| ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature
of Operations Vislink,
incorporated in Delaware in 2006, is a global technology business specializing in collecting, delivering, and managing high-quality,
live video and associated data from the action scene to the viewing screen. Vislink provides solutions for collecting live news, sports,
entertainment, and news events for the broadcast markets. Vislink also furnishes the surveillance and defense markets with real-time
video intelligence solutions using various tailored transmission products. The Vislink team also provides professional and technical
services utilizing a staff of technology experts with decades of applied knowledge and real-world experience in the terrestrial microwave,
satellite, fiber optic, surveillance, and wireless communications systems delivering a broad spectrum of customer solutions. Live
Broadcast: Vislink
delivers an extensive portfolio of solutions for live news, sports, and entertainment industries. These solutions include video collection,
transmission, management, and distribution via microwave, satellite, cellular, I.P. (Internet Protocol), MESH, and bonded cellular/5G
networks. We also provide solutions utilizing A.I. (Artificial Intelligence) technologies to provide automated news and sporting events
coverage. With over 50 years in operation, Vislink has the expertise and technology portfolio to deliver fully integrated, seamless,
end-to-end solutions. Industry-wide
contributors acknowledge Vislink’s live broadcast solutions. The transmission of most of all outside wireless broadcast video content
uses our equipment, with over 200,000 systems installed worldwide. We work closely with the majority of the world’s broadcasters.
Vislink wireless cameras and ultra-compact encoders help bring many of the world’s most prestigious sporting and entertainment
events to life. Recent examples include globally watched international sporting contests, award shows, racing events, and annual music
and cultural events. Military
And Government: Vislink
has developed high-quality solutions to meet surveillance and defense markets’ operational and industry challenges based on our
knowledge of live video delivery. Vislink solutions are specifically designed with interagency cooperation, utilizing the internationally-recognized
I.P. platform and a web interface for video delivery. Vislink provides comprehensive video, audio, and data communications solutions
to law enforcement and the public safety community, including Airborne, Unmanned Systems, Maritime, and Tactical Mobile Command Posts.
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 throughout the U.S., Europe, and the Middle East, at the local,
regional, and federal levels of operation, criminal investigation, crisis management, mobile command posts, and field operations. These
solutions are designed to meet the demands of field operations, command centers, and central receiving sites. Short-range and long-range
solutions are available in areas including established infrastructure and exceptionally remote regions, making valuable video intelligence
available regardless of location. Satellite
Communications Over
30 years of technical expertise support Vislink’s satellite solutions. These solutions ensure robust, secure communications while
delivering low transmission costs for any organization that needs high-quality, reliable satellite transmission. We offer turnkey solutions
that begin with state-of-the-art coding, compression, and engine modulation and end with our robust, lightweight antenna systems. Vislink
Satellite solutions focus heavily on being the smallest, lightest, and most efficient in their categories, making transportation and
ease of use a key driver in the customer experience. Vislink offers an extensive range of satellite designs that allow customers to optimize
bit rate, size, weight, and total cost. Our satellite systems are used extensively globally, with over 2,000 systems deployed by governments,
militaries, and broadcasters. While we continue offering satellite solutions, we no longer invest in the engineering and product development
necessary to stay relevant in the sector. We will continue to market and sell our current solutions but do not anticipate introducing
further upgrades or features to our satellite product line. VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Nature
of Operations (continues) Connected
Edge Solutions: Vislink
offers the hardware and software solutions needed to acquire, produce, contribute, and deliver video over all private and public networks
with the Mobile Viewpoint acquisition. Connected edge solutions aid 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 Basis
of Presentation The
accompanying unaudited condensed consolidated financial statements are prepared under the United States generally accepted accounting
principles (“US GAAP”) for interim financial information and following Form 10-Q and Regulation S-X instructions. Accordingly,
these financial statements do not include all information or notes required by GAAP for annual financial statements. Read these financial
statements in conjunction with the consolidated financial statements filed on the Company’s Annual Report on Form 10-K for the
year ended December 31, 2022, filed with the United States Securities and Exchange Commission (the “SEC”) on March 31, 2023.
