Vislink (VISL) 10-Q 15 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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		2,448,482

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash	$ 7,959,000	$ 8,482,000
Accounts receivable, net	9,015,000	8,680,000
Inventories, net	14,866,000	14,029,000
Investments held to maturity	5,799,000	5,731,000
Prepaid expenses and other current assets	1,726,000	1,560,000
Total current assets	39,365,000	38,482,000
Right of use assets, operating leases	1,134,000	742,000
Property and equipment, net	1,912,000	1,902,000
Intangible assets, net	3,579,000	3,866,000
Total assets	45,990,000	44,992,000
Current liabilities
Accounts payable	3,533,000	3,183,000
Accrued expenses	1,403,000	1,578,000
Operating lease obligations, current	728,000	463,000
Customer deposits and deferred revenue	2,546,000	1,490,000
Total current liabilities	8,210,000	6,714,000
Operating lease obligations, net of current portion	847,000	755,000
Deferred tax liabilities	490,000	546,000
Total liabilities	9,547,000	8,015,000
Commitments and contingencies (See Note 11)
Stockholders’ equity
Series A Preferred stock, $0.00001 par value per share: -0- shares authorized on March 31, 2024, and December 31, 2023, respectively; -0- shares issued and outstanding on March 31, 2024, and December 31, 2023, respectively.
Common stock, $0.00001 par value per share, 100,000,000 shares authorized on March 31, 2024, and December 31, 2023, respectively: Common stock, 2,452,482 and 2,439,923 were issued, and 2,452,349 and 2,439,790 were outstanding on March 31, 2024, and December 31, 2023, respectively.
Additional paid-in capital	348,131,000	347,507,000
Accumulated other comprehensive loss	(1,237,000)	(1,027,000)
Treasury stock, at cost – 133 shares as of March 31, 2024, and December 31, 2023, respectively	(277,000)	(277,000)
Accumulated deficit	(310,174,000)	(309,226,000)
Total stockholders’ equity	36,443,000	36,977,000
Total liabilities and stockholders’ equity	$ 45,990,000	$ 44,992,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	0	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,452,482	2,439,923
Common stock, shares outstanding	2,452,349	2,439,790
Treasury stock, shares	133	133

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue, net	$ 8,598,000	$ 7,188,000
Cost of revenue and operating expenses
Cost of components and personnel	3,555,000	3,314,000
Inventory valuation adjustments	201,000	129,000
General and administrative expenses	5,294,000	5,028,000
Research and development expenses	799,000	767,000
Amortization and depreciation	347,000	298,000
Total cost of revenue and operating expenses	10,196,000	9,536,000
Loss from operations	(1,598,000)	(2,348,000)
Other income (expense)
Unrealized gain (loss) on investments in debt securities	63,000	(28,000)
Other income	375,000	341,000
Dividend income	66,000	91,000
Interest income, net	91,000	133,000
Total other income (expense)	595,000	537,000
Net loss before income taxes	(1,003,000)	(1,811,000)
Income taxes
Deferred tax benefits	55,000	55,000
Net loss	$ (948,000)	$ (1,756,000)
Basic loss per share	$ (0.39)	$ (0.74)
Diluted loss per share	$ (0.39)	$ (0.74)
Weighted average number of shares outstanding:
Basic	2,444	2,375
Diluted	2,444	2,375
Comprehensive loss:
Net loss	$ (948,000)	$ (1,756,000)
Unrealized gain (loss) on currency translation adjustment	(210,000)	155,000
Comprehensive loss	$ (1,158,000)	$ (1,601,000)

Consolidated Statement of Chang

Consolidated Statement of Changes In Stockholders' Equity (Unaudited) - USD ($)	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, 2022			$ 345,365,000	$ (1,337,000)	$ (277,000)	$ (300,099,000)	$ 43,652,000
Balance, shares at Dec. 31, 2022	47,419	2,370,948
Net loss						(1,756,000)	(1,756,000)
Unrealized gain on currency translation adjustment				155,000			155,000
Issuance of common stock in connection with:
Compensation awards for services previously accrued			200,000				200,000
Compensation awards for services previously accrued, shares		10,000
Stock-based compensation			921,000				921,000
Elimination of Series A Preferred Stock
Elimination of Series A Preferred Stock, shares	(47,419)
Balance at Mar. 31, 2023			346,486,000	(1,182,000)	(277,000)	(301,855,000)	43,172,000
Balance, shares at Mar. 31, 2023		2,380,948
Balance at Dec. 31, 2023			347,507,000	(1,027,000)	(277,000)	(309,226,000)	36,977,000
Balance, shares at Dec. 31, 2023		2,439,923
Net loss						(948,000)	(948,000)
Unrealized gain on currency translation adjustment				(210,000)			(210,000)
Issuance of common stock in connection with:
Compensation awards for services previously accrued			160,000				160,000
Compensation awards for services previously accrued, shares		8,000
Satisfaction with the conversion of restricted stock unit awards
Satisfaction with the conversion of restricted stock unit awards, shares		4,559
Stock-based compensation			464,000				464,000
Balance at Mar. 31, 2024			$ 348,131,000	$ (1,237,000)	$ (277,000)	$ (310,174,000)	$ 36,443,000
Balance, shares at Mar. 31, 2024		2,452,482

