| Summary of Significant Accounting Policies | 3 — SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES Principles of Consolidation The accompanying consolidated financial statements
and related notes thereto were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”)
include the accounts of Vislink Technologies and its wholly-owned subsidiaries, IMT and Vislink, since the date the acquisitions
of IMT and Vislink were completed. All material intercompany balances and transactions are eliminated in consolidation. Reclassifications Certain reclassifications have been made in
the unaudited consolidated financial statements for comparative purposes. These reclassifications have no effect on the results
of operations or financial position of the Company (see Note 21). Segment Reporting Operating segments are identified 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 making decisions on 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. All long-lived assets of the Company reside in the U.S. and U.K. Use of Estimates Management makes estimates and assumptions
that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the consolidated
financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates and assumptions include reserves and write-downs related to receivables and inventories,
the recoverability of long-lived assets, the valuation allowance relating to the Company’s deferred tax assets, valuation
of equity and derivative instruments, and debt discounts and the valuation of the assets and liabilities acquired in the acquisition
of Vislink. 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. The Company did not have any
cash equivalents on hand as of December 31, 2018 and 2017. Concentrations of Credit Risk The Company does not have any off-balance-sheet
concentrations of credit risk. Credit risk is the risk that counterparty will default on its contractual obligations resulting
in financial loss to the Company. The Company’s credit risk is primarily attributable to its cash and accounts receivables.
The Company’s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure.
During the year ended December 31, 2018, the Company had cash balances in excess of the federally insured limits of $250,000. The
funds are on deposit with Wells Fargo Bank, N.A. Consequently, the Company does not believe that there is a significant risk related
to having these balances in one financial institution. The Company has not experienced any losses in its bank accounts during the
years ended December 31, 2018 and 2017. For customers, management assesses the credit quality of the customer, considering its
financial position and past experience. During the year ended December 31, 2018, the
Company did not experience concentrated sales to one customer in excess of 10% of the Company’s total consolidated sales.
During the year ended December 31, 2017, the Company recorded sales to one customer of $5,535,000 (12%) in excess of 10% of the
Company’s total consolidated sales. As of December 31, 2018, the Company did not
experience a customer receivable in excess of 10% of the Company’s total accounts receivable. As of December 31, 2017, approximately
33% of net accounts receivable was due from two customers broken down individually as follows: $1,634,000 (20%) and $1,073,000
(13%). Accounts Receivable and Allowance for Doubtful
Accounts The Company extends credit to its customers
in the normal course of business. Further, the Company regularly reviews outstanding receivables and provides for estimated losses
through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgements
regarding its customer’s ability to make required payments, prevailing economic conditions, past experience and other factors.
As the financial condition of these factors change, circumstances develop or additional information becomes available, adjustments
to the allowance for doubtful accounts may be required. The Company maintains reserves for credit losses and losses have been within
its expectations. Inventories Inventories, consisting principally of raw
materials, work-in-process and finished goods, and is recorded at the lower of cost, on a first-in, first-out basis, or net realizable
value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs
of completion, disposal and transportation. The Company evaluates inventory balances and either writes-down inventory that is obsolete
or based on a net realizable value analysis or records a reserve for slow moving or excess inventory. Property and Equipment Property and equipment are presented at cost
at the date of acquisition less depreciation. Depreciation is computed using the straight-line method over estimated useful asset
lives, which range from 1 to 10 years. The costs of the day-to-day servicing of property and equipment, and repairs and maintenance
are recognized in expenses as incurred. Depreciation amounted to $918,000 and $1,831,000 for the years ended December 31, 2018
and 2017, respectively. Intangible Assets Software: The Company capitalizes certain computer software
and software development costs incurred in connection with developing or obtaining computer software for internal use or sale to
others when both the preliminary project stage is completed, and it is probable that the software will be used as intended with
a product. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or
obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the product.
