Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-35988 | |
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 $0.00001 per share | |
Trading Symbol | VISL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,377,362 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 10,973,000 | $ 25,627,000 |
Accounts receivable, net | 5,747,000 | 6,007,000 |
Inventories, net | 13,177,000 | 12,021,000 |
Investments held to maturity | 10,837,000 | |
Prepaid expenses and other current assets | 2,376,000 | 1,232,000 |
Total current assets | 43,110,000 | 44,887,000 |
Right of use assets, operating leases | 940,000 | 1,075,000 |
Property and equipment, net | 1,744,000 | 1,434,000 |
Intangible assets, net | 3,910,000 | 4,400,000 |
Total assets | 49,704,000 | 51,796,000 |
Current liabilities | ||
Accounts payable | 3,333,000 | 2,626,000 |
Accrued expenses | 1,436,000 | 1,568,000 |
Notes payable | 394,000 | 84,000 |
Operating lease obligations, current | 406,000 | 455,000 |
Customer deposits and deferred revenue | 1,921,000 | 1,540,000 |
Total current liabilities | 7,490,000 | 6,273,000 |
Operating lease obligations, net of current portion | 934,000 | 1,107,000 |
Deferred tax liabilities | 655,000 | 764,000 |
Total liabilities | 9,079,000 | 8,144,000 |
Commitments and contingencies (See Note 12) | ||
Series A Preferred stock, $0.00001 par value per share: -0- shares authorized on June 30, 2023, and December 31, 2022, respectively; -0- and 47,419 shares issued and outstanding on June 30, 2023, and December 31, 2022, respectively. | ||
Stockholders’ equity | ||
Preferred stock, $0.00001 par value per share: 10,000,000 shares authorized on June 30, 2023, and December 31, 2022, respectively | ||
Common stock, $0.00001 par value per share, 100,000,000 shares authorized on June 30, 2023, and December 31, 2022, respectively: Common stock, 2,377,362 and 2,370,966 were issued, and 2,377,229 and 2,370,833 were outstanding on June 30, 2023, and December 31, 2022, respectively. | ||
Additional paid-in capital | 346,822,000 | 345,365,000 |
Accumulated other comprehensive loss | (1,037,000) | (1,337,000) |
Treasury stock, at cost – 133 shares as of June 30, 2023, and December 31, 2022, respectively | (277,000) | (277,000) |
Accumulated deficit | (304,883,000) | (300,099,000) |
Total stockholders’ equity | 40,625,000 | 43,652,000 |
Total liabilities and stockholders’ equity | $ 49,704,000 | $ 51,796,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 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 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 2,377,362 | 2,370,966 |
Common Stock, shares outstanding | 2,377,229 | 2,370,833 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue, net | $ 5,043,000 | $ 6,766,000 | $ 12,231,000 | $ 13,626,000 |
Cost of revenue and operating expenses | ||||
Cost of components and personnel | 2,361,000 | 3,186,000 | 5,675,000 | 6,609,000 |
Inventory valuation adjustments | 175,000 | 101,000 | 304,000 | 197,000 |
General and administrative expenses | 4,679,000 | 4,439,000 | 9,707,000 | 9,349,000 |
Research and development expenses | 908,000 | 1,151,000 | 1,675,000 | 2,269,000 |
Amortization and depreciation | 304,000 | 465,000 | 602,000 | 922,000 |
Total cost of revenue and operating expenses | 8,427,000 | 9,342,000 | 17,963,000 | 19,346,000 |
Loss from operations | (3,384,000) | (2,576,000) | (5,732,000) | (5,720,000) |
Other income (expense) | ||||
Unrealized loss on investments held to maturity | (35,000) | (63,000) | ||
Gain on settlement of debt | 9,000 | 9,000 | ||
Other income | (11,000) | (10,000) | 330,000 | 316,000 |
Dividend income | 128,000 | 219,000 | ||
Interest income, net | 220,000 | (5,000) | 353,000 | (5,000) |
Total other income (expense) | 302,000 | (6,000) | 839,000 | 320,000 |
Net loss before income taxes | (3,082,000) | (2,582,000) | (4,893,000) | (5,400,000) |
Income taxes | ||||
Deferred tax benefits | 54,000 | 56,000 | 109,000 | 107,000 |
Net loss | $ (3,028,000) | $ (2,526,000) | $ (4,784,000) | $ (5,293,000) |
Basic loss per share | $ (1.27) | $ (1.10) | $ (2.02) | $ (2.30) |
Diluted loss per share | $ (1.27) | $ (1.10) | $ (2.02) | $ (2.30) |
Weighted average number of shares outstanding: | ||||
Basic | 2,377 | 2,305 | 2,374 | 2,298 |
Diluted | 2,377 | 2,305 | 2,374 | 2,298 |
Comprehensive loss: | ||||
Unrealized gain (loss) on currency translation adjustment | $ 145,000 | $ (1,407,000) | $ 300,000 | $ (1,139,000) |
Comprehensive loss | $ (2,883,000) | $ (3,933,000) | $ (4,484,000) | $ (6,432,000) |
Consolidated Statement of Chang
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 | $ 343,746 | $ (297) | $ (277) | $ (286,539) | $ 56,633 | |||
Balance, shares at Dec. 31, 2021 | 2,287,669 | |||||||
Net loss | (5,293) | (5,293) | ||||||
Unrealized gain on currency translation adjustment | (1,139) | (1,139) | ||||||
Stock-based compensation | 955 | 955 | ||||||
Issuance of common stock in connection with: | ||||||||
Satisfaction of accounts payable vendor balance | 31 | 31 | ||||||
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 | 17,889 | |||||||
Satisfaction with the conversion of restricted stock units | ||||||||
Satisfaction with the conversion of restricted stock units, shares | 57,952 | |||||||
Balance at Jun. 30, 2022 | 344,732 | (1,436) | (277) | (291,832) | 51,187 | |||
Balance, shares at Jun. 30, 2022 | 2,365,445 | |||||||
Balance at Mar. 31, 2022 | 344,493 | (565) | (277) | (289,306) | 54,345 | |||
Balance, shares at Mar. 31, 2022 | 2,287,669 | |||||||
Net loss | (2,526) | (2,526) | ||||||
Unrealized gain on currency translation adjustment | (871) | (871) | ||||||
Stock-based compensation | 208 | 208 | ||||||
Issuance of common stock in connection with: | ||||||||
Satisfaction of accounts payable vendor balance | 31 | 31 | ||||||
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 | 17,889 | |||||||
Satisfaction with the conversion of restricted stock units | ||||||||
Satisfaction with the conversion of restricted stock units, shares | 57,952 | |||||||
Balance at Jun. 30, 2022 | 344,732 | (1,436) | (277) | (291,832) | 51,187 | |||
Balance, shares at Jun. 30, 2022 | 2,365,445 | |||||||
Balance at Dec. 31, 2022 | 345,365 | (1,337) | (277) | (300,099) | 43,652 | |||
Balance, shares at Dec. 31, 2022 | 47,419 | 2,367,362 | ||||||
Net loss | (4,784) | (4,784) | ||||||
Unrealized gain on currency translation adjustment | 300 | 300 | ||||||
Stock-based compensation | 1,257 | 1,257 | ||||||
Elimination of Series A Preferred Stock | ||||||||
Elimination of Series A Preferred Stock, shares | (47,419) | |||||||
Issuance of common stock in connection with: | ||||||||
Compensation awards for services previously accrued | 200 | 200 | ||||||
Compensation awards for services previously accrued, shares | 10,000 | |||||||
Balance at Jun. 30, 2023 | 346,822 | (1,037) | (277) | (304,883) | 40,625 | |||
Balance, shares at Jun. 30, 2023 | 2,377,362 | |||||||
Balance at Mar. 31, 2023 | [1] | 346,486 | (1,182) | (277) | (301,855) | 43,172 | ||
Balance, shares at Mar. 31, 2023 | [1] | 2,377,362 | ||||||
Net loss | (3,028) | (3,028) | ||||||
Unrealized gain on currency translation adjustment | 145 | 145 | ||||||
Stock-based compensation | 336 | 336 | ||||||
Balance at Jun. 30, 2023 | $ 346,822 | $ (1,037) | $ (277) | $ (304,883) | $ 40,625 | |||
Balance, shares at Jun. 30, 2023 | 2,377,362 | |||||||
[1]In connection with the reverse stock split implemented by the Company on May 1, 2023, the company’s stock transfer agent calculated a de minimus adjustment to the opening quantity of shares issued. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows used in operating activities | ||
Net loss | $ (4,784) | $ (5,293) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Gain on settlement of debt | (9) | |
Deferred tax benefits | (109) | (107) |
Unrealized loss on the fair value of investments in bonds held to maturity | 63 | |
Accretion of bond discount | (137) | |
Stock-based compensation | 1,257 | 955 |
Stock issuance commitments | 200 | |
Provision for bad debt | 38 | 15 |
Recovery of bad debt | (6) | (38) |