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows used in operating activities
Net loss	$ (948,000)	$ (1,756,000)
Adjustments to reconcile net loss to net cash used in operating activities
Deferred tax benefits	(55,000)	(55,000)
Unrealized (gain) loss on the fair value of investment in bonds held to maturity	(63,000)	28,000
Accretion of bond discount	(5,000)	(54,000)
Stock-based compensation	464,000	921,000
Provision for bad debt	21,000	27,000
Recovery of bad debt	(56,000)	(448,000)
Inventory valuation adjustments	201,000	129,000
Amortization of right of use assets, operating assets	90,000	67,000
Depreciation and amortization	347,000	298,000
Changes in assets and liabilities
Accounts receivable	(281,000)	128,000
Inventory	(898,000)	137,000
Prepaid expenses and other current assets	(169,000)	213,000
Accounts payable	350,000	(165,000)
Accrued expenses and interest expense	(176,000)	288,000
Accrued directors’ compensation	160,000
Operating lease liabilities	(127,000)	(106,000)
Deferred revenue and customer deposits	1,056,000	(254,000)
Net cash used in operating activities	(89,000)	(602,000)
Cash flows used in investing activities
Cash used for investment in securities held to maturity	(949,000)	(10,763,000)
Proceeds for bond redemption	950,000
Cash used for property and equipment	(143,000)	(177,000)
Net cash used in investing activities	(142,000)	(10,940,000)
Cash flows provided in financing activities
Principal payments made on notes payable		(84,000)
Net used in financing activities		(84,000)
Effect of exchange rate changes on cash	(292,000)	43,000
Net decrease in cash and cash equivalents	(523,000)	(11,583,000)
Cash and cash equivalents, beginning of period	8,482,000	25,627,000
Cash and cash equivalents, end of period	7,959,000	14,044,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	1,000	33,000
Common stock issued in connection with:
Compensation awards previously accrued	160,000	200,000
ROU assets and operating lease obligations recognized (Note 6):
Operating lease assets recognized	484,000
Less: non-cash changes to operating lease assets amortization
Operating lease liabilities recognized	484,000
Less: non-cash changes to operating lease liabilities accretion	(127,000)	(106,000)
Operating lease liabilities recognized	$ 357,000	$ (106,000)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (948)	$ (1,756)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
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 Vislink Technologies, Inc., incorporated in Delaware in 2006, is a global technology business that collects, delivers, and manages high-quality, live video and associated data from the action scene to the viewing screen. We provide solutions for collecting live news, sports, entertainment, and news events for the broadcast markets. We also offer surveillance and defense markets with real-time video intelligence solutions using various tailored transmission products. Our team also provides professional and technical services utilizing a staff of technology experts with decades of applied knowledge and real-world experience in terrestrial microwave, fiber optic, surveillance, and wireless communications systems, delivering a broad spectrum of customer solutions. Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements, along with the notes herein, are intended to be reviewed in conjunction with Vislink Technologies, Inc.’s audited consolidated financial statements and the accompanying notes as detailed in the 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2024 (the “Annual Report on Form 10-K”). The condensed consolidated balance sheet, as of December 31, 2023, originates from these audited statements without complete footnote disclosures typically found in audited annual statements. These unaudited condensed consolidated financial statements have been prepared to include all necessary adjustments, solely of a routine recurring nature, deemed essential for a fair presentation of the Company’s financial standing as of March 31, 2024, along with our results of operations for the three months ending on March 31 for both 2024 and 2023, and the cash flows for these periods. However, the results and position as of March 31, 2024, may not be indicative of our full-year 2024 financial condition and operating results. Given the interim nature of this 10-Q report, the detail and scope of accounting policies outlined here are less comprehensive than those found in the Annual Report on Form 10-K. Investors are encouraged to refer to NOTE 3 in the audited consolidated financial statements within the Annual Report on Form 10-K. Principles of Consolidation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America or (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”), the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts and wholly-owned subsidiaries. We have eliminated all intercompany accounts and transactions upon consolidating our subsidiaries. Segment Reporting In accordance with the Financial Accounting Standards Board’s (FASB) mandate, Vislink Technologies, Inc. adopted Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280), effective January 1, 2024. Initially issued by FASB in February 2023, this update revises the reporting requirements for operating segments of public entities to enhance the transparency and utility of segment reporting. Prior to this date, as disclosed in our Annual Report on Form 10-K, we had not yet formally adopted ASU 2023-07, which became mandatory for public entities in reporting periods beginning after December 15, 2023. We have concluded that we operate our company as a single reporting segment, and due to this structure, we believe we are only required to report in a single segment by ASU 2023-07. Accordingly, we believe the adoption of ASU 2023-07 has not significantly impacted our financial statements. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates Preparing 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 in the unaudited condensed consolidated financial statements. 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. These estimates also affect the reported revenues and expenses during the reporting periods. Actual results could differ from estimates, and any such differences may be material to our financial statements. 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	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY AND FINANCIAL CONDITION	NOTE 2 — LIQUIDITY AND FINANCIAL CONDITION For the three months ended March 31, 2024, the Company incurred an approximate $ 1.6 0.1 31.3 310.2 8.0 During the first quarter of 2024, the Company invested a portion of its cash reserves of approximately $ 0.9 5.4 Many factors may impact the Company’s liquidity requirements. These may include, but are not limited to, economic conditions, including inflation, foreign exchange, fluctuations, the markets in which we compete or wish to enter, strategic acquisitions, our market strategy, our research and development activities, regulatory matters, and technology and product innovations. The Company believes it will have sufficient funds to continue its operations for at least 12 months from the filing date of these financial statements.

