T Stamp (IDAI) - 2022 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements The company's unaudited condensed consolidated financial statements detail its financial position and performance as of June 30, 2022 Condensed Consolidated Balance Sheets The balance sheet shows a decrease in total assets and liabilities, resulting in an improved current ratio | Metric | June 30, 2022 (unaudited) | December 31, 2021 | | :-------------------------------- | :------------------------ | :------------------ | | ASSETS | | | | Cash and cash equivalents | $2,827,563 | $3,475,695 | | Total Current Assets | $4,302,664 | $5,764,231 | | Total Assets | $7,618,091 | $8,664,654 | | LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | | | | Total Current Liabilities | $1,364,512 | $2,399,986 | | Total Liabilities | $2,668,307 | $3,630,938 | | Total Stockholders' Equity | $4,949,784 | $5,033,716 | | Total Liabilities and Stockholders' Equity | $7,618,091 | $8,664,654 | - Total Assets decreased by approximately $1.05 million from December 31, 2021, to June 30, 2022, primarily driven by a decrease in cash and cash equivalents[10] - Total Current Liabilities decreased by approximately $1.04 million, improving the current ratio from 2.40 to 3.15[10][215] Condensed Consolidated Statements of Operations Revenue grew significantly for the six-month period, though operating and net losses also widened due to increased expenses | Metric | Three months ended June 30, 2022 | Three months ended June 30, 2021 | Six months ended June 30, 2022 | Six months ended June 30, 2021 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenue | $708,288 | $719,409 | $3,529,333 | $1,251,692 | | Total Operating Expenses | $3,646,208 | $2,768,391 | $8,108,373 | $5,236,339 | | Operating Loss | $(2,937,920) | $(2,048,982) | $(4,579,040) | $(3,984,647) | | Net loss attributable to T Stamp Inc. | $(2,922,286) | $(1,966,025) | $(4,614,348) | $(3,997,918) | | Basic and diluted net loss per share | $(0.13) | $(0.10) | $(0.20) | $(0.22) | - Net revenue for the six months ended June 30, 2022, increased by 181.96% to $3.53 million, primarily due to the ICE Contract[11][197] - Net loss attributable to T Stamp Inc. increased for both the three-month and six-month periods, reaching $(2.92) million and $(4.61) million, respectively, driven by increased operating expenses[11] Condensed Consolidated Statements of Comprehensive Loss Comprehensive loss increased for both three and six-month periods, influenced by net loss and foreign currency adjustments | Metric | Three months ended June 30, 2022 | Three months ended June 30, 2021 | Six months ended June 30, 2022 | Six months ended June 30, 2021 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss including noncontrolling interest | $(2,922,286) | $(1,966,889) | $(4,614,348) | $(3,998,782) | | Foreign currency translation adjustments | $(34,726) | $106 | $27,924 | $44,728 | | Comprehensive loss attributable to T Stamp Inc. | $(2,957,012) | $(1,965,919) | $(4,586,424) | $(3,953,190) | - Comprehensive loss attributable to T Stamp Inc. increased for both periods, reaching $(2.96) million for the three months and $(4.59) million for the six months ended June 30, 2022[13] - Foreign currency translation adjustments resulted in a loss of $(34,726) for the three months ended June 30, 2022, compared to a gain in the prior year, but a gain of $27,924 for the six months ended June 30, 2022[13] Condensed Consolidated Statements of Stockholders' Equity (Deficit) Stockholders' equity was impacted by net losses, offset by capital increases from stock and warrant exercises | Metric | Balance, Dec 31, 2021 | Balance, June 30, 2022 | | :-------------------------- | :-------------------- | :--------------------- | | Common Stock Shares | 20,475,143 | 23,285,733 | | Common Stock Amount | $204,751 | $232,857 | | Additional Paid-In Capital | $31,822,079 | $36,240,605 | | Accumulated Deficit | $(27,208,186) | $(31,822,534) | | Total Stockholders' Equity | $5,033,716 | $4,949,784 | - Common stock shares outstanding increased from 20,475,143 to 23,285,733, primarily due to the exercise of warrants and options, and issuance of common stock[16][18] - Additional paid-in capital increased by over $4.4 million, reflecting capital raises and stock-based compensation[16][18] - Accumulated deficit worsened by approximately $4.6 million, reflecting the net losses incurred during the period[16][18] Condensed Consolidated Statements of Cash Flows The company experienced a net decrease in cash, with operating cash outflows partially offset by financing inflows | Cash Flow