Inventory valuation adjustments | 304 | 197 |
Amortization of right-of-use assets, operating assets | 135 | 104 |
Depreciation and amortization | 602 | 922 |
Changes in assets and liabilities | ||
Accounts receivable | 323 | 111 |
Inventories | (1,196) | (3,934) |
Prepaid expenses and other current assets | (619) | 1,118 |
Accounts payable | 708 | 202 |
Accrued expenses | 68 | (1,749) |
Operating lease obligations | (222) | (286) |
Customer deposits and deferred revenue | 381 | (646) |
Net cash used in operating activities | (3,194) | (8,238) |
Cash flows used in investing activities | ||
Cash used for investments held to maturity | (10,763) | |
Cash used for property and equipment | (421) | (298) |
Net cash used in investing activities | (11,184) | (298) |
Cash flows used in financing activities | ||
Principal payments made on notes payable | (213) | (458) |
Net cash used in financing activities | (213) | (458) |
Effect of exchange rate changes on cash | (63) | (358) |
Net decrease in cash and cash equivalents | (14,654) | (9,352) |
Cash and cash equivalents, beginning of the period | 25,627 | 36,231 |
Cash and cash equivalents, end of the period | 10,973 | 26,879 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 6 | 6 |
Supplemental disclosure of non-cash information: | ||
Notes payable | 523 | 943 |
Common stock issued in connection with: | ||
Settlement of accounts payable | 31 | |
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 | (135) | (104) |
ROU assets and operating lease obligations recognized | (135) | (104) |
Operating lease liabilities recognized | ||
Less: non-cash changes to operating lease liabilities accretion | (222) | (286) |
Operating lease liabilities recognized | $ (222) | $ (286) |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 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 June 30, 2023, as well as results of operations for the three months and six months ended June 30, 2023, and 2022, as well as cash flow for the six months ended June 30, 2023, and 2022. For the six months ended June 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 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. 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. 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. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. 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. |
LIQUIDITY AND FINANCIAL CONDITI
LIQUIDITY AND FINANCIAL CONDITION | 6 Months Ended |
Jun. 30, 2023 | |
Liquidity And Financial Condition | |
LIQUIDITY AND FINANCIAL CONDITION | NOTE 2 — LIQUIDITY AND FINANCIAL CONDITION For the six months ended June 30, 2023, the Company incurred an approximate loss of $ 5.7 3.2 35.6 304.9 11.0 During the first quarter of 2023, the Company invested approximately $ 10.8 11.3 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. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
LOSS PER SHARE
LOSS PER SHARE | 6 Months Ended |
Jun. 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 Six months Ended June 30 2023 2022 Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: Stock options 85 29 Warrants 456 459 Total 541 488 |
FOREIGN CURRENCY AND OTHER COMP
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES | 6 Months Ended |
Jun. 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 Six months ended June 30, June 30, 2023 2022 2023 2022 Net foreign exchange transactions: (Gains) Losses $ 41,000 $ (21,000 ) $ (3,000 ) $ (5,000 ) Net foreign exchange transactions: Losses $ 41,000 $ (21,000 ) $ (3,000 ) $ (5,000 ) Accumulated comprehensive income: Unrealized (gains) losses on currency translation adjustment $ 10,000 $ (871,000 ) $ (145,000 ) $ (1,139,000 ) The exchange rates adopted for foreign exchange transactions are quoted on OANDA, a Canadian-based foreign exchange company. This website offers currency conversion, online retail foreign exchange trading, foreign currency transfers, and currency information through its website. Based on the following exchange rates, the Company converted amounts between British Pounds and US Dollars and Euros into British Pounds for the respective periods: ● As of June 30, 2023 – £ 1.266150 1.00 1.088440 1.00 ● The average exchange rate for the six months ended June 30, 2023 – £ 1.233240 1.00 1.080655 1.00 ● As of June 30, 2022 – £ 1.080655 1.00 1.044949 1.00 ● The average exchange rate for the six months ended June 30, 2022 – £ 1.298904 1.00 1.091890 1.00 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 6 Months Ended |
Jun. 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 June 30, December 31, 2023 2022 Cash on hand $ 1,542,000 $ 25,627,000 Federally insured money market mutual funds 9,431,000 — Total cash and cash equivalents $ 10,973,000 $ 25,627,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 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 5,000,000 October 24, 2023 5.1948 253,289 4,812,500 4,910,000 ● On February 1, 2023, the Company purchased a bond, “Federal Home Loan Banks,” with a face value of $ 4,999,750 25,729 5,000,000 December 22, 2023 4.750 5,025,479 4,981,000 ● On February 28, 2023, the Company purchased a bond, “Federal National Mortgage Association,” with a face and par value of $ 950,000 February 28, 2024 5.07 950,000 946,000 The Company identified these transactions as investments in debt security and 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 June 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 1 input as of June 30, 2023: SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS Level 1 Level 2 Level 3 Total Federal Bonds $ — $ 10,837,000 $ — $ 10,837,000 $ — $ 10,837,000 $ — $ 10,837,000 The Company’s investments held to maturity are as follows as of June 30, 2023: SCHEDULE OF INVESTMENTS HELD TO MATURITY Amortized Cost Unrealized Gains Unrealized Losses Fair Value Federal Bonds $ 10,900,000 — $ 63,000 $ 10,837,000 $ 10,900,000 $ — $ 63,000 $ 10,837,000 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 7 — INTANGIBLE ASSETS The following table illustrates finite intangible assets as of June 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 Amortization — (294,000 ) — — — (69,000 ) — (127,000 ) (490,000 ) Balance, June 30, 2023 $ 2,132,000 $ (1,109,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,258,000 ) $ 5,095,000 $ (3,201,000 ) $ 3,910,000 The Company continuously monitors intangible assets for potential impairments based on operating results, events, and circumstances. As of June 30, 2023, management identified no triggering events. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 7 — INTANGIBLE ASSETS (continued) The Company’s groups of intangible assets consist primarily of: Proprietary Technology: Generally, the Company amortizes proprietary technology over 3 5 Patents and Licenses: Patents and licenses filed by the Company are amortized for 18.5 20 Trade Name, Technology, and Customer Relationships: Other intangible assets are amortized for 3 15 The Company has recognized net capitalized intangible costs as follows: SCHEDULE OF CAPITALIZED INTANGIBLE COSTS June 30, December 31, 2023 2022 Proprietary Technology $ 1,025,000 $ 1,319,000 Trade Names and Technology 991,000 1,060,000 Customer Relationships 1,894,000 2,021,000 $ 3,910,000 $ 4,400,000 The Company has recognized the amortization of intangible assets as follows: SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Proprietary Technology $ 148,000 $ 148,000 $ 294,000 $ 293,000 Patents and Licenses — 167,000 — 331,000 Trade Names and Technology 34,000 34,000 69,000 69,000 Customer Relationships 64,000 64,000 127,000 127,000 $ 246,000 $ 413,000 $ 490,000 $ 820,000 The weighted average remaining life of the amortization of the Company’s intangible assets is approximately 5.2 SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS Period ending June 30, 2024 $ 636,000 2025 635,000 2026 595,000 2027 533,000 2028 349,000 Thereafter 1,162,000 Finite-Lived Intangible Assets, Net, Total $ 3,910,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 8 — NOTES PAYABLE The table below represents the Company’s notes payable as of June 30, 2023, and December 31, 2022: SCHEDULE OF NOTES PAYABLE Principal June 30, December 31, The Company renewed its D&O insurance policy on April 5, 2022, reducing the premium to approximately $ 1,037,000 194,000 2.09 84,000 0 150 0 2,000 $ — $ 84,000 The Company renewed its D & O insurance policy on April 5, 2023, reducing the premium to approximately $ 811,000 288,000 523,000 6.14 67,000 5,000 0 394,000 $ 394,000 $ 84,000 |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