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended
	Mar. 31, 2024
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-DILUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM CALCULATION OF LOSS PER SHARE 2024 2023 Three Months Ended March 31, 2024 2023 Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: Stock options 73 78 Warrants 455 459 Total 528 537 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOREIGN CURRENCY AND OTHER COMP

FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Three months ended March 31, 2024 2023 Net foreign exchange transactions: Losses (Gains) $ 14,000 $ (44,000 ) Accumulated comprehensive income: Unrealized (gains) losses on currency translation adjustment $ 210,000 $ (155,000 ) Amounts were converted from British Pounds to U.S. Dollars and Euros to British Pounds using the following exchange rates: ● As of March 31, 2024 – £ 1.262210 1.00 1.078470 1.00 ● The average exchange rate for the three months ended March 31, 2024 – £ 1.268286 1.00 1.085995 1.00 ● As of March 31, 2023 – £ 1.236707 1.00 1.0877060 1.00 ● The average exchange rate for the three months ended March 31, 2023 – £ 1.2147249 1.00 1.0727193 1.00

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 Cash on hand $ 2,587,000 $ 1,776,000 Federally insured money market mutual funds 5,372,000 6,706,000 Total cash and cash equivalents $ 7,959,000 $ 8,482,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2024
Investments, All Other Investments [Abstract]
INVESTMENTS	NOTE 6 — INVESTMENTS The Company identified the following active debt security investment transactions: ● 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 ● On October 11, 2023, the Company purchased a bond, “HSBC USA INC CP,” with a face value of $ 5,000,000 October 11, 2024 6.262291 4,711,000 4,849,000 ● On February 27, 2024, the Company acquired the “HSBC USA INC CP” bond with a face value of $ 1,000,000 February 12, 2025 5.48 949,400 950,000 The Company’s investments held to maturity are as follows as of March 31, 2024: SCHEDULE OF INVESTMENTS HELD TO MATURITY Amortized Cost Unrealized Gains Unrealized Losses Fair Value Federal Bonds $ 5,736,000 $ 63,000 $ — $ 5,799,000 The Company has determined the fair value of its investments held to maturity based on Level 2 input as of March 31, 2024 SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS Quoted Prices in Active Markets of Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Federal Bonds $ — $ 5,799,000 $ — $ 5,799,000

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 7 — INTANGIBLE ASSETS The Company continuously monitors operating results, events, and circumstances that may indicate potential impairment of intangible assets. Management concluded that no triggering events occurred during the three months ended on March 31, 2024. The following table illustrates finite intangible assets as of March 31, 2024: 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, January 1, 2024 $ 2,132,000 $ (1,408,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,327,000 ) $ 5,591,000 $ (3,373,000 ) $ 3,866,000 Amortization — (148,000 ) — — — (34,000 ) — (105,000 ) (287,000 ) Balance, March 31, 2024 $ 2,132,000 $ (1,556,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,361,000 ) $ 5,591,000 $ (3,478,000 ) $ 3,579,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 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 March 31, 2024 December 31, 2023 Proprietary Technology $ 888,000 $ 726,000 Trade Names and Technology 2,112,000 922,000 Customer Relationships 579,000 2,218,000 Net capitalized intangible costs $ 3,579,000 $ 3,866,000 The Company has recognized the amortization of intangible assets as follows: SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS 2024 2023 Three Months Ended March 31, 2024 2023 Proprietary Technology $ 148,000 $ 146,000 Trade Names and Technology 34,000 35,000 Customer Relationships 105,000 63,000 Amortization of intangible assets $ 287,000 $ 244,000 The weighted average remaining life of the amortization of the Company’s intangible assets is approximately 4.9 SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS Period ending March 31, 2025 $ 769,000 2026 752,000 2027 537,000 2028 288,000 2029 288,000 Thereafter 945,000 Intangible assets, estimated amortization expense $ 3,579,000 The Company continuously monitors intangible assets for potential impairments based on operating results, events, and circumstances. As of March 31, 2024, management identified no triggering events. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
LEASES	NOTE 8 — LEASES In addition to leasing office spaces, operational sites, and storage facilities, the Company also rents warehouse facilities internationally and within the country. As of March 31, 2024, these operating leases feature a variety of terms and conditions, with lease lengths ranging from one to four years. Certain leases contain clauses for rent increases and concessions, which result in higher rental payments during the final years of the lease term. These agreements are recognized using the straight-line method over the lease’s minimum duration. During those periods, there were no significant adjustments to the straight-line rental expenses. Most costs accounted for in each period were reflected in the cash spent on operating activities, mainly covering payments for the basic rent of offices and warehouses. Additionally, we can renew certain leases at various intervals, though we are not obligated to do so. Expenses associated with short-term leases, taxes, and variable service fees were minimal. As of March 31, 2024, the Company reported Right-of-Use (ROU) assets totaling approximately $ 1.1 1.7 1.6 0.7 0.8 2.2 January 2025 and May 2027 8.8 Poway, CA Lease Renewal On February 12, 2024, Vislink Poway, LLC signed a renewal agreement with CPI Apartment Fund 10 LLC for the premises at 13475 Danielson Street, Suite 100, 130, and 160, Poway, California. The renewal term is set for one year and ten and one-half months, commencing on March 14, 2024, and ending on January 31, 2026. The base rent for the renewal period is established at $ 22,926 484,000 The following table illustrates operating lease data for the three months ending March 31, 2024, and 2023: SCHEDULE OF OPERATING LEASE DATA 2024 2023 Three Months Ended March 31, 2024 2023 Lease cost: Operating lease cost $ 119,000 $ 103,000 Short-term lease cost 74,000 70,000 Total lease cost $ 193,000 $ 173,000 Cash paid for lease liabilities: Cash flows from operating leases $ 151,000 $ 160,000 Right-of-use assets obtained in exchange for new operating lease liabilities $ 484,000 $ — Weighted average discount rate 8.8 % 9.4 % Weighted average remaining term for lease contracts 2.2 3.2 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 8 — LEASES (continued) The following table illustrates the maturities of our operating lease liabilities as of March 31, 2024: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Amount 2025 $ 834,000 2026 659,000 2027 223,000 2028 26,000 2029 — Thereafter — Total lease payments 1,742,000 Less: imputed interest 167,000 Present value of lease liabilities 1,575,000 Less: Current lease liabilities 728,000 Non-current lease liabilities $ 847,000 The following table outlines the locations and lease termination dates for the Company’s ROU assets under operating leases for the years 2025 to 2027: SCHEDULE OF LEASE OBLIGATIONS ASSUMED Location Square Footage Lease-End Date Approximate Future Payments Colchester, U.K. – Waterside House 13,223 Dec 2025 $ 434,000 Lutton, UK 600 Jan 2025 25,000 Billerica, MA 2,000 Dec 2026 291,000 Mount Olive, NJ 7,979 May 2027 436,000 Trivex, Singapore 950 Aug 2025 53,000 Poway, CA 11,715 Jan 2026 503,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 9— STOCKHOLDERS’ EQUITY Preferred stock On March 22, 2023, the Corporation’s Board of Directors 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 of $ 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, 2024, - 0 no Common stock Other common stock activity During the three months that ended March 30, 2024, the Company has: ● issued 8,000 160,000 ● issued 4,559 ● recognized approximately $ 464,000 Common stock warrants As of March 31, 2024, warrants to purchase 1,500 454,580 65.00 1.9

