0001493152-20-005537.txt : 20200401 0001493152-20-005537.hdr.sgml : 20200401 20200331215736 ACCESSION NUMBER: 0001493152-20-005537 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 118 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200401 DATE AS OF CHANGE: 20200331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vislink Technologies, Inc. CENTRAL INDEX KEY: 0001565228 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 205856795 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35988 FILM NUMBER: 20763600 BUSINESS ADDRESS: STREET 1: 240 S. PINEAPPLE AVENUE STREET 2: SUITE 701 CITY: SARASOTA STATE: FL ZIP: 34236 BUSINESS PHONE: 941 953 9035 MAIL ADDRESS: STREET 1: 240 S. PINEAPPLE AVENUE STREET 2: SUITE 701 CITY: SARASOTA STATE: FL ZIP: 34236 FORMER COMPANY: FORMER CONFORMED NAME: xG TECHNOLOGY, INC. DATE OF NAME CHANGE: 20121220 10-K 1 form10-k.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

(Mark One)

 

  [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2019

 

or

 

  [  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from__________ to__________

 

Commission File Number: 001-35988

 

Vislink Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   20-5856795
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)

 

101Bilby Rd, Suite 15, Bldg. 2

Hackettstown, NJ 07840

(Address of principal executive offices) (Zip Code)

 

(Registrant’s telephone number, including area code): (941) 953-9035

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:   Name of each exchange on which registered:
Common Stock, par value $0.00001   The Nasdaq Capital Market

 

Securities registered pursuant to Section 12(g) of the Act:

 

None

(Title of class)

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Act. Yes [  ] No [X]

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [  ] No [X]

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically on its corporate Web site, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [  ]

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III or this Form 10-K or any amendment to this Form 10-K. [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer [  ]
Non-accelerated filer [X] Smaller reporting company [X]
  Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [  ] No [X]

 

As of June 28, 2019, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the common stock held by non-affiliates of the registrant was approximately $3.6 million based on the closing price of $1.60 for the registrant’s common stock as quoted on the Nasdaq Capital Market on that date. Shares of common stock held by each director, each officer and each person who owns 10% or more of the outstanding common stock have been excluded from this calculation in that such persons may be deemed to be affiliates. The determination of affiliate status is not necessarily conclusive.

 

The registrant had 78,500,687 shares of its common stock outstanding as of March 27, 2020.

 

 

 

   
 

 

VISLINK TECHNOLOGIES, INC.

FORM 10-K

ANNUAL REPORT

For the Fiscal Year Ended December 31, 2019

 

TABLE OF CONTENTS

 

    Page
PART I    
Item 1. Business 4
Item 1A. Risk Factors 15
Item 1B. Unresolved Staff Comments 15
Item 2. Properties 15
Item 3. Legal Proceedings 15
Item 4. Mine Safety Disclosures 15
PART II    
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16
Item 6. Selected Financial Data 17
Item 7. Management’s Discussion and Analysis of Financial Conditions and Results of Operations 17
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 28
Item 8. Financial Statements and Supplementary Data 28
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 28
Item 9A. Controls and Procedures 28
Item 9B. Other Information 29
PART III    
Item 10. Directors, Executive Officers and Corporate Governance 30
Item 11. Executive Compensation 30
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 30
Item 13. Certain Relationships and Related Transactions, and Director Independence 30
Item 14. Principal Accounting Fees and Services 30
PART IV    
Item 15. Exhibits, Financial Statement Schedules 31
SIGNATURES 35
FINANCIAL STATEMENTS F-1

 

2

 

 

FORWARD-LOOKING INFORMATION

 

This Annual Report on Form 10-K (including the section regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations) (the “Report”) contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar words and phrases are intended to identify forward-looking statements. However, this is not an all-inclusive list of words or phrases that identify forward-looking statements in this Report. Also, all statements concerning future matters are forward-looking statements.

 

Although forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts and circumstances currently known by us. Forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those discussed elsewhere in this Report.

 

We file reports with the Securities and Exchange Commission (“SEC”), and those reports are available free of charge on our website (www.vislinktechnologies.com) under “About/Investor Information/SEC Filings.” The reports available include our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, which are available as soon as reasonably practicable after we electronically file such materials with or furnish them to the SEC. You can also read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, DC 20549. You can obtain additional information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us.

 

We undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date of this Report. We urge you to carefully review and consider all the disclosures made in this Report.

 

3

 

 

PART I

 

Item 1. Business

 

Overview

 

The overarching strategy of Vislink Technologies, Inc. (the “Company”) is to design, develop and deliver advanced wireless communications solutions that provide customers in its target markets with enhanced levels of reliability, mobility, performance and efficiency in their business operations and missions. Prior to April 2019, the Company’s business lines included the brands and sub-brands of Integrated Microwave Technologies LLC (“IMT”) and Vislink Communication Systems (“Vislink” or “VCS”). There was considerable brand interaction, owing to complementary market focus, compatible product and technology development roadmaps, and solution integration opportunities. During the process of merging the respective product and support offerings across the brands, which began in 2017, the legacy brand names were maintained in markets where strong traditional identification of them existed.

 

Effective February 11, 2019, xG Technology, Inc. changed the name of its corporate entity to Vislink Technologies, Inc. On April 2, 2019, the Company announced the official global repositioning of its brands to the worldwide market. As part of this rebranding initiative, the Company united its individual product brands under the single Vislink brand entity. The rebranding also included an updated visual identity with respect to logos, tag lines, and other graphical elements, and a completely redesigned website. The Company also redefined its product offerings around three key vertical markets: Live Production, Military/Government (“Mil/Gov”) and Satellite solutions (“Satellite”).

 

Technology Overview

 

Vislink manufactures and sells microwave communications equipment utilizing COFDM (Coded Orthogonal Frequency Division Multiplexing) technology. COFDM is a transmission technique that combines encoding technology with OFDM (Orthogonal Frequency Division Multiplexing) modulation to provide the low latency and high image clarity required for real-time live broadcasting video transmissions. Vislink has extensive experience in ultra-compact COFDM wireless technology, which has allowed the Company to develop integrated solutions that deliver reliable video footage captured from both aerial and ground-based sources to fixed and mobile receiver locations. Over the years, Vislink has also been involved in the development of a number of broadcast microwave innovations, including digital transmission techniques for use over conventional analog links, compact wireless camera systems, lightweight carbon fiber portable satellite systems, software-defined portable MPEG-2/MPEG-4 (H.264) systems and one of the first wireless 4K UHD (Ultra High Definition) camera systems.

 

Live Production Market

 

In the Live Production market, Vislink provides communication links for the wireless capture, delivery, and management of secure, high-quality video from live sports, entertainment, and broadcast news events.

 

Key segments within the live sports and entertainment sector are sports production, sports venue entertainment systems, movie director video assist, e-sports and the non-professional user segment. Customers within this market are major domestic and international professional sports teams, associations and organizations, movie production companies, live video production service providers, system integrators and a growing segment of drone and unoccupied ground vehicle providers. For this sector, Vislink provides a range of premium, mid-market and embedded wireless camera systems that include receivers, transmitters, amplifiers, and other components and accessories.

 

Customers within the broadcast news sector include blue-chip, tier-1 major network TV stations, both domestic and international over-the-air broadcasters, multi-channel broadcasters, network owners and station groups and cable and satellite news providers. For this sector, Vislink designs, develop, and markets solutions to support electronic newsgathering activities from news helicopters and ground-based news vehicles, camera operations, central receive sites, remote onsite and studio newscasts and live television events. These solutions include premium digital broadcast microwave video systems, wireless camera systems, portable microwave systems, and fixed point-to-point systems.

 

Mil/Gov Market

 

The Mil/Gov market consists of key segments that include state, local and federal law enforcement agencies, branches of domestic armed forces, an international defense and government agencies and system integrators who serve these markets. Customers within this market include state police forces, sheriff’s departments, fire departments, first responders, the Department of Justice, the Department of Homeland Security and the U.S. Army. The critical solutions Vislink provides to this market are secure video communications and mission-critical wireless video solutions for applications, including occupied and unoccupied aerial and ground systems, mobile and handheld receive systems and transmitters for concealed video surveillance.

 

4

 

 

Satellite Market

 

In the Satellite market, Vislink is a leading global provider of satellite communication services, with solutions designed for use in both fixed installations and small, rapidly deployable configurations. Vislink has been supplying satellite communications solutions for over 30 years, and currently has several thousand terminals in use worldwide. Clients for these solutions include organizations in broadcast & media, law enforcement, and defense sectors. The solutions Vislink provides to these sectors are designed to provide immediate, reliable, and secure video communications under challenging environments and conditions, particularly in situations where prepositioned infrastructure is unreliable or unavailable. The product range developed for this market features man-portable SATCOM units, flyaway terminals, vehicle-mounted systems and related modules that enhance performance and optimize bandwidth.

 

Cost Reduction Initiatives

 

The Company completed a cost reduction plan announced in April 2019 that resulted in approximately $9.8 million in annual savings. Savings were realized through immediate cost reductions by eliminating certain personnel costs, associated benefits and reduction in other expenses. Specifically, the Company eliminated 83 full-time and contracted positions from the business, with salary and benefits savings totaling $8.9 million. The Company also removed $900,000 in annual non-labor costs from the business.

 

The Company also completed an additional $1.3 million in savings, in 2019, related to facilities consolidation. This included consolidating the two sites in Colchester, U.K. into one, which the expected savings are approximately $0.5 million through June 2020. The Company also successfully completed a sublease related to its Billerica facility with expected savings of $0.6 million through May 31, 2021. As part of its cost cutting measures, the Company also vacated an office and warehouse in Sunrise, Florida when the lease expired on May 13, 2019 for savings of approximately $0.2 million.

 

5

 

 

Our Strategy

 

With our cost reduction initiatives completed in 2019, the plan going forward is to grow the business in the Live Production, Mil/Gov and Satellite sectors. These industries allow us to offer a broad array of end-to-end, high-reliability, high-data-rate, long-range wireless video transmission solutions. Our solutions are being used for applications in growing market segments, including in-game sports video mobile feeds, real-time capture and display of footage from drones and other aerial platforms, and rapid-response electronic newsgathering operations.

 

The key sector strategies are to expand the various markets for existing miniature wireless video products, which include the educational sector, videographers, and video service providers; introduce complete end-to-end IP technology into traditional broadcast and media markets; provide complete end-to-end solutions for the video surveillance market, and provide turnkey satellite communications solutions to address the need for communications in challenging environments.

 

The successful integration of the IMT and Vislink product lines, and subsequent rebranding of them as a single entity, has allowed the Company to leverage the traditional strengths of each brand. We are now able to offer an expanded suite of products and services in the worldwide markets in which we operate. Integrating the IMT and Vislink product lines has enabled the Company to take advantage of the limited overlap that previously existed in product offerings, sales channels and market coverage between the two brands. For example, there was a substantial Vislink client base in international markets where IMT products had a limited presence. Also, the IMT product portfolio, which was very strong among U.S. federal law enforcement and high-end sports broadcasting customers, has been augmented with additional solutions based on enhanced product configurations. Finally, Vislink has traditionally focused on licensed spectrum solutions where IMT has pioneered the use of non-licensed spectrum for many applications. Combining Vislink Technologies’ shared spectrum and interference mitigation intellectual property with the expanded product lineup may provide an opening into new customer bases that currently do not have access to licensed spectrum.

 

6

 

 

Market Overview and Outlook

 

Our services and product offerings broadly address three markets: Live Production, Mil/Gov, and Satellite.

 

The sports and entertainment sector of the Live Production market is generally focused on the application of more agile wireless video systems. Drivers in this market include small, lightweight, easy to use equipment, low-latency video systems, reliability of the wireless links, and the ability to use licensed and unlicensed bands. Current trends within the market are to further reduce the size and improve the agility of the wireless video systems as users are demanding higher link reliabilities at longer ranges. There is also an increased desire to provide audiences with new points of view and camera angles to enhance the viewing experience. The Company is addressing this need through its solutions that incorporate 4K, HDR and other emerging video technologies. Among the new subsections of the sports and entertainment market, the Company has identified the burgeoning e-sports live streaming applications markets as ones where our solutions have applicability.

 

The broadcast news sector of the Live Production market looks to improve operational efficiencies in the gathering, production, and transmission of wireless content. Recent trends in the market include a movement towards IP connectivity over point-to-point links for infrastructure, high definition upgrades of remote newsgathering vehicles, and continued pressure to reduce expenses by improving operational efficiencies. Vislink focuses on the specific ways these customers create and gather content wirelessly. As the wireless communications industry begins transitioning to fifth generation (5G) networks, the increases in speed they will usher in are expected to augment the availability of on-demand live streaming, where Vislink equipment is already in use.

 

The Mil/Gov market consists of key segments, including state and local law enforcement agencies, federal agencies and military system integrators. The market looks to improve the reliability and quality of video content without adding complexity. The video systems must be operated without technical intervention. State and local agencies benefit from the Department of Homeland Security grant programs to improve overall security. Recent trends within these segments include improved interoperability within agencies and demand for fully integrated systems including robust microwave combined with ubiquitous IP networks. As wireless video systems are becoming more reliable and easier to deploy, the adoption rate of wireless systems is increasing. Customers within this market include state police forces, sheriff’s departments, fire departments, first responders, the Department of Justice and the Department of Homeland Security.

 

The Satellite market is being impacted by the drive to experience more and better visual communication systems. This may result in increased demand for payload capacity and higher bandwidth transmissions. There are also major innovations going on in what has been termed New Space—Low Earth Orbit (LEO) constellations that promise connectivity for locations that have always been a challenge for any form of reliable communication. It includes dependable, high bandwidth infrastructure for developing nations, polar regions and marine services. Live TV broadcasting over satellite and other types of connectivity continue to be driven by cost per bit economics. Uplink operators are keen to reduce their OPEX costs by investing in greater transmission efficiency via compression and modulation approaches. There is also an interest in products offering high-rate IP connectivity, as well as the desire for fully integrated solutions that enable remote live content capture, production, broadcast and distribution.

 

7

 

 

Our Products and Solutions: Overview

 

We offer a full spectrum of wireless video products that are built around providing complete solutions. We have traditionally focused on the development of core product technologies that have the potential for application in final assembled products that cross-market segments. Such technology focus areas include RF and microwave component development spanning the frequency range from DC to 18GHz, waveform modulation, H.264 video encoding and decoding, 4K UHD (Ultra High Definition) camera systems and digital signal processing. Through these products, we are positioned with significant technology IP and an established reputation for rapidly and economically delivering complex, bespoke engineering products and solutions to customers that are expertly managed to tight deadlines. Production of these products can quickly be scaled to respond to changes in market demand.

 

Live Production Products and Solutions

 

Vislink Live Production Solutions include high-definition communication links that reliably capture, transmit, and manage live event footage. We offer a line of high-margin wireless camera transmitter and receiver products that may be interconnected over IP networks, expanding and simplifying their overall use and reducing the deployment cost significantly. Among our transmitter products, HCAM is a 4K Ultra HD-capable on-camera wireless system designed for coverage of major events. MicroLite 3 is a compact wireless HD transmitter designed for midmarket applications and smaller event coverage. It enables broadcast news operators to eliminate the use of coaxial cables in their remote news operations. This significantly reduces labor costs in the operation and increases the speed and agility of the cameramen to focus on capturing engaging content. IMTDragonFly is an ultra-compact HD solution designed for body worn applications including live-action sports. Our key receiver products include the ViewBack, CRx2, CRx6 and CIRAS-X6. ViewBack is a lightweight, low power, low latency, dual-channel diversity receiver-decoder that enables quicker production, more efficient editing, and more effective collaboration between camera operators and studio teams. We also offer ultra-compact onboard solutions that integrate our MDR (Multi-Channel Diversity Receive System) technology with ruggedized support components designed to capture video from high-speed motorsports.

 

 

HCAM

 

 

MicroLite 3

 

8

 

 

 

IMTDragonFly

 

 

CRx2 Receiver

 

 

 

CRx6 Receiver

 

 

CIRAS-X6 Receiver

 

9

 

 

Mil/Gov Products and Solutions

 

In the Mil/Gov sector, Vislink has focused on supplying miniature transmitters and handheld receivers for tactical surveillance and benefits from limited competition in this area. The IMTDragonFly transmitter is designed to capture real-time, high-quality video from UAV/UGV/Body Cams/Concealments and other covert surveillance applications for display on fixed or mobile receive applications. The MiniMobile Commander and Mobile Commander are handheld receiver/monitors designed for tactical situations.

 

The Airborne Video Downlink System (AVDS) is a comprehensive aerial-based video transmission solution that delivers real-time surveillance to enhance law enforcement, emergency, and critical infrastructure operations. It includes an integrated suite of downlink transmitters, receivers and antennas that capture real-time, reliable high-definition video from drones, helicopters and other aircraft for display at command centers, mobile units and on video management systems. AVDS allows an unlimited number of observers to view the video over any network connection, including wired Ethernet, Wi-Fi, IP satellite and IP cellular.

 

 

HDX-1100 Transmitter

 

 

MiniMobile Commander
Receiver Monitor

 

10

 

 

Satellite Products and Solutions

 

The Vislink Satellite product line features terminals that range from 65cm man-portable systems to 2.4m flyaway and driveaway systems, with all being available in multiple satellite band configurations. Key products are the AirPro 75Ka, a small, low-cost, single-button deployment IP satellite data terminal that offers expanded Ka band connectivity, and MSAT, a highly portable tri-band satellite antenna system designed for rapid deployment in challenging environments. Other Vislink Satellite products include the DVE5100 encoder and IRD6200 decoder electronics units that complement our satellite terminals. They support 4k UHD transmissions and deliver significant bandwidth efficiencies to satellite communications.

 

 

AirPro 75Ka

 

 

MSAT

 

11

 

 

Competition and Competitive Positioning

 

Vislink’s primary competitors are Domo Tactical Communications (formerly a division of Cobham), Silvus Technologies, Persistent Systems, Troll Systems, and several smaller market-specific businesses.

 

The union of the legacy IMT and Vislink brands, we believe, created one of the market share leaders in the professional broadcast and media video transmission sector. We believe that our products solve a growing market need for stable, high-definition, wireless video communications. We have been able to successfully leverage our history of broadcast industry leadership, reputation for advanced technology, and the ability to provide end-to-end solutions to maintain and increase our customer base and to continue delivering highly competitive offerings. Our product offerings address applications in growing market segments, including in-game sports video mobile feeds, real-time capture and display of footage from drones and other aerial platforms, and rapid-response electronic newsgathering operations.

 

With the global rebranding of our solutions under the single Vislink entity completed, we believe these advantages have been further strengthened. We believe we now offer an expanded range of product offerings, additional services, and enhanced capabilities. We believe this expansion of product offerings will position us for continued growth in Live Production markets, and we expect near term growth in the Mil/Gov and Satellite markets. As we continue to refine our production processes, we expect to be able to realize improving margins, better control over product quality and competitive agility.

 

Sales and Marketing

 

Our sales team currently is comprised of sales managers responsible for defined regional areas, inside sales personnel, and business development representatives focused on targeted sectors and or regions. They are supported by solution engineers trained in technical sales with a given market focus. This sales team is focused on supporting our current customers, as well as nurturing relationships with prospective customers in key domestic and international markets. We employ a combination of sales channels, including direct-to-end customer sales, network group sales, reseller/integrators and Original Equipment Manufacturer (“OEM”) sales channels to use the most efficient means of reaching customers depending on the market segment. Sales efforts are supported by marketing and public relations activities, digital and print marketing initiatives, the creation of support materials, and trade show and other event appearances.

 

As of December 31, 2019, our business development, sales, and marketing team consisted of 42 (a) full-time employees and (b) contractors.

 

Customers

 

Vislink has developed a significant following based on the reputation of our product offerings for performance, reliability, and use of advanced technology. We have developed a diverse and stable customer base for repeat product purchases from blue-chip, tier-1 clients in Live Production markets, as well as among high-profile agencies and organizations in Mil/Gov and Satellite markets.

 

Manufacturing and Suppliers

 

We utilize a combination of external contract manufacturers and internal resources to manufacture, test, assure the quality of, and ship our products. This provides us the opportunity to develop optimal supply chains that are tailored to our needs on a per-product and per-solution basis. Going forward, we anticipate that we will focus on our core strengths, which are innovation and technology design and the development and creation and exploitation of our intellectual property.

 

We may continue to rely upon, particularly in the short term, on third party components and technology to build our products, as we procure components, subassemblies and products necessary for the manufacture of our products based upon our design, development and production needs. While components and supplies are generally available from a variety of sources, we currently depend on a single or limited number of suppliers for several components for our products. We rely on purchase orders rather than long-term contracts with our suppliers. We do not currently stockpile enough components to mitigate any potential supply disruption if we are required to re-engineer our products to use alternative components.

 

12

 

 

Intellectual Property

 

We have developed a broad portfolio of intellectual property that covers wired and wireless communications systems. As of December 31, 2019, in the U.S., we have 47 patents granted, no patent applications pending, no provisional applications pending and one disclosure. Internationally, we have 17 patents granted, no patent applications pending, and no Patent Cooperation Treaty (PCT) applications.

 

Areas of our development activities that have culminated in filings and/or awarded patents include:

 

  Spatial Processing (MIMO);
  Self-Organizing Networks;
  RF Modulation;
  Compression (protocols, payload, signaling, etc.);
  Modulators/Demodulators;
  Antennas/Shielding;
  Wired and Wireless Networks;
  Media Access Control Protocols;
  Interference Mitigation;
  Cognition enabling over the air protocols (MAC layer);
  Wireless data compression;
  Dynamic Spectrum Access (DSA);
  Quality of Service; and
  Digital Broadcasting over Microwave Links.

 

We protect our intellectual property rights by relying on federal, state, and common law rights, as well as contractual restrictions. We control access to our proprietary technology by entering into confidentiality and invention assignment agreements with our employees and contractors, and confidentiality agreements with third parties. We also actively engage in monitoring activities with respect to infringing uses of our intellectual property by third parties.

 

In addition to these contractual arrangements, we also rely on a combination of the trade secret, copyright, trademark, trade dress, domain name and patents to protect our products and other intellectual property. We own a substantial portion of the copyright interests in the software code used in connection with our products,1 as well as the brand or title name trademark under which our products are marketed. We pursue the registration of our domain names, trademarks, and service marks in the United States and in locations outside the United States. Our registered trademarks in the United States include “xG,” “IMT,” “Vislink,” and the names of our products, among others.

 

Circumstances outside our control could pose a threat to our intellectual property rights. For example, effective intellectual property protection may not be available in the United States or other countries in which our products are sold or distributed. Also, the efforts we have taken to protect our proprietary rights may not be enough or effective. Any significant impairment of our intellectual property rights could harm our business or our ability to compete. Also, protecting our intellectual property rights is costly and time-consuming. Any unauthorized disclosure or use of our intellectual property could make it more expensive to do business, thereby harming our operating results.

 

Companies in the mobile wireless communications technology and other industries may own large numbers of patents, copyrights, and trademarks and may frequently request license agreements, threaten litigation or file suit against us based on allegations of infringement or other violations of intellectual property rights. We may face allegations by third parties, including our competitors and non-practicing entities, that we have infringed their trademarks, copyrights, patents and other intellectual property rights. As our business grows, we might face more claims of infringement.

 

13

 

 

Company Information

 

Effective February 11, 2019, xG Technology, Inc. changed its name to Vislink Technologies, Inc. Our executive offices are located at 101 Bilby Rd., Suite 15, Bldg. 2, Hackettstown, NJ 07840, and our telephone number is (908) 852-3700. Our website address is www.vislink.com. Information contained in our website does not form part of the report and is intended for informational purposes only.

 

As of January 1, 2019, we are no longer an “emerging growth company” as the term is used in the Jumpstart Our Business Startups Act of 2012.

 

Employees

 

As of December 31, 2019, we employed a total of 150 full-time employees, contractors or consultants, which included 35 in development, 2 officers, 15 in general and administrative, 4 in business development, 56 in operations, and 38 in sales and marketing. We also engage several temporary employees and consultants. None of our employees are represented by a labor union or are party to collective bargaining agreements. We believe that we have good relations with our employees.

 

14

 

 

Item 1A. Risk Factors

 

As a smaller reporting company, the Company is not required to include the disclosure required under this Item 1A.

 

Item 1B. Unresolved Staff Comments

 

Not applicable.

 

Item 2. Properties

 

Our headquarters are in Hackettstown, New Jersey which has 14,416 square feet pursuant to a lease that expires on April 29, 2020, the Company is currently in negotiations to extend this lease. The Company amended the lease agreement at its Billerica, Massachusetts facilities effective January 2020, decreasing occupied space to 8,204 square feet from 39,327 square feet, extending the lease expiration date to December 31, 2026 from May 31, 2021; 12,435 square feet in Hemel, United Kingdom pursuant to a lease that expires October 31, 2020; and 14,000 square feet in Colchester, United Kingdom pursuant to a lease that expires on March 24, 2025.

 

We believe our current facilities are enough for our current needs and will be adequate, or that suitable additional or substitute space will be available on commercially reasonable terms, for the foreseeable future

 

Item 3. Legal Proceedings

 

We are currently not involved in any litigation that we believe could have a materially adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our company’s or our company’s subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect. From time to time, we may become involved legal proceedings, lawsuits, claims and regulations in the ordinary course of our business.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

15

 

 

PART II

 

Item 5. Market for Registrant’s Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities.

 

Our shares of common stock are currently listed on the Nasdaq Capital Market under the symbol “VISL”.

 

Holders

 

As of March 27, 2020, there were 78,500,687 shares of common stock outstanding and approximately 149 holders of record of our shares. Because shares of our common stock are held by depositories, brokers and other nominees, the number of beneficial holders of our shares is substantially larger than the number of stockholders of record. The Company’s transfer agent and registrar is Continental Stock Transfer & Trust Company, 17 Battery Place, 8th Floor, New York, New York 10004.

 

Dividend Policy

 

We have never declared or paid any cash dividend on our common stock. We intend to retain any future earnings and do not expect to pay any cash dividends in the foreseeable future.

 

Securities Authorized for Issuance under Equity Compensation Plans

 

Reference is made to “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters—Securities Authorized for Issuance under Equity Compensation Plans” for the information required by this item.

 

Recent Sales of Unregistered Securities

 

During the fiscal year ended December 31, 2019 and to date in the current fiscal year, we sold the following unregistered securities:

 

Issuances   # Of Shares   Date
         
         
Grant of time-based options to Carleton M. Miller, made outside of the Company’s existing equity compensation plans, in connection with his appointment as Chief Executive Officer of the Company   2,155,481
(upon exercise of options)
  January 22, 2020
         
         
Grant of performance-based options to Carleton M. Miller, made outside of the Company’s existing equity compensation plans, in connection with his appointment as Chief Executive Officer of the Company   1,500,000
(upon exercise of options)
  January 22, 2020

 

No underwriters were involved in the foregoing sales of securities. The issuances of the securities described above were deemed to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on Section 4(a)(2) of the Securities Act or Regulation D promulgated under the Securities Act. The recipients of securities in such transactions represented their intention to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof and appropriate legends were affixed to the stock certificates and option agreements issued in such transactions. All recipients had adequate access, through their relationships with us, to information about us.

 

16

 

 

Item 6. Selected Financial Data

 

As a smaller reporting company, the Company is not required to include the disclosure required under this Item 6.

 

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis of our financial condition and results of operations for the years ended December 31, 2019 and 2018 should be read in conjunction with the accompanying consolidated financial statements and the related notes included in Item 8 in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements.

 

Overview

 

The overarching strategy of Vislink Technologies, Inc. (“Vislink Technologies”, the “Company”, “we”, “our”, “us”) is to design, develop and deliver advanced wireless communications solutions that provide customers in our target markets with enhanced levels of reliability, mobility, performance and efficiency in their business operations and missions. Vislink Technologies’ business lines include the main brands Integrated Microwave Technologies (“IMT”) and Vislink (“Vislink”). The Vislink Technologies name serves as the corporate umbrella for its current brands, as well as any new ones that might be added to its portfolio in the future. There is considerable brand interaction, owing to complementary market focus, compatible product and technology development roadmaps, and solution integration opportunities.

 

Effective February 11, 2019, xG Technology, Inc. changed the name of its corporate entity to Vislink Technologies, Inc. On April 2, 2019, the Company announced the official global repositioning of its brands to the worldwide market. As part of this rebranding initiative, the Company united its individual product brands under the single Vislink brand entity. The rebranding also included an updated visual identity with respect to logos, tag lines, and other graphical elements, and a completely redesigned website. The Company also redefined its product offerings around three key vertical markets: Live Production, Military/Government (“Mil/Gov”) and Satellite solutions (“Satellite”).

 

IMT

 

The IMT business develops, manufactures and sells microwave communications equipment utilizing COFDM (Coded Orthogonal Frequency Division Multiplexing) technology. COFDM is a transmission technique that combines encoding technology with OFDM (Orthogonal Frequency Division Multiplexing) modulation to provide the low latency and high image clarity required for real-time live broadcasting video transmissions. IMT has extensive experience in ultra-compact COFDM wireless technology, which has allowed IMT to develop integrated solutions over the past 20 years that deliver reliable video footage captured from both aerial and ground-based sources to fixed and mobile receiver locations.

 

IMT provides product and service solutions marketed under the well-established brand names Nucomm, RF Central and IMT. Its video transmission products primarily address three major market areas: broadcasting, sports and entertainment, and surveillance (for military and government).

 

The broadcasting market consists of electronic news gathering, wireless camera systems, portable microwave, and fixed point to point systems. Customers within this market are blue-chip, tier-1 major network TV stations that include over-the-air broadcasters and cable and satellite news providers. For this market, IMT designs, develops and markets solutions for use in news helicopters, ground-based news vehicles, camera operations, central receive sites, remote onsite and studio newscasts and live television events. In this market, IMT’s Nucomm line is recognized as a premium brand of digital broadcast microwave video systems.

 

The sports and entertainment market consist of key segments, including sports production, sports venue entertainment systems, movie director video assist, and the non-professional user segment. Generally, this market is focused on more agile wireless video systems. Drivers in this market include small, lightweight, easy to use equipment, low-latency video systems, reliability of the wireless links, and the ability to use licensed and unlicensed bands. Current trends within the market are to further reduce the size and improve agility of the wireless video systems as users are demanding higher link reliabilities at longer ranges. There is also an increased desire to provide audiences with new points of view and camera angles to enhance the viewing experience. Customers within this market are professional sports teams, movie production companies, live video production service providers, system integrators and a growing segment of drone and unmanned ground vehicle providers. Among the new subsections of the sports and entertainment market, the Company has identified the burgeoning e-sports market as one where our solutions have applicability.

 

The government/surveillance market consists of key segments that include state and local law enforcement agencies, federal agencies and military system integrators. Customers within the government/surveillance market include recognizable state police forces, sheriff’s departments, fire departments, first responders, the Department of Justice and the Department of Homeland Security. The key solutions IMT provides to this market are mission-critical wireless video solutions for applications, including manned and unmanned aerial and ground systems, mobile and handheld receive systems and transmitters for concealed video surveillance. IMT’s products in this market are sold under the brand name IMT.

 

17

 

 

Vislink

 

Vislink specializes in the wireless capture, delivery and management of secure, high-quality, live video from the field to the point of usage. Vislink designs and manufactures products encompassing microwave radio components, satellite communication, cellular and wireless camera systems, and associated amplifier items.

 

Vislink serves two core markets: (i) broadcast and media and (ii) law enforcement, and surveillance. In the broadcast and media market, Vislink provides broadcast communication links for the collection of live news and sports and entertainment events. Customers in this market include national broadcasters, multi-channel broadcasters, network owners and station groups, sports and live broadcasters and hosted service providers. In the law enforcement, and surveillance market, Vislink provides secure video communications and mission-critical solutions for law enforcement, defense and homeland security applications. Its law enforcement, and surveillance customers include metropolitan, regional and national law enforcement agencies, as well as domestic and international defense agencies and organizations.

 

The novel coronavirus outbreak could impact our business.

 

The recent outbreak of the coronavirus (“COVID-19”) is creating uncertainty worldwide and domestically, in the markets, our operations, our supply chain, and the general public, given that none of the duration, scope or impact of the outbreak can be predicted. Our highest priority is the safety and well-being of our employees and other members in the Vislink community. We have been working diligently to take precautions to ensure a clean and safe environment. We are also working closely with our suppliers and customers to ensure that we are taking every feasible step to minimize disruption and to continue to deliver the products our customers’ need.

 

As of the date of this filing, COVID-19 has not had a significant impact on our business. Although we currently expect that any future disruptive impact of COVID-19 on our business to be temporary, this situation continues to evolve rapidly and therefore we cannot predict the extent of which COVID-19’s impact the Company. We expect and are seeing that COVID-19 (and reactions to it) are having and will have negative global financial consequences and heightened uncertainty, which may directly or indirectly negatively impact the operation of our supply chain, our liquidity and capital resources, and our workforce availability, any of which could have a material adverse effect on our business, financial condition, results of operations or cash flows.

 

18

 

 

Results of Operations

 

The following table sets forth the items contained in the consolidated statements of operations of the financial statements included herewith for the fiscal years ended December 31, 2019, and 2018 (in thousands).

 

   For the Years Ended 
   December 31, 
   2019   2018 
Revenue  $28,942   $38,294 
Cost of revenue and operating expenses          
Cost of components and personnel   15,741    19,192 
Inventory valuation adjustments   4,705    473 
General and administrative expenses   20,099    21,817 
Research and development   3,232    7,873 
Impairment charge       413 
Amortization and depreciation   2,365    2,953 
Total cost of revenue and operating expenses   46,142    52,721 
Loss from operations   (17,200)   (14,427)
Other (expenses) income          
Changes in fair value of derivative liabilities   1,064    3,186 
Loss on debt and payable extinguishment       (1,060)
Loss on debt conversions   (33)    
Other income (expense)       146 
Interest expense   (1,878)   (2,718)
Total other (expenses) income   (847)   (446 
Net loss  $(18,047)  $(14,873)

 

Revenue

 

Revenues for the year ended December 31, 2019, and 2018 were $28.9 million and $38.3 million, respectively, representing a decrease of $9.4 million or 25%. This decrease has been attributable to the downturn of significant sales made in the fiscal year end 2018 not repeated, but were offset, by some degree, with new sales orders towards the end of fiscal year 2019. The Company experienced a decline in revenue of approximately $12.9 million for Europe, North America, South American, and the rest of the world market for the year ended December 31, 2019. Offsetting the reduction was $3.5 million in new orders for the year ended December 31, 2019. The Company expects the trend of new customer contracts to continue during the fiscal year 2020, with the expectation to fulfill approximately $11.2 million accumulated in backorders.

 

19

 

 

Cost of Revenue and Operating Expenses

 

Cost of Components and Personnel

 

The cost of components and personnel for the years ended December 31, 2019, and 2018 were $15.7 million and $19.2 million, respectively, representing a decrease of $3.5 million or 18%. The reduction is primarily due to a decline in revenue resulting in a drop in the cost of components. The decrease is also attributable due to the proportional change in inventory levels as a result of the Company’s disbanding of the xMax and Federal divisions in 2018, accompanied by the reduction in personnel.

 

Inventory Valuation Adjustments

 

Inventory valuation adjustments consist primarily of items written off due to obsolescence or reduction to their net realizable value. For the years ended December 31, 2019, and 2018 inventory valuation adjustments amounted to $4.7 million and $0.5 million, representing an increase of $4.2 million or 840%. The increase is primarily due to the disposal of items identified as obsolete.

 

General and Administrative Expenses

 

General and administrative expenses are costs incurred in operating the business daily and include salary and benefit expenses including stock-based compensation and payroll taxes, as well as the costs of trade shows, marketing programs, promotional materials, professional services, facilities, general liability insurance, travel and expenses associated with being a public company.

 

General and administrative expenses for the years ended December 31, 2019, and 2018 were $20.1 million and $21.8 million, respectively, representing a decrease of $1.7 million or 8%. The reduction is primarily attributable to $1.6 million of salaries and benefits, and $0.9 million in consulting. The decline has been offset mainly by an increase of $0.8 million in with minor increases of other various corporate expenditures.

 

Research and Development

 

Research and development expenses consist primarily of salary and benefit expenses including stock-based compensation and payroll taxes, as well as costs for prototypes, facilities and travel.

 

Research and development expenses for the years ended December 31, 2019, and 2018 were $3.2 million and $7.9 million, respectively, representing a decrease of $4.7 million or 59%. The reduction is primarily attributable to the Company’s strategic cost savings plan initiated in the fiscal year-end 2018, eliminating the Xg Division resulting in a decline of $2.0 in stock-based compensation and $1.8 million in salaries and benefits.

 

Impairment

 

Impairments related to the long-lived assets or amortized intangible assets that were recorded during the years ended December 31, 2019 and 2018 were $-0- and $0.4 million, respectively, representing a decrease of $0.4 million or 100%. The Company did not recognize impairment charges during fiscal year 2019, but recorded $0.4 million in charges relating to the impairment of the remaining balance of xMax software development costs in association with the discontinuance of the xMax division during fiscal year 2018.

 

Amortization and Depreciation

 

Amortization and depreciation expense for the years ended December 31, 2019, and 2018 were $2.4 million and $3.0 million, respectively, representing a decrease of $0.6 million or 20%. The reduction is primarily due to Company assets being impaired or fully depreciated in prior years.

 

20

 

 

Other (Expense) Income

 

Significant Other (Expense) Income items for the years ended December 31, 2019, and 2018, respectively, were:

 

Changes in Fair Value of Derivative Liabilities

 

The measurement of the change in fair value of derivative liabilities for the years ended December 31, 2019, and 2018, were $1.1 million and $3.2 million, respectively, representing a decrease of $2.1 million or 66%. This fluctuation is mainly to the decline in our stock price and volatility rates of longer-term warrants.

 

Loss on debt and payable extinguishment

 

The Loss on debt and payable extinguishment for the years ended December 31, 2019, and 2018, were $-0- million and $1.1 million, respectively, representing a decrease of $1.1 million or 100%. This decline is primarily attributable to no activity in the fiscal year 2019 compared to the recognition of a loss in the fiscal year 2018.

 

Interest expense

 

Interest expense for years ended December 31, 2019, and 2018, were $1.9 million and $2.7 million, respectively, representing a decrease of $0.8 million or 30%. The decline is primarily attributable to the immediate expensing of warrant costs to interest expense in the fiscal year 2018 and the payoff of our debt in fiscal year 2019.

 

Net Loss

 

Net loss for the years ended December 31, 2019, and 2018 were $18.0 million and $14.9 million, respectively, representing an increase of $3.1 million or 21%. The significant items attributable to the rise of $3.1 million are primarily due to the reduction of revenue of $9.4 offset by the deduction in costs and expenses described above.

 

21

 

 

Liquidity and Capital Resources

 

In July 2019, the Company closed on an equity financing for issuance of common stock and warrants for net proceeds of approximately $10.8 million. We used the net proceeds to satisfy outstanding principal and interest of $5.8 million and $1.8 million, respectively, and provide working capital for daily operating expenditures. In November 2019, the Company closed on an additional equity financing for issuance of common stock and warrants for net proceeds of $3.6 million. The Company appropriated the net proceeds from equity financing to assist in alleviating the burden of accumulated backorders and provide working capital for daily operating expenditures. In February 2020, the Company closed on an equity financing for issuance of common stock and warrants for net proceeds of $5.4 million. The Company has earmarked the net proceeds from equity financing to for working capital and general corporate purposes. On December 31, 2019, our working capital, defined as current assets less current liabilities, was $3.6 million, which included $1.7 million in cash. We believe that as of December 31, 2019, and as of the date of the filing of this Report, we have sufficient working capital to fund our operations at least for the next 12 months from the date these financial statements are available.

 

Our operations primarily have been funded through cash generated by debt and equity financing. Cash consists of cash on hand and demand deposits. Our cash balances were as follows (in thousands):

 

   December 31, 
   2019   2018 
Cash   1,737    2,005 

 

Cash Flows

 

The following table sets forth the major components of our consolidated statements of cash flows data for the periods presented (in thousands).

 

   Year Ended
December 31, 2019
   Year Ended
December 31, 2018
 
Net cash used in operating activities  $(8,355)  $(6,379)
Net cash (used) provided by in investment activities   (425)   181 
Net cash provided by financing activities   8,519    5,435 
Effect of exchange rate changes on cash   (7)   (31)
Net decrease in cash  $(268)  $(794)

 

Operating Activities

 

Net cash used in operating activities of approximately $8.4 million during the year ended December 31, 2019, was primarily attributable to our net loss of $18.0 million, a change in the fair value of derivative liabilities of $1.1 million, a decrease of accounts receivable and operating lease liabilities of $0.9 million each, a decrease of accounts payable of $0.6 million, partially offset by stock-based compensation of $2.1 million, depreciation and amortization of $2.4 million, inventory valuation adjustments of $4.7 million, an increase in deferred revenue and customer deposits of $1.2 million, and an increase in inventory of $0.8 million.

 

Net cash used in operating activities of approximately $6.4 million during the year ended December 31, 2018, was primarily attributable to our net loss of $14.9 million, a decrease of accounts payable of $3.4 million, a change in the fair value of derivative liabilities of $3.2 million, a decrease of accrued expenses and interest expense of $1.2 million, partially offset by stock-based compensation of $3.7 million, depreciation and amortization of $3.0 million, amortization of debt discount of $2.3 million, payments made in stock (payroll and consultants) of $1.8 million, loss on debt and payables extinguishment of $1.1 million, an increase in accounts receivable of $1.8 million, an increase in deferred revenue and customer deposits of $1.0 million, and an increase in inventory of $0.8 million.

 

Investing Activities

 

Net cash used in investing activities of $0.4 million during the year ended December 31, 2019, was primarily due to the purchase of equipment.

 

Net cash provided by investing activities of $0.2 million during the year ended December 31, 2018, was primarily due to the proceeds from the sale of equipment.

 

22

 

 

Financing Activities

 

Net cash provided by financing activities of $8.5 million during the year ended December 31, 2019, was primarily due to the net proceeds received from an equity financing of $14.4 million, principally offset by principal payments made on convertible promissory notes of $6.0 million.

 

Net cash provided by financing activities of $5.4 million during the year ended December 31, 2018, was primarily due to the net proceeds received from the incurrence of promissory notes of $5.6 million, principally offset by payments made on convertible promissory notes and capital leases of $0.1 million each.

 

Liquidity

 

Under ASU 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed the Company’s ability to continue as a going concern under the requirement of ASC 205-40.

 

As reflected in the consolidated financial statements, the Company had $1.7 million in cash on the balance sheet at December 31, 2019. The Company had working capital and an accumulated deficit of $3.6 million and $252.6 million, respectively. Additionally, the Company had a loss from operations of approximately $17.2 million and cash used in operating activities of $8.4 million for the year ended December 31, 2019. As of February 14, 2020, the Company’s cash balance was approximately $6.8 million after the equity raise.

 

The Company achieved the following capital events:

 

  On July 11, 2019, the Company closed an equity financing for 1,550,000 shares of common stock, warrants to purchase 6,000,000 shares of common stock and, 4,450,000 pre-funded warrants to purchase common stock in place of common stock. The Company received gross proceeds of approximately $11,996,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company. The Company used the net proceeds to satisfy outstanding principal and accrued interest due on convertible promissory notes of approximately $7,600,000 million and the balance for working capital.
     
  On November 27, 2019, the Company closed an equity financing for 3,201,200 shares of common stock, warrants to purchase 11,893,100 shares of common stock and, warrants to purchase 11,320,725 shares of Common Stock. The Company received gross proceeds of approximately $3,988,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company. The Company used the net proceeds from equity financing for working capital purposes.
     
  On February 14, 2020, the Company closed on an equity financing for 12,445,000 shares of common stock, 12,445,000 warrants to purchase 9,333,750 shares of Common Stock, and 14,827,200 pre-funded warrants, with each Pre-Funded Warrant exercisable for one share of Common Stock, together with 14,827,200 Warrants to purchase 11,120,400 shares of Common Stock. The Company received gross proceeds of approximately $5,998,000, less offering costs of $560,000 for net proceeds of $5,438,000. The Company has earmarked the use of the net proceeds from equity financing for working capital and general corporate purposes.

 

As a result of the capital events, repaying substantially all of our outstanding debt, and ongoing cost management, the Company believes there are enough funds to mitigate the going concern uncertainty for at least twelve months from the date that the accompanying financial statements included elsewhere in this Form 10-K were issued.

 

23

 

 

Nasdaq Compliance

 

On September 26, 2019, the Company received a written notification from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) as Company’s closing bid price was below $1.00 per share for the previous 30 consecutive business days.

 

Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted a 180-day compliance period, or until March 24, 2020, to regain compliance with the minimum bid price requirements. During the compliance period, the Company’s shares of common stock will continue to be listed and traded on the Nasdaq Capital Market.

 

On March 25, 2020, the Company received a written notification from Nasdaq that the Company was afforded a second 180-calendar day grace period to regain compliance with the minimum bid price requirements. If the Company does not regain compliance by September 21, 2020, Nasdaq will provide notice that the Company’s shares of common stock will be subject to delisting.

 

On March 4, 2020, the Company received a letter from the Listing Qualifications Department (the “Staff”) of Nasdaq notifying the Company that the Staff has determined that the Company did not comply with Listing Rule 5635(d) because the February 2020 Offering did not meet the Nasdaq definition of a public offering under Listing Rule IM-5635-3. The Staff’s determination was based on (i) the extent of the offering’s distribution, (ii) the existence of a prior relationship between the Company and the investors, and (iii) the significant discount to the minimum price, as defined in Nasdaq rules.

 

On March 18, 2020, the Company submitted a plan to regain compliance with Rule 5635, which is currently under review by Nasdaq.

 

Off-Balance Sheet Arrangements

 

As of December 31, 2019, and 2018, we had no off-balance sheet arrangements.

 

24

 

 

Critical Accounting Policies, Estimates and Judgments

 

Our consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”), which require us to make estimates and assumptions. Certain critical accounting policies affect the more significant accounts, particularly those that involve judgments, estimates and assumptions used in the preparation of our consolidated financial statements. The development and selection of these critical accounting policies have been determined by our management. We have reviewed our critical accounting policies and estimates with the audit committee of our board of directors. Due to the significant judgment involved in selecting certain of the assumptions used in these policies, it is possible that different parties could choose different assumptions and reach different conclusions. We consider our policies relating to the following matters to be critical accounting policies.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property, plant, and equipment, 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. Actual results could differ from these estimates.

 

Principles of Consolidation

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America or (“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 US Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IMT and Vislink. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation.

 

Segment Reporting

 

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the operating decision makers, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of the Company reside in the U.S. and U.K.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

The Company extends credit to its customers in the normal course of business. Further, the Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgements regarding its customer’s ability to make required payments, prevailing economic conditions, past experience and other factors. As the financial condition of these factors change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for credit losses and losses have been within its expectations.

 

Property and Equipment

 

Property and equipment are presented at cost at the date of acquisition less depreciation. Depreciation is computed using the straight-line method over estimated useful asset lives, which range from 1 to 10 years. The costs of the day-to-day servicing of property and equipment, and repairs and maintenance are recognized in expenses as incurred.

 

25

 

 

Intangible Assets

 

Patents and licenses:

 

Patents and licenses, measured initially at purchase cost, are included in intangible assets on the Company’s balance sheet and are amortized on a straight-line basis over their estimated useful lives of 18.5 to 20 years. At December 31, 2019 and 2018, the Company had net capitalized costs of patents and licenses of $1.9 million and $2.5 million, respectively. The costs of provisional patents and pending applications is not amortized until the patent is filed and is reviewed each reporting period to determine if it is likely that the patent will be successfully filed. For the years ended December 31, 2019 and 2018, the amortization of patents and licenses amounted to $.7 million each, respectively.

 

Other intangible assets:

 

The Company’s remaining intangible assets include the trade names, technology, and customer lists acquired in its acquisition of IMT and Vislink. On December 31, 2019 and 2018, the Company had net capitalized costs of other intangible assets of $1.0 million and $2.1 million, respective. The Company includes these costs in intangible assets on the balance sheet and are amortized over their useful lives of 3 to 15 years.

 

The normal amortization of intangible assets amounted to $1.8 million and $2.0 million, for the years ended December 31, 2019 and 2018, respectively. There was an impairment of $-0- million and $0.2 million of software development costs for the years ended December 31, 2019 and 2018, respectively. The weighted average remaining life of the amortization of the Company’s intangible assets is approximately 3.7 years.

 

Revenue Recognition

 

The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised goods or services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services. The Company determines revenue recognition through the five (5) steps identified in Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers.

 

Stock-Based Compensation

 

The Company accounts for stock compensation with persons classified as employees for accounting purposes in accordance with ASC 718 “Compensation – Stock Compensation”, which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common stock issued for services is determined based on the Company’s stock price on the date of issuance.

 

The Company accounts for stock compensation arrangements with persons classified as non-employees for accounting purposes in accordance with ASC 505-50 “Stock-Based Transactions with Nonemployees”, which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of share-based compensation is subject to periodic adjustment as the underlying instruments vest. The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation charges are amortized over the vesting period.

 

26

 

 

Impairment of Long-Lived Assets

 

Management reviews long-lived assets and other intangible assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets used in operations, including lease assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable when the estimated undiscounted cash flows expected to result from the use of an asset and its eventual disposition is less than the carrying amount. If an impairment exists, the resulting write-down would be the difference between the fair market value of the long-lived asset and the related net book value. For the years ended December 31, 2019 and 2018, the Company recorded total impairment charges of $-0- and $0.4 million, respectively.

 

Common Stock Purchase Warrants and Other Derivative Financial Instruments

 

The Company classifies common stock purchase warrants and other free standing derivative financial instruments as equity if the contracts (i) require physical settlement or net-share settlement in common stock or (ii) give the Company a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement). The Company classifies the following contracts as either an asset or a liability: contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement) or (iii) contain reset provisions. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.

 

Commitments and Contingencies

 

Except as otherwise disclosed in this Report, we have no material commitments or contingent liabilities.

 

Recently Issued Accounting Pronouncements

 

For a description of recently announced accounting standards, including the expected dates of adoption and estimated effects, if any, on our consolidated financial statements, see “Recently Issued Accounting Pronouncements” in Note 3 to our Consolidated Financial Statements included below in Item 8.

 

27

 

 

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

 

We are not required to provide the information required by this Item 7A. as we are a smaller reporting company.

 

Item 8. Financial Statements and Supplementary Data

 

The Company’s audited financial statements and notes thereto appear in this Report beginning on page F-1.

 

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

None.

 

Item 9A. Controls and Procedure

 

(a) Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we carried out an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in SEC Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report. Based on such evaluation, our management, including our principal executive officer, has concluded that our disclosure controls and procedures were not effective as of December 31, 2019, because of the material weakness in our internal control over financial reporting as described below.

 

(b) Management’s Report on Internal Control over Financial Reporting

 

The Company’s management is responsible for establishing and maintaining internal controls over financial reporting. Internal Control Over Financial Reporting is a process designed by, and under the supervision of, the Company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the Company’s Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

 

  1. Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
     
  2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of its management and Board; and
     
  3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on its financial statements.

 

Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our consolidated financial statements would be prevented or detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Our management, including our principal executive officer and our principal financial officer, has not completed an effective assessment of the Company’s internal control over financial reporting based on the 2013 Committee of Sponsoring Organizations (COSO) framework. Management has concluded that as of December 31, 2019, our internal control over financial reporting was not effective to detect the inappropriate application of U.S. GAAP. Management identified the following material weaknesses set forth below in our internal control over financial reporting:

 

  1. We did not perform an effective risk assessment or monitor internal controls over financial reporting.
     
  2. With the acquisitions of IMT and Vislink, there are risks related to the timing and accuracy of the integration of information from various accounting and ERP systems. The Company has experienced delays in receiving information in a timely manner from its subsidiaries.
     
  3. Due to the demands of integrating the accounting and finance functions, along with turnover in the accounting department, the impact of new accounting standards was not completed on a timely basis.

 

28

 

 

To remediate the material weaknesses described above and to prevent similar deficiencies in the future, we are currently evaluating additional controls and procedures, which may include:

 

  Strengthened the management team upon bifurcating the CEO and CFO role with the appointment of seasoned individuals for those positions.
     
  Improvements made on the integration of information issues in 2020 as progress is made towards one accounting and ERP system.
     
  Provide more U.S. GAAP knowledge and SEC reporting requirement training for the accounting department.

 

This Report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to the rules of the SEC that permit the Company to provide only the management’s report in this Report.

 

c) Changes in Internal Controls over Financial Reporting

 

The management is committed to improving the internal controls over financial reporting and will undertake the consistent improvements or enhancements on an ongoing basis. There has been no change to our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Item 9B. Other Information

 

None.

 

29

 

 

PART III

 

Item 10. Directors, Executive Officers and Corporate Governance

 

Item 11. Executive Compensation

 

The information required by this Item 11 is incorporated into this Report by reference to our proxy statement that has been issued in connection with our 2020 Annual Meeting of Stockholders under the headings “Executive Compensation” and “Director Compensation for Fiscal Year 2019,” which proxy statement was filed with the SEC on March 23, 2020.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management

 

The information required by this Item 12 is incorporated into this Report by reference to our proxy statement that has been issued in connection with our 2020 Annual Meeting of Stockholders under the headings “Security Ownership of Certain Beneficial Owners and Management” and “Equity Compensation Plan Information,” which proxy statement was filed with the SEC on March 23, 2020.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence

 

The information required by this Item 13 is incorporated into this Report by reference to our proxy statement that has been issued in connection with our 2020 Annual Meeting of Stockholders under the heading “Certain Relationships and Related Transactions,” and “Corporate Governance,” which proxy statement was filed with the SEC on March 23, 2020.

 

Item 14. Principal Accounting Fees and Services

 

The information required by this Item 14 is incorporated into this Report by reference from our proxy statement that has been issued in connection with our 2020 Annual Meeting of Stockholders under the heading “Ratification of Appointment of Independent Registered Public Accountants,” which proxy statement was filed with the SEC on March 23, 2020.

 

30

 

 

PART IV

 

Item 15. Exhibits, Financial Statement Schedules

 

(a) The following documents are filed as part of this Report:

 

  (1) Financial Statements:

 

The audited consolidated balance sheets of the Company as of December 31, 2019 and 2018, the related statements of operations and comprehensive loss, changes in stockholders’ equity and cash flows for each of the two years in the period ended December 31, 2019, the footnotes thereto, and the report of Marcum LLP, independent registered public accountants, are filed herewith.

 

  (2) Financial Schedules:

 

None.

 

Financial statement schedules have been omitted because they are either not applicable or the required information is included in the financial statements or notes hereto.

 

  (3) Exhibits:

 

The exhibits listed in the accompanying index to exhibits are filed or incorporated by reference as part of this Report.

 

(b) The following are exhibits to this Report and, if incorporated by reference, we have indicated the document previously filed with the SEC in which the exhibit was included.

 

Certain of the agreements filed as exhibits to this Report contain representations and warranties by the parties to the agreements that have been made solely for the benefit of the parties to the agreement. These representations and warranties:

 

  may have been qualified by disclosures that were made to the other parties in connection with the negotiation of the agreements, which disclosures are not necessarily reflected in the agreements;
  may apply standards of materiality that differ from those of a reasonable investor; and
  were made only as of specified dates contained in the agreements and are subject to subsequent developments and changed circumstances.

 

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date that these representations and warranties were made or at any other time. Investors should not rely on them as statements of fact.

 

31

 

 

Exhibit
Number
  Description of Exhibit
3.1(i)   Amended & Restated Certificate of Incorporation (1)
3.1(i)(a)   Amendment to Certificate of Incorporation filed June 11, 2014 (2)
3.1 (i)(b)   Amendment to Certificate of Incorporation filed July 10, 2015 (25)
3.1(i)(c)   Amended and Restated Certificate of Designation of Series B Convertible Preferred Stock (16)
3.1(i)(d)   Certificate of Designation of Series C Convertible Preferred Stock (12)
3.1(i)(e)   Certificate of Designation of Series D Convertible Preferred Stock (17)
3.1(i)(f)   Certificate of Elimination for Series C Convertible Preferred Stock (16)
3.1(i)(g)   Certificate of Elimination for Series B Convertible Preferred Stock (23)
3.1(i)(h)   Amendment to Certificate of Incorporation filed June 10, 2016 (20)
3.1(i)(i)   Certificate of Designation of Series E Convertible Preferred Stock (24)
3.1(i)(j)   Certificate of Amendment to Certificate of Incorporation of the Company, filed with the Secretary of State of the State of Delaware on February 11, 2019(39)
3.1(ii)   Amended & Restated Bylaws (3)
4.1   Form of Common Stock Certificate of the Registrant (4)
4.2   Form of Warrant Agreement by and between the Registrant and Continental Stock Transfer & Trust Company and Form of Warrant Certificate for the offering closed July 24, 2013 and August 19, 2013 (5)
4.3   Form of Underwriters’ Warrant for the offering closed July 24, 2013 (1)
4.4   Form of Underwriters’ Warrant for the offering closed November 18, 2013 (6)
4.5   Form of Warrant issued in December 30, 2014 Offering (10)
4.6   Form of Warrant issued in February 11, 2015 Offering (11)
4.7   Form of Warrant issued in February 24, 2015 Offering (12)
4.8   Form of 8% Convertible Note (13)
4.9   Form of Series A Warrant for the August 2015 Offering (14)
4.10   Form of Pre-funded Series B Warrant for the August 2015 Offering (14)
4.11   Form of Series C Warrant for the August 2015 Offering (14)
4.12   Form of Series D Warrant for the August 2015 Offering (14)
4.13   Form of 5% Convertible Note (15)
4.14   Form of Amendment, dated April 29, 2016, to Series A Warrant to Purchase Common Stock of xG Technology, Inc., dated August 19, 2015(18)
4.15   Form of Amendment, dated April 29, 2016, to Warrant to Purchase Common Stock of xG Technology, Inc., dated February 29, 2016 (18)
4.16   Form of Warrant (19)
4.17   Form of Vislink Promissory Note (27)
4.18   Form of Underwriters’ Warrant for February 2017 Offering (28)
4.19   Form of Warrant for August 2017 Offering (31)
4.20   Form of 6% Senior Secured Convertible Debenture(36)
4.21   Form of Common Stock Purchase Warrant(36)
4.22   Form of Amended and Restated 6% Senior Secured Debenture(37)
4.23   Form of Second Amended and Restated 6% Senior Secured Debenture(38)
4.24   Form of 10% Senior Secured Convertible Debenture(38)
4.25   Warrant Agreement, including Form of Common Warrant and Form of Pre-Funded Warrant from July 2019 Offering(40)
4.26   Form of Warrant Agreement, including Form of Common Warrant and Form of Pre-Funded Warrant from November 2019 Offering(41)
4.27   Form of Warrant Agreement, including Form of Common Warrant and Form of Pre-Funded Warrant from February 2020 Offering(42)
4.28*   Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.
10.1   2013 Long Term Incentive Plan (7)
10.2   Forms of Agreement Under 2013 Long Term Incentive Plan (7)
10.3   2004 Option Plan (7)
10.4   2005 Option Plan (7)
10.5   2006 Option Plan (7)
10.6   2007 Option Plan (7)
10.7   2009 Option Plan (7)
10.8   Forms of Award Documents under 2004, 2005, 2006, 2007, and 2009 Option Plans (7)
10.9   Sunrise Office Lease (7)
10.10   Care21 Agreement (7)
10.11   Purchase Agreement, dated as of September 22, 2014, by and between the Company and Lincoln Park Capital Fund, LLC. (8)
10.12   Purchase Agreement, dated as of September 19, 2014, by and between the Company and Lincoln Park Capital Fund, LLC. (8)
10.13   Registration Rights Agreement, dated as of September 19, 2014, by and between the Company and Lincoln Park Capital Fund, LLC. (8)
10.14   Purchase Agreement, dated as of November 25, 2014, by and between the Company, LPC, Affiliate Purchasers, and the Other Investors (9)
10.15   Purchase Agreement, dated as of December 30, 2014, by and between the Company and 31 Group, LLC. (10)
10.16   Purchase Agreement, dated as of February 11, 2015, by and between the Company and 31 Group, LLC. (11)
10.17   Purchase Agreement, dated as of February 24, 2014, by and between the Company and 31 Group, LLC. (12)
10.18   Form of Purchase Agreement dated as of June 11, 2015 (13)
10.19   Amendment to Purchase Agreement dated as of June 11, 2015 (25)
10.20   Asset Purchase Agreement, dated as of January 29, 2016, by and between the Company and Integrated Microwave Technologies, LLC (15)
10.21   Form of Securities Purchase Agreement (15)

 

32

 

 

10.22   $1,500,000 Initial Payment Note from the Company to IMT (15)
10.23   Form of Subscription Agreement, dated May 12, 2016, between the Company and the Purchasers thereto (19)
10.24   2015 Employee Stock Purchase Plan (21)
10.25   2015 Incentive Compensation Plan (21)
10.26   2016 Employee Stock Purchase Plan (22)
10.27   2016 Incentive Compensation Plan (22)
10.28   Deed of Variation to Business Purchase Agreement by and between the Company, Vislink PLC, Vislink International Limited and Vislink Inc., dated January 13, 2017 (26)
10.29   Settlement Agreement between the Company and the Holders thereto, dated January 13, 2017 (26)
10.30   Security Agreement, dated February 2, 2017, between the Company and the Vislink Sellers (27)
10.31   Service Agreement between James Walton and Vislink International Limited, dated October 19, 2015 (29)
10.32   Purchase Agreement, dated May 19, 2017, between the Company and Lincoln Park Capital Fund, LLC (30)
10.33   Registration Rights Agreement, dated May 19, 2017, between the Company and Lincoln Park Capital Fund, LLC (30)
10.34   Securities Purchase Agreement, dated August 15, 2017, between the Company and the Purchasers thereto (31)
10.35   Amendment to 2016 Employee Stock Purchase Plan(33)
10.36   Amendment to 2016 Incentive Compensation Plan(34)
10.37   2017 Incentive Compensation Plan(35)
10.38   Form of Securities Purchase Agreement, dated May 29, 2018, by and among the Company and the purchaser signatories thereto(36)
10.39   Form of Security Agreement, dated Mya 29, 2018, by and among the Company and each of the secured parties thereto(36)
10.40   Form of Subsidiary Guarantee, dated May 29, 2018, by and among the Company, the purchasers under the Securities Purchase Agreement, and each of the Company’s subsidiaries(36)
10.41   Form of Registration Rights Agreement, dated May 29, 2018, by and among the Company and the purchasers under the Securities Purchase Agreement(36)
10.43   Form of Voting Agreement, each dated May 29, 2018, between the Company and each purchaser under the Securities Purchase Agreement (36)
10.44   Form of Securities Purchase Agreement, dated December 3, 2018, by and among the Company and the purchaser signatories thereto(38)
10.45   Form of Security Agreement, dated December 3, 2018, by and among the Company and each of the secured parties thereto(38)
10.46   Form of Subsidiary Guarantee, dated December 3, 2018 executed by each of the Company’s subsidiaries(38)
10.47   Form of Registration Rights Agreement, dated December 3, 2018, by and among the Company and the purchasers under the Securities Purchase Agreement, dated December 3, 2018(38)
10.48   Form of Voting Agreement, each dated December 3, 2018, executed by each purchaser under the Securities Purchase Agreement , dated December 3, 2018(38)
10.49   Employment Agreement by and between the Company and Carleton Miller, dated as of January 22, 2020(43)
10.50   Notice of Grant of Stock Option for Time-Vested Options and Stock Option Agreement by and between the Company and Carleton Miller, dated as of January 22, 2020(43)
10.51   Notice of Grant of Stock Option for Performance-Vested Options and Stock Option Agreement by and between the Company and Carleton Miller, dated as of January 22, 2020(43)
10.52   Form of Separation Agreement to be executed by the Company and John Payne upon the conclusion of John Payne’s employment(44)
10.53   Employment Agreement by and between the Company and Michael Bond, dated as of February 27, 2020(45)
10.54   Form of Separation Agreement to be executed by the Company and Roger G. Branton upon the conclusion of Roger G. Branton’s employment(45)
10.55*   Form of Indemnification Agreement by and between the Company and its officers and directors
14.1   Code of Ethics(32)
21.1   Subsidiaries of the Registrant(46)
23.1*   Consent of Marcum LLP
31.1*   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*   Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*   Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Schema
101.CAL   XBRL Taxonomy Calculation Linkbase
101.DEF   XBRL Taxonomy Definition Linkbase
101.LAB   XBRL Taxonomy Label Linkbase
101.PRE   XBRL Taxonomy Presentation Linkbase

 

33

 

 

In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.

