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SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

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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