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 10 — STOCK-BASED COMPENSATION Inducement Awards: The Company grants time-vested and performance-based stock options under inducement awards, consistent with NASDAQ Listing Rule 5653(c)(4). These inducement awards, granted outside of our existing equity compensation plans, are designed to reward employees for their commitment and performance toward achieving our strategic goals. Time-based and Performance-based Inducement Stock Option Awards The Company’s inducement stock option awards are generally granted with vesting terms based on time or performance-based criteria. Performance-based awards are tied to achieving specific financial metrics, aligning employee rewards with the Company’s success. The Company granted time-vested stock options and performance-based stock options to various employees in connection with their employment agreements. The ten-year, non-statutory time-vested, and performance-based option inducement awards were granted under the NASDAQ Listing Rule 5653(c)(4) outside of the Company’s existing equity compensation plans (all subject to continued employment). VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 10 — STOCK-BASED COMPENSATION (continued) Inducement Awards (continued): Time-based and Performance-Based Inducement Restricted Stock Unit Awards The Company’s inducement-restricted stock units (“RSUs”) are generally granted with vesting terms based on time or performance-based criteria. Performance-based RSUs are tied to achieving specific financial metrics and aligning employee rewards with the Company’s success. The Company granted awards under the amended plan for time-based RSUs to various employees subject to continued employment. The RSUs initially vest between 25% and 33% on their one-year anniversary dates and will vest between 24 and 36 equal monthly periods thereafter. Additionally, the Company granted awards under the amended plan for performance-based restricted stock units subject to performance vesting conditions and continued employment. The RSUs will vest in three equal tranches upon reaching performance conditions for each tranche. 2023 Omnibus Equity Incentive Plan The Company received stockholder approval on August 23, 2023, to adopt the 2023 Omnibus Equity Incentive Plan (the “2023 Plan”), which will enable it to continue to grant equity-based compensation awards under a shareholder-approved plan to employees (including officers), non-employee consultants, non-employee directors, and affiliates. The 2023 Plan replaces the 2015 Incentive Compensation Plan, 2016 Incentive Compensation Plan, and 2017 Incentive Compensation Plan. The Company has ceased granting awards under the 2015 Incentive Compensation Plan, 2016 Incentive Compensation Plan, and 2017 Incentive Compensation Plan. The Company reserves 166,415 The 2023 Plan generally grants awards without consideration other than prior and future service. The Company’s compensation committee may grant awards under the 2023 Plan either alone or in addition to, in tandem with, or as a substitute for any other award granted under the 2023 Plan or other company plans. It is important to note, however, that if a SAR is granted in conjunction with an ISO, the grant date and term of the SAR and ISO must be the same, and the exercise price of the SAR cannot be lower than the exercise price of the ISO. A written award agreement between us and the grantee will outline the material terms of the award. Summary of stock-based compensation for all equity award plans 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 2024 2023 Three months ended March 31, 2024 2023 Equity-based plans: Time-vested option inducement awards $ 12,000 $ 70,000 Time-based restricted stock awards 452,000 851,000 Stock-based compensation expense $ 464,000 $ 921,000 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 — 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 March 31, 2024 2023 Company matching contributions – Group Personal Pension Plan, U.K. $ 35,000 $ 33,000

CONCENTRATIONS

CONCENTRATIONS	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
CONCENTRATIONS	NOTE 12 — CONCENTRATIONS Customer concentration risk During the three months ending March 31, 2024, the Company observed that no single customer purchases represented more than 10% of its overall sales. In contrast, for the same period in 2023, sales to a particular customer accounted for about 10 733,000 As of March 31, 2024, no customer represented more than 10% of the Company’s total net accounts receivable. As of March 31, 2023, approximately $ 1,164,000 18 Vendor concentration risk In the three months ending March 31, 2024, purchases from three vendors amounted to $ 808,000 24 406,000 12 351,000 11 As of March 31, 2024, no vendor represented more than 10% of the Company’s total accounts payable. Comparatively, on March 31, 2023, two vendors accounted for approximately $ 368,000 14 346,000 13 VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	NOTE 13 – REVENUE The Company has one operating segment, and the decision-making group is the senior executive management team. The Company disaggregated revenue by primary geographical markets and revenue sources in the following tables: SCHEDULE OF DISAGGREGATION OF REVENUE Three Months Ended March 31, 2024 2023 Primary geographical markets: North America $ 3,772,000 $ 3,167,000 South America 16,000 189,000 Europe 2,377,000 1,843,000 Asia 705,000 719,000 Rest of World 1,728,000 1,270,000 $ 8,598,000 $ 7,188,000 Primary revenue source: Equipment sales $ 7,363,000 $ 6,394,000 Installation, integration, and repairs 884,000 486,000 Warranties 351,000 308,000 $ 8,598,000 $ 7,188,000 Long-Lived Assets: United States $ 3,269,000 $ 2,075,000 Netherlands 27,000 26,000 United Kingdom 3,329,000 4,624,000 $ 6,625,000 $ 6,725,000