 

*

  Filed herewith
(1)   Filed as an Exhibit on Form S-1 with the SEC on October 23, 2013.
(2)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on June 13, 2014.
(3)   Filed as an Exhibit on Quarterly Report on Form 10-Q with the SEC on August 30, 2013.
(4)   Filed as an Exhibit on Form S-1/A with the SEC on May 21, 2013.
(5)   Filed as an Exhibit on Current Report to Form 8-K with the SEC on August 19, 2013.
(6)   Filed as an Exhibit on Form S-1/A with the SEC on November 6, 2013.
(7)   Filed as an Exhibit on Form S-1 with the SEC on March 7, 2013.
(8)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on September 24, 2014.
(9)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on November 26, 2014.
(10)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on December 31, 2014.
(11)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 13, 2015.
(12)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 26, 2015.
(13)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on June 12, 2015.
(14)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on August 20, 2015.
(15)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 3, 2016.
(16)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 10, 2016.
(17)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on April 27, 2016
(18)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on May 2, 2016
(19)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on May 13, 2016.
(20)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on June 20, 2016.
(21)   Filed as an Exhibit on Annual Report on Form 10-K with the SEC on April 14, 2016.
(22)   Filed as an Exhibit on Form S-1 with the SEC on June 27, 2016
(23)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on December 7, 2016.
(24)   Filed as an Exhibit on Current Report on From 8-K with the SEC on December 27, 2016.
(25)   Filed as an Exhibit on Current Report on From 8-K with the SEC on July 20, 2015.
(26)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on January 19, 2017.
(27)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 6, 2017.
(28)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 10, 2017.
(29)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 23, 2017.
(30)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on May 23, 2017.
(31)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on August 16, 2017.
(32)   Filed as an Exhibit on Annual Report on Form 10-K with the SEC on March 6, 2014.
(33)   Filed as Appendix D on Definitive Schedule 14A with the SEC on May 22, 2017
(34)   Filed as Appendix E on Definitive Schedule 14A with the SEC on May 22, 2017
(35)   Filed as Appendix F on Definitive Schedule 14A with the SEC on May 22, 2017
(36)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on May 29, 2018.
(37)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on October 11, 2018.
(38)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on December 4, 2018.
(39)   Filed an Exhibit on Current Report on Form 8-K with the SEC on February 26, 2019.
(40)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on July 16, 2019.
(41)   Filed as an Exhibit on Form S-1/A with the SEC on November 22, 2019.
(42)   Filed as an Exhibit on Form S-1/A with the SEC on February 3, 2020.
(43)   Filed as an Exhibit on Current Report on Form 8-K/A with the SEC on January 24, 2020.
(44)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 27, 2020.
(45)   Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 28, 2020.
(46)   Filed as an Exhibit on Form S-1/A with the SEC on October 30, 2019.

 

34

 

 

SIGNATURES

 

Pursuant to the requirement of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  VISLINK TECHNOLOGIES, INC.
     
Date: March 31, 2020 By: /s/ Carleton Miller
    Carleton Miller
   

Chief Executive Officer
(Duly Authorized Officer and Principal Executive

Officer)

     
Date: March 31, 2020 By: /s/ Roger Branton
    Roger G. Branton
   

Chief Financial Officer

(Duly Authorized Officer and Principal Financial

Officer)

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Signature   Title   Date
         
/s/ Carleton Miller   Chief Executive Officer   March 31, 2020
Carleton Miller   (Principal Executive Officer)    
         
/s/ Roger G. Branton   Chief Financial Officer   March 31, 2020
Roger G. Branton   (Principal Financial and Accounting Officer)    
         
/s/ Susan Swenson   Chairman of the Board of Directors   March 31, 2020
Susan Swenson        
         
/s/ Richard L. Mooers   Director   March 31, 2020
Richard L. Mooers        
         
/s/ George F. Schmitt   Director   March 31, 2020
George F. Schmitt        
         
/s/ Jude T. Panetta   Director   March 31, 2020
Jude T. Panetta        
         
/s/ James T. Conway   Director   March 31, 2020
James T. Conway        
         
/s/ Ralph Faison   Director   March 31, 2020
Ralph Faison        
         
/s/ Brian K. Krolicki   Director   March 31, 2020
Brian K. Krolicki        

 

35

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

December 31, 2019 and 2018

 

    Page
Consolidated Financial Statements    
Report of Independent Registered Public Accounting Firm   F-2
Consolidated Balance Sheets   F-3
Consolidated Statements of Operations and Comprehensive Loss   F-4
Consolidated Statements of Changes in Stockholders’ Equity   F-5
Consolidated Statements of Cash Flows   F-6
Notes to Consolidated Financial Statements   F-8

 

F-1

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Directors of

Vislink Technologies, Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of Vislink Technologies, Inc. and Subsidiaries (the “Company”) as of December 31 2019 and 2018, the related consolidated statements of operations, comprehensive loss, change in stockholders’ equity and cash flows for each of the two years in the period ended December 31, 2019 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2019 and 2018, and the consolidated results of its operations and its cash flows for each of the two years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

 

Adoption of New Accounting Standards

 

As discussed in Note 11 to the consolidated financial statements, the Company has changed its method of accounting for leases in 2019 due to the adoption of ASU No. 2016-02, Leases (Topic 842), as amended, effective January 1, 2019, using the modified retrospective approach.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

/s/ Marcum llp  
   
Marcum LLP  
   
We have served as the Company’s auditor since 2015.  
   
New York, NY  
March 31, 2020  

 

F-2

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

 

   December 31, 
   2019   2018 
ASSETS        
Current assets          
Cash  $1,737   $2,005 
Accounts receivable, net   6,714    6,191 
Inventories, net   7,674    13,050 
Prepaid expenses and other current assets   660    780 
Total current assets   16,785    22,026 
Right of use assets, operating leases   1,925     
Property and equipment, net   1,972    2,096 
Intangible assets, net   2,922    4,691 
Total assets  $23,604   $28,813 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Accounts payable  $6,784   $7,072 
Accrued expenses   1,912    2,112 
Notes payable   339     
Convertible promissory notes, net of discount of $-0- and $16, respectively       400 
Operating lease obligations, current   821     
Due to related parties   505    361 
Customer deposits and deferred revenue   2,821    1,574 
Derivative liabilities   30    1,118 
Total current liabilities   13,212    12,637 
Operating lease obligations, net of current portion   1,163     
Convertible promissory notes, net of discount of $-0- and $47, respectively       5,886 
Total liabilities   14,375    18,523 
Commitments and contingencies (See Note 15)          
Stockholders’ equity          
Preferred stock – $0.00001 par value per share: 10,000,000 shares authorized at December 31, 2019 and 2018; -0- shares issued and outstanding as of December 31, 2019 and 2018        
Common stock, – $0.00001 par value per share, 100,000,000 shares authorized, 21,567,287 and 1,877,698 shares issued and 21,551,333 and 1,877,697 outstanding at December 31, 2019 and 2018, respectively        
Additional paid in capital   261,871    244,562 
Accumulated other comprehensive income   207    275 
Treasury stock, at cost – 15,954 and 1 shares as of December 31, 2019 and 2018, respectively   (277)   (22)
Accumulated deficit   (252,572)   (234,525)
Total stockholders’ equity   9,229    10,290 
Total liabilities and stockholders’ equity  $23,604   $28,813 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-3

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(IN THOUSANDS EXCEPT NET LOSS PER SHARE DATA)

 

   For the Years Ended 
   December 31, 
   2019   2018 
Revenue, net  $28,942   $38,294 
Cost of Revenue and operating expenses          
Cost of components and personnel   15,741    19,192 
Inventory valuation adjustments   4,705    473 
General and administrative expenses   20,099    21,817 
Research and development   3,232    7,873 
Impairment charge       413 
Amortization and depreciation   2,365    2,953 
Total cost of revenue and operating expenses   46,142    52,721 
Loss from operations   (17,200)   (14,427)
Other (expenses) income          
Changes in fair value of derivative liabilities   1,064    3,186 
Loss on debt and payable extinguishment       (1,060)
Loss on debt conversions   (33)    
Other income       146 
Interest expense   (1,878)   (2,718)
Total other (expenses) income   (847)   (446)
Net loss  $(18,047)  $(14,873)
           
Basic and diluted loss per share  $(2.01)  $(9.02)
           
Weighted average number of shares outstanding:          
Basic and Diluted   8,962    1,649 
           
Comprehensive loss:          
Net loss  $(18,047)  $(14,873)
Unrealized loss on currency translation adjustment   (68)   (79)
Comprehensive loss  $(18,115)  $(14,952)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-4

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA)

 

                        Accumulated              
   Series D           Additional   Other             
   Preferred Stock    Common Stock    Paid In   Comprehensive   Treasury   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Income   Stock   Deficit   Total 
Balance, January 1, 2018      $    1,489,739   $   $235,819   $354   $(22)  $(219,652)  $16,499 
Net loss                               (14,873)   (14,873)
Unrealized loss on currency translation adjustment                       (79)             (79)
Issuance of common stock in connection with:                                             
Payments made in stock (payroll and consultants)           208,313        1,793                1,793 
Compensation awards previously accrued           1,223        19                19 
Conversion of amounts due to related parties           42,959        240                240 
Satisfaction of interest due on convertible promissory notes           27,680        180                180 
Satisfaction of convertible promissory notes           77,518        2,339                2,339 
Procurement fee for debt instrument           30,266        160                160 
Stock-based compensation                   3,728                3,728 
Beneficial conversion feature                    284                 284 
Balance, December 31, 2018           1,877,698        244,562    275    (22)   (234,525)   10,290 
                                              
Net loss                               (18,047)   (18,047)
Unrealized loss on currency translation adjustment                       (68)            (68)
Issuance of common stock in connection with:                                             
Underwriting equity raises, net of offering costs           4,751,200        14,184                14,184 
Exercise of common stock warrants           8,237,701        178                178 
Exercise of cashless common stock warrants           6,181,525                         
Payments made in stock (payroll and consultants)           158,130        224                224 
Compensation awards previously accrued           19,632        71                71 
Conversion of amounts due to related parties           12,469        31                31 
Conversion of principal and accrued interest on convertible promissory notes           328,932        528                528 
Reclassification of derivative liabilities in connection with the exercise of common stock warrants                   24                24 
Purchase of treasury stock                           (255)       (255)
Stock-based compensation                   2,069                2,069 
Balance, December 31, 2019      $    21,567,287   $   $261,871   $207   $(277)  $(252,572)  $9,229 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-5

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

 

   Years Ended December 31, 
   2019   2018 
Cash flows used in operating activities          
Net loss  $(18,047)  $(14,873)
Adjustments to reconcile net loss to net cash used in operating activities          
Loss on debt and payables extinguishment       1,060 
Gain on sale of property and equipment       (146)
Stock-based compensation (option awards)   2,069    3,728 
Payment made in stock (payroll and consultants)   224    1,793 
Stock issuance commitments   320    519 
Provision for bad debt   425    142 
Inventory valuation adjustments   4,705    473 
Amortization of right of use assets, operating leases   883     
Depreciation and amortization   2,365    2,953 
Impairment charge       413 
Change in fair value of derivative liabilities   (1,064)   (3,186)
Loss on debt settlement   33     
Non-cash interest costs   63    2,301 
           
Changes in assets and liabilities          
Accounts receivable   (867)   1,811 
Inventories   841    775 
Prepaid expenses and other current assets   142    (186)
Accounts payable   (623)   (3,365)
Accrued expenses and interest expense   (332)   (1,178)
Operating lease liabilities   (880)    
Due to related parties   175    (397)
Deferred revenue and customer deposits   1,213    984 
Net cash used in operating activities   (8,355)   (6,379)
           
Cash flows (used in) provided by investing activities          
Proceeds from sale of property and equipment       250 
Acquisition of property and equipment   (401)   (69)
Payment for purchase of treasury stock   (24)    
Net cash (used in) provided by investing activities   (425)   181 
           
Cash flows provided by financing activities          
Proceeds received from equity financings   15,983     
Costs incurred in connection with equity financing   (1,799)    
Proceeds from the exercise of common stock warrants   178     
Proceeds from working capital financing note   150     
Principal payments in connection with working capital financing note   (42)    
Principal repayments made on capital lease obligations       (48)
Proceeds from convertible promissory notes       6,000 
Payment of issuance costs on convertible promissory notes       (433)
Principal repayments on convertible promissory notes   (5,951)   (84)
Net cash provided by financing activities   8,519    5,435 
Effect of exchange rate changes on cash   (7)   (31)
Net decrease in cash   (268)   (794)
Cash, beginning of year   2,005    2,799 
Cash, end of year  $1,737   $2,005 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-6

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS – (continued)

(IN THOUSANDS)

 

   Year Ended December 31, 
   2019   2018 
Cash paid for interest  $1,827   $36 
Cash paid for taxes  $   $ 
Supplemental cash flow disclosures of non-cash investing and financing activities:          
Common stock issued in connection with:          
Compensation awards for services previously accrued  $71   $19 
Conversion of amounts due to related parties   31    240 
Conversion of principal and interest due on convertible promissory notes   529    2,339 
Settlement of interest only on convertible notes       180 
Compensatory fee for debt modification       160 
Effect of the December 3, 2018 modification of the May 2018 debt instruments       4,131 
Beneficial conversion feature       284 
Reclassification of derivative liabilities to stockholders’ equity upon
the exercise of warrant
   24     
Financing encumbered in treasury stock purchased   231     
Non-cash disclosures of ROU assets and operating lease obligations (Note 11):          
Operating lease assets recognized  $2,991   $ 
less: non-cash changes to operating lease assets          
amortization   (883)    
lease termination   (183)    
   $1,925   $ 
           
Operating lease liabilities recognized  $3,047   $ 
less: non-cash changes to operating lease liabilities          
amortization   (880)    
lease termination   (183)    
   $1,984   $ 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-7

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 — NATURE OF OPERATIONS

 

Description of Business

 

The overarching strategy of Vislink Technologies, Inc. (“Vislink Technologies,” the “Company,” “we,” “our” or “us”) is to design, develop and deliver advanced wireless communications solutions that provide customers within target markets with enhanced levels of reliability, mobility, performance and efficiency in their business operations and missions. Vislink Technologies’ business lines include the leading brands Integrated Microwave Technologies LLC (“IMT”) and Vislink Communications Systems (“Vislink” or “VCS”). There is considerable brand interaction, due to complementary market focus, compatible product, and technology development roadmaps, and solution integration opportunities

 

IMT:

 

IMT develops, manufactures, and sells microwave communications equipment utilizing COFDM (Coded Orthogonal Frequency Division Multiplexing) technology. COFDM is a transmission technique that combines encoding technology with OFDM (Orthogonal Frequency Division Multiplexing) modulation to provide the low latency and high image clarity required for real-time live broadcasting video transmissions. IMT has extensive experience in ultra-compact COFDM wireless technology, and this has allowed IMT to develop integrated solutions that deliver reliable video footage captured from both aerial and ground-based sources to fixed and mobile receiver locations.

 

Vislink:

 

Vislink Communications Systems (“Vislink” or “VCS”) specializes in the wireless capture, delivery and management of secure, high-quality, live video from the field to the point of usage. VCS designs and manufactures products encompassing microwave radio components, satellite communication, cellular and wireless camera systems, and associated amplifier items. VCS serves two core markets: broadcast and media and law enforcement, and surveillance. In the broadcast and media market, VCS provides broadcast communication links for the collection of live news and sports and entertainment events. VCS’ customers in the broadcast and media market include national broadcasters, multi-channel broadcasters, network owners and station groups, sports and live broadcasters and hosted service providers. In the law enforcement, and surveillance market, VCS provides secure video communications and mission-critical solutions for law enforcement, defense and homeland security applications. VCS’ customers in the law enforcement, and surveillance market include metropolitan, regional and national law enforcement agencies as well as domestic and international defense agencies and organizations.

 

F-8

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 2 — LIQUIDITY AND FINANCIAL CONDITION

 

Under ASU 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed the Company’s ability to continue as a going concern under the requirement of ASC 205-40.

 

As reflected in the consolidated financial statements, the Company had $1.7 million in cash on the balance sheet at December 31, 2019. The Company had working capital and an accumulated deficit of $3.6 million and $252.6 million, respectively. Additionally, the Company had a loss from operations of approximately $17.2 million and cash used in operating activities of $8.4 million for the year ended December 31, 2019. As of February 14, 2020, the Company’s cash balance was approximately $6.8 million after the February 2020 equity raise.

 

The Company has historically funded its operations from debt and equity raises, attaining the following recent capital events:

 

  On July 11, 2019, the Company closed an equity financing for 1,550,000 shares of common stock, warrants to purchase 6,000,000 shares of common stock and, 4,450,000 pre-funded warrants to purchase common stock in place of common stock. The Company received gross proceeds of approximately $11,996,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company. The Company used the net proceeds to satisfy outstanding principal and accrued interest due on convertible promissory notes of approximately $7,600,000 million and the balance for working capital.
     
  On November 27, 2019, the Company closed an equity financing for 3,201,200 shares of common stock, warrants to purchase 11,893,100 shares of common stock and, warrants to purchase 11,320,725 shares of Common Stock. The Company received gross proceeds of approximately $3,988,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company. The Company used the net proceeds from equity financing for working capital purposes.
     
  On February 14, 2020, the Company closed on an equity financing for 12,445,000 shares of common stock, 12,445,000 warrants to purchase 9,333,750 shares of Common Stock, and 14,827,200 pre-funded warrants, with each Pre-Funded Warrant exercisable for one share of Common Stock, together with 14,827,200 Warrants to purchase 11,120,400 shares of Common Stock. The Company received gross proceeds of approximately $5,998,000, less offering costs of $560,000 for net proceeds of $5,438,000. The Company has earmarked the use of the net proceeds from equity financing for working capital and general corporate purposes.

 

As a result of the proceeds raised in the recent capital events, repaying substantially all of the Company’s debt and ongoing cost management, the Company believes there are enough funds to mitigate the going concern uncertainty for at least twelve months from the date of these financial statements are made available.

 

F-9

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

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 US Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IMT and Vislink. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation.

 

Segment Reporting

 

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the operating decision makers, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of the Company reside in the U.S. and U.K.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property, plant, and equipment, 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. Actual results could differ from these estimates.

 

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. The Company did not have any cash equivalents on hand as of December 31, 2019 and 2018.

 

Concentrations of Credit Risk

 

The Company does not have any off-balance-sheet concentrations of credit risk. Credit risk is the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company. The Company’s credit risk is primarily attributable to its cash and accounts receivables. The Company’s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts held within the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. Additionally, the Company maintains cash balance accounts at financial institutions located in the United Kingdom insured by the Financial Services Compensation Scheme up to £85,000, subject to currency translation rates to the United States dollar. On December 31, 2019, the Company had approximately $1.2 million above insured limits, respectively. The Company has not experienced any losses in its bank accounts during the years ended December 31, 2019, and 2018. For customers, management assesses the credit quality of the customer, considering its financial position and historical experience.

 

For the years ended December 31, 2019, and 2018, the Company did not experience sales to one customer over 10% of the Company’s total consolidated sales. On December 31, 2019, the Company recorded approximately $2,613,000 (39%) and $-0- of accounts receivable to a single customer over 10% of the Company’s total consolidated accounts receivable.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

The Company extends credit to its customers in the normal course of business. Further, the Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgements regarding its customer’s ability to make required payments, prevailing economic conditions, past experience and other factors. As the financial condition of these factors change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for credit losses and losses have been within its expectations.

 

F-10

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Inventories

 

Inventories, consisting principally of raw materials, work-in-process and finished goods, and is recorded at the lower of cost, on a first-in, first-out basis, or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company evaluates inventory balances and either writes-down inventory that is obsolete or based on a net realizable value analysis or records a reserve for slow moving or excess inventory.

 

Property and Equipment

 

Property and equipment are presented at cost at the date of acquisition less depreciation. Depreciation is computed using the straight-line method over estimated useful asset lives, which range from 1 to 10 years. The costs of the day-to-day servicing of property and equipment, and repairs and maintenance are recognized in expenses as incurred.

 

Intangible Assets

 

Software:

 

The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use or sale to others when both the preliminary project stage is completed, and it is probable that the software will be used as intended with a product. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the product. Capitalized software costs are included in intangible assets on the Company’s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates 5 years. Capitalized Software was fully amortized as of December 31, 2018. Software amortization totaled $268,000 for the year ended December 31, 2018.

 

Patents and licenses:

 

Patents and licenses, measured initially at purchase cost, are included in intangible assets on the Company’s balance sheet and are amortized on a straight-line basis over their estimated useful lives of 18.5 to 20 years. Amortization totaled $669,000 and $664,000 for the years ended December 31, 2019 and 2018, respectively.

 

Other intangible assets:

 

The Company’s remaining intangible assets include the trade names, technology and customer lists acquired in its acquisition of IMT and Vislink. The value of these acquired assets was determined by a third-party appraisal completed for these business combinations. Absent an indication of fair value from a potential buyer or similar specific transactions, the Company believes that the use of the methods employed provided a reasonable estimate in the reporting of the fair value assigned.

 

The Company includes these costs in intangible assets on the balance sheet and are amortized over their useful lives of 3 to 15 years. Amortization totaled $1,800,000 and $2,000,000 for the years ended December 31, 2019 and 2018, respectively.

 

F-11

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (continued)

 

Warranty Reserve

 

Although the Company tests its product in accordance with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company’s estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be required. The claims made during the year ended December 31, 2019 and 2018 were ordinary and customary. Warranty reserve is included in accrued expenses on the accompanying consolidated balance sheets and cost of components in the accompanying consolidated statement of operations.

 

   Warranty Reserve 
December 31, 2017  $507,000 
Warranty reserve expense   23,000 
Warranty claims settled and true-up of accrual   (205,000)
December 31, 2018  $325,000 
Warranty reserve expense   231,000 
Warranty claims settled and true-up of accrual   (221,000)
December 31, 2019  $335,000 

 

Shipping and Handling Costs

 

Shipping and handling charges are invoiced to the customer and the Company nets these charges against the respective costs within general and administrative expenses. For the years ended December 31, 2019 and 2018, the amount of shipping and handling costs incurred were $614,000 and $774,000, respectively.

 

Convertible Instruments

 

The Company records debt net of debt discount for beneficial conversion features and warrants, on either a relative fair value or fair value basis depending on the respective accounting treatment of each instrument. Beneficial conversion features are recorded pursuant to the Beneficial Conversion (“BCF”) and Debt Topics of the FASB Accounting Standards Codification. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discounts with corresponding entries to derivative liability and additional paid-in-capital. Costs paid to third parties (e.g., legal fees, printing costs, placement agent fees) that are directly related to issuing the debt and that otherwise wouldn’t be incurred, are treated as a direct deduction of the debt liability. Debt discount and issuance costs are generally amortized and recognized as additional interest expense in the statement of operations over the life of the debt instrument using the effective interest method.

 

The Company evaluates and bifurcates conversion features from the instruments containing such features and accounts for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the underlying instrument, (b) the hybrid instrument that contains both the embedded derivative instrument and the underlying instrument is not re-measured at fair value under otherwise applicable U.S. GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

 

Common Stock Purchase Warrants and Other Derivative Financial Instruments

 

The Company classifies common stock purchase warrants and other free-standing financial instruments as equity if the contracts (i) require physical settlement or net-share settlement in common stock or (ii) give the Company a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement). The Company classifies the following contracts as either an asset or a liability: contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement) or (iii) contain reset provisions. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.

 

F-12

 

 

VISLINK TECHNOLOGIES, INC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (continued)

 

Treasury Stock

 

Shares of common stock repurchased are recorded at cost as treasury stock. When shares are reissued, the cost method is used. In accordance with U.S. GAAP, the excess of the acquisition cost over the reissuance price of the treasury stock, if any, is recorded to additional paid-in capital, limited to the amount previously credited to additional paid-in capital, if any. Any excess is charged to accumulated deficit.

 

Revenue Recognition

 

The Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”) on January 1, 2019 using the modified retrospective method. The Company’s operating results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 606, while prior period amounts continue to be reported in accordance with our historic accounting under Topic 605. The timing and measurement of our revenues under ASC Topic 606 is similar to that recognized under previous guidance, accordingly, the adoption of ASC Topic 606 did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof at adoption or in the current period. There were no changes in our opening retained earnings balance as a result of the adoption of ASC Topic 606.

 

ASC Topic 606 is a comprehensive revenue recognition model that requires revenue to be recognized when control of the promised goods or services are transferred to our customers at an amount that reflects the consideration that we expect to receive. Application of ASC Topic 606 requires us to use more judgment and make more estimates than under former guidance.

 

The Company generates all its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised goods or services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services.

 

The Company determines revenue recognition through the following steps:

 

1. Identification of the contract, or contracts, with a customer;

2. Identification of the performance obligations in the contract;

3. Determination of the transaction price;

4. Allocation of the transaction price to the performance obligations in the contract; and

5. Recognition of revenue, when, or as, we satisfy a performance obligation.

 

At contract inception, the Company assesses the goods and services promised in our contracts with customers and identifies a performance obligation for each. To determine the performance obligations, the Company considers all the products and services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. The timing of satisfaction of the performance obligation is not subject to significant judgment. We measure revenue as the amount of consideration we expect to receive in exchange for transferring goods and services. Excluded from income are the value-added sales taxes, and other charges we collect concurrent with revenue-producing activities.

 

Remaining Performance Obligations

 

Remaining performance obligations, or backlog, represents the aggregate amount of the transaction price allocated to the remaining obligations that the Company has not performed under its customer contracts. The Company has elected to use the optional exemption in ASC 606-10-50-14, which exempts an entity from such disclosures if a performance obligation is part of a contract with an original expected duration of one year or less.

 

Research and Development Expenses

 

Research and development costs are charged to expense as incurred in performing research, design and development activities. These expenses consist primarily of salary and benefit expenses, including stock-based compensation and payroll taxes for employees and costs for contractors engaged in research, design and development activities, as well as costs for prototypes, facilities and travel.

 

F-13

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (continued)

 

Stock-Based Compensation

 

The Company accounts for stock compensation with persons classified as employees for accounting purposes in accordance with ASC 718 “Compensation – Stock Compensation”, which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common stock issued for services is determined based on the Company’s stock price on the date of issuance.

 

Under ASU 2018-07, the scope of Topic 718 was expanded to include share-based payment transactions for acquiring goods and services from nonemployees. Equity-classified nonemployee share-based payment awards are no longer measured at the earlier of the date at which a commitment for performance by the counterparty is reached or the date at which the counterparty’s performance is complete. Rather, they are now measured at the grant date. Nonemployee share-based payment awards with performance conditions are measured at the lowest aggregate fair value under today’s guidance, which often results in zero value. The new ASU aligns the accounting for nonemployee share-based payment awards with performance conditions with accounting for employee share-based payment awards under Topic 718 by requiring entities to consider the probability of satisfying performance conditions. Current guidance requires entities to use the contractual term for the measurement of the nonemployee share-based payment awards. The new ASU allows entities to make an award-by-award election to use either the expected term (consistent with employee share-based payment awards) or the contractual term for nonemployee awards

 

Leases

 

The Company adopted ASC 842 on January 1, 2019, using the modified retrospective transition approach that applies the new standard to all leases existing at the date of the initial application. ASC 842 supersedes nearly all existing lease accounting guidance under GAAP issued by the Financial Accounting Standards Board (“FASB”) including ASC Topic 840, Leases. ASC 842 requires that lessees recognize Right-Of-Use (” ROU”) assets and lease liabilities calculated based on the present value of lease payments for all lease agreements with terms that are greater than twelve months. Lease contracts are measured and presented in the statement of operations and statement of cash flows under ASC 842 either as a finance lease or operating lease.

 

At lease inception, the Company determined if an arrangement is a lease and if it includes options to extend or terminate the contract if it is reasonably sure that the options will be exercised. We recognize lease expense for lease payments on a straight-line basis over the lease term. The Company includes operating leases as ROU assets as “Right of use assets, operating leases” and are included in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in “Operating lease obligations, current” and “Operating lease liabilities, net of current portion,” in the consolidated balance sheets. We recognize Operating lease ROU assets and liabilities on the commencement date based on the present value of lease payments over the lease term.

 

The ROU asset and related lease liabilities recorded under ASC 842 are calculated based on the present value of the lease payments using (1) the rate implicit in the lease or (2) the lessee’s IBR, defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a comparable economic environment. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rates based on an analysis of prior collateralized borrowings over similar terms of the lease payments at the commencement date as of January 1, 2019, to estimate the IBR applicable upon transition to ASC 842. There were no capital leases, which are now titled “finance leases” under ASC 842, in the Company’s lease portfolio as of December 31, 2019.

 

As a result of the adoption of ASU 2016-02, on January 1, 2019, the Company recognized a lease liability of approximately $3.0 million, with corresponding assets of $2.9 million, based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases, less derecognized deferred rent of approximately $0.06 million. There are no changes to the Company’s previously reported results before January 1, 2019. Lease expense has not changed materially as a result of the adoption of ASU 2016-02.

 

The adoption of ASC 842 did not materially impact our results of operations, cash flows, or presentation thereof. Refer to Note 11 for more information.

 

Impairment of Long-Lived Assets

 

Management reviews long-lived assets and other intangible assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets used in operations, including right-of-use operating lease assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable when the estimated undiscounted cash flows expected to result from the use of an asset and its eventual disposition is less than the carrying amount. If an impairment exists, the resulting write-down would be the difference between the fair market value of the long-lived asset and the related net book value. For the years ended December 31, 2019 and 2018, the Company recorded total impairment charges of $-0- and $0.4 million, respectively.

 

F-14

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (continued)

 

Income Taxes

 

Income taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which management cannot conclude that it is more likely than not that such deferred tax assets will be realized. The Company will be filing income tax returns in the U.S. federal jurisdiction and will be filing in various state and foreign jurisdictions. The Company recognizes the impact of an uncertain tax position in its financial statements if, in management’s judgment, the position is more-likely-than-not sustainable upon audit based upon the position’s technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for uncertain tax positions is necessary. The Company’s policy is to classify assessments, if any, for tax-related interest expense and penalties as general and administrative expenses.

 

Advertising Costs

 

Advertising costs are charged to operations as incurred. Advertising costs amounted to approximately $237,000 and $82,000, for the years ended December 31, 2019 and 2018, respectively. Advertising costs are included in general and administrative expenses in the accompanying consolidated statement of operations.

 

Sales Tax and Value Added Taxes

 

The Company accounts for sales taxes and value added taxes imposed on its goods and services on a net basis.

 

Loss Per Share

 

The Company reports loss per share in accordance with ASC Topic 260, “Earnings Per Share,” which establishes standards for computing and presenting earnings per share. Basic (loss) earnings per common share is calculated by dividing net (loss) earnings allocable to common stockholders by the weighted-average common shares outstanding during the period, inclusive of penny warrants outstanding of 9,147,200 for the year end December 31, 2019, without consideration of common stock equivalents. Diluted (loss) earnings per share is calculated by adjusting the weighted-average shares outstanding for the dilutive effect of common stock equivalents, including stock options and warrants, outstanding for the period as determined using the treasury stock method. For purposes of the diluted net loss per share calculation, common stock equivalents are excluded from the calculation because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders is the same for periods with a net loss.

 

The following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in thousands):

 

   For the Years Ended 
   December 31, 
   2019   2018 
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:        
Stock options   503    586 
Convertible debt       1,363 
Warrants   13,160    1,187 
    13,663    3,136 

 

F-15

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (continued)

 

Fair Value of Financial Instruments

 

U.S. GAAP requires disclosing the fair value of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the consolidated balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement.

 

In assessing the fair value of financial instruments, the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at the time. For certain instruments the fair value was estimated that the carrying amount approximated fair value because of the short maturities of these instruments. All debt is based on current rates at which the Company could borrow funds with similar remaining maturities and approximates fair value.

 

U.S. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use on unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is described below:

 

  Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
     
  Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data.
     
  Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

 

The following table presents the Company’s assets and liabilities that are measured at fair value on a non-recurring basis at December 31, 2019, consistent with the fair value hierarchy provisions. The asset impairment is a non-recurring level 3 measurement.

 

   Quoted Prices
in Active Markets for
Identical
Assets/Liabilities
(Level 1)
   Significant Other
Observable Inputs
(Level 2)
   Significant
Unobservable Inputs
(Level 3)
   Total 
Liabilities:                    
Derivative liability  $   $   $30,000   $30,000 
Total  $   $   $30,000   $30,000 

 

The following table presents the Company’s liabilities that are measured at fair value on a recurring and non-recurring basis at December 31, 2018, consistent with the fair value hierarchy provisions:

 

   Quoted Prices
in Active Markets for
Identical
Assets/Liabilities
(Level 1)
   Significant Other
Observable Inputs
(Level 2)
   Significant
Unobservable Inputs
(Level 3)
   Total 
Assets (non-recurring):                    
Asset impairment  $   $   $245,000   $245,000 
Capitalized software development costs           168,000    168,000 
            413,000    413,000 
                     
Liabilities:                    
Derivative liability  $   $   $1,118,000   $1,118,000 
Total  $   $   $1,118,000   $1,118,000 

 

See Note 13 for additional disclosure regarding the Company’s warrants liabilities accounted for at fair value.

 

F-16

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (continued)

 

Foreign Currency and Other Comprehensive (Loss) Gain

 

The functional currency of our foreign subsidiary is typically the applicable local currency which is British Pounds. The translation from the respective foreign currency to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using an average exchange rate during the period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income.

 

Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The foreign currency exchange gains and losses are included as a component of general and administrative expenses, in the accompanying Consolidated Statements of Operations.

 

The following table presents losses recognized from foreign exchange transactions; and changes in accumulated other comprehensive income representing the gain or loss on the translation of our foreign subsidiary’s financial statements as follows:

 

   For the Years Ended 
   December 31, 
   2019   2018 
Net foreign exchange transactions:          
(Gains) losses  $(97,000)  $483,000 
           
Accumulated comprehensive income:          
Unrealized loss on currency translation adjustment  $68,000   $79,000 

 

The exchange rate adopted for the foreign exchange transactions are the rates of exchange as quoted on an OANDA, a Canadian-based foreign exchange company providing currency conversion, online retail foreign exchange trading, online foreign currency transfers, and forex information, internet website. Translation of amounts from British Pounds into United States dollars was made at the following exchange rates for the respective periods:

 

  As of December 31, 2019 – British Pounds $1.318462 to US$ 1.00
  Average rate for the year ended December 31, 2019 – British Pounds $1.76717 to US $1.00
  As of December 31, 2018 – British Pounds $1.2734340 to US$ 1.00
  Average rate for the year ended December 31, 2018 – British Pounds $1.3347667 to US $1.00

 

Subsequent Events

 

Management has evaluated subsequent events or transactions occurring through the date the consolidated financial statements were issued and determined that no events or transactions are required to be disclosed herein, except as disclosed.

 

F-17

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (continued)

 

Recent Accounting Pronouncements

 

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (ASU 2019-12), which simplifies certain aspects of income tax accounting guidance in ASC 740, reducing the complexity of its application. Certain exceptions to ASC 740 presented within the ASU include: intra-period tax allocation, deferred tax liabilities related to outside basis differences, year-to-date loss in interim periods, among others. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020 including interim periods therein with early adoption permitted. The Company is currently assessing the impact of the ASU on its financial statements.

 

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.

 

NOTE 4 — ACCOUNTS RECEIVABLE

 

Accounts receivable consist of the following:

 

   December 31, 2019   December 31, 2018 
Accounts receivable  $7,425,000   $6,740,000 
Allowance for doubtful accounts   (711,000)   (549,000)
Net accounts receivable  $6,714,000   $6,191,000 

 

During the years ended December 31, 2019 and 2018, the Company incurred bad debt expense of $425,000 and $142,000, respectively.

 

F-18

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 5 — INVENTORIES

 

Inventories included in the accompanying consolidated balance sheet are stated at the lower of cost or market as summarized below:

 

   December 31, 2019   December 31, 2018 
Raw materials  $8,323,000   $6,173,000 
Work-in-process   815,000    3,711,000 
Finished goods   3,857,000    4,052,000 
Sub-total inventories   12,995,000    13,936,000 
Less reserve for slow moving and excess inventory   (5,321,000)   (886,000)
Total inventories, net  $7,674,000   $13,050,000 

 

Inventory valuation adjustments consist primarily of items that are written off due to obsolescence or reserved for slow moving or excess inventory. The Company recorded inventory valuation adjustments of $4,705,000 and $473,000 as of December 31, 2019 and 2018, respectively.

 

NOTE 6 — PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

   Useful Life  December 31, 
   (Years)  2019   2018 
Cost:             
Furniture and fixtures  1 – 10  $282,000   $291,000 
(A) Leasehold improvements  1 - 14   821,000    228,000 
Computers, software and equipment  1 - 11   3,585,000    6,495,000 
Vehicles  1 - 7       22,000 
       4,688,000    7,036,000 
Accumulated depreciation      (2,716,000)   (4,940,000)
Property and equipment, net     $1,972,000   $2,096,000 

 

Depreciation of property and equipment amounted to $596,000 and $918,000 for the years ended December 31, 2019 and 2018, respectively.

 

With the Company dissolving the xG division, an impairment charge in the amount of $-0- and $245,000 was recorded during the years ended December 31, 2019 and 2018, respectively. Additionally, the Company reported a gain on sale of property and equipment in the amount of $-0- and $146,000 for the years ended December 31, 2019 and 2018, respectively. The gain was recorded as other income in the Consolidated Statements of Operations and Comprehensive Loss.

 

(A) The shorter of the economic life or remaining lease term.

 

F-19

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 7 — INTANGIBLE ASSETS

 

Intangible assets consist of the following finite assets:

 

   Software Development Costs   Patents and Licenses   Trade Names and Technology   Customer Relationships 
       Accumulated       Accumulated       Accumulated       Accumulated     
   Costs   Amortization   Costs   Amortization   Costs   Amortization   Costs   Amortization   Net 
                                     
Balance as of December 31, 2017  $18,647,000   $(18,211,000)  $12,378,000   $(9,171,000)  $1,450,000   $(243,000)  $2,880,000   $(836,000)  $6,894,000 
Additions                                    
Eliminations   (18,647,000)   18,647,000                             
Impairments       (168,000)                           (168,000)
Amortization       (268,000)       (664,000)       (224,000)       (879,000)   (2,035,000)
Balance as of December 31, 2018           12,378,000    (9,835,000)   1,450,000    (467,000)  $2,880,000   $(1,715,000)  $4,691,000)
Additions                                    
Eliminations                                    
Impairments                                    
Amortization               (669,000)       (223,000)       (877,000)   (1,769,000)
Balance as of December 31, 2019  $       $12,378,000   $(10,504,000)  $1,450,000   $(690,000)  $2,880,000   $(2,592,000)  $2,922,000 

 

Software:

 

The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use or sale to others when both the preliminary project stage is completed, and it is probable that the software will be used as intended with a product. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the product. Capitalized software costs are included in intangible assets on the Company’s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates 5 years. Capitalized Software was fully amortized as of December 31, 2018. Software amortization totaled $268,000 for the year ended December 31, 2018.

 

Patents and Licenses:

 

Patents and licenses, measured initially at purchase cost, are included in intangible assets on the Company’s balance sheet and are amortized on a straight-line basis over their estimated useful lives of 18.5 to 20 years. At December 31, 2019 and 2018, the Company had net capitalized costs of patents and licenses of $1.9 million and $2.5 million, respectively. The costs of provisional patents and pending applications is not amortized until the patent is filed and is reviewed each reporting period to determine if it is likely that the patent will be successfully filed. For the years ended December 31, 2019 and 2018, the amortization of patents and licenses amounted to $.7 million each, respectively.

 

Other Intangible Assets:

 

The Company’s remaining intangible assets include the trade names, technology, and customer lists acquired in its acquisition of IMT and Vislink. On December 31, 2019 and 2018, the Company had net capitalized costs of other intangible assets of $1.0 million and $2.1 million, respective. The Company includes these costs in intangible assets on the balance sheet and are amortized over their useful lives of 3 to 15 years.

 

The normal amortization of intangible assets amounted to $1.8 million and $2.0 million, for the years ended December 31, 2019 and 2018, respectively. There was an impairment of $-0- million and $0.2 million of software development costs for the years ended December 31, 2019 and 2018, respectively. The weighted average remaining life of the amortization of the Company’s intangible assets is approximately 3.7 years.

 

The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:

 

2020  $1,053,000 
2021   879,000 
2022   546,000 
2023   119,000 
2024   119,000 
Thereafter   206,000 
   $2,922,000 

 

F-20

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 8 — ACCRUED EXPENSES

 

Accrued expenses consist of the following:

 

   December 31, 2019   December 31, 2018 
Compensation  $818,000   $834,000 
Commissions   94,000    90,000 
Warranty   335,000    325,000 
Rent   4,000    71,000 
Payables   531,000    576,000 
Interest       112,000 
Deferred Equity   130,000    104,000 
   $1,912,000   $2,112,000 

 

NOTE 9 — NOTES PAYABLE

 

   Principal Balance 
   December 31, 
   2019   2018 
         
Effective as of September 27, 2019, the Board of Directors of the Company consented to assume the remaining balance of a note held by the related party MB Technology Holdings, LLC (“MBTH”). MBTH originally borrowed funds for the benefit of the Company with the proceeds forwarded to the Company reflecting due to a related party, which ultimately was converted into 15,953 shares returned to treasury. The note matures on September 18, 2020, with an annual interest rate of 8.022%. One payment of $18,519 of accrued interest plus $230,860 of principal, totaling $249,379, is due on September 18, 2020.  $231,000   $ 
           
On October 2, 2019, the Company’s subsidiary, Integrated Microwave Technology (“IMT”), incurred a working capital loan of $150,000, with an annual interest rate of 1.9%, maturing on April 24, 2020. There is no payment schedule required by the lender and IMT has made $42,439 in principal and $14,429 in interest payments.   108,000     
   $339,000   $ 

 

F-21

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 10 — CONVERTIBLE PROMISSORY NOTES

 

The Company had convertible promissory notes ranging from 6% to 10% per annum; maturity dates ranging from May 29, 2019 to September 29, 2019 with a range of conversion features. The table below summarizes the convertible promissory notes as of December 31, 2019 and 2018.

 

The Company has listed a summary of the modified and non-modified debt as follows:

 

   Debt     
   Modified   Non-Modified   Total 
For the year ending December 31, 2019               
Principal:               
Beginning balance, January 1, 2019  $5,933,289   $415,625   $6,348,914 
Principal conversions to shares of common stock   (122,808)   (275,000)   (397,808)
Principal payments made in cash   (5,810,481)   (140,625)   (5,951,106)
Ending balance, December 31, 2019            
Debt discount:               
Beginning balance, January 1, 2019   47,307    15,683    62,990 
Debt discount amortization   (47,307)   (15,683)   (62,990)
Ending balance, December 31, 2019            
Modified and un-modified debt, net  $   $   $ 
                
For the year ending December 31, 2018               
Principal:               
Beginning balance, January 1, 2018  $   $   $ 
Cash proceeds   2,000,000    4,000,000    6,000,000 
Effect of modification   4,130,610        4,130,610 
Extinguishment of debt       (3,400,000)   (3,400,000)
Principal conversions to shares of common stock   (197,321)   (100,000)   (297,321)
Principal payments made in cash       (84,375)   (84,375)
Ending balance, December 31, 2018   5,933,289    415,625    6,348,914 
Debt discount:               
Beginning balance, January 1, 2018            
Debt discount incurred       2,461,698    2,461,698 
Effect of modification   70,000    250,457    320,457 
Debt discount amortization   (22,693)   (2,277,962)   (2,300,655)
Extinguishment of debt       (418,510)   (418,510)
Ending balance, December 31, 2018   47,307    15,683    62,990 
Modified and un-modified debt, net  $5,885,982   $399,942   $6,285,924 

 

Items recorded to interest expense for the years ending December 31, 2019 and 2018: 2018 are:

 

   December 31, 
   2019   2018 
Contractual interest expense   $1,733,988   $131,185 
Debt discount amortization    62,990    488,791 
Warrant costs        1,788,171 
Total recorded to interest expense, net   $1,796,978   $2,408,147 

 

During the year ended December 31, 2019, the Company issued 328,932 shares of common stock valued at $528,465 in partial settlement of $494,483 of principal and interest resulting in a loss in settlement of debt in the amount of $32,982. As of December 31, 2019, the convertible promissory notes have been fully satisfied.

 

F-22

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 10 — CONVERTIBLE PROMISSORY NOTES (continued)

 

May 2018 Financing

 

On May 29, 2018, the Company completed a private placement of $4 million in principal of 6% Senior Secured Convertible Debentures (the “Debentures”) and warrants to purchase 3,000,000 shares of the Company’s common stock, par value $0.00001 per share, by executing certain agreements with accredited institutional investors. The Company received $3,636,760 net of debt issuance costs consisting of legal and placement fees totaling $363,240. The Debentures have a maturity date of May 29, 2019, with a conversion rate of $1.00 per share. If held beyond maturity, the conversion rate shall equal the lesser of (i) the then conversion price and (ii) 85% of the VWAP for the trading day immediately prior to the applicable conversion date. The Company shall pay interest to the holders on the aggregate and unconverted and outstanding principal amount on January 1, April 1, July 1 and October 1, with the remaining principal balance due at maturity.

 

The warrants have a maturity date of May 29, 2023 with an exercise price of $1.00 per share. The warrants meet the definition of a derivative as noted in ASC 815-10-15-83 and ASC 815-10-15-88. We allocated the proceeds from the issuance of this note and the warrants based on the fair value for each item. Consequently, we recorded debt discount valued at $1,788,171 on the warrants and these associated costs are required to be accounted for as liabilities and were immediately expensed as interest. The warrants were valued using the binomial model style simulation. The assumptions used in the binomial model style simulation at the date the funds were received are as follows: (1) dividend yield of 0%; (2) expected volatility of 163.50%; (3) risk-free interest rate of 0.27%; and (4) expected life of 5.00 years. We also determined that the convertible promissory notes contained beneficial conversion rights (“BCF”) and calculated the relative fair value and assigned $193,877 to the BCF.

 

Debt Modification of the May 2018 Financing executed on October 9, 2018

 

On October 9, 2018, the Company agreed to modify the May 2018 Financing (“old debt”) with two of the original four note holders (the “majority holders”) issuing amended and restated agreements. These modifications principally provide for:

 

  1. The ability to make monthly redemption payments in common stock of the Company.
  2. The issuance of 302,655 shares of common stock as compensatory shares;
  3. A good-faith effort to modify the monthly redemption provisions before the next monthly redemption date;
  4. An amendment of the conversion price to $0.45; and
  5. In the event that any of the majority holders convert its amended debenture, the Company shall be given dollar for dollar credit for any and all conversions effected in any month against any monthly redemption amount (as defined in the amended debentures) and provided, further, that in the event that a majority holder’s conversions in any particular month exceed such majority holder’s individual monthly redemption amount (as defined in the amended debentures), such overage shall carry over into the succeeding month to be credited against the monthly redemption amount (as defined in the debentures).

 

For the modification of the conversion option to $0.45 from $1.00, the Company applied ASC 470-50-40-10(a) and calculated the difference between the fair value of the embedded conversion option immediately before and after the modification. It has been concluded this is not a debt extinguishment. The Company determined that an increase in the conversion option fair value of $90,050 was recorded as additional debt discount with an offset to equity. The amount calculated will be amortized as interest expense over the remaining term of the debt instrument using the interest method.

 

The Company considered ASC 470-50-40-17(b) to determine the proper accounting to apply for the 302,655 compensatory shares for the majority holders. Since the modification is not to be accounted for in the same manner as a debt extinguishment, a fair market value of $160,407 was assigned to the compensatory shares and recorded as additional debt discount was amortized as interest expense over the remaining term of the debt instrument using the interest method.

 

On December 3, 2018, the Company entered into a second modification agreement which led to an extinguishment of debt of the majority holders of the May 2018 Financing and created new debt obligations with revised terms and amounts. See below – Debt Modification of the May 2018 Financing executed on December 3, 2018.

 

F-23

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 10 — CONVERTIBLE PROMISSORY NOTES (continued)

 

May 2018 Financing (continued)

 

Debt Modification of the May 2018 Financing executed on December 3, 2018

 

On December 3, 2018, the Company agreed to a second modification with the Majority Holders of the May 2018 financing issuing amended and restated agreements. These modifications principally provide for:

 

  1. A five percent (5%) original issue discount was retroactively applied to the principal amount.
  2. The maturity date was extended to September 30, 2019
  3. The equity conditions were modified
  4. A floor price for all conversions and redemptions was added. The floor price with respect to the Trading Market that the Company’s Common Stock is listed or quoted, shall be a price equal to twenty cents ($0.20) (subject to adjustment for forward and reverse stock splits, recapitalizations and the like).
  5. The definitions of Mandatory Redemption Amount, Monthly Redemption Date, Monthly Redemption Date, and Optional Redemption Amount (each as defined in the Second Amended Debentures) were each modified.
  6. Interest was retroactively modified to ten percent (10%), with 12 months interest guaranteed.
  7. An alternate Conversion Price (as defined in the Second Amended Debentures) due to an Event of Default (as defined in the Second Amended Debentures) was added.
  8. The Monthly Redemption (as defined in the Second Amended Debentures) section was modified.
  9. Certain negative covenants were added.
  10. The Event of Default (as defined in the Second Amended Debentures) sections were modified.

 

The Company considered ASC 470-50-40-6 to 40-23 for the proper accounting guidance to apply for the December 31, 2018 modification of the May 2018 Financing. After the modification, it was concluded that the present value of cash flows under the terms of the new debt instruments differ by at least 10% from the present value of the remaining cash flows under the terms of the original debt instruments (commonly referred to as the “10% cash flow test”). The Company concludes that these modified terms are considered substantially different from the original terms thus requiring extinguishment accounting. In accordance with ASC 470-50-40-17(a), the Company determined the new debt instrument’s value exceeded the extinguishment of the old debt instrument plus fees paid associated with the modification and recognized a loss on debt extinguishment in the amount of $1,059,870.

 

The modifications resulted in new debt instruments and the principal is summarized as follows:

 

Principal remaining on old debt modified  $3,400,000 
Accrued interest on old debt modified   100,300 
Additional proceeds   2,000,000 
Original issue discount   105,265 
Redemption premiums   525,045 
Total new principal  $6,130,610 

 

The Company paid issuances costs associated with the debt modifications in the amount of $70,000 and was recorded as additional debt discount. The amount calculated was amortized as interest expense over the remaining term of the debt instrument using the interest method. In October 2018, the Company issued 222,224 shares valued at $100,000 as conversion of principal and interest. On December 4, 2018, the Company issued 552,912 shares at a fair market value of $238,758 as a conversion of principal and interest. As of December 31, 2018, the remaining period over which any discount will be amortized is nine months.

 

F-24

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 11— LEASES

 

Operating lease ROU assets are included in “Right of use assets, operating leases” and are included in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in “Operating lease obligations, current” and “Operating lease liabilities, net of current portion,” in the consolidated balance sheets.

 

The Company’s leasing arrangements include agreements for office space, deployment sites, and storage warehouses, both domestically and internationally. The operating leases contain various terms and provisions, with a remaining duration of 5 months to 3.8 years. Certain individual leases contain rent escalation clauses and lease concessions that require additional rental payments in the later years of the term. We recognize rent expense for these types of contracts on a straight-line basis over the minimum lease term. Additionally, the Company sublets a portion of its space under operating leases with various lease terms at The Fairways, Hemel, and Billerica locations, with a remaining duration of two months to one year.

 

As of December 31, 2019, ROU assets and lease liabilities were approximately $1.93 million, net and $1.98 million ($0.82 million of which is current), respectively. The weighted-average remaining term for lease contracts was 3.5 years on December 31, 2019, with maturity dates ranging from April 2020 to March 2025. The weighted-average discount rate was 9.3% at December 31, 2019.

 

For the years ended December 31, 2019, and 2018, the Company incurred approximately $1,159,000 and $1,466,000 of operating lease expense, offset by sublet income of approximately $257,000 and $146,000, respectively. Adjustments for straight-line operating lease expense for the respective periods was not material, and as such, the majority of costs recognized is reflected in cash used in operating activities for the respective periods. This expense consisted primarily of payments for base rent on office and warehouse leases. Amounts related to short-term lease costs and taxes and variable service charges on leased properties were immaterial. Besides, we have the right, but no obligation, to renew individual leases for various renewal terms.

 

The table below lists location and lease expiration dates 2020 through 2025:

 

Location  Lease-End
Date
  Approximate
Future
Payments
 
Colchester, U.K. – Waterside House  May 2025  $1,073,000 
Anaheim, CA  Jul 2021   46,000 
Billerica, MA  Dec 2026    587,000 
Hemel, UK  Oct 2020   142,000 
Singapore  Aug 2020   20,000 
Hackettstown, NJ  Apr 2020   31,000 
Sarasota, FL  Sep 2022   85,000 
         
Sublets:        
Colchester, UK – The Fairways  Mar 2020  $13,000 
Hemel, UK  Oct 2020   73,000 
Billerica MA  May 2021   252,000 

 

F-25

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 11 — LEASES (continued)

 

Under previous lease guidance, future minimum lease payments under operating leases with noncancelable lease terms in excess of one year from continuing operations as of December 31, 2019, were as follows:

 

Year Ending December 31,  Amount 
2020  $956,000 
2021   491,000 
2022   281,000 
2023   255,000 
2024   255,000 
Thereafter   64,000 
   $2,302,000 
      
Sublets:     
2020  $264,000 
2021   74,000 
   $338,000 

 

The following table illustrates specific operating lease data as of December 31, 2019:

 

Lease cost:     
Operating lease cost  $1,106,000 
Short-term lease cost   53,000 
Variable lease cost    
Sublease income   (257,000)
Total lease cost  $902,000 
      
Cash paid for amounts in lease liabilities:     
Operating cash flows from operating leases  $1,136,000 
      
Right-of-use assets and operating lease liabilities recognized upon adoption  $2,991,000 
      
Weighted-average remaining lease term—operating leases   3.5 years 
      
Weighted-average discount rate—operating leases   9.3%

 

F-26

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 12 — RELATED PARTY TRANSACTIONS

 

On January 1, 2019, a new related party agreement (the “MBMG Agreement”) became effective between the Company and MB Merchant Group, LLC (“MBMG”). The MBMG Agreement supersedes the previous agreement with MB Technology Holdings, LLC (“MBTH”). MBMG, the founding entity of MBTH, agrees to provide services in connection with, and Vislink Technologies agrees to compensate MBMG for both consulting services via a retainer and, on a success basis, for future mergers and acquisitions beginning January 1, 2019.

 

The following directors of MBMG have significant influence with the Company:

 

  Roger Branton, the Company’s Chief Financial Officer and director,
     
  Richard Mooers, the Company’s director.

 

The following table represents a summary of related party transactions for the years ended December 31, 2019 and 2018:

 

   For the years ended 
   December 31, 
         
   2019   2018 
         
Consulting fees incurred, recurring  $600,000   $300,000 
           
Consulting fees incurred, non-recurring  $358,000   $48,000 
           
Common stock issued in satisfaction of amounts due:          
Quantity of shares issued   12,469    429,585 
           
Value of shares issued  $31,000   $240,000 
           
Amounts repaid to MBMG in cash  $783,000   $769,000 

 

The Company recorded fees incurred in general and administrative expenses on the accompanying Consolidated Statements of Operations and included such fees in due to related parties on the Consolidated Balance Sheet. The balances outstanding to MBMG at December 31, 2019 and 2018 were $505,000 and $361,000, respectively.

 

F-27

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 13 — DERIVATIVE LIABILITIES

 

Each of the warrants issued in connection with the August 2015 underwritten offering, the February 2016 Series B Preferred Stock Offering, the May 2016 financing, the July 2016 financing, the August 2017 underwritten offering, and the May 2018 Financing have been accounted for as derivative liabilities as each of the warrants contain a net cash settlement provision whereby, upon certain fundamental events, the holders could put the warrants back to the Company for cash.

 

The following are the critical assumptions used in connection with the valuation of the warrants exercisable into common stock as of December 31, 2019 and 2018:

 

   Years Ended
   December 31,
   2019  2018
Number of shares underlying the warrants   462,428    492,815 
Fair market value of stock  $0.25   $3.10 
Exercise price  $ 1.00 to $ 24,000   $ 4.50 to $ 137.90 
Volatility   126% to 160%   118% to 149%
Risk-free interest rate   1.51% to 1.60%   2.46% to 2.51%
Expected dividend yield        
Warrant life (years)   1.4 to 3.41    0.1 to 4.41 

 

Level 3 liabilities are valued using unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the liabilities. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Company’s accounting and finance department, which reports to the Chief Financial Officer, determines its valuation policies and procedures. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s accounting and finance department and are approved by the Chief Financial Officer.

 

Level 3 Valuation Techniques:

 

Level 3 financial liabilities consist of the derivative liabilities for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company deems financial instruments that do not have fixed settlement provisions to be derivative instruments. Under U.S. GAAP, the fair value of these warrants is classified as a liability on the Company’s consolidated balance sheets because, according to the terms of the warrants, a fundamental transaction could give rise to an obligation of the Company to pay cash to its warrant holders. Such instruments do not have fixed settlement provisions and have also been recorded as derivative liabilities. Corresponding changes in the fair value of the derivative liabilities are recognized in earnings on the Company’s consolidated statements of operations in each subsequent period.

 

The Company’s derivative liabilities are carried at fair value and were classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs. In calculating the fair value, the Company uses a binomial model style simulation, as the value of certain features of the warrant derivative liabilities would not be captured by the standard Black-Scholes model.

 

The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis:

 

   Years Ended 
   December 31, 
   2019   2018 
Beginning balance  $1,118,000   $2,399,000 
Recognition of warrant liabilities on issuance dates       1,905,000 
Re-classification to equity upon warrants exercised   (24,000)    
Change in fair value of derivative liabilities   (1,064,000)   (3,186,000)
Ending balance  $30,000   $1,118,000 

 

F-28

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 14 — STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

In March 2013, by approval of the majority of the stockholders, the Company was authorized to issue 10,000,000 shares of “Blank Check” preferred stock, par value $0.00001 per share. On December 31, 2014, 3,000,000 shares were designated as authorized Series A Convertible Preferred Stock (“Series A Preferred Stock”). On February 11, 2015, 3,000,000 shares were designated as authorized Series B Convertible Preferred Stock (“Series B Preferred Stock”). On February 24, 2015, 3,000,000 shares were designated as authorized Series C Convertible Preferred Stock (“Series C Preferred Stock”). On February 5, 2016, the Company terminated the Series A Preferred Stock and Series C Preferred Stock and increased the number of designated shares of Series B Preferred Stock to 5,000,000. On April 25, 2016, 5,000,000 shares were designated as authorized Series D Convertible Preferred Stock (“Series D Preferred Stock”). On December 6, 2016, the Company terminated the Series B Preferred Stock. In addition, on December 21, 2016, 5,000 shares were designated as authorized Series E Convertible Preferred Stock (“Series E Preferred Stock”).

 

Series D Convertible Preferred Stock

 

Stated Value

 

The stated value of the Series D Preferred Stock is $1.00 per share.

 

Ranking

 

The Series D Preferred Stock shall rank junior to the Series B Preferred Stock, $0.00001 par value per share, of the Company in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution or winding up of the Company. The Series D Preferred Stock will rank senior to all of the Company’s common stock and other classes of capital stock with respect to dividend rights and/or rights upon distributions, liquidation, dissolution or winding up of the Company, other than to the Series B Preferred Stock and any class of parity stock that the holders of a majority of the outstanding shares of Series D Preferred Stock consent to the creation of.

 

Liquidation Preference of Preferred Stock

 

Upon the voluntary or involuntary liquidation, dissolution or winding up of the Company, before the payment of any amount to the holder of shares of junior stock, but pari-passu with any parity stock, the holders of Preferred Stock are entitled to receive the amount equal to the greater of (i) the stated value of the Series D Preferred Stock or (ii) the amount the holder of Series D Preferred Stock would receive if such holder converted the Series D Preferred Stock into common stock immediately prior to the date of the liquidation event, including accrued and unpaid dividends.

 

Conversion Rights of Preferred

 

A holder of Series D Preferred Stock shall have the right to convert the Series D Preferred Stock, in whole or in part, upon written notice to the Company at a conversion price equal to $1.20 per share, which is adjusted for any share dividend, share split, share combination, reclassification or similar transaction that proportionately decreases or increases the common stock.

 

Voting Rights

 

Except with respect to certain material changes in the terms of the Series D Preferred Stock and certain other matters, and except as may be required by Delaware law, holders of Series D Preferred Stock shall have no voting rights. The approval of a majority of the holders of the Series D Preferred Stock is required to amend the Certificate of Designations.

 

F-29

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 14 — STOCKHOLDERS’ EQUITY (continued)

 

Preferred Stock (continued)

 

Series E Convertible Preferred Stock

 

The board of directors of the Company has designated up to 5,000 shares of the 10,000,000 authorized shares of preferred stock as Series E Preferred Stock. When issued, the shares of Series E Preferred Stock will be validly issued, fully paid and non-assessable. Each share of Series E Preferred Stock will have a stated value of $1,000 per share. In connection with the December 2016 financing, the Company issued 2,400 shares of Series E Preferred Stock which was immediately converted into 1,200,000 shares of common stock after closing.

 

Rank.

 

The Series E Preferred Stock will rank on parity to our common stock.

 

Conversion.

 

Each share of the Series E Preferred is convertible into shares of the Company’s common stock (subject to adjustment as provided in the related certificate of designation of preferences, rights and limitations) at any time at the option of the holder at a conversion price of not less than 100% of the public offering price of the common stock. Holders of Series E Preferred Stock will be prohibited from converting Series E Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of common stock then issued and outstanding. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to the Company.

 

Liquidation Preference.

 

In the event of the Company’s liquidation, dissolution or winding-up, holders of Series E Preferred Stock will be entitled to receive an amount equal to the stated value per share before any distribution shall be made to the holders of any junior securities, and then will be entitled to receive the same amount that a holder of common stock would receive if the Series E Preferred Stock were fully converted into shares of common stock at the conversion price (disregarding for such purposes any conversion limitations) which amounts shall be paid pari-passu with all holders of common stock.

 

Voting Rights.

 

Shares of Series E Preferred Stock will generally have no voting rights, except as required by law and except that the affirmative vote of the holders of a majority of the then outstanding shares of Series E Preferred Stock is required to, (a) alter or change adversely the powers, preferences or rights given to the Series E Preferred Stock, (b) amend the Company’s certificate of incorporation or other charter documents in any manner that materially adversely affects any rights of the holders, (c) increase the number of authorized shares of Series E Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing.

 

Dividends.

 

Shares of Series E Preferred Stock will not be entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors. The holders of the Series E Preferred Stock will participate, on an as-if-converted-to-common stock basis, in any dividends to the holders of common stock.

 

Redemption.

 

The Company is not obligated to redeem or repurchase any shares of Series E Preferred Stock. Shares of Series E Preferred Stock are not otherwise entitled to any redemption rights or mandatory sinking fund or analogous fund provisions.

 

F-30

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 14 — STOCKHOLDERS’ EQUITY (continued)

 

Common Stock

 

The Company is authorized to issue up to 100,000,000 shares of Common Stock, $0.00001 par value per share. As of December 31, 2019, and 2018, the Company had 21,551,333 and 1,877,697 shares of common stock outstanding, respectively. On April 30, 2019, our stockholders approved a reverse stock split of our outstanding Common Stock . In accordance therewith, on May 13, 2019, a 1-for-10 reverse stock split of our outstanding Common Stock became effective for the trading of our Common Stock.

 

Unless otherwise noted, impacted amounts and share information included in the financial statements and notes thereto, and elsewhere in this Form 10-K have been retroactively adjusted for the reverse stock split as if such reverse stock split occurred on the first day of the first period presented. Proportional adjustments have been made to the exercise prices of the Company’s outstanding warrants, stock options, and to the number of shares issued and issuable under the Company’s Stock Incentive Plans. Certain amounts in the financial statements, the notes thereto, and elsewhere in this Form 10-K, may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse stock split.

 

Common Stock Issuances

 

For the year ending December 31, 2019

 

November 2019 Financing

 

On November 27, 2019, the Company closed an equity financing for 3,201,200 shares of common stock, warrants to purchase 11,893,100 shares of common stock and, warrants to purchase 11,320,725 shares of Common Stock. The Company received gross proceeds of approximately $3,988,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company.

 

July 2019 Financing

 

On July 11, 2019, the Company closed an equity financing for 1,550,000 shares of common stock, warrants to purchase 6,000,000 shares of common stock and, 4,450,000 pre-funded warrants to purchase common stock in place of common stock. The Company received gross proceeds of approximately $11,996,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company.

 

Other Stockholders’ Equity Transactions

 

During the year ended December 31, 2019, the Company:

 

  Issued 14,419,226 shares of common stock upon the exercise of (i) 37,701 common stock warrants at $4.50 per share (ii) the exercise of 8,200,000 pre-funded warrants at $0.001 per share and, (iii) the exercise of 6,181,525 cashless warrants for net proceeds of $177,900.
     
  Issued 19,632 shares of common stock for employees, directors, consultants, and other professionals for a total fair value of $70,625. The determination of the fair value of the common stock is at the time of issuance.
     
  Issued 158,130 shares of common stock in satisfaction of amounts previously deferred for employee/consultant agreements in the amount of $223,967 and the liability equaled the fair value of the shares issued.
     
  Issued 12,469 shares of common stock in satisfaction of related party obligations valued at $31,466. The determination of the fair value of the common stock is at the time of issuance and the liability equaled the fair value of the shares issued.
     
  Issued 328,932 shares of common stock in satisfaction of principal and interest for convertible promissory notes valued at $528,000. Of which $97,675 was for interest, $397,808 was for principal with a loss of $32,982 recognized on conversion. The determination of the fair value of the common stock is at the time of issuance.
     
