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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
SCHEDULE OF ERRORS RESULTED IN MISSTATEMENTS | These errors resulted in misstatements to our Balance Sheets, Statements of Operations, Statements of Stockholders’ Equity, and Statements of Cash Flows as of and for the years ended December 31, 2021 and 2020, as follows: SCHEDULE OF ERRORS RESULTED IN MISSTATEMENTS
|  | As of December 31, 2021 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Reported |  |  | Adjustment |  |  | Restated |
BALANCE SHEET |  |  |  |  |  |  |  |  |  |  |  |
Equity awards liability |  | $ | - |  |  |  | 378 |  |  | $ | 378 |
Liability for shares withheld |  | $ | - |  |  |  | 1,244 |  |  | $ | 1,244 |
Total current liabilities |  | $ | 4,504 |  |  |  | 1,622 |  |  | $ | 6,126 |
Total liabilities |  | $ | 4,512 |  |  |  | 1,622 |  |  | $ | 6,134 |
Additional paid-in capital |  | $ | 141,703 |  |  |  | 4,752 |  |  | $ | 146,455 |
Accumulated deficit |  | $ | (120,523 | ) |  |  | (6,374 | ) |  | $ | (126,897 | )
Total stockholders’ equity |  | $ | 21,199 |  |  |  | (1,622 | ) |  | $ | 19,577 |
Common stock (shares) |  |  | 18,753,003 |  |  |  | (92,634 | ) |  |  | 18,660,369 |
|  | As of December 31, 2020 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
BALANCE SHEET |  |  |  |  |  |  |  |  |  |  |  |
Additional paid-in capital |  | $ | 138,570 |  |  |  | 3,042 |  |  | $ | 141,612 |
Accumulated deficit |  | $ | (116,377 | ) |  |  | (3,042 | ) |  | $ | (119,419 | )
Total stockholders’ equity |  | $ | 22,211 |  |  |  | - |  |  | $ | 22,211 |
|  | For the Year Ended December 31, 2021 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
STATEMENT OF OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  | $ | 11,564 |  |  |  | 3,331 |  |  | $ | 14,895 |
Total operating expenses |  | $ | 17,044 |  |  |  | 3,331 |  |  | $ | 20,375 |
Loss from operations |  | $ | (4,162 | ) |  |  | (3,331 | ) |  | $ | (7,493 | )
Interest and other income |  | $ | 6 |  |  |  | (1 | ) |  | $ | 5 |
Total other income |  | $ | 16 |  |  |  | (1 | ) |  | $ | 15 |
Net loss |  | $ | (4,146 | ) |  |  | (3,332 | ) |  | $ | (7,478 | )
PER SHARE INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Loss per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic and Diluted |  | $ | (0.22 | ) |  |  | (0.18 | ) |  | $ | (0.40 | )
Weighted average common shares used in computing per share amounts (Basic and Diluted) |  |  | 18,676,965 |  |  |  | (78,555 | ) |  |  | 18,598,410 |
INTELLICHECK, INC. NOTES TO FINANCIAL STATEMENTS (All dollar amounts are rounded to thousands, except share data)
|  | For the year ended December 31, 2020 |
|  | As Previously Reported |  |  | Restatement Adjustment |  |  | As Restated |
STATEMENT OF OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  | $ | 5,894 |  |  |  | 3,042 |  |  | $ | 8,936 |
Total operating expenses |  | $ | 9,569 |  |  |  | 3,042 |  |  | $ | 12,611 |
Loss from operations |  | $ | (260 | ) |  |  | (3,042 | ) |  | $ | (3,302 | )
Net income (loss) |  | $ | 558 |  |  |  | (3,042 | ) |  | $ | (2,484 | )
PER SHARE INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Loss per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic and Diluted |  | $ | 0.03 |  |  |  | (0.17 | ) |  | $ | (0.14 | )
Weighted average common shares used in computing per share amounts |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 17,324,150 |  |  |  | - |  |  |  | 17,324,150 |
Diluted |  |  | 18,020,866 |  |  |  | (696,716 | ) |  |  | 17,324,150 |
|  | For the year ended December 31, 2021 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Reported |  |  | Adjustment |  |  | Restated |
STATEMENT OF STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Exercise of stock options, net of cashless exercise of 58,926 shares and 92,634 shares withheld |  | $ | 47 |  |  |  | 1,710 |  |  | $ | 1,757 |
Net loss |  | $ | (4,146 | ) |  |  | (3,332 | ) |  | $ | (7,478 | )
Accumulated deficit |  | $ | (120,523 | ) |  |  | (6,374 | ) |  | $ | (126,897 | )
Additional paid-in capital |  | $ | 141,703 |  |  |  | 4,752 |  |  | $ | 146,455 |
Total Stockholders’ Equity |  | $ | 21,199 |  |  |  | (1,622 | ) |  | $ | 19,577 |
Common stock (shares) |  |  | 18,753,003 |  |  |  | (92,634 | ) |  | $ | 18,660,369 |