REBATES

REBATES	3 Months Ended
	Mar. 31, 2024
Rebates
REBATES	NOTE 14 — REBATES The following table represents tax rebates related to the research costs incurred by our U.K. subsidiary, which are included in other income. SCHEDULE OF TAX REBATES Three Months Ended March 31, 2024 2023 Total tax rebates $ 375,000 $ 324,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 15 — SUBSEQUENT EVENTS Under ASC 855-10, the Company has analyzed its operations subsequent to March 31, 2024, and has determined that it does not have any other material subsequent events to disclose in these unaudited condensed consolidated financial statements.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Vislink Technologies, Inc., incorporated in Delaware in 2006, is a global technology business that collects, delivers, and manages high-quality, live video and associated data from the action scene to the viewing screen. We provide solutions for collecting live news, sports, entertainment, and news events for the broadcast markets. We also offer surveillance and defense markets with real-time video intelligence solutions using various tailored transmission products. Our team also provides professional and technical services utilizing a staff of technology experts with decades of applied knowledge and real-world experience in terrestrial microwave, fiber optic, surveillance, and wireless communications systems, delivering a broad spectrum of customer solutions.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements, along with the notes herein, are intended to be reviewed in conjunction with Vislink Technologies, Inc.’s audited consolidated financial statements and the accompanying notes as detailed in the 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2024 (the “Annual Report on Form 10-K”). The condensed consolidated balance sheet, as of December 31, 2023, originates from these audited statements without complete footnote disclosures typically found in audited annual statements. These unaudited condensed consolidated financial statements have been prepared to include all necessary adjustments, solely of a routine recurring nature, deemed essential for a fair presentation of the Company’s financial standing as of March 31, 2024, along with our results of operations for the three months ending on March 31 for both 2024 and 2023, and the cash flows for these periods. However, the results and position as of March 31, 2024, may not be indicative of our full-year 2024 financial condition and operating results. Given the interim nature of this 10-Q report, the detail and scope of accounting policies outlined here are less comprehensive than those found in the Annual Report on Form 10-K. Investors are encouraged to refer to NOTE 3 in the audited consolidated financial statements within the Annual Report on Form 10-K.
Principles of Consolidation	Principles of Consolidation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America or (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”), the Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. The accompanying unaudited condensed consolidated financial statements include the Company’s accounts and wholly-owned subsidiaries. We have eliminated all intercompany accounts and transactions upon consolidating our subsidiaries.
Segment Reporting	Segment Reporting In accordance with the Financial Accounting Standards Board’s (FASB) mandate, Vislink Technologies, Inc. adopted Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280), effective January 1, 2024. Initially issued by FASB in February 2023, this update revises the reporting requirements for operating segments of public entities to enhance the transparency and utility of segment reporting. Prior to this date, as disclosed in our Annual Report on Form 10-K, we had not yet formally adopted ASU 2023-07, which became mandatory for public entities in reporting periods beginning after December 15, 2023. We have concluded that we operate our company as a single reporting segment, and due to this structure, we believe we are only required to report in a single segment by ASU 2023-07. Accordingly, we believe the adoption of ASU 2023-07 has not significantly impacted our financial statements. VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Use of Estimates	Use of Estimates Preparing 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 in the unaudited condensed consolidated financial statements. 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. These estimates also affect the reported revenues and expenses during the reporting periods. Actual results could differ from estimates, and any such differences may be material to our financial statements.
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)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
SCHEDULE OF ANTI-DILUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM 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-DILUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM CALCULATION OF LOSS PER SHARE 2024 2023 Three Months Ended March 31, 2024 2023 Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share: Stock options 73 78 Warrants 455 459 Total 528 537

FOREIGN CURRENCY AND OTHER CO_2

FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Three months ended March 31, 2024 2023 Net foreign exchange transactions: Losses (Gains) $ 14,000 $ (44,000 ) Accumulated comprehensive income: Unrealized (gains) losses on currency translation adjustment $ 210,000 $ (155,000 )

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
SCHEDULE OF CASH AND CASH EQUIVALENTS	SCHEDULE OF CASH AND CASH EQUIVALENTS March 31, 2024 December 31, 2023 Cash on hand $ 2,587,000 $ 1,776,000 Federally insured money market mutual funds 5,372,000 6,706,000 Total cash and cash equivalents $ 7,959,000 $ 8,482,000

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, All Other Investments [Abstract]
SCHEDULE OF INVESTMENTS HELD TO MATURITY	The Company’s investments held to maturity are as follows as of March 31, 2024: SCHEDULE OF INVESTMENTS HELD TO MATURITY Amortized Cost Unrealized Gains Unrealized Losses Fair Value Federal Bonds $ 5,736,000 $ 63,000 $ — $ 5,799,000
SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS	The Company has determined the fair value of its investments held to maturity based on Level 2 input as of March 31, 2024 SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS Quoted Prices in Active Markets of Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Federal Bonds $ — $ 5,799,000 $ — $ 5,799,000

