Intellicheck(US:IDN)2022-03-23 16:00Revenue Growth - Revenues for the year ended December 31, 2021 increased by $5,658, or 53%, to $16,393 compared to $10,735 for the year ended December 31, 2020, primarily due to higher SaaS revenues and hardware sales [135]. - SaaS revenues increased by $3,597, or 38%, to $12,970 for the year ended December 31, 2021, compared to $9,373 for the year ended December 31, 2020 [135]. Profitability and Losses - Gross profit increased by $3,573, or 38%, to $12,882 for the year ended December 31, 2021, with a gross profit margin of 78.6% compared to 86.7% in 2020 [136]. - Net losses for the year ended December 31, 2021 were $(4,146), or $(0.22) per share, compared to net income of $558, or $0.03 per share for the year ended December 31, 2020 [139]. - The company's net income for the year ended December 31, 2021, was a loss of $4.146 million, compared to a profit of $0.558 million in 2020 [156]. - Adjusted EBITDA for 2021 was $(0.925) million, a decrease from $0.329 million in 2020 [156]. Operating Expenses - Operating expenses increased by $7,475, or 78%, to $17,044 for the year ended December 31, 2021, driven by higher personnel and marketing costs [137]. Cash Flow and Financial Position - As of December 31, 2021, the company had cash of $13,651 and working capital of $11,982 [140]. - Cash provided by operating activities was $1,116 for the year ended December 31, 2021, compared to cash used in operating activities of $(19) in 2020 [141]. - The company anticipates that available cash and expected cash from operations will be sufficient to meet working capital and capital expenditure requirements for at least the next 12 months [148]. Strategic Activities - The company is exploring synergistic opportunities, including merger and acquisition activities, with $454 of costs incurred related to this activity included in operating expenses [137]. Tax and Financial Reporting - The available net operating loss (NOL) at December 31, 2021, was approximately $18.0 million, which can offset future taxable income [157]. - The adoption of ASU 2019-12 regarding income taxes did not have a material impact on the financial statements [159]. - The company expects the adoption of ASU No. 2016-13 regarding credit losses will not have a material impact on its financial statements [160]. Future Outlook - The company anticipates future growth in revenues and cash flow, but these forward-looking statements are subject to uncertainty [162]. - The company maintains cash in two financial institutions, subjecting it to concentrations of credit risk [163].