Activity | Six months ended June 30, 2022 | Six months ended June 30, 2021 | | :----------------------------------- | :----------------------------- | :----------------------------- | | Net cash flows from operating activities | $(3,858,860) | $(3,981,358) | | Net cash flows from investing activities | $(524,252) | $(484,317) | | Net cash flows from financing activities | $3,686,706 | $4,177,190 | | Net change in cash and cash equivalents | $(648,132) | $(243,758) | | Cash and cash equivalents, end of period | $2,827,563 | $1,226,194 | - Net cash used in operating activities slightly decreased by 3.08% to $(3.86) million, primarily due to adjustments for non-cash expenses like stock-based compensation and depreciation[19][232] - Net cash used in investing activities increased to $(524) thousand, driven by continued investments in internally developed software and patent application costs[19][233] - Net cash provided by financing activities decreased to $3.69 million, mainly from proceeds from warrant and option exercises, and common stock issuance[19][234] Notes to Condensed Consolidated Financial Statements These notes provide detailed explanations of accounting policies and specific financial statement components 1. Description of Business and Summary of Significant Accounting Policies The company develops AI-powered identity solutions and faces going concern risks due to operating losses and customer concentration - Trust Stamp develops proprietary artificial intelligence-powered solutions leveraging biometric science, cryptography, and data mining for identity authentication and fraud prevention across multiple industries[23][151][152] - The company's ability to continue as a going concern is dependent on generating revenue and obtaining sufficient financing, given a $4.61 million loss and $3.86 million operating cash outflows for the six months ended June 30, 2022, and an accumulated deficit of $31.82 million[30][31][229] | Customer Concentration | June 30, 2022 | December 31, 2021 | | :--------------------- | :------------ | :---------------- | | Accounts Receivable (3 customers) | 96% | 92% | | Net Revenue (3-month period, 4 customers) | 94% | 98% | | Net Revenue (6-month period, 4 customers) | 98% | 97% | 2. Pixelpin Acquisition and Patent Approvals The company acquired Pixelpin in 2021 and significantly expanded its intellectual property portfolio in 2022 - Acquired Pixelpin, an image-based 'Pin-on-Glass' account access solution, for $91,000 in cash on February 23, 2021[87] - Received a $13,000 VAT tax refund for the Pixelpin acquisition on June 1, 2022, reducing the asset's carrying value to $78,000[89] - Added eight new patent issuances and eleven new patent filings during the six months ended June 30, 2022, investing $94,000[89] 3. Borrowings The company holds promissory notes from the Maltese government and incurred a new liability for mobile hardware purchases | Loan Type | June 30, 2022 | December 31, 2021 | | :-------------------------------------------------------------------------------- | :------------ | :---------------- | | Malta loan receipt 3 – June 3, 2022 | $60,956 | — | | Malta loan receipt 2 – August 10, 2021 | $296,914 | $322,190 | | Malta loan receipt 1 – February 9, 2021 | $480,880 | $521,816 | | Total principal outstanding | $838,750 | $844,006 | | Plus accrued interest | $19,189 | $12,252 | | Total promissory notes payable | $857,939 | $856,258 | - The company entered an agreement with a telecommunications company for mobile hardware with a monthly service agreement, resulting in a short-term financial liability of $119,000 and a long-term financial liability of $148,000 as of June 30, 2022[92] 4. Warrants The company details changes in liability and equity-classified warrants, including significant exercises generating cash proceeds | Warrant Type | Balance as of Dec 31, 2021 | Balance as of June 30, 2022 | Change in Fair Value (6 months ended June 30, 2022) | | :-------------------------- | :------------------------- | :-------------------------- | :------------------------------------------------ | | Liability Classified Warrants | $374,694 | $297,634 | $(77,060) | | Equity Classified Warrants | As of Dec 31, 2021 | As of June 30, 2022 | | :------------------------- | :----------------- | :------------------ | | Total warrants outstanding | 7,752,009 | 5,376,663 | - REach® exercised warrants for 400,641 shares, generating $67,000 in cash proceeds in January 2022[98] - SCV exercised warrants for 2,037,560 shares, generating $3.26 million in cash proceeds in January 2022[103] 5. Balance Sheet