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS	The following table illustrates finite intangible assets as of March 31, 2024: 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, January 1, 2024 $ 2,132,000 $ (1,408,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,327,000 ) $ 5,591,000 $ (3,373,000 ) $ 3,866,000 Amortization — (148,000 ) — — — (34,000 ) — (105,000 ) (287,000 ) Balance, March 31, 2024 $ 2,132,000 $ (1,556,000 ) $ 12,378,000 $ (12,378,000 ) $ 2,251,000 $ (1,361,000 ) $ 5,591,000 $ (3,478,000 ) $ 3,579,000
SCHEDULE OF CAPITALIZED INTANGIBLE COSTS	The Company has recognized net capitalized intangible costs as follows: SCHEDULE OF CAPITALIZED INTANGIBLE COSTS March 31, 2024 December 31, 2023 Proprietary Technology $ 888,000 $ 726,000 Trade Names and Technology 2,112,000 922,000 Customer Relationships 579,000 2,218,000 Net capitalized intangible costs $ 3,579,000 $ 3,866,000
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS	The Company has recognized the amortization of intangible assets as follows: SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS 2024 2023 Three Months Ended March 31, 2024 2023 Proprietary Technology $ 148,000 $ 146,000 Trade Names and Technology 34,000 35,000 Customer Relationships 105,000 63,000 Amortization of intangible assets $ 287,000 $ 244,000
SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS	The weighted average remaining life of the amortization of the Company’s intangible assets is approximately 4.9 SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS Period ending March 31, 2025 $ 769,000 2026 752,000 2027 537,000 2028 288,000 2029 288,000 Thereafter 945,000 Intangible assets, estimated amortization expense $ 3,579,000

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
SCHEDULE OF OPERATING LEASE DATA	The following table illustrates operating lease data for the three months ending March 31, 2024, and 2023: SCHEDULE OF OPERATING LEASE DATA 2024 2023 Three Months Ended March 31, 2024 2023 Lease cost: Operating lease cost $ 119,000 $ 103,000 Short-term lease cost 74,000 70,000 Total lease cost $ 193,000 $ 173,000 Cash paid for lease liabilities: Cash flows from operating leases $ 151,000 $ 160,000 Right-of-use assets obtained in exchange for new operating lease liabilities $ 484,000 $ — Weighted average discount rate 8.8 % 9.4 % Weighted average remaining term for lease contracts 2.2 3.2
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES	The following table illustrates the maturities of our operating lease liabilities as of March 31, 2024: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES Amount 2025 $ 834,000 2026 659,000 2027 223,000 2028 26,000 2029 — Thereafter — Total lease payments 1,742,000 Less: imputed interest 167,000 Present value of lease liabilities 1,575,000 Less: Current lease liabilities 728,000 Non-current lease liabilities $ 847,000
SCHEDULE OF LEASE OBLIGATIONS ASSUMED	The following table outlines the locations and lease termination dates for the Company’s ROU assets under operating leases for the years 2025 to 2027: SCHEDULE OF LEASE OBLIGATIONS ASSUMED Location Square Footage Lease-End Date Approximate Future Payments Colchester, U.K. – Waterside House 13,223 Dec 2025 $ 434,000 Lutton, UK 600 Jan 2025 25,000 Billerica, MA 2,000 Dec 2026 291,000 Mount Olive, NJ 7,979 May 2027 436,000 Trivex, Singapore 950 Aug 2025 53,000 Poway, CA 11,715 Jan 2026 503,000

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Three months ended March 31, 2024 2023 Equity-based plans: Time-vested option inducement awards $ 12,000 $ 70,000 Time-based restricted stock awards 452,000 851,000 Stock-based compensation expense $ 464,000 $ 921,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Company matching contributions – Group Personal Pension Plan, U.K. $ 35,000 $ 33,000

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
SCHEDULE OF DISAGGREGATION OF REVENUE	The Company has one operating segment, and the decision-making group is the senior executive management team. The Company disaggregated revenue by primary geographical markets and revenue sources in the following tables: SCHEDULE OF DISAGGREGATION OF REVENUE Three Months Ended March 31, 2024 2023 Primary geographical markets: North America $ 3,772,000 $ 3,167,000 South America 16,000 189,000 Europe 2,377,000 1,843,000 Asia 705,000 719,000 Rest of World 1,728,000 1,270,000 $ 8,598,000 $ 7,188,000 Primary revenue source: Equipment sales $ 7,363,000 $ 6,394,000 Installation, integration, and repairs 884,000 486,000 Warranties 351,000 308,000 $ 8,598,000 $ 7,188,000 Long-Lived Assets: United States $ 3,269,000 $ 2,075,000 Netherlands 27,000 26,000 United Kingdom 3,329,000 4,624,000 $ 6,625,000 $ 6,725,000

REBATES (Tables)

REBATES (Tables)	3 Months Ended
	Mar. 31, 2024
Rebates
SCHEDULE OF TAX REBATES	The following table represents tax rebates related to the research costs incurred by our U.K. subsidiary, which are included in other income. SCHEDULE OF TAX REBATES Three Months Ended March 31, 2024 2023 Total tax rebates $ 375,000 $ 324,000

LIQUIDITY AND FINANCIAL CONDI_2

LIQUIDITY AND FINANCIAL CONDITION (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loss from operations	$ 1,598,000	$ 2,348,000
Cash used in operating activities	89,000	$ 602,000
Working capital	31,300,000
Accumulated deficits	310,174,000		$ 309,226,000
Cash and cash equivalents	7,959,000		8,482,000
Cash reserve	900,000
Money market funds	$ 5,372,000		$ 6,706,000

SCHEDULE OF ANTI-DILUTIVE POTEN

SCHEDULE OF ANTI-DILUTIVE POTENTIAL COMMON STOCK EQUIVALENTS EXCLUDE FROM CALCULATION OF LOSS PER SHARE (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:
Total	528	537
Share-Based Payment Arrangement, Option [Member]
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:
Total	73	78
Warrant [Member]
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:
Total	455	459

