | 0.06 | ||||||||||
Granted | 1,000,000 | 0.21 | 1,000,000 | 0.21 | ||||||||||||
Vested | (1,166,666 | ) | 0.11 | (1,166,666 | ) | 0.11 | ||||||||||
Balance March 31, 2018 | 2,500,000 | $ | 0.10 | |||||||||||||
Balance June 30, 2018 | 2,500,000 | $ | 0.10 |
Warrants Outstanding | Warrants Outstanding | |||||||||||||||||||||||||||||||
Number of Shares | Weighted- Average Exercise Price | Weighted - Average Remaining Contractual Term in years) | Aggregate Intrinsic Value (in 000's) (1) | Number of Shares | Weighted- Average Exercise Price | Weighted - Average Remaining Contractual Term in years) | Aggregate Intrinsic Value (in 000's) (1) | |||||||||||||||||||||||||
Balance, December 31, 2017 | 32,292,580 | $ | 0.30 | 32,292,580 | $ | 0.30 | ||||||||||||||||||||||||||
Granted | 18,262,994 | 0.15 | 18,262,994 | 0.15 | ||||||||||||||||||||||||||||
Exercised | (14,712,459 | ) | 0.10 | (20,969,737 | ) | 0.10 | ||||||||||||||||||||||||||
Expired | (627,451 | ) | 0.07 | |||||||||||||||||||||||||||||
Cancelled/Forfeited | (4,950,000 | ) | 0.40 | (4,950,000 | ) | 0.40 | ||||||||||||||||||||||||||
Balance, March 31, 2018 | 30,893,116 | $ | 0.22 | 4.4 | ||||||||||||||||||||||||||||
Balance, June 30, 2018 | 24,008,386 | $ | 0.25 | 4.2 | ||||||||||||||||||||||||||||
Exercisable at March 31, 2018 | 30,893,116 | $ | 0.22 | 4.4 | $ | 5,515 | ||||||||||||||||||||||||||
Exercisable at June 30, 2018 | 24,008,386 | $ | 0.25 | 4.2 | $ | 2,620 |
(1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying warrants and the closing stock price of |
1. | Knowing the life cycle of a product or prescription drug, from where it is manufactured, who is repackaging it, who is distributing, when it is prescribed and when it is sold |
2. | Meeting accurate regulatory and compliance requirement questions such as “What, Where, When and Who” |
3. | Locating prescription drug batches and precisely where they are distributed |
4. | Enabling the option to recall a particular batch or entire batches which are reported as having a product/batch failure or having not met standards |
5. | Identify if the prescribed drug is counterfeit, stolen, contaminated etc. |
6. | Know about the multi-container packaging item level details |
1. | Generate and apply unique serialization number for manufactured drugs. |
2. | Capture unique serialization number and store in centralized database (distributed or non-distributed). |
3. | Update serialization data in EPCIS centralized database. |
4. | Wholesalers, Repackagers and Pharmacies can have the ability to validate the serialization when they perform transactions. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
ADJUSTED EBITDA (Non-GAAP) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Net loss | $ | (795,195 | ) | $ | (652,728 | ) | $ | (1,918,828 | ) | $ | (957,315 | ) | ||||
Interest expenses, net | (1,074 | ) | 145,772 | (283 | ) | 212,316 | ||||||||||
Amortization and depreciation | 5,860 | 8,543 | 10,894 | 6,331 | ||||||||||||
Total EBITDA (Non-GAAP) | (790,409 | ) | (498,413 | ) | (1,908,217 | ) | (738,668 | ) | ||||||||
Adjustments: | ||||||||||||||||
Stock based compensation | 11,475 | - | 44,119 | - | ||||||||||||
Fair value of options and warrants issued in exchange for services | 20,219 | 284,373 | 226,188 | 335,970 | ||||||||||||
Fair value of restricted stock and restricted stock units issued in exchange for services | 184,116 | - | 235,406 | - | ||||||||||||