Components This note details changes in key balance sheet accounts, including software, property, and accrued expenses | Account | June 30, 2022 | December 31, 2021 | | :-------------------------------- | :------------ | :---------------- | | Prepaid expenses and other current assets | $702,404 | $996,602 | | Capitalized internal-use software, net | $1,309,394 | $1,160,044 | | Property and equipment, net | $368,602 | $111,768 | | Accrued expenses | $468,842 | $1,059,532 | - Property and equipment, net, saw a substantial increase, mainly due to the acquisition of $297,240 in mobile hardware[108] - Amortization expense for capitalized internal-use software was $246,000 for the six months ended June 30, 2022[107] 6. Goodwill, Digital Asset, and Intangible Assets Goodwill remained stable, while the company acquired and subsequently impaired digital assets and increased its intangible assets - Goodwill carrying amount remained unchanged for the periods ended June 30, 2022, and December 31, 2021[111] - Acquired digital assets (virtual land and cryptocurrency) for $30,000 in February 2022 and recorded an impairment loss of $24,000 on these assets during the six months ended June 30, 2022[112] | Intangible Assets | June 30, 2022 | December 31, 2021 | | :------------------------ | :------------ | :---------------- | | Intangible assets, net | $232,051 | $201,807 | | Amortization expense (6 months) | $46,000 | $26,000 | 7. Revenue Recognition Revenue is primarily recognized over time from professional services and licenses, with the ICE Contract being a key driver | Revenue Type | Three months ended June 30, 2022 | Three months ended June 30, 2021 | Six months ended June 30, 2022 | Six months ended June 30, 2021 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Professional services (over time) | $645,788 | $669,409 | $3,404,333 | $1,151,692 | | License fees (over time) | $62,500 | $50,000 | $125,000 | $100,000 | | Total net revenue | $708,288 | $719,409 | $3,529,333 | $1,251,692 | - The ICE Contract's total award value was increased to $7,176,364 from $3,920,764, with delivery extended to September 26, 2022, but was subject to a 90-day cessation due to new legislation[65][242] 8. Income Taxes The company maintained a 0% effective tax rate due to operating losses and records a full valuation allowance against deferred tax assets - Effective tax rate was 0% for the three and six months ended June 30, 2022, and 2021, due to U.S. operating losses and minimal foreign profits[118] - A full valuation allowance is recorded on all deferred tax assets, as it is more likely than not that some or all will not be realized[76][119] - No unrecognized tax benefits or accrued penalties related to uncertain tax positions as of June 30, 2022, and December 31, 2021[120] 9. Net Loss per Share Attributable to Common Stockholders Net loss per share was $(0.13) for the quarter and $(0.20) for the six-month period, with potentially dilutive securities excluded | Metric | Three months ended June 30, 2022 | Six months ended June 30, 2022 | | :--------------------------------------- | :------------------------------- | :----------------------------- | | Net loss attributable to common stockholders | $(2,922,286) | $(4,614,348) | | Weighted average shares outstanding | 23,266,587 | 23,008,941 | | Net loss per share | $(0.13) | $(0.20) | | Potentially Dilutive Securities | June 30, 2022 | June 30, 2021 | | :------------------------------ | :------------ | :------------ | | Options, RSUs, and grants | 3,591,755 | 2,532,665 | | Warrants | 6,390,767 | 7,222,001 | | Total | 9,982,522 | 9,754,666 | - All potentially dilutive securities were excluded from diluted net loss per share calculation because their inclusion would be anti-dilutive due to the company's net losses[82][122] 10. Stock Awards and Stock-Based Compensation Stock-based compensation expense decreased, with significant unrecognized compensation remaining for outstanding grants and RSUs | Stock-Based Compensation Expense | Three months ended June 30, 2022 | Three months ended June 30, 2021 | Six months ended June 30, 2022 | Six months ended June 30, 2021 | | :--------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total stock-based compensation expense | $459,646 | $657,928 | $747,432 | $830,039 | | Stock Options Activity | Balance as of Jan 1, 2022 | Balance as of June 30, 2022 | | :--------------------- | :------------------------ | :-------------------------- | | Options Outstanding | 1,975,010 | 1,932,773 | | Options Exercised | (60,335) | N/A | | Weighted Average Exercise Price | $1.28 | $1.28 | - As