  Recognized $2,069,158 of compensation costs associated with outstanding stock options recorded in general and administrative expenses.
     
  Recognized $23,638 related to the intrinsic value of common stock warrants with embedded derivative liabilities, transferred into additional paid-in capital.

 

F-31

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 14 — STOCKHOLDERS’ EQUITY (continued)

 

Common Stock (continued)

 

Common Stock Issuances (continued)

 

For the year ending December 31, 2018

 

The Company transacted the following:

 

  issued 2,083,136 shares of its common stock for employees, directors, consultants and other professionals for a total value of $1,793,336. The value of the common stock issued was based on the fair value of the stock at the time of issuance.
     
  recognized $2,069,158 of compensation costs associated with outstanding stock options recorded in general and administrative expenses.
     
  issued 429,585 shares of its common stock in satisfaction of related party obligations valued at $240,000. The value of the common stock issued was based on the fair value of the stock at the time of issuance.
     
  issued 12,232 shares of common stock in satisfactions of amounts previously deferred for employee/consultant agreements in the amount of $19,081.
     
  issued 276,796 shares of its common stock in satisfaction of accrued interest on a convertible promissory note valued at $180,000. The value of the common stock issued was based on the fair value of the stock at the time of issuance.
     
  reviewed the conversion features embedded in the May 2018 convertible promissory notes. We evaluated the beneficial conversion feature (“BCF”) and calculated a relative fair value in the amount of $193,877. On October 9, 2018, the Company evaluated a modification of the embedded conversion option and recognized an increase in the value of the BCF in the amount of $90,050. The amounts recognized are recorded as a charge to debt discount and offset as a credit to additional paid-in capital. The amounts charged to debt discount are amortized to interest expense using the interest method.
     
  issued 775,184 shares of its common stock valued at $2,338,758 as payment towards outstanding convertible promissory notes. The value of the common stock issued was based on the fair value of the stock at time of issuance.
     
  issued 302,655 shares of its common stock valued at $160,407 as the compensatory fee incurred for the October 9, 2018 debt modification. The value of the common stock issued was based on the fair value of the stock at time of issuance.

 

F-32

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 14 — STOCKHOLDERS’ EQUITY (continued)

 

Common Stock (continued)

 

Stock Options — Equity Incentive Plans

 

The Company’s stock option plans provide for the grant of options to purchase shares of common stock to officers, directors, other key employees, and consultants. The purchase price may be paid in cash or “net settled” in shares of the Company’s common stock. In a net settlement of an option, the Company does not require a payment of the exercise price of the option from the holder but reduces the number of shares of common stock issued upon the exercise of the stock option by the smallest amount of whole shares that has an aggregate fair market value equal to or over the aggregate exercise price for the option shares covered by the option exercised. Options generally vest over a period of three years from the date of grant and expire ten years from the date of grant.

 

The Company has four plans under which they awarded share-based compensation grants of options to certain directors, employees, and advisors of the Company: the 2013 Stock Option Plan, 2015 Incentive Compensation Plan, 2016 Incentive Compensation Plan and the 2017 Incentive Compensation Plan.

 

Effective, April 30, 2018, the Board of Directors by unanimous written consent, approve of the immediate vesting of all remaining options for employees who were terminated as part of the cost curtailment measures on April 30, 2018, and June 25, 2018.

 

F-33

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 14 — STOCKHOLDERS’ EQUITY (continued)

 

Stock Options — Equity Incentive Plans (continued)

 

During the years ended December 31, 2019, and 2018, the Company recorded approximately $2,069,000 and $3,728,000, respectively, as stock compensation expense from the amortization of stock options issued.

 

The weighted average fair value of options granted during the years ended December 31, 2019 and 2018 was $3.20 and $8.90, respectively. Each option is estimated on the date of grant, using the Black-Scholes model and the following assumptions (all in weighted averages):

 

   2019   2018 
Exercise price  $3.20   $8.90 
Volatility   35.15%   148.71%
Risk-free interest rate   3.76%   2.63%
Expected dividend yield   0%   0%
Expected term (years)   1.2    6 

 

The risk-free rate is based on the rate for the U.S. Treasury note over the expected term of the option. The expected term for employees represents the period that options granted are expected to be outstanding using the simplified method, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. For non-employee options, the expected term is the full term of the option. Expected volatility is based on the average of the weekly share price changes over the shorter of the expected term or the period from the placement on London Stock Exchange’s Alternative Investment Market to the date of the grant.

 

As of December 31, 2019, the weighted average remaining contractual life was 7.5 years for options outstanding and for options exercisable, respectively. The intrinsic value of options exercisable at December 31, 2019, was $-0-.

 

As of December 31, 2019, the remaining stock compensation expense is approximately $0.63 million with 1.1 years remaining for the amortization period. The Company estimates forfeiture and volatility using historical information. The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues over the equivalent lives of the options. The expected life of the options represents the estimated period using the simplified method. The Company has not paid dividends on its common stock, and no assumption of dividend payment(s) is made in the model.

 

A summary of the status of the Company’s stock option plan for the year ended December 31, 2019 is as follows:

 

   Number
of Options
(in shares)
  

Weighted
Average
Exercise

Price  

 
Outstanding, January 1, 2019    585,717   $15.50 
Options granted    36,500   $3.18 
Options exercised       $ 
Options cancelled/expired    (117,167)  $(14.79)
Outstanding, December 31, 2019    505,050   $14.83 
           
Exercisable, December 31, 2019    341,083   $15.68 

 

    Common stock issuable upon exercise
of options outstanding
   Common stock issuable upon
options exercisable
 
Range of
exercise
prices
   Options Outstanding (in shares )   Weighted Average Remaining Contractual Life (years)   Weighted Average Exercise
Price
   Options Exercisable (in shares)   Weighted Average Remaining Exercisable Contractual Life (years)   Weighted Average Exercise Price 
$-0- to $46,202    505,050         7.51   $ 14.83    341,083    7.37   $15.68 

 

F-34

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 14 — STOCKHOLDERS’ EQUITY (continued)

 

Common Stock Warrants

 

During the year ended December 31, 2019, the Company granted 37,437,400 warrants, exercised 13,481,101 warrants, and 15,033 warrants expired. The weighted average exercise prices of warrants outstanding at December 31, 2019 is $1.10 with a weighted average remaining contractual life of 0.98 years. The intrinsic value of warrants outstanding at December 31, 2019, was approximately $2,277,000. Additionally, the exercise price of common stock warrants issued in July 2016, as part of a financing, was adjusted down to $0.265 per share from $1.00 by the terms of the “ratchet down” provision of the warrant agreement.

 

The following tables sets forth common stock purchase warrants outstanding as of December 31, 2019:

 

   Weighted Quantity
of
Warrants (in shares)
   Weighted
Average
Exercise
Price
 
Outstanding, December 31, 2018   1,187,181   $19.80 
Warrants granted   37,437,400   $0.90 
Warrants exercised   (13,481,101)  $(2.20)
Warrants cancelled/expired   (15,033)  $53.40
Outstanding, December 31, 2019   25,128,447   $1.10 
           
Exercisable, December 31, 2019   25,128,447   $1.10 

 

A summary of the status of the Company’s stock option plans for the year ended December 31, 2019 is as follows:

 

Common Stock Issuable Upon Exercise of Warrants Outstanding   Common Stock Issuable Upon Warrants Exercisable 
Range of Exercise Prices   Number Outstanding at 12/31/19   Weighted Average Remaining Contractual Life (Years)   Weighted Average Exercise Price   Number Exercisable at 12/31/19   Weighted Average Exercise Price 
$*0.001   9,143,100    0.91   $0.001    9,143,100   $0.001 
$**0.265   66,789    1.55   $0.265    66,789   $0.265 
$0.292    14,846,800    0.91   $0.292    14,846,800   $0.292 
$5.00    4,100    4.54   $5.00    4,100   $5.00 
$10.00    320,000    3.41   $10.00    320,000   $10.00 
$20.00    651,252    2.02   $20.00    651,252   $20.00 
$25.00    83,296    2.47   $25.00    83,296   $25.00 
$84.00    2,083    1.82   $84.00    2,083   $84.00 
$137.88    10,902    1.38   $137.90    10,902   $137.90 
$13,800.00    90    0.14   $13,800.00    90   $13,800.00 
$24,000.00    35    0.15   $24,000.00    35   $24,000.00 
      25,128,447    .98   $1.10    25,128,447   $1.10 

 

* represents group of penny warrants

**represents group of warrants repriced to $0.265 from the $1.00 exercise price

 

F-35

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 15 — COMMITMENTS AND CONTINGENCIES

 

Legal:

 

The Company is subject, from time to time, to claims by third parties under various legal theories. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition, and cash flows. Pursuant to ASC Topic 450’s provision that a company must accrue a loss contingency if information is available before the issuance of the financial statements, it has been determined that based upon a lawsuit filed by Hale Capital Partners, LP (“Hale”) against the Company on July 29, 2019, the Company may be potentially liable for professional fees incurred by Hale for a due diligence transaction in the amount of $140,000. The Company deems these fees excessive and is vigorously defending the claim. This amount was accrued and included in accrued expenses in the consolidated balance sheet as of December 31, 2019. There were no other material legal actions.

 

Pension:

 

The Company, at its discretion, may make matching contributions to the 401(k) plan in which its employees participate. For the years ended December 31, 2019, and 2018, the Company made matching contributions of $-0- and $27,000, respectively.

 

The Company currently operates a Group Personal Pension Plan in its U.K. subsidiary, and funds are invested with Royal London. U.K. employees are entitled to join the plan to which the Company contributes varying amounts subject to status. In addition, the Company operates a stakeholder pension scheme in the U.K. For the year ended years ended December 31, 2019, and 2018, and the Company made matching contributions of $173,000 and $236,000, respectively.

 

Delisting Notice:

 

On September 26, 2019, the Company received a written notification from The Nasdaq Stock Market LLC (“NASDAQ”) indicating that the Company was not in compliance with NASDAQ Listing Rule 5550(a)(2) as Company’s closing bid price was below $1.00 per share for the previous 30 consecutive business days.

 

Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted a 180-day compliance period, or until March 24, 2020, to regain compliance with the minimum bid price requirements. During the compliance period, the Company’s shares of common stock will continue to be listed and traded on Nasdaq Capital Market.

 

On March 25, 2020, the Company received a written notification from Nasdaq that the Company was afforded a second 180 calendar day grace period to regain compliance with the minimum bid price requirements. If the Company does not regain compliance by September 21, 2020, Nasdaq will provide notice that the Company’s shares of common stock will be subject to delisting.

 

F-36

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 16 — CONCENTRATIONS

 

Customer concentration risk

 

For the years ended December 31, 2019, and 2018, the Company did not experience sales to one customer over 10% of the Company’s total consolidated sales

 

On December 31, 2019, and 2018, the Company recorded approximately $2,613,000 (39%) and $-0- of accounts receivable, respectively, to a single customer over 10% of the Company’s total consolidated accounts receivable.

 

Vendor concentration risk

 

For the year ended December 31, 2019, two vendors generated approximately $5,434,000 (31%) and $2,610,000 (15%) of the Company’s consolidated inventory purchases, respectively. For the year ended December 31, 2018, two vendors generated approximately $2,165,000 (12%) and $2,596,000 (15%) of the Company’s consolidated inventory purchases, respectively.

 

On December 31, 2019, and 2018, the Company recorded approximately $1,940,000 (29%) and $837,000 (12%) of accounts payable, respectively, to a single vendor above 10% of the Company’s total consolidated accounts payable.

 

NOTE 17 – REVENUE

 

The Company has one operating segment, and the decision-making group is the senior executive management team. In the following table, revenue is disaggregated by primary geographical markets and revenue source.

 

   For the Years Ended 
   December 31, 
   2019   2018 
Primary geographical markets:          
North America  $13,054,000   $17,686,000 
South America   429,000    1,185,000 
Europe   9,231,000    11,569,000 
Asia   4,554,000    4,880,000 
Rest of World   1,674,000    2,974,000 
   $28,942,000   $38,294,000 
           
Primary revenue source:          
Equipment sales  $25,657,000   $35,055,000 
Installation, integration and repairs   2,673,000    3,024,000 
Warranties   171,000    215,000 
Other (Note 18)   441,000     
   $28,942,000   $38,294,000 
           
Long-Lived Assets:          
United States  $4,616,000   $5,637,000 
United Kingdom   2,203,000    1,150,000 
   $6,819,000   $6,787,000 

 

NOTE 18 — REBATES

 

In May 2019, after the Company’s UK subsidiary filed for a rebate relating to the amount of funds spent on research costs for the 2017 fiscal year, an amount of $441,000 was awarded to the Company. This rebate was classified as additional revenue during the years ended December 31, 2019. The Company expects to file appropriate forms for the 2018, and 2019 fiscal years.

 

F-37

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 19 — INCOME TAXES

 

The provision (benefit) for income taxes consists of the following:

 

   December 31, 
   2019   2018 
Current tax provision          
Federal   $   $ 
State    14,000    6,000 
    14,000    6,000 
Deferred tax provision (benefit)           
Federal    (2,998,000)   (3,567,000)
State    2,879,000    (1,720,000)
Foreign    (870,000)   (127,000)
Change in valuation allowance   998,000    (5,414,000 
Income tax provision  $14,000   $6,000 

 

A reconciliation of the statutory tax rate to the effective tax rate is as follows:

 

   December 31, 
   2019   2018 
Statutory Federal income tax rate   21.00%   21.00%
State and local taxes, net of Federal benefit   1.77    10.93 
Permanent differences   1.56    4.35 
Provision to return   1.52    1.40 
DTA adjustment for state NOL   (16.83)   (—)
Foreign Rate Differential   (0.68)   (0.14)
Change rate   (1.00)   (0.80)
Valuation allowance   (7.43)   (36.78)
Effective tax rate   (0.08)%   (0.04)%

 

Under the provisions of ASC 740, the Company may recognize the benefits of uncertain tax positions when it is more likely than not that the merits of the position(s) will be sustained upon audit by the relevant tax authorities. There were no uncertain tax positions taken or expected to be taken on a tax return that would be determined to be an unrecognized tax benefit recorded on the Company’s financial statements for the years ended December 31, 2019 or 2018. The Company does not expect its unrecognized tax benefit position to change during the next twelve months.

 

F-38

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 19 — INCOME TAXES (continued)

 

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial accounting purposes and the amounts used for income tax reporting. Significant components of the Company’s deferred tax assets are as follows:

 

  

December 31,

 
   2019   2018 
Deferred Tax Assets           
Federal R&D credit   $3,007,000   $2,819,000 
Inventory    683,000    78,000 
Allowance for bad debt    55,000    32,000 
Compensation Related    21,000    3,000 
Pension    5,000    6,000 
Other Accruals    63,000    305,000 
State Net operating losses    5,638,000    8,532,000 
Federal Net operating losses    38,177,000    36,079,000 
Property & Equipment        12,000 
Stock Options    6,565,000    6,214,000 
Other    1,143,000    834,000 
Valuation Allowance    (54,562,000)   (53,573,000)
Total Deferred Tax Assets    795,000    1,341,000 
           
Deferred Tax Liabilities           
Property and Equipment    (141,000)   (215,000)
Intangibles    (630,000)   (1,080,000)
Inventory         
Prepaid Expenses    (24,000)   (24,000)
Compensation Related        (22,000)
Total Deferred Tax Liabilities    (795,000)   (1,341,000)
           
Net Deferred Tax Asset/(Liability)   $   $ 

 

As of December 31, 2019, the Company has federal net operating losses (“NOL”) of approximately $173.3 million that will expire beginning in 2027. The Company has federal NOLs of approximately $16.4 million that may be carried forward indefinitely. The Company also has state NOL carryforwards of $154.6 million which will expire beginning in 2027. In addition, the Company has foreign NOL carryforwards of approximately $8.9 million that generally do not expire except under certain circumstances. The Company also has research and development credits of approximately $3.0 million which will begin to expire in 2027. The years that remain open for review by taxing authorities are 2016 to 2019 for Federal, Foreign and State Income Tax returns.

 

Realization of the NOL carryforwards and other deferred tax temporary differences is contingent on future taxable earnings. The Company’s deferred tax assets were reviewed for expected utilization using a “more likely than not” approach by assessing the available positive and negative evidence surrounding its recoverability. Accordingly, a valuation allowance has been recorded against the Company’s deferred tax assets, as it was determined based upon past and present losses that it was “more likely than not” that the Company’s deferred tax assets would not be realized. The valuation allowance was increased to the full carrying amount of the Company’s deferred tax assets. In future years, if the deferred tax assets are determined by management to be “more likely than not” to be realized, the recognized tax benefits relating to the reversal of the valuation allowance will be recorded. The Company will continue to assess and evaluate strategies that will enable the deferred tax asset, or portion thereof, to be utilized, and will reduce the valuation allowance appropriately as such time when it is determined that the “more likely than not” criteria is satisfied.

 

F-39

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 19 — INCOME TAXES (continued)

 

The net operating loss carryovers may be subject to annual limitations under Internal Revenue Code Section 382, and similar state provisions, should there be a greater than 50% ownership change as determined under the applicable income tax regulations. The amount of the limitation would be determined based on the value of the Company immediately prior to the ownership change and subsequent ownership changes could further impact the amount of the annual limitation. An ownership change pursuant to Section 382 may have occurred in the past or could happen in the future, such that the NOLs available for utilization could be significantly limited. The Company plans to perform a Section 382 analysis in the future

 

Effective for tax years beginning after December 31, 2017, the Tax Act includes a participation exemption system of taxation, which generally provides for 100% dividends received deduction on certain qualifying dividend distributions received by U.S. C-corporation shareholders from their 10% or more owned foreign subsidiaries. As a result of this new participation exemption system, it is generally anticipated that the Company should not be subject to additional U.S. federal income taxation on its future receipt of actual dividend income (as opposed to a deemed inclusion amounts under certain anti-deferral rules) from its foreign subsidiary.

 

For tax years beginning after December 31, 2017, the Tax Act introduced a new limitation on the deduction of interest expense whereby current year interest deductions are limited (among other limitations) to 30% of adjusted taxable income, with various modifications and exceptions. The Company does incur interest expense, and evaluates each year the impact, if any, of the new limitation.

 

The Company has not provided for deferred taxes and foreign withholding taxes on the excess of the financial reporting basis over the tax basis in our investments in foreign subsidiaries that are essentially permanent in duration. In general, it is the Company’s practice and intention to reinvest the earnings of our foreign subsidiary in those operations. Generally, the earnings of our foreign subsidiary have become subject to U.S. taxation based on certain provisions in U.S. tax law such as the recently enacted territorial transition tax under section 965 and under certain other circumstances. Due to the complexities of the provisions introduced with the Tax Act, and the underlying assumptions that would have to be made, it is not practicable to estimate the amount of tax provision required to account for these foreign undistributed earnings. The Company will account for any additional expense or deduction in the year it is claimed. The Company will continue to review each year whether this treatment is appropriate.

 

The Company did not identify any material uncertain tax positions and is not under any income tax examinations.

 

F-40

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

20 — SUBSEQUENT EVENTS

 

Appointment of new executives

 

On January 15, 2020, the Board appointed Carleton M. Miller to the roles of Chief Executive Officer of the Company and a member of the Board, effective January 15, 2020. As part of the Mr. Miller’s employment agreement, he will receive an inducement award of a time-based option to purchase 2,155,481 shares of Common Stock. Additionally, he will receive an inducement award of a performance-based option to purchase 1,500,000 shares of Common Stock under Nasdaq Listing Rule 5653(c)(4) outside of the Company’s existing equity compensation plans (the “Performance-Based Option”).

 

On February 27, 2020, the Company entered into an employment agreement with Michael Bond in connection with his contemplated employment as Chief Financial Officer of the Company, effective as of April 1, 2020 (the “Bond Employment Agreement”). Pursuant to the Bond Employment Agreement, Mr. Bond will receive an annual base salary of $250,000 per year, and an annual cash bonus in accordance with the terms of any annual cash bonus incentive plan maintained for the Company’s key executive officers. The Bond Employment Agreement also provides that on April 1, 2020 Mr. Bond will receive an award of stock options to purchase a quantity of shares equal to one percent of the Company’s fully diluted outstanding shares of its common stock as of April 1, 2020 under Nasdaq Listing Rule 5635(c)(4) outside of the Company’s existing equity compensation plans (the “Inducement Options”).

 

Public offering

 

On February 14, 2020, the Company closed on an equity financing for 12,445,000 shares of common stock, 12,445,000 warrants to purchase 9,333,750 shares of Common Stock, and 14,827,200 pre-funded warrants, with each Pre-Funded Warrant exercisable for one share of Common Stock, together with 14,827,200 Warrants to purchase 11,120,400 shares of Common Stock. The Company received gross proceeds of approximately $5,998,000, less offering costs of $560,000 for net proceeds of $5,438,000. The Company has earmarked the use of the net proceeds from equity financing for working capital and general corporate purposes.

 

Departure of former executive(s)

 

Payne Separation Agreement

 

On February 24, 2020, John Payne agreed to step down from his role as the Company President and Chief Operating Officer of Integrated Microwave Technology, LLC (a wholly owned subsidiary) and is expected to conclude his employment with the Company on March 19, 2020. The Company expects to enter into a separation agreement with Mr. Payne in connection with the conclusion of his employment (the “Payne Separation Agreement”). Provided that Mr. Payne executes the Payne Separation Agreement and does not revoke the Payne Separation Agreement within seven days thereof, the Payne Separation Agreement is expected to provide that Mr. Payne will be entitled to receive severance in the form of six (6) months of salary continuation for an aggregate amount of $175,000. Mr. Payne will begin a transitional role until his expected March 19, 2020 separation date. Mr. Payne’s anticipated departure from the Company is not the result of any disagreement with the Company on any matter relating to its operation, policies (including accounting or financial policies) or practices. In connection with the foregoing, the board of directors of the Company has decided to appoint Carleton M. Miller, the Company’s Chief Executive Officer, to the additional position of President of the Company, effective upon Mr. Payne’s departure from the Company on March 19, 2020.

 

Branton Separation Agreement

 

Roger G. Branton will be stepping down as the Company’s Chief Financial Officer and Treasurer and is expected to conclude his employment with the Company on March 31, 2020. The Company expects to enter into a separation agreement with Mr. Branton in connection with the conclusion of his employment (the “Branton Separation Agreement”). Provided that Mr. Branton executes the Branton Separation Agreement and does not revoke the Branton Separation Agreement within seven days thereof, the Branton Separation Agreement is expected to provide that Mr. Branton will be entitled to receive severance pay in the form of salary continuation for 12 months for an aggregate amount of $300,000. Mr. Branton will immediately begin a transitional role until his expected March 31, 2020 separation date from the Company.

 

F-41

 

 

VISLINK TECHNOLOGIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

20 — SUBSEQUENT EVENTS (continued)

 

Amended related party agreement

 

Effective February 25, 2020, an amendment of the related party agreement between Vislink Technologies, Inc. (the “Company”) and MB Merchant Group, LLC (“MBMG”) was executed into a letter agreement (the “MBMG Agreement”), pursuant to which the Company and MBMG agreed to amend and restate certain service agreements previously entered into with MBMG as well as its predecessor entity (the “MBMG Agreements”). Pursuant to the MBMG Agreement, MBMG has agreed to provide only the following services to the Company: (i) to conduct merger and acquisition searches, negotiating and structuring deal terms and other related services in connection with closing suitable acquisitions for the Company, and (ii) to seek and secure financing for the Company, except in those regions in which the Company had previously appointed a business representative to exclusively seek such opportunities, and subject in each case to prior approval by the Company’s Chief Executive Officer on a case-by-case basis (collectively, the “MBMG Services”). Pursuant to the MBMG Agreement, MBMG will no longer provide strategic planning and financial structuring services or technical consulting services, review patent applications or provide consulting services with respect to certain legal matters.

 

Pursuant to the MBMG Agreement, in consideration for the MBMG Services, the Company agreed to compensate MBMG through payment of: (i) an acquisition fee equal to (A) the greater of $250,000 or 6% of the total acquisition price for deals in which the total consideration paid by the Company is less than $50 million; (B) $3,000,000 plus 4% of the consideration paid by the Company in excess of $50 million for deals in which the total consideration paid by the Company is between $50 million and $100 million; (C) $5,000,000 plus 2% of the consideration paid by the Company in excess of $100 million for deals in which the total consideration paid by the Company is between $100 million and $400 million; or (D) $10,200,000 plus 1.1% of the consideration paid by the Company in excess of $400 million for deals in which the total consideration paid by the Company exceeds $400 million; (ii) a success-based due diligence fee of $250,000 on successfully closed deals, (iii) a waivable success-based finance fee of 2% of the acquisition price and (iv) an incentive fee of 5% of an external advisor’s higher valuation of an acquisition, with such fees subject to a customary 12-month tail period in the event of termination of the MBMG Agreement. The MBMG Agreement further provides that (x) MBMG shall have the option to convert up to 50% of all such fees into the Company’s common stock so long as a receivable remains outstanding, convertible at a fixed price of 110% of the lower of the price of such shares on the day of closing or such price in connection with any acquisition financing, as applicable; (y) the Company will no longer compensate MBMG through, among other discontinued fees, a $50,000 monthly consulting fee that would have been due pursuant to the MBMG Agreements and (z) in full satisfaction of specified claims arising out of the MBMG Agreements, the Company shall pay MBMG $420,000, with $200,000 to be paid within three days of the execution of the MBMG Agreement and $220,000 to be paid within 30 days of such execution.

 

MBMG is an affiliate of Richard L. Mooers, a director of the Company, and Roger G. Branton, a director and the Chief Financial Officer of the Company.

 

Nasdaq Compliance

 

On March 4, 2020, the Company received a letter from the Listing Qualifications Department (the “Staff”) of Nasdaq notifying the Company that the Staff has determined that the Company did not comply with Listing Rule 5635(d) because the February 2020 Offering did not meet the Nasdaq definition of a public offering under Listing Rule IM-5635-3. The Staff’s determination was based on (i) the extent of the offering’s distribution, (ii) the existence of a prior relationship between the Company and the investors, and (iii) the significant discount to the minimum price, as defined in Nasdaq rules.

 

On March 18, 2020, the Company submitted a plan to regain compliance with Rule 5635, which is currently under review by Nasdaq.

 

On March 25, 2020, the Company received a written notification from Nasdaq that the Company was afforded a second 180 calendar day grace period to regain compliance with the minimum bid price requirements. If the Company does not regain compliance by September 21, 2020, Nasdaq will provide notice that the Company’s shares of common stock will be subject to delisting.

 

Other events after December 31, 2019 to the date of this report: 

 

   Quantity of Warrants Exercised   Quantity of Common Stock Issued   Proceeds Received 
             
Warrant Exercises:               
Pre-Funded Warrants:               
Nov 2019 Equity Raise   9,143,100    9,143,100   $8,100 
Feb 2020 Equity Raise   14,827,200    14,827,200    1,500 
    23,970,300    23,970,300   $9,600 
                
Cashless Warrants:               
Nov 2019 Equity Raise   8,245,181    10,993,575   $-0- 
Feb 2020 Equity Raise   7,893,394    10,524,525    -0- 
    16,138,575    21,518,100   $-0- 

 

F-42

 

 

INDEX OF EXHIBITS

  

Exhibit
Number
  Description of Exhibit
3.1(i)   Amended & Restated Certificate of Incorporation (1)
3.1(i)(a)   Amendment to Certificate of Incorporation filed June 11, 2014 (2)
3.1 (i)(b)   Amendment to Certificate of Incorporation filed July 10, 2015 (25)
3.1(i)(c)   Amended and Restated Certificate of Designation of Series B Convertible Preferred Stock (16)
3.1(i)(d)   Certificate of Designation of Series C Convertible Preferred Stock (12)
3.1(i)(e)   Certificate of Designation of Series D Convertible Preferred Stock (17)
3.1(i)(f)   Certificate of Elimination for Series C Convertible Preferred Stock (16)
3.1(i)(g)   Certificate of Elimination for Series B Convertible Preferred Stock (23)
3.1(i)(h)   Amendment to Certificate of Incorporation filed June 10, 2016 (20)
3.1(i)(i)   Certificate of Designation of Series E Convertible Preferred Stock (24)
3.1(i)(j)   Certificate of Amendment to Certificate of Incorporation of the Company, filed with the Secretary of State of the State of Delaware on February 11, 2019(39)
3.1(ii)   Amended & Restated Bylaws (3)
4.1   Form of Common Stock Certificate of the Registrant (4)
4.2   Form of Warrant Agreement by and between the Registrant and Continental Stock Transfer & Trust Company and Form of Warrant Certificate for the offering closed July 24, 2013 and August 19, 2013 (5)
4.3   Form of Underwriters’ Warrant for the offering closed July 24, 2013 (1)
4.4   Form of Underwriters’ Warrant for the offering closed November 18, 2013 (6)
4.5   Form of Warrant issued in December 30, 2014 Offering (10)
4.6   Form of Warrant issued in February 11, 2015 Offering (11)
4.7   Form of Warrant issued in February 24, 2015 Offering (12)
4.8   Form of 8% Convertible Note (13)
4.9   Form of Series A Warrant for the August 2015 Offering (14)
4.10   Form of Pre-funded Series B Warrant for the August 2015 Offering (14)
4.11   Form of Series C Warrant for the August 2015 Offering (14)
4.12   Form of Series D Warrant for the August 2015 Offering (14)
4.13   Form of 5% Convertible Note (15)
4.14   Form of Amendment, dated April 29, 2016, to Series A Warrant to Purchase Common Stock of xG Technology, Inc., dated August 19, 2015(18)
4.15   Form of Amendment, dated April 29, 2016, to Warrant to Purchase Common Stock of xG Technology, Inc., dated February 29, 2016 (18)
4.16   Form of Warrant (19)
4.17   Form of Vislink Promissory Note (27)
4.18   Form of Underwriters’ Warrant for February 2017 Offering (28)
4.19   Form of Warrant for August 2017 Offering (31)
4.20   Form of 6% Senior Secured Convertible Debenture(36)
4.21   Form of Common Stock Purchase Warrant(36)
4.22   Form of Amended and Restated 6% Senior Secured Debenture(37)
4.23   Form of Second Amended and Restated 6% Senior Secured Debenture(38)
4.24   Form of 10% Senior Secured Convertible Debenture(38)
4.25   Warrant Agreement, including Form of Common Warrant and Form of Pre-Funded Warrant from July 2019 Offering(40)
4.26   Form of Warrant Agreement, including Form of Common Warrant and Form of Pre-Funded Warrant from November 2019 Offering(41)
4.27   Form of Warrant Agreement, including Form of Common Warrant and Form of Pre-Funded Warrant from February 2020 Offering(42)
4.28   Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.
10.1   2013 Long Term Incentive Plan (7)
10.2   Forms of Agreement Under 2013 Long Term Incentive Plan (7)
10.3   2004 Option Plan (7)
10.4   2005 Option Plan (7)
10.5   2006 Option Plan (7)
10.6   2007 Option Plan (7)
10.7   2009 Option Plan (7)
10.8   Forms of Award Documents under 2004, 2005, 2006, 2007, and 2009 Option Plans (7)
10.9   Sunrise Office Lease (7)
10.10   Care21 Agreement (7)
10.11   Purchase Agreement, dated as of September 22, 2014, by and between the Company and Lincoln Park Capital Fund, LLC. (8)
10.12   Purchase Agreement, dated as of September 19, 2014, by and between the Company and Lincoln Park Capital Fund, LLC. (8)

 

F-43

 

 

10.13   Registration Rights Agreement, dated as of September 19, 2014, by and between the Company and Lincoln Park Capital Fund, LLC. (8)
10.14   Purchase Agreement, dated as of November 25, 2014, by and between the Company, LPC, Affiliate Purchasers, and the Other Investors (9)
10.15   Purchase Agreement, dated as of December 30, 2014, by and between the Company and 31 Group, LLC. (10)
10.16   Purchase Agreement, dated as of February 11, 2015, by and between the Company and 31 Group, LLC. (11)
10.17   Purchase Agreement, dated as of February 24, 2014, by and between the Company and 31 Group, LLC. (12)
10.18   Form of Purchase Agreement dated as of June 11, 2015 (13)
10.19   Amendment to Purchase Agreement dated as of June 11, 2015 (25)
10.20   Asset Purchase Agreement, dated as of January 29, 2016, by and between the Company and Integrated Microwave Technologies, LLC (15)
10.21   Form of Securities Purchase Agreement (15)
10.22   $1,500,000 Initial Payment Note from the Company to IMT (15)
10.23   Form of Subscription Agreement, dated May 12, 2016, between the Company and the Purchasers thereto (19)
10.24   2015 Employee Stock Purchase Plan (21)
10.25   2015 Incentive Compensation Plan (21)
10.26   2016 Employee Stock Purchase Plan (22)
10.27   2016 Incentive Compensation Plan (22)
10.28   Deed of Variation to Business Purchase Agreement by and between the Company, Vislink PLC, Vislink International Limited and Vislink Inc., dated January 13, 2017 (26)
10.29   Settlement Agreement between the Company and the Holders thereto, dated January 13, 2017 (26)
10.30   Security Agreement, dated February 2, 2017, between the Company and the Vislink Sellers (27)
10.31   Service Agreement between James Walton and Vislink International Limited, dated October 19, 2015 (29)
10.32   Purchase Agreement, dated May 19, 2017, between the Company and Lincoln Park Capital Fund, LLC (30)
10.33   Registration Rights Agreement, dated May 19, 2017, between the Company and Lincoln Park Capital Fund, LLC (30)
10.34   Securities Purchase Agreement, dated August 15, 2017, between the Company and the Purchasers thereto (31)
10.35   Amendment to 2016 Employee Stock Purchase Plan(33)
10.36   Amendment to 2016 Incentive Compensation Plan(34)
10.37   2017 Incentive Compensation Plan(35)
10.38   Form of Securities Purchase Agreement, dated May 29, 2018, by and among the Company and the purchaser signatories thereto(36)
10.39   Form of Security Agreement, dated Mya 29, 2018, by and among the Company and each of the secured parties thereto(36)
10.40   Form of Subsidiary Guarantee, dated May 29, 2018, by and among the Company, the purchasers under the Securities Purchase Agreement, and each of the Company’s subsidiaries(36)
10.41   Form of Registration Rights Agreement, dated May 29, 2018, by and among the Company and the purchasers under the Securities Purchase Agreement(36)
10.43   Form of Voting Agreement, each dated May 29, 2018, between the Company and each purchaser under the Securities Purchase Agreement (36)
10.44   Form of Securities Purchase Agreement, dated December 3, 2018, by and among the Company and the purchaser signatories thereto(38)
10.45   Form of Security Agreement, dated December 3, 2018, by and among the Company and each of the secured parties thereto(38)
10.46   Form of Subsidiary Guarantee, dated December 3, 2018 executed by each of the Company’s subsidiaries(38)
10.47   Form of Registration Rights Agreement, dated December 3, 2018, by and among the Company and the purchasers under the Securities Purchase Agreement, dated December 3, 2018(38)
10.48   Form of Voting Agreement, each dated December 3, 2018, executed by each purchaser under the Securities Purchase Agreement , dated December 3, 2018(38)
10.49   Employment Agreement by and between the Company and Carleton Miller, dated as of January 22, 2020(43)
10.50   Notice of Grant of Stock Option for Time-Vested Options and Stock Option Agreement by and between the Company and Carleton Miller, dated as of January 22, 2020(43)
10.51   Notice of Grant of Stock Option for Performance-Vested Options and Stock Option Agreement by and between the Company and Carleton Miller, dated as of January 22, 2020(43)
10.52   Form of Separation Agreement to be executed by the Company and John Payne upon the conclusion of John Payne’s employment(44)
10.53   Employment Agreement by and between the Company and Michael Bond, dated as of February 27, 2020(45)
10.54   Form of Separation Agreement to be executed by the Company and Roger G. Branton upon the conclusion of Roger G. Branton’s employment(45)
10.55*   Form of Indemnification Agreement by and between the Company and its officers and directors
14.1   Code of Ethics(32)
21.1   Subsidiaries of the Registrant(46)
23.1*   Consent of Marcum LLP
31.1*   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*   Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*   Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

F-44

 

 

101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Schema
101.CAL   XBRL Taxonomy Calculation Linkbase
101.DEF   XBRL Taxonomy Definition Linkbase
101.LAB   XBRL Taxonomy Label Linkbase
101.PRE   XBRL Taxonomy Presentation Linkbase

 

In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.

 

* File herewith
(1) Filed as an Exhibit on Form S-1 with the SEC on October 23, 2013.
(2) Filed as an Exhibit on Current Report on Form 8-K with the SEC on June 13, 2014.
(3) Filed as an Exhibit on Quarterly Report on Form 10-Q with the SEC on August 30, 2013.
(4) Filed as an Exhibit on Form S-1/A with the SEC on May 21, 2013.
(5) Filed as an Exhibit on Current Report to Form 8-K with the SEC on August 19, 2013.
(6) Filed as an Exhibit on Form S-1/A with the SEC on November 6, 2013.
(7) Filed as an Exhibit on Form S-1 with the SEC on March 7, 2013.
(8) Filed as an Exhibit on Current Report on Form 8-K with the SEC on September 24, 2014.
(9) Filed as an Exhibit on Current Report on Form 8-K with the SEC on November 26, 2014.
(10) Filed as an Exhibit on Current Report on Form 8-K with the SEC on December 31, 2014.
(11) Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 13, 2015.
(12) Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 26, 2015.
(13) Filed as an Exhibit on Current Report on Form 8-K with the SEC on June 12, 2015.
(14) Filed as an Exhibit on Current Report on Form 8-K with the SEC on August 20, 2015.
(15) Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 3, 2016.
(16) Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 10, 2016.
(17) Filed as an Exhibit on Current Report on Form 8-K with the SEC on April 27, 2016
(18) Filed as an Exhibit on Current Report on Form 8-K with the SEC on May 2, 2016
(19) Filed as an Exhibit on Current Report on Form 8-K with the SEC on May 13, 2016.
(20) Filed as an Exhibit on Current Report on Form 8-K with the SEC on June 20, 2016.
(21) Filed as an Exhibit on Annual Report on Form 10-K with the SEC on April 14, 2016.
(22) Filed as an Exhibit on Form S-1 with the SEC on June 27, 2016
(23) Filed as an Exhibit on Current Report on Form 8-K with the SEC on December 7, 2016.
(24) Filed as an Exhibit on Current Report on From 8-K with the SEC on December 27, 2016.
(25) Filed as an Exhibit on Current Report on From 8-K with the SEC on July 20, 2015.
(26) Filed as an Exhibit on Current Report on Form 8-K with the SEC on January 19, 2017.
(27) Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 6, 2017.
(28) Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 10, 2017.
(29) Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 23, 2017.
(30) Filed as an Exhibit on Current Report on Form 8-K with the SEC on May 23, 2017.
(31) Filed as an Exhibit on Current Report on Form 8-K with the SEC on August 16, 2017.
(32) Filed as an Exhibit on Annual Report on Form 10-K with the SEC on March 6, 2014.
(33) Filed as Appendix D on Definitive Schedule 14A with the SEC on May 22, 2017
(34) Filed as Appendix E on Definitive Schedule 14A with the SEC on May 22, 2017
(35) Filed as Appendix F on Definitive Schedule 14A with the SEC on May 22, 2017
(36) Filed as an Exhibit on Current Report on Form 8-K with the SEC on May 29, 2018.
(37) Filed as an Exhibit on Current Report on Form 8-K with the SEC on October 11, 2018.
(38) Filed as an Exhibit on Current Report on Form 8-K/A with the SEC on December 4, 2018.
(39) Filed an Exhibit on Current Report on Form 8-K/A with the SEC on February 26, 2019.
(40) Filed as an Exhibit on Current Report on Form 8-K with the SEC on July 16, 2019.
(41) Filed as an Exhibit on Form S-1/A with the SEC on November 22, 2019.
(42) Filed as an Exhibit on Form S-1/A with the SEC on February 3, 2020.
(43) Filed as an Exhibit on Current Report on Form 8-K/A with the SEC on January 24, 2020.
(44) Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 27, 2020.
(45) Filed as an Exhibit on Current Report on Form 8-K with the SEC on February 28, 2020.
(46) Filed as an Exhibit on Form S-1/A with the SEC on October 30, 2019.

 

F-45

 

EX-4.28 2 ex4-28.htm

 

Exhibit 4.28

 

DESCRIPTION OF SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As of December 31, 2019, Vislink Technologies, Inc. (the “Company,” “we,” “us” or “our”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock, par value $0.00001 per share (the “Common Stock).

 

General

 

The following description of our capital stock and certain provisions of our Certificate of Incorporation and Bylaws are summaries and are qualified by reference to our Certificate of Incorporation and Bylaws. Copies of these documents can be accessed through hyperlinks to those documents in the list of exhibits in our Annual Report on Form 10-K for the fiscal year ending December 31, 2019.

 

Our authorized capital stock consists of 100,000,000 shares of common stock, par value $0.00001 per share, and 10,000,000 shares of  “blank check” preferred stock, of which 5,000,000 shares were designated as our Series D Convertible Preferred Stock, par value $0.00001 per share (the “Series D Preferred Stock”) and 5,000 shares were designated as our Series E Convertible Preferred Stock, par value $0.00001 per share (the “Series E Preferred Stock”). On February 5, 2016, we terminated our Series A Convertible Preferred Stock, par value $0.00001 per share, and our Series C Convertible Preferred Stock, par value $0.00001 per share. On December 6, 2016, we terminated our Series B Convertible Preferred Stock, par value $0.00001 per share. As of the date of this prospectus, we have 40,680,508 shares of common stock outstanding, no shares of Series D Preferred Stock outstanding and no shares of Series E Preferred Stock outstanding.

 

On May 13, 2019, a 1-for-10 reverse stock split of our outstanding Common Stock became effective for the trading of our Common Stock. All share and price information in this prospectus has been adjusted to reflect such 1-for-10 reverse stock split.

 

Common Stock

 

Voting Rights

 

Each stockholder has one vote for each share of Common Stock held on all matters submitted to a vote of stockholders. A stockholder may vote in person or by proxy. Elections of directors are determined by a plurality of the votes cast and all other matters are decided by a majority of the votes cast by those stockholders entitled to vote and present in person or by proxy.

 

Because our stockholders do not have cumulative voting rights, stockholders holding a majority of the voting power of our shares of Common Stock will be able to elect all of our directors. Our Certificate of Incorporation and Bylaws provides that stockholder actions may be effected at a duly called meeting of stockholders or pursuant to written consent of the majority of stockholders. A special meeting of stockholders may be called by the majority of our Board of Directors or by a committee determined by the Board of Directors with power to call such meetings.

 

Dividend Rights

 

The holders of outstanding shares of Common Stock are entitled to receive dividends out of funds legally available at the times and in the amounts that our Board of Directors may determine, provided that required dividends, if any, on preferred stock have been paid or provided for. However, to date we have not paid or declared cash distributions or dividends on our common stock and do not currently intend to pay cash dividends on our common stock in the foreseeable future. We intend to retain all earnings, if and when generated, to finance our operations. The declaration of cash dividends in the future will be determined by the Board of Directors based upon our earnings, financial condition, capital requirements and other relevant factors.

 

 

 

 

No Preemptive or Similar Rights

 

Holders of our Common Stock do not have preemptive rights, and our Common Stock is not convertible or redeemable.

 

Right to Receive Liquidation Distributions

 

Upon our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders and remaining after payment to holders of preferred stock of the amounts, if any, to which they are entitled, are distributable ratably among the holders of our common stock subject to any senior class of securities.

 

Anti-Takeover Provisions

 

The authorization of undesignated preferred stock makes it possible for our Board of Directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change our control.

 

Provisions such as these, which are intended to make acquisition of control by a third party more difficult, are intended to enhance the likelihood of continued stability in the composition of our Board of Directors and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of us.

 

These provisions are also designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of deterring hostile takeovers or delaying changes in our control or management. As a consequence, these provisions also may inhibit fluctuations in the market price of our stock that may result from actual or rumored takeover attempts.

 

Section 203 of the DGCL

 

We are subject to Section 203 of the DGCL, which prohibits a Delaware corporation from engaging in any “business combination” with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder. In general, Section 203 defines an “interested stockholder” as an entity or person who, together with the person’s affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.

 

We are subject to Section 203 with the following exceptions:

 

  before the date that such stockholder became an interested stockholder, the Board of Directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
     
  upon closing of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
     
  on or after such date that such stockholder became an interested stockholder, the business combination is approved by the Board of Directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

 

In general, Section 203 defines business combination to include the following:

 

  any merger or consolidation involving the corporation and the interested stockholder;
     
  any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;
     
  subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;
     
  any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or
     
  guarantees, pledges or other financial benefits provided by or through the corporation.

 

Transfer Agent, Warrant Agent and Registrars

 

Our transfer agent and registrar for our Common Stock in the United States is Continental Stock Transfer & Trust Company. Our Common Stock is listed on the Nasdaq Capital Market under the symbol “VISL.”

 

 

 

EX-10.55 3 ex10-55.htm

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (the “Agreement”), dated as of _________ __, 2020, is by and between Vislink Technologies, Inc., a Delaware corporation (the “Company”) and ____________________ (the “Indemnitee”).

 

WHEREAS, Indemnitee is a director or officer of the Company;

 

WHEREAS, both the Company and Indemnitee recognize the risk of litigation and other claims being asserted against directors and officers of public companies, as well as challenges associated with obtaining liability insurance for its directors, officers, employees, stockholders, controlling persons, agents and fiduciaries, the significant increases in the cost of such insurance, and the general limitations of the coverage of such insurance;

 

WHEREAS, the board of directors of the Company (the “Board”) has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification and insurance coverage is available; and

 

WHEREAS, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s continued service to the Company and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent Documents”), any change in the composition of the Board or any Change in Control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1(f) below) to, Indemnitee as set forth in this Agreement and for the coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

 

NOW, THEREFORE, in consideration of the foregoing and the Indemnitee’s agreement to continue to provide services to the Company, the parties agree as follows:

 

1.Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)       “Beneficial Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(b)       “Change in Control” means the occurrence after the date of this Agreement of any of the following events:

 

 
 

 

(i)       the sale or other disposition of all or substantially all of the Company’s assets;

 

(ii)       the acquisition, whether directly, indirectly, beneficially (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company or its subsidiaries, including a trust established pursuant to any such plan; or

 

(iii)       the individuals who were members of the Board of Directors as of the date of this Agreement (the “Incumbent Board”) cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee of the Board of Directors, other than any director appointed or nominated in connection with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board.

 

(c)       “Claim” means:

 

(i)       any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

 

(ii)       any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

 

(d)       “Delaware Court” shall have the meaning ascribed to it in Section 8(e) below.

 

(e)       “Disinterested Director” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

 

(f)       “Expenses” means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include: (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent; and (ii) for purposes of Section 4 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

-2-
 

 

(g)       “Expense Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 3 or Section 4 hereof.

 

(h)       “Indemnifiable Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, director designee, officer, employee or agent of the Company (which term includes any predecessor entity of the Company) or any Subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”) or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

 

(i)       “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past three years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(j)       “Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

 

(k)       “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

-3-
 

 

 

(l)       “Standard of Conduct Determination” shall have the meaning ascribed to it in Section 8(b) below.

 

(m)       “Subsidiary” means any entity for which the Company, directly or indirectly, owns 50% or more of the outstanding voting securities of such entity.

 

(n)       “Voting Securities” means any securities of the Company that vote generally in the election of directors.

 

2.Services to the Company. Indemnitee agrees to continue to serve as a director or officer of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity. This Agreement shall not be deemed an employment agreement between the Company (or any subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that his or her service to the Company or any subsidiaries or any Enterprise is at will and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprise), other applicable formal severance policies duly adopted by the Board or, with respect to service as a director or officer of the Company, by the Company’s Constituent Documents or Delaware law.

 

3.Advancement of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 30 days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Execution and delivery to the Company of this Agreement by Indemnitee constitutes an undertaking by the Indemnitee to repay any amounts paid, advanced or reimbursed by the Company pursuant to this Section 3 in respect of Expenses relating to, arising out of or resulting from any Claim in respect of which it shall be determined, pursuant to Section 8, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. No other form of undertaking shall be required other than the execution of this Agreement. Indemnitee’s obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.
-4-
 

 

4.Indemnification for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 3, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company; provided, however, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 4 shall be repaid. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith.

 

5.Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

6.Notification and Defense of Claims.

 

(a)       Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company’s ability to participate in the defense of such claim was materially and adversely affected by such failure.

 

(b)       Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee’s own expense; provided, however, that if (i) Indemnitee’s employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

 

-5-
 

 

7.Procedure upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim, provided that documentation and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with Section 8 below.

 

8.Determination of Right to Indemnification.

 

(a)       Mandatory Indemnification; Indemnification as a Witness.

 

(i)       To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 16 to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in Section 8(b)) shall be required.

 

(ii)       To the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in Section 8(b)) shall be required.

 

(b)       Standard of Conduct. To the extent that the provisions of Section 8(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”) shall be made as follows:

 

-6-
 

 

(i)       if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

 

(ii)       if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

 

The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within 30 days of such request, any and all Expenses incurred by Indemnitee in cooperating with the person or persons making such Standard of Conduct Determination.

 

(c)       Making the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 8(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under Section 8(b) shall not have made a determination within 30 days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

 

(d)       Payment of Indemnification. If, in regard to any Losses:

 

(i)       Indemnitee shall be entitled to indemnification pursuant to Section 8(a);

 

(ii)       no Standard of Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

(iii)       Indemnitee has been determined or deemed pursuant to Section 8(b) or Section 8(c) to have satisfied the Standard of Conduct Determination, then the Company shall pay to Indemnitee, within 10 days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

-7-
 

 

(e)       Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 8(b)(i) the Independent Counsel shall be selected by the Board of Directors, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 8(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of “Independent Counsel” in Section 1(i), and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 8(e) to make the Standard of Conduct Determination shall have been selected within 20 days after the Company gives its initial notice pursuant to the first sentence of this Section 8(e) or Indemnitee gives its initial notice pursuant to the second sentence of this Section 8(e), as the case may be, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware (“Delaware Court”) to resolve any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 8(b).

 

-8-
 

 

(f)       Presumptions and Defenses.

 

(i)       Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

 

(ii)       Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

 

(iii)       No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

 

(iv)       Defense to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

-9-
 

 

9.Exclusions from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

 

(a)       indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

 

(i)       proceedings referenced in Section 4 above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii)       where the Company has joined in or the Board has consented to the initiation of such proceedings.

 

(b)       indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law.

 

(c)       indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

 

(d)       indemnify or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

 

10.Settlement of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee’s prior written consent.

 

11.Duration. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director designee, director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

-10-
 

 

12.Non-Exclusivity. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity Provisions”) and notwithstanding any provisions of the Constituent Documents (whether in effect as of the date hereof or as amended after the date hereof) that are contrary to the provisions of this Agreement or that would deny, diminish or encumber Indemnitee’s right to indemnification under this Agreement; provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification under this Agreement.

 

13.Liability Insurance. For the duration of Indemnitee’s service as a director designee, director and/or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to maintain in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially comparable in scope and amount to that to be provided by the Company prior to the date hereof. In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors and director designees, if Indemnitee is a director or director designee, or of the Company’s officers, if Indemnitee is an officer (and not a director or director designee) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials. Without limiting any other provision of this Agreement, to the extent that the Company maintains, or in the future should obtain, an insurance policy or policies providing liability insurance for persons serving on behalf of the Company or another corporation, partnership, joint venture, trust, employee benefit plan or other entity in any capacity at the request of the Company, or any of its affiliates, the Company shall use commercially reasonable efforts to include Indemnitee as an insured person at its expense under such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such person under such policy or policies and, to the extent applicable, Indemnitee shall be a (third party) beneficiary thereof; provided that to the extent applicable and reasonably necessary Indemnitee shall abide by applicable provisions in such insurance program respecting, among other requirements, Indemnitee’s cooperation, use of counsel approved by the insurer, etc.

 

-11-
 

 

14.No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder. The Company hereby acknowledges that Indemnitee may have rights to indemnification for Losses provided by another entity (“Other Indemnitor(s)”). The Company agrees with Indemnitee that the Company is the indemnitor of first resort of Indemnitee with respect to matters for which indemnification is provided under this Agreement and that the Company will be obligated to make all payments due to or for the benefit of Indemnitee under this Agreement without regard to any rights that Indemnitee may have against the Other Indemnitor(s). The Company further agrees that no payment of Expenses or Losses by the Other Indemnitor to or for the benefit of Indemnitee shall affect the obligations of the Company hereunder, and that the Company shall be obligated to repay the Other Indemnitor for all amounts so paid or reimbursed to the extent that the Company has an obligation to indemnify Indemnitee for such Expenses or Losses hereunder.

 

15.Subrogation. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

16.Indemnification and Contribution.

 

(a)       Subject to Section 8 and Section 9 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

 

-12-
 

 

 

(b)       If the indemnification provided for in Section 16(a) for any reason is held by a court of competent jurisdiction to be unavailable to Indemnitee in respect of any Losses referred to therein, then the Company, in lieu of indemnifying Indemnitee thereunder, shall contribute to the amount paid or payable by Indemnitee as a result of such Losses (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and Indemnitee, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and Indemnitee in connection with the Indemnifiable Event which resulted in such Losses, as well as any other relevant equitable considerations. In connection with any registration of the Company’s securities, the relative benefits received by the Company and Indemnitee shall be deemed to be in the same respective proportions that the net proceeds from the offering (before deducting expenses) received by the Company and Indemnitee, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public offering price of the securities so offered. The relative fault of the Company and the Indemnitee shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or any omission or alleged omission to state a material fact relates to information supplied by the Company or Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 16(b) were determined by pro rata or per capita allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence. In connection with the registration of the Company’s securities, in no event shall Indemnitee be required to contribute any amount under this Section 16(b) in excess of the lesser of (i) that proportion of the total of such Losses indemnified against equal to the proportion of the total securities sold under such registration statement which is being sold by Indemnitee, if any or (ii) the proceeds received by Indemnitee from its sale of securities under such registration statement, if any. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act of 1933) shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation.

 

17.Amendments. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing manually signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18.Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and substances satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

-13-
 

 

19.Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

20.Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

 

(a)       if to Indemnitee, to the address set forth on the signature page hereto.

 

(b) if to the Company, to:

 

Vislink Technologies, Inc.

Attn: Chief Executive Officer

101 Bilby Road, Suite 15, Building 2

Hackettstown, New Jersey 07840

 

and

 

Vislink Technologies, Inc.
            Attn: Chief Financial Officer
101 Bilby Road, Suite 15, Building 2

 

Hackettstown, New Jersey 07840.

 

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

 

-14-
 

 

21.Governing Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement and (c) waive, and agree not to plead or make, any claim that the Delaware Court lacks venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

22.Integration and Entire Agreement. This Agreement sets forth the entire understanding between the parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto, including any existing director or officer indemnification agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Constituent Documents, any directors and officers insurance maintained by the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

23.Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

 

24.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

-15-
 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

  VISLINK TECHNOLOGIES, INC.
     
  By:  
  Name: Carleton M. Miller
  Title: Chief Executive Officer

 

  INDEMNITEE
   
   
  Name:
   
  Address:

 

[Signature Page to Vislink Technologies, Inc. Indemnification Agreement]

 

 
 

 

 

 

 

EX-23.1 4 ex23-1.htm

 

Exhibit 23.1

 

Independent Registered Public Accounting Firm’s Consent

 

We consent to the incorporation by reference in the Registration Statement of Vislink Technologies, Inc. (the “Company”) on Forms S-1 [File No. 333-221195] and [File No. 333-225975], Forms S-3 [File No. 333-197820] and [File No. 333-228793] and Forms S-8 [File No. 333-224107], [File No. 333-224206] and [File No. 333-224106] of our report dated March 31, 2020, with respect to our audits of the consolidated financial statements of Vislink Technologies, Inc. and Subsidiaries as of December 31, 2019 and 2018 and for each of the two years ended December 31, 2019, which report is included in this Annual Report on Form 10-K of Vislink Technologies, Inc. for the year ended December 31, 2019.