SCHEDULE OF FOREIGN EXCHANGE AN

SCHEDULE OF FOREIGN EXCHANGE AND CHANGE IN ACCUMULATED COMPREHENSIVE INCOME (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign Currency [Abstract]
Losses (Gains)	$ 14,000	$ (44,000)
Unrealized (gains) losses on currency translation adjustment	$ 210,000	$ (155,000)

FOREIGN CURRENCY AND OTHER CO_3

FOREIGN CURRENCY AND OTHER COMPREHENSIVE (GAINS) LOSSES (Details Narrative)	Mar. 31, 2024	Mar. 31, 2023
GBP to USD [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Foreign currency exchange rate, translation	1	1
Average foreign currency exchange rate remeasurement	1	1
Euro to GBP [Member] | GBP [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Foreign currency exchange rate, translation	1	1
Average foreign currency exchange rate remeasurement	1	1
Period End GBP to $1 Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Foreign currency exchange rate, translation	1.262210	1.236707
Period End EUR to $1 Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Foreign currency exchange rate, translation	1.078470	1.0877060
Period Average GBP to $1 Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Foreign currency exchange rate, translation	1.268286	1.2147249
Period Average EUR to $1 Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Foreign currency exchange rate, translation	1.085995	1.0727193

SCHEDULE OF CASH AND CASH EQUIV

SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash on hand	$ 2,587,000	$ 1,776,000
Federally insured money market mutual funds	5,372,000	6,706,000
Total cash and cash equivalents	$ 7,959,000	$ 8,482,000

SCHEDULE OF INVESTMENTS HELD TO

SCHEDULE OF INVESTMENTS HELD TO MATURITY (Details) - Federal Bonds [Member] $ in Thousands	Mar. 31, 2024 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Investments held to maturity, amortized cost	$ 5,736,000
Investments held to maturity, unrealized gain	63,000
Investments held to maturity, unrealized loss
Investments held to maturity, fair value	$ 5,799,000

SCHEDULE OF FAIR VALUE OF ITS I

SCHEDULE OF FAIR VALUE OF ITS INVESTMENTS (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Platform Operator, Crypto Asset [Line Items]
Investments, fair value disclosure	$ 5,799,000
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Investments, fair value disclosure
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto Asset [Line Items]
Investments, fair value disclosure	5,799,000
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto Asset [Line Items]
Investments, fair value disclosure

INVESTMENTS (Details Narrative)

INVESTMENTS (Details Narrative) - USD ($)	Mar. 31, 2024	Feb. 27, 2024	Oct. 11, 2023	Feb. 28, 2023
Federal National Mortgage Association [Member]
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount				$ 950,000
Investment Owned, Fair Value				$ 950,000
Investment Maturity Date				Feb. 28, 2024
Investment Interest Rate				5.07%
HSBC USA INC CP [Member]
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount			$ 5,000,000
Investment Owned, Fair Value	$ 4,849,000		$ 4,711,000
Investment Maturity Date			Oct. 11, 2024
Investment Interest Rate			6.26229%
HSBC USA INC CP One [Member]
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount		$ 1,000,000
Investment Owned, Fair Value	$ 950,000	$ 949,400
Investment Maturity Date		Feb. 12, 2025
Investment Interest Rate		5.48%

SCHEDULE OF INTANGIBLE ASSETS (

SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Beginning balance net	$ 3,866,000
Intangible assets, net Amortization	(287,000)	$ (244,000)
Ending balance net	3,579,000
Proprietary Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning balance cost	2,132,000
Beginning balance, accumulated amortization	(1,408,000)
Intangible assets, net Amortization	(148,000)	(146,000)
Ending balance cost	2,132,000
Ending balance, accumulated Amortization	(1,556,000)
Patents and Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning balance cost	12,378,000
Beginning balance, accumulated amortization	(12,378,000)
Intangible assets, net Amortization
Ending balance cost	12,378,000
Ending balance, accumulated Amortization	(12,378,000)
Trade Names and Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning balance cost	2,251,000
Beginning balance, accumulated amortization	(1,327,000)
Intangible assets, net Amortization	(34,000)	(35,000)
Ending balance cost	2,251,000
Ending balance, accumulated Amortization	(1,361,000)
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning balance cost	5,591,000
Beginning balance, accumulated amortization	(3,373,000)
Intangible assets, net Amortization	(105,000)	$ (63,000)
Ending balance cost	5,591,000
Ending balance, accumulated Amortization	$ (3,478,000)

SCHEDULE OF CAPITALIZED INTANGI

SCHEDULE OF CAPITALIZED INTANGIBLE COSTS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Net capitalized intangible costs	$ 3,579,000	$ 3,866,000
Proprietary Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Net capitalized intangible costs	888,000	726,000
Trade Names and Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Net capitalized intangible costs	2,112,000	922,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Net capitalized intangible costs	$ 579,000	$ 2,218,000

SCHEDULE OF AMORTIZATION OF INT

SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 287,000	$ 244,000
Proprietary Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	148,000	146,000
Trade Names and Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	34,000	35,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 105,000	$ 63,000

SCHEDULE OF ESTIMATED AMORTIZAT

SCHEDULE OF ESTIMATED AMORTIZATION EXPENSE FOR INTANGIBLE ASSETS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 769,000
2026	752,000
2027	537,000
2028	288,000
2029	288,000
Thereafter	945,000
Intangible assets, estimated amortization expense	$ 3,579,000	$ 3,866,000

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative)	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period	4 years 10 months 24 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
Other Intangible Assets [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Other Intangible Assets [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	15 years