of June 30, 2022, unrecognized stock-based compensation related to common stock grants was $50,000 and for RSUs was $1.63 million[130] 11. Related Party Transactions The company details transactions with related parties, including payables for software development and legal services - Related party payables decreased to $163,000 as of June 30, 2022, from $253,000 as of December 31, 2021, mainly to 10Clouds[133] - Total costs incurred with 10Clouds for software development were approximately $434,000 for the six months ended June 30, 2022[133] - Shareholder loan balances decreased to $74,000 as of June 30, 2022, from $130,000 as of December 31, 2021, with two loans forgiven as a bonus[135][136] 12. Malta Grant The company received grants from the Republic of Malta for operating expenses and support for a COVID-19 project - Received a grant of up to €200,000 from the Republic of Malta for operating expenses, with all amounts received as of June 30, 2022[137][140] - Entered an additional agreement on January 25, 2022, for a grant of up to €100,000 to support new employees for a COVID-19 related project, but no amounts were received as of June 30, 2022[141] 13. Commitments and Contingencies The company discloses future minimum lease and purchase obligations and confirms no material pending litigation | Obligation Type | Total | Less Than 1 Year | 1-3 Years | 3-5 Years | | :------------------------ | :-------- | :--------------- | :-------- | :-------- | | Operating lease obligations | $729,681 | $249,415 | $477,668 | $2,598 | | Purchase obligations | $267,142 | $59,460 | $207,682 | — | | Total contractual obligations | $996,823 | $308,875 | $685,350 | $2,598 | - Rental expense totaled $255,000 for the six months ended June 30, 2022[143] - No pending or threatened litigation against the company that would have a material effect on its business[145][263] 14. Subsequent Events Subsequent to the reporting period, the significant ICE Contract was terminated for convenience by the customer - On July 15, 2022, the ICE Contract was amended for an additional 60-day cessation of performance to allow ICE more time for Congressional notification[146][227] - On August 17, 2022, ICE terminated the contract for convenience, with compensation for cancellation to be agreed upon[147][228] - Projected human resources costs are $639,000 per month, a reduction from $750,000 per month as of March 31, 2022, and are expected to be the largest material cash obligation[228] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses revenue growth from the ICE contract, rising expenses, non-GAAP measures, and the company's overall financial condition Overview Trust Stamp develops proprietary AI-powered identity solutions for various markets, with key contracts driving its business - Trust Stamp develops proprietary artificial intelligence-powered identity and trust solutions at the intersection of biometrics, privacy, and cybersecurity[151] - The company's core technology, Irreversibly Transformed Identity Token (IT2), replaces biometric templates with cryptographic hashes to protect sensitive data and prevent fraudulent activity[155] - Key sub-markets include identity authentication for account opening/fraud detection, tokenized digital identities for financial inclusion, and in-community case-management services for governmental agencies[153][160] - Significant engagements include expanding work with Fidelity Information Services (FIS) for global identity authentication and implementing IT2 technology with Mastercard International for Humanitarian & Development purposes[161][162] - Awarded a contract with US Department of Homeland Security, Immigration and Customs Enforcement Division (ICE) for rapid enrollment in the ICE Alternative to Detention Program, with a modified value of $7,176,364[164] Key Business Measures The company uses non-GAAP measures like Adjusted EBITDA and Gross Revenue to evaluate performance, showing increased losses and revenue - Adjusted EBITDA is a non-GAAP financial measure used to evaluate business performance, excluding interest, taxes, depreciation, amortization, changes in assets/liabilities, and certain other items[168][169] | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Adjusted EBITDA loss (non-GAAP) | $(2,223,169) | $(1,156,322) | $(3,354,057) | $(2,773,758) | - Adjusted EBITDA loss increased by 92.26% for the three months and 20.92% for the six months ended June 30, 2022, primarily due to increased selling, general, and administrative (SG&A) and research and development (R&D) expenses[171][172] | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Gross