 

/s/ Marcum LLP

 

Marcum LLP

New York, NY

March 31, 2020

 

 

 

EX-31.1 5 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

 

I, Roger G. Branton, certify that:

 

  1. I have reviewed this annual report on Form 10-K of Vislink Technologies, Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 31, 2020  
  /s/ Roger G. Branton
  Roger G. Branton
  Chief Financial Officer
  (Financial Officer)

 

 

 

EX-31.2 6 ex31-2.htm

 

Exhibit 31.2

 

CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

 

I, Roger G. Branton, certify that:

 

  1. I have reviewed this annual report on Form 10-K of Vislink Technologies, Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 31, 2020  
  /s/ Roger G. Branton
  Roger G. Branton
  Chief Financial Officer
  (Financial Officer)

 

 

 

EX-32.1 7 ex32-1.htm

 

Exhibit 32.1

 

CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of Vislink Technologies, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Roger G. Branton, Chief Executive Officer and Chief Financial Officer of Vislink Technologies, Inc., certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: March 31, 2020  
   
  /s/ Roger G. Branton
  Roger G. Branton
  Chief Financial Officer
  (Financial Officer)

 

 

 

EX-32.2 8 ex32-2.htm

 

Exhibit 32.2

 

CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of Vislink Technologies, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Roger G. Branton, Chief Executive Officer and Chief Financial Officer of Vislink Technologies, Inc., certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: March 31, 2020  
   
  /s/ Roger G. Branton
  Roger G. Branton
  Chief Financial Officer
  (Financial Officer)

 

 

 