SCHEDULE OF OPERATING LEASE DAT

SCHEDULE OF OPERATING LEASE DATA (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 119,000	$ 103,000
Short-term lease cost	74,000	70,000
Total lease cost	193,000	173,000
Cash flows from operating leases	151,000	160,000
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 484,000
Weighted-average discount rate-operating leases	8.80%	9.40%
Weighted-average remaining lease term-operating leases	2 years 2 months 12 days	3 years 2 months 12 days

SCHEDULE OF FUTURE MINIMUM RENT

SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 834
2026	659
2027	223
2028	26
2029
Thereafter
Total lease payments	1,742
Less: imputed interest	167
Present value of lease liabilities	1,575
Less: Current lease liabilities	728	$ 463
Non-current lease liabilities	$ 847	$ 755

SCHEDULE OF LEASE OBLIGATIONS A

SCHEDULE OF LEASE OBLIGATIONS ASSUMED (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) ft²
Approximate Future Payments	$ 1,742,000
Colchester, U.K. - Waterside House [Member]
Area of land | ft²	13,223
Lease-End Month	Dec
Lease-End Year	2025
Approximate Future Payments	$ 434,000
Lutton, UK [Member]
Area of land | ft²	600
Lease-End Month	Jan
Lease-End Year	2025
Approximate Future Payments	$ 25,000
Billerica, MA [Member]
Area of land | ft²	2,000
Lease-End Month	Dec
Lease-End Year	2026
Approximate Future Payments	$ 291,000
Mount Olive, NJ [Member]
Area of land | ft²	7,979
Lease-End Month	May
Lease-End Year	2027
Approximate Future Payments	$ 436,000
Trivex Singapore [Member]
Area of land | ft²	950
Lease-End Month	Aug
Lease-End Year	2025
Approximate Future Payments	$ 53,000
Poway CA [Member]
Area of land | ft²	11,715
Lease-End Month	Jan
Lease-End Year	2026
Approximate Future Payments	$ 503,000

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)		3 Months Ended
	Feb. 12, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Abstract]
Right of use of assets		$ 1,134,000		$ 742,000
Right of use of assets		1,700,000
Operating lease liabilities		1,575,000
Current operating lease liabilities		728,000		463,000
Non-current operating lease liabilities		$ 847,000		$ 755,000
Weighted-average remaining term		2 years 2 months 12 days	3 years 2 months 12 days
Lease maturity description		January 2025 and May 2027
Weighted-average discount rate		8.80%	9.40%
Base rent	$ 22,926
Operating lease liabilities		$ 484,000

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 22, 2023
Class of Stock [Line Items]
Preferred stock par value	$ 0.00001		$ 0.00001
Preferred stock, shares authorized	0		0
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Stock compensation costs	$ 464,000	$ 921,000
Common Stock Warrants [Member]
Class of Stock [Line Items]
Warrants expired	1,500
Number of warrants outstanding and exercisable	454,580
Weighted average exercise price ending exercisable	$ 65
Weighted average remaining contractual life	1 year 10 months 24 days
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Shares attributable to withholding tax	8,000
Conversion of restricted stock unit	4,559
Restricted Stock Units (RSUs) [Member] | Common Stock [Member]
Class of Stock [Line Items]
Restricted stock options, granted	$ 160,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock par value				$ 0.00001
Preferred stock, shares authorized	0
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION EXPENSE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 464,000	$ 921,000
Time Vested Option Inducement Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	12,000	70,000
Time Based Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 452,000	$ 851,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative)	Aug. 23, 2023 shares
2023 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved	166,415

SCHEDULE OF MATCHING CONTRIBUTI

SCHEDULE OF MATCHING CONTRIBUTIONS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Group Personal Pension Plan, UK [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Company matching contributions	$ 35,000	$ 33,000

CONCENTRATIONS (Details Narrati

CONCENTRATIONS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Total revenue	$ 8,598,000	$ 7,188,000
Accounts Payable, Current	$ 3,533,000		$ 3,183,000
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	24%
Accounts Payable, Current	$ 808,000
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12%
Accounts Payable, Current	$ 406,000
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member]
Concentration Risk [Line Items]
Concentration risk percentage	11%
Accounts Payable, Current	$ 351,000
Particular Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage		10%
Total revenue		$ 733,000
Single Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage		18%
Accounts receivable		$ 1,164,000
Vendor One [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage		14%
Accounts payable		$ 368,000
Vendor Two [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage		13%
Accounts payable		$ 346,000

SCHEDULE OF DISAGGREGATION OF R

SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, net	$ 8,598,000	$ 7,188,000
Long-Lived Assets	6,625,000	6,725,000
Equipment Sales [Member]
Revenue, net	7,363,000	6,394,000
Installation, Integration and Repairs [Member]
Revenue, net	884,000	486,000
Warranties [Member]
Revenue, net	351,000	308,000
North America [Member]
Revenue, net	3,772,000	3,167,000
South America [Member]
Revenue, net	16,000	189,000
Europe [Member]
Revenue, net	2,377,000	1,843,000
Asia [Member]
Revenue, net	705,000	719,000
Rest of World [Member]
Revenue, net	1,728,000	1,270,000
UNITED STATES
Long-Lived Assets	3,269,000	2,075,000
NETHERLANDS
Long-Lived Assets	27,000	26,000
UNITED KINGDOM
Long-Lived Assets	$ 3,329,000	$ 4,624,000

SCHEDULE OF TAX REBATES (Detail

SCHEDULE OF TAX REBATES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
His Majesty's Revenue and Customs (HMRC) [Member]
Operating Loss Carryforwards [Line Items]
Total tax rebates	$ 375,000	$ 324,000