LEASES | NOTE 9 — 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 June 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 $ 0.9 1.3 1.3 0.4 0.9 3.1 July 2023 and May 2027 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, the Company has the right to renew individual leases at various renewal terms, although the Company is not obligated to do so. Short-term lease costs, taxes, and variable service charges were immaterial. A one-year lease for 600 May 31, 2024 2,100 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 9 — LEASES (continued) The following table illustrates operating lease data for the three months ending June 30, 2023, and 2022: SCHEDULE OF OPERATING LEASE DATA 2023 2022 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Lease cost: Operating lease cost $ 103,000 $ 114,000 $ 206,000 $ 233,000 Short-term lease cost 10,000 10,000 20,000 159,000 Total lease cost $ 113,000 $ 124,000 $ 226,000 $ 392,000 Cash paid for lease liabilities: Cash flows from operating leases $ 325,000 $ 253,000 Weighted-average remaining lease term—operating leases 3.1 3.8 Weighted-average discount rate—operating leases 9.5 % 9.4 % Maturities of operating lease liabilities were as follows as of June 30, 2023: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Amount 2024 $ 507,000 2025 468,000 2026 341,000 2027 186,000 2028 — Thereafter — Total lease payments 1,502,000 Less: imputed interest 162,000 Present value of lease liabilities 1,340,000 Less: Current lease liabilities 406,000 Non-current lease liabilities $ 934,000 The table below lists the location and lease expiration date from 2023 through 2027: SCHEDULE OF LEASE OBLIGATION ASSUMED Location Square Footage Lease-End Approximate Colchester, UK 16,000 Dec 2025 $ 554,000 Singapore 950 July 2023 $ 3,000 Billerica, MA 2,000 Dec 2026 $ 43,000 Hemel, UK 12,870 Oct 2023 $ 367,000 Mount Olive, NJ 7,979 Jan 2027 $ 535,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 10 — STOCKHOLDERS’ EQUITY Preferred stock On March 22, 2023, the Board of Directors of the Corporation approved a resolution to eliminate the Corporation’s Certificate of Designation, Preferences, and Rights (the “Certificate of Elimination”) of the Series A Preferred Stock, par value $ 0.00001 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 preferred stock of the Corporation. As of March 31, 2023, 47,500 no 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 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 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 of Directors of the Company (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 (the “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 1-for-50 On May 1, 2023, the Company effected a 1-for-20 Other common stock activity During the six months that ended June 30, 2023, the Company: ● has issued 10,000 200,000 ● recognized approximately $ 1,257,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 10 — STOCKHOLDERS’ EQUITY (continued) Common stock warrants In the six months ending June 30, 2023, 2,667 66.00 2.61 The following table sets forth common stock purchase warrants outstanding as of June 30, 2023: SCHEDULE OF WARRANT OUTSTANDING Number of Warrants (in shares) Weighted Average Exercise Price Outstanding, December 31, 2022 458,747 $ 72.00 Warrants granted, exercised, canceled, or expired (2,667 ) — Outstanding and exercisable, June 30, 2023 456,080 $ 66.00 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 11 — 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 grants time-vested stock options to various employees in connection with their employment agreements. The equity awards are 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 grants performance-based stock options to various employees in connection with their employment agreements. The equity awards are ten-year, non-statutory performance-based stock option inducement awards 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 grants employees time-based restricted stock units (“RSUs”) subject to continued employment. The equity awards 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 grants employees performance-based restricted stock unit awards subject to performance vesting conditions and continued employment. The equity awards will vest in three equal tranches upon reaching performance conditions for each tranche. 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 Three months ended Six months ended June 30, June 30, Equity-based plans: 2023 2022 2023 2022 Long-term stock incentive plan awards $ — $ — $ — $ 1,000 Time-vested option inducement awards 37,000 28,000 107,000 56,000 Performance-based stock option inducement award - - — - Time-based restricted stock awards 299,000 180,000 1,150,000 898,000 Performance-based restricted stock awards — — — — Stock-based compensation expense $ 336,000 $ 208,000 $ 1,257,000 $ 955,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 11 — STOCK-BASED COMPENSATION (continued) The following table illustrates supplementary data under various equity compensation plans: SCHEDULE OF EQUITY COMPENSATION PLANS Six months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Quantity Weighted Average Quantity Weighted Average Quantity Weighted Average Quantity Weighted Average Long-term stock incentive plan awards Time-vested option inducement awards Balance-January 1 st 2,250 $ 1,756 2,496 $ 1,795.80 24,721 $ 13.00 24,721 $ 20.20 Granted, canceled, expired — — — — — — — — Forfeited (58 ) (1,166.00 ) (171 ) (1,931.60 ) — — — — Balance-June 30th, outstanding 2,192 $ 1,771.40 2,325 $ 1,754.00 24,721 $ 10.00 24,721 $ 17.80 Balance-June 30th, exercisable 2,192 $ 1,771.40 2,463 $ 1,802.00 24,721 $ 18.00 14,936 $ 29.60 Remaining compensation expense $ — $ — $212,000 $442,000 Remaining amortization period 0.0 years 0.0 years 0.6 years 1.6 years Weighted average remaining contractual life – options outstanding and exercisable 4.0 years and 4.0 years 5.1 years and 5.0 years 6.6 years and 6.6 years 7.6 years and 7.6 years Intrinsic value per share $ — $ — $ — $ — Range of exercise prices $ 139.20 to $ 1,944.00 $ 139.20 to $ 23,472.00 $ 19.20 to $ 34.20 $ 19.20 to $ 34.20 Performance-based stock option inducement awards Time-based restricted stock awards Balance-January 1st, outstanding 12,500 $ 33.00 12,500 $ 33.00 140,736 $ 23.00 39,933 $ 63.40 Granted, canceled, expired — — — — 41,250 9.00 107,053 20.80 Forfeited — — — — (19,415 ) (21.40 ) — — Balance-June 30th, outstanding 12,500 $ 33.00 12,500 $ 33.00 162,571 $ 12.60 146,986 26.20 Balance-June 30th, exercisable — $ — — $ — 63,098 $ 40.20 12,472 $ 100.80 Remaining compensation expense $414,000 $414,000 $2,049,000 $3,857,000 Remaining amortization period 1.6 years 2.6 years 1.7 years 3.0 years Weighted average remaining contractual life – options outstanding and exercisable 6.6 years and 0.0 years 7.6 years and 7.6 years 2.1 years and 1.8 years 3.0 years and 4.0 years Intrinsic value per share $ — $ — $ — $ — Range of exercise prices $ 34.20 $ 34.20 $ 8.00 to $ 72.00 $ 19.60 to $ 72.00 Performance-based restricted stock awards Balance-January 1st, outstanding 71,303 $ 58.00 63,369 $ 58.80 Granted, canceled, expired — — 71,303 21.00 Forfeited (19,649 ) (21.00 ) — — Balance-June 30th, outstanding 51,654 $ 22.00 134,762 $ 38.80 Balance-June 30th, exercisable — $ — 63,369 $ 82.40 Remaining compensation expense $1,085,000 $1,498,000 Remaining amortization period 2.5 years 7.7 years Weighted average remaining contractual life – options outstanding and exercisable 2.5 years and 0.0 years 4.3 years and 3.8 years Intrinsic value per share $ — $ — Range of exercise prices $ 21.00 to $ 72.00 $ 21.00 to $ 72.00 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 12 — 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 Six months ended June 30, June 30, 2022 2022 2022 2022 Company matching contributions - Group Personal Pension Plan $ 35,000 $ 48,000 $ 68,000 $ 97,000 |