Change in fair value of warrants | - | (130,000 | ) | - | (101,744 | ) | ||||||||||
Change in fair value of embedded derivative liability | - | (100,702 | ) | - | (79,420 | ) | ||||||||||
Share-based payment for settlement agreement with shareholders | - | - | 279,000 | - | ||||||||||||
Cash payment for settlement agreement with shareholders | - | - | 500,000 | - | ||||||||||||
Total Adjusted EBITDA (Non-GAAP) | $ | (574,599 | ) | $ | (444,742 | ) | $ | (623,504 | ) | $ | (583,862 | ) |
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Net loss | $ | (1,123,633 | ) | $ | (304,587 | ) | ||
Interest expenses, net | 791 | 66,544 | ||||||
Amortization and depreciation | 5,034 | (2,212 | ) | |||||
Total EBITDA (Non-GAAP) | (1,117,808 | ) | (240,255 | ) | ||||
Adjustments: | ||||||||
Stock based compensation | 32,644 | - | ||||||
Fair value of options and warrants issued in exchange for services | 205,969 | 51,597 | ||||||
Fair value of restricted stock and restricted stock units issued in exchange for services | 51,290 | - | ||||||
Share-based payment for settlement agreement with shareholders | 279,000 | - | ||||||
Cash payment for settlement agreement with shareholders | 500,000 | - | ||||||
Total Adjusted EBITDA(Loss) | $ | (48,905 | ) | $ | (188,658 | ) |
· | identify the contract with a customer; |
· | identify the performance obligations in the contract; |
· | determine the transaction price; |
· | allocate the transaction price to performance obligations in the contract; and |
· | recognize revenue as the performance obligation is satisfied. |
Incorporated by Reference | Filed or Furnished | ||||||||
Exhibit # | Exhibit Description | Form | Date | Number | Herewith | ||||
3.1 | 10-Q | August 19, 2015 | 3.1 | ||||||
3.2 | 8-K | August 15, 2017 | 3.1 | ||||||
4.1 | 8-K | June 18, 2015 | 3.2 | ||||||
4.2 | 8-K | June 18, 2015 | 3.3 | ||||||
4.3 | 8-K | February 10, 2016 | 3.1 | ||||||
4.4 | 10-K | April 12, 2017 | 3.9 | ||||||
4.5 | Filed | ||||||||
10.1 | 10-K | April 16, 2018 | 10.21 | ||||||
10.2 | 10-K | April 16, 2018 | 10.28 | ||||||
10.3 | 10-K | April 16, 2018 | 10.29 | ||||||
10.4 | 10-K | April 16, 2018 | 10.30 | ||||||
10.5 | 10-K | April 16, 2018 | 10.31 | ||||||
10.6 | 10-K | April 16, 2018 | 10.32 | ||||||
10.19 | 10-K | April 16, 2018 | 10.19 | ||||||
31.1 | Filed | ||||||||
31.2 | Filed | ||||||||
32.1 | Furnished** | ||||||||
101.INS | XBRL Instance Document | Filed | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed |
Incorporated by Reference | Filed or Furnished | ||||||||
Exhibit # | Exhibit Description | Form | Date | Number | Herewith | ||||
3.1 | 10-Q | August 19, 2015 | 3.1 | ||||||
3.2 | 8-K | August 15, 2017 | 3.1 | ||||||
4.1 | 8-K | June 18, 2015 | 3.2 | ||||||
4.2 | 8-K | June 18, 2015 | 3.3 | ||||||
10.1 | Filed |
31.1 | Filed | ||||||||
31.2 | Filed | ||||||||
32.1 | Furnished** | ||||||||
101.INS | XBRL Instance Document | Filed | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed |
* | Management contract or compensatory plan or arrangement. |
** | This exhibit is being furnished rather than filed and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K. |
VERIFYME, INC. | ||
Date: | By: /S/ Patrick White | |
Patrick White | ||
Chief Executive Officer | ||
Date: August 10, 2018 | By/S/ | |
Margaret Gezerlis | ||
Chief Financial Officer |