INTELLICHECK, INC. NOTES TO FINANCIAL STATEMENTS (All dollar amounts are rounded to thousands, except share data)
|  | For the year ended December 31, 2020 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Reported |  |  | Adjustment |  |  | Restated |
STATEMENT OF STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Exercise of liability awards |  | $ | - |  |  |  | 3,042 |  |  | $ | 3,042 |
Net income (loss) |  | $ | 558 |  |  |  | (3,042 | ) |  | $ | (2,484 | )
Accumulated deficit |  | $ | (116,377 | ) |  |  | (3,042 | ) |  | $ | (119,419 | )
Additional paid-in capital |  | $ | 138,570 |  |  |  | 3,042 |  |  | $ | 141,612 |
Ending balance, value |  | $ | 138,570 |  |  |  | 3,042 |  |  | $ | 141,612 |
|  | For the year ended December 31, 2021 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Reported |  |  | Adjustment |  |  | Restated |
STATEMENT OF CASH FLOWS |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (4,146 | ) |  |  | (3,332 | ) |  | $ | (7,478 | )
Equity compensation |  | $ | 3,068 |  |  |  | 3,332 |  |  | $ | 6,400 |
Supplemental disclosure of noncash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Reclassification of stock option awards |  | $ | - |  |  |  | 1,411 |  |  | $ | 1,411 |
|  | For the year ended December 31, 2020 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Reported |  |  | Adjustment |  |  | Restated |
STATEMENT OF CASH FLOWS |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 558 |  |  |  | (3,042 | ) |  | $ | (2,484 | )
Equity compensation |  | $ | 409 |  |  |  | 3,042 |  |  | $ | 3,451 |
SCHEDULE OF DISAGGREGATION OF REVENUE | In the following tables, revenue is disaggregated by product and service and the timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue. SCHEDULE OF DISAGGREGATION OF REVENUE
|  |  | 2021 |  |  |  | 2020 |
|  | For the Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Products and services |  |  |  |  |  |  |  |
Software as a Service (SaaS) |  | $ | 12,970 |  |  | $ | 9,373 |
Other subscription and support services |  |  | 35 |  |  |  | 199 |
Equipment |  |  | 3,056 |  |  |  | 1,045 |
Non-recurring services |  |  | 114 |  |  |  | 78 |
Extended warranties on equipment |  |  | 8 |  |  |  | 21 |
Other |  |  | 210 |  |  |  | 19 |
Revenues |  | $ | 16,393 |  |  | $ | 10,735 |
Timing of revenue recognition |  |  |  |  |  |  |  |
Products transferred at a point in time |  | $ | 3,266 |  |  | $ | 1,064 |
Services transferred over time |  |  | 13,127 |  |  |  | 9,671 |
Revenues |  | $ | 16,393 |  |  | $ | 10,735 |
SCHEDULE OF REVENUE PERFORMANCE OBLIGATION | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period: SCHEDULE OF REVENUE PERFORMANCE OBLIGATION
|  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Total |
Software as a Service (SaaS) |  | $ | 1,256 |  |  | $ | 3 |  |  | $ | - |  |  | $ | 1,259 |
Other subscription and support services |  |  | 8 |  |  |  | 3 |  |  |  | 1 |  |  |  | 12 |
Extended warranties on equipment |  |  | 2 |  |  |  | 1 |  |  |  | - |  |  |  | 3 |
|  | $ | 1,266 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 1,274 |
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED | SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED
|  | 2021 |  |  | 2020 |
|  | Years Ended |
|  | December 31, |
|  | 2021 |  |  | 2020 |
Numerator: |  |  |  |  |  |  |  |
Net Loss |  | $ | (7,478 | ) |  | $ | (2,484 | )
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares – |  |  |  |  |  |  |  |
Basic |  |  | 18,598,410 |  |  |  | 17,324,150 |
Weighted average common shares - |  |  |  |  |  |  |  |
Diluted |  |  | 18,598,410 |  |  |  | 17,324,150 |
Net Loss per share – |  |  |  |  |  |  |  |
Basic |  | $ | (0.40 | ) |  | $ | (0.14 | )
Diluted |  | $ | (0.40 | ) |  | $ | (0.14 | )
SUMMARY OF COMMON STOCK EQUIVALENTS EXCLUDED FROM LOSS PER DILUTED SHARE | The following table summarizes the common stock equivalents excluded from the 2021 loss per diluted share because their effect would be anti-dilutive: SUMMARY OF COMMON STOCK EQUIVALENTS EXCLUDED FROM LOSS PER DILUTED SHARE
|  | 2021 |  |  | 2020 |
Stock options |  |  | 496,424 |  |  |  | 637,882 |
Restricted stock |  |  | 408,376 |  |  |  | 1,754 |
Performance stock units |  |  | 228,498 |  |  |  | 265,942 |
Total |  |  | 1,133,298 |  |  |  | 905,578 |

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