CONCENTRATIONS
CONCENTRATIONS | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | NOTE 13 — CONCENTRATIONS Customer concentration risk In the three and six months ended June 30, 2023, no customers exceeded 10 percent of the Company’s consolidated sales. In the three and six months ending June 30, 2022, the Company derived revenue from two customers representing more than 10% of its total consolidated sales for approximately $ 788,000 12 1,467,000 11 Two customers owed the Company approximately $ 925,000 688,000 16 12 4,204,000 48 Vendor concentration risk In the three months ending June 30, 2023, two vendors exceeded 10% of the Company’s consolidated purchases with approximately $ 465,000 323,000 15 10 595,000 587,000 As of June 30, 2023, one vendor exceeded 10% of the Company’s consolidated accounts payable of approximately $ 610,000 18 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | NOTE 14 – REVENUE The Company has one operating segment, with the senior executive management team 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 Six months Ended June 30, June 30, 2023 2022 2023 2022 Primary geographical markets: North America $ 1,721,000 $ 3,472,000 $ 4,888,000 $ 5,900,000 South America 38,000 49,000 227,000 99,000 Europe 1,593,000 2,105,000 3,436,000 4,294,000 Asia 1,305,000 830,000 2,024,000 1,372,000 Rest of World 386,000 310,000 1,656,000 1,961,000 $ 5,043,000 $ 6,766,000 $ 12,231,000 $ 13,626,000 Primary revenue source: Equipment sales $ 4,279,000 $ 6,194,000 $ 10,673,000 $ 12,472,000 Installation, integration, and repairs 263,000 330,000 749,000 573,000 Warranties 501,000 242,000 809,000 581,000 $ 5,043,000 $ 6,766,000 $ 12,231,000 $ 13,626,000 Long-Lived Assets: United States $ 2,174,000 $ 2,227,000 Netherlands 23,000 28,000 United Kingdom 4,397,000 5,471,000 $ 6,594,000 $ 7,726,000 |
OTHER INCOME (REBATES)
OTHER INCOME (REBATES) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (REBATES) | NOTE 15 — OTHER INCOME (REBATES) The following table represents tax rebates related to the research costs incurred by our U.K. subsidiary. SCHEDULE OF TAX REBATES Three months Ended Six months Ended June 30, June 30, 2023 2022 2023 2022 Total tax rebates $ **5,000 $ *(10,000) $ 329,000 $ 284,000 ** An increase of $ 5,000 324,000 * As a result of a weakening in the translation rate from British pounds to U.S. dollars, this $ 10,000 294,000 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. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
RECLASSIFICATION OF PRIOR YEAR
RECLASSIFICATION OF PRIOR YEAR PRESENTATION | 6 Months Ended |
Jun. 30, 2023 | |
Reclassification Of Prior Year Presentation | |
RECLASSIFICATION OF PRIOR YEAR PRESENTATION | NOTE 16 — 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 six months ended June 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 — SUBSEQUENT EVENTS Office lease The Company renewed its lease for 976 1,632 Relocation of United Kingdom manufacturing division Following an ever-changing global business landscape, in July 2023, the Company strategically decided to consolidate its UK division and relocate its activities to the United States in September 2023. As a result of the move, management believes that operational efficiency will be optimized, productivity will be enhanced, and our position in the global market will be strengthened. Additionally, the move will: ● enhance our ability to meet future working capital requirements, ● eliminate obsolete inventory items, ● reduce the usage of our UK Colchester facility, and ● simultaneously reduce miscellaneous operating costs. Our commitment to continuous improvement and growth has driven our decision to relocate our manufacturing division. The relocation of our manufacturing division to the United States will cost us approximately $ 0.2 |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 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 June 30, 2023, as well as results of operations for the three months and six months ended June 30, 2023, and 2022, as well as cash flow for the six months ended June 30, 2023, and 2022. For the six months ended June 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 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. 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. |
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. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
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. |
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. |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF ANTI-DILIUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM THE CALCULATION OF 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 Six months Ended June 30 2023 2022 Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: Stock options 85 29 Warrants 456 459 Total 541 488 |
FOREIGN CURRENCY AND OTHER CO_2
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES (Tables) | 6 Months Ended |
Jun. 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 Six months ended June 30, June 30, 2023 2022 2023 2022 Net foreign exchange transactions: (Gains) Losses $ 41,000 $ (21,000 ) $ (3,000 ) $ (5,000 ) Net foreign exchange transactions: Losses $ 41,000 $ (21,000 ) $ (3,000 ) $ (5,000 ) Accumulated comprehensive income: Unrealized (gains) losses on currency translation adjustment $ 10,000 $ (871,000 ) $ (145,000 ) $ (1,139,000 ) |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 6 Months Ended |
Jun. 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 June 30, December 31, 2023 2022 Cash on hand $ 1,542,000 $ 25,627,000 Federally insured money market mutual funds 9,431,000 — Total cash and cash equivalents $ 10,973,000 $ 25,627,000 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 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 1 input as of June 30, 2023: SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS Level 1 Level 2 Level 3 Total Federal Bonds $ — $ 10,837,000 $ — $ 10,837,000 $ — $ 10,837,000 $ — $ 10,837,000 |
SCHEDULE OF INVESTMENTS HELD TO MATURITY | The Company’s investments held to maturity are as follows as of June 30, 2023: SCHEDULE OF INVESTMENTS HELD TO MATURITY Amortized Cost Unrealized Gains Unrealized Losses Fair Value Federal Bonds $ 10,900,000 — $ 63,000 $ 10,837,000 $ 10,900,000 $ — $ 63,000 $ 10,837,000 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | The following table illustrates finite intangible assets as of June 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 Amortization — (294,000 ) — — — (69,000 ) — (127,000 ) (490,000 ) Balance, June 30, 2023 $ 2,132,000 $ (1,109,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,258,000 ) $ 5,095,000 $ (3,201,000 ) $ 3,910,000 |
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS | The Company has recognized net capitalized intangible costs as follows: SCHEDULE OF CAPITALIZED INTANGIBLE COSTS June 30, December 31, 2023 2022 Proprietary Technology $ 1,025,000 $ 1,319,000 Trade Names and Technology 991,000 1,060,000 Customer Relationships 1,894,000 2,021,000 $ 3,910,000 $ 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 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Proprietary Technology $ 148,000 $ 148,000 $ 294,000 $ 293,000 Patents and Licenses — 167,000 — 331,000 Trade Names and Technology 34,000 34,000 69,000 69,000 Customer Relationships 64,000 64,000 127,000 127,000 $ 246,000 $ 413,000 $ 490,000 $ 820,000 |