In the opinion of management, the unaudited condensed consolidated financial statements included herein contain all adjustments necessary
to present the Company’s consolidated financial position as of March 31, 2023, the results of its operations, and cash flow for
the three months ended March 31, 2023, and 2022. Such adjustments are of a routine recurring nature. The results of operations for the
three months ended March 31, 2023, may not indicate results for an entire year, any other interim period, or any future year period. Principles
of Consolidation The
accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States
of America or (“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 US Securities
and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the accounts of the Company
and its wholly-owned subsidiaries. We have 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 U.S., the U.K., and the Netherlands. Use
of Estimates The
preparation of the 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 consolidated financial statements. These estimates
also affect the reported revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Company’s
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
financial statements. VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Risks
and Uncertainties Risks
and uncertainties include but are not limited to, the following: risks related to an economic downturn or deterioration of general macroeconomic
conditions (including recessionary pressures, decreases in consumer spending power or confidence, and significant uncertainty in the
global economy and capital markets resulting from rising inflation, volatility in energy and commodity prices, the impact of the Russia-Ukraine
war, increasing diplomatic and trade friction between the U.S. and China, and related supply chain issues), risks arising from epidemic
diseases or pandemics, potential adverse effects to our and our customers’ liquidity and financial performances from bank failures
or other events affecting financial institutions. To
mitigate such possibilities, we may align our product pricing and cost structure with changes in customer demand and manage our working
capital. However, there can be no assurance as to the effectiveness of our efforts to mitigate any impact of the current and future adverse
economic conditions, reductions in client revenue, changes in client creditworthiness, and other developments. We monitor the circumstances
mentioned above to assess direct material adverse effects on our business, financial condition, or results of operations. Therefore,
these impacts may change accounting estimates and assumptions over time. Interim period results are not necessarily indicative of the
expected results for the full fiscal year. 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
3/31/23 12/31/22
Cash on hand $ 2,741,000 $ 25,627,000
Federal-backed mutual funds 11,303,000 —
Cash and cash equivalents $ 14,044,000 $ 25,627,000 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 particular 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. Inventories Inventories
consist of raw materials, work-in-process, and finished goods and are 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
completion, disposal, and transportation costs. The Company evaluates inventory balances and either writes down obsolete inventory or
records a reserve for slow-moving or excess inventory based on net realizable value analysis. VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Revenue
Recognition We
account for the Company’s operating results under ASC Topic 606, adopted on January 1, 2019. It is a comprehensive revenue recognition
model that requires recognition when the Company transfers control of the promised goods or services to our customers at an amount that
reflects the consideration we expect to receive. The application of ASC Topic 606 requires us to use more judgment and make more estimates
than under previously issued guidance. The
Company generates all its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation
by transferring control of the promised goods or services to a customer in an amount that reflects the consideration we expect to receive
in exchange for those services. The
Company determines revenue recognition through the following steps: 1.
Identification of the contract, or contracts, with a customer. 2.
Identification of the performance obligations in the contract. 3.
Determination of the transaction price. 4.
Allocation of the transaction price to the performance obligations in the contract; and 5.
Recognition of revenue when, or as, we satisfy a performance obligation. At
contract inception, the Company assesses the goods and services promised in our customer contracts and identifies a performance obligation
for each. To determine the performance obligations, the Company considers all the products and services promised in the contract regardless
of whether they are explicitly stated or implied by customary business practices. The timing of satisfaction of the performance obligation
is not subject to significant judgment. We measure revenue as the consideration we expect to receive in exchange for transferring goods
and services. The value-added sales taxes and other charges we collect concurrent with revenue-producing activities are excluded from
income. Remaining
Performance Obligations: The
remaining performance obligations, or backlog, represent the aggregate amount of the transaction price allocated to the remaining obligations
that the Company has not performed under its customer contracts. The Company has elected to use the optional exemption in ASC 606-10-50-14,
which exempts an entity from such disclosures if a performance obligation is part of a contract with an original expected duration of
one year or less. Intangible
Assets 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 20 Other
intangible assets: The
Company’s remaining intangible assets include the trade names, technology, and customer lists acquired in IMT, Vislink, and Mobile
Viewpoint Corporate B.V., a third-party appraiser, determined the value of these acquired assets for these business combinations. Absent
an indication of fair value from a potential buyer or similar specific transactions, we have determined that using the methods employed
provided a reasonable estimate in reporting the values assigned. VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Leases The
Company determines if an arrangement is a lease at inception. The Company recognizes lease expense for lease payments on a straight-line
basis over the lease term. The Company includes operating leases as “Right of use assets, operating leases” (“ROU”)
in the consolidated balance sheets. For lease liabilities, operating lease liabilities are included in “Operating lease obligations,
current” and “Operating lease liabilities, net of current portion” in the consolidated balance sheets. The Company
recognizes operating lease ROU assets and liabilities on the commencement date based on the present value of lease payments for all leases
with a term longer than 12 months. No lease and non-lease components are separated for all our real estate contracts. There
were no capital leases, now titled “finance leases” under ASC 842, in the Company’s lease portfolio as of March 31,
2023. The ROU assets and related lease liabilities recorded under ASC 842 are calculated based on the present value of the lease payments
using (1) the rate implicit in the lease or (2) the lessee’s incremental borrowing rate (“IBR”), defined as the rate
of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments
in a comparable economic environment. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing
rates based on an analysis of prior collateralized borrowings over similar terms of the lease payments at the commencement date to estimate
the IBR under ASC 842. Stock-Based
Compensation The
Company accounts for stock compensation with persons classified as employees for accounting purposes under 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, and the fair
value of common stock issued for services is determined based on the Company’s stock price on the issuance date. The
expansion of Topic 718 fell under ASU 2018-07 to include share-based payment transactions for acquiring goods and services from non-employees.