GRAPHIC 9 image_001.jpg begin 644 image_001.jpg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image_002.jpg begin 644 image_002.jpg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end GRAPHIC 11 image_003.jpg begin 644 image_003.jpg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end GRAPHIC 12 image_004.jpg begin 644 image_004.jpg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end GRAPHIC 13 image_005.jpg begin 644 image_005.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#W^BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ )P,UGRZFJMB-=P[D\5=E.(G^AKC=2D=)$ <@>9SCT%)NPSH6U1\_*B8]S3 M6U694)$<;'' SC->/VFMZF^@74[74AD1%VMGGEP*M7&L:C'%8,MRX,K/NYZ@ M 4"N>D:?KVIS22K>Z?' H/R,LFIOHMS,;I]\8&UO\ @8'\J /7?[3D]$_(T@U.7N$_ 5Y1<:UJ216+ MK9"A(/T;%*X'JXU.3NB&@ZI)VC4_C7EJ_VH?\ MGDO_ 'U_]:IH+Y)6",-C'ISD&O*AKM^-:@MVG/DL(F(^O6NK\/:A-<0HUPP+ MJ^TG'H:=P.UHHHI@%%%% !1110!%<1Z7]9C_ .@5;CQ_PE1_[8_^@BD#,VU'_$BU M#_KE_P"U%J:Y'^A6!_Z;/_Z#4=I_R M0_P"N1_\ 1BU+<_\ (/L3_P!-V_\ M0:8(L)_R,D3?],X#_P".BJT"8LM53T27]'JPQQKT)]8(#^@J.'A=73VG'_CU M(!DPSI-FWI_K;C M]':@9';Q\:M$1TCG_3G^E,D ;1(6[KD:I<6NI7=N;*62%+IUWKV&3@^_ M:L.^Z::W_3)U_)C_ (UUVAX_M&[_ -ME;\U!_K0AGH<;!HU8<@@&G5' P:WC M(Z;14E4 4444 %%%% %;4#BS<_2O._%+;=+OCZ6[?J0/ZUZ#J1Q:'WKSCQ-5_-UJ7N/H%W]Y(1^IJW;-F^U:3_ &K@ M_P#H551\OAH_]=H?ZTP)KT_+IGTE/ZK5B,_\54W^]%_Z"*M65@FH7.FPNHC_IB?\ T-:EN&SI MEEZBY/\ Z#70:MH]AX?T5O-,\JSL(,1*"Q).>F?:L:;4=++P6C:?J:NK&18S M",MQCUK6-&I-7BB7.,=&QLK$:O ?^G>*E@&;K5T]6N!^IK8T:TL-=OIV2.Z@ MDM42,I.@4@J>FN&LQCJ"_EDE\U%S<[F_B[*AZ M_.0"?H?6M[5M8AUW2U$NE&:V8N\8>8Q$L@4')[8PW949P?X>OO7=0Q%*%/EE>YA4I3N;$5(U*CE'8UI1<8I,YWQ8 VGWC>@C/Y2#_ !KG MKK_CPT]O29Q^8'^%=!XE8OIU^N>D2M^4BUSMPMPH'XFFW9Q?V;>MJOZ$BI[<8\17R'^*:3]03_ %H H9W^ M'&(/W9X6_1A5^'4C8/ILHB>0%94(7V(/]:H6PSX=NU[JD;?DX']:U=+P8K%C M_#.P_-0?Z4"/2/#-T+[3?M2HR+(>%;KTK:K*T7A' X& <5JU0PHHHH **** M,K63\J5YEXO;,%NO]Z[_ )+_ /7KTK66^95QT7->8>*V)EL$];B0_P#CJU/4 M;V*5X,WFFIZ6I/YR-_A5JW_Y&ZX/]V9?T457N?FUBR3^[:)^KL?ZU/9G=XDO MV])7/Y(?\*"3/L#C0+\_].[?J14LX_XDMO[W0_\ 0:BM!CPW>G_IB/U=:FNN M-)LE];K_ -DI@/O&9;O3=K$?Z*>G_71JO17UW_PDDUL9W\I9$ 7/0;15&]_X M_M/'I:_^U'JQ$/\ BKKG_KJG_H(I= *]KJ=[+I-X[SN6CA8J2>A!%2S:E=C3 M(IQ,?,^T*F?;:>*IV _XDVH?ZW3C_T[L/RD,G_CK _TJ[I3_ .AQ'^[T7_2M2AQU6X7_ ,=8TND-_P 2Z4_W3$W_ (\!_6CJ!ZKHS9<^I3_/\ZV: MY_1I,31D_P 2[?Z_TKH*I %%%% !1110!S^OW4-O(OFR(F>!N.,UYGXD<2WN MG;2"I,K#'U _I7>^*]+MM49EN WR#Y64X(KSG5X4M;[3+:/.R.W?&3G^,U/4 M&22#/B.(?W8(!^8!_K3K!LZMJ3_[5P?R5J,#_A*G3^[Y"_DBU#IS_O-4D_V; MD_HU,1%!\OA>[]XXQ^?\@[3QZW+?^@"H4X\+W'OY0_\?%2WO_'AIO\ MUW<_^.B@"6]_Y"-@/^G,?^C'JQ ?^*MN?^NR_P#H(JM>,/[4LAZ6:_\ H;58 MMSGQ9<_]=U_]!%("EIW_ "!M0_Z]I?YTZ7_D +_U\1_R-1Z:W_$IU#_KVEI\ MA_XIXD=IXOZTQ]"6^_YA1_Z9RC_QZIFX\4*?58#^@JO?-^ZTL_\ 74?J*EE? M'B")O6&$T@&:>N9M13_9N!_XZU11'=X;N3Z>4W_CPJUIR@:W>Q#_ )ZS+^8- M4[1L^'+P?],5/Y,* )[L_P"@:T;^[ M=_S3_P"M3[X[9M/D[-;LOY.?\: +-JH_X2>YB(X:=A_WT/\ Z]5-&;;IUT&[ M0Y_(@_TJVK[/%S-V,D3_ )@53TV,,;VU.>4FC_G0(])T*YCE^SNC \CH?;%= M77FWA31HK;[->1S2 _)E<\'I7I--#"BBBF 4444 <[JJM)-+CKTKSC6=.NYM M;MRD3%5MN2!T.XUZG=0$R.Z\C)R.XJL8\_P?I4C9YQ'IET?%-U+Y;>6)D&[' M& HJM8:;=I9Z@[1,-\4^WCJ3FO3S$>NWGZ5D:K9W.G7;ZK;E8F(2T0'CH=S<5/;6-Q_PDUS+Y;;//'S8X^Z*] M',0/\//TI/* .0H_*D!Y9IUA=)I-\6A<;K:7&1UXJ22PN1H+(8G#F:(A<=>M M>G&,8QL&/I6+>W]]:W\<*:<98&_C /7\L4PL<9>6%TT>F((FW*TN1CI]VEN+ M*Y.KQ,L3$"VCR<=P37I:(&4%D&<=QTI1$N=V-G<+XENG\MO+-TPW M8XYJA86=P-"O T3 &V;&1U.17J?E*"2%&?I2+"FW&P8],4 >92V-P=#53&P8 M7,9 QU^5J=>V=PT>F 1L6'G C'094UZ4\2A<; >^,5C#4KD:N+2336\O V2@ M9_I[4@.0N;:X_ML2K&W^IA8\=#BGV%G,GB.[PA\O[5,N<<8)->B^6A.XH,GO MBE$* DA5!/4XH Q?#FY='A9@1A,\UW@Z"L**W#@HJ@#')["MM,B-=V,X&<4T M ZBBBF 4444 8NNS7-GLN(<-&?E=0<-]17,:GXLETJ9TFW^6JAMV_KGVQ70^ M*.8(1]3@\9Z=^QKA?%5O'+/%YI*@PAN?4&DMP>Q=B\;:C.0R6#K$>C23X./7 M !IC^/IXB8Y;.99,$J#)D-]#BLFUG62,;PJ-Z;@:L11V\TX,H4(AR"2.:T<8 MV)NR6+XBW\I)73'V9P'\_K^E78?'-W(Y62U>/C_GKD_RKE=7\)6]_P"6EOJ) MA@C0*L98X'.<_6KVG:-!86T*RWCW$\:%-[-U!.:&E8+NYH7OQ+DLV;_16,:' M:SO.%Y] ,9-)'\48YHT,,;/(Q_U?F%3^&Y0#7'>)=*B25;Y49PF1M4]<]ZY^ MPA74]2CM_*F5 1N9>W-9CN>L3_$22&!9!9S$]60OA@/IBJ>F_%1M2NVMUL9D M8'&3*,?RIQ6V>W*$8)7'S'FN7T;1KO1;NXGEN()8CGRTB3YOQ)IA<]!?QJ(I M C[AP3DN/3I5&_\ B*UDNX6TLH YVN./TKS*[A"ZDPN(VEE<%P"26?V [5U5 MM91OH[6K!E:5"06Z(?2G85SF: MA\3/L!):TGD4#[RLO6I-&^(XUF-GCM9HU3[Q56*0.&(5Q*) A*DDI[D_7'YUO^')5OO&UDG)$ >0Y_P!D4-=AIGK> MDW]WJ.JRQ+$/L5ME9)F&"[_W5'H/6NBKBO "W4C:I=W$V[S9N(\\KUQGTXQQ M7:TV""BBBD,**** (;FVBNX&AF0,C#!%E[_ .0__KU&?AVG M:_'_ 'Y_^O7<44!8X7_A7*_]!!3[&'_Z]-_X5L@!VWZ+GT@Q_6N\HH"QYZ?A MCD\ZD/\ OT?\:4?#$ ?\A(?]^O\ Z]>@T4!9'EU_\'EOIHI?[:DA:,Y_=1D9 M^O-6V^%[DC&JC _Z9'_&O1J* L>=CX8,!SJ@_P"_1_QK.G^#SOJ4=Y'K3H4_ MY9JA53]>:]5HH"QYJ?AACOHU M@\+E,NV[:G./J3U-;-%% !1110 4444 %%%% !1110 4444 %%%% !1110 4 :444 %%%% !1110 4444 %%%% !1110!__]D! end GRAPHIC 14 image_006.jpg begin 644 image_006.jpg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image_007.jpg begin 644 image_007.jpg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end GRAPHIC 16 image_008.jpg begin 644 image_008.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#W^BBB@ HH MHH **** "BN/^)KZ@/!-Q%IMRUM-/+'"95R"%9L$9'(SP,^]4?A!K=UK7@E3 M=S/-+:3FWWR'+$;5< GJ+<<#>C!U MS^*BN!^!UO+%H^N22NOSZ@5$8/W0$7^A _"O5:\P^$Z_9-9\5Z:$VBVN(NIY MSAU(_P#'* /3Z*** "BBB@ HHHH S?$2))X:U174%?LDI(/^Z:Y#X,2J_P . M;6,?>BN)E;ZER?ZUV>M>5_8.H^<<1?99-Y]%VG/Z5P'P3N(V\+WMLA!\J[9A M_NL 1^E 'IM%%% !1110 4444 %%%% !1110 4444 %%%% !7CW@?5$@^,7B M&T<%/MLEPJ9/WF25B/T#_E7L-?/^F:=XETSXDZ?KU[I =;G*DA;5A@>_']:\V^!M[M MU35[$*2LL:3CCA""5V_D1^M>I>*=8TW1="N+C5!O@*X,04,9.F0!WKDO"GBW M1KSQ$+>U62-YXV+OY&R-GW*% ( _7/U]0#T>BBB@ HHHH **** "BBB@ HHH MH **** "BBB@"KJ5]'IFFW%[*K-' A'94S<+/( M\C[0$CD5PR@\G@9KJ?'UK=W\5C9P7!@BD9O,8'D]!^F*&$ MP,[KB3!&W/!QGOVJ6QG4:;J$6J:?#>0GY)5#8SG'M5NN*\"6[6KW2";?$Z@H MN1\H![^_-=K33N(***,@=:8!15>>^M+7;]HNH8MW3S) N?SJ@_BKP['(8WU[ M3%<'!4W<8(/TS0!R6NSZCJWC>ULUA@^Q6,PD)E ()Q^??THUN*9I%$"^3,MU MYBKG.0<8QCIC!JGJ&IQI\4VTN(^;-/ EQ%@ +M(Z!L]\>X/M4NNZNL%V]V8V M"6K#SLD#^+IP?:I8SO\ 2C*H1V5%%% !1110 444 M4 %%%% !117.>-?&%EX+T"34;K#RL=EO!G!E?T^GJ: -ZXN8+2%IKF:.&)>2 M\C!0/Q-<9JGQ:\(:8Q3^TA=2 XVVREQGZ]*^==?\7ZQXLOFN=5NV=2?D@4XC MC'H%_K6:1;NZLZ(7'0GK0!]":_XXTO6=!L=9TTLZP77E3(YVM%N'!8>G P:U M?$%W';Z3:PRW<1:X ",KC /'6OF*ZS+"T:R, Q!89P#]:D#PE8O,DF/EL651 M,Q 'IS4N-QW/4!\3[SPSKEUIUG%:7!0O&I9RP^]U&/ITJ&Z^+OB^YR$GMK?( MQF& <>_S$UYF&@CE#PH05&%X''.:<;QSW/YTTK"N=M+X^\63/YDNO7()&"%V MH/R K,N_$FI7LA:ZU>]F)[/_KBF!L>=;Y&._3B ME$\6#\K''H*QO-=-4N8! H2)EF(:-6X]"%()K$R:<#ZFBP[FE:R06898BJ(3G:&) M5?IU-65U6-&SYL61[-_A6(7 J!G4MM!^;&<4"N>[> _BY#!Y>F:Y-F#A8KK. M=GLW?'OVKVJ.1)8UDC=71AE64Y!'J*^?_!_PRT_7OA9+K"(\FL3&1H23POEL M1L ]]IY]QZ59^%'CR72=2C\-:K,38SMMM))#_J7_ +A/H:!GO-%%% !1110 M4444 ([*B,[$*JC))["OD?XG>,I/&'BR:6-S]@M28;5>VT'EOJ3_ $KWKXP> M(FT'P+/' Y6ZOV^S1D'D C+'_OD&OE7RBSK&O!/Z>] $EG!<7DICMXWZA9N K#F.$J<+]6Z MG\!VKP[5(54.P')PW\J ,@ U(..M30QQ;2TBLW3D'UZ:U5B1\AER0.N>.,?C54,P MVX."!MRO''OCK2'YMN[G:,#/.!0(T$TBRCN8TN]4B6,@,609!7OCOG\.<''; M-:^M;&.=1:7#R18R6?@M],#C\?R%5\>E+B@ \NW')#L<9'.1]#T_,4I,*\K M"3R">-I],'.11BEQ0 UIF524C0'&F"2/PKVCX-_\DPTS_?G_P#1KUYG\:2D7Q"&U0I>PB=L=SOD M&?R I#/7/ASXF/BKP=:7DK9NHQY-Q_OKQG\>M=97@OP&U4P:]JVD%ODGC%PB M_P"TIP?T(KWJ@ HHHH **** /!/CO>M5-UNC>;-QQY:X)'XM@?G73?%?]_XYOLCB-(U_\=!_K74? K2ECM-5 MU-E&YG6W0^P&X_J?TH0,]==%\ADVC;M(QVQBOC_6DVVXSUZ'\*^PCT-?)7BE M=MS=H1@K<2#'I\QH YR,$6^1TW#/ZXJ2HX\BW*]O(?C3J"W'Q*GB7;_HUK%"V#GGYGY_[[%> MM?"":.#X4Z?-*ZI'&;AG9C@*!*Y)-?-'B+73X@\5:IJY)(NKEG3/4)G"CGT4 M 4AG;?!VX,?Q,LP&(\R*1#CO\N%?%6S*>++B0J );='!]>"/Z5VGP:BV> (V*@%[J9LCN-V M!_*H/BQI1GL;?4$7.P-$^/0\C^1_.I?@Q,)/ *QEP6BNIE(_N_-D4 >AU\H> M-3_Q/=9XZ7TX'_?QJ^KZ^6/B"JKXKUI0./M;.1'!IU[*[W&UG)"#:H)^Z.N!^)--MHVEE6-1DL<4AGNG[/6D& M34M2U=T^6*(0HWNQR?T KZ!KCOACX;_X1KP3:02)MN;@>?-D<@MT'X#%=C0 M4444 %%%% %/5-.BU73)[*8?)*I&?0]C7F7PIF?0_$?B#PK>'9,DHN(E)^\. MAV_H?QKUFO(OB[I%YI-_8^-M(+)<6K".X9.N.Q/MV_*@#UVOE'X@S9\;:]'G ME;LG^5>R:!\9_#=YI(EU>Z%C=HOSIL9A)[K@'\C7SIXI\21Z]XQU/4[>-HX+ MN0JMN# GT^7/-,14S16Y;^#=6G\XS20VRP@%V<' !&[O@GCG@&L9DM4 MSFXDD7GYD*H#^!YH 9FD+J.K ?C2&6P3/R*^,<^8Q/Y=*0:A"K9BMTW3&?1Y0#^52!<'#7$8/'"QL>?KC%9?[\C!N2!TPJ@4AB##Y MY)7'<,] &H\UM'_K)IB.>&VH#^.36?9=2J0"/\ 8!^\?TKZON/7=!T[Q'I5R&56/EE00> M0ZY!K=TSQ7JFE6-O:V\L:+#-YP*1_>;(/.>O0=JVK?X3>-+A]O\ 8[Q^\DB@ M?SK=L_@1XFGQ]IN;&V&>Z6?[/JX!O=>.>XAA_P 36_:? OPO!@W$U]<$?]- H/X 4 ?-^U?[ MJ_E3U21_E0,?8#-?5MG\+_!MD0R:)#(P_BE9G_0G%=!::'I-AC['IEG 1WC@ M53^8% SY(LO"NOZDH-EHU].IYW1P,1^>*Z.R^$'C.\()TL0*>-T\R+C\,Y_2 MOJ.B@#Y]LO@%KDN#>:I80 ]H]\A'Z ?K716?P TN,C[;K5W/Z^3$L?\ /=7L M%% ' 6?P9\&6F/,LI[HCO-<-_)<"NAL?!7AG3F#6NA6$;#D-Y(9A^)YK>HH M15"J%4 = *6BB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B 9BB@ HHHH **** "BBB@ HHHH **** /_V0$! end GRAPHIC 17 image_009.jpg begin 644 image_009.jpg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end GRAPHIC 18 image_010.jpg begin 644 image_010.jpg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end EX-101.INS 19 visl-20191231.xml XBRL INSTANCE FILE 0001565228 2018-12-31 0001565228 2019-12-31 0001565228 2017-12-31 0001565228 us-gaap:CommonStockMember 2017-12-31 0001565228 us-gaap:CommonStockMember 2018-12-31 0001565228 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001565228 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001565228 us-gaap:TreasuryStockMember 2017-12-31 0001565228 us-gaap:TreasuryStockMember 2018-12-31 0001565228 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001565228 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001565228 us-gaap:RetainedEarningsMember 2017-12-31 0001565228 us-gaap:RetainedEarningsMember 2018-12-31 0001565228 us-gaap:SeriesDPreferredStockMember 2017-12-31 0001565228 us-gaap:SeriesDPreferredStockMember 2018-12-31 0001565228 us-gaap:SeriesDPreferredStockMember 2019-12-31 0001565228 us-gaap:CommonStockMember 2019-12-31 0001565228 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001565228 us-gaap:TreasuryStockMember 2019-12-31 0001565228 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001565228 us-gaap:RetainedEarningsMember 2019-12-31 0001565228 2019-01-01 2019-12-31 0001565228 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001565228 VISL:EmployeesDirectorsConsultantsAndOtherProfessionalsMember 2019-01-01 2019-12-31 0001565228 VISL:EmployeeConsultantAgreementsMember 2019-01-01 2019-12-31 0001565228 VISL:MBMGAgreementMember VISL:MBMerchantGroupLLCMember 2019-01-01 2019-12-31 0001565228 VISL:MBMGAgreementMember VISL:MBMerchantGroupLLCMember 2018-01-01 2018-12-31 0001565228 VISL:CommonStockOptionsMember 2019-01-01 2019-12-31 0001565228 us-gaap:AccountingStandardsUpdate201602Member 2019-01-02 0001565228 srt:NorthAmericaMember 2019-01-01 2019-12-31 0001565228 srt:SouthAmericaMember 2019-01-01 2019-12-31 0001565228 srt:EuropeMember 2019-01-01 2019-12-31 0001565228 srt:AsiaMember 2019-01-01 2019-12-31 0001565228 VISL:RestOfWorldMember 2019-01-01 2019-12-31 0001565228 srt:NorthAmericaMember 2018-01-01 2018-12-31 0001565228 srt:SouthAmericaMember 2018-01-01 2018-12-31 0001565228 srt:EuropeMember 2018-01-01 2018-12-31 0001565228 srt:AsiaMember 2018-01-01 2018-12-31 0001565228 VISL:RestOfWorldMember 2018-01-01 2018-12-31 0001565228 us-gaap:SalesRevenueNetMember VISL:OneCustomerMember 2019-01-01 2019-12-31 0001565228 VISL:PurchaseMember VISL:VendorOneMember 2019-01-01 2019-12-31 0001565228 VISL:PurchaseMember VISL:VendorTwoMember 2019-01-01 2019-12-31 0001565228 VISL:EquipmentSalesMember 2019-01-01 2019-12-31 0001565228 VISL:EquipmentSalesMember 2018-01-01 2018-12-31 0001565228 VISL:InstallationIntegrationAndRepairsMember 2019-01-01 2019-12-31 0001565228 VISL:InstallationIntegrationAndRepairsMember 2018-01-01 2018-12-31 0001565228 VISL:WarrantiesMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantiesMember 2018-01-01 2018-12-31 0001565228 us-gaap:SalesRevenueNetMember VISL:OneCustomerMember 2018-01-01 2018-12-31 0001565228 VISL:OtherMember 2019-01-01 2019-12-31 0001565228 VISL:OtherMember 2018-01-01 2018-12-31 0001565228 2020-03-27 0001565228 VISL:StockOptionsMember 2019-01-01 2019-12-31 0001565228 VISL:StockOptionsMember 2018-01-01 2018-12-31 0001565228 us-gaap:ConvertibleDebtMember 2019-01-01 2019-12-31 0001565228 us-gaap:ConvertibleDebtMember 2018-01-01 2018-12-31 0001565228 VISL:WarrantsMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember 2018-01-01 2018-12-31 0001565228 2018-01-01 2018-12-31 0001565228 2019-07-10 2019-07-11 0001565228 2019-07-11 0001565228 VISL:PatentsAndLicensesMember srt:MinimumMember 2019-01-01 2019-12-31 0001565228 VISL:PatentsAndLicensesMember srt:MaximumMember 2019-01-01 2019-12-31 0001565228 us-gaap:OtherIntangibleAssetsMember srt:MinimumMember 2019-01-01 2019-12-31 0001565228 us-gaap:OtherIntangibleAssetsMember srt:MaximumMember 2019-01-01 2019-12-31 0001565228 VISL:PatentsAndLicensesMember 2018-12-31 0001565228 VISL:TradeNamesAndTechnologyMember 2018-12-31 0001565228 us-gaap:CustomerRelationshipsMember 2018-12-31 0001565228 VISL:PatentsAndLicensesMember 2019-12-31 0001565228 VISL:TradeNamesAndTechnologyMember 2019-12-31 0001565228 us-gaap:CustomerRelationshipsMember 2019-12-31 0001565228 VISL:PatentsAndLicensesMember 2019-01-01 2019-12-31 0001565228 VISL:TradeNamesAndTechnologyMember 2019-01-01 2019-12-31 0001565228 us-gaap:CustomerRelationshipsMember 2019-01-01 2019-12-31 0001565228 VISL:MBTechnologyHoldingsMember 2019-09-25 2019-09-27 0001565228 us-gaap:ConvertibleNotesPayableMember 2019-01-01 2019-12-31 0001565228 VISL:MBTechnologyHoldingsMember 2019-09-27 0001565228 us-gaap:ConvertibleNotesPayableMember srt:MinimumMember 2019-01-01 2019-12-31 0001565228 us-gaap:ConvertibleNotesPayableMember srt:MaximumMember 2019-01-01 2019-12-31 0001565228 VISL:ModifiedMember 2019-12-31 0001565228 VISL:ModifiedMember 2018-12-31 0001565228 VISL:NonModifiedMember 2018-12-31 0001565228 VISL:NonModifiedMember 2019-12-31 0001565228 VISL:ModifiedMember 2019-01-01 2019-12-31 0001565228 VISL:NonModifiedMember 2019-01-01 2019-12-31 0001565228 VISL:ColchesterUKWatersideHouseMember 2019-01-01 2019-12-31 0001565228 VISL:BillericaMaMember 2019-01-01 2019-12-31 0001565228 VISL:AnaheimCaMember 2019-01-01 2019-12-31 0001565228 country:SG 2019-01-01 2019-12-31 0001565228 VISL:HemelUKMember 2019-01-01 2019-12-31 0001565228 VISL:HackettstownNJMember 2019-01-01 2019-12-31 0001565228 VISL:MBMerchantGroupLLCMember 2018-12-31 0001565228 VISL:MBMerchantGroupLLCMember 2019-12-31 0001565228 VISL:HaleCapitalPartnersLPMember 2019-01-01 2019-12-31 0001565228 srt:MinimumMember 2019-12-31 0001565228 srt:MaximumMember 2019-12-31 0001565228 VISL:JulyTwoThousandAndNineteenFinancingMember 2019-07-11 0001565228 VISL:JulyTwoThousandAndNineteenFinancingMember VISL:PreFundedWarrantsMember 2019-07-11 0001565228 VISL:PreFundedWarrantsMember 2019-12-31 0001565228 VISL:CommonStockWarrantsMember 2019-01-01 2019-12-31 0001565228 VISL:StakeholderPensionSchemeMember 2019-01-01 2019-12-31 0001565228 VISL:StakeholderPensionSchemeMember 2018-01-01 2018-12-31 0001565228 VISL:NasdaqStockMarketLLCMember srt:MinimumMember 2019-12-31 0001565228 us-gaap:AccountsReceivableMember VISL:CustomerOneMember 2019-12-31 0001565228 us-gaap:AccountsReceivableMember VISL:CustomerOneMember 2018-12-31 0001565228 country:US 2019-12-31 0001565228 country:GB 2019-12-31 0001565228 country:US 2018-12-31 0001565228 country:GB 2018-12-31 0001565228 VISL:GBPMember 2019-12-31 0001565228 VISL:HemelUKMember 2019-12-31 0001565228 VISL:BillericaMaMember 2019-12-31 0001565228 VISL:AnaheimCaMember 2019-12-31 0001565228 country:SG 2019-12-31 0001565228 VISL:ColchesterUKWatersideHouseMember 2019-12-31 0001565228 VISL:HackettstownNJMember 2019-12-31 0001565228 us-gaap:MeasurementInputPriceVolatilityMember srt:MinimumMember 2019-12-31 0001565228 us-gaap:MeasurementInputPriceVolatilityMember srt:MaximumMember 2019-12-31 0001565228 us-gaap:MeasurementInputExpectedDividendRateMember 2019-12-31 0001565228 us-gaap:MeasurementInputRiskFreeInterestRateMember srt:MinimumMember 2019-12-31 0001565228 us-gaap:MeasurementInputRiskFreeInterestRateMember srt:MaximumMember 2019-12-31 0001565228 us-gaap:MeasurementInputExercisePriceMember srt:MinimumMember 2019-12-31 0001565228 us-gaap:MeasurementInputExercisePriceMember srt:MaximumMember 2019-12-31 0001565228 us-gaap:MeasurementInputSharePriceMember 2019-12-31 0001565228 2019-06-28 0001565228 us-gaap:SeriesDPreferredStockMember 2018-01-01 2018-12-31 0001565228 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001565228 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001565228 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001565228 us-gaap:TreasuryStockMember 2018-01-01 2018-12-31 0001565228 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001565228 us-gaap:SeriesDPreferredStockMember 2019-01-01 2019-12-31 0001565228 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001565228 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-12-31 0001565228 us-gaap:TreasuryStockMember 2019-01-01 2019-12-31 0001565228 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001565228 us-gaap:SubsequentEventMember 2020-02-14 0001565228 2019-11-26 2019-11-27 0001565228 us-gaap:SubsequentEventMember 2020-02-13 2020-02-14 0001565228 us-gaap:SubsequentEventMember us-gaap:WarrantMember 2020-02-14 0001565228 us-gaap:SubsequentEventMember VISL:WarrantOneMember 2020-02-14 0001565228 VISL:PatentsAndLicensesMember 2018-01-01 2018-12-31 0001565228 us-gaap:ComputerSoftwareIntangibleAssetMember 2018-01-01 2018-12-31 0001565228 VISL:PurchaseMember VISL:VendorOneMember 2018-01-01 2018-12-31 0001565228 VISL:PurchaseMember VISL:VendorTwoMember 2018-01-01 2018-12-31 0001565228 us-gaap:OtherIntangibleAssetsMember 2018-01-01 2018-12-31 0001565228 2017-01-01 2017-12-31 0001565228 VISL:GBPMember 2018-12-31 0001565228 srt:MaximumMember 2019-01-01 2019-12-31 0001565228 srt:MinimumMember 2018-12-31 0001565228 us-gaap:AccountsReceivableMember VISL:SingleCustomerMember 2019-12-31 0001565228 srt:MinimumMember 2019-01-01 2019-12-31 0001565228 us-gaap:ComputerSoftwareIntangibleAssetMember 2019-01-01 2019-12-31 0001565228 VISL:PatentsAndLicensesMember srt:MinimumMember 2019-01-01 2019-12-31 0001565228 VISL:PatentsAndLicensesMember srt:MaximumMember 2019-01-01 2019-12-31 0001565228 VISL:PatentsAndLicensesMember 2019-01-01 2019-12-31 0001565228 us-gaap:OtherIntangibleAssetsMember srt:MinimumMember 2019-01-01 2019-12-31 0001565228 us-gaap:OtherIntangibleAssetsMember srt:MaximumMember 2019-01-01 2019-12-31 0001565228 us-gaap:OtherIntangibleAssetsMember 2019-01-01 2019-12-31 0001565228 us-gaap:FairValueInputsLevel1Member 2018-12-31 0001565228 us-gaap:FairValueInputsLevel2Member 2018-12-31 0001565228 us-gaap:FairValueInputsLevel3Member 2018-12-31 0001565228 us-gaap:FairValueInputsLevel1Member 2019-12-31 0001565228 us-gaap:FairValueInputsLevel2Member 2019-12-31 0001565228 us-gaap:FairValueInputsLevel3Member 2019-12-31 0001565228 us-gaap:VehiclesMember 2018-12-31 0001565228 us-gaap:FurnitureAndFixturesMember 2018-12-31 0001565228 us-gaap:ComputerEquipmentMember 2018-12-31 0001565228 us-gaap:LeaseholdImprovementsMember 2018-12-31 0001565228 us-gaap:FurnitureAndFixturesMember srt:MinimumMember 2019-01-01 2019-12-31 0001565228 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2019-01-01 2019-12-31 0001565228 us-gaap:LeaseholdImprovementsMember srt:MinimumMember 2019-01-01 2019-12-31 0001565228 us-gaap:LeaseholdImprovementsMember srt:MaximumMember 2019-01-01 2019-12-31 0001565228 us-gaap:ComputerEquipmentMember srt:MinimumMember 2019-01-01 2019-12-31 0001565228 us-gaap:ComputerEquipmentMember srt:MaximumMember 2019-01-01 2019-12-31 0001565228 us-gaap:VehiclesMember srt:MinimumMember 2019-01-01 2019-12-31 0001565228 us-gaap:VehiclesMember srt:MaximumMember 2019-01-01 2019-12-31 0001565228 us-gaap:VehiclesMember 2019-12-31 0001565228 us-gaap:FurnitureAndFixturesMember 2019-12-31 0001565228 us-gaap:ComputerEquipmentMember 2019-12-31 0001565228 us-gaap:LeaseholdImprovementsMember 2019-12-31 0001565228 VISL:SoftwareMember 2019-01-01 2019-12-31 0001565228 VISL:PatentsAndLicensesMember 2018-01-01 2018-12-31 0001565228 VISL:SoftwareDevelopmentCostsMember 2019-01-01 2019-12-31 0001565228 VISL:SoftwareDevelopmentCostsMember 2018-12-31 0001565228 VISL:SoftwareDevelopmentCostsMember 2019-12-31 0001565228 VISL:SoftwareDevelopmentCostsMember 2018-01-01 2018-12-31 0001565228 VISL:SoftwareDevelopmentCostsMember 2017-12-31 0001565228 VISL:PatentsAndLicensesMember 2017-12-31 0001565228 VISL:TradeNamesAndTechnologyMember 2018-01-01 2018-12-31 0001565228 VISL:TradeNamesAndTechnologyMember 2017-12-31 0001565228 us-gaap:CustomerRelationshipsMember 2018-01-01 2018-12-31 0001565228 us-gaap:CustomerRelationshipsMember 2017-12-31 0001565228 VISL:MBTechnologyHoldingsMember 2019-12-31 0001565228 VISL:IntegratedMicrowaveTechnologyMember 2019-12-31 0001565228 VISL:MBTechnologyHoldingsMember 2018-12-31 0001565228 VISL:IntegratedMicrowaveTechnologyMember 2018-12-31 0001565228 VISL:IntegratedMicrowaveTechnologyMember 2019-10-02 0001565228 VISL:IntegratedMicrowaveTechnologyMember 2019-09-29 2019-10-02 0001565228 us-gaap:ConvertibleNotesPayableMember srt:MinimumMember 2019-12-31 0001565228 us-gaap:ConvertibleNotesPayableMember srt:MaximumMember 2019-12-31 0001565228 VISL:SixPercentSeniorSecuredConvertibleDebenturesMember 2018-05-29 0001565228 VISL:SixPercentSeniorSecuredConvertibleDebenturesMember 2018-05-28 2018-05-29 0001565228 VISL:SixPercentSeniorSecuredConvertibleDebenturesMember 2018-01-01 2018-12-31 0001565228 VISL:SixPercentSeniorSecuredConvertibleDebenturesMember 2018-12-31 0001565228 us-gaap:WarrantMember 2018-05-28 2018-05-29 0001565228 VISL:DividendYieldMember 2018-05-28 2018-05-29 0001565228 us-gaap:MeasurementInputPriceVolatilityMember 2018-05-28 2018-05-29 0001565228 us-gaap:MeasurementInputRiskFreeInterestRateMember 2018-05-28 2018-05-29 0001565228 us-gaap:MeasurementInputExpectedDividendRateMember 2018-05-28 2018-05-29 0001565228 VISL:DebtModificationOfMayTwoThousandEighteenFinancingExecutedOnOctoberNineTwoThousandEighteenMember 2018-10-07 2018-10-09 0001565228 VISL:DebtModificationOfMayTwoThousandEighteenFinancingExecutedOnOctoberNineTwoThousandEighteenMember 2018-10-09 0001565228 VISL:DebtModificationOfMayTwoThousandEighteenFinancingExecutedOnOctoberNineTwoThousandEighteenMember srt:MinimumMember 2018-10-09 0001565228 VISL:DebtModificationOfMayTwoThousandEighteenFinancingExecutedOnOctoberNineTwoThousandEighteenMember srt:MaximumMember 2018-10-09 0001565228 VISL:DebtModificationOfMayTwoThousandEighteenFinancingExecutedOnOctoberNineTwoThousandEighteenMember 2018-12-01 2018-12-03 0001565228 VISL:DebtModificationOfMayTwoThousandEighteenFinancingExecutedOnOctoberNineTwoThousandEighteenMember 2018-12-03 0001565228 VISL:DebtModificationOfMayTwoThousandEighteenFinancingExecutedOnOctoberNineTwoThousandEighteenMember 2018-10-01 2018-10-31 0001565228 VISL:DebtModificationOfMayTwoThousandEighteenFinancingExecutedOnOctoberNineTwoThousandEighteenMember 2018-12-02 2018-12-04 0001565228 VISL:ModifiedMember 2018-01-01 2018-12-31 0001565228 VISL:ModifiedMember 2017-12-31 0001565228 VISL:NonModifiedMember 2018-01-01 2018-12-31 0001565228 VISL:NonModifiedMember 2017-12-31 0001565228 VISL:SarasotaFLMember 2019-01-01 2019-12-31 0001565228 VISL:SubletsMember VISL:ColchesterUKTheFairwaysMember 2019-01-01 2019-12-31 0001565228 VISL:SubletsMember VISL:HemelUKMember 2019-01-01 2019-12-31 0001565228 VISL:SubletsMember VISL:BillericaMaMember 2019-01-01 2019-12-31 0001565228 VISL:SarasotaFLMember 2019-12-31 0001565228 VISL:SubletsMember VISL:ColchesterUKTheFairwaysMember 2019-12-31 0001565228 VISL:SubletsMember VISL:HemelUKMember 2019-12-31 0001565228 VISL:SubletsMember VISL:BillericaMaMember 2019-12-31 0001565228 VISL:SubletsMember 2019-12-31 0001565228 us-gaap:MeasurementInputSharePriceMember 2018-12-31 0001565228 us-gaap:MeasurementInputExercisePriceMember srt:MinimumMember 2018-12-31 0001565228 us-gaap:MeasurementInputExercisePriceMember srt:MaximumMember 2018-12-31 0001565228 us-gaap:MeasurementInputPriceVolatilityMember srt:MinimumMember 2018-12-31 0001565228 us-gaap:MeasurementInputPriceVolatilityMember srt:MaximumMember 2018-12-31 0001565228 us-gaap:MeasurementInputRiskFreeInterestRateMember srt:MinimumMember 2018-12-31 0001565228 us-gaap:MeasurementInputRiskFreeInterestRateMember srt:MaximumMember 2018-12-31 0001565228 us-gaap:MeasurementInputExpectedDividendRateMember 2018-12-31 0001565228 srt:MaximumMember 2018-12-31 0001565228 2013-03-31 0001565228 us-gaap:SeriesAPreferredStockMember 2014-12-31 0001565228 us-gaap:SeriesBPreferredStockMember 2015-02-11 0001565228 us-gaap:SeriesCPreferredStockMember 2015-02-24 0001565228 us-gaap:SeriesBPreferredStockMember 2016-02-05 0001565228 us-gaap:SeriesDPreferredStockMember 2016-04-25 0001565228 us-gaap:SeriesEPreferredStockMember 2016-12-21 0001565228 us-gaap:SeriesBPreferredStockMember 2019-12-31 0001565228 VISL:ConversionRightsOfPreferredMember 2019-12-31 0001565228 us-gaap:SeriesEPreferredStockMember 2019-12-31 0001565228 us-gaap:SeriesEPreferredStockMember 2016-12-01 2016-12-31 0001565228 2019-05-12 2019-05-13 0001565228 VISL:NovemberTwoThousandAndNineteenFinancingMember 2019-11-26 2019-11-27 0001565228 VISL:NovemberTwoThousandAndNineteenFinancingMember us-gaap:WarrantMember 2019-11-27 0001565228 VISL:JulyTwoThousandAndNineteenFinancingMember 2019-07-10 2019-07-11 0001565228 VISL:EmployeesDirectorsConsultantsAndOtherProfessionalsMember 2018-01-01 2018-12-31 0001565228 VISL:EmployeeConsultantAgreementsMember 2018-01-01 2018-12-31 0001565228 VISL:AccruedInterestOnConvertiblePromissoryNoteMember 2018-01-01 2018-12-31 0001565228 us-gaap:AccountsReceivableMember VISL:CustomerOneMember 2019-01-01 2019-12-31 0001565228 us-gaap:AccountsReceivableMember VISL:CustomerOneMember 2018-01-01 2018-12-31 0001565228 us-gaap:AccountsPayableMember VISL:VendorMember 2019-12-31 0001565228 us-gaap:AccountsPayableMember VISL:VendorMember 2019-01-01 2019-12-31 0001565228 us-gaap:AccountsPayableMember VISL:VendorMember 2018-12-31 0001565228 us-gaap:AccountsPayableMember VISL:VendorMember 2018-01-01 2018-12-31 0001565228 us-gaap:DomesticCountryMember 2019-12-31 0001565228 us-gaap:DomesticCountryMember VISL:CarriedForwardIndefinitelyMember 2019-12-31 0001565228 us-gaap:StateAndLocalJurisdictionMember 2019-12-31 0001565228 us-gaap:ForeignCountryMember 2019-12-31 0001565228 us-gaap:SubsequentEventMember VISL:TimeBasedOptionMember 2020-01-14 2020-01-15 0001565228 us-gaap:SubsequentEventMember VISL:PerformanceBasedOptionMember 2020-01-14 2020-01-15 0001565228 us-gaap:SubsequentEventMember VISL:BondEmploymentAgreementMember 2020-02-26 2020-02-27 0001565228 us-gaap:SubsequentEventMember VISL:PayneSeparationAgreementMember 2020-02-24 0001565228 us-gaap:SubsequentEventMember VISL:BrantonSeparationAgreementMember 2020-03-31 0001565228 us-gaap:SubsequentEventMember VISL:MBMerchantGroupLLCMember 2020-02-23 2020-02-25 0001565228 us-gaap:SubsequentEventMember VISL:PayneSeparationAgreementMember 2020-02-21 2020-02-24 0001565228 us-gaap:SubsequentEventMember VISL:BrantonSeparationAgreementMember 2020-03-28 2020-03-31 0001565228 us-gaap:WarrantMember 2019-11-27 0001565228 VISL:WarrantOneMember 2019-11-27 0001565228 us-gaap:SubsequentEventMember us-gaap:WarrantMember 2020-02-13 2020-02-14 0001565228 us-gaap:SubsequentEventMember VISL:PreFundedWarrantsMember 2020-02-14 0001565228 us-gaap:SubsequentEventMember VISL:WarrantOneMember 2020-02-13 2020-02-14 0001565228 us-gaap:ConvertibleNotesPayableMember 2019-12-31 0001565228 us-gaap:WarrantMember 2018-05-29 0001565228 VISL:NovemberTwoThousandAndNineteenFinancingMember VISL:WarrantOneMember 2019-11-27 0001565228 VISL:CommonStockWarrantsMember 2019-12-31 0001565228 VISL:CashlessWarrantsMember 2019-12-31 0001565228 VISL:NewDebtInstrumentsMember 2019-01-01 2019-12-31 0001565228 VISL:NewDebtInstrumentsMember 2019-12-31 0001565228 VISL:WarrantsMember srt:MinimumMember 2018-12-31 0001565228 VISL:WarrantsMember srt:MaximumMember 2018-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeOneMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeOneMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeTwoMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeTwoMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeThreeMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeThreeMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeFourMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeFourMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeFiveMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeFiveMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeSixMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeSixMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeSevenMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeSevenMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeEightMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeEightMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeNineMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeNineMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeTenMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeTenMember 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeElevenMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember VISL:ExercisePriceRangeElevenMember 2019-12-31 0001565228 VISL:WarrantsMember 2019-01-01 2019-12-31 0001565228 VISL:WarrantsMember 2019-12-31 0001565228 VISL:PreFundedWarrantsMember VISL:NovTwoThousandNineteenEquityRaiseMember 2020-01-01 2020-03-30 0001565228 VISL:PreFundedWarrantsMember VISL:FebTwoThousandTwentyEquityRaiseMember 2020-01-01 2020-03-30 0001565228 VISL:PreFundedWarrantsMember 2020-01-01 2020-03-30 0001565228 VISL:CashlessWarrantsMember VISL:NovTwoThousandNineteenEquityRaiseMember 2020-01-01 2020-03-30 0001565228 VISL:CashlessWarrantsMember VISL:FebTwoThousandTwentyEquityRaiseMember 2020-01-01 2020-03-30 0001565228 VISL:CashlessWarrantsMember 2020-01-01 2020-03-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure iso4217:GBP 2005000 1737000 6800000 7072000 6784000 1940000 837000 10290000 9229000 16499000 235819000 244562000 -22000 -22000 354000 275000 -219652000 -234525000 261871000 -277000 207000 -252572000 16000 0 0.00001 0.00001 0.00001 0.00001 10000000 10000000 10000000 3000000 3000000 3000000 5000000 5000000 5000 5000 0 0 0 0 0.00001 0.00001 0.00001 100000000 100000000 1877698 21567287 1877697 21551333 1 15964 -18047000 -14873000 -14873000 -18047000 -68000 -79000 -79000 -68000 -8355000 -6379000 31000 240000 240000 31000 19632 302655 1223 2083136 12232 158130 12469 429585 208313 224000 31000 240000 1793000 1793000 224000 47000 0 1489739 1877698 21567287 302655 71000 19000 19000 71000 12469 42959 2069000 3728000 3728000 2069000 1925000 2900000 28942000 13054000 429000 9231000 4554000 1674000 17686000 1185000 11569000 4880000 2974000 5434000 2610000 25657000 35055000 2673000 3024000 171000 215000 441000 38294000 2165000 2596000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 9 &#8212; NOTES PAYABLE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>Principal Balance</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Effective as of September 27, 2019, the Board of Directors of the Company consented to assume the remaining balance of a note held by the related party MB Technology Holdings, LLC (&#8220;MBTH&#8221;). MBTH originally borrowed funds for the benefit of the Company with the proceeds forwarded to the Company reflecting due to a related party, which ultimately was converted into 15,953 shares returned to treasury. The note matures on September 18, 2020, with an annual interest rate of 8.022%. One payment of $18,519 of accrued interest plus $230,860 of principal, totaling $249,379, is due on September 18, 2020.</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">231,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">On October 2, 2019, the Company&#8217;s subsidiary, Integrated Microwave Technology (&#8220;IMT&#8221;), incurred a working capital loan of $150,000, with an annual interest rate of 1.9%, maturing on April 24, 2020. There is no payment schedule required by the lender and IMT has made $42,439 in principal and $14,429 in interest payments.</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">108,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">339,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 284000 284000 2005000 1737000 2799000 Vislink Technologies, Inc. 0001565228 10-K 2019-12-31 false --12-31 Yes Yes Non-accelerated Filer true false false FY 2019 78500687 339000 231000 108000 4751200 14184000 14184000 178000 178000 8237701 24000 24000 6181525 -255000 -255000 320000 519000 425000 142000 4705000 473000 883000 -1064000 -3186000 63000 2301000 867000 -1811000 -841000 -775000 -142000 186000 -623000 -3365000 -332000 -1178000 1213000 984000 -880000 175000 -397000 250000 -24000 401000 69000 -425000 181000 15983000 178000 48000 6000000 2000000 4000000 8519000 5435000 -7000 -31000 -268000 -794000 1827000 36000 71000 19000 24000 231000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principles of Consolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America or (&#8220;U.S. GAAP&#8221;) as found in the Accounting Standards Codification (&#8220;ASC&#8221;), the Accounting Standards Update (&#8220;ASU&#8221;) of the Financial Accounting Standards Board (&#8220;FASB&#8221;) and the rules and regulations of the US Securities and Exchange Commission (the &#8220;SEC&#8221;). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IMT and Vislink. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Segment Reporting</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the operating decision makers, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company&#8217;s decision-making group is the senior executive management team. The Company and the decision-making group view the Company&#8217;s operations and manage its business as one operating segment with different product offerings. All long-lived assets of the Company reside in the U.S. and U.K.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Use of Estimates</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company&#8217;s consolidated financial statements include the useful lives of property, plant, and equipment, 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. Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. The Company did not have any cash equivalents on hand as of December 31, 2019 and 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentrations of Credit Risk</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not have any off-balance-sheet concentrations of credit risk. Credit risk is the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company. The Company&#8217;s credit risk is primarily attributable to its cash and accounts receivables. The Company&#8217;s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. <font style="background-color: white">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts held within the United States are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to $250,000. Additionally, the Company maintains cash balance accounts at financial institutions located in the United Kingdom insured by the Financial Services Compensation Scheme up to &#163;85,000, subject to currency translation rates to the United States dollar. On December 31, 2019, the Company had approximately $1.2 million above insured limits, respectively. </font>The Company has not experienced any losses in its bank accounts during the years ended December 31, 2019, and 2018. For customers, management assesses the credit quality of the customer, considering its financial position and historical experience.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2019, and 2018, the Company did not experience sales to one customer over 10% of the Company&#8217;s total consolidated sales. On December 31, 2019, the Company recorded approximately $2,613,000 (39%) and $-0- of accounts receivable to a single customer over 10% of the Company&#8217;s total consolidated accounts receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Accounts Receivable and Allowance for Doubtful Accounts</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company extends credit to its customers in the normal course of business. Further, the Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgements regarding its customer&#8217;s ability to make required payments, prevailing economic conditions, past experience and other factors. As the financial condition of these factors change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for credit losses and losses have been within its expectations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Inventories</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories, consisting principally of raw materials, work-in-process and finished goods, and is recorded at the lower of cost, on a first-in, first-out basis, or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company evaluates inventory balances and either writes-down inventory that is obsolete or based on a net realizable value analysis or records a reserve for slow moving or excess inventory.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Property and Equipment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are presented at cost at the date of acquisition less depreciation. Depreciation is computed using the straight-line method over estimated useful asset lives, which range from 1 to 10 years. The costs of the day-to-day servicing of property and equipment, and repairs and maintenance are recognized in expenses as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intangible Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Software:</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use or sale to others when both the preliminary project stage is completed, and it is probable that the software will be used as intended with a product. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the product. Capitalized software costs are included in intangible assets on the Company&#8217;s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates 5 years. Capitalized Software was fully amortized as of December 31, 2018. Software amortization totaled $268,000 for the year ended December 31, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Patents and licenses:</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patents and licenses, measured initially at purchase cost, are included in intangible assets on the Company&#8217;s balance sheet and are amortized on a straight-line basis over their estimated useful lives of 18.5 to 20 years. Amortization totaled $669,000 and $664,000 for the years ended December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Other intangible assets:</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s remaining intangible assets include the trade names, technology and customer lists acquired in its acquisition of IMT and Vislink. The value of these acquired assets was determined by a third-party appraisal completed for these business combinations. Absent an indication of fair value from a potential buyer or similar specific transactions, the Company believes that the use of the methods employed provided a reasonable estimate in the reporting of the fair value assigned.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company includes these costs in intangible assets on the balance sheet and are amortized over their useful lives of 3 to 15 years. Amortization totaled $1,800,000 and $2,000,000 for the years ended December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Warranty Reserve</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Company tests its product in accordance with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company&#8217;s estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be required. The claims made during the year ended December 31, 2019 and 2018 were ordinary and customary. Warranty reserve is included in accrued expenses on the accompanying consolidated balance sheets and cost of components in the accompanying consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Warranty Reserve</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%"><font style="font-size: 10pt">December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">507,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Warranty reserve expense</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">23,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Warranty claims settled and true-up of accrual</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(205,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">December 31, 2018</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">325,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warranty reserve expense</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">231,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Warranty claims settled and true-up of accrual</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(221,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">335,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Shipping and Handling Costs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shipping and handling charges are invoiced to the customer and the Company nets these charges against the respective costs within general and administrative expenses. For the years ended December 31, 2019 and 2018, the amount of shipping and handling costs incurred were $614,000 and $774,000, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Convertible Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records debt net of debt discount for beneficial conversion features and warrants, on either a relative fair value or fair value basis depending on the respective accounting treatment of each instrument. Beneficial conversion features are recorded pursuant to the Beneficial Conversion (&#8220;BCF&#8221;) and Debt Topics of the FASB Accounting Standards Codification. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discounts with corresponding entries to derivative liability and additional paid-in-capital. Costs paid to third parties (e.g., legal fees, printing costs, placement agent fees) that are directly related to issuing the debt and that otherwise wouldn&#8217;t be incurred, are treated as a direct deduction of the debt liability. Debt discount and issuance costs are generally amortized and recognized as additional interest expense in the statement of operations over the life of the debt instrument using the effective interest method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates and bifurcates conversion features from the instruments containing such features and accounts for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the underlying instrument, (b) the hybrid instrument that contains both the embedded derivative instrument and the underlying instrument is not re-measured at fair value under otherwise applicable U.S. GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Common Stock Purchase Warrants and Other Derivative Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company classifies common stock purchase warrants and other free-standing financial instruments as equity if the contracts (i) require physical settlement or net-share settlement in common stock or (ii) give the Company a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement). The Company classifies the following contracts as either an asset or a liability: contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement) or (iii) contain reset provisions. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Treasury Stock</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares of common stock repurchased are recorded at cost as treasury stock. When shares are reissued, the cost method is used. In accordance with U.S. GAAP, the excess of the acquisition cost over the reissuance price of the treasury stock, if any, is recorded to additional paid-in capital, limited to the amount previously credited to additional paid-in capital, if any. Any excess is charged to accumulated deficit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue Recognition</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted Accounting Standards Codification (&#8220;ASC&#8221;) Topic 606, <i>Revenue from Contracts with Customers</i> (&#8220;ASC Topic 606&#8221;) on January 1, 2019 using the modified retrospective method. The Company&#8217;s operating results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 606, while prior period amounts continue to be reported in accordance with our historic accounting under Topic 605. The timing and measurement of our revenues under ASC Topic 606 is similar to that recognized under previous guidance, accordingly, the adoption of ASC Topic 606 did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof at adoption or in the current period. There were no changes in our opening retained earnings balance as a result of the adoption of ASC Topic 606.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC Topic 606 is a comprehensive revenue recognition model that requires revenue to be recognized when control of the promised goods or services are transferred to our customers at an amount that reflects the consideration that we expect to receive. Application of ASC Topic 606 requires us to use more judgment and make more estimates than under former guidance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates all its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised goods or services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company determines revenue recognition through the following steps:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Identification of the contract, or contracts, with a customer;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Identification of the performance obligations in the contract;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Determination of the transaction price;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Allocation of the transaction price to the performance obligations in the contract; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Recognition of revenue, when, or as, we satisfy a performance obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At contract inception, the Company assesses the goods and services promised in our contracts with customers and identifies a performance obligation for each. To determine the performance obligations, the Company considers all the products and services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. The timing of satisfaction of the performance obligation is not subject to significant judgment. We measure revenue as the amount of consideration we expect to receive in exchange for transferring goods and services. Excluded from income are the value-added sales taxes, and other charges we collect concurrent with revenue-producing activities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Remaining Performance Obligations</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Remaining performance obligations, or backlog, represents the aggregate amount of the transaction price allocated to the remaining obligations that the Company has not performed under its customer contracts. The Company has elected to use the optional exemption in ASC 606-10-50-14, which exempts an entity from such disclosures if a performance obligation is part of a contract with an original expected duration of one year or less.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Research and Development Expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development costs are charged to expense as incurred in performing research, design and development activities. These expenses consist primarily of salary and benefit expenses, including stock-based compensation and payroll taxes for employees and costs for contractors engaged in research, design and development activities, as well as costs for prototypes, facilities and travel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Stock-Based Compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company accounts for stock compensation with persons classified as employees for accounting purposes in accordance with ASC 718 &#8220;Compensation &#8211; Stock Compensation&#8221;, which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common stock issued for services is determined based on the Company&#8217;s stock price on the date of issuance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Under ASU 2018-07, the scope of Topic 718 was expanded to include share-based payment transactions for acquiring goods and services from nonemployees. Equity-classified nonemployee share-based payment awards are no longer measured at the earlier of the date at which a commitment for performance by the counterparty is reached or the date at which the counterparty&#8217;s performance is complete. Rather, they are now measured at the grant date. Nonemployee share-based payment awards with performance conditions are measured at the lowest aggregate fair value under today&#8217;s guidance, which often results in zero value. The new ASU aligns the accounting for nonemployee share-based payment awards with performance conditions with accounting for employee share-based payment awards under Topic 718 by requiring entities to consider the probability of satisfying performance conditions. Current guidance requires entities to use the contractual term for the measurement of the nonemployee share-based payment awards. The new ASU allows entities to make an award-by-award election to use either the expected term (consistent with employee share-based payment awards) or the contractual term for nonemployee awards</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leases</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASC 842 on January 1, 2019, using the modified retrospective transition approach that applies the new standard to all leases existing at the date of the initial application. ASC 842 supersedes nearly all existing lease accounting guidance under GAAP issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;) including ASC Topic 840, Leases. ASC 842 requires that lessees recognize Right-Of-Use (&#8221; ROU&#8221;) assets and lease liabilities calculated based on the present value of lease payments for all lease agreements with terms that are greater than twelve months. Lease contracts are measured and presented in the statement of operations and statement of cash flows under ASC 842 either as a finance lease or operating lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="color: #252525">At lease inception, the Company determined if an arrangement is a lease and if it includes options to extend or terminate the contract if it is reasonably sure that the options will be exercised. We recognize lease expense for lease payments on a straight-line basis over the lease term. The Company includes o</font>perating leases as ROU assets as &#8220;Right of use assets, operating leases&#8221; and are included in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in &#8220;Operating lease obligations, current&#8221; and &#8220;Operating lease liabilities, net of current portion,&#8221; in the consolidated balance sheets. <font style="color: #252525">We recognize Operating lease ROU assets and liabilities on the commencement date based on the present value of lease payments over the lease term. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ROU asset and related lease liabilities recorded under ASC 842 are calculated based on the present value of the lease payments using (1) the rate implicit in the lease or (2) the lessee&#8217;s IBR, defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a comparable economic environment. <font style="color: #252525">As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rates based on an analysis of prior collateralized borrowings over similar terms of the lease payments at the commencement date as of January 1, 2019, to estimate the IBR applicable upon transition to ASC 842.</font> There were no capital leases, which are now titled &#8220;finance leases&#8221; under ASC 842, in the Company&#8217;s lease portfolio as of December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the adoption of ASU 2016-02, on January 1, 2019, the Company recognized a lease liability of approximately $3.0 million, with corresponding assets of $2.9 million, based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases, less derecognized deferred rent of approximately $0.06 million. There are no changes to the Company&#8217;s previously reported results before January 1, 2019. Lease expense has not changed materially as a result of the adoption of ASU 2016-02.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The adoption of ASC 842 did not materially impact our results of operations, cash flows, or presentation thereof. Refer to Note 11 for more information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impairment of Long-Lived Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management reviews long-lived assets and other intangible assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets used in operations, including right-of-use operating lease assets, impairment losses are only recorded if the asset&#8217;s carrying amount is not recoverable when the estimated undiscounted cash flows expected to result from the use of an asset and its eventual disposition is less than the carrying amount. If an impairment exists, the resulting write-down would be the difference between the fair market value of the long-lived asset and the related net book value. For the years ended December 31, 2019 and 2018, the Company recorded total impairment charges of $-0- and $0.4 million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Income Taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I<font style="background-color: white">ncome taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which management cannot conclude that it is more likely than not that such deferred tax assets will be realized. The Company will be filing income tax returns in the U.S. federal jurisdiction and will be filing in various state and foreign jurisdictions. The Company recognizes the impact of an uncertain tax position in its financial statements if, in management&#8217;s judgment, the position is more-likely-than-not sustainable upon audit based upon the position&#8217;s technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for uncertain tax positions is necessary. The Company&#8217;s policy is to classify assessments, if any, for tax-related interest expense and penalties as general and administrative expenses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Advertising Costs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Advertising costs are charged to operations as incurred. Advertising costs amounted to approximately $237,000 and $82,000, for the years ended December 31, 2019 and 2018, respectively. Advertising costs are included in general and administrative expenses in the accompanying consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Sales Tax and Value Added Taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for sales taxes and value added taxes imposed on its goods and services on a net basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Loss Per Share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reports loss per share in accordance with ASC Topic 260, &#8220;Earnings Per Share,&#8221; which establishes standards for computing and presenting earnings per share. Basic (loss) earnings per common share is calculated by dividing net (loss) earnings allocable to common stockholders by the weighted-average common shares outstanding during the period, inclusive of penny warrants outstanding of 9,147,200 for the year end December 31, 2019, without consideration of common stock equivalents. Diluted (loss) earnings per share is calculated by adjusting the weighted-average shares outstanding for the dilutive effect of common stock equivalents, including stock options and warrants, outstanding for the period as determined using the treasury stock method. For purposes of the diluted net loss per share calculation, common stock equivalents are excluded from the calculation because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders is the same for periods with a net loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the Years Ended</b></font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:</font></td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-left: 10pt"><font style="font-size: 10pt">Stock options</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">503</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">586</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Convertible debt</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,363</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Warrants</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">13,160</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,187</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,663</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,136</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair Value of Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. GAAP requires disclosing the fair value of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the consolidated balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In assessing the fair value of financial instruments, the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at the time. For certain instruments the fair value was estimated that the carrying amount approximated fair value because of the short maturities of these instruments. All debt is based on current rates at which the Company could borrow funds with similar remaining maturities and approximates fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use on unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company&#8217;s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is described below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">&#160;</td> <td style="width: 48px; text-align: justify"><font style="font-size: 10pt">Level 1:</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">Level 2:</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Observable prices that are based on inputs not quoted on active markets but corroborated by market data.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">Level 3:</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company&#8217;s assets and liabilities that are measured at fair value on a non-recurring basis at December 31, 2019, consistent with the fair value hierarchy provisions. The asset impairment is a non-recurring level 3 measurement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quoted Prices<br /> in Active Markets for<br /> Identical<br /> Assets/Liabilities<br /> (Level 1)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant Other<br /> Observable Inputs<br /> (Level 2)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant<br /> Unobservable Inputs<br /> (Level 3)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 32%; padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Derivative liability</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 18%; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company&#8217;s liabilities that are measured at fair value on a recurring and non-recurring basis at December 31, 2018, consistent with the fair value hierarchy provisions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quoted Prices<br /> in Active Markets for<br /> Identical<br /> Assets/Liabilities<br /> (Level 1)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant Other<br /> Observable Inputs<br /> (Level 2)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant<br /> Unobservable Inputs<br /> (Level 3)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Assets (non-recurring):</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 32%; padding-left: 10pt"><font style="font-size: 10pt">Asset impairment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">245,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">245,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Capitalized software development costs</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">168,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">168,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">413,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">413,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Derivative liability</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See Note 13 for additional disclosure regarding the Company&#8217;s warrants liabilities accounted for at fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Currency and Other Comprehensive (Loss) Gain</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The functional currency of our foreign subsidiary is typically the applicable local currency which is British Pounds. The translation from the respective foreign currency to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using an average exchange rate during the period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The foreign currency exchange gains and losses are included as a component of general and administrative expenses, in the accompanying Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents losses recognized from foreign exchange transactions; and changes in accumulated other comprehensive income representing the gain or loss on the translation of our foreign subsidiary&#8217;s financial statements as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the Years Ended</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Net foreign exchange transactions:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-bottom: 2.5pt; padding-left: 10pt; text-align: justify"><font style="font-size: 10pt">(Gains) losses</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">(97,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">483,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Accumulated comprehensive income:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: justify"><font style="font-size: 10pt">Unrealized loss on currency translation adjustment</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">79,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exchange rate adopted for the foreign exchange transactions are the rates of exchange as quoted on an OANDA, a Canadian-based foreign exchange company providing currency conversion, online retail foreign exchange trading, online foreign currency transfers, and forex information, internet website. Translation of amounts from British Pounds into United States dollars was made at the following exchange rates for the respective periods:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px"><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">As of December 31, 2019 &#8211; British Pounds $1.318462 to US$ 1.00</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">Average rate for the year ended December 31, 2019 &#8211; British Pounds $1.76717 to US $1.00</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">As of December 31, 2018 &#8211; British Pounds $1.2734340 to US$ 1.00</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">Average rate for the year ended December 31, 2018 &#8211; British Pounds $1.3347667 to US $1.00</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Subsequent Events</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management has evaluated subsequent events or transactions occurring through the date the consolidated financial statements were issued and determined that no events or transactions are required to be disclosed herein, except as disclosed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Recent Accounting Pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2019, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2019-12, &#8220;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes&#8221; (ASU 2019-12), which simplifies certain aspects of income tax accounting guidance in ASC 740, reducing the complexity of its application. Certain exceptions to ASC 740 presented within the ASU include: intra-period tax allocation, deferred tax liabilities related to outside basis differences, year-to-date loss in interim periods, among others. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020 including interim periods therein with early adoption permitted. The Company is currently assessing the impact of the ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s present or future consolidated financial statements.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2 &#8212; LIQUIDITY AND FINANCIAL CONDITION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under ASU 2014-15 Presentation of Financial Statements&#8212;Going Concern (Subtopic 205-40) (&#8220;ASC 205-40&#8221;), the Company has the responsibility to evaluate whether conditions and or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed the Company&#8217;s ability to continue as a going concern under the requirement of ASC 205-40.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As reflected in the consolidated financial statements, the Company had $1.7 million in cash on the balance sheet at December 31, 2019. The Company had working capital and an accumulated deficit of $3.6 million and $252.6 million, respectively. Additionally, the Company had a loss from operations of approximately $17.2 million and cash used in operating activities of $8.4 million for the year ended December 31, 2019. As of February 14, 2020, the Company&#8217;s cash balance was approximately $6.8 million after the February 2020 equity raise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has historically funded its operations from debt and equity raises, attaining the following recent capital events:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">&#160;</td> <td style="width: 24px; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">On July 11, 2019, the Company closed an equity financing for 1,550,000 shares of common stock, warrants to purchase 6,000,000 shares of common stock and, 4,450,000 pre-funded warrants to purchase common stock in place of common stock. The Company received gross proceeds of approximately $11,996,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company. The Company used the net proceeds to satisfy outstanding principal and accrued interest due on convertible promissory notes of approximately $7,600,000 million and the balance for working capital.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">On November 27, 2019, the Company closed an equity financing for 3,201,200 shares of common stock, warrants to purchase 11,893,100 shares of common stock and, warrants to purchase 11,320,725 shares of Common Stock. The Company received gross proceeds of approximately $3,988,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company. The Company used the net proceeds from equity financing for working capital purposes.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">On February 14, 2020, the Company closed on an equity financing for 12,445,000 shares of common stock, 12,445,000 warrants to purchase 9,333,750 shares of Common Stock, and 14,827,200 pre-funded warrants, with each Pre-Funded Warrant exercisable for one share of Common Stock, together with 14,827,200 Warrants to purchase 11,120,400 shares of Common Stock. The Company received gross proceeds of approximately $5,998,000, less offering costs of $560,000 for net proceeds of $5,438,000. The Company has earmarked the use of the net proceeds from equity financing for working capital and general corporate purposes.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the proceeds raised in the recent capital events, repaying substantially all of the Company&#8217;s debt and ongoing cost management, the Company believes there are enough funds to mitigate the going concern uncertainty for at least twelve months from the date of these financial statements are made available.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 7 &#8212; INTANGIBLE ASSETS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets consist of the following finite assets:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Software Development Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Patents and Licenses</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Trade Names and Technology</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Customer Relationships</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accumulated</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accumulated</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accumulated</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accumulated</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Net</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 37%"><font style="font-size: 8pt">Balance as of December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">18,647,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">(18,211,000</font></td> <td style="width: 1%"><font style="font-size: 8pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">12,378,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">(9,171,000</font></td> <td style="width: 1%"><font style="font-size: 8pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">1,450,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">(243,000</font></td> <td style="width: 1%"><font style="font-size: 8pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">2,880,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">(836,000</font></td> <td style="width: 1%"><font style="font-size: 8pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">6,894,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Additions</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Eliminations</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(18,647,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">18,647,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Impairments</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(168,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(168,000</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 8pt">Amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(268,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(664,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(224,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(879,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(2,035,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Balance as of December 31, 2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">12,378,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(9,835,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">1,450,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(467,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">2,880,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">(1,715,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">4,691,000</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Additions</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Eliminations</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Impairments</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 8pt">Amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(669,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(223,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(877,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(1,769,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Balance as of December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">12,378,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(10,504,000</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,450,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(690,000</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,880,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(2,592,000</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,922,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Software:</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use or sale to others when both the preliminary project stage is completed, and it is probable that the software will be used as intended with a product. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the product. Capitalized software costs are included in intangible assets on the Company&#8217;s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates 5 years. Capitalized Software was fully amortized as of December 31, 2018. Software amortization totaled $268,000 for the year ended December 31, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Patents and Licenses:</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patents and licenses, measured initially at purchase cost, are included in intangible assets on the Company&#8217;s balance sheet and are amortized on a straight-line basis over their estimated useful lives of 18.5 to 20 years. At December 31, 2019 and 2018, the Company had net capitalized costs of patents and licenses of $1.9 million and $2.5 million, respectively. The costs of provisional patents and pending applications is not amortized until the patent is filed and is reviewed each reporting period to determine if it is likely that the patent will be successfully filed. For the years ended December 31, 2019 and 2018, the amortization of patents and licenses amounted to $.7 million each, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Other Intangible Assets</u>:</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s remaining intangible assets include the trade names, technology, and customer lists acquired in its acquisition of IMT and Vislink. On December 31, 2019 and 2018, the Company had net capitalized costs of other intangible assets of $1.0 million and $2.1 million, respective. The Company includes these costs in intangible assets on the balance sheet and are amortized over their useful lives of 3 to 15 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The normal amortization of intangible assets amounted to $1.8 million and $2.0 million, for the years ended December 31, 2019 and 2018, respectively. There was an impairment of $-0- million and $0.2 million of software development costs for the years ended December 31, 2019 and 2018, respectively. The weighted average remaining life of the amortization of the Company&#8217;s intangible assets is approximately 3.7 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%"><font style="font-size: 10pt">2020</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">1,053,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">879,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">546,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">119,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">119,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">206,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,922,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principles of Consolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America or (&#8220;U.S. GAAP&#8221;) as found in the Accounting Standards Codification (&#8220;ASC&#8221;), the Accounting Standards Update (&#8220;ASU&#8221;) of the Financial Accounting Standards Board (&#8220;FASB&#8221;) and the rules and regulations of the US Securities and Exchange Commission (the &#8220;SEC&#8221;). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IMT and Vislink. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation.</font></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Use of Estimates</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company&#8217;s consolidated financial statements include the useful lives of property, plant, and equipment, 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. Actual results could differ from these estimates.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Inventories</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories, consisting principally of raw materials, work-in-process and finished goods, and is recorded at the lower of cost, on a first-in, first-out basis, or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company evaluates inventory balances and either writes-down inventory that is obsolete or based on a net realizable value analysis or records a reserve for slow moving or excess inventory.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue Recognition</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted Accounting Standards Codification (&#8220;ASC&#8221;) Topic 606, <i>Revenue from Contracts with Customers</i> (&#8220;ASC Topic 606&#8221;) on January 1, 2019 using the modified retrospective method. The Company&#8217;s operating results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 606, while prior period amounts continue to be reported in accordance with our historic accounting under Topic 605. The timing and measurement of our revenues under ASC Topic 606 is similar to that recognized under previous guidance, accordingly, the adoption of ASC Topic 606 did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof at adoption or in the current period. There were no changes in our opening retained earnings balance as a result of the adoption of ASC Topic 606.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC Topic 606 is a comprehensive revenue recognition model that requires revenue to be recognized when control of the promised goods or services are transferred to our customers at an amount that reflects the consideration that we expect to receive. Application of ASC Topic 606 requires us to use more judgment and make more estimates than under former guidance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates all its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised goods or services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company determines revenue recognition through the following steps:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Identification of the contract, or contracts, with a customer;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Identification of the performance obligations in the contract;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Determination of the transaction price;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Allocation of the transaction price to the performance obligations in the contract; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Recognition of revenue, when, or as, we satisfy a performance obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At contract inception, the Company assesses the goods and services promised in our contracts with customers and identifies a performance obligation for each. To determine the performance obligations, the Company considers all the products and services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. The timing of satisfaction of the performance obligation is not subject to significant judgment. We measure revenue as the amount of consideration we expect to receive in exchange for transferring goods and services. Excluded from income are the value-added sales taxes, and other charges we collect concurrent with revenue-producing activities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Remaining Performance Obligations</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Remaining performance obligations, or backlog, represents the aggregate amount of the transaction price allocated to the remaining obligations that the Company has not performed under its customer contracts. The Company has elected to use the optional exemption in ASC 606-10-50-14, which exempts an entity from such disclosures if a performance obligation is part of a contract with an original expected duration of one year or less.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Stock-Based Compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company accounts for stock compensation with persons classified as employees for accounting purposes in accordance with ASC 718 &#8220;Compensation &#8211; Stock Compensation&#8221;, which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common stock issued for services is determined based on the Company&#8217;s stock price on the date of issuance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Under ASU 2018-07, the scope of Topic 718 was expanded to include share-based payment transactions for acquiring goods and services from nonemployees. Equity-classified nonemployee share-based payment awards are no longer measured at the earlier of the date at which a commitment for performance by the counterparty is reached or the date at which the counterparty&#8217;s performance is complete. Rather, they are now measured at the grant date. Nonemployee share-based payment awards with performance conditions are measured at the lowest aggregate fair value under today&#8217;s guidance, which often results in zero value. The new ASU aligns the accounting for nonemployee share-based payment awards with performance conditions with accounting for employee share-based payment awards under Topic 718 by requiring entities to consider the probability of satisfying performance conditions. Current guidance requires entities to use the contractual term for the measurement of the nonemployee share-based payment awards. The new ASU allows entities to make an award-by-award election to use either the expected term (consistent with employee share-based payment awards) or the contractual term for nonemployee awards</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Convertible Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records debt net of debt discount for beneficial conversion features and warrants, on either a relative fair value or fair value basis depending on the respective accounting treatment of each instrument. Beneficial conversion features are recorded pursuant to the Beneficial Conversion (&#8220;BCF&#8221;) and Debt Topics of the FASB Accounting Standards Codification. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discounts with corresponding entries to derivative liability and additional paid-in-capital. Costs paid to third parties (e.g., legal fees, printing costs, placement agent fees) that are directly related to issuing the debt and that otherwise wouldn&#8217;t be incurred, are treated as a direct deduction of the debt liability. Debt discount and issuance costs are generally amortized and recognized as additional interest expense in the statement of operations over the life of the debt instrument using the effective interest method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates and bifurcates conversion features from the instruments containing such features and accounts for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the underlying instrument, (b) the hybrid instrument that contains both the embedded derivative instrument and the underlying instrument is not re-measured at fair value under otherwise applicable U.S. GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Loss Per Share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reports loss per share in accordance with ASC Topic 260, &#8220;Earnings Per Share,&#8221; which establishes standards for computing and presenting earnings per share. Basic (loss) earnings per common share is calculated by dividing net (loss) earnings allocable to common stockholders by the weighted-average common shares outstanding during the period, inclusive of penny warrants outstanding of 9,147,200 for the year end December 31, 2019, without consideration of common stock equivalents. Diluted (loss) earnings per share is calculated by adjusting the weighted-average shares outstanding for the dilutive effect of common stock equivalents, including stock options and warrants, outstanding for the period as determined using the treasury stock method. For purposes of the diluted net loss per share calculation, common stock equivalents are excluded from the calculation because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders is the same for periods with a net loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the Years Ended</b></font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:</font></td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-left: 10pt"><font style="font-size: 10pt">Stock options</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">503</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">586</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Convertible debt</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,363</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Warrants</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">13,160</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,187</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,663</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,136</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair Value of Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. GAAP requires disclosing the fair value of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the consolidated balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In assessing the fair value of financial instruments, the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at the time. For certain instruments the fair value was estimated that the carrying amount approximated fair value because of the short maturities of these instruments. All debt is based on current rates at which the Company could borrow funds with similar remaining maturities and approximates fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use on unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company&#8217;s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is described below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">&#160;</td> <td style="width: 48px; text-align: justify"><font style="font-size: 10pt">Level 1:</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">Level 2:</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Observable prices that are based on inputs not quoted on active markets but corroborated by market data.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">Level 3:</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company&#8217;s assets and liabilities that are measured at fair value on a non-recurring basis at December 31, 2019, consistent with the fair value hierarchy provisions. The asset impairment is a non-recurring level 3 measurement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quoted Prices<br /> in Active Markets for<br /> Identical<br /> Assets/Liabilities<br /> (Level 1)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant Other<br /> Observable Inputs<br /> (Level 2)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant<br /> Unobservable Inputs<br /> (Level 3)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 32%; padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Derivative liability</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 18%; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company&#8217;s liabilities that are measured at fair value on a recurring and non-recurring basis at December 31, 2018, consistent with the fair value hierarchy provisions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quoted Prices<br /> in Active Markets for<br /> Identical<br /> Assets/Liabilities<br /> (Level 1)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant Other<br /> Observable Inputs<br /> (Level 2)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant<br /> Unobservable Inputs<br /> (Level 3)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Assets (non-recurring):</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 32%; padding-left: 10pt"><font style="font-size: 10pt">Asset impairment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">245,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">245,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Capitalized software development costs</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">168,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">168,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">413,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">413,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Derivative liability</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See Note 13 for additional disclosure regarding the Company&#8217;s warrants liabilities accounted for at fair value.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Currency and Other Comprehensive (Loss) Gain</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The functional currency of our foreign subsidiary is typically the applicable local currency which is British Pounds. The translation from the respective foreign currency to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using an average exchange rate during the period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The foreign currency exchange gains and losses are included as a component of general and administrative expenses, in the accompanying Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents losses recognized from foreign exchange transactions; and changes in accumulated other comprehensive income representing the gain or loss on the translation of our foreign subsidiary&#8217;s financial statements as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the Years Ended</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Net foreign exchange transactions:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-bottom: 2.5pt; padding-left: 10pt; text-align: justify"><font style="font-size: 10pt">(Gains) losses</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">(97,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">483,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Accumulated comprehensive income:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: justify"><font style="font-size: 10pt">Unrealized loss on currency translation adjustment</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">79,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exchange rate adopted for the foreign exchange transactions are the rates of exchange as quoted on an OANDA, a Canadian-based foreign exchange company providing currency conversion, online retail foreign exchange trading, online foreign currency transfers, and forex information, internet website. Translation of amounts from British Pounds into United States dollars was made at the following exchange rates for the respective periods:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px"><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">As of December 31, 2019 &#8211; British Pounds $1.318462 to US$ 1.00</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">Average rate for the year ended December 31, 2019 &#8211; British Pounds $1.76717 to US $1.00</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">As of December 31, 2018 &#8211; British Pounds $1.2734340 to US$ 1.00</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td><font style="font-size: 10pt">Average rate for the year ended December 31, 2018 &#8211; British Pounds $1.3347667 to US $1.00</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Subsequent Events</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management has evaluated subsequent events or transactions occurring through the date the consolidated financial statements were issued and determined that no events or transactions are required to be disclosed herein, except as disclosed.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Recent Accounting Pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2019, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2019-12, &#8220;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes&#8221; (ASU 2019-12), which simplifies certain aspects of income tax accounting guidance in ASC 740, reducing the complexity of its application. Certain exceptions to ASC 740 presented within the ASU include: intra-period tax allocation, deferred tax liabilities related to outside basis differences, year-to-date loss in interim periods, among others. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020 including interim periods therein with early adoption permitted. The Company is currently assessing the impact of the ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s present or future consolidated financial statements.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 11&#8212; LEASES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating lease ROU assets are included in &#8220;Right of use assets, operating leases&#8221; and are included in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in &#8220;Operating lease obligations, current&#8221; and &#8220;Operating lease liabilities, net of current portion,&#8221; in the consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s leasing arrangements include agreements for office space, deployment sites, and storage warehouses, both domestically and internationally. The operating leases contain various terms and provisions, with a remaining duration of 5 months to 3.8 years. Certain individual leases contain rent escalation clauses and lease concessions that require additional rental payments in the later years of the term. We recognize rent expense for these types of contracts on a straight-line basis over the minimum lease term. Additionally, the Company sublets a portion of its space under operating leases with various lease terms at The Fairways, Hemel, and Billerica locations, with a remaining duration of two months to one year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, ROU assets and lease liabilities were approximately $1.93 million, net and $1.98 million ($0.82 million of which is current), respectively. The weighted-average remaining term for lease contracts was 3.5 years on December 31, 2019, with maturity dates ranging from April 2020 to March 2025. The weighted-average discount rate was 9.3% at December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2019, and 2018, the Company incurred approximately $1,159,000 and $1,466,000 of operating lease expense, offset by sublet income of approximately $257,000 and $146,000, respectively. Adjustments for straight-line operating lease expense for the respective periods was not material, and as such, the majority of costs recognized is reflected in cash used in operating activities for the respective periods. This expense consisted primarily of payments for base rent on office and warehouse leases. Amounts related to short-term lease costs and taxes and variable service charges on leased properties were immaterial. Besides, we have the right, but no obligation, to renew individual leases for various renewal terms.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The table below lists location and lease expiration dates 2020 through 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"><b>Location</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Lease-End<br /> Date</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Approximate<br /> Future<br /> Payments</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; text-align: justify"><font style="font-size: 10pt">Colchester, U.K. &#8211; Waterside House</font></td> <td style="width: 2%">&#160;</td> <td style="width: 16%; text-align: center"><font style="font-size: 10pt">May 2025</font></td> <td style="width: 2%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,073,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Anaheim, CA</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Jul 2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">46,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Billerica, MA</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Dec 2026 </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">587,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Hemel, UK</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Oct 2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">142,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Singapore</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Aug 2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Hackettstown, NJ</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Apr 2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">31,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Sarasota, FL</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Sep 2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">85,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Sublets:</font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Colchester, UK &#8211; The Fairways</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Mar 2020</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">13,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Hemel, UK</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Oct 2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">73,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Billerica MA</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">May 2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">252,000</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under previous lease guidance, future minimum lease payments under operating leases with noncancelable lease terms in excess of one year from continuing operations as of December 31, 2019, were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Year Ending December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%"><font style="font-size: 10pt">2020</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">956,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">491,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">281,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">255,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">255,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">64,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,302,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Sublets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">264,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">2021</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">74,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">338,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table illustrates specific operating lease data as of December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Lease cost:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 86%; padding-left: 10pt"><font style="font-size: 10pt">Operating lease cost</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,106,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Short-term lease cost</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">53,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Variable lease cost</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Sublease income</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(257,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 20pt"><font style="font-size: 10pt">Total lease cost</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">902,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Cash paid for amounts in lease liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 20pt"><font style="font-size: 10pt">Operating cash flows from operating leases</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,136,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Right-of-use assets and operating lease liabilities recognized upon adoption</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,991,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Weighted-average remaining lease term&#8212;operating leases</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.5 years</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Weighted-average discount rate&#8212;operating leases</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.3</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 12 &#8212; RELATED PARTY TRANSACTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2019, a new related party agreement (the &#8220;MBMG Agreement&#8221;) became effective between the Company and MB Merchant Group, LLC (&#8220;MBMG&#8221;). The MBMG Agreement supersedes the previous agreement with MB Technology Holdings, LLC (&#8220;MBTH&#8221;). MBMG, the founding entity of MBTH, agrees to provide services in connection with, and Vislink Technologies agrees to compensate MBMG for both consulting services via a retainer and, on a success basis, for future mergers and acquisitions beginning January 1, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following directors of MBMG have significant influence with the Company:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">&#160;</td> <td style="width: 24px; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Roger Branton, the Company&#8217;s Chief Financial Officer and director,</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Richard Mooers, the Company&#8217;s director.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table represents a summary of related party transactions for the years ended December 31, 2019 and 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the years ended</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; padding-bottom: 2.5pt"><font style="font-size: 10pt">Consulting fees incurred, recurring</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">600,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">300,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Consulting fees incurred, non-recurring</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">358,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">48,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Common stock issued in satisfaction of amounts due:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Quantity of shares issued</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,469</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">429,585</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Value of shares issued</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">31,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">240,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Amounts repaid to MBMG in cash</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">783,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">769,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded fees incurred in general and administrative expenses on the accompanying Consolidated Statements of Operations and included such fees in due to related parties on the Consolidated Balance Sheet. The balances outstanding to MBMG at December 31, 2019 and 2018 were $505,000 and $361,000, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 13 &#8212; DERIVATIVE LIABILITIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of the warrants issued in connection with the August 2015 underwritten offering, the February 2016 Series B Preferred Stock Offering, the May 2016 financing, the July 2016 financing, the August 2017 underwritten offering, and the May 2018 Financing have been accounted for as derivative liabilities as each of the warrants contain a net cash settlement provision whereby, upon certain fundamental events, the holders could put the warrants back to the Company for cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following are the critical assumptions used in connection with the valuation of the warrants exercisable into common stock as of December 31, 2019 and 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="7" style="text-align: center"><font style="font-size: 10pt"><b>Years Ended</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="7" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Number of shares underlying the warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">462,428</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">492,815</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Fair market value of stock</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.25</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3.10</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercise price</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1.00 to $ 24,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">4.50 to $ 137.90</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">126% to 160</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">118% to 149</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.51% to 1.60</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.46% to 2.51</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected dividend yield</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warrant life (years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.4 to 3.41</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.1 to 4.41</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 3 liabilities are valued using unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the liabilities. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Company&#8217;s accounting and finance department, which reports to the Chief Financial Officer, determines its valuation policies and procedures. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company&#8217;s accounting and finance department and are approved by the Chief Financial Officer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Level 3 Valuation Techniques:</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 3 financial liabilities consist of the derivative liabilities for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company deems financial instruments that do not have fixed settlement provisions to be derivative instruments. Under U.S. GAAP, the fair value of these warrants is classified as a liability on the Company&#8217;s consolidated balance sheets because, according to the terms of the warrants, a fundamental transaction could give rise to an obligation of the Company to pay cash to its warrant holders. Such instruments do not have fixed settlement provisions and have also been recorded as derivative liabilities. Corresponding changes in the fair value of the derivative liabilities are recognized in earnings on the Company&#8217;s consolidated statements of operations in each subsequent period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s derivative liabilities are carried at fair value and were classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs. In calculating the fair value, the Company uses a binomial model style simulation, as the value of certain features of the warrant derivative liabilities would not be captured by the standard Black-Scholes model.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>Years Ended</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Beginning balance</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">2,399,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Recognition of warrant liabilities on issuance dates</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,905,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Re-classification to equity upon warrants exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(24,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Change in fair value of derivative liabilities</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,064,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,186,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Ending balance</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 14 &#8212; STOCKHOLDERS&#8217; EQUITY</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Preferred Stock</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2013, by approval of the majority of the stockholders, the Company was authorized to issue 10,000,000 shares of &#8220;Blank Check&#8221; preferred stock, par value $0.00001 per share. On December 31, 2014, 3,000,000 shares were designated as authorized Series A Convertible Preferred Stock (&#8220;Series A Preferred Stock&#8221;). On February 11, 2015, 3,000,000 shares were designated as authorized Series B Convertible Preferred Stock (&#8220;Series B Preferred Stock&#8221;). On February 24, 2015, 3,000,000 shares were designated as authorized Series C Convertible Preferred Stock (&#8220;Series C Preferred Stock&#8221;). On February 5, 2016, the Company terminated the Series A Preferred Stock and Series C Preferred Stock and increased the number of designated shares of Series B Preferred Stock to 5,000,000. On April 25, 2016, 5,000,000 shares were designated as authorized Series D Convertible Preferred Stock (&#8220;Series D Preferred Stock&#8221;). On December 6, 2016, the Company terminated the Series B Preferred Stock. In addition, on December 21, 2016, 5,000 shares were designated as authorized Series E Convertible Preferred Stock (&#8220;Series E Preferred Stock&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Series D Convertible Preferred Stock</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stated Value</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The stated value of the Series D Preferred Stock is $1.00 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Ranking</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Series D Preferred Stock shall rank junior to the Series B Preferred Stock, $0.00001 par value per share, of the Company in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution or winding up of the Company. The Series D Preferred Stock will rank senior to all of the Company&#8217;s common stock and other classes of capital stock with respect to dividend rights and/or rights upon distributions, liquidation, dissolution or winding up of the Company, other than to the Series B Preferred Stock and any class of parity stock that the holders of a majority of the outstanding shares of Series D Preferred Stock consent to the creation of.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Liquidation Preference of Preferred Stock</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon the voluntary or involuntary liquidation, dissolution or winding up of the Company, before the payment of any amount to the holder of shares of junior stock, but pari-passu with any parity stock, the holders of Preferred Stock are entitled to receive the amount equal to the greater of (i) the stated value of the Series D Preferred Stock or (ii) the amount the holder of Series D Preferred Stock would receive if such holder converted the Series D Preferred Stock into common stock immediately prior to the date of the liquidation event, including accrued and unpaid dividends.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Conversion Rights of Preferred</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A holder of Series D Preferred Stock shall have the right to convert the Series D Preferred Stock, in whole or in part, upon written notice to the Company at a conversion price equal to $1.20 per share, which is adjusted for any share dividend, share split, share combination, reclassification or similar transaction that proportionately decreases or increases the common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Voting Rights</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except with respect to certain material changes in the terms of the Series D Preferred Stock and certain other matters, and except as may be required by Delaware law, holders of Series D Preferred Stock shall have no voting rights. The approval of a majority of the holders of the Series D Preferred Stock is required to amend the Certificate of Designations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Series E Convertible Preferred Stock</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The board of directors of the Company has designated up to 5,000 shares of the 10,000,000 authorized shares of preferred stock as Series E Preferred Stock. When issued, the shares of Series E Preferred Stock will be validly issued, fully paid and non-assessable. Each share of Series E Preferred Stock will have a stated value of $1,000 per share. In connection with the December 2016 financing, the Company issued 2,400 shares of Series E Preferred Stock which was immediately converted into 1,200,000 shares of common stock after closing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Rank.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Series E Preferred Stock will rank on parity to our common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Conversion.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each share of the Series E Preferred is convertible into shares of the Company&#8217;s common stock (subject to adjustment as provided in the related certificate of designation of preferences, rights and limitations) at any time at the option of the holder at a conversion price of not less than 100% of the public offering price of the common stock. Holders of Series E Preferred Stock will be prohibited from converting Series E Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of common stock then issued and outstanding. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Liquidation Preference.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of the Company&#8217;s liquidation, dissolution or winding-up, holders of Series E Preferred Stock will be entitled to receive an amount equal to the stated value per share before any distribution shall be made to the holders of any junior securities, and then will be entitled to receive the same amount that a holder of common stock would receive if the Series E Preferred Stock were fully converted into shares of common stock at the conversion price (disregarding for such purposes any conversion limitations) which amounts shall be paid pari-passu with all holders of common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Voting Rights.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares of Series E Preferred Stock will generally have no voting rights, except as required by law and except that the affirmative vote of the holders of a majority of the then outstanding shares of Series E Preferred Stock is required to, (a) alter or change adversely the powers, preferences or rights given to the Series E Preferred Stock, (b) amend the Company&#8217;s certificate of incorporation or other charter documents in any manner that materially adversely affects any rights of the holders, (c) increase the number of authorized shares of Series E Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Dividends.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares of Series E Preferred Stock will not be entitled to receive any dividends, unless and until specifically declared by the Company&#8217;s board of directors. The holders of the Series E Preferred Stock will participate, on an as-if-converted-to-common stock basis, in any dividends to the holders of common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Redemption.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is not obligated to redeem or repurchase any shares of Series E Preferred Stock. Shares of Series E Preferred Stock are not otherwise entitled to any redemption rights or mandatory sinking fund or analogous fund provisions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Common Stock</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is authorized to issue up to 100,000,000 shares of Common Stock, $0.00001 par value per share. As of December 31, 2019, and 2018, the Company had 21,551,333 and 1,877,697 shares of common stock outstanding, respectively. On April 30, 2019, our stockholders approved a reverse stock split of our outstanding Common Stock . In accordance therewith, on May 13, 2019, a 1-for-10 reverse stock split of our outstanding Common Stock became effective for the trading of our Common Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless otherwise noted, impacted amounts and share information included in the financial statements and notes thereto, and elsewhere in this Form 10-K have been retroactively adjusted for the reverse stock split as if such reverse stock split occurred on the first day of the first period presented. Proportional adjustments have been made to the exercise prices of the Company&#8217;s outstanding warrants, stock options, and to the number of shares issued and issuable under the Company&#8217;s Stock Incentive Plans. Certain amounts in the financial statements, the notes thereto, and elsewhere in this Form 10-K, may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse stock split.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Common Stock Issuances</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>For the year ending December 31, 2019</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>November 2019 Financing</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 27, 2019, the Company closed an equity financing for 3,201,200 shares of common stock, warrants to purchase 11,893,100 shares of common stock and, warrants to purchase 11,320,725 shares of Common Stock. The Company received gross proceeds of approximately $3,988,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>July 2019 Financing</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 11, 2019, the Company closed an equity financing for 1,550,000 shares of common stock, warrants to purchase 6,000,000 shares of common stock and, 4,450,000 pre-funded warrants to purchase common stock in place of common stock. The Company received gross proceeds of approximately $11,996,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Other Stockholders&#8217; Equity Transactions </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2019, the Company:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Issued 14,419,226 shares of common stock upon the exercise of (i) 37,701 common stock warrants at $4.50 per share (ii) the exercise of 8,200,000 pre-funded warrants at $0.001 per share and, (iii) the exercise of 6,181,525 cashless warrants for net proceeds of $177,900.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Issued 19,632 shares of common stock for employees, directors, consultants, and other professionals for a total fair value of $70,625. The determination of the fair value of the common stock is at the time of issuance.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Issued 158,130 shares of common stock in satisfaction of amounts previously deferred for employee/consultant agreements in the amount of $223,967 and the liability equaled the fair value of the shares issued.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Issued 12,469 shares of common stock in satisfaction of related party obligations valued at $31,466. The determination of the fair value of the common stock is at the time of issuance and the liability equaled the fair value of the shares issued.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Issued 328,932 shares of common stock in satisfaction of principal and interest for convertible promissory notes valued at $528,000. Of which $97,675 was for interest, $397,808 was for principal with a loss of $32,982 recognized on conversion. The determination of the fair value of the common stock is at the time of issuance.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Recognized $2,069,158 of compensation costs associated with outstanding stock options recorded in general and administrative expenses.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Recognized $23,638 related to the intrinsic value of common stock warrants with embedded derivative liabilities, transferred into additional paid-in capital.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>For the year ending December 31, 2018</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company transacted the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px"><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">issued 2,083,136 shares of its common stock for employees, directors, consultants and other professionals for a total value of $1,793,336. The value of the common stock issued was based on the fair value of the stock at the time of issuance.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">recognized $2,069,158 of compensation costs associated with outstanding stock options recorded in general and administrative expenses. </font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">issued 429,585 shares of its common stock in satisfaction of related party obligations valued at $240,000. The value of the common stock issued was based on the fair value of the stock at the time of issuance.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">issued 12,232 shares of common stock in satisfactions of amounts previously deferred for employee/consultant agreements in the amount of $19,081.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">issued 276,796 shares of its common stock in satisfaction of accrued interest on a convertible promissory note valued at $180,000. The value of the common stock issued was based on the fair value of the stock at the time of issuance.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">reviewed the conversion features embedded in the May 2018 convertible promissory notes. We evaluated the beneficial conversion feature (&#8220;BCF&#8221;) and calculated a relative fair value in the amount of $193,877. On October 9, 2018, the Company evaluated a modification of the embedded conversion option and recognized an increase in the value of the BCF in the amount of $90,050. The amounts recognized are recorded as a charge to debt discount and offset as a credit to additional paid-in capital. The amounts charged to debt discount are amortized to interest expense using the interest method.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">issued 775,184 shares of its common stock valued at $2,338,758 as payment towards outstanding convertible promissory notes. The value of the common stock issued was based on the fair value of the stock at time of issuance.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">&#9679;</font></td> <td style="text-align: justify"><font style="font-size: 10pt">issued 302,655 shares of its common stock valued at $160,407 as the compensatory fee incurred for the October 9, 2018 debt modification. The value of the common stock issued was based on the fair value of the stock at time of issuance.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Stock Options &#8212; Equity Incentive Plans</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s stock option plans provide for the grant of options to purchase shares of common stock to officers, directors, other key employees, and consultants. The purchase price may be paid in cash or &#8220;net settled&#8221; in shares of the Company&#8217;s common stock. In a net settlement of an option, the Company does not require a payment of the exercise price of the option from the holder but reduces the number of shares of common stock issued upon the exercise of the stock option by the smallest amount of whole shares that has an aggregate fair market value equal to or over the aggregate exercise price for the option shares covered by the option exercised. Options generally vest over a period of three years from the date of grant and expire ten years from the date of grant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has four plans under which they awarded share-based compensation grants of options to certain directors, employees, and advisors of the Company: the 2013 Stock Option Plan, 2015 Incentive Compensation Plan, 2016 Incentive Compensation Plan and the 2017 Incentive Compensation Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective, April 30, 2018, the Board of Directors by unanimous written consent, approve of the immediate vesting of all remaining options for employees who were terminated as part of the cost curtailment measures on April 30, 2018, and June 25, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the years ended December 31, 2019, and 2018, the Company recorded approximately $2,069,000 and $3,728,000, respectively, as stock compensation expense from the amortization of stock options issued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average fair value of options granted during the years ended December 31, 2019 and 2018 was $3.20 and $8.90, respectively. Each option is estimated on the date of grant, using the Black-Scholes model and the following assumptions (all in weighted averages):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; text-align: justify"><font style="font-size: 10pt">Exercise price</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">3.20</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">8.90</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">35.15</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">148.71</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.76</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.63</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Expected dividend yield</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Expected term (years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.2</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The risk-free rate is based on the rate for the U.S. Treasury note over the expected term of the option. The expected term for employees represents the period that options granted are expected to be outstanding using the simplified method, as the Company&#8217;s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. For non-employee options, the expected term is the full term of the option. Expected volatility is based on the average of the weekly share price changes over the shorter of the expected term or the period from the placement on London Stock Exchange&#8217;s Alternative Investment Market to the date of the grant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the weighted average remaining contractual life was 7.5 years for options outstanding and for options exercisable, respectively. The intrinsic value of options exercisable at December 31, 2019, was $-0-.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the remaining stock compensation expense is approximately $0.63 million with 1.1 years remaining for the amortization period. The Company estimates forfeiture and volatility using historical information. The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues over the equivalent lives of the options. The expected life of the options represents the estimated period using the simplified method. The Company has not paid dividends on its common stock, and no assumption of dividend payment(s) is made in the model.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the status of the Company&#8217;s stock option plan for the year ended December 31, 2019 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number<br /> of Options<br /> (in shares)</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted<br /> Average<br /> Exercise</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Price</b> &#160;</p></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Outstanding, January 1, 2019 </font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">585,717</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">15.50</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Options granted </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">36,500</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3.18</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Options exercised </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8211;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8211;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Options cancelled/expired </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(117,167</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(14.79</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Outstanding, December 31, 2019 </font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">505,050</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">14.83</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Exercisable, December 31, 2019 </font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">341,083</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">15.68</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Common stock issuable upon exercise<br /> of options outstanding</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Common stock issuable upon<br /> options exercisable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Range of<br /> exercise<br /> prices</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options Outstanding (in shares )</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Remaining Contractual Life (years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Exercise<br /> Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options Exercisable (in shares)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Remaining Exercisable Contractual Life (years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="width: 17%; padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">-0- to $46,202</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">505,050</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;7.51</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">&#160;14.83</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">341,083</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">7.37</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">15.68</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Common Stock Warrants</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2019, the Company granted 37,437,400 warrants, exercised 13,481,101 warrants, and 15,033 warrants expired. The weighted average exercise prices of warrants outstanding at December 31, 2019 is $1.10 with a weighted average remaining contractual life of 0.98 years. The intrinsic value of warrants outstanding at December 31, 2019, was approximately $2,277,000. Additionally, the exercise price of common stock warrants issued in July 2016, as part of a financing, was adjusted down to $0.265 per share from $1.00 by the terms of the &#8220;ratchet down&#8221; provision of the warrant agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables sets forth common stock purchase warrants outstanding as of December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Quantity<br /> of<br /> Warrants (in shares)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted<br /> Average<br /> Exercise<br /> Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; text-align: justify"><font style="font-size: 10pt">Outstanding, December 31, 2018</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,187,181</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">19.80</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Warrants granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">37,437,400</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.90</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Warrants exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(13,481,101</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(2.20</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Warrants cancelled/expired</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,033</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">53.40</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Outstanding, December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,128,447</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Exercisable, December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,128,447</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the status of the Company&#8217;s stock option plans for the year ended December 31, 2019 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="14" style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Common Stock Issuable Upon Exercise of Warrants Outstanding</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Common Stock Issuable Upon Warrants Exercisable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Range of Exercise Prices</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number Outstanding at 12/31/19</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Remaining Contractual Life (Years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number Exercisable at 12/31/19</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">*0.001</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">9,143,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">0.91</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">0.001</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">9,143,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">0.001</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">**0.265</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">66,789</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.55</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.265</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">66,789</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.265</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.292</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14,846,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.91</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.292</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14,846,800</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.292</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">5.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,100</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.54</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">5.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,100</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">5.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">10.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">320,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.41</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">10.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">320,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">10.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">20.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">651,252</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.02</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">20.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">651,252</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">20.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">25.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">83,296</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.47</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">25.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">83,296</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">25.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">84.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,083</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.82</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">84.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,083</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">84.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">137.88</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,902</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.38</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">137.90</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,902</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">137.90</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">13,800.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">90</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.14</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">13,800.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">90</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">13,800.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">24,000.00</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">35</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">0.15</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,000.00</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">35</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,000.00</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,128,447</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">.98</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,128,447</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">* represents group of penny warrants</p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">**represents group of warrants repriced to $0.265 from the $1.00 exercise price</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 15 &#8212; COMMITMENTS AND CONTINGENCIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Legal:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is subject, from time to time, to claims by third parties under various legal theories. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company&#8217;s liquidity, financial condition, and cash flows. Pursuant to ASC Topic 450&#8217;s provision that a company must accrue a loss contingency if information is available before the issuance of the financial statements, it has been determined that based upon a lawsuit filed by Hale Capital Partners, LP (&#8220;Hale&#8221;) against the Company on July 29, 2019, the Company may be potentially liable for professional fees incurred by Hale for a due diligence transaction in the amount of $140,000. The Company deems these fees excessive and is vigorously defending the claim. This amount was accrued and included in accrued expenses in the consolidated balance sheet as of December 31, 2019. There were no other material legal actions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pension:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company, at its discretion, may make matching contributions to the 401(k) plan in which its employees participate. For the years ended December 31, 2019, and 2018, the Company made matching contributions of $-0- and $27,000, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently operates a Group Personal Pension Plan in its U.K. subsidiary, and funds are invested with Royal London. U.K. employees are entitled to join the plan to which the Company contributes varying amounts subject to status. In addition, the Company operates a stakeholder pension scheme in the U.K. For the year ended years ended December 31, 2019, and 2018, and the Company made matching contributions of $173,000 and $236,000, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Delisting Notice:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 26, 2019, the Company received a written notification from The Nasdaq Stock Market LLC (&#8220;NASDAQ&#8221;) indicating that the Company was not in compliance with NASDAQ Listing Rule 5550(a)(2) as Company&#8217;s closing bid price was below $1.00 per share for the previous 30 consecutive business days.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted a 180-day compliance period, or until March 24, 2020, to regain compliance with the minimum bid price requirements. During the compliance period, the Company&#8217;s shares of common stock will continue to be listed and traded on Nasdaq Capital Market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 25, 2020, the Company received a written notification from Nasdaq that the Company was afforded a second 180 calendar day grace period to regain compliance with the minimum bid price requirements. If the Company does not regain compliance by September 21, 2020, Nasdaq will provide notice that the Company&#8217;s shares of common stock will be subject to delisting.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 16 &#8212; CONCENTRATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Customer concentration risk</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2019, and 2018, the Company did not experience sales to one customer over 10% of the Company&#8217;s total consolidated sales</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2019, and 2018, the Company recorded approximately $2,613,000 (39%) and $-0- of accounts receivable, respectively, to a single customer over 10% of the Company&#8217;s total consolidated accounts receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Vendor concentration risk</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2019, two vendors generated approximately $5,434,000 (31%) and $2,610,000 (15%) of the Company&#8217;s consolidated inventory purchases, respectively. For the year ended December 31, 2018, two vendors generated approximately $2,165,000 (12%) and $2,596,000 (15%) of the Company&#8217;s consolidated inventory purchases, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2019, and 2018, the Company recorded approximately $1,940,000 (29%) and $837,000 (12%) of accounts payable, respectively, to a single vendor above 10% of the Company&#8217;s total consolidated accounts payable.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 17 &#8211; REVENUE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has one operating segment, and the decision-making group is the senior executive management team. In the following table, revenue is disaggregated by primary geographical markets and revenue source.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the Years Ended</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Primary geographical markets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-left: 10pt"><font style="font-size: 10pt">North America</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">13,054,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">17,686,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">South America</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">429,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,185,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Europe</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,231,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">11,569,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Asia</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,554,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,880,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rest of World</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,674,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,974,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">28,942,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38,294,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Primary revenue source:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Equipment sales</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">25,657,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">35,055,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Installation, integration and repairs</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,673,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,024,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Warranties</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">171,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">215,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Other (Note 18)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">441,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">28,942,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38,294,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Long-Lived Assets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">United States</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">4,616,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">5,637,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">United Kingdom</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,203,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,150,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,819,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,787,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 18 &#8212; REBATES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2019, after the Company&#8217;s UK subsidiary filed for a rebate relating to the amount of funds spent on research costs for the 2017 fiscal year, an amount of $441,000 was awarded to the Company. This rebate was classified as additional revenue during the years ended December 31, 2019. The Company expects to file appropriate forms for the 2018, and 2019 fiscal years.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>20 &#8212; SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Appointment of new executives</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 15, 2020, the Board appointed Carleton M. Miller to the roles of Chief Executive Officer of the Company and a member of the Board, effective January 15, 2020. As part of the Mr. Miller&#8217;s employment agreement, he will receive an inducement award of a time-based option to purchase 2,155,481 shares of Common Stock. Additionally, he will receive an inducement award of a performance-based option to purchase 1,500,000 shares of Common Stock under Nasdaq Listing Rule 5653(c)(4) outside of the Company&#8217;s existing equity compensation plans (the &#8220;Performance-Based Option&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 27, 2020, the Company entered into an employment agreement with Michael Bond in connection with his contemplated employment as Chief Financial Officer of the Company, effective as of April 1, 2020 (the &#8220;Bond Employment Agreement&#8221;). Pursuant to the Bond Employment Agreement, Mr. Bond will receive an annual base salary of $250,000 per year, and an annual cash bonus in accordance with the terms of any annual cash bonus incentive plan maintained for the Company&#8217;s key executive officers. The Bond Employment Agreement also provides that on April 1, 2020 Mr. Bond will receive an award of stock options to purchase a quantity of shares equal to one percent of the Company&#8217;s fully diluted outstanding shares of its common stock as of April 1, 2020 under Nasdaq Listing Rule 5635(c)(4) outside of the Company&#8217;s existing equity compensation plans (the &#8220;Inducement Options&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Public offering</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 14, 2020, the Company closed on an equity financing for 12,445,000 shares of common stock, 12,445,000 warrants to purchase 9,333,750 shares of Common Stock, and 14,827,200 pre-funded warrants, with each Pre-Funded Warrant exercisable for one share of Common Stock, together with 14,827,200 Warrants to purchase 11,120,400 shares of Common Stock. The Company received gross proceeds of approximately $5,998,000, less offering costs of $560,000 for net proceeds of $5,438,000. The Company has earmarked the use of the net proceeds from equity financing for working capital and general corporate purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Departure of former executive(s)</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Payne Separation Agreement</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 24, 2020, John Payne agreed to step down from his role as the Company President and Chief Operating Officer of Integrated Microwave Technology, LLC (a wholly owned subsidiary) and is expected to conclude his employment with the Company on March 19, 2020. The Company expects to enter into a separation agreement with Mr. Payne in connection with the conclusion of his employment (the &#8220;Payne Separation Agreement&#8221;). Provided that Mr. Payne executes the Payne Separation Agreement and does not revoke the Payne Separation Agreement within seven days thereof, the Payne Separation Agreement is expected to provide that Mr. Payne will be entitled to receive severance in the form of six (6) months of salary continuation for an aggregate amount of $175,000. Mr. Payne will begin a transitional role until his expected March 19, 2020 separation date. Mr. Payne&#8217;s anticipated departure from the Company is not the result of any disagreement with the Company on any matter relating to its operation, policies (including accounting or financial policies) or practices. In connection with the foregoing, the board of directors of the Company has decided to appoint Carleton M. Miller, the Company&#8217;s Chief Executive Officer, to the additional position of President of the Company, effective upon Mr. Payne&#8217;s departure from the Company on March 19, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Branton Separation Agreement</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Roger G. Branton will be stepping down as the Company&#8217;s Chief Financial Officer and Treasurer and is expected to conclude his employment with the Company on March 31, 2020. The Company expects to enter into a separation agreement with Mr. Branton in connection with the conclusion of his employment (the &#8220;Branton Separation Agreement&#8221;). Provided that Mr. Branton executes the Branton Separation Agreement and does not revoke the Branton Separation Agreement within seven days thereof, the Branton Separation Agreement is expected to provide that Mr. Branton will be entitled to receive severance pay in the form of salary continuation for 12 months for an aggregate amount of $300,000. Mr. Branton will immediately begin a transitional role until his expected March 31, 2020 separation date from the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Amended related party agreement</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective February 25, 2020, an amendment of the related party agreement between Vislink Technologies, Inc. (the &#8220;Company&#8221;) and MB Merchant Group, LLC (&#8220;MBMG&#8221;) was executed into a letter agreement (the &#8220;MBMG Agreement&#8221;), pursuant to which the Company and MBMG agreed to amend and restate certain service agreements previously entered into with MBMG as well as its predecessor entity (the &#8220;MBMG Agreements&#8221;). Pursuant to the MBMG Agreement, MBMG has agreed to provide only the following services to the Company: (i) to conduct merger and acquisition searches, negotiating and structuring deal terms and other related services in connection with closing suitable acquisitions for the Company, and (ii) to seek and secure financing for the Company, except in those regions in which the Company had previously appointed a business representative to exclusively seek such opportunities, and subject in each case to prior approval by the Company&#8217;s Chief Executive Officer on a case-by-case basis (collectively, the &#8220;MBMG Services&#8221;). Pursuant to the MBMG Agreement, MBMG will no longer provide strategic planning and financial structuring services or technical consulting services, review patent applications or provide consulting services with respect to certain legal matters.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the MBMG Agreement, in consideration for the MBMG Services, the Company agreed to compensate MBMG through payment of: (i) an acquisition fee equal to (A) the greater of $250,000 or 6% of the total acquisition price for deals in which the total consideration paid by the Company is less than $50 million; (B) $3,000,000 plus 4% of the consideration paid by the Company in excess of $50 million for deals in which the total consideration paid by the Company is between $50 million and $100 million; (C) $5,000,000 plus 2% of the consideration paid by the Company in excess of $100 million for deals in which the total consideration paid by the Company is between $100 million and $400 million; or (D) $10,200,000 plus 1.1% of the consideration paid by the Company in excess of $400 million for deals in which the total consideration paid by the Company exceeds $400 million; (ii) a success-based due diligence fee of $250,000 on successfully closed deals, (iii) a waivable success-based finance fee of 2% of the acquisition price and (iv) an incentive fee of 5% of an external advisor&#8217;s higher valuation of an acquisition, with such fees subject to a customary 12-month tail period in the event of termination of the MBMG Agreement. The MBMG Agreement further provides that (x) MBMG shall have the option to convert up to 50% of all such fees into the Company&#8217;s common stock so long as a receivable remains outstanding, convertible at a fixed price of 110% of the lower of the price of such shares on the day of closing or such price in connection with any acquisition financing, as applicable; (y) the Company will no longer compensate MBMG through, among other discontinued fees, a $50,000 monthly consulting fee that would have been due pursuant to the MBMG Agreements and (z) in full satisfaction of specified claims arising out of the MBMG Agreements, the Company shall pay MBMG $420,000, with $200,000 to be paid within three days of the execution of the MBMG Agreement and $220,000 to be paid within 30 days of such execution.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MBMG is an affiliate of Richard L. Mooers, a director of the Company, and Roger G. Branton, a director and the Chief Financial Officer of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Nasdaq Compliance</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 4, 2020, the Company received a letter from the Listing Qualifications Department (the &#8220;Staff&#8221;) of Nasdaq notifying the Company that the Staff has determined that the Company did not comply with Listing Rule 5635(d) because the February 2020 Offering did not meet the Nasdaq definition of a public offering under Listing Rule IM-5635-3. The Staff&#8217;s determination was based on (i) the extent of the offering&#8217;s distribution, (ii) the existence of a prior relationship between the Company and the investors, and (iii) the significant discount to the minimum price, as defined in Nasdaq rules.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 18, 2020, the Company submitted a plan to regain compliance with Rule 5635, which is currently under review by Nasdaq.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 25, 2020, the Company received a written notification from Nasdaq that the Company was afforded a second 180 calendar day grace period to regain compliance with the minimum bid price requirements. If the Company does not regain compliance by September 21, 2020, Nasdaq will provide notice that the Company&#8217;s shares of common stock will be subject to delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Other events after December 31, 2019 to the date of this report:&#160;</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quantity of Warrants Exercised</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quantity of Common Stock Issued</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Proceeds Received</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warrant Exercises:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Pre-Funded Warrants:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; padding-left: 20pt"><font style="font-size: 10pt">Nov 2019 Equity Raise</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">9,143,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">9,143,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">8,100</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Feb 2020 Equity Raise</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,827,200</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,827,200</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,500</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">23,970,300</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">23,970,300</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,600</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Cashless Warrants:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Nov 2019 Equity Raise</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,245,181</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,993,575</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Feb 2020 Equity Raise</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">7,893,394</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,524,525</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-0-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">16,138,575</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,518,100</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-0-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 10 &#8212; CONVERTIBLE PROMISSORY NOTES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had convertible promissory notes ranging from 6% to 10% per annum; maturity dates ranging from May 29, 2019 to September 29, 2019 with a range of conversion features. The table below summarizes the convertible promissory notes as of December 31, 2019 and 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has listed a summary of the modified and non-modified debt as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Debt</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Modified</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Non-Modified</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>For the year ending December 31, 2019</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Principal:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; padding-left: 20pt"><font style="font-size: 10pt">Beginning balance, January 1, 2019</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">5,933,289</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">415,625</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">6,348,914</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Principal conversions to shares of common stock</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(122,808</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(275,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(397,808</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Principal payments made in cash</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,810,481</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(140,625</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,951,106</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Ending balance, December 31, 2019</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Debt discount:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Beginning balance, January 1, 2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">47,307</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,683</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">62,990</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Debt discount amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(47,307</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,683</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(62,990</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Ending balance, December 31, 2019</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Modified and un-modified debt, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>For the year ending December 31, 2018</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Principal:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Beginning balance, January 1, 2018</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Cash proceeds</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,000,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,000,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,000,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Effect of modification</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,130,610</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,130,610</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Extinguishment of debt</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(3,400,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(3,400,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Principal conversions to shares of common stock</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(197,321</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(100,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(297,321</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Principal payments made in cash</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(84,375</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(84,375</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Ending balance, December 31, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5,933,289</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">415,625</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,348,914</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Debt discount:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Beginning balance, January 1, 2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Debt discount incurred</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,461,698</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,461,698</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Effect of modification</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">70,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">250,457</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">320,457</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Debt discount amortization</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(22,693</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(2,277,962</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(2,300,655</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Extinguishment of debt</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(418,510</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(418,510</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Ending balance, December 31, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">47,307</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">15,683</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">62,990</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Modified and un-modified debt, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,885,982</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">399,942</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,285,924</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Items recorded to interest expense for the years ending December 31, 2019 and 2018: 2018 are:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Contractual interest expense </font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,733,988</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">131,185</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Debt discount amortization </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">62,990</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">488,791</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Warrant costs </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,788,171</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total recorded to interest expense, net </font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,796,978</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,408,147</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2019, the Company issued 328,932 shares of common stock valued at $528,465 in partial settlement of $494,483 of principal and interest resulting in a loss in settlement of debt in the amount of $32,982. As of December 31, 2019, the convertible promissory notes have been fully satisfied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>May 2018 Financing</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 29, 2018, the Company completed a private placement of $4 million in principal of 6% Senior Secured Convertible Debentures (the &#8220;Debentures&#8221;) and warrants to purchase 3,000,000 shares of the Company&#8217;s common stock, par value $0.00001 per share, by executing certain agreements with accredited institutional investors. The Company received $3,636,760 net of debt issuance costs consisting of legal and placement fees totaling $363,240. The Debentures have a maturity date of May 29, 2019, with a conversion rate of $1.00 per share. If held beyond maturity, the conversion rate shall equal the lesser of (i) the then conversion price and (ii) 85% of the VWAP for the trading day immediately prior to the applicable conversion date. The Company shall pay interest to the holders on the aggregate and unconverted and outstanding principal amount on January 1, April 1, July 1 and October 1, with the remaining principal balance due at maturity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The warrants have a maturity date of May 29, 2023 with an exercise price of $1.00 per share. The warrants meet the definition of a derivative as noted in ASC 815-10-15-83 and ASC 815-10-15-88. We allocated the proceeds from the issuance of this note and the warrants based on the fair value for each item. Consequently, we recorded debt discount valued at $1,788,171 on the warrants and these associated costs are required to be accounted for as liabilities and were immediately expensed as interest. The warrants were valued using the binomial model style simulation. The assumptions used in the binomial model style simulation at the date the funds were received are as follows: (1) dividend yield of 0%; (2) expected volatility of 163.50%; (3) risk-free interest rate of 0.27%; and (4) expected life of 5.00 years. We also determined that the convertible promissory notes contained beneficial conversion rights (&#8220;BCF&#8221;) and calculated the relative fair value and assigned $193,877 to the BCF.