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS | The weighted average remaining life of the amortization of the Company’s intangible assets is approximately 5.2 SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS Period ending June 30, 2024 $ 636,000 2025 635,000 2026 595,000 2027 533,000 2028 349,000 Thereafter 1,162,000 Finite-Lived Intangible Assets, Net, Total $ 3,910,000 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF NOTES PAYABLE | The table below represents the Company’s notes payable as of June 30, 2023, and December 31, 2022: SCHEDULE OF NOTES PAYABLE Principal June 30, December 31, The Company renewed its D&O insurance policy on April 5, 2022, reducing the premium to approximately $ 1,037,000 194,000 2.09 84,000 0 150 0 2,000 $ — $ 84,000 The Company renewed its D & O insurance policy on April 5, 2023, reducing the premium to approximately $ 811,000 288,000 523,000 6.14 67,000 5,000 0 394,000 $ 394,000 $ 84,000 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
SCHEDULE OF OPERATING LEASE DATA | The following table illustrates operating lease data for the three months ending June 30, 2023, and 2022: SCHEDULE OF OPERATING LEASE DATA 2023 2022 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Lease cost: Operating lease cost $ 103,000 $ 114,000 $ 206,000 $ 233,000 Short-term lease cost 10,000 10,000 20,000 159,000 Total lease cost $ 113,000 $ 124,000 $ 226,000 $ 392,000 Cash paid for lease liabilities: Cash flows from operating leases $ 325,000 $ 253,000 Weighted-average remaining lease term—operating leases 3.1 3.8 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 June 30, 2023: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Amount 2024 $ 507,000 2025 468,000 2026 341,000 2027 186,000 2028 — Thereafter — Total lease payments 1,502,000 Less: imputed interest 162,000 Present value of lease liabilities 1,340,000 Less: Current lease liabilities 406,000 Non-current lease liabilities $ 934,000 |
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 Approximate Colchester, UK 16,000 Dec 2025 $ 554,000 Singapore 950 July 2023 $ 3,000 Billerica, MA 2,000 Dec 2026 $ 43,000 Hemel, UK 12,870 Oct 2023 $ 367,000 Mount Olive, NJ 7,979 Jan 2027 $ 535,000 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
SCHEDULE OF WARRANT OUTSTANDING | The following table sets forth common stock purchase warrants outstanding as of June 30, 2023: SCHEDULE OF WARRANT OUTSTANDING Number of Warrants (in shares) Weighted Average Exercise Price Outstanding, December 31, 2022 458,747 $ 72.00 Warrants granted, exercised, canceled, or expired (2,667 ) — Outstanding and exercisable, June 30, 2023 456,080 $ 66.00 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 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 Three months ended Six months ended June 30, June 30, Equity-based plans: 2023 2022 2023 2022 Long-term stock incentive plan awards $ — $ — $ — $ 1,000 Time-vested option inducement awards 37,000 28,000 107,000 56,000 Performance-based stock option inducement award - - — - Time-based restricted stock awards 299,000 180,000 1,150,000 898,000 Performance-based restricted stock awards — — — — Stock-based compensation expense $ 336,000 $ 208,000 $ 1,257,000 $ 955,000 |
SCHEDULE OF EQUITY COMPENSATION PLANS | The following table illustrates supplementary data under various equity compensation plans: SCHEDULE OF EQUITY COMPENSATION PLANS Six months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Quantity Weighted Average Quantity Weighted Average Quantity Weighted Average Quantity Weighted Average Long-term stock incentive plan awards Time-vested option inducement awards Balance-January 1 st 2,250 $ 1,756 2,496 $ 1,795.80 24,721 $ 13.00 24,721 $ 20.20 Granted, canceled, expired — — — — — — — — Forfeited (58 ) (1,166.00 ) (171 ) (1,931.60 ) — — — — Balance-June 30th, outstanding 2,192 $ 1,771.40 2,325 $ 1,754.00 24,721 $ 10.00 24,721 $ 17.80 Balance-June 30th, exercisable 2,192 $ 1,771.40 2,463 $ 1,802.00 24,721 $ 18.00 14,936 $ 29.60 Remaining compensation expense $ — $ — $212,000 $442,000 Remaining amortization period 0.0 years 0.0 years 0.6 years 1.6 years Weighted average remaining contractual life – options outstanding and exercisable 4.0 years and 4.0 years 5.1 years and 5.0 years 6.6 years and 6.6 years 7.6 years and 7.6 years Intrinsic value per share $ — $ — $ — $ — Range of exercise prices $ 139.20 to $ 1,944.00 $ 139.20 to $ 23,472.00 $ 19.20 to $ 34.20 $ 19.20 to $ 34.20 Performance-based stock option inducement awards Time-based restricted stock awards Balance-January 1st, outstanding 12,500 $ 33.00 12,500 $ 33.00 140,736 $ 23.00 39,933 $ 63.40 Granted, canceled, expired — — — — 41,250 9.00 107,053 20.80 Forfeited — — — — (19,415 ) (21.40 ) — — Balance-June 30th, outstanding 12,500 $ 33.00 12,500 $ 33.00 162,571 $ 12.60 146,986 26.20 Balance-June 30th, exercisable — $ — — $ — 63,098 $ 40.20 12,472 $ 100.80 Remaining compensation expense $414,000 $414,000 $2,049,000 $3,857,000 Remaining amortization period 1.6 years 2.6 years 1.7 years 3.0 years Weighted average remaining contractual life – options outstanding and exercisable 6.6 years and 0.0 years 7.6 years and 7.6 years 2.1 years and 1.8 years 3.0 years and 4.0 years Intrinsic value per share $ — $ — $ — $ — Range of exercise prices $ 34.20 $ 34.20 $ 8.00 to $ 72.00 $ 19.60 to $ 72.00 Performance-based restricted stock awards Balance-January 1st, outstanding 71,303 $ 58.00 63,369 $ 58.80 Granted, canceled, expired — — 71,303 21.00 Forfeited (19,649 ) (21.00 ) — — Balance-June 30th, outstanding 51,654 $ 22.00 134,762 $ 38.80 Balance-June 30th, exercisable — $ — 63,369 $ 82.40 Remaining compensation expense $1,085,000 $1,498,000 Remaining amortization period 2.5 years 7.7 years Weighted average remaining contractual life – options outstanding and exercisable 2.5 years and 0.0 years 4.3 years and 3.8 years Intrinsic value per share $ — $ — Range of exercise prices $ 21.00 to $ 72.00 $ 21.00 to $ 72.00 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 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 Six months ended June 30, June 30, 2022 2022 2022 2022 Company matching contributions - Group Personal Pension Plan $ 35,000 $ 48,000 $ 68,000 $ 97,000 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 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 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 Six months Ended June 30, June 30, 2023 2022 2023 2022 Primary geographical markets: North America $ 1,721,000 $ 3,472,000 $ 4,888,000 $ 5,900,000 South America 38,000 49,000 227,000 99,000 Europe 1,593,000 2,105,000 3,436,000 4,294,000 Asia 1,305,000 830,000 2,024,000 1,372,000 Rest of World 386,000 310,000 1,656,000 1,961,000 $ 5,043,000 $ 6,766,000 $ 12,231,000 $ 13,626,000 Primary revenue source: Equipment sales $ 4,279,000 $ 6,194,000 $ 10,673,000 $ 12,472,000 Installation, integration, and repairs 263,000 330,000 749,000 573,000 Warranties 501,000 242,000 809,000 581,000 $ 5,043,000 $ 6,766,000 $ 12,231,000 $ 13,626,000 Long-Lived Assets: United States $ 2,174,000 $ 2,227,000 Netherlands 23,000 28,000 United Kingdom 4,397,000 5,471,000 $ 6,594,000 $ 7,726,000 |
OTHER INCOME (REBATES) (Tables)
OTHER INCOME (REBATES) (Tables) | 6 Months Ended |
Jun. 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. SCHEDULE OF TAX REBATES Three months Ended Six months Ended June 30, June 30, 2023 2022 2023 2022 Total tax rebates $ **5,000 $ *(10,000) $ 329,000 $ 284,000 ** An increase of $ 5,000 324,000 * As a result of a weakening in the translation rate from British pounds to U.S. dollars, this $ 10,000 294,000 |
LIQUIDITY AND FINANCIAL CONDI_2
LIQUIDITY AND FINANCIAL CONDITION (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||||
Operating income loss | $ 3,384 | $ 2,576 | $ 5,732 | $ 5,720 | ||
Net cash provided by used in operating activities | 3,194 | $ 8,238 | ||||
Working capital | 35,600 | 35,600 | ||||
Accumulated deficit | 304,883 | 304,883 | $ 300,099 | |||
Cash | 11,000 | 11,000 | ||||
Held to maturity | 10,837 | 10,837 | ||||
Investments, fair value disclosure | 10,837 | 10,837 | ||||
Federal Bonds [Member] | ||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||||
Held to maturity | $ 10,800 | |||||
Investments, fair value disclosure | 10,837 | 10,837 | ||||