The measurement date for equity-classified non-employee share-based payment awards is no longer at the earlier date at which a commitment
for performance by the counterparty is reached or the date at which the counterparty’s performance is complete. Instead, the grant
date is now considered the measurement date. Under today’s guidance, the measurement of non-employee share-based payment awards
with performance conditions is at the lowest aggregate fair value, often resulting in a zero value. The new ASU aligns the accounting
for nonemployee share-based payment awards with performance conditions with accounting for employee share-based payment awards under
Topic 718 by requiring entities to consider the probability of satisfying performance conditions. Current guidance requires entities
to use the contractual term to measure the non-employee share-based payment awards. The new ASU allows entities to make an award-by-award
election to use the expected duration (consistent with employee share-based payment awards) or the contractual term for non-employee
awards. Stock-Option
Awards — Time-based and performance-based: Under
ASC Topic 718, the compensation cost is measured based on an award’s fair value at the grant’s date for the time vested option
award using the Black Scholes-Merton formula as a valuation technique. The Company used the U.S. Treasury note’s rate over the
expected option term for the risk-free rate. Employees’ expected term represents the period that options granted are expected to
be outstanding using the simplified method. The Company’s historical share option exercise experience does not provide a reasonable
basis for estimating the expected term. For non-employee options, the expected term is the entire term. Expected volatility is based
on the average weekly share price changes over the shorter expected term or the period from the Nasdaq Capital Markets Exchange placement
to the grant’s date. The Company estimates forfeiture and volatility using historical information. The risk-free interest rate
is based on the implied yield on U.S. Treasury zero-coupon issues over the options’ equivalent lives. The
Company has not paid dividends on its common stock, and no assumption of dividend payment(s) is made in the model. For employee equity-classified
awards, compensation cost is recognized over the employee’s requisite service period with a corresponding credit to additional
paid-in capital. The employee’s requisite service period begins at the service inception date and ends when the requisite service
has been provided. Restricted
Stock Unit Awards (“RSUs”) — Time-Based: Under
ASC 718, the exercise price for RSUs is determined using the fair market value of the Company’s common stock on the grant date.
For an award with graded vesting subject only to a service condition (e.g., time-based vesting), ASC 718-10-35-8 provides an accounting
policy choice between graded vesting attribution or straight-line attribution. The Company elects the graded vesting method, recognizing
compensation expense for only the portion of awards expected to vest. Forfeitures of time-based units and awards are recognized as they
occur. Stock-based compensation costs are calculated using the closing stock price on the grant date to estimate the fair value of time-based
restricted stock units. VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Stock-Based
Compensation (continued) Restricted
Stock Unit Awards (“RSUs”) — Performance-Based: The
accruals of compensation cost for an award with a performance condition are related to that performance condition’s probable outcome.