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Debt Modification of the May 2018 Financing executed on October 9, 2018</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 9, 2018, the Company agreed to modify the May 2018 Financing (&#8220;old debt&#8221;) with two of the original four note holders (the &#8220;majority holders&#8221;) issuing amended and restated agreements. These modifications principally provide for:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">&#160;</td> <td style="width: 24px; text-align: justify"><font style="font-size: 10pt">1.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">The ability to make monthly redemption payments in common stock of the Company.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">2.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">The issuance of 302,655 shares of common stock as compensatory shares;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">3.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">A good-faith effort to modify the monthly redemption provisions before the next monthly redemption date;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">4.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">An amendment of the conversion price to $0.45; and</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">5.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">In the event that any of the majority holders convert its amended debenture, the Company shall be given dollar for dollar credit for any and all conversions effected in any month against any monthly redemption amount (as defined in the amended debentures) and provided, further, that in the event that a majority holder&#8217;s conversions in any particular month exceed such majority holder&#8217;s individual monthly redemption amount (as defined in the amended debentures), such overage shall carry over into the succeeding month to be credited against the monthly redemption amount (as defined in the debentures).</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the modification of the conversion option to $0.45 from $1.00, the Company applied ASC 470-50-40-10(a) and calculated the difference between the fair value of the embedded conversion option immediately before and after the modification. It has been concluded this is not a debt extinguishment. The Company determined that an increase in the conversion option fair value of $90,050 was recorded as additional debt discount with an offset to equity. The amount calculated will be amortized as interest expense over the remaining term of the debt instrument using the interest method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considered ASC 470-50-40-17(b) to determine the proper accounting to apply for the 302,655 compensatory shares for the majority holders. Since the modification is not to be accounted for in the same manner as a debt extinguishment, a fair market value of $160,407 was assigned to the compensatory shares and recorded as additional debt discount was amortized as interest expense over the remaining term of the debt instrument using the interest method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 3, 2018, the Company entered into a second modification agreement which led to an extinguishment of debt of the majority holders of the May 2018 Financing and created new debt obligations with revised terms and amounts. See below &#8211; Debt Modification of the May 2018 Financing executed on December 3, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Debt Modification of the May 2018 Financing executed on December 3, 2018</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 3, 2018, the Company agreed to a second modification with the Majority Holders of the May 2018 financing issuing amended and restated agreements. These modifications principally provide for:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">&#160;</td> <td style="width: 24px; text-align: justify"><font style="font-size: 10pt">1.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">A five percent (5%) original issue discount was retroactively applied to the principal amount.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">2.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">The maturity date was extended to September 30, 2019</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">3.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">The equity conditions were modified</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">4.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">A floor price for all conversions and redemptions was added. The floor price with respect to the Trading Market that the Company&#8217;s Common Stock is listed or quoted, shall be a price equal to twenty cents ($0.20) (subject to adjustment for forward and reverse stock splits, recapitalizations and the like).</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">5.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">The definitions of Mandatory Redemption Amount, Monthly Redemption Date, Monthly Redemption Date, and Optional Redemption Amount (each as defined in the Second Amended Debentures) were each modified.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">6.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Interest was retroactively modified to ten percent (10%), with 12 months interest guaranteed.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">7.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">An alternate Conversion Price (as defined in the Second Amended Debentures) due to an Event of Default (as defined in the Second Amended Debentures) was added.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">8.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">The Monthly Redemption (as defined in the Second Amended Debentures) section was modified.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">9.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Certain negative covenants were added.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><font style="font-size: 10pt">10.</font></td> <td style="text-align: justify"><font style="font-size: 10pt">The Event of Default (as defined in the Second Amended Debentures) sections were modified.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considered ASC 470-50-40-6 to 40-23 for the proper accounting guidance to apply for the December 31, 2018 modification of the May 2018 Financing. After the modification, it was concluded that the present value of cash flows under the terms of the new debt instruments differ by at least 10% from the present value of the remaining cash flows under the terms of the original debt instruments (commonly referred to as the &#8220;10% cash flow test&#8221;). The Company concludes that these modified terms are considered substantially different from the original terms thus requiring extinguishment accounting. In accordance with ASC 470-50-40-17(a), the Company determined the new debt instrument&#8217;s value exceeded the extinguishment of the old debt instrument plus fees paid associated with the modification and recognized a loss on debt extinguishment in the amount of $1,059,870.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The modifications resulted in new debt instruments and the principal is summarized as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%"><font style="font-size: 10pt">Principal remaining on old debt modified</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">3,400,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Accrued interest on old debt modified</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">100,300</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Additional proceeds</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,000,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Original issue discount</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">105,265</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Redemption premiums</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">525,045</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total new principal</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,130,610</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company paid issuances costs associated with the debt modifications in the amount of $70,000 and was recorded as additional debt discount. The amount calculated was amortized as interest expense over the remaining term of the debt instrument using the interest method. In October 2018, the Company issued 222,224 shares valued at $100,000 as conversion of principal and interest. On December 4, 2018, the Company issued 552,912 shares at a fair market value of $238,758 as a conversion of principal and interest. As of December 31, 2018, the remaining period over which any discount will be amortized is nine months.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the Years Ended</b></font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:</font></td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-left: 10pt"><font style="font-size: 10pt">Stock options</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">503</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">586</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Convertible debt</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,363</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Warrants</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">13,160</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,187</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,663</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">3,136</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents losses recognized from foreign exchange transactions; and changes in accumulated other comprehensive income representing the gain or loss on the translation of our foreign subsidiary&#8217;s financial statements as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the Years Ended</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Net foreign exchange transactions:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-bottom: 2.5pt; padding-left: 10pt; text-align: justify"><font style="font-size: 10pt">(Gains) losses</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">(97,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">483,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Accumulated comprehensive income:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: justify"><font style="font-size: 10pt">Unrealized loss on currency translation adjustment</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">79,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets consist of the following finite assets:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Software Development Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Patents and Licenses</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Trade Names and Technology</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Customer Relationships</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accumulated</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accumulated</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accumulated</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>Accumulated</b></font></td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Costs</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Amortization</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Net</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 37%"><font style="font-size: 8pt">Balance as of December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">18,647,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">(18,211,000</font></td> <td style="width: 1%"><font style="font-size: 8pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">12,378,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">(9,171,000</font></td> <td style="width: 1%"><font style="font-size: 8pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">1,450,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">(243,000</font></td> <td style="width: 1%"><font style="font-size: 8pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">2,880,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">(836,000</font></td> <td style="width: 1%"><font style="font-size: 8pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 4%; text-align: right"><font style="font-size: 8pt">6,894,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Additions</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Eliminations</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(18,647,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">18,647,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Impairments</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(168,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(168,000</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 8pt">Amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(268,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(664,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(224,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(879,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(2,035,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Balance as of December 31, 2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">12,378,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(9,835,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">1,450,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">(467,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">2,880,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">(1,715,000</font></td> <td><font style="font-size: 8pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">4,691,000</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Additions</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Eliminations</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 8pt">Impairments</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 8pt">Amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(669,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(223,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(877,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(1,769,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Balance as of December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">12,378,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(10,504,000</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,450,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(690,000</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,880,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(2,592,000</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">2,922,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%"><font style="font-size: 10pt">2020</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">1,053,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">879,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">546,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">119,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">119,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Thereafter</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">206,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,922,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has listed a summary of the modified and non-modified debt as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Debt</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Modified</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Non-Modified</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>For the year ending December 31, 2019</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Principal:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; padding-left: 20pt"><font style="font-size: 10pt">Beginning balance, January 1, 2019</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">5,933,289</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">415,625</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">6,348,914</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Principal conversions to shares of common stock</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(122,808</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(275,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(397,808</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Principal payments made in cash</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,810,481</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(140,625</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,951,106</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Ending balance, December 31, 2019</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Debt discount:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Beginning balance, January 1, 2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">47,307</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,683</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">62,990</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Debt discount amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(47,307</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,683</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(62,990</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Ending balance, December 31, 2019</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Modified and un-modified debt, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt"><b>For the year ending December 31, 2018</b></font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Principal:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Beginning balance, January 1, 2018</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Cash proceeds</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,000,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,000,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,000,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Effect of modification</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,130,610</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,130,610</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Extinguishment of debt</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(3,400,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(3,400,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Principal conversions to shares of common stock</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(197,321</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(100,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(297,321</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Principal payments made in cash</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(84,375</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(84,375</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Ending balance, December 31, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5,933,289</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">415,625</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,348,914</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Debt discount:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Beginning balance, January 1, 2018</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Debt discount incurred</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,461,698</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,461,698</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Effect of modification</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">70,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">250,457</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">320,457</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Debt discount amortization</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(22,693</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(2,277,962</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(2,300,655</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Extinguishment of debt</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(418,510</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(418,510</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Ending balance, December 31, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">47,307</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">15,683</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">62,990</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Modified and un-modified debt, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">5,885,982</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">399,942</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,285,924</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Items recorded to interest expense for the years ending December 31, 2019 and 2018: 2018 are:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Contractual interest expense </font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,733,988</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">131,185</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Debt discount amortization </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">62,990</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">488,791</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Warrant costs </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,788,171</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total recorded to interest expense, net </font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,796,978</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,408,147</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The table below lists location and lease expiration dates 2020 through 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"><b>Location</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Lease-End<br /> Date</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Approximate<br /> Future<br /> Payments</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; text-align: justify"><font style="font-size: 10pt">Colchester, U.K. &#8211; Waterside House</font></td> <td style="width: 2%">&#160;</td> <td style="width: 16%; text-align: center"><font style="font-size: 10pt">May 2025</font></td> <td style="width: 2%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,073,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Anaheim, CA</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Jul 2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">46,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Billerica, MA</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Dec 2026 </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">587,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Hemel, UK</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Oct 2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">142,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Singapore</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Aug 2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Hackettstown, NJ</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Apr 2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">31,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Sarasota, FL</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Sep 2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">85,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Sublets:</font></td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Colchester, UK &#8211; The Fairways</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Mar 2020</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">13,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Hemel, UK</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Oct 2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">73,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Billerica MA</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">May 2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">252,000</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table illustrates specific operating lease data as of December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Lease cost:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 86%; padding-left: 10pt"><font style="font-size: 10pt">Operating lease cost</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,106,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Short-term lease cost</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">53,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Variable lease cost</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Sublease income</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(257,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 20pt"><font style="font-size: 10pt">Total lease cost</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">902,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Cash paid for amounts in lease liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 20pt"><font style="font-size: 10pt">Operating cash flows from operating leases</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,136,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Right-of-use assets and operating lease liabilities recognized upon adoption</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,991,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Weighted-average remaining lease term&#8212;operating leases</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.5 years</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Weighted-average discount rate&#8212;operating leases</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9.3</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table represents a summary of related party transactions for the years ended December 31, 2019 and 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the years ended</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; padding-bottom: 2.5pt"><font style="font-size: 10pt">Consulting fees incurred, recurring</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">600,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">300,000</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Consulting fees incurred, non-recurring</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">358,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">48,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Common stock issued in satisfaction of amounts due:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Quantity of shares issued</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">12,469</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">429,585</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Value of shares issued</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">31,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">240,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Amounts repaid to MBMG in cash</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">783,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">769,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables sets forth common stock purchase warrants outstanding as of December 31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Quantity<br /> of<br /> Warrants (in shares)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted<br /> Average<br /> Exercise<br /> Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; text-align: justify"><font style="font-size: 10pt">Outstanding, December 31, 2018</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,187,181</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">19.80</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Warrants granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">37,437,400</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.90</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Warrants exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(13,481,101</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(2.20</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Warrants cancelled/expired</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,033</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">53.40</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Outstanding, December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,128,447</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Exercisable, December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,128,447</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following are the critical assumptions used in connection with the valuation of the warrants exercisable into common stock as of December 31, 2019 and 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="7" style="text-align: center"><font style="font-size: 10pt"><b>Years Ended</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="7" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Number of shares underlying the warrants</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">462,428</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">492,815</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Fair market value of stock</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.25</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3.10</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Exercise price</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">1.00 to $ 24,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">4.50 to $ 137.90</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">126% to 160</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">118% to 149</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.51% to 1.60</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.46% to 2.51</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected dividend yield</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warrant life (years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.4 to 3.41</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.1 to 4.41</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>Years Ended</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Beginning balance</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">2,399,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Recognition of warrant liabilities on issuance dates</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,905,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Re-classification to equity upon warrants exercised</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(24,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Change in fair value of derivative liabilities</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,064,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,186,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Ending balance</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the following table, revenue is disaggregated by primary geographical markets and revenue source.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>For the Years Ended</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Primary geographical markets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-left: 10pt"><font style="font-size: 10pt">North America</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">13,054,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">17,686,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">South America</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">429,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,185,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Europe</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,231,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">11,569,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Asia</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,554,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,880,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Rest of World</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,674,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,974,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">28,942,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38,294,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Primary revenue source:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Equipment sales</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">25,657,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">35,055,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Installation, integration and repairs</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,673,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,024,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Warranties</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">171,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">215,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Other (Note 18)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">441,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">28,942,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">38,294,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Long-Lived Assets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">United States</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">4,616,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">5,637,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">United Kingdom</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,203,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,150,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,819,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,787,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 1799000 13663000 503000 586000 1363000 13160000 1187000 3136000 3600000 19632 158130 1550000 3201200 12445000 3201200 1550000 9333750 11120400 6000000 6000000 4450000 12445000 12445000 14827200 3000000 11893100 11893100 11320725 14827200 11320725 5998000 P18Y6M P20Y P3Y P15Y P5Y P18Y6M P20Y P3Y P15Y P5Y 1800000 2000000 700000 664000 268000 2000000 669000 1800000 268000 700000 2069000 2069158 3728000 0.10 0.31 0.15 0.10 0.12 0.15 0.39 0.10 0.29 0.12 6740000 7425000 2613000 0 1980000 3000000 27680 180000 180000 528000 528000 328932 1.00 1.00 1.318462 1.2734340 1.00 1.00 1.76717 1.3347667 No No 3600000 77518 2339000 2339000 30266 160000 160000 4131000 146000 441000 -1060000 32982 1059870 150000 180000 160000 2991000 -883000 -183000 1925000 3047000 -880000 -183000 1984000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1 &#8212; NATURE OF OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Description of Business</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The overarching strategy of Vislink Technologies, Inc. (&#8220;Vislink Technologies,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; or &#8220;us&#8221;) is to design, develop and deliver advanced wireless communications solutions that provide customers within target markets with enhanced levels of reliability, mobility, performance and efficiency in their business operations and missions. Vislink Technologies&#8217; business lines include the leading brands Integrated Microwave Technologies LLC (&#8220;IMT&#8221;) and Vislink Communications Systems (&#8220;Vislink&#8221; or &#8220;VCS&#8221;). There is considerable brand interaction, due to complementary market focus, compatible product, and technology development roadmaps, and solution integration opportunities</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>IMT:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IMT develops, manufactures, and sells microwave communications equipment utilizing COFDM (Coded Orthogonal Frequency Division Multiplexing) technology. COFDM is a transmission technique that combines encoding technology with OFDM (Orthogonal Frequency Division Multiplexing) modulation to provide the low latency and high image clarity required for real-time live broadcasting video transmissions. IMT has extensive experience in ultra-compact COFDM wireless technology, and this has allowed IMT to develop integrated solutions that deliver reliable video footage captured from both aerial and ground-based sources to fixed and mobile receiver locations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Vislink:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Vislink Communications Systems (&#8220;Vislink&#8221; or &#8220;VCS&#8221;) specializes in the wireless capture, delivery and management of secure, high-quality, live video from the field to the point of usage. VCS designs and manufactures products encompassing microwave radio components, satellite communication, cellular and wireless camera systems, and associated amplifier items. VCS serves two core markets: broadcast and media and law enforcement, and surveillance. In the broadcast and media market, VCS provides broadcast communication links for the collection of live news and sports and entertainment events. VCS&#8217; customers in the broadcast and media market include national broadcasters, multi-channel broadcasters, network owners and station groups, sports and live broadcasters and hosted service providers. In the law enforcement, and surveillance market, VCS provides secure video communications and mission-critical solutions for law enforcement, defense and homeland security applications. VCS&#8217; customers in the law enforcement, and surveillance market include metropolitan, regional and national law enforcement agencies as well as domestic and international defense agencies and organizations.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 5 &#8212; INVENTORIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories included in the accompanying consolidated balance sheet are stated at the lower of cost or market as summarized below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Raw materials</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">8,323,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">6,173,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Work-in-process</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">815,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,711,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Finished goods</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,857,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,052,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Sub-total inventories</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">12,995,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,936,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Less reserve for slow moving and excess inventory</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,321,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(886,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total inventories, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,674,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,050,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventory valuation adjustments consist primarily of items that are written off due to obsolescence or reserved for slow moving or excess inventory. The Company recorded inventory valuation adjustments of $4,705,000 and $473,000 as of December 31, 2019 and 2018, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 4 &#8212; ACCOUNTS RECEIVABLE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Accounts receivable</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">7,425,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">6,740,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Allowance for doubtful accounts</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(711,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(549,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net accounts receivable</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,714,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,191,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the years ended December 31, 2019 and 2018, the Company incurred bad debt expense of $425,000 and $142,000, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 6 &#8212; PROPERTY AND EQUIPMENT</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt"><b>Useful Life</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>(Years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Cost:</font></td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 57%; padding-left: 10pt"><font style="font-size: 10pt">Furniture and fixtures</font></td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: center"><font style="font-size: 10pt">1 &#8211; 10</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">282,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">291,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">(A) Leasehold improvements</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1 - 14</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">821,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">228,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Computers, software and equipment</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1 - 11</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,585,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,495,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Vehicles</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">1 - 7</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">22,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,688,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,036,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,716,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,940,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Property and equipment, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,972,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,096,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation of property and equipment amounted to $596,000 and $918,000 for the years ended December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With the Company dissolving the xG division, an impairment charge in the amount of $-0- and $245,000 was recorded during the years ended December 31, 2019 and 2018, respectively. Additionally, the Company reported a gain on sale of property and equipment in the amount of $-0- and $146,000 for the years ended December 31, 2019 and 2018, respectively. The gain was recorded as other income in the Consolidated Statements of Operations and Comprehensive Loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(A) The shorter of the economic life or remaining lease term.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 8 &#8212; ACCRUED EXPENSES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Accrued expenses consist of the following:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Compensation</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">818,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">834,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Commissions</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">94,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">90,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warranty</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">335,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">325,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Rent</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">71,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Payables</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">531,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">576,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Interest</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">112,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Deferred Equity</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">104,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,912,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,112,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 19 &#8212; INCOME TAXES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provision (benefit) for income taxes consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Current tax provision</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Federal </font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">State </font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 11%; text-align: right"><font style="font-size: 10pt">14,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 11%; text-align: right"><font style="font-size: 10pt">6,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Deferred tax provision (benefit) </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Federal </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(2,998,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(3,567,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">State </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,879,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1,720,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Foreign </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(870,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(127,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Change in valuation allowance </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">998,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,414,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Income tax provision</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">14,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A reconciliation of the statutory tax rate to the effective tax rate is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Statutory Federal income tax rate</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">21.00</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">21.00</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">State and local taxes, net of Federal benefit</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.77</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.93</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Permanent differences</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.56</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.35</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Provision to return</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.52</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.40</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">DTA adjustment for state NOL</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(16.83</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(&#8212;</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Foreign Rate Differential</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.68</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.14</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Change rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1.00</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.80</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Valuation allowance</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(7.43</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(36.78</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Effective tax rate</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.08</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.04</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the provisions of ASC 740, the Company may recognize the benefits of uncertain tax positions when it is more likely than not that the merits of the position(s) will be sustained upon audit by the relevant tax authorities. There were no uncertain tax positions taken or expected to be taken on a tax return that would be determined to be an unrecognized tax benefit recorded on the Company&#8217;s financial statements for the years ended December 31, 2019 or 2018. The Company does not expect its unrecognized tax benefit position to change during the next twelve months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial accounting purposes and the amounts used for income tax reporting. Significant components of the Company&#8217;s deferred tax assets are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Deferred Tax Assets </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-left: 9pt"><font style="font-size: 10pt">Federal R&#38;D credit </font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">3,007,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">2,819,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Inventory </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">683,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">78,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Allowance for bad debt </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">55,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Compensation Related </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">21,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Pension </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Other Accruals </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">63,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">305,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">State Net operating losses </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,638,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,532,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Federal Net operating losses </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">38,177,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">36,079,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Property &#38; Equipment </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">12,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Stock Options </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,565,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,214,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Other </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,143,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">834,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 10pt">Valuation Allowance </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(54,562,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(53,573,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total Deferred Tax Assets </b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">795,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,341,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred Tax Liabilities </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Property and Equipment </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(141,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(215,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Intangibles </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(630,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1,080,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Inventory </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Prepaid Expenses </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(24,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(24,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 10pt">Compensation Related </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(22,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total Deferred Tax Liabilities </b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(795,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,341,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Net Deferred Tax Asset/(Liability) </b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company has federal net operating losses (&#8220;NOL&#8221;) of approximately $173.3 million that will expire beginning in 2027. The Company has federal NOLs of approximately $16.4 million that may be carried forward indefinitely. The Company also has state NOL carryforwards of $154.6 million which will expire beginning in 2027. In addition, the Company has foreign NOL carryforwards of approximately $8.9 million that generally do not expire except under certain circumstances. The Company also has research and development credits of approximately $3.0 million which will begin to expire in 2027. The years that remain open for review by taxing authorities are 2016 to 2019 for Federal, Foreign and State Income Tax returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Realization of the NOL carryforwards and other deferred tax temporary differences is contingent on future taxable earnings. The Company&#8217;s deferred tax assets were reviewed for expected utilization using a &#8220;more likely than not&#8221; approach by assessing the available positive and negative evidence surrounding its recoverability. Accordingly, a valuation allowance has been recorded against the Company&#8217;s deferred tax assets, as it was determined based upon past and present losses that it was &#8220;more likely than not&#8221; that the Company&#8217;s deferred tax assets would not be realized. The valuation allowance was increased to the full carrying amount of the Company&#8217;s deferred tax assets. In future years, if the deferred tax assets are determined by management to be &#8220;more likely than not&#8221; to be realized, the recognized tax benefits relating to the reversal of the valuation allowance will be recorded. The Company will continue to assess and evaluate strategies that will enable the deferred tax asset, or portion thereof, to be utilized, and will reduce the valuation allowance appropriately as such time when it is determined that the &#8220;more likely than not&#8221; criteria is satisfied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The net operating loss carryovers may be subject to annual limitations under Internal Revenue Code Section 382, and similar state provisions, should there be a greater than 50% ownership change as determined under the applicable income tax regulations. The amount of the limitation would be determined based on the value of the Company immediately prior to the ownership change and subsequent ownership changes could further impact the amount of the annual limitation. An ownership change pursuant to Section 382 may have occurred in the past or could happen in the future, such that the NOLs available for utilization could be significantly limited. The Company plans to perform a Section 382 analysis in the future</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective for tax years beginning after December 31, 2017, the Tax Act includes a participation exemption system of taxation, which generally provides for 100% dividends received deduction on certain qualifying dividend distributions received by U.S. C-corporation shareholders from their 10% or more owned foreign subsidiaries. As a result of this new participation exemption system, it is generally anticipated that the Company should not be subject to additional U.S. federal income taxation on its future receipt of actual dividend income (as opposed to a deemed inclusion amounts under certain anti-deferral rules) from its foreign subsidiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For tax years beginning after December 31, 2017, the Tax Act introduced a new limitation on the deduction of interest expense whereby current year interest deductions are limited (among other limitations) to 30% of adjusted taxable income, with various modifications and exceptions. The Company does incur interest expense, and evaluates each year the impact, if any, of the new limitation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not provided for deferred taxes and foreign withholding taxes on the excess of the financial reporting basis over the tax basis in our investments in foreign subsidiaries that are essentially permanent in duration. In general, it is the Company&#8217;s practice and intention to reinvest the earnings of our foreign subsidiary in those operations. Generally, the earnings of our foreign subsidiary have become subject to U.S. taxation based on certain provisions in U.S. tax law such as the recently enacted territorial transition tax under section 965 and under certain other circumstances. Due to the complexities of the provisions introduced with the Tax Act, and the underlying assumptions that would have to be made, it is not practicable to estimate the amount of tax provision required to account for these foreign undistributed earnings. The Company will account for any additional expense or deduction in the year it is claimed. The Company will continue to review each year whether this treatment is appropriate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not identify any material uncertain tax positions and is not under any income tax examinations.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Segment Reporting</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the operating decision makers, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company&#8217;s decision-making group is the senior executive management team. The Company and the decision-making group view the Company&#8217;s operations and manage its business as one operating segment with different product offerings. All long-lived assets of the Company reside in the U.S. and U.K.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. The Company did not have any cash equivalents on hand as of December 31, 2019 and 2018.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentrations of Credit Risk</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not have any off-balance-sheet concentrations of credit risk. Credit risk is the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company. The Company&#8217;s credit risk is primarily attributable to its cash and accounts receivables. The Company&#8217;s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. <font style="background-color: white">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts held within the United States are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to $250,000. Additionally, the Company maintains cash balance accounts at financial institutions located in the United Kingdom insured by the Financial Services Compensation Scheme up to &#163;85,000, subject to currency translation rates to the United States dollar. On December 31, 2019, the Company had approximately $1.2 million above insured limits, respectively. </font>The Company has not experienced any losses in its bank accounts during the years ended December 31, 2019, and 2018. For customers, management assesses the credit quality of the customer, considering its financial position and historical experience.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2019, and 2018, the Company did not experience sales to one customer over 10% of the Company&#8217;s total consolidated sales. On December 31, 2019, the Company recorded approximately $2,613,000 (39%) and $-0- of accounts receivable to a single customer over 10% of the Company&#8217;s total consolidated accounts receivable.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Accounts Receivable and Allowance for Doubtful Accounts</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company extends credit to its customers in the normal course of business. Further, the Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgements regarding its customer&#8217;s ability to make required payments, prevailing economic conditions, past experience and other factors. As the financial condition of these factors change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for credit losses and losses have been within its expectations.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Property and Equipment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are presented at cost at the date of acquisition less depreciation. Depreciation is computed using the straight-line method over estimated useful asset lives, which range from 1 to 10 years. The costs of the day-to-day servicing of property and equipment, and repairs and maintenance are recognized in expenses as incurred.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intangible Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Software:</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use or sale to others when both the preliminary project stage is completed, and it is probable that the software will be used as intended with a product. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the product. Capitalized software costs are included in intangible assets on the Company&#8217;s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates 5 years. Capitalized Software was fully amortized as of December 31, 2018. Software amortization totaled $268,000 for the year ended December 31, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Patents and licenses:</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patents and licenses, measured initially at purchase cost, are included in intangible assets on the Company&#8217;s balance sheet and are amortized on a straight-line basis over their estimated useful lives of 18.5 to 20 years. Amortization totaled $669,000 and $664,000 for the years ended December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Other intangible assets:</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s remaining intangible assets include the trade names, technology and customer lists acquired in its acquisition of IMT and Vislink. The value of these acquired assets was determined by a third-party appraisal completed for these business combinations. Absent an indication of fair value from a potential buyer or similar specific transactions, the Company believes that the use of the methods employed provided a reasonable estimate in the reporting of the fair value assigned.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company includes these costs in intangible assets on the balance sheet and are amortized over their useful lives of 3 to 15 years. Amortization totaled $1,800,000 and $2,000,000 for the years ended December 31, 2019 and 2018, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Warranty Reserve</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Company tests its product in accordance with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company&#8217;s estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be required. The claims made during the year ended December 31, 2019 and 2018 were ordinary and customary. Warranty reserve is included in accrued expenses on the accompanying consolidated balance sheets and cost of components in the accompanying consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Warranty Reserve</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%"><font style="font-size: 10pt">December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">507,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Warranty reserve expense</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">23,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Warranty claims settled and true-up of accrual</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(205,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">December 31, 2018</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">325,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warranty reserve expense</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">231,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Warranty claims settled and true-up of accrual</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(221,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">335,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Shipping and Handling Costs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shipping and handling charges are invoiced to the customer and the Company nets these charges against the respective costs within general and administrative expenses. For the years ended December 31, 2019 and 2018, the amount of shipping and handling costs incurred were $614,000 and $774,000, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Common Stock Purchase Warrants and Other Derivative Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company classifies common stock purchase warrants and other free-standing financial instruments as equity if the contracts (i) require physical settlement or net-share settlement in common stock or (ii) give the Company a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement). The Company classifies the following contracts as either an asset or a liability: contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement) or (iii) contain reset provisions. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Treasury Stock</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares of common stock repurchased are recorded at cost as treasury stock. When shares are reissued, the cost method is used. In accordance with U.S. GAAP, the excess of the acquisition cost over the reissuance price of the treasury stock, if any, is recorded to additional paid-in capital, limited to the amount previously credited to additional paid-in capital, if any. Any excess is charged to accumulated deficit.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Research and Development Expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development costs are charged to expense as incurred in performing research, design and development activities. These expenses consist primarily of salary and benefit expenses, including stock-based compensation and payroll taxes for employees and costs for contractors engaged in research, design and development activities, as well as costs for prototypes, facilities and travel.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impairment of Long-Lived Assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management reviews long-lived assets and other intangible assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets used in operations, including right-of-use operating lease assets, impairment losses are only recorded if the asset&#8217;s carrying amount is not recoverable when the estimated undiscounted cash flows expected to result from the use of an asset and its eventual disposition is less than the carrying amount. If an impairment exists, the resulting write-down would be the difference between the fair market value of the long-lived asset and the related net book value. For the years ended December 31, 2019 and 2018, the Company recorded total impairment charges of $-0- and $0.4 million, respectively.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Income Taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I<font style="background-color: white">ncome taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which management cannot conclude that it is more likely than not that such deferred tax assets will be realized. The Company will be filing income tax returns in the U.S. federal jurisdiction and will be filing in various state and foreign jurisdictions. The Company recognizes the impact of an uncertain tax position in its financial statements if, in management&#8217;s judgment, the position is more-likely-than-not sustainable upon audit based upon the position&#8217;s technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for uncertain tax positions is necessary. The Company&#8217;s policy is to classify assessments, if any, for tax-related interest expense and penalties as general and administrative expenses.</font></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Advertising Costs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Advertising costs are charged to operations as incurred. Advertising costs amounted to approximately $237,000 and $82,000, for the years ended December 31, 2019 and 2018, respectively. Advertising costs are included in general and administrative expenses in the accompanying consolidated statement of operations.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Sales Tax and Value Added Taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for sales taxes and value added taxes imposed on its goods and services on a net basis.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Warranty reserve is included in accrued expenses on the accompanying consolidated balance sheets and cost of components in the accompanying consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Warranty Reserve</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%"><font style="font-size: 10pt">December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">507,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Warranty reserve expense</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">23,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Warranty claims settled and true-up of accrual</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(205,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">December 31, 2018</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">325,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warranty reserve expense</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">231,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Warranty claims settled and true-up of accrual</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(221,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">December 31, 2019</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">335,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Accounts receivable</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">7,425,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">6,740,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Allowance for doubtful accounts</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(711,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(549,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net accounts receivable</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,714,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,191,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories included in the accompanying consolidated balance sheet are stated at the lower of cost or market as summarized below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Raw materials</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">8,323,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">6,173,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Work-in-process</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">815,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,711,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Finished goods</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,857,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">4,052,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Sub-total inventories</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">12,995,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,936,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Less reserve for slow moving and excess inventory</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,321,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(886,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total inventories, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">7,674,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,050,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt"><b>Useful Life</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>(Years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Cost:</font></td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 57%; padding-left: 10pt"><font style="font-size: 10pt">Furniture and fixtures</font></td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: center"><font style="font-size: 10pt">1 &#8211; 10</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">282,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">291,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">(A) Leasehold improvements</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1 - 14</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">821,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">228,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Computers, software and equipment</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">1 - 11</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,585,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,495,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Vehicles</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt">1 - 7</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">22,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,688,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,036,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,716,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,940,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Property and equipment, net</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,972,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,096,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(A) The shorter of the economic life or remaining lease term.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Accrued expenses consist of the following:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Compensation</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">818,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">834,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Commissions</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">94,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">90,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warranty</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">335,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">325,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Rent</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">71,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Payables</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">531,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">576,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Interest</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">112,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Deferred Equity</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">130,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">104,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,912,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">2,112,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The modifications resulted in new debt instruments and the principal is summarized as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%"><font style="font-size: 10pt">Principal remaining on old debt modified</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">3,400,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Accrued interest on old debt modified</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">100,300</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Additional proceeds</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,000,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Original issue discount</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">105,265</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Redemption premiums</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">525,045</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total new principal</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,130,610</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each option is estimated on the date of grant, using the Black-Scholes model and the following assumptions (all in weighted averages):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; text-align: justify"><font style="font-size: 10pt">Exercise price</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">3.20</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">8.90</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">35.15</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">148.71</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Risk-free interest rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.76</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.63</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Expected dividend yield</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0</font></td> <td><font style="font-size: 10pt">%</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0</font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Expected term (years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.2</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the status of the Company&#8217;s stock option plan for the year ended December 31, 2019 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number<br /> of Options<br /> (in shares)</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted<br /> Average<br /> Exercise</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Price</b> &#160;</p></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Outstanding, January 1, 2019 </font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">585,717</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">15.50</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Options granted </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">36,500</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">3.18</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Options exercised </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8211;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8211;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Options cancelled/expired </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(117,167</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(14.79</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Outstanding, December 31, 2019 </font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">505,050</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">14.83</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Exercisable, December 31, 2019 </font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">341,083</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">15.68</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Common stock issuable upon exercise<br /> of options outstanding</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Common stock issuable upon<br /> options exercisable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Range of<br /> exercise<br /> prices</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options Outstanding (in shares )</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Remaining Contractual Life (years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Exercise<br /> Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Options Exercisable (in shares)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Remaining Exercisable Contractual Life (years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; padding-bottom: 2.5pt"><font style="font-size: 10pt">$</font></td> <td style="width: 17%; padding-bottom: 2.5pt; text-align: right"><font style="font-size: 10pt">-0- to $46,202</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">505,050</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;7.51</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right"><font style="font-size: 10pt">&#160;14.83</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">341,083</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">7.37</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; width: 10%; text-align: right"><font style="font-size: 10pt">15.68</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provision (benefit) for income taxes consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Current tax provision</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Federal </font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%; padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">State </font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 11%; text-align: right"><font style="font-size: 10pt">14,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 11%; text-align: right"><font style="font-size: 10pt">6,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Deferred tax provision (benefit) </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Federal </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(2,998,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(3,567,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">State </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,879,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1,720,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Foreign </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(870,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(127,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Change in valuation allowance </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">998,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,414,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Income tax provision</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">14,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">6,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A reconciliation of the statutory tax rate to the effective tax rate is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Statutory Federal income tax rate</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">21.00</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">21.00</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">State and local taxes, net of Federal benefit</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.77</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10.93</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Permanent differences</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.56</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.35</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Provision to return</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.52</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.40</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">DTA adjustment for state NOL</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(16.83</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(&#8212;</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Foreign Rate Differential</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.68</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.14</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Change rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1.00</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(0.80</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Valuation allowance</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(7.43</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(36.78</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Effective tax rate</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.08</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)%</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.04</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)%</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant components of the Company&#8217;s deferred tax assets are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Deferred Tax Assets </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; padding-left: 9pt"><font style="font-size: 10pt">Federal R&#38;D credit </font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">3,007,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">2,819,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Inventory </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">683,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">78,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Allowance for bad debt </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">55,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Compensation Related </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">21,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Pension </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Other Accruals </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">63,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">305,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">State Net operating losses </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5,638,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,532,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Federal Net operating losses </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">38,177,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">36,079,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Property &#38; Equipment </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">12,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Stock Options </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,565,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,214,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Other </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,143,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">834,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 10pt">Valuation Allowance </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(54,562,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(53,573,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total Deferred Tax Assets </b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">795,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,341,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Deferred Tax Liabilities </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Property and Equipment </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(141,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(215,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Intangibles </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(630,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(1,080,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Inventory </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><font style="font-size: 10pt">Prepaid Expenses </font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(24,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(24,000</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 9pt"><font style="font-size: 10pt">Compensation Related </font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(22,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total Deferred Tax Liabilities </b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(795,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,341,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Net Deferred Tax Asset/(Liability) </b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leases</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASC 842 on January 1, 2019, using the modified retrospective transition approach that applies the new standard to all leases existing at the date of the initial application. ASC 842 supersedes nearly all existing lease accounting guidance under GAAP issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;) including ASC Topic 840, Leases. ASC 842 requires that lessees recognize Right-Of-Use (&#8221; ROU&#8221;) assets and lease liabilities calculated based on the present value of lease payments for all lease agreements with terms that are greater than twelve months. Lease contracts are measured and presented in the statement of operations and statement of cash flows under ASC 842 either as a finance lease or operating lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="color: #252525">At lease inception, the Company determined if an arrangement is a lease and if it includes options to extend or terminate the contract if it is reasonably sure that the options will be exercised. We recognize lease expense for lease payments on a straight-line basis over the lease term. The Company includes o</font>perating leases as ROU assets as &#8220;Right of use assets, operating leases&#8221; and are included in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in &#8220;Operating lease obligations, current&#8221; and &#8220;Operating lease liabilities, net of current portion,&#8221; in the consolidated balance sheets. <font style="color: #252525">We recognize Operating lease ROU assets and liabilities on the commencement date based on the present value of lease payments over the lease term. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ROU asset and related lease liabilities recorded under ASC 842 are calculated based on the present value of the lease payments using (1) the rate implicit in the lease or (2) the lessee&#8217;s IBR, defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a comparable economic environment. <font style="color: #252525">As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rates based on an analysis of prior collateralized borrowings over similar terms of the lease payments at the commencement date as of January 1, 2019, to estimate the IBR applicable upon transition to ASC 842.</font> There were no capital leases, which are now titled &#8220;finance leases&#8221; under ASC 842, in the Company&#8217;s lease portfolio as of December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the adoption of ASU 2016-02, on January 1, 2019, the Company recognized a lease liability of approximately $3.0 million, with corresponding assets of $2.9 million, based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases, less derecognized deferred rent of approximately $0.06 million. There are no changes to the Company&#8217;s previously reported results before January 1, 2019. Lease expense has not changed materially as a result of the adoption of ASU 2016-02.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The adoption of ASC 842 did not materially impact our results of operations, cash flows, or presentation thereof. Refer to Note 11 for more information.</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt"><b>Principal Balance</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font-size: 10pt">Effective as of September 27, 2019, the Board of Directors of the Company consented to assume the remaining balance of a note held by the related party MB Technology Holdings, LLC (&#8220;MBTH&#8221;). MBTH originally borrowed funds for the benefit of the Company with the proceeds forwarded to the Company reflecting due to a related party, which ultimately was converted into 15,953 shares returned to treasury. The note matures on September 18, 2020, with an annual interest rate of 8.022%. One payment of $18,519 of accrued interest plus $230,860 of principal, totaling $249,379, is due on September 18, 2020.</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">231,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">On October 2, 2019, the Company&#8217;s subsidiary, Integrated Microwave Technology (&#8220;IMT&#8221;), incurred a working capital loan of $150,000, with an annual interest rate of 1.9%, maturing on April 24, 2020. There is no payment schedule required by the lender and IMT has made $42,439 in principal and $14,429 in interest payments.</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">108,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">339,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 8200000 4450000 14827200 7600000 5438000 250000 85000 2613000 P10Y P1Y P1Y P10Y P1Y P14Y P1Y P11Y P1Y P7Y 614000 774000 0 400000 237000 82000 60000 7036000 4688000 22000 291000 6495000 228000 282000 3585000 821000 4940000 2716000 1118000 30000 1118000 30000 1118000 30000 1118000 30000 245000 245000 168000 168000 413000 413000 325000 335000 507000 231000 23000 221000 205000 2500000 1900000 2100000 1000000 0 200000 12378000 1450000 2880000 12378000 1450000 2880000 18647000 12378000 1450000 2880000 -18647000 -9835000 -467000 -1715000 -10504000 -690000 -2592000 -18211000 -9171000 -243000 -836000 18647000 -168000 -669000 -223000 -877000 -664000 -268000 -224000 -879000 4691000 6894000 -168000 -1769000 -2035000 4691000 2922000 834000 818000 90000 94000 325000 335000 71000 4000 576000 531000 112000 104000 130000 2020-09-18 2019-05-29 2019-09-29 2020-04-24 2019-05-29 2023-05-29 2019-09-30 0.08022 0.019 0.06 0.10 0.10 4000000 494483 150000 328932 328932 302655 222224 552912 528000 528000 3636760 363240 If held beyond maturity, the conversion rate shall equal the lesser of (i) the then conversion price and (ii) 85% of the VWAP for the trading day immediately prior to the applicable conversion date. The Company shall pay interest to the holders on the aggregate and unconverted and outstanding principal amount on January 1, April 1, July 1 and October 1, with the remaining principal balance due at maturity. 1.00 0.45 0.45 1.00 0.20 1788171 0.00 1.6350 0.0027 P5Y 193877 193877 90050 3400000 160407 3400000 0.05 0.10 70000 70625 223967 100000 238758 6348914 5933289 415625 4130610 4130610 397808 297321 122808 275000 197321 100000 5951106 84375 249379 5810481 140625 84375 2461698 2461698 320457 70000 250457 -62990 488791 -47307 -15683 -22693 -2277962 -418510 -418510 6285924 5885982 399942 62990 47307 15683 105265 1733988 131185 1788171 1796978 2408147 P3Y6M Maturity dates ranging from April 2020 to March 2025. 0.093 257000 146000 2025-05-31 2026-12-31 2021-07-31 2020-08-31 2020-10-31 2020-04-30 2022-09-30 2020-03-31 2020-10-31 2021-05-31 2302000 142000 587000 46000 20000 1073000 31000 85000 13000 73000 252000 338000 956000 264000 491000 74000 281000 255000 255000 64000 1106000 53000 902000 1136000 0.093 361000 505000 15953 18519 14429 230860 42439 600000 300000 140000 358000 48000 783000 769000 462428 492815 1200000 126 160 0.00 1.51 1.60 1.00 24000 0.25 3.10 4.50 137.90 118 149 246 251 0.00 P1Y4M24D P3Y4M28D P1M6D P4Y4M28D 1118000 30000 2399000 1905000 -24000 -1064000 -3186000 1.00 1.20 1000 2400 Each share of the Series E Preferred is convertible into shares of the Company's common stock (subject to adjustment as provided in the related certificate of designation of preferences, rights and limitations) at any time at the option of the holder at a conversion price of not less than 100% of the public offering price of the common stock. Holders of Series E Preferred Stock will be prohibited from converting Series E Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of common stock then issued and outstanding. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to the Company. 1-for-10 reverse stock split 3988000 11996000 0.001 1.00 4.50 12469 429585 31466 240000 23638 160407 1793336 19081 2069158 775184 276796 2338758 180000 36500 2155481 1500000 3.20 0.89 1.10 P7Y6M3D P8Y4M28D P11M23D 37437400 13481101 9143100 14827200 23970300 8245181 7893394 16138575 15033 8.90 3.20 0.3515 1.4871 0.0376 0.0263 0.00 0.00 P1Y2M12D P6Y 585717 505050 117167 341083 15.50 14.83 3.18 14.79 15.68 0 46202 505050 14.83 341083 P7Y4M13D 15.68 1187181 25128447 9143100 66789 14846800 4100 320000 651252 83296 2083 10902 90 35 25128447 25128447 19.80 1.10 0.90 -2.20 53.40 1.10 0 27000 173000 236000 1.00 6787000 6819000 4616000 2203000 5637000 1150000 173300000 16400000 154600000 8900000 3000000 The net operating loss carryovers may be subject to annual limitations under Internal Revenue Code Section 382, and similar state provisions, should there be a greater than 50% ownership change as determined under the applicable income tax regulations. The amount of the limitation would be determined based on the value of the Company immediately prior to the ownership change and subsequent ownership changes could further impact the amount of the annual limitation. An ownership change pursuant to Section 382 may have occurred in the past or could happen in the future, such that the NOLs available for utilization could be significantly limited. The Company plans to perform a Section 382 analysis in the future 0.2100 0.2100 The Tax Act includes a participation exemption system of taxation, which generally provides for 100% dividends received deduction on certain qualifying dividend distributions received by U.S. C-corporation shareholders from their 10% or more owned foreign subsidiaries. As a result of this new participation exemption system, it is generally anticipated that the Company should not be subject to additional U.S. federal income taxation on its future receipt of actual dividend income (as opposed to a deemed inclusion amounts under certain anti-deferral rules) from its foreign subsidiary. For tax years beginning after December 31, 2017, the Tax Act introduced a new limitation on the deduction of interest expense whereby current year interest deductions are limited (among other limitations) to 30% of adjusted taxable income, with various modifications and exceptions. The Company does incur interest expense, and evaluates each year the impact, if any, of the new limitation. 14000 6000 14000 6000 -2998000 -3567000 2879000 -1720000 -870000 -127000 998000 5414000 14000 6000 0.0177 0.1093 0.0156 0.0435 0.0152 0.0140 0.0068 0.0014 -0.0100 -0.0080 -0.0743 -0.3678 -0.0008 -0.0004 2819000 3007000 78000 683000 32000 55000 3000 21000 6000 5000 305000 63000 8532000 5638000 36079000 38177000 12000 6214000 6565000 834000 1143000 53573000 54562000 1341000 795000 215000 141000 1080000 630000 24000 24000 -22000 1341000 795000 250000 177900 P6M P12M 433000 5951000 84000 257000 P5M P3Y9M18D 780000 660000 22026000 16785000 2096000 1972000 4691000 2922000 28813000 23604000 2112000 1912000 821000 361000 505000 1574000 2821000 1118000 30000 12637000 13212000 5886000 18523000 14375000 244562000 261871000 275000 207000 22000 277000 -234525000 -252572000 28813000 23604000 15741000 19192000 -4705000 -473000 20099000 21817000 3232000 7873000 413000 2365000 2953000 46142000 52721000 -17200000 -14427000 1064000 3186000 -33000 1878000 2718000 -847000 -446000 -2.01 -9.02 8962000 1649000 68000 79000 -18115000 -14952000 1163000 400000 224000 1793000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under previous lease guidance, future minimum lease payments under operating leases with noncancelable lease terms in excess of one year from continuing operations as of December 31, 2019, were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ending December 31,</b></font></td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 85%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 2%">&#160;</td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">956,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">491,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">281,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">64,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,302,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Sublets:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td>&#160;</td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">264,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td>&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">74,000</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">338,000</font></td> <td>&#160;</td></tr> </table> <p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&#160;</p> <p style="margin: 0pt"></p> 11996000 3988000 5998000 8100000 1500000 9600000 0 0 0 560000 1200000 483000 68000 79000 549000 711000 6191000 6714000 0 6173000 8323000 3711000 815000 4052000 3857000 13936000 12995000 886000 5321000 13050000 7674000 596000 918000 0 245000 146000 P3Y8M12D 1053000 879000 546000 119000 119000 206000 14419226 8200000 37701 6181525 90050 0 175000 300000 Pursuant to the MBMG Agreement, in consideration for the MBMG Services, the Company agreed to compensate MBMG through payment of: (i) an acquisition fee equal to (A) the greater of $250,000 or 6% of the total acquisition price for deals in which the total consideration paid by the Company is less than $50 million; (B) $3,000,000 plus 4% of the consideration paid by the Company in excess of $50 million for deals in which the total consideration paid by the Company is between $50 million and $100 million; (C) $5,000,000 plus 2% of the consideration paid by the Company in excess of $100 million for deals in which the total consideration paid by the Company is between $100 million and $400 million; or (D) $10,200,000 plus 1.1% of the consideration paid by the Company in excess of $400 million for deals in which the total consideration paid by the Company exceeds $400 million; (ii) a success-based due diligence fee of $250,000 on successfully closed deals, (iii) a waivable success-based finance fee of 2% of the acquisition price and (iv) an incentive fee of 5% of an external advisor's higher valuation of an acquisition, with such fees subject to a customary 12-month tail period in the event of termination of the MBMG Agreement. The MBMG Agreement further provides that (x) MBMG shall have the option to convert up to 50% of all such fees into the Company's common stock so long as a receivable remains outstanding, convertible at a fixed price of 110% of the lower of the price of such shares on the day of closing or such price in connection with any acquisition financing, as applicable; (y) the Company will no longer compensate MBMG through, among other discontinued fees, a $50,000 monthly consulting fee that would have been due pursuant to the MBMG Agreements and (z) in full satisfaction of specified claims arising out of the MBMG Agreements, the Company shall pay MBMG $420,000, with $200,000 to be paid within three days of the execution of the MBMG Agreement and $220,000 to be paid within 30 days of such execution. 3400000 100300 2000000 525045 6130610 -33000 42000 284000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company&#8217;s assets and liabilities that are measured at fair value on a non-recurring basis at December 31, 2019, consistent with the fair value hierarchy provisions. The asset impairment is a non-recurring level 3 measurement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quoted Prices<br /> in Active Markets for<br /> Identical<br /> Assets/Liabilities<br /> (Level 1)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant Other<br /> Observable Inputs<br /> (Level 2)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant<br /> Unobservable Inputs<br /> (Level 3)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 32%; padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Derivative liability</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 18%; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">30,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company&#8217;s liabilities that are measured at fair value on a recurring and non-recurring basis at December 31, 2018, consistent with the fair value hierarchy provisions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quoted Prices<br /> in Active Markets for<br /> Identical<br /> Assets/Liabilities<br /> (Level 1)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant Other<br /> Observable Inputs<br /> (Level 2)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant<br /> Unobservable Inputs<br /> (Level 3)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Assets (non-recurring):</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 32%; padding-left: 10pt"><font style="font-size: 10pt">Asset impairment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">245,000</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">245,000</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Capitalized software development costs</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">168,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">168,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">413,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">413,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Liabilities:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Derivative liability</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,118,000</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 630000 P1Y1M6D Additionally, the exercise price of common stock warrants issued in July 2016, as part of a financing, was adjusted down to $0.265 per share from $1.00 by the terms of the "ratchet down" provision of the warrant agreement. <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="14" style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>Common Stock Issuable Upon Exercise of Warrants Outstanding</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Common Stock Issuable Upon Warrants Exercisable</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Range of Exercise Prices</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number Outstanding at 12/31/19</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Remaining Contractual Life (Years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number Exercisable at 12/31/19</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Exercise Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">*0.001</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">9,143,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">0.91</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">0.001</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">9,143,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 13%; text-align: right"><font style="font-size: 10pt">0.001</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">**0.265</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">66,789</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.55</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.265</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">66,789</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.265</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.292</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14,846,800</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.91</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.292</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14,846,800</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">0.292</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">5.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,100</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4.54</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">5.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,100</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">5.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">10.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">320,000</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">3.41</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">10.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">320,000</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">10.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">20.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">651,252</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.02</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">20.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">651,252</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">20.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">25.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">83,296</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2.47</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">25.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">83,296</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">25.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">84.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,083</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.82</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">84.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,083</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">84.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">137.88</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,902</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.38</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">137.90</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,902</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">137.90</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">13,800.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">90</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">0.14</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">13,800.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">90</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">13,800.00</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">24,000.00</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">35</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">0.15</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,000.00</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">35</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,000.00</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,128,447</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">.98</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">25,128,447</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1.10</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">* represents group of penny warrants</p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">**represents group of warrants repriced to $0.265 from the $1.00 exercise price</p> <p style="margin: 0pt"></p> 0.001 0.265 0.292 5.00 10.00 20.00 25.00 84.00 137.88 13800.00 24000.00 P0Y10M28D P1Y6M18D P0Y10M28D P4Y6M14D P3Y4M28D P2Y0M7D P2Y5M20D P1Y9M25D P1Y4M17D P0Y1M20D P0Y1M24D P0Y11M23D 0.001 0.265 0.292 5.00 10.00 20.00 25.00 84.00 137.90 13800.00 24000.00 1.10 9143100 66789 14846800 4100 320000 651252 83296 2083 10902 90 35 25128447 0.001 0.265 0.292 5.00 10.00 20.00 25.00 84.00 137.90 13800.00 24000.00 1.10 0.45 6.85 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other events after December 31, 2019 to the date of this report:&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quantity of Warrants Exercised</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Quantity of Common Stock Issued</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Proceeds Received</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warrant Exercises:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Pre-Funded Warrants:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; padding-left: 20pt"><font style="font-size: 10pt">Nov 2019 Equity Raise</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">9,143,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">9,143,100</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; text-align: right"><font style="font-size: 10pt">8,100</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Feb 2020 Equity Raise</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,827,200</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,827,200</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,500</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">23,970,300</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">23,970,300</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,600</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font-size: 10pt">Cashless Warrants:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font-size: 10pt">Nov 2019 Equity Raise</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,245,181</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,993,575</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">-0-</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt"><font style="font-size: 10pt">Feb 2020 Equity Raise</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">7,893,394</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,524,525</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-0-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">16,138,575</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,518,100</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-0-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> 9143100 14827200 23970300 10993575 10524525 21518100 31000 240000 529000 2339000 1159000 1466000 2991000 97675 32982 9147200 -0.1683 0.0000 2277000 The shorter of the economic life or remaining lease term. represents group of penny warrants represents group of warrants repriced to $0.265 from the $1.00 exercise price EX-101.SCH 20 visl-20191231.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Operations and Comprehensive Loss link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statements of Changes in Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Nature of Operations link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Liquidity and Financial Condition link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Accounts Receivable link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Property and Equipment link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Intangible Assets link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Accrued Expenses link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Notes Payable link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Convertible Promissory Notes link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Leases link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Derivative Liabilities link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Concentrations link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Revenue link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Rebates link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Accounts Receivable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Inventories (Tables) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Property and Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Accrued Expenses (Tables) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Notes Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Convertible Promissory Notes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Related Party Transactions (Tables) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Derivative Liabilities (Tables) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Stockholders' Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Revenue (Tables) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Subsequent Events (Tables) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Liquidity and Financial Condition (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Summary of Significant Accounting Policies - Schedule of Product Warranty Liability (Details) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Summary of Significant Accounting Policies - Schedule of Foreign Exchanges and Changes in Accumulated Comprehensive Income (Details) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Accounts Receivable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Accounts Receivable - Schedule of Accounts Receivable (Details) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Inventories (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Inventories - Schedule of Inventories, Net (Details) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Property and Equipment (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Property and Equipment - Schedule of Property and Equipment, Net (Details) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - Intangible Assets (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000056 - Disclosure - Intangible Assets - Schedule of Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000057 - Disclosure - Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000058 - Disclosure - Accrued Expenses - Schedule of Accrued Expenses (Details) link:presentationLink link:calculationLink link:definitionLink 00000059 - Disclosure - Notes Payable - Schedule of Notes Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000060 - Disclosure - Notes Payable - Schedule of Notes Payable (Details) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000061 - Disclosure - Convertible Promissory Notes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000062 - Disclosure - Convertible Promissory Notes - Schedule of Modified and Non-Modified Debt (Details) link:presentationLink link:calculationLink link:definitionLink 00000063 - Disclosure - Convertible Promissory Notes - Schedule of Interest Expense (Details) link:presentationLink link:calculationLink link:definitionLink 00000064 - Disclosure - Convertible Promissory Notes - Schedule of New Debt Instrument (Details) link:presentationLink link:calculationLink link:definitionLink 00000065 - Disclosure - Leases (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000066 - Disclosure - Leases - Schedule of Lease Obligations Assumed (Details) link:presentationLink link:calculationLink link:definitionLink 00000067 - Disclosure - Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) link:presentationLink link:calculationLink link:definitionLink 00000068 - Disclosure - Leases - Schedule of Operating Lease Data (Details) link:presentationLink link:calculationLink link:definitionLink 00000069 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000070 - Disclosure - Related Party Transactions - Schedule of Related Party Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 00000071 - Disclosure - Derivative Liabilities - Schedule of Valuation and Warrants Exercisable (Details) link:presentationLink link:calculationLink link:definitionLink 00000072 - Disclosure - Derivative Liabilities - Schedule of Changes in Fair Value of Level 3 Financial Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 00000073 - Disclosure - Stockholders' Equity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000074 - Disclosure - Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) link:presentationLink link:calculationLink link:definitionLink 00000075 - Disclosure - Stockholders' Equity - Schedule of Stock Option Activity (Details) link:presentationLink link:calculationLink link:definitionLink 00000076 - Disclosure - Stockholders' Equity - Schedule of Stock Option Exercise Price (Details) link:presentationLink link:calculationLink link:definitionLink 00000077 - Disclosure - Stockholders' Equity - Schedule of Warrant Outstanding (Details) link:presentationLink link:calculationLink link:definitionLink 00000078 - Disclosure - Stockholders' Equity - Schedule of Warrant Outstanding Exercise Price (Details) link:presentationLink link:calculationLink link:definitionLink 00000079 - Disclosure - Stockholders' Equity - Schedule of Warrant Outstanding Exercise Price (Details) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000080 - Disclosure - Commitments and Contingencies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000081 - Disclosure - Concentrations (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000082 - Disclosure - Revenue - Schedule of Disggregation of Revenue (Details) link:presentationLink link:calculationLink link:definitionLink 00000083 - Disclosure - Rebates (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000084 - Disclosure - Income Taxes (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000085 - Disclosure - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000086 - Disclosure - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) link:presentationLink link:calculationLink link:definitionLink 00000087 - Disclosure - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 00000088 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000089 - Disclosure - Subsequent Events - Summary of Warrants Exercised and Common Stock Issued (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 21 visl-20191231_cal.xml XBRL CALCULATION FILE EX-101.DEF 22 visl-20191231_def.xml XBRL DEFINITION FILE EX-101.LAB 23 visl-20191231_lab.xml XBRL LABEL FILE Equity Components [Axis] Common Stock [Member] Additional Paid In Capital [Member] Treasury Stock [Member] Accumulated Other Comprehensive Income [Member] Accumulated Deficit [Member] Class of Stock [Axis] Series D Preferred Stock [Member] Title of Individual [Axis] Employees, Directors, Consultants and Other Professionals [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Employee Consultant Agreements [Member] Related Party Transaction [Axis] MBMG Agreement [Member] Related Party [Axis] MB Merchant Group, LLC [Member] Common Stock Options [Member] Adjustments for New Accounting Pronouncements [Axis] Accounting Standards Update 2016-02 [Member] Geographical [Axis] North America [Member] South America [Member] Europe [Member] Asia [Member] Rest of World [Member] Concentration Risk Benchmark [Axis] Sales Revenue, Net [Member] Concentration Risk Type [Axis] One Customer [Member] Purchase [Member] Vendor One [Member] Vendor Two [Member] Income Statement Location [Axis] Equipment Sales [Member] Installation, Integration and Repairs [Member] Warranties [Member] Other [Member] Antidilutive Securities [Axis] Stock Options [Member] Convertible Debt [Member] Warrants [Member] Property, Plant and Equipment, Type [Axis] Patents and Licenses [Member] Range [Axis] Minimum [Member] Maximum [Member] Other Intangible Assets [Member] Trade Names and Technology [Member] Customer Relationships [Member] Legal Entity [Axis] MB Technology Holdings, LLC [Member] Debt Instrument [Axis] Convertible Promissory Notes [Member] Modified [Member] Non-Modified [Member] Colchester, U.K. - Waterside House [Member] Billerica, MA [Member] Anaheim, CA [Member] Singapore [Member] Hemel, U.K [Member] Hackettstown, NJ [Member] Hale Capital Partners, LP [Member] Plan Name [Axis] July 2019 Financing [Member] Pre Funded Warrants [Member] Common Stock Warrants [Member] Retirement Plan Name [Axis] Stakeholder Pension Scheme [Member] Nasdaq Stock Market LLC [Member] Accounts Receivable [Member] Customer One [Member] United States [Member] United Kingdom [Member] Award Type [Axis] GBP [Member] Measurement Input Type [Axis] Expected Volatility [Member] Measurement Input, Expected Dividend Rate [Member] Measurement Input, Risk Free Interest Rate [Member] Measurement Input, Exercise Price [Member] Measurement Input, Market Value [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Warrant [Member] Warrant One [Member] us-gaap:Finite Lived Intangible Assets By Major Class [Axis] Software [Member] Single Customer [Member] Fair Value Hierarchy and NAV [Axis] Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] Significant Other Observable Inputs (Level 2) [Member] Significant Unobservable Inputs (Level 3) [Member] Vehicles [Member] Furniture and Fixtures [Member] Computers, Software and Equipment [Member] Leasehold Improvements [Member] Software [Member] Software Development Costs [Member] Integrated Microwave Technology [Member] Six Percent Senior Secured Convertible Debentures [Member] Dividend Yield [Member] Debt Modification of the May 2018 Financing executed on October 9, 2018 [Member] Sarasota, FL [Member] Lease Arrangement, Type [Axis] Sublets [Member] Colchester, U.K. - The Fairways [Member] Fair Market Value of Stock [Member] Exercise Price [Member] Series A Preferred Stock [Member] Series B Preferred Stock [Member] Series C Preferred Stock [Member] Series E Preferred Stock [Member] Conversion Rights of Preferred [Member] November 2019 Financing [Member] Accrued Interest on Convertible Promissory Note [Member] Accounts Payable [Member] Vendor [Member] Income Tax Authority [Axis] Federal [Member] Carried Forward Indefinitely [Member] State [Member] Foreign [Member] Option Indexed to Issuer's Equity, Type [Axis] Time-Based Option [Member] Performance-Based Option [Member] Bond Employment Agreement [Member] Payne Separation Agreement [Member] Branton Separation Agreement [Member] Pre-Funded Warrants [Member] Cashless Warrants [Member] New Debt Instruments [Member] Exercise Price Range [Axis] Exercise Price Range One [Member] Exercise Price Range Two [Member] Exercise Price Range Three [Member] Exercise Price Range Four [Member] Exercise Price Range Five [Member] Exercise Price Range Six [Member] Exercise Price Range Seven [Member] Exercise Price Range Eight [Member] Exercise Price Range Nine [Member] Exercise Price Range Ten [Member] Exercise Price Range Eleven [Member] Class of Warrant or Right [Axis] Nov 2019 Equity Raise [Member] Feb 2020 Equity Raise [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Shell Company Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current assets Cash Accounts receivable, net Inventories, net Prepaid expenses and other current assets Total current assets Right of use assets, operating leases Property and equipment, net Intangible assets, net Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable Accrued expenses Notes payable Convertible promissory notes, net of discount of $-0- and $16, respectively Operating lease obligations, current Due to related parties Customer deposits and deferred revenue Derivative liabilities Total current liabilities Operating lease obligations, net of current portion Convertible promissory notes, net of discount of $-0- and $47, respectively Total liabilities Commitments and contingencies (See Note 15) Stockholders' equity Preferred stock - $0.00001 par value per share: 10,000,000 shares authorized at December 31, 2019 and 2018; -0- shares issued and outstanding as of December 31, 2019 and 2018 Common stock, - $0.00001 par value per share, 100,000,000 shares authorized, 21,567,287 and 1,877,698 shares issued and 21,551,333 and 1,877,697 outstanding at December 31, 2019 and 2018, respectively Additional paid in capital Accumulated other comprehensive income Treasury stock, at cost - 15,954 and 1 shares as of December 31, 2019 and 2018, respectively Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Debt discount, current Debt discount, non current Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common Stock, shares, outstanding Treasury stock, shares Income Statement [Abstract] Revenue, net Cost of Revenue and operating expenses Cost of components and personnel Inventory valuation adjustments General and administrative expenses Research and development Impairment charge Amortization and depreciation Total cost of revenue and operating expenses Loss from operations Other (expenses) income Changes in fair value of derivative liabilities Loss on debt and payable extinguishment Loss on debt conversions Other income Interest expense Total other (expenses) income Net loss Basic and diluted loss per share Weighted average number of shares outstanding: Basic and Diluted Comprehensive loss: Net loss Unrealized loss on currency translation adjustment Comprehensive loss Statement [Table] Statement [Line Items] Balance Balance, shares Unrealized loss on currency translation adjustment Issuance of common stock in connection with: Payments made in stock (payroll and consultants) Issuance of common stock in connection with: Payments made in stock (payroll and consultants), shares Issuance of common stock in connection with: Compensation awards previously accrued Issuance of common stock in connection with: Compensation awards previously accrued, shares Issuance of common stock in connection with: Conversion of amounts due to related parties Issuance of common stock in connection with: Conversion of amounts due to related parties, shares Issuance of common stock in connection with: Satisfaction of interest due on convertible promissory notes Issuance of common stock in connection with: Satisfaction of interest due on convertible promissory notes Issuance of common stock in connection with: Satisfaction of convertible promissory notes Issuance of common stock in connection with: Satisfaction of convertible promissory notes, shares Issuance of common stock in connection with: Procurement fee for debt instrument Issuance of common stock in connection with: Procurement fee for debt instrument, shares Stock-based compensation Beneficial conversion feature Issuance of common stock in connection with: Underwriting equity raises, net of offering costs Issuance of common stock in connection with: Underwriting equity raises, net of offering costs, shares Issuance of common stock in connection with: Exercise of common stock warrants Issuance of common stock in connection with: Exercise of common stock warrants, shares Issuance of common stock in connection with: Exercise of cashless common stock warrants Issuance of common stock in connection with: Exercise of cashless common stock warrants, shares Issuance of common stock in connection with: Conversion of principal and accrued interest on convertible promissory notes Issuance of common stock in connection with: Conversion of principal and accrued interest on convertible promissory notes, shares Reclassification of derivative liabilities in connection with the exercise of common stock warrants Purchase of treasury stock Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows used in operating activities Adjustments to reconcile net loss to net cash used in operating activities Loss on debt and payables extinguishment Gain on sale of property and equipment Stock-based compensation (option awards) Payment made in stock (payroll and consultants) Stock issuance commitments Provision for bad debt Inventory valuation adjustments Amortization of right of use assets, operating leases Depreciation and amortization Change in fair value of derivative liabilities Loss on debt settlement Non-cash interest costs Changes in assets and liabilities Accounts receivable Inventories Prepaid expenses and other current assets Accounts payable Accrued expenses and interest expense Operating lease liabilities Due to related parties Deferred revenue and customer deposits Net cash used in operating activities Cash flows (used in) provided by investing activities Proceeds from sale of property and equipment Acquisition of property and equipment Payment for purchase of treasury stock Net cash (used in) provided by investing activities Cash flows provided by financing activities Proceeds received from equity financings Costs incurred in connection with equity financing Proceeds from the exercise of common stock warrants Proceeds from working capital financing note Principal payments in connection with working capital financing note Principal repayments made on capital lease obligations Proceeds from convertible promissory notes Payment of issuance costs on convertible promissory notes Principal repayments on convertible promissory notes Net cash provided by financing activities Effect of exchange rate changes on cash Net decrease in cash Cash, beginning of year Cash, end of year Cash paid for interest Cash paid for taxes Supplemental cash flow disclosures of non-cash investing and financing activities: Common stock issued in connection with: Compensation awards for services previously accrued Common stock issued in connection with: Conversion of amounts due to related parties Common stock issued in connection with: Conversion of principal and interest due on convertible promissory notes Common stock issued in connection with: Settlement of interest only on convertible notes Common stock issued in connection with: Compensatory fee for debt modification Effect of the December 3, 2018 modification of the May 2018 debt instruments Beneficial conversion feature Reclassification of derivative liabilities to stockholders' equity upon the exercise of warrant Financing encumbered in treasury stock purchased Non-cash disclosures of ROU assets and operating lease obligations (Note 11): Operating lease assets recognized less: non-cash changes to operating lease assets amortization less: non-cash changes to operating lease assets lease termination Total non-cash disclosures of ROU assets Operating lease liabilities recognized less: non-cash changes to operating lease liabilities amortization less: non-cash changes to operating lease liabilities lease termination Total non-cash disclosures operating lease obligations Organization, Consolidation and Presentation of Financial Statements [Abstract] Nature of Operations Liquidity And Financial Condition Liquidity and Financial Condition Accounting Policies [Abstract] Summary of Significant Accounting Policies Receivables [Abstract] Accounts Receivable Inventory Disclosure [Abstract] Inventories Property, Plant and Equipment [Abstract] Property and Equipment Goodwill and Intangible Assets Disclosure [Abstract] Intangible Assets Payables and Accruals [Abstract] Accrued Expenses Debt Disclosure [Abstract] Notes Payable Convertible Promissory Notes Leases [Abstract] Leases Related Party Transactions [Abstract] Related Party Transactions Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Liabilities Equity [Abstract] Stockholders' Equity Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Risks and Uncertainties [Abstract] Concentrations Revenue from Contract with Customer [Abstract] Revenue Rebates Rebates Income Tax Disclosure [Abstract] Income Taxes Subsequent Events [Abstract] Subsequent Events Principles of Consolidation Segment Reporting Use of Estimates Cash and Cash Equivalents Concentrations of Credit Risk Accounts Receivable and Allowance for Doubtful Accounts Inventories Property and Equipment Intangible Assets Warranty Reserve Shipping and Handling Costs Convertible Instruments Common Stock Purchase Warrants and Other Derivative Financial Instruments Treasury Stock Revenue Recognition Research and Development Expenses Stock-Based Compensation Leases Impairment of Long-Lived Assets Income Taxes Advertising Costs Sales Tax and Value Added Taxes Loss Per Share Fair Value of Financial Instruments Foreign Currency and Other Comprehensive (Loss) Gain Subsequent Events Recent Accounting Pronouncements Schedule of Product Warranty Liability Schedule of Earnings Per Share, Basic and Diluted Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Non-recurring Basis Schedule of Foreign Exchanges and Changes in Accumulated Comprehensive Income Schedule of Accounts Receivable Schedule of Inventories, Net Schedule of Property and Equipment, Net Schedule of Intangible Assets Schedule of Estimated Amortization Expense for Intangible Assets Schedule of Accrued Expenses Schedule of Notes Payable Schedule of Modified and Non-Modified Debt Schedule of Interest Expense Schedule of New Debt Instrument Schedule of Lease Obligations Assumed Schedule of Future Minimum Rental Payments for Operating Leases Schedule of Operating Lease Data Schedule of Related Party Transactions Schedule of Valuation and Warrants Exercisable Schedule of Changes in Fair Value of Level 3 Financial Liabilities Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions Schedule of Stock Option Activity Schedule of Stock Option Exercise Price Schedule of Warrant Outstanding Schedule of Warrant Outstanding Exercise Price Schedule of Disggregation of Revenue Schedule of Components of Income Tax Expense (Benefit) Schedule of Effective Income Tax Rate Reconciliation Schedule of Deferred Tax Assets and Liabilities Summary of Warrants Exercised and Common Stock Issued Working capital Loss from operations Cash used in operating activities Number of common stock shares issued during period Warrants to purchase shares of common stock Pre-funded warrants to purchase common stock Proceeds from issuance from offering Convertible promissory note balance Offering cost Net proceeds from offering cost Statistical Measurement [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Cash FDIC insured amount Cash uninsured amount Concentration risk amount Accounts receivable Estimated useful life Finite-lived intangible asset, useful life Amortization Shipping and handling costs Lease liability Corresponding assets Derecognized deferred rent Impairment charges Advertising costs Penny warrants outstanding Foreign exchange transaction rate Foreign exchange transactions average rate Warranty reserve, beginning Warranty reserve expense Warranty claims settled and true-up of accrual Warranty reserve, ending Antidilutive securities excluded from computation of earnings per share, amount Derivative liability Total Liabilities Asset impairment Capitalized software development costs Total Assets (non-recurring) Net foreign exchange transactions: (Gains) losses Accumulated comprehensive income: Unrealized loss on currency translation adjustment Bad debt expense Accounts receivable Allowance for doubtful accounts Net accounts receivable Raw materials Work-in-process Finished goods Sub-total inventories Less reserve for slow moving and excess inventory Total inventories, net Depreciation Impairment of property plant and equipment Gain on sale of property and equipment Property and equipment Accumulated depreciation Property and equipment, net Amortization of intangible assets Net of capitalized cost patent and licenses Net of capitalized cost other intangible assests Impairment of software development costs Amortized weighted average remaining life Beginning balance cost Intangible assets, Additions Intangible assets, Eliminations Intangible assets, Impairments Intangible assets, Amortization Ending balance cost Beginning balance, accumulated amortization Intangible assets accumulated amortization, Additions Intangible assets accumulated amortization Eliminations Intangible assets accumulated amortization, Impairments Intangible assets accumulated amortization Ending balance, accumulated amortization Beginning balance cost/ accumulated amortization Additions,cost/ accumulated amortization Eliminations, cost/ accumulated amortization Impairments, cost/ accumulated amortization Amortization, cost/ accumulated amortization Ending balance, cost/ accumulated amortization 2020 2021 2022 2023 2024 Thereafter Finite-Lived Intangible Assets, Net, Total Compensation Commissions Warranty Rent Payables Interest Deferred Equity Accrued expenses Converted shares of common stock to the Treasury Debt instrument maturity date Debt instrument stated interest rate percentage Debt accrued interest Debt principal payment Debt payment Working capital loan Debt interest rate Debt maturity date Stock issued during period, shares, conversion of convertible securities Stock issued during period, value, conversion of convertible securities Debt Instrument, Face Amount Gain (loss) on extinguishment of debt Common stock par value Proceeds Issuance Costs Debt Related Commitment Fees and Debt Issuance Costs Debt Conversion, Description Debt instrument, convertible, conversion price Warrant exercise price Proceeds from Issuance of Warrants Fair value of assumtions percentage Fair value of assumtions of term Beneficial conversion Additional debt discount with an offset to equity Compensatory shares Debt extinguishment Debt discount percentage on principal amount Percentage of Cash Flows from debt instrument Debt issuance cost Number shares issued value Debt principal, beginning balance Debt principal, Cash proceeds Debt principal, Effect of modification Debt principal, Extinguishment of debt Debt principal, Principal conversions to shares of common stock Debt principal, Principal payments made in cash Debt principal, ending balance Debt discount, beginning balance Debt discount, Debt discount incurred Debt discount, Effect of modification Debt discount, Debt discount amortization Debt discount, Extinguishment of debt Debt discount, ending balance Modified and un-modified debt, net Contractual interest expense Debt discount amortization Warrant costs Total recorded to interest expense, net Principal remaining on old debt modified Accrued interest on old debt modified Additional proceeds Original issue discount Redemption premiums Total new principal Weighted average remaining term for lease minimum Weighted average remaining term for lease maximum Right of use of assets Lease liabilities Lease liabilities, current Weighted average remaining term for lease Lease maturity date, description Weighted average discount rate, percentage Operating lease expense Rent income LeaseContratualTermAxis [Axis] Lease Expiration Date Approximate Future Payments 2020 2021 2022 2023 2024 Thereafter Operating Leases, Future Minimum Payments Due, Total Operating lease cost Short-term lease cost Variable lease cost Sublease income Total lease cost Operating cash flows from operating leases Right-of-use assets and operating lease liabilities recognized upon adoption Weighted-average remaining lease term-operating leases Weighted-average discount rate-operating leases Due to related parties Consulting fees incurred, recurring Consulting fees incurred, non-recurring Common stock shares issued in satisfaction of amounts due: Quantity of shares issued Common stock shares issued in satisfaction of amounts due: Value of shares issued Amounts repaid to MBMG in cash Number of shares underlying the warrants Warrants and rights outstanding, measurement input Warrant life (years) Beginning balance Recognition of warrant liabilities on issuance dates Re-classification to equity upon warrants exercised Change in fair value of derivative liabilities Ending balance Collaborative Arrangement and Arrangement Other than Collaborative [Axis] Preferred stock shares authorized Preferred stock par value Share issued price per share Conversion of shares issued Conversion of shares converted Conversion description Common stock shares authorized Common stock shares outstanding Reverse split Issuance of common stock share Warrants to purchase shares of common shares Gross proceeds from common stock Number of shares issued for exercise of warants Number of warrants exercised Warrant exercise price per share Proceeds from exercise of warrants Issuance of common stock value Number of common stock shares issued to related party obligations Number of common stock shares issued to related party obligations, value Conversion interest amount Conversion of principal amount Loss on recognized on conversion Share-based compensation Recognised intrinsic value of common stock Number of common stock shares issued under compensation Number of common stock issued under compensation, value Compensation cost Number of shares issued on conversion Number of shares issued on conversion, value Beneficial conversion feature amount Increase in beneficial conversion feature Shaebased compensation options granted Weighted average remaining contractual life of option Weighted average fair value of options granted Intrinsic value of options exercisable Remaining stock compensation expense Amortization period Warrant granted Warrant exercised Warrant expired Warrants outsatnding, intrinsic value Additionally exercise price warrant description Exercise price Volatility Risk-free interest rate Expected dividend yield Expected term (years) Number of Options, Beginning Balance Number of Options, granted Number of Options, exercised Number of Options, cancelled/expired Number of Options, Ending Outstanding Number of Options Exercisable Weighted Average Exercise Price, Outstanding Beginning Balance Weighted Average Exercise Price, granted Weighted Average Exercise Price, exercised Weighted Average Exercise Price, cancelled/expired Weighted Average Exercise Price, Outstanding Ending Balance Weighted Average Exercise Price, Exercisable Balance Range of Exercise Prices, Lower Range Range of Exercise Prices, Upper Range Number of Options Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number of Options Exercisable Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price, Options Exercisable Number of warrants, Beginning Balance Number of warrants, granted Number of warrants, exercised Number of warrants, cancelled/expired Number of warrants, Ending outstanding Number of warrants, Ending exercisable Weighted Average Exercise Price, Beginning Balance Weighted Average Exercise Price, granted Weighted Average Exercise Price, exercised Weighted Average Exercise Price, cancelled/expired Weighted Average Exercise Price, Ending outstanding Weighted Average Exercise Price, Ending exercisable Range of Exercise Prices, Upper Range Number of Warrants Outstanding Warrants Outstanding Weighted-Average Remaining Contractual Life (years) Warrants Outstanding Weighted Average Exercise Price Number of Warrants Exercisable Warrants Exercisable Exercise Price Warrant exercise price repriced Professional fees Pension Contributions by employer amount Closing bid price Concentration risk percentage Revenue Long-Lived Assets Rebates received Operating Loss Carryforwards [Table] Operating Loss Carryforwards [Line Items] Operating Loss Carryforwards Deferred Tax Assets, Tax Credit Carryforwards, Research Net operating loss carryovers under Internal Revenue Code, description Effective for tax years, description Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration Current tax provision, Federal Current tax provision, State Current Income Tax Expense, Total Deferred tax provision (benefit), Federal Deferred tax provision (benefit), State Deferred tax provision (benefit), Foreign Change in valuation allowance Income tax provision Statutory Federal income tax rate State and local taxes, net of Federal benefit Permanent differences Provision to return DTA adjustment for state NOL Foreign rate differential Change rate Valuation allowance Effective tax rate Deferred Tax Assets, Federal R&D credit Deferred Tax Assets, Inventory Deferred Tax Assets, Allowance for bad debt Deferred Tax Assets, Compensation Related Deferred Tax Assets, Pension Deferred Tax Assets, Other Accruals Deferred Tax Assets, State Net operating losses Deferred Tax Assets, Federal Net operating losses Deferred Tax Assets, Property & Equipment Deferred Tax Assets, Stock Options Deferred Tax Assets, Other Deferred Tax Assets, Valuation Allowance Total Deferred Tax Assets Deferred Tax Liabilities, Property and Equipment Deferred Tax Liabilities, Intangibles Deferred Tax Liabilities, Inventory Deferred Tax Liabilities, Prepaid Expenses Deferred Tax Liabilities, Compensation Related Total Deferred Tax Liabilities Net Deferred Tax Asset/(Liability) Options to purchase common stock Annual base salary Issuance of common stock Proceeds from issuance from offering Salary continuation period Aggregate amount of salary continuation Serivice consideration, description Subsequent Event [Table] Subsequent Event [Line Items] Quantity of Warrants Exercised Quantity of Common Stock Issued Proceeds Received Anaheim, CA [Member] Billerica, MA [Member] Colchester, U.K. - Waterside House [Member] Issuance of common stock in connection with: Exercise of common stock warrants. Issuance of common stock in connection with: Exercise of common stock warrants, shares. Services previously accrued. Common Stock Options [Member] Common Stock Warrants [Member] Convertible promissory notes [Text Block] Customer [Member] Customer One [Member] Customer Two [Member] Employee Consultant Agreements [Member] Employees, Directors, Consultants and Other Professionals [Member] Equipment Sales [Member] Issuance of common stock in connection with: Exercise of cashless common stock warrants. Reclassification of derivative liabilities in connection with the exercise of common stock warrants. Financing encumbered in treasury stock purchased. GBP [Member] Hackettstown, NJ [Member] Hale Capital Partners, LP [Member]. Hemel, U.K [Member] Operating lease liabilities. Installation, Integration and Repairs [Member] July 11, 2019 Financing [Member]. Liquidity and Financial Condition [Text Block] Loss on conversion of debentures. MB Merchant Group, LLC [Member] MBMG Agreement [Member] MB Technology Holdings [Member] Modified [Member] Nasdaq Stock Market LLC [Member]. Non-Modified [Member] One Customer [Member] One Vendor [Member] Other [Member] Patents and Licenses [Member] Payment for purchase of treasury stock. Pre-funded Warrants [Member] Proceeds from other connection with equity financing. Rebates [Text Block] Reclassification of derivative liabilities to stockholders’ equity upon the exercise of warrants. Rest of World [Member] Right-of-use assets, net. Schedule Of Lease Obligations Assumed [Table Text Block] Schedule of Operating Lease Data [Table Text Block] Schedule of Valuation and Warrants Exercisable [Table Text Block] Stakeholder Pension Scheme [Member] Issuance of common stock in connection with: Exercise of cashless common stock warrants, shares. The amount of stock issuance commitments Stock issued during period purchase of treasury stock. Issuance of common stock in connection with: Satisfaction of accrued interest on convertiblepromissory notes. Issuance of common stock in connection with: Underwriting equity raise, net of offering costs, shares. Number of shares of stock issued during period for conversion of related party debt. Issuance of common stock in connection with: Satisfaction of accrued interest on convertible promissory notes, shares Issuance of common stock in connection with: Satisfaction of accrued interest on convertiblepromissory notes. Issuance of common stock in connection with: Underwriting equity raise, net of offering costs. Value of stock issued during period for conversion of related party debt. Issuance of common stock in connection with satisfaction of accrued interest on convertible promissory notes. Stock Options [Member] Trade Names and Technology [Member] Two Vendor [Member] Underwriters [Member]. Vendor One [Member] Vendor Two [Member] Warranties [Member] Warrants [Member] Working capital. Loss on debt conversions. Issuance of common stock in connection with satisfaction of convertible promissory notes. Issuance of common stock in connection with satisfaction of convertible promissory notes, shares. Procurement fee for debt instrument. Procurement fee for debt instrument, shares. Effect of modification of debt instruments. Proceeds from working capital financing note. Principal payments in connection with working capital financing note. Settlement of interest only on convertible notes. Compensatory fee for debt modification. Operating lease assets recognized. Amortization. Lease termination. Total non-cash disclosures of ROU assets. Operating lease liabilities recognized. Non-cash changes to operating lease liabilities amortization. Non-cash changes to operating lease liabilities lease termination. Total non-cash disclosures operating lease obligations. Shipping and Handling Costs [Policy Text Block] Common Stock Purchase Warrants and Other Derivative Financial Instruments [Policy Text Block] Treasury Stock [Policy Text Block] Sales Tax and Value Added Taxes [Policy Text Block] Schedule of Notes Payable [Table Text Block] Pre-funded warrants to purchase common stock. Common Stock One [Member] Warrant One [Member] Two Customers [Member] Cost incurred during the period in shipping and handling goods and services to customers. Single Customer [Member] Derecognized deferred rent. Asset impairment, fair value disclosure. Unrealized loss on currency translation adjustment. Software [Member] Net of capitalized cost patent and licenses. Software Development Costs [Member] Intangible assets, eliminations. Intangible assets accumulated amortization, additions. Intangible assets accumulated amortization eliminations. Intangible assets accumulated amortization, impairments. Intangible assets accumulated amortization. Beginning balance cost and accumulated amortization. Additions,cost and accumulated amortization. Eliminations, cost accumulated amortization. Impairments, cost accumulated amortization. Amortization, cost accumulated amortization. Ending balance, cost and ccumulated amortization. Integrated Microwave Technology [Member] Working capital loan. Six Percent Senior Secured Convertible Debentures [Member] Dividend Yield [Member] Debt Modification of the May 2018 Financing executed on October 9, 2018 [Member] Fair value of assumtions percentage. Fair value of assumtions of term. Debt discount percentage on principal amount. Percentage of Cash Flows from debt instrument. Debt principal, effect of modification. Debt discount, debt discount incurred. Debt discount, effect of modification. Debt discount, extinguishment of debt. Warrant costs. Sarasota, FL [Member] Sublets [Member] Colchester, U.K. - The Fairways [Member] Lease Contratual Term [Axis] Consulting fees, non-recurring. Fair value measurement with unobservable inputs reconciliation recurring basis liability warrant on issuance date Re-classification to equity upon warrants exercised. Conversion Rights of Preferred [Member] November 2019 Financing [Member] Accrued Interest on Convertible Promissory Note [Member] 2013 Stock Option Plan [Member] 2015 Incentive Compensation Plan [Member] 2016 Incentive Compensation Plan [Member] 2017 Incentive Compensation Plan [Member] Gross proceeds from common stock. Number of common stock shares issued to related party obligations. Number of common stock shares issued to related party obligations, value. Share based compensation arrangement by share based payment award non-option equity instruments exercisable outstanding number. Weighted average exercise price, Beginning balance. Weighted average exercise price, Granted. Weighted average exercise price, Exercised. Weighted average exercise price, Forfeited. Share based compensation arrangement by share based payment award non options exercisable outstanding weighted average exercise price. Closing bid price. Vendor [Member] Carried Forward Indefinitely [Member] Net operating loss carryovers under Internal Revenue Code, description. Effective for tax years, description. Effective income tax rate reconciliation in respect of provision to return. Compensation Related. Bond Employment Agreement [Member] Payne Separation Agreement [Member] Branton Separation Agreement [Member] Category 1 [Member] Category 2 [Member] Category 3 [Member] Category 4 [Member] Within Three Days [Member] Within 30 Days [Member] November 2019 [Member] Salary continuation period. Weighted average remaining term for lease minimum. Weighted average remaining term for lease maximum. Number of shares issued for exercise of warants. Increase in beneficial conversion feature. Common Stock Warrants [Member] Purchase [Member] Performance-Based Option [Member] Time-Based Option [Member] Serivice consideration, description. Principal remaining on old debt modified. New Debt Instruments [Member] Cashless Warrants [Member] Beneficial conversion feature. Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Non-recurring Basis [Table Text Block] Remaining stock compensation expense. Amortization period. Additionally exercise price warrant description. Schedule of Warrant Outstanding Exercise Price [Table Text Block] Type of estimate of range of exercise prices, one including, but not limited to, upper and lower bound amounts, maximum and minimum amounts, and point estimates. Type of estimate of range of exercise prices, one including, but not limited to, upper and lower bound amounts, maximum and minimum amounts, and point estimates. Type of estimate of range of exercise prices, one including, but not limited to, upper and lower bound amounts, maximum and minimum amounts, and point estimates. Type of estimate of range of exercise prices, one including, but not limited to, upper and lower bound amounts, maximum and minimum amounts, and point estimates. Exercise Price Range Five [Member] Exercise Price Range Six [Member] Exercise Price Range Seven [Member] Exercise Price Range Eight [Member] Exercise Price Range Nine [Member] Share based compensation shares authorized under non option exercise price range upper range limit. Share based compensation arrangement by share based payment award equity instruments non options outstanding weighted average remaining contractual terms. Warrants Outstanding Weighted Average Exercise Price. Number of Warrants Exercisable. Share-based compensation arrangement by share-based payment award, Non-options, exercisable, weighted average exercise price. Warrant exercise price repriced. Exercise Price Range Ten [Member] Exercise Price Range Eleven [Member] Summary of Warrants Exercised and Common Stock Issued [Table Text Block] Nov 2019 Equity Raise [Member] Feb 2020 Equity Raise [Member] Conversion of amounts due to related parties. Conversion of principal and interest due on convertible promissory notes. Right-of-use assets and operating lease liabilities recognized upon adoption Conversion interest amount. Loss on recognized on conversion. Effective income tax rate reconciliation tax contingencies DTA adjustment for state NOL. Share based compensation arrangement by share based payment award non option equity instruments intrinsic value. SoftwareMember Assets, Current Assets Liabilities, Current Liabilities Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Effect of LIFO Inventory Liquidation on Income Costs and Expenses Interest Expense, Other Nonoperating Income (Expense) Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax Comprehensive Income (Loss), Net of Tax, Attributable to Parent Issuance of common stock in connection with: Satisfaction of accrued interest on convertible promissory notes, shares Gain (loss) on conversion of debentures Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Due to Related Parties Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities ProceedsFromOtherConnectionWithEquityFinancing PrincipalPaymentsInConnectionWithWorkingCapitalFinancingNote Repayments of Long-term Capital Lease Obligations Repayments of Other Debt Repayments of Convertible Debt Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations BeneficialConversionFeature RebatesTextBlock Inventory, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Intangible Assets, Finite-Lived, Policy [Policy Text Block] Lessee, Leases [Policy Text Block] Income Tax, Policy [Policy Text Block] Subsequent Events, Policy [Policy Text Block] Standard and Extended Product Warranty Accrual Standard and Extended Product Warranty Accrual, Decrease for Payments Accounts Receivable, Allowance for Credit Loss, Current Inventory, Gross Inventory Valuation Reserves Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Intangible Assets, Gross (Excluding Goodwill) Impairment of Intangible Assets (Excluding Goodwill) Finite-Lived Intangible Assets, Accumulated Amortization BeginningBalanceCostAccumulatedAmortization Related Party Transaction Fee, Shares Registration Minimum Percentage Long-term Debt, Gross Interest and Debt Expense Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months Lessee, Operating Lease, Liability, Payments, Due Year Two Lessee, Operating Lease, Liability, Payments, Due Year Three Lessee, Operating Lease, Liability, Payments, Due Year Four Lessee, Operating Lease, Liability, Payments, Due Year Five Lessee, Operating Lease, Liability, Payments, Due after Year Five Sublease Income Lease, Cost Due to Related Parties Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableOutstandingNumber ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice Weighted Average Exercise Price, Granted Weighted Average Exercise Price, Exercised ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableOutstandingWeightedAverageExercisePrice ShareBasedCompensationSharesAuthorizedUnderNonOptionExercisePriceRangeUpperRangeLimit Current Income Tax Expense (Benefit) Income Tax Expense (Benefit) Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Gross Deferred Tax Liabilities, Property, Plant and Equipment Deferred Tax Liabilities, Intangible Assets Deferred Tax Liabilities, Inventory Deferred Tax Liabilities, Prepaid Expenses Deferred Tax Liabilities, Net Deferred Tax Assets, Net Proceeds from Issuance of Common Stock EX-101.PRE 24 visl-20191231_pre.xml XBRL PRESENTATION FILE XML 25 R62.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Promissory Notes - Schedule of Modified and Non-Modified Debt (Details) - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Debt principal, beginning balance $ 6,348,914
Debt principal, Cash proceeds 6,000,000
Debt principal, Effect of modification   4,130,610
Debt principal, Extinguishment of debt   (3,400,000)
Debt principal, Principal conversions to shares of common stock (397,808) (297,321)
Debt principal, Principal payments made in cash (5,951,106) (84,375)
Debt principal, ending balance   6,348,914
Debt discount, beginning balance 62,990
Debt discount, Debt discount incurred   2,461,698
Debt discount, Effect of modification   320,457
Debt discount, Debt discount amortization (62,990) 488,791
Debt discount, Extinguishment of debt   (418,510)
Debt discount, ending balance 62,990
Modified and un-modified debt, net 6,285,924
Modified [Member]    
Debt principal, beginning balance 5,933,289
Debt principal, Cash proceeds   2,000,000
Debt principal, Effect of modification   4,130,610
Debt principal, Extinguishment of debt  
Debt principal, Principal conversions to shares of common stock (122,808) (197,321)
Debt principal, Principal payments made in cash (5,810,481)
Debt principal, ending balance   5,933,289
Debt discount, beginning balance 47,307
Debt discount, Debt discount incurred  
Debt discount, Effect of modification   70,000
Debt discount, Debt discount amortization (47,307) (22,693)
Debt discount, Extinguishment of debt  
Debt discount, ending balance 47,307
Modified and un-modified debt, net 5,885,982
Non-Modified [Member]    
Debt principal, beginning balance 415,625
Debt principal, Cash proceeds   4,000,000
Debt principal, Effect of modification  
Debt principal, Extinguishment of debt   (3,400,000)
Debt principal, Principal conversions to shares of common stock (275,000) (100,000)
Debt principal, Principal payments made in cash (140,625) (84,375)
Debt principal, ending balance   415,625
Debt discount, beginning balance 15,683
Debt discount, Debt discount incurred   2,461,698
Debt discount, Effect of modification   250,457
Debt discount, Debt discount amortization (15,683) (2,277,962)
Debt discount, Extinguishment of debt   (418,510)
Debt discount, ending balance 15,683
Modified and un-modified debt, net $ 399,942
XML 26 R66.htm IDEA: XBRL DOCUMENT v3.20.1
Leases - Schedule of Lease Obligations Assumed (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Approximate Future Payments $ 2,302
Sublets [Member]  
Approximate Future Payments $ 338
Colchester, U.K. - Waterside House [Member]  
Lease Expiration Date May 31, 2025
Approximate Future Payments $ 1,073
Anaheim, CA [Member]  
Lease Expiration Date Jul. 31, 2021
Approximate Future Payments $ 46
Billerica, MA [Member]  
Lease Expiration Date Dec. 31, 2026
Approximate Future Payments $ 587
Billerica, MA [Member] | Sublets [Member]  
Lease Expiration Date May 31, 2021
Approximate Future Payments $ 252
Hemel, U.K [Member]  
Lease Expiration Date Oct. 31, 2020
Approximate Future Payments $ 142
Hemel, U.K [Member] | Sublets [Member]  
Lease Expiration Date Oct. 31, 2020
Approximate Future Payments $ 73
Singapore [Member]  
Lease Expiration Date Aug. 31, 2020
Approximate Future Payments $ 20
Hackettstown, NJ [Member]  
Lease Expiration Date Apr. 30, 2020
Approximate Future Payments $ 31
Sarasota, FL [Member]  
Lease Expiration Date Sep. 30, 2022
Approximate Future Payments $ 85
Colchester, U.K. - The Fairways [Member] | Sublets [Member]  
Lease Expiration Date Mar. 31, 2020
Approximate Future Payments $ 13
XML 27 R49.htm IDEA: XBRL DOCUMENT v3.20.1
Accounts Receivable (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Receivables [Abstract]    
Bad debt expense $ 425 $ 142
XML 28 R45.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies - Schedule of Product Warranty Liability (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Accounting Policies [Abstract]    
Warranty reserve, beginning $ 325 $ 507
Warranty reserve expense 231 23
Warranty claims settled and true-up of accrual (221) (205)
Warranty reserve, ending $ 335 $ 325
XML 29 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 30 R41.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consists of the following:

 

    December 31,  
    2019     2018  
Current tax provision                
Federal   $     $  
State     14,000       6,000  
      14,000       6,000  
Deferred tax provision (benefit)                
Federal     (2,998,000 )     (3,567,000 )
State     2,879,000       (1,720,000 )
Foreign     (870,000 )     (127,000 )
Change in valuation allowance     998,000       (5,414,000  
Income tax provision   $ 14,000     $ 6,000  

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory tax rate to the effective tax rate is as follows:

 

    December 31,  
    2019     2018  
Statutory Federal income tax rate     21.00 %     21.00 %
State and local taxes, net of Federal benefit     1.77       10.93  
Permanent differences     1.56       4.35  
Provision to return     1.52       1.40  
DTA adjustment for state NOL     (16.83 )     (— )
Foreign Rate Differential     (0.68 )     (0.14 )
Change rate     (1.00 )     (0.80 )
Valuation allowance     (7.43 )     (36.78 )
Effective tax rate     (0.08 )%     (0.04 )%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets are as follows:

 

    December 31,  
    2019     2018  
Deferred Tax Assets                
Federal R&D credit   $ 3,007,000     $ 2,819,000  
Inventory     683,000       78,000  
Allowance for bad debt     55,000       32,000  
Compensation Related     21,000       3,000  
Pension     5,000       6,000  
Other Accruals     63,000       305,000  
State Net operating losses     5,638,000       8,532,000  
Federal Net operating losses     38,177,000       36,079,000  
Property & Equipment           12,000  
Stock Options     6,565,000       6,214,000  
Other     1,143,000       834,000  
Valuation Allowance     (54,562,000 )     (53,573,000 )
Total Deferred Tax Assets     795,000       1,341,000  
                 
Deferred Tax Liabilities                
Property and Equipment     (141,000 )     (215,000 )
Intangibles     (630,000 )     (1,080,000 )
Inventory            
Prepaid Expenses     (24,000 )     (24,000 )
Compensation Related           (22,000 )
Total Deferred Tax Liabilities     (795,000 )     (1,341,000 )
                 
Net Deferred Tax Asset/(Liability)   $     $  

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Stockholders' Equity

NOTE 14 — STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

In March 2013, by approval of the majority of the stockholders, the Company was authorized to issue 10,000,000 shares of “Blank Check” preferred stock, par value $0.00001 per share. On December 31, 2014, 3,000,000 shares were designated as authorized Series A Convertible Preferred Stock (“Series A Preferred Stock”). On February 11, 2015, 3,000,000 shares were designated as authorized Series B Convertible Preferred Stock (“Series B Preferred Stock”). On February 24, 2015, 3,000,000 shares were designated as authorized Series C Convertible Preferred Stock (“Series C Preferred Stock”). On February 5, 2016, the Company terminated the Series A Preferred Stock and Series C Preferred Stock and increased the number of designated shares of Series B Preferred Stock to 5,000,000. On April 25, 2016, 5,000,000 shares were designated as authorized Series D Convertible Preferred Stock (“Series D Preferred Stock”). On December 6, 2016, the Company terminated the Series B Preferred Stock. In addition, on December 21, 2016, 5,000 shares were designated as authorized Series E Convertible Preferred Stock (“Series E Preferred Stock”).

 

Series D Convertible Preferred Stock

 

Stated Value

 

The stated value of the Series D Preferred Stock is $1.00 per share.

 

Ranking

 

The Series D Preferred Stock shall rank junior to the Series B Preferred Stock, $0.00001 par value per share, of the Company in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution or winding up of the Company. The Series D Preferred Stock will rank senior to all of the Company’s common stock and other classes of capital stock with respect to dividend rights and/or rights upon distributions, liquidation, dissolution or winding up of the Company, other than to the Series B Preferred Stock and any class of parity stock that the holders of a majority of the outstanding shares of Series D Preferred Stock consent to the creation of.

 

Liquidation Preference of Preferred Stock

 

Upon the voluntary or involuntary liquidation, dissolution or winding up of the Company, before the payment of any amount to the holder of shares of junior stock, but pari-passu with any parity stock, the holders of Preferred Stock are entitled to receive the amount equal to the greater of (i) the stated value of the Series D Preferred Stock or (ii) the amount the holder of Series D Preferred Stock would receive if such holder converted the Series D Preferred Stock into common stock immediately prior to the date of the liquidation event, including accrued and unpaid dividends.

 

Conversion Rights of Preferred

 

A holder of Series D Preferred Stock shall have the right to convert the Series D Preferred Stock, in whole or in part, upon written notice to the Company at a conversion price equal to $1.20 per share, which is adjusted for any share dividend, share split, share combination, reclassification or similar transaction that proportionately decreases or increases the common stock.

 

Voting Rights

 

Except with respect to certain material changes in the terms of the Series D Preferred Stock and certain other matters, and except as may be required by Delaware law, holders of Series D Preferred Stock shall have no voting rights. The approval of a majority of the holders of the Series D Preferred Stock is required to amend the Certificate of Designations.

 

Series E Convertible Preferred Stock

 

The board of directors of the Company has designated up to 5,000 shares of the 10,000,000 authorized shares of preferred stock as Series E Preferred Stock. When issued, the shares of Series E Preferred Stock will be validly issued, fully paid and non-assessable. Each share of Series E Preferred Stock will have a stated value of $1,000 per share. In connection with the December 2016 financing, the Company issued 2,400 shares of Series E Preferred Stock which was immediately converted into 1,200,000 shares of common stock after closing.

 

Rank.

 

The Series E Preferred Stock will rank on parity to our common stock.

 

Conversion.

 

Each share of the Series E Preferred is convertible into shares of the Company’s common stock (subject to adjustment as provided in the related certificate of designation of preferences, rights and limitations) at any time at the option of the holder at a conversion price of not less than 100% of the public offering price of the common stock. Holders of Series E Preferred Stock will be prohibited from converting Series E Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of common stock then issued and outstanding. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to the Company.

 

Liquidation Preference.

 

In the event of the Company’s liquidation, dissolution or winding-up, holders of Series E Preferred Stock will be entitled to receive an amount equal to the stated value per share before any distribution shall be made to the holders of any junior securities, and then will be entitled to receive the same amount that a holder of common stock would receive if the Series E Preferred Stock were fully converted into shares of common stock at the conversion price (disregarding for such purposes any conversion limitations) which amounts shall be paid pari-passu with all holders of common stock.

 

Voting Rights.

 

Shares of Series E Preferred Stock will generally have no voting rights, except as required by law and except that the affirmative vote of the holders of a majority of the then outstanding shares of Series E Preferred Stock is required to, (a) alter or change adversely the powers, preferences or rights given to the Series E Preferred Stock, (b) amend the Company’s certificate of incorporation or other charter documents in any manner that materially adversely affects any rights of the holders, (c) increase the number of authorized shares of Series E Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing.

 

Dividends.

 

Shares of Series E Preferred Stock will not be entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors. The holders of the Series E Preferred Stock will participate, on an as-if-converted-to-common stock basis, in any dividends to the holders of common stock.

 

Redemption.

 

The Company is not obligated to redeem or repurchase any shares of Series E Preferred Stock. Shares of Series E Preferred Stock are not otherwise entitled to any redemption rights or mandatory sinking fund or analogous fund provisions.

 

Common Stock

 

The Company is authorized to issue up to 100,000,000 shares of Common Stock, $0.00001 par value per share. As of December 31, 2019, and 2018, the Company had 21,551,333 and 1,877,697 shares of common stock outstanding, respectively. On April 30, 2019, our stockholders approved a reverse stock split of our outstanding Common Stock . In accordance therewith, on May 13, 2019, a 1-for-10 reverse stock split of our outstanding Common Stock became effective for the trading of our Common Stock.

 

Unless otherwise noted, impacted amounts and share information included in the financial statements and notes thereto, and elsewhere in this Form 10-K have been retroactively adjusted for the reverse stock split as if such reverse stock split occurred on the first day of the first period presented. Proportional adjustments have been made to the exercise prices of the Company’s outstanding warrants, stock options, and to the number of shares issued and issuable under the Company’s Stock Incentive Plans. Certain amounts in the financial statements, the notes thereto, and elsewhere in this Form 10-K, may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse stock split.

 

Common Stock Issuances

 

For the year ending December 31, 2019

 

November 2019 Financing

 

On November 27, 2019, the Company closed an equity financing for 3,201,200 shares of common stock, warrants to purchase 11,893,100 shares of common stock and, warrants to purchase 11,320,725 shares of Common Stock. The Company received gross proceeds of approximately $3,988,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company.

 

July 2019 Financing

 

On July 11, 2019, the Company closed an equity financing for 1,550,000 shares of common stock, warrants to purchase 6,000,000 shares of common stock and, 4,450,000 pre-funded warrants to purchase common stock in place of common stock. The Company received gross proceeds of approximately $11,996,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company.

 

Other Stockholders’ Equity Transactions

 

During the year ended December 31, 2019, the Company:

 

  Issued 14,419,226 shares of common stock upon the exercise of (i) 37,701 common stock warrants at $4.50 per share (ii) the exercise of 8,200,000 pre-funded warrants at $0.001 per share and, (iii) the exercise of 6,181,525 cashless warrants for net proceeds of $177,900.
     
  Issued 19,632 shares of common stock for employees, directors, consultants, and other professionals for a total fair value of $70,625. The determination of the fair value of the common stock is at the time of issuance.
     
  Issued 158,130 shares of common stock in satisfaction of amounts previously deferred for employee/consultant agreements in the amount of $223,967 and the liability equaled the fair value of the shares issued.
     
  Issued 12,469 shares of common stock in satisfaction of related party obligations valued at $31,466. The determination of the fair value of the common stock is at the time of issuance and the liability equaled the fair value of the shares issued.
     
  Issued 328,932 shares of common stock in satisfaction of principal and interest for convertible promissory notes valued at $528,000. Of which $97,675 was for interest, $397,808 was for principal with a loss of $32,982 recognized on conversion. The determination of the fair value of the common stock is at the time of issuance.
     
  Recognized $2,069,158 of compensation costs associated with outstanding stock options recorded in general and administrative expenses.
     
  Recognized $23,638 related to the intrinsic value of common stock warrants with embedded derivative liabilities, transferred into additional paid-in capital.

 

For the year ending December 31, 2018

 

The Company transacted the following:

 

  issued 2,083,136 shares of its common stock for employees, directors, consultants and other professionals for a total value of $1,793,336. The value of the common stock issued was based on the fair value of the stock at the time of issuance.
     
  recognized $2,069,158 of compensation costs associated with outstanding stock options recorded in general and administrative expenses.
     
  issued 429,585 shares of its common stock in satisfaction of related party obligations valued at $240,000. The value of the common stock issued was based on the fair value of the stock at the time of issuance.
     
  issued 12,232 shares of common stock in satisfactions of amounts previously deferred for employee/consultant agreements in the amount of $19,081.
     
  issued 276,796 shares of its common stock in satisfaction of accrued interest on a convertible promissory note valued at $180,000. The value of the common stock issued was based on the fair value of the stock at the time of issuance.
     
  reviewed the conversion features embedded in the May 2018 convertible promissory notes. We evaluated the beneficial conversion feature (“BCF”) and calculated a relative fair value in the amount of $193,877. On October 9, 2018, the Company evaluated a modification of the embedded conversion option and recognized an increase in the value of the BCF in the amount of $90,050. The amounts recognized are recorded as a charge to debt discount and offset as a credit to additional paid-in capital. The amounts charged to debt discount are amortized to interest expense using the interest method.
     
  issued 775,184 shares of its common stock valued at $2,338,758 as payment towards outstanding convertible promissory notes. The value of the common stock issued was based on the fair value of the stock at time of issuance.
     
  issued 302,655 shares of its common stock valued at $160,407 as the compensatory fee incurred for the October 9, 2018 debt modification. The value of the common stock issued was based on the fair value of the stock at time of issuance.

 

Stock Options — Equity Incentive Plans

 

The Company’s stock option plans provide for the grant of options to purchase shares of common stock to officers, directors, other key employees, and consultants. The purchase price may be paid in cash or “net settled” in shares of the Company’s common stock. In a net settlement of an option, the Company does not require a payment of the exercise price of the option from the holder but reduces the number of shares of common stock issued upon the exercise of the stock option by the smallest amount of whole shares that has an aggregate fair market value equal to or over the aggregate exercise price for the option shares covered by the option exercised. Options generally vest over a period of three years from the date of grant and expire ten years from the date of grant.

 

The Company has four plans under which they awarded share-based compensation grants of options to certain directors, employees, and advisors of the Company: the 2013 Stock Option Plan, 2015 Incentive Compensation Plan, 2016 Incentive Compensation Plan and the 2017 Incentive Compensation Plan.

 

Effective, April 30, 2018, the Board of Directors by unanimous written consent, approve of the immediate vesting of all remaining options for employees who were terminated as part of the cost curtailment measures on April 30, 2018, and June 25, 2018.

 

During the years ended December 31, 2019, and 2018, the Company recorded approximately $2,069,000 and $3,728,000, respectively, as stock compensation expense from the amortization of stock options issued.

 

The weighted average fair value of options granted during the years ended December 31, 2019 and 2018 was $3.20 and $8.90, respectively. Each option is estimated on the date of grant, using the Black-Scholes model and the following assumptions (all in weighted averages):

 

    2019     2018  
Exercise price   $ 3.20     $ 8.90  
Volatility     35.15 %     148.71 %
Risk-free interest rate     3.76 %     2.63 %
Expected dividend yield     0 %     0 %
Expected term (years)     1.2       6  

 

The risk-free rate is based on the rate for the U.S. Treasury note over the expected term of the option. The expected term for employees represents the period that options granted are expected to be outstanding using the simplified method, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. For non-employee options, the expected term is the full term of the option. Expected volatility is based on the average of the weekly share price changes over the shorter of the expected term or the period from the placement on London Stock Exchange’s Alternative Investment Market to the date of the grant.

 

As of December 31, 2019, the weighted average remaining contractual life was 7.5 years for options outstanding and for options exercisable, respectively. The intrinsic value of options exercisable at December 31, 2019, was $-0-.

 

As of December 31, 2019, the remaining stock compensation expense is approximately $0.63 million with 1.1 years remaining for the amortization period. The Company estimates forfeiture and volatility using historical information. The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues over the equivalent lives of the options. The expected life of the options represents the estimated period using the simplified method. The Company has not paid dividends on its common stock, and no assumption of dividend payment(s) is made in the model.

 

A summary of the status of the Company’s stock option plan for the year ended December 31, 2019 is as follows:

 

    Number
of Options
(in shares)
   

Weighted
Average
Exercise

Price  

 
Outstanding, January 1, 2019     585,717     $ 15.50  
Options granted     36,500     $ 3.18  
Options exercised         $  
Options cancelled/expired     (117,167 )   $ (14.79 )
Outstanding, December 31, 2019     505,050     $ 14.83  
                 
Exercisable, December 31, 2019     341,083     $ 15.68  

 

      Common stock issuable upon exercise
of options outstanding
    Common stock issuable upon
options exercisable
 
Range of
exercise
prices
    Options Outstanding (in shares )     Weighted Average Remaining Contractual Life (years)     Weighted Average Exercise
Price
    Options Exercisable (in shares)     Weighted Average Remaining Exercisable Contractual Life (years)     Weighted Average Exercise Price  
$ -0- to $46,202       505,050            7.51     $  14.83       341,083       7.37     $ 15.68  
                                                     

 

Common Stock Warrants

 

During the year ended December 31, 2019, the Company granted 37,437,400 warrants, exercised 13,481,101 warrants, and 15,033 warrants expired. The weighted average exercise prices of warrants outstanding at December 31, 2019 is $1.10 with a weighted average remaining contractual life of 0.98 years. The intrinsic value of warrants outstanding at December 31, 2019, was approximately $2,277,000. Additionally, the exercise price of common stock warrants issued in July 2016, as part of a financing, was adjusted down to $0.265 per share from $1.00 by the terms of the “ratchet down” provision of the warrant agreement.

 

The following tables sets forth common stock purchase warrants outstanding as of December 31, 2019:

 

    Weighted Quantity
of
Warrants (in shares)
    Weighted
Average
Exercise
Price
 
Outstanding, December 31, 2018     1,187,181     $ 19.80  
Warrants granted     37,437,400     $ 0.90  
Warrants exercised     (13,481,101 )   $ (2.20 )
Warrants cancelled/expired     (15,033 )   $ 53.40  
Outstanding, December 31, 2019     25,128,447     $ 1.10  
                 
Exercisable, December 31, 2019     25,128,447     $ 1.10  

 

A summary of the status of the Company’s stock option plans for the year ended December 31, 2019 is as follows:

 

Common Stock Issuable Upon Exercise of Warrants Outstanding     Common Stock Issuable Upon Warrants Exercisable  
Range of Exercise Prices     Number Outstanding at 12/31/19     Weighted Average Remaining Contractual Life (Years)     Weighted Average Exercise Price     Number Exercisable at 12/31/19     Weighted Average Exercise Price  
$ *0.001       9,143,100       0.91     $ 0.001       9,143,100     $ 0.001  
$ **0.265       66,789       1.55     $ 0.265       66,789     $ 0.265  
$ 0.292       14,846,800       0.91     $ 0.292       14,846,800     $ 0.292  
$ 5.00       4,100       4.54     $ 5.00       4,100     $ 5.00  
$ 10.00       320,000       3.41     $ 10.00       320,000     $ 10.00  
$ 20.00       651,252       2.02     $ 20.00       651,252     $ 20.00  
$ 25.00       83,296       2.47     $ 25.00       83,296     $ 25.00  
$ 84.00       2,083       1.82     $ 84.00       2,083     $ 84.00  
$ 137.88       10,902       1.38     $ 137.90       10,902     $ 137.90  
$ 13,800.00       90       0.14     $ 13,800.00       90     $ 13,800.00  
$ 24,000.00       35       0.15     $ 24,000.00       35     $ 24,000.00  
          25,128,447       .98     $ 1.10       25,128,447     $ 1.10  

 

* represents group of penny warrants

**represents group of warrants repriced to $0.265 from the $1.00 exercise price

XML 32 R24.htm IDEA: XBRL DOCUMENT v3.20.1
Rebates
12 Months Ended
Dec. 31, 2019
Rebates  
Rebates

NOTE 18 — REBATES

 

In May 2019, after the Company’s UK subsidiary filed for a rebate relating to the amount of funds spent on research costs for the 2017 fiscal year, an amount of $441,000 was awarded to the Company. This rebate was classified as additional revenue during the years ended December 31, 2019. The Company expects to file appropriate forms for the 2018, and 2019 fiscal years.

XML 33 R28.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of Product Warranty Liability

Warranty reserve is included in accrued expenses on the accompanying consolidated balance sheets and cost of components in the accompanying consolidated statement of operations.

 

    Warranty Reserve  
December 31, 2017   $ 507,000  
Warranty reserve expense     23,000  
Warranty claims settled and true-up of accrual     (205,000 )
December 31, 2018   $ 325,000  
Warranty reserve expense     231,000  
Warranty claims settled and true-up of accrual     (221,000 )
December 31, 2019   $ 335,000  

Schedule of Earnings Per Share, Basic and Diluted

The following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in thousands):

 

    For the Years Ended  
    December 31,  
    2019     2018  
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:            
Stock options     503       586  
Convertible debt           1,363  
Warrants     13,160       1,187  
      13,663       3,136  

Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Non-recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a non-recurring basis at December 31, 2019, consistent with the fair value hierarchy provisions. The asset impairment is a non-recurring level 3 measurement.

 

    Quoted Prices
in Active Markets for
Identical
Assets/Liabilities
(Level 1)
    Significant Other
Observable Inputs
(Level 2)
    Significant
Unobservable Inputs
(Level 3)
    Total  
Liabilities:                                
Derivative liability   $     $     $ 30,000     $ 30,000  
Total   $     $     $ 30,000     $ 30,000  

 

The following table presents the Company’s liabilities that are measured at fair value on a recurring and non-recurring basis at December 31, 2018, consistent with the fair value hierarchy provisions:

 

    Quoted Prices
in Active Markets for
Identical
Assets/Liabilities
(Level 1)
    Significant Other
Observable Inputs
(Level 2)
    Significant
Unobservable Inputs
(Level 3)
    Total  
Assets (non-recurring):                                
Asset impairment   $     $     $ 245,000     $ 245,000  
Capitalized software development costs                 168,000       168,000  
                  413,000       413,000  
                                 
Liabilities:                                
Derivative liability   $     $     $ 1,118,000     $ 1,118,000  
Total   $     $     $ 1,118,000     $ 1,118,000  

Schedule of Foreign Exchanges and Changes in Accumulated Comprehensive Income

The following table presents losses recognized from foreign exchange transactions; and changes in accumulated other comprehensive income representing the gain or loss on the translation of our foreign subsidiary’s financial statements as follows:

 

    For the Years Ended  
    December 31,  
    2019     2018  
Net foreign exchange transactions:                
(Gains) losses   $ (97,000 )   $ 483,000  
                 
Accumulated comprehensive income:                
Unrealized loss on currency translation adjustment   $ 68,000     $ 79,000  

XML 34 R39.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

Each option is estimated on the date of grant, using the Black-Scholes model and the following assumptions (all in weighted averages):

 

    2019     2018  
Exercise price   $ 3.20     $ 8.90  
Volatility     35.15 %     148.71 %
Risk-free interest rate     3.76 %     2.63 %
Expected dividend yield     0 %     0 %
Expected term (years)     1.2       6  

Schedule of Stock Option Activity

A summary of the status of the Company’s stock option plan for the year ended December 31, 2019 is as follows:

 

    Number
of Options
(in shares)
   

Weighted
Average
Exercise

Price  

 
Outstanding, January 1, 2019     585,717     $ 15.50  
Options granted     36,500     $ 3.18  
Options exercised         $  
Options cancelled/expired     (117,167 )   $ (14.79 )
Outstanding, December 31, 2019     505,050     $ 14.83  
                 
Exercisable, December 31, 2019     341,083     $ 15.68  

Schedule of Stock Option Exercise Price

      Common stock issuable upon exercise
of options outstanding
    Common stock issuable upon
options exercisable
 
Range of
exercise
prices
    Options Outstanding (in shares )     Weighted Average Remaining Contractual Life (years)     Weighted Average Exercise
Price
    Options Exercisable (in shares)     Weighted Average Remaining Exercisable Contractual Life (years)     Weighted Average Exercise Price  
$ -0- to $46,202       505,050            7.51     $  14.83       341,083       7.37     $ 15.68  

Schedule of Warrant Outstanding

The following tables sets forth common stock purchase warrants outstanding as of December 31, 2019:

 

    Weighted Quantity
of
Warrants (in shares)
    Weighted
Average
Exercise
Price
 
Outstanding, December 31, 2018     1,187,181     $ 19.80  
Warrants granted     37,437,400     $ 0.90  
Warrants exercised     (13,481,101 )   $ (2.20 )
Warrants cancelled/expired     (15,033 )   $ 53.40  
Outstanding, December 31, 2019     25,128,447     $ 1.10  
                 
Exercisable, December 31, 2019     25,128,447     $ 1.10  

Schedule of Warrant Outstanding Exercise Price

Common Stock Issuable Upon Exercise of Warrants Outstanding     Common Stock Issuable Upon Warrants Exercisable  
Range of Exercise Prices     Number Outstanding at 12/31/19     Weighted Average Remaining Contractual Life (Years)     Weighted Average Exercise Price     Number Exercisable at 12/31/19     Weighted Average Exercise Price  
$ *0.001       9,143,100       0.91     $ 0.001       9,143,100     $ 0.001  
$ **0.265       66,789       1.55     $ 0.265       66,789     $ 0.265  
$ 0.292       14,846,800       0.91     $ 0.292       14,846,800     $ 0.292  
$ 5.00       4,100       4.54     $ 5.00       4,100     $ 5.00  
$ 10.00       320,000       3.41     $ 10.00       320,000     $ 10.00  
$ 20.00       651,252       2.02     $ 20.00       651,252     $ 20.00  
$ 25.00       83,296       2.47     $ 25.00       83,296     $ 25.00  
$ 84.00       2,083       1.82     $ 84.00       2,083     $ 84.00  
$ 137.88       10,902       1.38     $ 137.90       10,902     $ 137.90  
$ 13,800.00       90       0.14     $ 13,800.00       90     $ 13,800.00  
$ 24,000.00       35       0.15     $ 24,000.00       35     $ 24,000.00  
          25,128,447       .98     $ 1.10       25,128,447     $ 1.10  

 

* represents group of penny warrants

**represents group of warrants repriced to $0.265 from the $1.00 exercise price

XML 35 R35.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Promissory Notes (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Modified and Non-Modified Debt

The Company has listed a summary of the modified and non-modified debt as follows:

 

    Debt        
    Modified     Non-Modified     Total  
For the year ending December 31, 2019                        
Principal:                        
Beginning balance, January 1, 2019   $ 5,933,289     $ 415,625     $ 6,348,914  
Principal conversions to shares of common stock     (122,808 )     (275,000 )     (397,808 )
Principal payments made in cash     (5,810,481 )     (140,625 )     (5,951,106 )
Ending balance, December 31, 2019                  
Debt discount:                        
Beginning balance, January 1, 2019     47,307       15,683       62,990  
Debt discount amortization     (47,307 )     (15,683 )     (62,990 )
Ending balance, December 31, 2019                  
Modified and un-modified debt, net   $     $     $  
                         
For the year ending December 31, 2018                        
Principal:                        
Beginning balance, January 1, 2018   $     $     $  
Cash proceeds     2,000,000       4,000,000       6,000,000  
Effect of modification     4,130,610             4,130,610  
Extinguishment of debt           (3,400,000 )     (3,400,000 )
Principal conversions to shares of common stock     (197,321 )     (100,000 )     (297,321 )
Principal payments made in cash           (84,375 )     (84,375 )
Ending balance, December 31, 2018     5,933,289       415,625       6,348,914  
Debt discount:                        
Beginning balance, January 1, 2018                  
Debt discount incurred           2,461,698       2,461,698  
Effect of modification     70,000       250,457       320,457  
Debt discount amortization     (22,693 )     (2,277,962 )     (2,300,655 )
Extinguishment of debt           (418,510 )     (418,510 )
Ending balance, December 31, 2018     47,307       15,683       62,990  
Modified and un-modified debt, net   $ 5,885,982     $ 399,942     $ 6,285,924  

Schedule of Interest Expense

Items recorded to interest expense for the years ending December 31, 2019 and 2018: 2018 are:

 

    December 31,  
    2019     2018  
Contractual interest expense   $ 1,733,988     $ 131,185  
Debt discount amortization     62,990       488,791  
Warrant costs           1,788,171  
Total recorded to interest expense, net   $ 1,796,978     $ 2,408,147  

Schedule of New Debt Instrument

The modifications resulted in new debt instruments and the principal is summarized as follows:

 

Principal remaining on old debt modified   $ 3,400,000  
Accrued interest on old debt modified     100,300  
Additional proceeds     2,000,000  
Original issue discount     105,265  
Redemption premiums     525,045  
Total new principal   $ 6,130,610  

XML 36 R31.htm IDEA: XBRL DOCUMENT v3.20.1
Property and Equipment (Tables)
12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net

Property and equipment consist of the following:

 

    Useful Life   December 31,  
    (Years)   2019     2018  
Cost:                    
Furniture and fixtures   1 – 10   $ 282,000     $ 291,000  
(A) Leasehold improvements   1 - 14     821,000       228,000  
Computers, software and equipment   1 - 11     3,585,000       6,495,000  
Vehicles   1 - 7           22,000  
          4,688,000       7,036,000  
Accumulated depreciation         (2,716,000 )     (4,940,000 )
Property and equipment, net       $ 1,972,000     $ 2,096,000  

 

(A) The shorter of the economic life or remaining lease term.

XML 37 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Property and Equipment
12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 6 — PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    Useful Life   December 31,  
    (Years)   2019     2018  
Cost:                    
Furniture and fixtures   1 – 10   $ 282,000     $ 291,000  
(A) Leasehold improvements   1 - 14     821,000       228,000  
Computers, software and equipment   1 - 11     3,585,000       6,495,000  
Vehicles   1 - 7           22,000  
          4,688,000       7,036,000  
Accumulated depreciation         (2,716,000 )     (4,940,000 )
Property and equipment, net       $ 1,972,000     $ 2,096,000  

 

Depreciation of property and equipment amounted to $596,000 and $918,000 for the years ended December 31, 2019 and 2018, respectively.

 

With the Company dissolving the xG division, an impairment charge in the amount of $-0- and $245,000 was recorded during the years ended December 31, 2019 and 2018, respectively. Additionally, the Company reported a gain on sale of property and equipment in the amount of $-0- and $146,000 for the years ended December 31, 2019 and 2018, respectively. The gain was recorded as other income in the Consolidated Statements of Operations and Comprehensive Loss.

 

(A) The shorter of the economic life or remaining lease term.

XML 38 R16.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Promissory Notes
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Convertible Promissory Notes

NOTE 10 — CONVERTIBLE PROMISSORY NOTES

 

The Company had convertible promissory notes ranging from 6% to 10% per annum; maturity dates ranging from May 29, 2019 to September 29, 2019 with a range of conversion features. The table below summarizes the convertible promissory notes as of December 31, 2019 and 2018.

 

The Company has listed a summary of the modified and non-modified debt as follows:

 

    Debt        
    Modified     Non-Modified     Total  
For the year ending December 31, 2019                        
Principal:                        
Beginning balance, January 1, 2019   $ 5,933,289     $ 415,625     $ 6,348,914  
Principal conversions to shares of common stock     (122,808 )     (275,000 )     (397,808 )
Principal payments made in cash     (5,810,481 )     (140,625 )     (5,951,106 )
Ending balance, December 31, 2019                  
Debt discount:                        
Beginning balance, January 1, 2019     47,307       15,683       62,990  
Debt discount amortization     (47,307 )     (15,683 )     (62,990 )
Ending balance, December 31, 2019                  
Modified and un-modified debt, net   $     $     $  
                         
For the year ending December 31, 2018                        
Principal:                        
Beginning balance, January 1, 2018   $     $     $  
Cash proceeds     2,000,000       4,000,000       6,000,000  
Effect of modification     4,130,610             4,130,610  
Extinguishment of debt           (3,400,000 )     (3,400,000 )
Principal conversions to shares of common stock     (197,321 )     (100,000 )     (297,321 )
Principal payments made in cash           (84,375 )     (84,375 )
Ending balance, December 31, 2018     5,933,289       415,625       6,348,914  
Debt discount:                        
Beginning balance, January 1, 2018                  
Debt discount incurred           2,461,698       2,461,698  
Effect of modification     70,000       250,457       320,457  
Debt discount amortization     (22,693 )     (2,277,962 )     (2,300,655 )
Extinguishment of debt           (418,510 )     (418,510 )
Ending balance, December 31, 2018     47,307       15,683       62,990  
Modified and un-modified debt, net   $ 5,885,982     $ 399,942     $ 6,285,924  

 

Items recorded to interest expense for the years ending December 31, 2019 and 2018: 2018 are:

 

    December 31,  
    2019     2018  
Contractual interest expense   $ 1,733,988     $ 131,185  
Debt discount amortization     62,990       488,791  
Warrant costs           1,788,171  
Total recorded to interest expense, net   $ 1,796,978     $ 2,408,147  

 

During the year ended December 31, 2019, the Company issued 328,932 shares of common stock valued at $528,465 in partial settlement of $494,483 of principal and interest resulting in a loss in settlement of debt in the amount of $32,982. As of December 31, 2019, the convertible promissory notes have been fully satisfied.

 

May 2018 Financing

 

On May 29, 2018, the Company completed a private placement of $4 million in principal of 6% Senior Secured Convertible Debentures (the “Debentures”) and warrants to purchase 3,000,000 shares of the Company’s common stock, par value $0.00001 per share, by executing certain agreements with accredited institutional investors. The Company received $3,636,760 net of debt issuance costs consisting of legal and placement fees totaling $363,240. The Debentures have a maturity date of May 29, 2019, with a conversion rate of $1.00 per share. If held beyond maturity, the conversion rate shall equal the lesser of (i) the then conversion price and (ii) 85% of the VWAP for the trading day immediately prior to the applicable conversion date. The Company shall pay interest to the holders on the aggregate and unconverted and outstanding principal amount on January 1, April 1, July 1 and October 1, with the remaining principal balance due at maturity.

 

The warrants have a maturity date of May 29, 2023 with an exercise price of $1.00 per share. The warrants meet the definition of a derivative as noted in ASC 815-10-15-83 and ASC 815-10-15-88. We allocated the proceeds from the issuance of this note and the warrants based on the fair value for each item. Consequently, we recorded debt discount valued at $1,788,171 on the warrants and these associated costs are required to be accounted for as liabilities and were immediately expensed as interest. The warrants were valued using the binomial model style simulation. The assumptions used in the binomial model style simulation at the date the funds were received are as follows: (1) dividend yield of 0%; (2) expected volatility of 163.50%; (3) risk-free interest rate of 0.27%; and (4) expected life of 5.00 years. We also determined that the convertible promissory notes contained beneficial conversion rights (“BCF”) and calculated the relative fair value and assigned $193,877 to the BCF.

 

Debt Modification of the May 2018 Financing executed on October 9, 2018

 

On October 9, 2018, the Company agreed to modify the May 2018 Financing (“old debt”) with two of the original four note holders (the “majority holders”) issuing amended and restated agreements. These modifications principally provide for:

 

  1. The ability to make monthly redemption payments in common stock of the Company.
  2. The issuance of 302,655 shares of common stock as compensatory shares;
  3. A good-faith effort to modify the monthly redemption provisions before the next monthly redemption date;
  4. An amendment of the conversion price to $0.45; and
  5. In the event that any of the majority holders convert its amended debenture, the Company shall be given dollar for dollar credit for any and all conversions effected in any month against any monthly redemption amount (as defined in the amended debentures) and provided, further, that in the event that a majority holder’s conversions in any particular month exceed such majority holder’s individual monthly redemption amount (as defined in the amended debentures), such overage shall carry over into the succeeding month to be credited against the monthly redemption amount (as defined in the debentures).

 

For the modification of the conversion option to $0.45 from $1.00, the Company applied ASC 470-50-40-10(a) and calculated the difference between the fair value of the embedded conversion option immediately before and after the modification. It has been concluded this is not a debt extinguishment. The Company determined that an increase in the conversion option fair value of $90,050 was recorded as additional debt discount with an offset to equity. The amount calculated will be amortized as interest expense over the remaining term of the debt instrument using the interest method.

 

The Company considered ASC 470-50-40-17(b) to determine the proper accounting to apply for the 302,655 compensatory shares for the majority holders. Since the modification is not to be accounted for in the same manner as a debt extinguishment, a fair market value of $160,407 was assigned to the compensatory shares and recorded as additional debt discount was amortized as interest expense over the remaining term of the debt instrument using the interest method.

 

On December 3, 2018, the Company entered into a second modification agreement which led to an extinguishment of debt of the majority holders of the May 2018 Financing and created new debt obligations with revised terms and amounts. See below – Debt Modification of the May 2018 Financing executed on December 3, 2018.

 

Debt Modification of the May 2018 Financing executed on December 3, 2018

 

On December 3, 2018, the Company agreed to a second modification with the Majority Holders of the May 2018 financing issuing amended and restated agreements. These modifications principally provide for:

 

  1. A five percent (5%) original issue discount was retroactively applied to the principal amount.
  2. The maturity date was extended to September 30, 2019
  3. The equity conditions were modified
  4. A floor price for all conversions and redemptions was added. The floor price with respect to the Trading Market that the Company’s Common Stock is listed or quoted, shall be a price equal to twenty cents ($0.20) (subject to adjustment for forward and reverse stock splits, recapitalizations and the like).
  5. The definitions of Mandatory Redemption Amount, Monthly Redemption Date, Monthly Redemption Date, and Optional Redemption Amount (each as defined in the Second Amended Debentures) were each modified.
  6. Interest was retroactively modified to ten percent (10%), with 12 months interest guaranteed.
  7. An alternate Conversion Price (as defined in the Second Amended Debentures) due to an Event of Default (as defined in the Second Amended Debentures) was added.
  8. The Monthly Redemption (as defined in the Second Amended Debentures) section was modified.
  9. Certain negative covenants were added.
  10. The Event of Default (as defined in the Second Amended Debentures) sections were modified.

 

The Company considered ASC 470-50-40-6 to 40-23 for the proper accounting guidance to apply for the December 31, 2018 modification of the May 2018 Financing. After the modification, it was concluded that the present value of cash flows under the terms of the new debt instruments differ by at least 10% from the present value of the remaining cash flows under the terms of the original debt instruments (commonly referred to as the “10% cash flow test”). The Company concludes that these modified terms are considered substantially different from the original terms thus requiring extinguishment accounting. In accordance with ASC 470-50-40-17(a), the Company determined the new debt instrument’s value exceeded the extinguishment of the old debt instrument plus fees paid associated with the modification and recognized a loss on debt extinguishment in the amount of $1,059,870.

 

The modifications resulted in new debt instruments and the principal is summarized as follows:

 

Principal remaining on old debt modified   $ 3,400,000  
Accrued interest on old debt modified     100,300  
Additional proceeds     2,000,000  
Original issue discount     105,265  
Redemption premiums     525,045  
Total new principal   $ 6,130,610  

 

The Company paid issuances costs associated with the debt modifications in the amount of $70,000 and was recorded as additional debt discount. The amount calculated was amortized as interest expense over the remaining term of the debt instrument using the interest method. In October 2018, the Company issued 222,224 shares valued at $100,000 as conversion of principal and interest. On December 4, 2018, the Company issued 552,912 shares at a fair market value of $238,758 as a conversion of principal and interest. As of December 31, 2018, the remaining period over which any discount will be amortized is nine months.

XML 39 R77.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity - Schedule of Warrant Outstanding (Details)
12 Months Ended
Dec. 31, 2019
$ / shares
shares
Equity [Abstract]  
Number of warrants, Beginning Balance | shares 1,187,181
Number of warrants, granted | shares 37,437,400
Number of warrants, exercised | shares (13,481,101)
Number of warrants, cancelled/expired | shares (15,033)
Number of warrants, Ending outstanding | shares 25,128,447
Number of warrants, Ending exercisable | shares 25,128,447
Weighted Average Exercise Price, Beginning Balance | $ / shares $ 19.80
Weighted Average Exercise Price, granted | $ / shares 0.90
Weighted Average Exercise Price, exercised | $ / shares (2.20)
Weighted Average Exercise Price, cancelled/expired | $ / shares 53.40
Weighted Average Exercise Price, Ending outstanding | $ / shares 1.10
Weighted Average Exercise Price, Ending exercisable | $ / shares $ 1.10
XML 40 R87.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]    
Deferred Tax Assets, Federal R&D credit $ 3,007 $ 2,819
Deferred Tax Assets, Inventory 683 78
Deferred Tax Assets, Allowance for bad debt 55 32
Deferred Tax Assets, Compensation Related 21 3
Deferred Tax Assets, Pension 5 6
Deferred Tax Assets, Other Accruals 63 305
Deferred Tax Assets, State Net operating losses 5,638 8,532
Deferred Tax Assets, Federal Net operating losses 38,177 36,079
Deferred Tax Assets, Property & Equipment 12
Deferred Tax Assets, Stock Options 6,565 6,214
Deferred Tax Assets, Other 1,143 834
Deferred Tax Assets, Valuation Allowance (54,562) (53,573)
Total Deferred Tax Assets 795 1,341
Deferred Tax Liabilities, Property and Equipment (141) (215)
Deferred Tax Liabilities, Intangibles (630) (1,080)
Deferred Tax Liabilities, Inventory
Deferred Tax Liabilities, Prepaid Expenses (24) (24)
Deferred Tax Liabilities, Compensation Related (22)
Total Deferred Tax Liabilities (795) (1,341)
Net Deferred Tax Asset/(Liability)
XML 41 R83.htm IDEA: XBRL DOCUMENT v3.20.1
Rebates (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Rebates      
Rebates received $ 146 $ 441
XML 42 R73.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity (Details Narrative) - USD ($)
1 Months Ended 12 Months Ended
Nov. 27, 2019
Jul. 11, 2019
May 13, 2019
Dec. 31, 2016
Dec. 31, 2019
Dec. 31, 2018
May 29, 2018
Dec. 21, 2016
Apr. 25, 2016
Feb. 05, 2016
Feb. 24, 2015
Feb. 11, 2015
Dec. 31, 2014
Mar. 31, 2013
Preferred stock shares authorized         10,000,000 10,000,000               10,000,000
Preferred stock par value         $ 0.00001 $ 0.00001               $ 0.00001
Conversion of shares converted         462,428 492,815                
Common stock shares authorized         100,000,000 100,000,000                
Common stock, par value         $ 0.00001 $ 0.00001                
Common stock shares outstanding         21,551,333 1,877,697                
Reverse split     1-for-10 reverse stock split                      
Issuance of common stock share 3,201,200 1,550,000                        
Warrants to purchase shares of common shares   6,000,000                        
Number of shares issued for exercise of warants         14,419,226                  
Proceeds from exercise of warrants         $ 177,900                  
Number of common stock shares issued to related party obligations         12,469 429,585                
Number of common stock shares issued to related party obligations, value         $ 31,466 $ 240,000                
Stock issued during period, shares, conversion of convertible securities         328,932                  
Stock issued during period, value, conversion of convertible securities         $ 528,000                  
Conversion interest amount         97,675                  
Conversion of principal amount         397,808 297,321                
Loss on recognized on conversion         32,982                  
Share-based compensation         2,069,000 $ 3,728,000                
Recognised intrinsic value of common stock         $ 23,638                  
Number of common stock shares issued under compensation           302,655                
Number of common stock issued under compensation, value           $ 160,407                
Compensation cost           $ 2,069,158                
Number of shares issued on conversion           775,184                
Number of shares issued on conversion, value           $ 2,338,758                
Beneficial conversion feature amount           193,877                
Increase in beneficial conversion feature           $ 90,050                
Shaebased compensation options granted         36,500                  
Weighted average remaining contractual life of option         7 years 6 months 3 days 8 years 4 months 28 days                
Weighted average fair value of options granted         $ 3.20 $ 0.89                
Intrinsic value of options exercisable         $ 0                  
Remaining stock compensation expense         $ 630,000                  
Amortization period         1 year 1 month 6 days                  
Warrant granted         37,437,400                  
Warrant exercised         13,481,101                  
Warrant expired         15,033                  
Warrants outsatnding, intrinsic value         $ 2,277,000                  
Additionally exercise price warrant description         Additionally, the exercise price of common stock warrants issued in July 2016, as part of a financing, was adjusted down to $0.265 per share from $1.00 by the terms of the "ratchet down" provision of the warrant agreement.                  
Employee Consultant Agreements [Member]                            
Issuance of common stock share         158,130                  
Issuance of common stock value         $ 223,967                  
Number of common stock shares issued under compensation           12,232                
Number of common stock issued under compensation, value           $ 19,081                
Accrued Interest on Convertible Promissory Note [Member]                            
Number of shares issued on conversion           276,796                
Number of shares issued on conversion, value           $ 180,000                
Employees, Directors, Consultants and Other Professionals [Member]                            
Issuance of common stock share         19,632                  
Issuance of common stock value         $ 70,625                  
Number of common stock shares issued under compensation           2,083,136                
Number of common stock issued under compensation, value           $ 1,793,336                
July 2019 Financing [Member]                            
Warrants to purchase shares of common shares   6,000,000                        
Warrant [Member]                            
Warrants to purchase shares of common shares 11,893,100                          
Warrant exercise price per share             $ 1.00              
Warrant One [Member]                            
Warrants to purchase shares of common shares 11,320,725                          
Pre Funded Warrants [Member]                            
Number of warrants exercised         8,200,000                  
Warrant exercise price per share         $ 0.001                  
Pre Funded Warrants [Member] | July 2019 Financing [Member]                            
Warrants to purchase shares of common shares   4,450,000                        
Common Stock Warrants [Member]                            
Number of warrants exercised         37,701                  
Warrant exercise price per share         $ 4.50                  
Weighted average remaining contractual life of option         11 months 23 days                  
Weighted average fair value of options granted         $ 1.10                  
Cashless Warrants [Member]                            
Number of warrants exercised         6,181,525                  
Common Stock Options [Member]                            
Share-based compensation         $ 2,069,158                  
November 2019 Financing [Member]                            
Issuance of common stock share 3,201,200                          
Gross proceeds from common stock $ 3,988,000                          
November 2019 Financing [Member] | Warrant [Member]                            
Warrants to purchase shares of common shares 11,893,100                          
November 2019 Financing [Member] | Warrant One [Member]                            
Warrants to purchase shares of common shares 11,320,725                          
July 2019 Financing [Member]                            
Issuance of common stock share   1,550,000                        
Gross proceeds from common stock   $ 11,996,000                        
Series A Preferred Stock [Member]                            
Preferred stock shares authorized                         3,000,000  
Series B Preferred Stock [Member]                            
Preferred stock shares authorized                   5,000,000   3,000,000    
Preferred stock par value         $ 0.00001                  
Series C Preferred Stock [Member]                            
Preferred stock shares authorized                     3,000,000      
Series D Preferred Stock [Member]                            
Preferred stock shares authorized                 5,000,000          
Share issued price per share         $ 1.00                  
Number of common stock shares issued under compensation                        
Series E Preferred Stock [Member]                            
Preferred stock shares authorized         5,000     5,000            
Share issued price per share         $ 1,000                  
Conversion of shares issued       2,400                    
Conversion of shares converted       1,200,000                    
Conversion description       Each share of the Series E Preferred is convertible into shares of the Company's common stock (subject to adjustment as provided in the related certificate of designation of preferences, rights and limitations) at any time at the option of the holder at a conversion price of not less than 100% of the public offering price of the common stock. Holders of Series E Preferred Stock will be prohibited from converting Series E Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of common stock then issued and outstanding. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to the Company.                    
Conversion Rights of Preferred [Member]                            
Share issued price per share         $ 1.20                  
XML 43 R3.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Statement of Financial Position [Abstract]    
Debt discount, current $ 0 $ 16
Debt discount, non current $ 0 $ 47
Preferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, shares authorized 10,000,000 10,000,000
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 21,567,287 1,877,698
Common Stock, shares, outstanding 21,551,333 1,877,697
Treasury stock, shares 15,964 1
XML 44 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Nature of Operations
12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

NOTE 1 — NATURE OF OPERATIONS

 

Description of Business

 

The overarching strategy of Vislink Technologies, Inc. (“Vislink Technologies,” the “Company,” “we,” “our” or “us”) is to design, develop and deliver advanced wireless communications solutions that provide customers within target markets with enhanced levels of reliability, mobility, performance and efficiency in their business operations and missions. Vislink Technologies’ business lines include the leading brands Integrated Microwave Technologies LLC (“IMT”) and Vislink Communications Systems (“Vislink” or “VCS”). There is considerable brand interaction, due to complementary market focus, compatible product, and technology development roadmaps, and solution integration opportunities

 

IMT:

 

IMT develops, manufactures, and sells microwave communications equipment utilizing COFDM (Coded Orthogonal Frequency Division Multiplexing) technology. COFDM is a transmission technique that combines encoding technology with OFDM (Orthogonal Frequency Division Multiplexing) modulation to provide the low latency and high image clarity required for real-time live broadcasting video transmissions. IMT has extensive experience in ultra-compact COFDM wireless technology, and this has allowed IMT to develop integrated solutions that deliver reliable video footage captured from both aerial and ground-based sources to fixed and mobile receiver locations.

 

Vislink:

 

Vislink Communications Systems (“Vislink” or “VCS”) specializes in the wireless capture, delivery and management of secure, high-quality, live video from the field to the point of usage. VCS designs and manufactures products encompassing microwave radio components, satellite communication, cellular and wireless camera systems, and associated amplifier items. VCS serves two core markets: broadcast and media and law enforcement, and surveillance. In the broadcast and media market, VCS provides broadcast communication links for the collection of live news and sports and entertainment events. VCS’ customers in the broadcast and media market include national broadcasters, multi-channel broadcasters, network owners and station groups, sports and live broadcasters and hosted service providers. In the law enforcement, and surveillance market, VCS provides secure video communications and mission-critical solutions for law enforcement, defense and homeland security applications. VCS’ customers in the law enforcement, and surveillance market include metropolitan, regional and national law enforcement agencies as well as domestic and international defense agencies and organizations.

XML 45 R50.htm IDEA: XBRL DOCUMENT v3.20.1
Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Receivables [Abstract]    
Accounts receivable $ 7,425 $ 6,740
Allowance for doubtful accounts (711) (549)
Net accounts receivable $ 6,714 $ 6,191
XML 46 R54.htm IDEA: XBRL DOCUMENT v3.20.1
Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Property and equipment $ 4,688,000 $ 7,036,000
Accumulated depreciation (2,716,000) (4,940,000)
Property and equipment, net 1,972,000 2,096,000
Furniture and Fixtures [Member]    
Property and equipment 282,000 291,000
Leasehold Improvements [Member]    
Property and equipment [1] 821,000 228,000
Computers, Software and Equipment [Member]    
Property and equipment 3,585,000 6,495,000
Vehicles [Member]    
Property and equipment $ 22,000
Minimum [Member]    
Estimated useful life 1 year  
Minimum [Member] | Furniture and Fixtures [Member]    
Estimated useful life 1 year  
Minimum [Member] | Leasehold Improvements [Member]    
Estimated useful life [1] 1 year  
Minimum [Member] | Computers, Software and Equipment [Member]    
Estimated useful life 1 year  
Minimum [Member] | Vehicles [Member]    
Estimated useful life 1 year  
Maximum [Member]    
Estimated useful life 10 years  
Maximum [Member] | Furniture and Fixtures [Member]    
Estimated useful life 10 years  
Maximum [Member] | Leasehold Improvements [Member]    
Estimated useful life [1] 14 years  
Maximum [Member] | Computers, Software and Equipment [Member]    
Estimated useful life 11 years  
Maximum [Member] | Vehicles [Member]    
Estimated useful life 7 years  
[1] The shorter of the economic life or remaining lease term.
XML 47 R58.htm IDEA: XBRL DOCUMENT v3.20.1
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Payables and Accruals [Abstract]    
Compensation $ 818 $ 834
Commissions 94 90
Warranty 335 325
Rent 4 71
Payables 531 576
Interest 112
Deferred Equity 130 104
Accrued expenses $ 1,912 $ 2,112
XML 48 R34.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Notes Payable

    Principal Balance  
    December 31,  
    2019     2018  
             
Effective as of September 27, 2019, the Board of Directors of the Company consented to assume the remaining balance of a note held by the related party MB Technology Holdings, LLC (“MBTH”). MBTH originally borrowed funds for the benefit of the Company with the proceeds forwarded to the Company reflecting due to a related party, which ultimately was converted into 15,953 shares returned to treasury. The note matures on September 18, 2020, with an annual interest rate of 8.022%. One payment of $18,519 of accrued interest plus $230,860 of principal, totaling $249,379, is due on September 18, 2020.   $ 231,000     $  
                 
On October 2, 2019, the Company’s subsidiary, Integrated Microwave Technology (“IMT”), incurred a working capital loan of $150,000, with an annual interest rate of 1.9%, maturing on April 24, 2020. There is no payment schedule required by the lender and IMT has made $42,439 in principal and $14,429 in interest payments.     108,000        
    $ 339,000     $  

XML 49 R30.htm IDEA: XBRL DOCUMENT v3.20.1
Inventories (Tables)
12 Months Ended
Dec. 31, 2019
Inventory Disclosure [Abstract]  
Schedule of Inventories, Net

Inventories included in the accompanying consolidated balance sheet are stated at the lower of cost or market as summarized below:

 

    December 31, 2019     December 31, 2018  
Raw materials   $ 8,323,000     $ 6,173,000  
Work-in-process     815,000       3,711,000  
Finished goods     3,857,000       4,052,000  
Sub-total inventories     12,995,000       13,936,000  
Less reserve for slow moving and excess inventory     (5,321,000 )     (886,000 )
Total inventories, net   $ 7,674,000     $ 13,050,000  

XML 50 R38.htm IDEA: XBRL DOCUMENT v3.20.1
Derivative Liabilities (Tables)
12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Valuation and Warrants Exercisable

The following are the critical assumptions used in connection with the valuation of the warrants exercisable into common stock as of December 31, 2019 and 2018:

 

    Years Ended
    December 31,
    2019   2018
Number of shares underlying the warrants     462,428       492,815  
Fair market value of stock   $ 0.25     $ 3.10  
Exercise price   $ 1.00 to $ 24,000     $ 4.50 to $ 137.90  
Volatility     126% to 160 %     118% to 149 %
Risk-free interest rate     1.51% to 1.60 %     2.46% to 2.51 %
Expected dividend yield            
Warrant life (years)     1.4 to 3.41       0.1 to 4.41  

Schedule of Changes in Fair Value of Level 3 Financial Liabilities

The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis:

 

    Years Ended  
    December 31,  
    2019     2018  
Beginning balance   $ 1,118,000     $ 2,399,000  
Recognition of warrant liabilities on issuance dates           1,905,000  
Re-classification to equity upon warrants exercised     (24,000 )      
Change in fair value of derivative liabilities     (1,064,000 )     (3,186,000 )
Ending balance   $ 30,000     $ 1,118,000  

XML 51 R13.htm IDEA: XBRL DOCUMENT v3.20.1
Intangible Assets
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 7 — INTANGIBLE ASSETS

 

Intangible assets consist of the following finite assets:

 

    Software Development Costs     Patents and Licenses     Trade Names and Technology     Customer Relationships  
          Accumulated           Accumulated           Accumulated           Accumulated        
    Costs     Amortization     Costs     Amortization     Costs     Amortization     Costs     Amortization     Net  
                                                       
Balance as of December 31, 2017   $ 18,647,000     $ (18,211,000 )   $ 12,378,000     $ (9,171,000 )   $ 1,450,000     $ (243,000 )   $ 2,880,000     $ (836,000 )   $ 6,894,000  
Additions                                                      
Eliminations     (18,647,000 )     18,647,000                                            
Impairments           (168,000 )                                         (168,000 )
Amortization           (268,000 )           (664,000 )           (224,000 )           (879,000 )     (2,035,000 )
Balance as of December 31, 2018                 12,378,000       (9,835,000 )     1,450,000       (467,000 )   $ 2,880,000     $ (1,715,000 )   $ 4,691,000 )
Additions                                                      
Eliminations                                                      
Impairments                                                      
Amortization                       (669,000 )           (223,000 )           (877,000 )     (1,769,000 )
Balance as of December 31, 2019   $           $ 12,378,000     $ (10,504,000 )   $ 1,450,000     $ (690,000 )   $ 2,880,000     $ (2,592,000 )   $ 2,922,000  

 

Software:

 

The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use or sale to others when both the preliminary project stage is completed, and it is probable that the software will be used as intended with a product. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the product. Capitalized software costs are included in intangible assets on the Company’s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates 5 years. Capitalized Software was fully amortized as of December 31, 2018. Software amortization totaled $268,000 for the year ended December 31, 2018.

 

Patents and Licenses:

 

Patents and licenses, measured initially at purchase cost, are included in intangible assets on the Company’s balance sheet and are amortized on a straight-line basis over their estimated useful lives of 18.5 to 20 years. At December 31, 2019 and 2018, the Company had net capitalized costs of patents and licenses of $1.9 million and $2.5 million, respectively. The costs of provisional patents and pending applications is not amortized until the patent is filed and is reviewed each reporting period to determine if it is likely that the patent will be successfully filed. For the years ended December 31, 2019 and 2018, the amortization of patents and licenses amounted to $.7 million each, respectively.

 

Other Intangible Assets:

 

The Company’s remaining intangible assets include the trade names, technology, and customer lists acquired in its acquisition of IMT and Vislink. On December 31, 2019 and 2018, the Company had net capitalized costs of other intangible assets of $1.0 million and $2.1 million, respective. The Company includes these costs in intangible assets on the balance sheet and are amortized over their useful lives of 3 to 15 years.