Federal Backed Mutual Fund [Member] | ||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||||
Held to maturity | $ 10,837 | $ 10,837 | ||||
Investments, fair value disclosure | $ 11,300 |
SCHEDULE OF ANTI-DILIUTIVE POTE
SCHEDULE OF ANTI-DILIUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM THE CALCULATION OF LOSS PER SHARE (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: | ||
Total | 541 | 488 |
Equity Option [Member] | ||
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: | ||
Total | 85 | 29 |
Warrant [Member] | ||
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: | ||
Total | 456 | 459 |
SCHEDULE OF FOREIGN EXCHANGE AN
SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Foreign Currency [Abstract] | ||||
Net foreign exchange transactions: Losses | $ 41 | $ (21) | $ (3) | $ (5) |
Unrealized (gains) losses on currency translation adjustment | $ 10 | $ (871) | $ (145) | $ (1,139) |
FOREIGN CURRENCY AND OTHER CO_3
FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES (Details Narrative) | Jun. 30, 2023 | Jun. 30, 2022 |
GBP To USD [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 1 | 1 |
Average foreign currency exchange rate remeasurement | 1 | 1 |
GBP [Member] | GBP To USD [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 1.266150 | 1.080655 |
Average foreign currency exchange rate remeasurement | 1.233240 | 1.298904 |
GBP [Member] | Euro To GBP [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 1 | 1 |
Average foreign currency exchange rate remeasurement | 1 | 1 |
Euro [Member] | Euro To GBP [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 1.088440 | 1.044949 |
Average foreign currency exchange rate remeasurement | 1.080655 | 1.091890 |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Cash on hand | $ 1,542,000 | $ 25,627,000 |
Federally insured money market mutual funds | 9,431,000 | |
Total cash and cash equivalents | $ 10,973,000 | $ 25,627,000 |
SCHEDULE OF FAIR VALUE OF ITS I
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Platform Operator, Crypto-Asset [Line Items] | |
Fair value of investments | $ 10,837 |
Federal Bonds [Member] | |
Platform Operator, Crypto-Asset [Line Items] | |
Fair value of investments | 10,837 |
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 | 10,837 |
Fair Value, Inputs, Level 2 [Member] | Federal Bonds [Member] | |
Platform Operator, Crypto-Asset [Line Items] | |
Fair value of investments | 10,837 |
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] | |
Platform Operator, Crypto-Asset [Line Items] | |
Fair value of investments |
SCHEDULE OF INVESTMENTS HELD TO
SCHEDULE OF INVESTMENTS HELD TO MATURITY (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Amortized Cost | $ 10,900 |
Unrealized Gains | |
Unrealized Losses | 63 |
Fair Value | 10,837 |
Federal Backed Mutual Fund [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Amortized Cost | 10,900 |
Unrealized Gains | |
Unrealized Losses | 63,000 |
Fair Value | $ 10,837 |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) - USD ($) | Feb. 28, 2023 | Feb. 01, 2023 | Jan. 23, 2023 | Jun. 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 | $ 4,910,000 |
Debt instrument accrued interest | $ 25,729 | |||
Federal Home Loan Banks [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt instrument | 4,981,000 | |||
Federal National Mortgage Association [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt instrument | $ 946,000 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Beginning balance net | $ 4,400,000 | |||
Intangible assets, net Amortization | $ (246,000) | $ (413,000) | (490,000) | $ (820,000) |
Ending balance net | 3,910,000 | 3,910,000 | ||
Proprietary Technology [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Beginning balance cost | 2,132,000 | |||
Beginning balance, accumulated amortization | (815,000) | |||
Intangible assets, Amortization | ||||
Intangible assets, net Amortization | (148,000) | (148,000) | (294,000) | (293,000) |
Ending balance cost | 2,132,000 | 2,132,000 | ||
Ending balance, accumulated Amortization | (1,109,000) | (1,109,000) | ||
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, Amortization | ||||
Intangible assets, net Amortization | (167,000) | (331,000) | ||
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, Amortization | ||||
Intangible assets, net Amortization | (34,000) | (34,000) | (69,000) | (69,000) |
Ending balance cost | 2,251,000 | 2,251,000 | ||
Ending balance, accumulated Amortization | (1,258,000) | (1,258,000) | ||
Customer Relationships [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Beginning balance cost | 5,095,000 | |||
Beginning balance, accumulated amortization | (3,074,000) | |||
Intangible assets, Amortization | ||||
Intangible assets, net Amortization | (64,000) | $ (64,000) | (127,000) | $ (127,000) |
Ending balance cost | 5,095,000 | 5,095,000 | ||
Ending balance, accumulated Amortization | $ (3,201,000) | $ (3,201,000) |
SCHEDULE OF CAPITALIZED INTANGI
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Intangible assets | $ 3,910,000 | $ 4,400,000 |
Proprietary Technology [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Intangible assets | 1,025,000 | 1,319,000 |
Trade Names And Technology [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Intangible assets | 991,000 | 1,060,000 |
Customer Relationships [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Intangible assets | $ 1,894,000 | $ 2,021,000 |
SCHEDULE OF AMORTIZATION OF INT
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Amortization of intangible assets | $ 246,000 | $ 413,000 | $ 490,000 | $ 820,000 |
Proprietary Technology [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization of intangible assets | 148,000 | 148,000 | 294,000 | 293,000 |
Patents and Licenses [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization of intangible assets | 167,000 | 331,000 | ||
Trade Names And Technology [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization of intangible assets | 34,000 | 34,000 | 69,000 | 69,000 |
Customer Relationships [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization of intangible assets | $ 64,000 | $ 64,000 | $ 127,000 | $ 127,000 |
SCHEDULE OF ESTIMATED AMORTIZAT
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 636,000 | |
2025 | 635,000 | |
2026 | 595,000 | |
2027 | 533,000 | |
2028 | 349,000 | |
Thereafter | 1,162,000 | |
Finite-Lived Intangible Assets, Net, Total | $ 3,910,000 | $ 4,400,000 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) | Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, remaining amortization period | 5 years 2 months 12 days |
Proprietary Technology [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 3 years |
Proprietary Technology [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 5 years |
Patents and Licenses [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 18 years 6 months |
Patents and Licenses [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 20 years |
Trade Names And Technology [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 3 years |
Trade Names And Technology [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 15 years |
SCHEDULE OF NOTES PAYABLE (Deta
SCHEDULE OF NOTES PAYABLE (Details) (Parenthethical) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Apr. 05, 2023 | Apr. 05, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 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 | $ 0 | $ 150 | $ 2,000 | |||||
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 | $ 5,000 | $ 0 | |||||
Notes payable | $ 523,000 |
SCHEDULE OF NOTES PAYABLE (De_2
SCHEDULE OF NOTES PAYABLE (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Short-Term Debt [Line Items] | ||
Notes payable | $ 394,000 | $ 84,000 |
Notes Payable One [Member] | ||
Short-Term Debt [Line Items] | ||
Notes payable | $ 84,000 | |
Notes Payable Two [Member] | ||
Short-Term Debt [Line Items] | ||
Notes payable | $ 394,000 |
SCHEDULE OF OPERATING LEASE DAT
SCHEDULE OF OPERATING LEASE DATA (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases | ||||