Capitalized software costs are included in intangible assets on the Company’s balance sheet and amortized on a straight-line
basis when placed into service over the estimated useful lives of the software, which approximates 5 years. Software amortization
totaled $268,000 and $923,000 for the years ended December 31, 2018 and 2017, respectively. Patents and licenses: Patents and licenses, measured initially at
purchase cost, are included in intangible assets on the Company’s balance sheet and are amortized on a straight-line basis
over their estimated useful lives of 18.5 to 20 years. Amortization totaled $664,000 for the years ended December 31, 2018 and
2017, respectively. Other intangible assets: The Company’s remaining intangible assets
include the trade names, technology and customer lists acquired in its acquisition of IMT and Vislink. The value of these acquired
assets was determined by a third-party appraisal completed for these business combinations. Absent an indication of fair value
from a potential buyer or similar specific transactions, the Company believes that the use of the methods employed provided a reasonable
estimate in the reporting of the fair value assigned. The Company includes these costs in intangible
assets on the balance sheet and are amortized over their useful lives of 3 to 15 years. Amortization amounted to $1,103,000 and
$1,011,000 for the years ended December 31, 2018 and 2017, respectively. Other intangible assets capitalized were $-0- and $3,620,000
for the years ended December 31, 2018 and 2017, respectively. Warranty Reserve Although the Company tests its product in accordance
with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs
incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company’s
estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be
required. The warranty reserve for the years ended December 31, 2018 and 2017 was $325,000 and $507,000, respectively. The warranty
reserve increased by $23,000 and $550,000 for the years ended December 31, 2018 and 2017, respectively. The claims made during
the year ended December 31, 2018 and 2017 were ordinary and customary. Warranty reserve is included in accrued expenses on the
accompanying consolidated balance sheets and cost of components in the accompanying consolidated statement of operations.
Warranty Reserve
January 1, 2017 $ 182,000
Warranty reserve expense 550,000
Warranty claims settled and true-up of accrual (225,000 )
December 31, 2017 $ 507,000
Warranty reserve expense 23,000
Warranty claims settled and true-up of accrual (205,000 )
December 31, 2018 $ 325,000 Shipping and Handling Costs Shipping and handling charges are invoiced
to the customer and the Company nets these charges against the respective costs within general and administrative expenses. For
the years ended December 31, 2018 and 2017, the amount of shipping and handling costs incurred were $774,000 and $886,000, respectively. Convertible Instruments The Company records debt net of debt discount
for beneficial conversion features and warrants, on either a relative fair value or fair value basis depending on the respective
accounting treatment of each instrument. Beneficial conversion features are recorded pursuant to the Beneficial Conversion (“BCF”)
and Debt Topics of the FASB Accounting Standards Codification. The amounts allocated to warrants and beneficial conversion rights
are recorded as debt discounts with corresponding entries to derivative liability and additional paid-in-capital. Costs paid to
third parties (e.g., legal fees, printing costs, placement agent fees) that are directly related to issuing the debt and that otherwise
wouldn’t be incurred, are treated as a direct deduction of the debt liability. Debt discount and issuance costs are generally
amortized and recognized as additional interest expense in the statement of operations over the life of the debt instrument using
the effective interest method. The Company evaluates and bifurcates conversion
features from the instruments containing such features and accounts for them as free standing derivative financial instruments
according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded
derivative instrument are not clearly and closely related to the economic characteristics and risks of the underlying instrument,
(b) the hybrid instrument that contains both the embedded derivative instrument and the underlying instrument is not re-measured
at fair value under otherwise applicable U.S. GAAP with changes in fair value reported in earnings as they occur and (c) a separate
instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Common Stock Purchase Warrants and Other
Derivative Financial Instruments The Company classifies common stock purchase
warrants and other free standing financial instruments as equity if the contracts (i) require physical settlement or net-share
settlement in common stock or (ii) give the Company a choice of net-cash settlement or settlement in common stock (physical settlement
or net-share settlement). The Company classifies the following contracts as either an asset or a liability: contracts that (i)
require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside
the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in common stock (physical
settlement or net-share settlement) or (iii) contain reset provisions. The Company assesses classification of its freestanding
derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. Treasury Stock Shares of common stock repurchased are recorded
at cost as treasury stock. When shares are reissued, the cost method is used. In accordance with U.S. GAAP, the excess of the acquisition
cost over the reissuance price of the treasury stock, if any, is recorded to additional paid-in capital, limited to the amount