revenue (non-GAAP) | $770,788 | $769,409 | $3,654,333 | $1,351,692 | - Gross revenue for the six months ended June 30, 2022, increased by 170.35% to $3.65 million, including $125,000 from outsourced web hosting services[175] Comparison of the Three and Six Months Ended June 30, 2022 and 2021 The six-month period saw significant revenue growth driven by the ICE contract, but also higher operating expenses and net losses | Metric | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | % Change (3M) | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | % Change (6M) | | :--------------------------------------- | :--------------------------- | :--------------------------- | :------------ | :--------------------------- | :--------------------------- | :------------ | | Net revenue | $708,288 | $719,409 | (1.55)% | $3,529,333 | $1,251,692 | 181.96% | | Cost of services | $348,166 | $346,594 | 0.45% | $1,042,144 | $604,013 | 72.54% | | Research and development | $574,490 | $316,579 | 81.47% | $1,022,903 | $483,819 | 111.42% | | Selling, general, and administrative | $2,532,849 | $1,953,047 | 29.69% | $5,698,695 | $3,874,884 | 47.07% | | Depreciation and amortization | $190,703 | $152,171 | 25.32% | $344,631 | $273,623 | 25.95% | | Operating Loss | $(2,937,920) | $(2,048,982) | (43.38)% | $(4,579,040) | $(3,984,647) | 14.92% | | Net Loss before Taxes | $(2,922,286) | $(1,966,889) | (48.59)% | $(4,614,348) | $(3,998,782) | 15.40% | - Net revenue for the six months ended June 30, 2022, increased by $2.28 million (181.96%), primarily driven by $2.44 million booked from the ICE Contract[197] - Selling, general, and administrative (SG&A) expenses increased by $1.82 million (47.07%) for the six months, mainly due to $645,000 in legal and professional services fees related to the Nasdaq listing and a $380,000 increase in sales commissions[202] - Research and development (R&D) expenses increased by $539,000 (111.42%) for the six months, reflecting increased R&D activities and growth of the R&D team[183][201] Liquidity and Capital Resources The company's liquidity decreased due to cash outflows, with future revenue impacted by the termination of the ICE contract | Metric | June 30, 2022 | December 31, 2021 | | :-------------------------- | :------------ | :---------------- | | Cash in banking accounts | $2,830,000 | $3,480,000 | | Total current assets | $4,300,000 | $5,760,000 | | Total current liabilities | $1,360,000 | $2,400,000 | | Current ratio | 3.15 | 2.40 | - Cash decreased by $648,132 from December 31, 2021, to June 30, 2022, due to negative cash flow from operating and financing activities[19][214] - The ICE Contract was terminated for convenience by ICE on August 17, 2022, with compensation for cancellation to be agreed upon, impacting future revenue expectations[147][228] - The company successfully raised capital through Regulation CF, D, and S offerings, and warrant exercises, providing $3.69 million in net cash from financing activities for the six months ended June 30, 2022[234] Contractual Obligations and Commitments The company has nearly $1 million in total contractual obligations, primarily related to operating leases and purchase obligations | Payments Due by Period | Total | Less Than 1 Year | 1-3 Years | 3-5 Years | | :--------------------- | :-------- | :--------------- | :-------- | :-------- | | Operating lease obligations | $729,681 | $249,415 | $477,668 | $2,598 | | Purchase obligations | $267,142 | $59,460 | $207,682 | — | | Total contractual obligations | $996,823 | $308,875 | $685,350 | $2,598 | Critical Accounting Policies and Estimates Key accounting policies involve significant estimates for software capitalization, revenue recognition, stock compensation, and income taxes - Capitalized internal-use software costs are recognized during the application development stage and amortized over an estimated useful life, generally five years[238] - Revenue is recognized upon transfer of control of promised products and services, with the transaction price allocated to performance obligations, as exemplified by the ICE Contract's multi-performance obligations[239][240][241] - Stock warrants are classified as equity instruments, derivative liabilities, or liabilities based on specific terms, and stock-based compensation is accounted for at fair value using models like Black-Scholes-Merton[247][248] - Income tax provisions are recorded using the asset and liability method, recognizing deferred tax assets and liabilities, with a valuation allowance established if realization is unlikely[249][252] Recent