Operating lease cost | $ 103,000 | $ 114,000 | $ 206,000 | $ 233,000 |
Short-term lease cost | 10,000 | 10,000 | 20,000 | 159,000 |
Total lease cost | $ 113,000 | $ 124,000 | 226,000 | 392,000 |
Cash flows from operating leases | $ 325,000 | $ 253,000 | ||
Weighted-average remaining lease term-operating leases | 3 years 1 month 6 days | 3 years 9 months 18 days | 3 years 1 month 6 days | 3 years 9 months 18 days |
Weighted-average discount rate-operating leases | 9.50% | 9.40% | 9.50% | 9.40% |
SCHEDULE OF FUTURE MINIMUM RENT
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases | ||
2024 | $ 507 | |
2025 | 468 | |
2026 | 341 | |
2027 | 186 | |
2028 | ||
Thereafter | ||
Total lease payments | 1,502 | |
Less: imputed interest | 162 | |
Present value of lease liabilities | 1,340 | |
Less: Current lease liabilities | 406 | $ 455 |
Non-current lease liabilities | $ 934 | $ 1,107 |
SCHEDULE OF LEASE OBLIGATION AS
SCHEDULE OF LEASE OBLIGATION ASSUMED (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) ft² | |
Approximate Future Payments | $ 1,502,000 |
Colchester, U.K. - Waterside House [Member]. | |
Area of land | ft² | 16,000 |
Lease-End Date | 2025 |
Approximate Future Payments | $ 554,000 |
SINGAPORE | |
Area of land | ft² | 950 |
Lease-End Date | 2023 |
Approximate Future Payments | $ 3,000 |
Billerica, MA [Member] | |
Area of land | ft² | 2,000 |
Lease-End Date | 2026 |
Approximate Future Payments | $ 43,000 |
Hemel, UK [Member] | |
Area of land | ft² | 12,870 |
Lease-End Date | 2023 |
Approximate Future Payments | $ 367,000 |
Mount Olive, NJ [Member] | |
Area of land | ft² | 7,979 |
Lease-End Date | 2027 |
Approximate Future Payments | $ 535,000 |
LEASES (Details Narrative)
LEASES (Details Narrative) | 6 Months Ended | ||
Jun. 30, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | Jun. 30, 2022 | |
Right of use of assets | $ 940,000 | $ 1,075,000 | |
Right of use assets, accumulated depreciation | 1,300,000 | ||
Operating lease liabilities | 1,340,000 | ||
Current operating lease liabilities | 406,000 | 455,000 | |
Non-current operating lease liabilities | $ 934,000 | $ 1,107,000 | |
Weighted-average remaining term | 3 years 1 month 6 days | 3 years 9 months 18 days | |
Lease maturity description | July 2023 and May 2027 | ||
Weighted-average discount rate | 9.50% | 9.40% | |
Luton UK [Member] | |||
Area of land description | A one-year lease for 600 square feet of administrative office space in Luton, UK, was signed on June 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 |
SCHEDULE OF WARRANT OUTSTANDING
SCHEDULE OF WARRANT OUTSTANDING (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Equity [Abstract] | |
Number of Warrants, beginning balance | shares | 458,747 |
Weighted Average Exercise Price, beginning balance | $ / shares | $ 72 |
Number of Warrants, Warrants granted, exercised, canceled, or expired | shares | (2,667) |
Weighted Average Exercise Price, Warrants granted, exercised, canceled, or expired | $ / shares | |
Number of Warrants, ending outstanding | shares | 456,080 |
Weighted Average Exercise Price, ending outstanding | $ / shares | $ 66 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||||
May 01, 2023 | Jan. 11, 2023 | Jan. 10, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | 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 | |||||||
Reverse split | 1-for-20 | 1-for-50 | 1-for-2 | ||||||||
Stock compensation costs | $ 336,000 | $ 208,000 | $ 1,257,000 | $ 955,000 | |||||||
Number of warrants cancelled/expired | 2,667 | ||||||||||
Common Stock Warrants [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of warrants cancelled/expired | 2,667 | ||||||||||
Weighted average exercise price ending exercisable | $ 66 | $ 66 | |||||||||
Weighted average remaining contractual life | 2 years 7 months 9 days | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Shares attributable to withholding tax | 10,000 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Restricted stock options, granted | $ 200,000,000 | ||||||||||
Series A Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock par value | $ 0.00001 | ||||||||||
Preferred stock, shares authorized | 47,500 | ||||||||||
Preferred stock, shares issed | 0 | ||||||||||
Preferred stock, shares outstanding | 0 |
SCHEDULE OF STOCK-BASED COMPENS
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 336,000 | $ 208,000 | $ 1,257,000 | $ 955,000 |
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 | 37,000,000 | 28,000,000 | 107,000,000 | 56,000,000 |
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 | 299,000,000 | 180,000,000 | 1,150,000,000 | 898,000,000 |
Performance Based Restricted Stock Awards [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense |
SCHEDULE OF EQUITY COMPENSATION
SCHEDULE OF EQUITY COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Long Term Stock Incentive Plan Awards [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Quantity, outstanding beginning balance | 2,250 | 2,496 |
Weighted Average, outstanding beginning balance | $ 1,756 | $ 1,795.80 |
Quantity, outstanding beginning balance | ||
Weighted Average, outstanding beginning balance | ||
Quantity, outstanding beginning balance | (58) | (171) |
Weighted Average, outstanding beginning balance | $ (1,166) | $ (1,931.60) |
Quantity, outstanding beginning balance | 2,192 | 2,325 |
Weighted Average, outstanding beginning balance | $ 1,771.40 | $ 1,754 |
Quantity, outstanding beginning balance | 2,192 | 2,463 |
Weighted Average, outstanding beginning balance | $ 1,771.40 | $ 1,802 |
Remaining compensation expense | ||
Services previously accrued | 0 years | 0 years |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years | 5 years 1 month 6 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | 5 years |
Intrinsic value per share | ||
Quantity, outstanding beginning balance | ||
Long Term Stock Incentive Plan Awards [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation shares authorized under stock other than option plans exercise price | $ 139.20 | $ 139.20 |
Long Term Stock Incentive Plan Awards [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation shares authorized under stock other than option plans exercise price | $ 1,944 | $ 23,472 |
Time Vested Option Inducement Awards [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Quantity, outstanding beginning balance | 24,721 | 24,721 |
Weighted Average, outstanding beginning balance | $ 13 | $ 20.20 |
Quantity, outstanding beginning balance | ||
Weighted Average, outstanding beginning balance | ||
Quantity, outstanding beginning balance | ||
Weighted Average, outstanding beginning balance | ||
Quantity, outstanding beginning balance | 24,721 | 24,721 |
Weighted Average, outstanding beginning balance | $ 10 | $ 17.80 |
Quantity, outstanding beginning balance | 24,721 | 14,936 |
Weighted Average, outstanding beginning balance | $ 18 | $ 29.60 |
Remaining compensation expense | $ 212,000 | $ 442,000 |
Services previously accrued | 7 months 6 days | 1 year 7 months 6 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 7 months 6 days | 7 years 7 months 6 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 7 months 6 days | 7 years 7 months 6 days |
Intrinsic value per share | ||
Quantity, outstanding beginning balance | ||
Time Vested Option Inducement Awards [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation shares authorized under stock other than option plans exercise price | $ 19.20 | $ 19.20 |
Time Vested Option Inducement Awards [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation shares authorized under stock other than option plans exercise price | $ 34.20 | $ 34.20 |
Performance Based Stock Option Inducement Awards [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Quantity, outstanding beginning balance | 12,500 | 12,500 |
Weighted Average, outstanding beginning balance | $ 33 | $ 33 |
Quantity, outstanding beginning balance | ||
Weighted Average, outstanding beginning balance | ||
Quantity, outstanding beginning balance | ||
Weighted Average, outstanding beginning balance | ||