Under ASC 718, a “performance condition” is the achievement of a specified target that is defined by referring to the employer’s
operations or activities, such as an option that vests if the employer’s growth rate increases by a certain amount or there are
the attainments of regulatory approval for a product. There is an accrual of compensation cost upon the likely achievement of the performance
condition, and there is no accrual if the accomplishment of the performance condition is not probable. The exercise price for RSUs is
determined using the fair market value of the Company’s common stock on the grant date. Stock-based compensation costs are calculated
using the closing stock price on the grant date to estimate performance-based restricted stock units’ fair value. Loss
Per Share The
Company reports loss per share under ASC Topic 260, “Earnings Per Share,” which establishes standards for computing and presenting
earnings per share. The basic loss per share calculation divides the net loss allocable to common stockholders by the weighted-average
shares of common stock outstanding during the period without considering common stock equivalents. The diluted loss per share calculation
is calculated by adjusting the weighted-average shares of common stock outstanding for the dilutive effect of common stock equivalents,
including stock options and warrants, outstanding for the period determined using the treasury stock method. For 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 loss per share (in
thousands): SCHEDULE
OF ANTI-DILIUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM THE CALCULATION OF LOSS PER SHARE
2023 2022
Three
Months Ended
March
31,
2023 2022
Anti-dilutive
potential common stock equivalents are excluded from the calculation of loss per share:
Stock
options 78 26
Warrants 459 459
Total 537 485 Fair
Value of Financial Instruments The
authoritative guidance for fair value measurements under topic ASC 820, “Fair Value Measurements and Disclosures,” establishes
a three-tier fair value hierarchy, prioritizing the inputs used in measuring fair value. These tiers include:
● Level
1 is observable inputs such as quoted prices in active markets.
● Level
2 is defined as inputs other than quoted prices in active markets that are either directly
or indirectly observable; and
● Level
3 is defined as unobservable inputs with little or no market data, requiring an entity to
develop its assumptions. Our
financial instruments include cash equivalents, accounts receivable, investments, prepaid expenses and other assets, accounts payable,
accrued expenses, and short-term debt. Fair value estimates of these instruments are made at a specific point in time based on relevant
market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore,
cannot be determined with precision. The carrying amount of cash equivalents, accounts receivable, investments, prepaid expenses, and
other assets, accounts payable, and accrued expenses are generally considered to be representative of their respective fair values because
of the short-term nature of those instruments. VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Fair
Value of Financial Instruments (continued) In
August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements
for Fair Value Measurement. The new guidance modifies the disclosure requirements on fair value measurements in Topic 820. The amendments
in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years beginning after December
15, 2019. Effective January 1, 2020, the Company adopted the provisions of ASU 2018-13. The adoption did not have a material impact on
the Company’s consolidated financial statements or related disclosures. As of March 31, 2023, the Company had level 2 fair value
assets (see Note 3). Foreign
Currency and Other Comprehensive (Gains) Loss We
record gains or losses resulting from foreign currency transactions in foreign currency income or loss except for the effect of exchange
rates on long-term inter-company transactions that are considered long-term investments that are accumulated and credited or charged
to other comprehensive income. We have two foreign subsidiaries, one in the United Kingdom and the other in the Netherlands, and their
functional currencies are British Pounds and Euros, respectively. The translation from the respective foreign currency to United States
Dollars (“US Dollars”) is performed for balance sheet accounts using current exchange rates at the balance sheet date and
for income statement accounts using an average exchange rate for the three months ending March 31, 2023, and 2022, respectively. We included
gains or losses from such translation as a separate component of accumulated other comprehensive (loss) income. Transaction
gains and losses are recognized in our operations’ results based on the difference between the foreign exchange rates on the transaction
date and the reporting date. The foreign currency exchange gains and losses are a component of general and administrative expenses in
the accompanying Unaudited Condensed Consolidated Statements of Operations. 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
Three
months ended
March
31,
2023 2022
Net
foreign exchange transactions:
(Gains)
Losses $ (44,000 ) $ 16,000
Net foreign exchange transactions: Losses $ (44,000 ) $ 16,000
Accumulated
comprehensive income:
Unrealized
(gains) losses on currency translation adjustment $ (155,000 ) $ 268,000 The
exchange rates adopted for the foreign exchange transactions are quoted on OANDA, a Canadian-based foreign exchange company, and an internet
website providing currency conversion, online retail foreign exchange trading, foreign currency transfers, and forex information. The
Company translated amounts from British Pounds into United States Dollars and Euros to British Pounds at the following exchange rates
for the respective periods:
● As
of March 31, 2023 – £ 1.236707 1.00 1.0877060 1.00
● The
average exchange rate for the three months ended March 31, 2023 – £ 1.2147249 1.00 1.0727193 1.00
● As
of March 31, 2022 – £ 1.3132500 1.00 0.8462040 1.00
● The
average exchange rate for the three months ended March 31, 2022 – £ 1.3413086 1.00 0.8361689 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. On March 31, 2023, the Company entered into an agreed separation with Michael Bond, the former Chief Financial Officer. Effective April
1, 2023, Paul Norridge became the Company’s new Chief Financial Officer. VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE
1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. |