previously credited to additional paid-in capital, if any. Any excess is charged to accumulated deficit. Revenue Recognition The Company recognizes revenues when persuasive
evidence of an arrangement exists, services have been rendered, the price is fixed and determinable, and collectability is reasonably
assured. Revenues from management and consulting, time-and-materials service contracts, maintenance agreements and other services
are recognized as the services are provided or at the time the goods are shipped, and title has passed. Research and Development Expenses Research and development costs are charged
to expense as incurred in performing research, design and development activities. These expenses consist primarily of salary and
benefit expenses, including stock-based compensation and payroll taxes for employees and costs for contractors engaged in research,
design and development activities, as well as costs for prototypes, facilities and travel. Stock-Based Compensation The Company accounts
for stock compensation with persons classified as employees for accounting purposes in accordance with ASC 718 “Compensation
– Stock Compensation”, which recognizes awards at fair value on the date of grant and recognition of compensation over
the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes Option Pricing
Model. The fair value of common stock issued for services is determined based on the Company’s stock price on the date of
issuance. The Company accounts
for stock compensation arrangements with persons classified as non-employees for accounting purposes in accordance with ASC 505-50
“Stock-Based Transactions with Nonemployees”, which requires that such equity instruments are recorded at their fair
value on the measurement date. The measurement of share-based compensation is subject to periodic adjustment as the underlying
instruments vest. The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation
charges are amortized over the vesting period. Impairment of Long-Lived Assets Management reviews long-lived assets and other
intangible assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount
of an asset may not be recoverable. An impairment exists when the estimated undiscounted cash flows expected to result from the
use of an asset and its eventual disposition is less than the carrying amount. If an impairment exists, the resulting write-down
would be the difference between the fair market value of the long-lived asset and the related net book value. For the years ended
December 31, 2018 and 2017, the Company recorded total impairment charges of $0.4 million and $-0-, respectively. Income Taxes I ncome
taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are
recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered
or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that
includes the enactment date. A valuation allowance is provided for those deferred tax assets for which management cannot conclude
that it is more likely than not that such deferred tax assets will be realized. Advertising Costs Advertising costs are charged to operations
as incurred. Advertising costs amounted to $82,000 and $542,000, for the years ended December 31, 2018 and 2017, respectively.
Advertising costs are included in general and administrative expenses in the accompanying consolidated statement of operations. Sales Tax and Value Added Taxes The Company accounts for sales taxes and value
added taxes imposed on its goods and services on a net basis. Loss Per Share The Company reports (loss) earnings per share
in accordance with ASC Topic 260, “Earnings Per Share,” which establishes standards for computing and presenting earnings
per share. Basic (loss) earnings per common share is calculated by dividing net (loss) earnings allocable to common stockholders
by the weighted-average common shares outstanding during the period, without consideration of common stock equivalents. Diluted
(loss) earnings per share is calculated by adjusting the weighted-average shares outstanding for the dilutive effect of common
stock equivalents, including stock options and warrants, outstanding for the period as determined using the treasury stock method.
For purposes of the diluted net loss per share calculation, common stock equivalents are excluded from the calculation because
their effect would be anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders is the same
for periods with a net loss. The following table illustrates the anti-dilutive
potential common stock equivalents excluded from the calculation of earnings per share (in thousands):
For the Years Ended
December 31,
2018 2017
Stock options 5,857 6,551
Convertible debt 13,629 —
Warrants 11,872 8,695
31,358 15,246 Fair Value of Financial Instruments U.S. GAAP requires disclosing the fair value
of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the consolidated
balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that
could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement. In assessing the fair value of financial instruments,
the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at
the time. For certain instruments the fair value was estimated that the carrying amount approximated fair value because of the
short maturities of these instruments. All debt is based on current rates at which the Company could borrow funds with similar
remaining maturities and approximates fair value. U.S. GAAP establishes a hierarchy for inputs
used in measuring fair value that maximizes the use of observable inputs and minimizes the use on unobservable inputs by requiring
that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing
the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are
inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or
liability developed based on the best information available in the circumstances. The hierarchy is described below:
Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data.
Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. The following table presents the
Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2018,
consistent with the fair value hierarchy provisions. The asset impairment is a non-recurring level 3 measurement.
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total
Assets (non-recurring):
Asset impairment $ — $ — $ 245,000 $ 245,000
Capitalized software development costs — — 168,000 168,000
— — 413,000 413,000
Liabilities:
Derivative liability $ — $ — $ 1,118,000 $ 1,118,000
Total $ — $ — $ 1,118,000 $ 1,118,000 The following table presents the Company’s
liabilities that are measured at fair value on a recurring basis at December 31, 2017, consistent with the fair value hierarchy
provisions:
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total
Liabilities:
Derivative liability $ — $ — $ 2,399,000 $ 2,399,000
Total $ — $ — $ 2,399,000 $ 2,399,000 See Note 13 for additional disclosure regarding
the Company’s warrants liabilities accounted for at fair value. Foreign Currency and Other Comprehensive
(Loss) Gain The functional currency of our foreign subsidiary
is typically the applicable local currency which is British Pounds. The translation from the respective foreign currency to United
States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet
date and for income statement accounts using an average exchange rate during the period. Gains or losses resulting from such translation
are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency
transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company
transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income. Transaction gains and losses are recognized
in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting
date. The foreign currency exchange gains and losses are included as a component of general and administrative expenses, in the
accompanying Consolidated Statements of Operations. The following table presents losses recognized
from foreign exchange transactions; and changes in accumulated other comprehensive income representing the gain or loss on the
translation of our foreign subsidiary’s financial statements as follows:
For the Years Ended
December 31,
2018 2017
Net foreign exchange transactions:
Losses $ 483,000 $ 284,000
Accumulated comprehensive income:
(Decreases) increases $ (79,000 ) $ 354,000 The exchange rate adopted for the foreign exchange
transactions are the rates of exchange as quoted on an OANDA, a Canadian-based foreign exchange company providing currency conversion,
online retail foreign exchange trading, online foreign currency transfers, and forex information, internet website. Translation
of amounts from British Pounds into United States dollars was made at the following exchange rates for the respective periods:
● As of December 31, 2018 – British Pounds $1.2734340 to US$ 1.00
● Average rate for the year ended December 31, 2018 – British Pounds $1.3347667 to US $1.00
● As of December 31, 2017 – British Pounds $1.3491240 to US$ 1.00
● Average rate for the 11 months ending December 31, 2017 – British Pounds $1.2936987 to US $1.00 Subsequent Events Management has evaluated subsequent events
or transactions occurring through the date the consolidated financial statements were issued and determined that no events or transactions
are required to be disclosed herein, except as disclosed. Recent Accounting Standards – Adopted
and Not Yet Adopted Adopted on January 1, 2019 In May 2014, the FASB issued Accounting Standards
Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), that will supersede virtually all existing
revenue guidance. Under this update, an entity is required to recognize revenue upon transfer of promised goods or services to
customers, in an amount that reflects the entitled consideration received in exchange for those goods or services. The guidance
also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the
customer contracts. This update is effective for annual reporting periods beginning after December 15, 2017 including interim periods
within that reporting period. Early application is permitted for annual reporting periods beginning after December 15, 2016, including
interim periods within that reporting period. The Company has been able to defer adoption to January 1, 2019, under the emerging
growth company (“EGC”) status that expired on December 31, 2018. Upon the loss of EGC status, an issuer is required
to adopt the standard in its next filing. This accounting standard becomes effective for the Company for reporting periods beginning
after December 15, 2018, and interim reporting periods thereafter, specifically the first quarter of 2019. On January 1, 2019, the Company adopted ASU
2014-09 “Revenue from Contracts with Customers” and all subsequent amendments to the ASU (collectively, “ASC
606”), which (i) creates a single framework for recognizing revenue from contracts with customers that fall within its scope
and (ii) revises when it is appropriate to recognize a gain (loss) from the transfer of nonfinancial assets. The Company will adopt
ASC 606 using the modified retrospective method applied to all contracts not completed as of January 1, 2019. Under the modified
retrospective transition method, an entity compares the revenue recognized from contract inception up to the date of initial application