Quantity, outstanding beginning balance | 12,500 | 12,500 |
Weighted Average, outstanding beginning balance | $ 33 | $ 33 |
Quantity, outstanding beginning balance | ||
Weighted Average, outstanding beginning balance | ||
Remaining compensation expense | $ 414,000 | $ 414,000 |
Services previously accrued | 1 year 7 months 6 days | 2 years 7 months 6 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 7 months 6 days | 7 years 7 months 6 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 0 years | 7 years 7 months 6 days |
Intrinsic value per share | ||
Share based compensation shares authorized under stock other than option plans exercise price | $ 34.20 | $ 34.20 |
Quantity, outstanding beginning balance | ||
Time Based Restricted Stock Awards [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Quantity, outstanding beginning balance | 140,736 | 39,933 |
Weighted Average, outstanding beginning balance | $ 23 | $ 63.40 |
Quantity, outstanding beginning balance | (41,250) | (107,053) |
Weighted Average, outstanding beginning balance | $ 9 | $ 20.80 |
Quantity, outstanding beginning balance | (19,415) | |
Weighted Average, outstanding beginning balance | $ (21.40) | |
Quantity, outstanding beginning balance | 162,571 | 146,986 |
Weighted Average, outstanding beginning balance | $ 12.60 | $ 26.20 |
Quantity, outstanding beginning balance | 63,098 | 12,472 |
Weighted Average, outstanding beginning balance | $ 40.20 | $ 100.80 |
Remaining compensation expense | $ 2,049,000 | $ 3,857,000 |
Services previously accrued | 1 year 8 months 12 days | 3 years |
Intrinsic value per share | ||
Quantity, outstanding beginning balance | 41,250 | 107,053 |
Time Based Restricted Stock Awards [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation shares authorized under stock other than option plans exercise price | $ 8 | $ 19.60 |
Time Based Restricted Stock Awards [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation shares authorized under stock other than option plans exercise price | $ 72 | $ 72 |
Time Based Restricted Stock Awards One [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | 3 years |
Time Based Restricted Stock Awards Two [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 9 months 18 days | 4 years |
Performance Based Restricted Stock Awards [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Quantity, outstanding beginning balance | 71,303 | 63,369 |
Weighted Average, outstanding beginning balance | $ 58 | $ 58.80 |
Quantity, outstanding beginning balance | (71,303) | |
Weighted Average, outstanding beginning balance | $ 21 | |
Quantity, outstanding beginning balance | (19,649) | |
Weighted Average, outstanding beginning balance | $ (21) | |
Quantity, outstanding beginning balance | 51,654 | 134,762 |
Weighted Average, outstanding beginning balance | $ 22 | $ 38.80 |
Quantity, outstanding beginning balance | 63,369 | |
Weighted Average, outstanding beginning balance | $ 82.40 | |
Remaining compensation expense | $ 1,085,000 | $ 1,498,000 |
Services previously accrued | 2 years 6 months | 7 years 8 months 12 days |
Intrinsic value per share | ||
Quantity, outstanding beginning balance | 71,303 | |
Performance Based Restricted Stock Awards [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation shares authorized under stock other than option plans exercise price | $ 21 | $ 21 |
Performance Based Restricted Stock Awards [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation shares authorized under stock other than option plans exercise price | $ 72 | $ 72 |
Performance Based Restricted Stock Awards One [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingAndExercisableWeightedAverageRemainingContractualTerms] | 2 years 6 months | 4 years 3 months 18 days |
Performance Based Restricted Stock Awards Two [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingAndExercisableWeightedAverageRemainingContractualTerms] | 0 years | 3 years 9 months 18 days |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Restricted Stock Units (RSUs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Description of equity awards vesting percentage and maturity term | The equity awards 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. |
SCHEDULE OF MATCHING CONTRIBUTI
SCHEDULE OF MATCHING CONTRIBUTIONS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Group Personal Pension Plan, UK [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Company matching contributions | $ 35,000 | $ 48,000 | $ 68,000 | $ 97,000 |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | |||||
Revenue, net | $ 5,043,000 | $ 6,766,000 | $ 12,231,000 | $ 13,626,000 | |
Accounts payable | 3,333,000 | 3,333,000 | $ 2,626,000 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue, net | $ 788,000 | $ 1,467,000 | |||
Concentration risk, percentage | 12% | 11% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue, net | $ 688,000 | ||||
Concentration risk, percentage | 12% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue, net | $ 925,000 | $ 4,204,000 | |||
Concentration risk, percentage | 16% | 48% | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | One Vendor [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts payable | 465,000 | $ 465,000 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10% | ||||
Accounts payable | $ 323,000 | $ 323,000 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 15% | 18% | |||
Accounts payable | $ 610,000 | $ 610,000 | |||
Purchase [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue, net | 587,000 | ||||
Purchase [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue, net | $ 595,000 |
SCHEDULE OF DISAGGREGATION OF R
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | $ 5,043,000 | $ 6,766,000 | $ 12,231,000 | $ 13,626,000 |
Long-Lived Assets | 6,594,000 | 7,726,000 | 6,594,000 | 7,726,000 |
Equipment Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 4,279,000 | 6,194,000 | 10,673,000 | 12,472,000 |
Installation, Integration and Repairs [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 263,000 | 330,000 | 749,000 | 573,000 |
Warranties [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 501,000 | 242,000 | 809,000 | 581,000 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 1,721,000 | 3,472,000 | 4,888,000 | 5,900,000 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 38,000 | 49,000 | 227,000 | 99,000 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 1,593,000 | 2,105,000 | 3,436,000 | 4,294,000 |
Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 1,305,000 | 830,000 | 2,024,000 | 1,372,000 |
Rest of World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, net | 386,000 | 310,000 | 1,656,000 | 1,961,000 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Long-Lived Assets | 2,174,000 | 2,227,000 | 2,174,000 | 2,227,000 |
NETHERLANDS | ||||
Disaggregation of Revenue [Line Items] | ||||
Long-Lived Assets | 23,000 | 28,000 | 23,000 | 28,000 |
UNITED KINGDOM | ||||
Disaggregation of Revenue [Line Items] | ||||
Long-Lived Assets | $ 4,397,000 | $ 5,471,000 | $ 4,397,000 | $ 5,471,000 |
SCHEDULE OF TAX REBATES (Detail
SCHEDULE OF TAX REBATES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||
UK Subsidiary [Member] | ||||||
Tax rebate | $ 5,000 | [1] | $ (10,000) | [2] | $ 329,000 | $ 284,000 |
[1]An increase of $ 5,000 324,000 10,000 294,000 |
SCHEDULE OF TAX REBATES (Parent
SCHEDULE OF TAX REBATES (Parenthetical) (Details) - GBP To USD [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Offsetting Assets [Line Items] | ||
Increase (decrease) in tax rebates | $ 5,000 | $ (10,000) |
Gain loss from initial recognition of exchange rate | $ 324,000 | $ 294,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) $ in Thousands | 1 Months Ended | |
Jul. 03, 2023 USD ($) ft² | Sep. 30, 2023 USD ($) | |
Forecast [Member] | ||
Subsequent Event [Line Items] | ||
Severance costs over next six months | $ 200 | |
Subsequent Event [Member] | DIFX [Member] | ||
Subsequent Event [Line Items] | ||
Area of land | ft² | 976 | |
Payments for rent | $ 1,632 |