Accounting Pronouncements The company is adopting new lease accounting standards and has already adopted a new standard for goodwill impairment testing - The company is adopting ASU 2016-02, Leases, during the current annual period, which requires capitalization of leases over twelve months as right-of-use assets and lease liabilities[83] - Adopted ASU No. 2021-03, Intangibles—Goodwill and Other, as of January 1, 2022, which allows for evaluating goodwill impairment triggering events at the end of the reporting period, with no material impact[84] Emerging Growth Company Status As an emerging growth company, Trust Stamp benefits from reduced SEC reporting requirements for up to five years - As an 'emerging growth company,' Trust Stamp benefits from exemptions from certain SEC reporting requirements, including auditor attestation for internal controls, extended compliance periods for new accounting standards, and reduced executive compensation disclosures[255] - The company expects to maintain this status for up to five years from January 26, 2022, unless its market value exceeds $700 million[256] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section is not applicable as the company qualifies as a smaller reporting company - This section is not applicable as the company is a smaller reporting company[258] Item 4. Controls and Procedures Management concluded that disclosure controls were effective, despite prior-year material weaknesses that saw no material changes this period - Disclosure controls and procedures were evaluated as effective at a reasonable assurance level as of June 30, 2022[259] - Material weaknesses in internal control over financial reporting were identified in the prior year related to stock-based awards and the financial reporting close process[260] - No material changes in internal controls over financial reporting occurred during the six months ended June 30, 2022[261] - Management concluded that the financial statements in this report fairly present the company's financial position, results of operations, and cash flows in all material respects[262] PART II. OTHER INFORMATION Item 1. Legal Proceedings The company is not currently involved in any material legal proceedings - No material legal proceedings are currently pending or threatened against the company or its officers/directors[263] Item 1A. Risk Factors This section is not applicable for this quarterly report - This section is not applicable[264] Item 2. Unregistered Sale of Equity Securities and Use of Proceeds The company raised approximately $5.86 million through several unregistered sales of equity securities and warrant exercises | Offering Type | Shares Issued | Proceeds Raised | Use of Proceeds | Date Closed | | :-------------------- | :------------ | :-------------- | :------------------------------------ | :---------- | | 2021 Reg CF | 1,137,975 | $4.6 million | Product development, marketing, and working capital | 2/18/2022 | | 2021 Reg D | 240,989 | $1.0 million | Product development, marketing, and working capital | 2/1/2022 | | 2021 Reg S | 56,104 | $0.2 million | Product development, marketing, and working capital | 1/7/2022 | | 2022 Reg A (Warrants) | 14,250 | $57,000 | Product development, marketing, and working capital | N/A | Item 3. Defaults Upon Senior Securities No defaults upon senior securities were reported during the period - No defaults upon senior securities[267] Item 4. Mine Safety Disclosures This section is not applicable as the company is not involved in mining operations - This section is not applicable[268] Item 5. Other Information No other information was reported in this section - No other information to report[269] Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including key agreements and officer certifications - Includes Amended and Restated Certificate of Incorporation and Bylaws[271] - Lists key agreements such as the Malta Enterprise Letter for a repayable advance and the Purchase Order with U.S. Immigration and Customs Enforcement, including subsequent amendments[271][272] - Contains certifications from the principal executive officer and principal financial officer pursuant to the Sarbanes-Oxley Act of 2002[274] Signatures The report is duly signed by the company's principal executive and financial officers and directors - Report signed by Gareth Genner (CEO, Principal Executive Officer, Director) and Alex Valdes (Principal Financial Officer, Principal Accounting Officer) on August 22, 2022[278] - Additional signatures from Andrew Gowasack (President, Director) and other directors[278]