to the amount that would have been recognized if it had applied ASC 606 since contract inception. The difference between those
two amounts would be accounted for as a cumulative effect adjustment and recognized on the date of initial application. The Company
has completed its assessment of the new standard, including a review of the Company’s revenue streams to identify potential
differences in accounting because of the new standard. This evaluation has influenced the Company to conclude that the adoption
of the new guidance will not have a material impact and will not result in a change to the accounting for any of the in-scope revenue
streams; as such, no cumulative effect adjustment is expected. Consequently, financial information will not be updated, and the
disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. In February 2016, the FASB established Topic
842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02, which requires lessees to recognize leases on-balance sheet
and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical
Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted
Improvements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease
liability on the balance sheet for all leases with a term longer than 12 months. As a lessor and lessee, we do not anticipate the
classification of our leases to change, but we expect to recognize right-of-use assets and lease liabilities for substantially
virtually all our operating lease commitments leases for which we are the lessee as a lease liability and corresponding right-of-use
asset on consolidated balance sheet. The accounting for lessors remains largely unchanged from existing guidance. The new standard has been adopted on January
1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date
of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative
period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition
requirements for existing leases also apply to leases entered between the date of initial application and the effective date. The
entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for
the comparative periods. The Company adopted the new standard on January 1, 2019 and use the effective date as our date of initial
application. Consequently, financial information will not be updated, and the disclosures required under the new standard will
not be provided for dates and periods before January 1, 2019. The new standard provides several optional
practical expedients in transition. We expect to elect the ‘package of practical expedients’, which permits us not
to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs.
We do not expect to elect the use-of- hindsight or the practical expedient pertaining to land easements; the latter not being applicable
to us. We expect that this standard will have a material
effect on our financial statements. While we continue to assess all the effects of adoption, we currently believe the most significant
effects relate to the recognition of new ROU assets and lease liabilities on our balance sheet for our real estate operating leases. On adoption, the Company expects recognition
of additional assets and corresponding liabilities pertaining to its operating leases on its consolidated balance sheets. The Company
does not expect the adoption of the new standard to have a significant impact on its consolidated statements of operations and
cash flows. The new standard also provides practical expedients
for an entity’s ongoing accounting. We currently expect to elect the short-term lease recognition exemption for all leases
that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes
not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also currently
expect to elect the practical expedient to not separate lease and non-lease components for all our leases of real estate. New Standards Not Yet Adopted In November 2018, the FASB issued ASU 2018-18,
Collaborative Arrangements (Topic) 808: Clarifying the Interaction between Topic 808 and Topic 606. The amendments in the update
affect all entities that have collaborative arrangements. The amendments to this update make targeted improvements to generally
accepted accounting principles (GAAP) for collaborative arrangements as follows: Clarify that certain transactions between collaborative
arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a
customer in the context of a unit of account. In those situations, all the guidance in Topic 606 should be applied, including recognition,
measurement, presentation, and disclosure requirements. Add unit-of-account guidance in Topic 808 to
align with the guidance in Topic 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative
arrangement or a part of the arrangement is within the scope of Topic 606. Require that in a transaction with a collaborative
arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue
recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. The amendments in this Update are effective
for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the
amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning
after December 15, 2021. Early adoption is permitted, including adoption in any interim period, (1) for public business entities
for periods for which financial statements have not yet been issued and (2) for all other entities for periods for which financial
statements have not yet been made available for issuance. An entity may not adopt th |