 

The normal amortization of intangible assets amounted to $1.8 million and $2.0 million, for the years ended December 31, 2019 and 2018, respectively. There was an impairment of $-0- million and $0.2 million of software development costs for the years ended December 31, 2019 and 2018, respectively. The weighted average remaining life of the amortization of the Company’s intangible assets is approximately 3.7 years.

 

The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:

 

2020   $ 1,053,000  
2021     879,000  
2022     546,000  
2023     119,000  
2024     119,000  
Thereafter     206,000  
    $ 2,922,000  

XML 52 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Leases
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases

NOTE 11— LEASES

 

Operating lease ROU assets are included in “Right of use assets, operating leases” and are included in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in “Operating lease obligations, current” and “Operating lease liabilities, net of current portion,” in the consolidated balance sheets.

 

The Company’s leasing arrangements include agreements for office space, deployment sites, and storage warehouses, both domestically and internationally. The operating leases contain various terms and provisions, with a remaining duration of 5 months to 3.8 years. Certain individual leases contain rent escalation clauses and lease concessions that require additional rental payments in the later years of the term. We recognize rent expense for these types of contracts on a straight-line basis over the minimum lease term. Additionally, the Company sublets a portion of its space under operating leases with various lease terms at The Fairways, Hemel, and Billerica locations, with a remaining duration of two months to one year.

 

As of December 31, 2019, ROU assets and lease liabilities were approximately $1.93 million, net and $1.98 million ($0.82 million of which is current), respectively. The weighted-average remaining term for lease contracts was 3.5 years on December 31, 2019, with maturity dates ranging from April 2020 to March 2025. The weighted-average discount rate was 9.3% at December 31, 2019.

 

For the years ended December 31, 2019, and 2018, the Company incurred approximately $1,159,000 and $1,466,000 of operating lease expense, offset by sublet income of approximately $257,000 and $146,000, respectively. Adjustments for straight-line operating lease expense for the respective periods was not material, and as such, the majority of costs recognized is reflected in cash used in operating activities for the respective periods. This expense consisted primarily of payments for base rent on office and warehouse leases. Amounts related to short-term lease costs and taxes and variable service charges on leased properties were immaterial. Besides, we have the right, but no obligation, to renew individual leases for various renewal terms.

 

The table below lists location and lease expiration dates 2020 through 2025:

 

Location   Lease-End
Date
  Approximate
Future
Payments
 
Colchester, U.K. – Waterside House   May 2025   $ 1,073,000  
Anaheim, CA   Jul 2021     46,000  
Billerica, MA   Dec 2026     587,000  
Hemel, UK   Oct 2020     142,000  
Singapore   Aug 2020     20,000  
Hackettstown, NJ   Apr 2020     31,000  
Sarasota, FL   Sep 2022     85,000  
             
Sublets:            
Colchester, UK – The Fairways   Mar 2020   $ 13,000  
Hemel, UK   Oct 2020     73,000  
Billerica MA   May 2021     252,000  

 

Under previous lease guidance, future minimum lease payments under operating leases with noncancelable lease terms in excess of one year from continuing operations as of December 31, 2019, were as follows:

 

Year Ending December 31,   Amount  
2020   $ 956,000  
2021     491,000  
2022     281,000  
2023     255,000  
2024     255,000  
Thereafter     64,000  
    $ 2,302,000  
         
Sublets:        
2020   $ 264,000  
2021     74,000  
    $ 338,000  

 

The following table illustrates specific operating lease data as of December 31, 2019:

 

Lease cost:        
Operating lease cost   $ 1,106,000  
Short-term lease cost     53,000  
Variable lease cost      
Sublease income     (257,000 )
Total lease cost   $ 902,000  
         
Cash paid for amounts in lease liabilities:        
Operating cash flows from operating leases   $ 1,136,000  
         
Right-of-use assets and operating lease liabilities recognized upon adoption   $ 2,991,000  
         
Weighted-average remaining lease term—operating leases     3.5 years  
         
Weighted-average discount rate—operating leases     9.3 %

XML 53 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets    
Cash $ 1,737 $ 2,005
Accounts receivable, net 6,714 6,191
Inventories, net 7,674 13,050
Prepaid expenses and other current assets 660 780
Total current assets 16,785 22,026
Right of use assets, operating leases 1,925
Property and equipment, net 1,972 2,096
Intangible assets, net 2,922 4,691
Total assets 23,604 28,813
Current liabilities    
Accounts payable 6,784 7,072
Accrued expenses 1,912 2,112
Notes payable 339
Convertible promissory notes, net of discount of $-0- and $16, respectively 400
Operating lease obligations, current 821
Due to related parties 505 361
Customer deposits and deferred revenue 2,821 1,574
Derivative liabilities 30 1,118
Total current liabilities 13,212 12,637
Operating lease obligations, net of current portion 1,163
Convertible promissory notes, net of discount of $-0- and $47, respectively 5,886
Total liabilities 14,375 18,523
Commitments and contingencies (See Note 15)
Stockholders' equity    
Preferred stock - $0.00001 par value per share: 10,000,000 shares authorized at December 31, 2019 and 2018; -0- shares issued and outstanding as of December 31, 2019 and 2018
Common stock, - $0.00001 par value per share, 100,000,000 shares authorized, 21,567,287 and 1,877,698 shares issued and 21,551,333 and 1,877,697 outstanding at December 31, 2019 and 2018, respectively
Additional paid in capital 261,871 244,562
Accumulated other comprehensive income 207 275
Treasury stock, at cost - 15,954 and 1 shares as of December 31, 2019 and 2018, respectively (277) (22)
Accumulated deficit (252,572) (234,525)
Total stockholders' equity 9,229 10,290
Total liabilities and stockholders' equity $ 23,604 $ 28,813
XML 54 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows used in operating activities    
Net loss $ (18,047,000) $ (14,873,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Loss on debt and payables extinguishment 1,060,000
Gain on sale of property and equipment (146,000)
Stock-based compensation (option awards) 2,069,000 3,728,000
Payment made in stock (payroll and consultants) 224,000 1,793,000
Stock issuance commitments 320,000 519,000
Provision for bad debt 425,000 142,000
Inventory valuation adjustments 4,705,000 473,000
Amortization of right of use assets, operating leases 883,000
Depreciation and amortization 2,365,000 2,953,000
Impairment charge 413,000
Change in fair value of derivative liabilities (1,064,000) (3,186,000)
Loss on debt settlement 33,000
Non-cash interest costs 63,000 2,301,000
Changes in assets and liabilities    
Accounts receivable (867,000) 1,811,000
Inventories 841,000 775,000
Prepaid expenses and other current assets 142,000 (186,000)
Accounts payable (623,000) (3,365,000)
Accrued expenses and interest expense (332,000) (1,178,000)
Operating lease liabilities (880,000)
Due to related parties 175,000 (397,000)
Deferred revenue and customer deposits 1,213,000 984,000
Net cash used in operating activities (8,355,000) (6,379,000)
Cash flows (used in) provided by investing activities    
Proceeds from sale of property and equipment 250,000
Acquisition of property and equipment (401,000) (69,000)
Payment for purchase of treasury stock (24,000)
Net cash (used in) provided by investing activities (425,000) 181,000
Cash flows provided by financing activities    
Proceeds received from equity financings 15,983,000
Costs incurred in connection with equity financing (1,799,000)
Proceeds from the exercise of common stock warrants 178,000
Proceeds from working capital financing note 150,000
Principal payments in connection with working capital financing note (42,000)
Principal repayments made on capital lease obligations (48,000)
Proceeds from convertible promissory notes 6,000,000
Payment of issuance costs on convertible promissory notes (433,000)
Principal repayments on convertible promissory notes (5,951,000) (84,000)
Net cash provided by financing activities 8,519,000 5,435,000
Effect of exchange rate changes on cash (7,000) (31,000)
Net decrease in cash (268,000) (794,000)
Cash, beginning of year 2,005,000 2,799,000
Cash, end of year 1,737,000 2,005,000
Cash paid for interest 1,827,000 36,000
Cash paid for taxes
Supplemental cash flow disclosures of non-cash investing and financing activities:    
Common stock issued in connection with: Compensation awards for services previously accrued 71,000 19,000
Common stock issued in connection with: Conversion of amounts due to related parties 31,000 240,000
Common stock issued in connection with: Conversion of principal and interest due on convertible promissory notes 529,000 2,339,000
Common stock issued in connection with: Settlement of interest only on convertible notes 180,000
Common stock issued in connection with: Compensatory fee for debt modification 160,000
Effect of the December 3, 2018 modification of the May 2018 debt instruments 4,131,000
Beneficial conversion feature 284,000
Reclassification of derivative liabilities to stockholders' equity upon the exercise of warrant 24,000
Financing encumbered in treasury stock purchased 231,000
Non-cash disclosures of ROU assets and operating lease obligations (Note 11):    
Operating lease assets recognized 2,991,000
less: non-cash changes to operating lease assets amortization (883,000)
less: non-cash changes to operating lease assets lease termination (183,000)
Total non-cash disclosures of ROU assets 1,925,000
Operating lease liabilities recognized 3,047,000
less: non-cash changes to operating lease liabilities amortization (880,000)
less: non-cash changes to operating lease liabilities lease termination (183,000)
Total non-cash disclosures operating lease obligations $ 1,984,000
XML 55 R76.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity - Schedule of Stock Option Exercise Price (Details) - $ / shares
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Equity [Abstract]    
Range of Exercise Prices, Lower Range $ 0  
Range of Exercise Prices, Upper Range $ 46,202  
Number of Options Outstanding 505,050  
Weighted Average Remaining Contractual Life (years) 7 years 6 months 3 days 8 years 4 months 28 days
Weighted Average Exercise Price $ 14.83  
Number of Options Exercisable 341,083  
Weighted Average Remaining Contractual Life (years) 7 years 4 months 13 days  
Weighted Average Exercise Price, Options Exercisable $ 15.68  
XML 56 R86.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]    
Statutory Federal income tax rate 21.00% 21.00%
State and local taxes, net of Federal benefit 1.77% 10.93%
Permanent differences 1.56% 4.35%
Provision to return 1.52% 1.40%
DTA adjustment for state NOL (16.83%) 0.00%
Foreign rate differential (0.68%) (0.14%)
Change rate (1.00%) (0.80%)
Valuation allowance (7.43%) (36.78%)
Effective tax rate (0.08%) (0.04%)
XML 57 R82.htm IDEA: XBRL DOCUMENT v3.20.1
Revenue - Schedule of Disggregation of Revenue (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenue, net $ 28,942 $ 38,294
Long-Lived Assets 6,819 6,787
Equipment Sales [Member]    
Revenue, net 25,657 35,055
Installation, Integration and Repairs [Member]    
Revenue, net 2,673 3,024
Warranties [Member]    
Revenue, net 171 215
Other [Member]    
Revenue, net 441
North America [Member]    
Revenue, net 13,054 17,686
South America [Member]    
Revenue, net 429 1,185
Europe [Member]    
Revenue, net 9,231 11,569
Asia [Member]    
Revenue, net 4,554 4,880
Rest of World [Member]    
Revenue, net 1,674 2,974
United States [Member]    
Long-Lived Assets 4,616 5,637
United Kingdom [Member]    
Long-Lived Assets $ 2,203 $ 1,150
XML 58 R72.htm IDEA: XBRL DOCUMENT v3.20.1
Derivative Liabilities - Schedule of Changes in Fair Value of Level 3 Financial Liabilities (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Beginning balance $ 1,118 $ 2,399
Recognition of warrant liabilities on issuance dates 1,905
Re-classification to equity upon warrants exercised (24)
Change in fair value of derivative liabilities (1,064) (3,186)
Ending balance $ 30 $ 1,118
XML 59 R59.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable - Schedule of Notes Payable (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Notes payable $ 339
MB Technology Holdings, LLC [Member]    
Notes payable 231
Integrated Microwave Technology [Member]    
Notes payable $ 108
XML 60 R51.htm IDEA: XBRL DOCUMENT v3.20.1
Inventories (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Inventory valuation adjustments $ 4,705 $ 473
XML 61 R55.htm IDEA: XBRL DOCUMENT v3.20.1
Intangible Assets (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Amortization of intangible assets $ 1,800 $ 2,000
Net of capitalized cost patent and licenses 1,900 2,500
Net of capitalized cost other intangible assests 1,000 2,100
Impairment of software development costs $ 0 200
Amortized weighted average remaining life 3 years 8 months 12 days  
Software [Member]    
Finite-lived intangible asset, useful life 5 years  
Amortization of intangible assets $ 268  
Patents and Licenses [Member]    
Amortization of intangible assets $ 700 $ 700
Patents and Licenses [Member] | Minimum [Member]    
Finite-lived intangible asset, useful life 18 years 6 months  
Patents and Licenses [Member] | Maximum [Member]    
Finite-lived intangible asset, useful life 20 years  
Other Intangible Assets [Member] | Minimum [Member]    
Finite-lived intangible asset, useful life 3 years  
Other Intangible Assets [Member] | Maximum [Member]    
Finite-lived intangible asset, useful life 15 years  
XML 62 R63.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Promissory Notes - Schedule of Interest Expense (Details) - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Debt Disclosure [Abstract]    
Contractual interest expense $ 1,733,988 $ 131,185
Debt discount amortization (62,990) 488,791
Warrant costs 1,788,171
Total recorded to interest expense, net $ 1,796,978 $ 2,408,147
XML 63 R67.htm IDEA: XBRL DOCUMENT v3.20.1
Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
2020 $ 956
2021 491
2022 281
2023 255
2024 255
Thereafter 64
Operating Leases, Future Minimum Payments Due, Total 2,302
Sublets [Member]  
2020 264
2021 74
Operating Leases, Future Minimum Payments Due, Total $ 338
XML 64 R44.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Details Narrative)
£ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
shares
Dec. 31, 2018
USD ($)
Dec. 31, 2019
GBP (£)
shares
Jan. 02, 2019
USD ($)
Cash FDIC insured amount $ 250,000      
Accounts receivable 6,714,000 $ 6,191,000    
Amortization 1,800,000 2,000,000    
Shipping and handling costs 614,000 774,000    
Lease liability 1,980,000      
Corresponding assets 1,925,000    
Impairment charges 0 400,000    
Advertising costs $ 237,000 $ 82,000    
Penny warrants outstanding | shares 9,147,200   9,147,200  
Foreign exchange transaction rate 1.00 1.00 1.00  
Foreign exchange transactions average rate 1.00 1.00 1.00  
Accounting Standards Update 2016-02 [Member]        
Lease liability       $ 3,000,000
Corresponding assets       2,900,000
Derecognized deferred rent       $ 60,000
Software [Member]        
Finite-lived intangible asset, useful life 5 years      
Amortization   $ 268,000    
Patents and Licenses [Member]        
Amortization $ 669,000 664,000    
Other Intangible Assets [Member]        
Amortization 1,800,000 $ 2,000,000    
Accounts Receivable [Member] | Single Customer [Member]        
Concentration risk amount 2,613,000      
Accounts receivable 0      
Minimum [Member]        
Cash uninsured amount $ 1,200,000      
Estimated useful life 1 year      
Minimum [Member] | Patents and Licenses [Member]        
Finite-lived intangible asset, useful life 18 years 6 months      
Minimum [Member] | Other Intangible Assets [Member]        
Finite-lived intangible asset, useful life 3 years      
Maximum [Member]        
Estimated useful life 10 years      
Maximum [Member] | Patents and Licenses [Member]        
Finite-lived intangible asset, useful life 20 years      
Maximum [Member] | Other Intangible Assets [Member]        
Finite-lived intangible asset, useful life 15 years      
GBP [Member]        
Cash FDIC insured amount | £     £ 85  
Foreign exchange transaction rate 1.318462 1.2734340 1.318462  
Foreign exchange transactions average rate 1.76717 1.3347667 1.76717  
XML 65 R40.htm IDEA: XBRL DOCUMENT v3.20.1
Revenue (Tables)
12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
Schedule of Disggregation of Revenue

In the following table, revenue is disaggregated by primary geographical markets and revenue source.

 

    For the Years Ended  
    December 31,  
    2019     2018  
Primary geographical markets:                
North America   $ 13,054,000     $ 17,686,000  
South America     429,000       1,185,000  
Europe     9,231,000       11,569,000  
Asia     4,554,000       4,880,000  
Rest of World     1,674,000       2,974,000  
    $ 28,942,000     $ 38,294,000  
                 
Primary revenue source:                
Equipment sales   $ 25,657,000     $ 35,055,000  
Installation, integration and repairs     2,673,000       3,024,000  
Warranties     171,000       215,000  
Other (Note 18)     441,000        
    $ 28,942,000     $ 38,294,000  
                 
Long-Lived Assets:                
United States   $ 4,616,000     $ 5,637,000  
United Kingdom     2,203,000       1,150,000  
    $ 6,819,000     $ 6,787,000  

XML 66 R48.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies - Schedule of Foreign Exchanges and Changes in Accumulated Comprehensive Income (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Accounting Policies [Abstract]    
Net foreign exchange transactions: (Gains) losses   $ 483
Accumulated comprehensive income: Unrealized loss on currency translation adjustment $ 68 $ 79
XML 67 R29.htm IDEA: XBRL DOCUMENT v3.20.1
Accounts Receivable (Tables)
12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Schedule of Accounts Receivable

Accounts receivable consist of the following:

 

    December 31, 2019     December 31, 2018  
Accounts receivable   $ 7,425,000     $ 6,740,000  
Allowance for doubtful accounts     (711,000 )     (549,000 )
Net accounts receivable   $ 6,714,000     $ 6,191,000  

XML 68 R21.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 15 — COMMITMENTS AND CONTINGENCIES

 

Legal:

 

The Company is subject, from time to time, to claims by third parties under various legal theories. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition, and cash flows. Pursuant to ASC Topic 450’s provision that a company must accrue a loss contingency if information is available before the issuance of the financial statements, it has been determined that based upon a lawsuit filed by Hale Capital Partners, LP (“Hale”) against the Company on July 29, 2019, the Company may be potentially liable for professional fees incurred by Hale for a due diligence transaction in the amount of $140,000. The Company deems these fees excessive and is vigorously defending the claim. This amount was accrued and included in accrued expenses in the consolidated balance sheet as of December 31, 2019. There were no other material legal actions.

 

Pension:

 

The Company, at its discretion, may make matching contributions to the 401(k) plan in which its employees participate. For the years ended December 31, 2019, and 2018, the Company made matching contributions of $-0- and $27,000, respectively.

 

The Company currently operates a Group Personal Pension Plan in its U.K. subsidiary, and funds are invested with Royal London. U.K. employees are entitled to join the plan to which the Company contributes varying amounts subject to status. In addition, the Company operates a stakeholder pension scheme in the U.K. For the year ended years ended December 31, 2019, and 2018, and the Company made matching contributions of $173,000 and $236,000, respectively.

 

Delisting Notice:

 

On September 26, 2019, the Company received a written notification from The Nasdaq Stock Market LLC (“NASDAQ”) indicating that the Company was not in compliance with NASDAQ Listing Rule 5550(a)(2) as Company’s closing bid price was below $1.00 per share for the previous 30 consecutive business days.

 

Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted a 180-day compliance period, or until March 24, 2020, to regain compliance with the minimum bid price requirements. During the compliance period, the Company’s shares of common stock will continue to be listed and traded on Nasdaq Capital Market.

 

On March 25, 2020, the Company received a written notification from Nasdaq that the Company was afforded a second 180 calendar day grace period to regain compliance with the minimum bid price requirements. If the Company does not regain compliance by September 21, 2020, Nasdaq will provide notice that the Company’s shares of common stock will be subject to delisting.

XML 69 R25.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 19 — INCOME TAXES

 

The provision (benefit) for income taxes consists of the following:

 

    December 31,  
    2019     2018  
Current tax provision                
Federal   $     $  
State     14,000       6,000  
      14,000       6,000  
Deferred tax provision (benefit)                
Federal     (2,998,000 )     (3,567,000 )
State     2,879,000       (1,720,000 )
Foreign     (870,000 )     (127,000 )
Change in valuation allowance     998,000       (5,414,000  
Income tax provision   $ 14,000     $ 6,000  

 

A reconciliation of the statutory tax rate to the effective tax rate is as follows:

 

    December 31,  
    2019     2018  
Statutory Federal income tax rate     21.00 %     21.00 %
State and local taxes, net of Federal benefit     1.77       10.93  
Permanent differences     1.56       4.35  
Provision to return     1.52       1.40  
DTA adjustment for state NOL     (16.83 )     (— )
Foreign Rate Differential     (0.68 )     (0.14 )
Change rate     (1.00 )     (0.80 )
Valuation allowance     (7.43 )     (36.78 )
Effective tax rate     (0.08 )%     (0.04 )%

 

Under the provisions of ASC 740, the Company may recognize the benefits of uncertain tax positions when it is more likely than not that the merits of the position(s) will be sustained upon audit by the relevant tax authorities. There were no uncertain tax positions taken or expected to be taken on a tax return that would be determined to be an unrecognized tax benefit recorded on the Company’s financial statements for the years ended December 31, 2019 or 2018. The Company does not expect its unrecognized tax benefit position to change during the next twelve months.

 

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial accounting purposes and the amounts used for income tax reporting. Significant components of the Company’s deferred tax assets are as follows:

 

    December 31,  
    2019     2018  
Deferred Tax Assets                
Federal R&D credit   $ 3,007,000     $ 2,819,000  
Inventory     683,000       78,000  
Allowance for bad debt     55,000       32,000  
Compensation Related     21,000       3,000  
Pension     5,000       6,000  
Other Accruals     63,000       305,000  
State Net operating losses     5,638,000       8,532,000  
Federal Net operating losses     38,177,000       36,079,000  
Property & Equipment           12,000  
Stock Options     6,565,000       6,214,000  
Other     1,143,000       834,000  
Valuation Allowance     (54,562,000 )     (53,573,000 )
Total Deferred Tax Assets     795,000       1,341,000  
                 
Deferred Tax Liabilities                
Property and Equipment     (141,000 )     (215,000 )
Intangibles     (630,000 )     (1,080,000 )
Inventory            
Prepaid Expenses     (24,000 )     (24,000 )
Compensation Related           (22,000 )
Total Deferred Tax Liabilities     (795,000 )     (1,341,000 )
                 
Net Deferred Tax Asset/(Liability)   $     $  

 

As of December 31, 2019, the Company has federal net operating losses (“NOL”) of approximately $173.3 million that will expire beginning in 2027. The Company has federal NOLs of approximately $16.4 million that may be carried forward indefinitely. The Company also has state NOL carryforwards of $154.6 million which will expire beginning in 2027. In addition, the Company has foreign NOL carryforwards of approximately $8.9 million that generally do not expire except under certain circumstances. The Company also has research and development credits of approximately $3.0 million which will begin to expire in 2027. The years that remain open for review by taxing authorities are 2016 to 2019 for Federal, Foreign and State Income Tax returns.

 

Realization of the NOL carryforwards and other deferred tax temporary differences is contingent on future taxable earnings. The Company’s deferred tax assets were reviewed for expected utilization using a “more likely than not” approach by assessing the available positive and negative evidence surrounding its recoverability. Accordingly, a valuation allowance has been recorded against the Company’s deferred tax assets, as it was determined based upon past and present losses that it was “more likely than not” that the Company’s deferred tax assets would not be realized. The valuation allowance was increased to the full carrying amount of the Company’s deferred tax assets. In future years, if the deferred tax assets are determined by management to be “more likely than not” to be realized, the recognized tax benefits relating to the reversal of the valuation allowance will be recorded. The Company will continue to assess and evaluate strategies that will enable the deferred tax asset, or portion thereof, to be utilized, and will reduce the valuation allowance appropriately as such time when it is determined that the “more likely than not” criteria is satisfied.

 

The net operating loss carryovers may be subject to annual limitations under Internal Revenue Code Section 382, and similar state provisions, should there be a greater than 50% ownership change as determined under the applicable income tax regulations. The amount of the limitation would be determined based on the value of the Company immediately prior to the ownership change and subsequent ownership changes could further impact the amount of the annual limitation. An ownership change pursuant to Section 382 may have occurred in the past or could happen in the future, such that the NOLs available for utilization could be significantly limited. The Company plans to perform a Section 382 analysis in the future

 

Effective for tax years beginning after December 31, 2017, the Tax Act includes a participation exemption system of taxation, which generally provides for 100% dividends received deduction on certain qualifying dividend distributions received by U.S. C-corporation shareholders from their 10% or more owned foreign subsidiaries. As a result of this new participation exemption system, it is generally anticipated that the Company should not be subject to additional U.S. federal income taxation on its future receipt of actual dividend income (as opposed to a deemed inclusion amounts under certain anti-deferral rules) from its foreign subsidiary.

 

For tax years beginning after December 31, 2017, the Tax Act introduced a new limitation on the deduction of interest expense whereby current year interest deductions are limited (among other limitations) to 30% of adjusted taxable income, with various modifications and exceptions. The Company does incur interest expense, and evaluates each year the impact, if any, of the new limitation.

 

The Company has not provided for deferred taxes and foreign withholding taxes on the excess of the financial reporting basis over the tax basis in our investments in foreign subsidiaries that are essentially permanent in duration. In general, it is the Company’s practice and intention to reinvest the earnings of our foreign subsidiary in those operations. Generally, the earnings of our foreign subsidiary have become subject to U.S. taxation based on certain provisions in U.S. tax law such as the recently enacted territorial transition tax under section 965 and under certain other circumstances. Due to the complexities of the provisions introduced with the Tax Act, and the underlying assumptions that would have to be made, it is not practicable to estimate the amount of tax provision required to account for these foreign undistributed earnings. The Company will account for any additional expense or deduction in the year it is claimed. The Company will continue to review each year whether this treatment is appropriate.

 

The Company did not identify any material uncertain tax positions and is not under any income tax examinations.

XML 71 R11.htm IDEA: XBRL DOCUMENT v3.20.1
Inventories
12 Months Ended
Dec. 31, 2019
Inventory Disclosure [Abstract]  
Inventories

NOTE 5 — INVENTORIES

 

Inventories included in the accompanying consolidated balance sheet are stated at the lower of cost or market as summarized below:

 

    December 31, 2019     December 31, 2018  
Raw materials   $ 8,323,000     $ 6,173,000  
Work-in-process     815,000       3,711,000  
Finished goods     3,857,000       4,052,000  
Sub-total inventories     12,995,000       13,936,000  
Less reserve for slow moving and excess inventory     (5,321,000 )     (886,000 )
Total inventories, net   $ 7,674,000     $ 13,050,000  

 

Inventory valuation adjustments consist primarily of items that are written off due to obsolescence or reserved for slow moving or excess inventory. The Company recorded inventory valuation adjustments of $4,705,000 and $473,000 as of December 31, 2019 and 2018, respectively.

XML 72 R15.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Notes Payable

NOTE 9 — NOTES PAYABLE

 

    Principal Balance  
    December 31,  
    2019     2018  
             
Effective as of September 27, 2019, the Board of Directors of the Company consented to assume the remaining balance of a note held by the related party MB Technology Holdings, LLC (“MBTH”). MBTH originally borrowed funds for the benefit of the Company with the proceeds forwarded to the Company reflecting due to a related party, which ultimately was converted into 15,953 shares returned to treasury. The note matures on September 18, 2020, with an annual interest rate of 8.022%. One payment of $18,519 of accrued interest plus $230,860 of principal, totaling $249,379, is due on September 18, 2020.   $ 231,000     $  
                 
On October 2, 2019, the Company’s subsidiary, Integrated Microwave Technology (“IMT”), incurred a working capital loan of $150,000, with an annual interest rate of 1.9%, maturing on April 24, 2020. There is no payment schedule required by the lender and IMT has made $42,439 in principal and $14,429 in interest payments.     108,000        
    $ 339,000     $  

XML 73 R19.htm IDEA: XBRL DOCUMENT v3.20.1
Derivative Liabilities
12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Liabilities

NOTE 13 — DERIVATIVE LIABILITIES

 

Each of the warrants issued in connection with the August 2015 underwritten offering, the February 2016 Series B Preferred Stock Offering, the May 2016 financing, the July 2016 financing, the August 2017 underwritten offering, and the May 2018 Financing have been accounted for as derivative liabilities as each of the warrants contain a net cash settlement provision whereby, upon certain fundamental events, the holders could put the warrants back to the Company for cash.

 

The following are the critical assumptions used in connection with the valuation of the warrants exercisable into common stock as of December 31, 2019 and 2018:

 

    Years Ended
    December 31,
    2019   2018
Number of shares underlying the warrants     462,428       492,815  
Fair market value of stock   $ 0.25     $ 3.10  
Exercise price   $ 1.00 to $ 24,000     $ 4.50 to $ 137.90  
Volatility     126% to 160 %     118% to 149 %
Risk-free interest rate     1.51% to 1.60 %     2.46% to 2.51 %
Expected dividend yield            
Warrant life (years)     1.4 to 3.41       0.1 to 4.41  

 

Level 3 liabilities are valued using unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the liabilities. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Company’s accounting and finance department, which reports to the Chief Financial Officer, determines its valuation policies and procedures. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s accounting and finance department and are approved by the Chief Financial Officer.

 

Level 3 Valuation Techniques:

 

Level 3 financial liabilities consist of the derivative liabilities for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company deems financial instruments that do not have fixed settlement provisions to be derivative instruments. Under U.S. GAAP, the fair value of these warrants is classified as a liability on the Company’s consolidated balance sheets because, according to the terms of the warrants, a fundamental transaction could give rise to an obligation of the Company to pay cash to its warrant holders. Such instruments do not have fixed settlement provisions and have also been recorded as derivative liabilities. Corresponding changes in the fair value of the derivative liabilities are recognized in earnings on the Company’s consolidated statements of operations in each subsequent period.

 

The Company’s derivative liabilities are carried at fair value and were classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs. In calculating the fair value, the Company uses a binomial model style simulation, as the value of certain features of the warrant derivative liabilities would not be captured by the standard Black-Scholes model.

 

The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis:

 

    Years Ended  
    December 31,  
    2019     2018  
Beginning balance   $ 1,118,000     $ 2,399,000  
Recognition of warrant liabilities on issuance dates           1,905,000  
Re-classification to equity upon warrants exercised     (24,000 )      
Change in fair value of derivative liabilities     (1,064,000 )     (3,186,000 )
Ending balance   $ 30,000     $ 1,118,000  

XML 74 R36.htm IDEA: XBRL DOCUMENT v3.20.1
Leases (Tables)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of Lease Obligations Assumed

The table below lists location and lease expiration dates 2020 through 2025:

 

Location   Lease-End
Date
  Approximate
Future
Payments
 
Colchester, U.K. – Waterside House   May 2025   $ 1,073,000  
Anaheim, CA   Jul 2021     46,000  
Billerica, MA   Dec 2026     587,000  
Hemel, UK   Oct 2020     142,000  
Singapore   Aug 2020     20,000  
Hackettstown, NJ   Apr 2020     31,000  
Sarasota, FL   Sep 2022     85,000  
             
Sublets:            
Colchester, UK – The Fairways   Mar 2020   $ 13,000  
Hemel, UK   Oct 2020     73,000  
Billerica MA   May 2021     252,000  

Schedule of Future Minimum Rental Payments for Operating Leases

Under previous lease guidance, future minimum lease payments under operating leases with noncancelable lease terms in excess of one year from continuing operations as of December 31, 2019, were as follows:

 

Year Ending December 31,   Amount  
2020   $ 956,000  
2021     491,000  
2022     281,000  
2023     255,000  
2024     255,000  
Thereafter     64,000  
    $ 2,302,000  
         
Sublets:        
2020   $ 264,000  
2021     74,000  
    $ 338,000  

 

Schedule of Operating Lease Data

The following table illustrates specific operating lease data as of December 31, 2019:

 

Lease cost:        
Operating lease cost   $ 1,106,000  
Short-term lease cost     53,000  
Variable lease cost      
Sublease income     (257,000 )
Total lease cost   $ 902,000  
         
Cash paid for amounts in lease liabilities:        
Operating cash flows from operating leases   $ 1,136,000  
         
Right-of-use assets and operating lease liabilities recognized upon adoption   $ 2,991,000  
         
Weighted-average remaining lease term—operating leases     3.5 years  
         
Weighted-average discount rate—operating leases     9.3 %

XML 75 R32.htm IDEA: XBRL DOCUMENT v3.20.1
Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

Intangible assets consist of the following finite assets:

 

    Software Development Costs     Patents and Licenses     Trade Names and Technology     Customer Relationships  
          Accumulated           Accumulated           Accumulated           Accumulated        
    Costs     Amortization     Costs     Amortization     Costs     Amortization     Costs     Amortization     Net  
                                                       
Balance as of December 31, 2017   $ 18,647,000     $ (18,211,000 )   $ 12,378,000     $ (9,171,000 )   $ 1,450,000     $ (243,000 )   $ 2,880,000     $ (836,000 )   $ 6,894,000  
Additions                                                      
Eliminations     (18,647,000 )     18,647,000                                            
Impairments           (168,000 )                                         (168,000 )
Amortization           (268,000 )           (664,000 )           (224,000 )           (879,000 )     (2,035,000 )
Balance as of December 31, 2018                 12,378,000       (9,835,000 )     1,450,000       (467,000 )   $ 2,880,000     $ (1,715,000 )   $ 4,691,000 )
Additions                                                      
Eliminations                                                      
Impairments                                                      
Amortization                       (669,000 )           (223,000 )           (877,000 )     (1,769,000 )
Balance as of December 31, 2019   $           $ 12,378,000     $ (10,504,000 )   $ 1,450,000     $ (690,000 )   $ 2,880,000     $ (2,592,000 )   $ 2,922,000  

Schedule of Estimated Amortization Expense for Intangible Assets

The following table represents the estimated amortization expense for total intangible assets for the succeeding five years:

 

2020   $ 1,053,000  
2021     879,000  
2022     546,000  
2023     119,000  
2024     119,000  
Thereafter     206,000  
    $ 2,922,000  

XML 76 R53.htm IDEA: XBRL DOCUMENT v3.20.1
Property and Equipment (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Property, Plant and Equipment [Abstract]    
Depreciation $ 596 $ 918
Impairment of property plant and equipment 0 245
Gain on sale of property and equipment $ 146
XML 77 R57.htm IDEA: XBRL DOCUMENT v3.20.1
Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]    
2020 $ 1,053  
2021 879  
2022 546  
2023 119  
2024 119  
Thereafter 206  
Finite-Lived Intangible Assets, Net, Total $ 2,922 $ 4,691
XML 78 R88.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2020
Feb. 27, 2020
Feb. 25, 2020
Feb. 24, 2020
Feb. 14, 2020
Jan. 15, 2020
Nov. 27, 2019
Jul. 11, 2019
Dec. 31, 2019
Options to purchase common stock                 36,500
Issuance of common stock             3,201,200 1,550,000  
Warrants to purchase shares of common stock               6,000,000  
Warrant [Member]                  
Warrants to purchase shares of common stock             11,893,100    
Warrant One [Member]                  
Warrants to purchase shares of common stock             11,320,725    
Subsequent Event [Member]                  
Issuance of common stock         12,445,000        
Warrants to purchase shares of common stock         12,445,000        
Proceeds from issuance from offering         $ 5,998        
Offering cost         560        
Net proceeds from offering cost         $ 5,438        
Subsequent Event [Member] | MB Merchant Group, LLC [Member]                  
Serivice consideration, description     Pursuant to the MBMG Agreement, in consideration for the MBMG Services, the Company agreed to compensate MBMG through payment of: (i) an acquisition fee equal to (A) the greater of $250,000 or 6% of the total acquisition price for deals in which the total consideration paid by the Company is less than $50 million; (B) $3,000,000 plus 4% of the consideration paid by the Company in excess of $50 million for deals in which the total consideration paid by the Company is between $50 million and $100 million; (C) $5,000,000 plus 2% of the consideration paid by the Company in excess of $100 million for deals in which the total consideration paid by the Company is between $100 million and $400 million; or (D) $10,200,000 plus 1.1% of the consideration paid by the Company in excess of $400 million for deals in which the total consideration paid by the Company exceeds $400 million; (ii) a success-based due diligence fee of $250,000 on successfully closed deals, (iii) a waivable success-based finance fee of 2% of the acquisition price and (iv) an incentive fee of 5% of an external advisor's higher valuation of an acquisition, with such fees subject to a customary 12-month tail period in the event of termination of the MBMG Agreement. The MBMG Agreement further provides that (x) MBMG shall have the option to convert up to 50% of all such fees into the Company's common stock so long as a receivable remains outstanding, convertible at a fixed price of 110% of the lower of the price of such shares on the day of closing or such price in connection with any acquisition financing, as applicable; (y) the Company will no longer compensate MBMG through, among other discontinued fees, a $50,000 monthly consulting fee that would have been due pursuant to the MBMG Agreements and (z) in full satisfaction of specified claims arising out of the MBMG Agreements, the Company shall pay MBMG $420,000, with $200,000 to be paid within three days of the execution of the MBMG Agreement and $220,000 to be paid within 30 days of such execution.            
Subsequent Event [Member] | Warrant [Member]                  
Issuance of common stock         9,333,750        
Warrants to purchase shares of common stock         12,445,000        
Subsequent Event [Member] | Pre-Funded Warrants [Member]                  
Warrants to purchase shares of common stock         14,827,200        
Subsequent Event [Member] | Warrant One [Member]                  
Issuance of common stock         11,120,400        
Warrants to purchase shares of common stock         14,827,200        
Subsequent Event [Member] | Bond Employment Agreement [Member]                  
Annual base salary   $ 250              
Subsequent Event [Member] | Payne Separation Agreement [Member]                  
Salary continuation period       6 months          
Aggregate amount of salary continuation       $ 175          
Subsequent Event [Member] | Branton Separation Agreement [Member]                  
Salary continuation period 12 months                
Aggregate amount of salary continuation $ 300                
Subsequent Event [Member] | Time-Based Option [Member]                  
Options to purchase common stock           2,155,481      
Subsequent Event [Member] | Performance-Based Option [Member]                  
Options to purchase common stock           1,500,000      
XML 79 R78.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity - Schedule of Warrant Outstanding Exercise Price (Details) - $ / shares
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Number of Warrants Outstanding 25,128,447 1,187,181
Warrants [Member]    
Number of Warrants Outstanding 25,128,447  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 11 months 23 days  
Warrants Outstanding Weighted Average Exercise Price $ 1.10  
Number of Warrants Exercisable 25,128,447  
Warrants Exercisable Exercise Price $ 1.10  
Warrants [Member] | Exercise Price Range One [Member]    
Range of Exercise Prices, Upper Range [1] $ 0.001  
Number of Warrants Outstanding 9,143,100  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 10 months 28 days  
Warrants Outstanding Weighted Average Exercise Price $ 0.001  
Number of Warrants Exercisable 9,143,100  
Warrants Exercisable Exercise Price $ 0.001  
Warrants [Member] | Exercise Price Range Two [Member]    
Range of Exercise Prices, Upper Range [2] $ 0.265  
Number of Warrants Outstanding 66,789  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 1 year 6 months 18 days  
Warrants Outstanding Weighted Average Exercise Price $ 0.265  
Number of Warrants Exercisable 66,789  
Warrants Exercisable Exercise Price $ 0.265  
Warrants [Member] | Exercise Price Range Three [Member]    
Range of Exercise Prices, Upper Range $ 0.292  
Number of Warrants Outstanding 14,846,800  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 10 months 28 days  
Warrants Outstanding Weighted Average Exercise Price $ 0.292  
Number of Warrants Exercisable 14,846,800  
Warrants Exercisable Exercise Price $ 0.292  
Warrants [Member] | Exercise Price Range Four [Member]    
Range of Exercise Prices, Upper Range $ 5.00  
Number of Warrants Outstanding 4,100  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 4 years 6 months 14 days  
Warrants Outstanding Weighted Average Exercise Price $ 5.00  
Number of Warrants Exercisable 4,100  
Warrants Exercisable Exercise Price $ 5.00  
Warrants [Member] | Exercise Price Range Five [Member]    
Range of Exercise Prices, Upper Range $ 10.00  
Number of Warrants Outstanding 320,000  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 3 years 4 months 28 days  
Warrants Outstanding Weighted Average Exercise Price $ 10.00  
Number of Warrants Exercisable 320,000  
Warrants Exercisable Exercise Price $ 10.00  
Warrants [Member] | Exercise Price Range Six [Member]    
Range of Exercise Prices, Upper Range $ 20.00  
Number of Warrants Outstanding 651,252  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 2 years 7 days  
Warrants Outstanding Weighted Average Exercise Price $ 20.00  
Number of Warrants Exercisable 651,252  
Warrants Exercisable Exercise Price $ 20.00  
Warrants [Member] | Exercise Price Range Seven [Member]    
Range of Exercise Prices, Upper Range $ 25.00  
Number of Warrants Outstanding 83,296  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 2 years 5 months 20 days  
Warrants Outstanding Weighted Average Exercise Price $ 25.00  
Number of Warrants Exercisable 83,296  
Warrants Exercisable Exercise Price $ 25.00  
Warrants [Member] | Exercise Price Range Eight [Member]    
Range of Exercise Prices, Upper Range $ 84.00  
Number of Warrants Outstanding 2,083  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 1 year 9 months 25 days  
Warrants Outstanding Weighted Average Exercise Price $ 84.00  
Number of Warrants Exercisable 2,083  
Warrants Exercisable Exercise Price $ 84.00  
Warrants [Member] | Exercise Price Range Nine [Member]    
Range of Exercise Prices, Upper Range $ 137.88  
Number of Warrants Outstanding 10,902  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 1 year 4 months 17 days  
Warrants Outstanding Weighted Average Exercise Price $ 137.90  
Number of Warrants Exercisable 10,902  
Warrants Exercisable Exercise Price $ 137.90  
Warrants [Member] | Exercise Price Range Ten [Member]    
Range of Exercise Prices, Upper Range $ 13,800.00  
Number of Warrants Outstanding 90  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 1 month 20 days  
Warrants Outstanding Weighted Average Exercise Price $ 13,800.00  
Number of Warrants Exercisable 90  
Warrants Exercisable Exercise Price $ 13,800.00  
Warrants [Member] | Exercise Price Range Eleven [Member]    
Range of Exercise Prices, Upper Range $ 24,000.00  
Number of Warrants Outstanding 35  
Warrants Outstanding Weighted-Average Remaining Contractual Life (years) 1 month 24 days  
Warrants Outstanding Weighted Average Exercise Price $ 24,000.00  
Number of Warrants Exercisable 35  
Warrants Exercisable Exercise Price $ 24,000.00  
[1] represents group of penny warrants
[2] represents group of warrants repriced to $0.265 from the $1.00 exercise price
XML 80 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]    
Revenue, net $ 28,942 $ 38,294
Cost of Revenue and operating expenses    
Cost of components and personnel 15,741 19,192
Inventory valuation adjustments 4,705 473
General and administrative expenses 20,099 21,817
Research and development 3,232 7,873
Impairment charge 413
Amortization and depreciation 2,365 2,953
Total cost of revenue and operating expenses 46,142 52,721
Loss from operations (17,200) (14,427)
Other (expenses) income    
Changes in fair value of derivative liabilities 1,064 3,186
Loss on debt and payable extinguishment (1,060)
Loss on debt conversions (33)
Other income 146
Interest expense (1,878) (2,718)
Total other (expenses) income (847) (446)
Net loss $ (18,047) $ (14,873)
Basic and diluted loss per share $ (2.01) $ (9.02)
Weighted average number of shares outstanding:    
Basic and Diluted 8,962,000 1,649,000
Comprehensive loss:    
Net loss $ (18,047) $ (14,873)
Unrealized loss on currency translation adjustment (68) (79)
Comprehensive loss $ (18,115) $ (14,952)
XML 81 R74.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - $ / shares
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Equity [Abstract]    
Exercise price $ 3.20 $ 8.90
Volatility 35.15% 148.71%
Risk-free interest rate 3.76% 2.63%
Expected dividend yield 0.00% 0.00%
Expected term (years) 1 year 2 months 12 days 6 years
XML 82 R84.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes (Details Narrative)
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Operating Loss Carryforwards [Line Items]  
Deferred Tax Assets, Tax Credit Carryforwards, Research $ 3,000
Net operating loss carryovers under Internal Revenue Code, description The net operating loss carryovers may be subject to annual limitations under Internal Revenue Code Section 382, and similar state provisions, should there be a greater than 50% ownership change as determined under the applicable income tax regulations. The amount of the limitation would be determined based on the value of the Company immediately prior to the ownership change and subsequent ownership changes could further impact the amount of the annual limitation. An ownership change pursuant to Section 382 may have occurred in the past or could happen in the future, such that the NOLs available for utilization could be significantly limited. The Company plans to perform a Section 382 analysis in the future
Effective for tax years, description The Tax Act includes a participation exemption system of taxation, which generally provides for 100% dividends received deduction on certain qualifying dividend distributions received by U.S. C-corporation shareholders from their 10% or more owned foreign subsidiaries. As a result of this new participation exemption system, it is generally anticipated that the Company should not be subject to additional U.S. federal income taxation on its future receipt of actual dividend income (as opposed to a deemed inclusion amounts under certain anti-deferral rules) from its foreign subsidiary. For tax years beginning after December 31, 2017, the Tax Act introduced a new limitation on the deduction of interest expense whereby current year interest deductions are limited (among other limitations) to 30% of adjusted taxable income, with various modifications and exceptions. The Company does incur interest expense, and evaluates each year the impact, if any, of the new limitation.
Federal [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards $ 173,300
Federal [Member] | Carried Forward Indefinitely [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards 16,400
State [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards 154,600
Foreign [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards $ 8,900
XML 83 R80.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments and Contingencies (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Stakeholder Pension Scheme [Member]    
Pension $ 0 $ 27
Contributions by employer amount 173 $ 236
Hale Capital Partners, LP [Member]    
Professional fees $ 140  
Nasdaq Stock Market LLC [Member] | Minimum [Member]    
Closing bid price $ 1.00  
XML 84 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Liquidity and Financial Condition
12 Months Ended
Dec. 31, 2019
Liquidity And Financial Condition  
Liquidity and Financial Condition

NOTE 2 — LIQUIDITY AND FINANCIAL CONDITION

 

Under ASU 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed the Company’s ability to continue as a going concern under the requirement of ASC 205-40.

 

As reflected in the consolidated financial statements, the Company had $1.7 million in cash on the balance sheet at December 31, 2019. The Company had working capital and an accumulated deficit of $3.6 million and $252.6 million, respectively. Additionally, the Company had a loss from operations of approximately $17.2 million and cash used in operating activities of $8.4 million for the year ended December 31, 2019. As of February 14, 2020, the Company’s cash balance was approximately $6.8 million after the February 2020 equity raise.

 

The Company has historically funded its operations from debt and equity raises, attaining the following recent capital events:

 

  On July 11, 2019, the Company closed an equity financing for 1,550,000 shares of common stock, warrants to purchase 6,000,000 shares of common stock and, 4,450,000 pre-funded warrants to purchase common stock in place of common stock. The Company received gross proceeds of approximately $11,996,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company. The Company used the net proceeds to satisfy outstanding principal and accrued interest due on convertible promissory notes of approximately $7,600,000 million and the balance for working capital.
     
  On November 27, 2019, the Company closed an equity financing for 3,201,200 shares of common stock, warrants to purchase 11,893,100 shares of common stock and, warrants to purchase 11,320,725 shares of Common Stock. The Company received gross proceeds of approximately $3,988,000 from the offering, before deducting underwriting-related fees and other offering expenses payable by the Company. The Company used the net proceeds from equity financing for working capital purposes.
     
  On February 14, 2020, the Company closed on an equity financing for 12,445,000 shares of common stock, 12,445,000 warrants to purchase 9,333,750 shares of Common Stock, and 14,827,200 pre-funded warrants, with each Pre-Funded Warrant exercisable for one share of Common Stock, together with 14,827,200 Warrants to purchase 11,120,400 shares of Common Stock. The Company received gross proceeds of approximately $5,998,000, less offering costs of $560,000 for net proceeds of $5,438,000. The Company has earmarked the use of the net proceeds from equity financing for working capital and general corporate purposes.

 

As a result of the proceeds raised in the recent capital events, repaying substantially all of the Company’s debt and ongoing cost management, the Company believes there are enough funds to mitigate the going concern uncertainty for at least twelve months from the date of these financial statements are made available.

XML 85 R70.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Common stock shares issued in satisfaction of amounts due: Value of shares issued $ 224 $ 1,793
MB Merchant Group, LLC [Member] | MBMG Agreement [Member]    
Consulting fees incurred, recurring 600 300
Consulting fees incurred, non-recurring $ 358 $ 48
Common stock shares issued in satisfaction of amounts due: Quantity of shares issued 12,469 429,585
Common stock shares issued in satisfaction of amounts due: Value of shares issued $ 31 $ 240
Amounts repaid to MBMG in cash $ 783 $ 769
XML 86 R46.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - shares
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Antidilutive securities excluded from computation of earnings per share, amount 13,663,000 3,136,000
Stock Options [Member]    
Antidilutive securities excluded from computation of earnings per share, amount 503,000 586,000
Convertible Debt [Member]    
Antidilutive securities excluded from computation of earnings per share, amount 1,363,000
Warrants [Member]    
Antidilutive securities excluded from computation of earnings per share, amount 13,160,000 1,187,000
XML 87 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.1 html 320 585 1 true 122 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://vislink.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidated Balance Sheets Sheet http://vislink.com/role/BalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://vislink.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Operations and Comprehensive Loss Sheet http://vislink.com/role/StatementsOfOperationsAndComprehensiveLoss Consolidated Statements of Operations and Comprehensive Loss Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statements of Changes in Stockholders' Equity Sheet http://vislink.com/role/StatementsOfChangesInStockholdersEquity Consolidated Statements of Changes in Stockholders' Equity Statements 5 false false R6.htm 00000006 - Statement - Consolidated Statements of Cash Flows Sheet http://vislink.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows Statements 6 false false R7.htm 00000007 - Disclosure - Nature of Operations Sheet http://vislink.com/role/NatureOfOperations Nature of Operations Notes 7 false false R8.htm 00000008 - Disclosure - Liquidity and Financial Condition Sheet http://vislink.com/role/LiquidityAndFinancialCondition Liquidity and Financial Condition Notes 8 false false R9.htm 00000009 - Disclosure - Summary of Significant Accounting Policies Sheet http://vislink.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 9 false false R10.htm 00000010 - Disclosure - Accounts Receivable Sheet http://vislink.com/role/AccountsReceivable Accounts Receivable Notes 10 false false R11.htm 00000011 - Disclosure - Inventories Sheet http://vislink.com/role/Inventories Inventories Notes 11 false false R12.htm 00000012 - Disclosure - Property and Equipment Sheet http://vislink.com/role/PropertyAndEquipment Property and Equipment Notes 12 false false R13.htm 00000013 - Disclosure - Intangible Assets Sheet http://vislink.com/role/IntangibleAssets Intangible Assets Notes 13 false false R14.htm 00000014 - Disclosure - Accrued Expenses Sheet http://vislink.com/role/AccruedExpenses Accrued Expenses Notes 14 false false R15.htm 00000015 - Disclosure - Notes Payable Notes http://vislink.com/role/NotesPayable Notes Payable Notes 15 false false R16.htm 00000016 - Disclosure - Convertible Promissory Notes Notes http://vislink.com/role/ConvertiblePromissoryNotes Convertible Promissory Notes Notes 16 false false R17.htm 00000017 - Disclosure - Leases Sheet http://vislink.com/role/Leases Leases Notes 17 false false R18.htm 00000018 - Disclosure - Related Party Transactions Sheet http://vislink.com/role/RelatedPartyTransactions Related Party Transactions Notes 18 false false R19.htm 00000019 - Disclosure - Derivative Liabilities Sheet http://vislink.com/role/DerivativeLiabilities Derivative Liabilities Notes 19 false false R20.htm 00000020 - Disclosure - Stockholders' Equity Sheet http://vislink.com/role/StockholdersEquity Stockholders' Equity Notes 20 false false R21.htm 00000021 - Disclosure - Commitments and Contingencies Sheet http://vislink.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 21 false false R22.htm 00000022 - Disclosure - Concentrations Sheet http://vislink.com/role/Concentrations Concentrations Notes 22 false false R23.htm 00000023 - Disclosure - Revenue Sheet http://vislink.com/role/Revenue Revenue Notes 23 false false R24.htm 00000024 - Disclosure - Rebates Sheet http://vislink.com/role/Rebates Rebates Notes 24 false false R25.htm 00000025 - Disclosure - Income Taxes Sheet http://vislink.com/role/IncomeTaxes Income Taxes Notes 25 false false R26.htm 00000026 - Disclosure - Subsequent Events Sheet http://vislink.com/role/SubsequentEvents Subsequent Events Notes 26 false false R27.htm 00000027 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://vislink.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://vislink.com/role/SummaryOfSignificantAccountingPolicies 27 false false R28.htm 00000028 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://vislink.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) Tables http://vislink.com/role/SummaryOfSignificantAccountingPolicies 28 false false R29.htm 00000029 - Disclosure - Accounts Receivable (Tables) Sheet http://vislink.com/role/AccountsReceivableTables Accounts Receivable (Tables) Tables http://vislink.com/role/AccountsReceivable 29 false false R30.htm 00000030 - Disclosure - Inventories (Tables) Sheet http://vislink.com/role/InventoriesTables Inventories (Tables) Tables http://vislink.com/role/Inventories 30 false false R31.htm 00000031 - Disclosure - Property and Equipment (Tables) Sheet http://vislink.com/role/PropertyAndEquipmentTables Property and Equipment (Tables) Tables http://vislink.com/role/PropertyAndEquipment 31 false false R32.htm 00000032 - Disclosure - Intangible Assets (Tables) Sheet http://vislink.com/role/IntangibleAssetsTables Intangible Assets (Tables) Tables http://vislink.com/role/IntangibleAssets 32 false false R33.htm 00000033 - Disclosure - Accrued Expenses (Tables) Sheet http://vislink.com/role/AccuredExpensesTables Accrued Expenses (Tables) Tables http://vislink.com/role/AccruedExpenses 33 false false R34.htm 00000034 - Disclosure - Notes Payable (Tables) Notes http://vislink.com/role/NotesPayableTables Notes Payable (Tables) Tables http://vislink.com/role/NotesPayable 34 false false R35.htm 00000035 - Disclosure - Convertible Promissory Notes (Tables) Notes http://vislink.com/role/ConvertiblePromissoryNotesTables Convertible Promissory Notes (Tables) Tables http://vislink.com/role/ConvertiblePromissoryNotes 35 false false R36.htm 00000036 - Disclosure - Leases (Tables) Sheet http://vislink.com/role/LeasesTables Leases (Tables) Tables http://vislink.com/role/Leases 36 false false R37.htm 00000037 - Disclosure - Related Party Transactions (Tables) Sheet http://vislink.com/role/RelatedPartyTransactionsTables Related Party Transactions (Tables) Tables http://vislink.com/role/RelatedPartyTransactions 37 false false R38.htm 00000038 - Disclosure - Derivative Liabilities (Tables) Sheet http://vislink.com/role/DerivativeLiabilitiesTables Derivative Liabilities (Tables) Tables http://vislink.com/role/DerivativeLiabilities 38 false false R39.htm 00000039 - Disclosure - Stockholders' Equity (Tables) Sheet http://vislink.com/role/StockholdersEquityTables Stockholders' Equity (Tables) Tables http://vislink.com/role/StockholdersEquity 39 false false R40.htm 00000040 - Disclosure - Revenue (Tables) Sheet http://vislink.com/role/RevenueTables Revenue (Tables) Tables http://vislink.com/role/Revenue 40 false false R41.htm 00000041 - Disclosure - Income Taxes (Tables) Sheet http://vislink.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://vislink.com/role/IncomeTaxes 41 false false R42.htm 00000042 - Disclosure - Subsequent Events (Tables) Sheet http://vislink.com/role/SubsequentEventsTables Subsequent Events (Tables) Tables http://vislink.com/role/SubsequentEvents 42 false false R43.htm 00000043 - Disclosure - Liquidity and Financial Condition (Details Narrative) Sheet http://vislink.com/role/LiquidityAndFinancialConditionDetailsNarrative Liquidity and Financial Condition (Details Narrative) Details http://vislink.com/role/LiquidityAndFinancialCondition 43 false false R44.htm 00000044 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) Sheet http://vislink.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative Summary of Significant Accounting Policies (Details Narrative) Details http://vislink.com/role/SummaryOfSignificantAccountingPoliciesTables 44 false false R45.htm 00000045 - Disclosure - Summary of Significant Accounting Policies - Schedule of Product Warranty Liability (Details) Sheet http://vislink.com/role/SummaryOfSignificantAccountingPolicies-ScheduleOfProductWarrantyLiabilityDetails Summary of Significant Accounting Policies - Schedule of Product Warranty Liability (Details) Details 45 false false R46.htm 00000046 - Disclosure - Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) Sheet http://vislink.com/role/SummaryOfSignificantAccountingPolicies-ScheduleOfEarningsPerShareBasicAndDilutedDetails Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) Details 46 false false R47.htm 00000047 - Disclosure - Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) Sheet http://vislink.com/role/ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNon-recurringBasisDetails Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) Details 47 false false R48.htm 00000048 - Disclosure - Summary of Significant Accounting Policies - Schedule of Foreign Exchanges and Changes in Accumulated Comprehensive Income (Details) Sheet http://vislink.com/role/SummaryOfSignificantAccountingPolicies-ScheduleOfForeignExchangesAndChangesInAccumulatedComprehensiveIncomeDetails Summary of Significant Accounting Policies - Schedule of Foreign Exchanges and Changes in Accumulated Comprehensive Income (Details) Details 48 false false R49.htm 00000049 - Disclosure - Accounts Receivable (Details Narrative) Sheet http://vislink.com/role/AccountsReceivableDetailsNarrative Accounts Receivable (Details Narrative) Details http://vislink.com/role/AccountsReceivableTables 49 false false R50.htm 00000050 - Disclosure - Accounts Receivable - Schedule of Accounts Receivable (Details) Sheet http://vislink.com/role/AccountsReceivable-ScheduleOfAccountsReceivableDetails Accounts Receivable - Schedule of Accounts Receivable (Details) Details 50 false false R51.htm 00000051 - Disclosure - Inventories (Details Narrative) Sheet http://vislink.com/role/InventoriesDetailsNarrative Inventories (Details Narrative) Details http://vislink.com/role/InventoriesTables 51 false false R52.htm 00000052 - Disclosure - Inventories - Schedule of Inventories, Net (Details) Sheet http://vislink.com/role/Inventories-ScheduleOfInventoriesNetDetails Inventories - Schedule of Inventories, Net (Details) Details 52 false false R53.htm 00000053 - Disclosure - Property and Equipment (Details Narrative) Sheet http://vislink.com/role/PropertyAndEquipmentDetailsNarrative Property and Equipment (Details Narrative) Details http://vislink.com/role/PropertyAndEquipmentTables 53 false false R54.htm 00000054 - Disclosure - Property and Equipment - Schedule of Property and Equipment, Net (Details) Sheet http://vislink.com/role/PropertyAndEquipment-ScheduleOfPropertyAndEquipmentNetDetails Property and Equipment - Schedule of Property and Equipment, Net (Details) Details 54 false false R55.htm 00000055 - Disclosure - Intangible Assets (Details Narrative) Sheet http://vislink.com/role/IntangibleAssetsDetailsNarrative Intangible Assets (Details Narrative) Details http://vislink.com/role/IntangibleAssetsTables 55 false false R56.htm 00000056 - Disclosure - Intangible Assets - Schedule of Intangible Assets (Details) Sheet http://vislink.com/role/IntangibleAssets-ScheduleOfIntangibleAssetsDetails Intangible Assets - Schedule of Intangible Assets (Details) Details 56 false false R57.htm 00000057 - Disclosure - Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Details) Sheet http://vislink.com/role/IntangibleAssets-ScheduleOfEstimatedAmortizationExpenseForIntangibleAssetsDetails Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Details) Details 57 false false R58.htm 00000058 - Disclosure - Accrued Expenses - Schedule of Accrued Expenses (Details) Sheet http://vislink.com/role/AccruedExpenses-ScheduleOfAccruedExpensesDetails Accrued Expenses - Schedule of Accrued Expenses (Details) Details 58 false false R59.htm 00000059 - Disclosure - Notes Payable - Schedule of Notes Payable (Details) Notes http://vislink.com/role/NotesPayable-ScheduleOfNotesPayableDetails Notes Payable - Schedule of Notes Payable (Details) Details 59 false false R60.htm 00000060 - Disclosure - Notes Payable - Schedule of Notes Payable (Details) (Parenthetical) Notes http://vislink.com/role/NotesPayable-ScheduleOfNotesPayableDetailsParenthetical Notes Payable - Schedule of Notes Payable (Details) (Parenthetical) Details 60 false false R61.htm 00000061 - Disclosure - Convertible Promissory Notes (Details Narrative) Notes http://vislink.com/role/ConvertiblePromissoryNotesDetailsNarrative Convertible Promissory Notes (Details Narrative) Details http://vislink.com/role/ConvertiblePromissoryNotesTables 61 false false R62.htm 00000062 - Disclosure - Convertible Promissory Notes - Schedule of Modified and Non-Modified Debt (Details) Notes http://vislink.com/role/ConvertiblePromissoryNotes-ScheduleOfModifiedAndNon-modifiedDebtDetails Convertible Promissory Notes - Schedule of Modified and Non-Modified Debt (Details) Details 62 false false R63.htm 00000063 - Disclosure - Convertible Promissory Notes - Schedule of Interest Expense (Details) Notes http://vislink.com/role/ConvertiblePromissoryNotes-ScheduleOfInterestExpenseDetails Convertible Promissory Notes - Schedule of Interest Expense (Details) Details 63 false false R64.htm 00000064 - Disclosure - Convertible Promissory Notes - Schedule of New Debt Instrument (Details) Notes http://vislink.com/role/ConvertiblePromissoryNotes-ScheduleOfNewDebtInstrumentDetails Convertible Promissory Notes - Schedule of New Debt Instrument (Details) Details 64 false false R65.htm 00000065 - Disclosure - Leases (Details Narrative) Sheet http://vislink.com/role/LeasesDetailsNarrative Leases (Details Narrative) Details http://vislink.com/role/LeasesTables 65 false false R66.htm 00000066 - Disclosure - Leases - Schedule of Lease Obligations Assumed (Details) Sheet http://vislink.com/role/Leases-ScheduleOfLeaseObligationsAssumedDetails Leases - Schedule of Lease Obligations Assumed (Details) Details 66 false false R67.htm 00000067 - Disclosure - Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) Sheet http://vislink.com/role/Leases-ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesDetails Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) Details 67 false false R68.htm 00000068 - Disclosure - Leases - Schedule of Operating Lease Data (Details) Sheet http://vislink.com/role/Leases-ScheduleOfOperatingLeaseDataDetails Leases - Schedule of Operating Lease Data (Details) Details 68 false false R69.htm 00000069 - Disclosure - Related Party Transactions (Details Narrative) Sheet http://vislink.com/role/RelatedPartyTransactionsDetailsNarrative Related Party Transactions (Details Narrative) Details http://vislink.com/role/RelatedPartyTransactionsTables 69 false false R70.htm 00000070 - Disclosure - Related Party Transactions - Schedule of Related Party Transactions (Details) Sheet http://vislink.com/role/RelatedPartyTransactions-ScheduleOfRelatedPartyTransactionsDetails Related Party Transactions - Schedule of Related Party Transactions (Details) Details 70 false false R71.htm 00000071 - Disclosure - Derivative Liabilities - Schedule of Valuation and Warrants Exercisable (Details) Sheet http://vislink.com/role/DerivativeLiabilities-ScheduleOfValuationAndWarrantsExercisableDetails Derivative Liabilities - Schedule of Valuation and Warrants Exercisable (Details) Details 71 false false R72.htm 00000072 - Disclosure - Derivative Liabilities - Schedule of Changes in Fair Value of Level 3 Financial Liabilities (Details) Sheet http://vislink.com/role/DerivativeLiabilities-ScheduleOfChangesInFairValueOfLevel3FinancialLiabilitiesDetails Derivative Liabilities - Schedule of Changes in Fair Value of Level 3 Financial Liabilities (Details) Details 72 false false R73.htm 00000073 - Disclosure - Stockholders' Equity (Details Narrative) Sheet http://vislink.com/role/StockholdersEquityDetailsNarrative Stockholders' Equity (Details Narrative) Details http://vislink.com/role/StockholdersEquityTables 73 false false R74.htm 00000074 - Disclosure - Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) Sheet http://vislink.com/role/StockholdersEquity-ScheduleOfShare-basedPaymentAwardStockOptionsValuationAssumptionsDetails Stockholders' Equity - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) Details 74 false false R75.htm 00000075 - Disclosure - Stockholders' Equity - Schedule of Stock Option Activity (Details) Sheet http://vislink.com/role/StockholdersEquity-ScheduleOfStockOptionActivityDetails Stockholders' Equity - Schedule of Stock Option Activity (Details) Details 75 false false R76.htm 00000076 - Disclosure - Stockholders' Equity - Schedule of Stock Option Exercise Price (Details) Sheet http://vislink.com/role/StockholdersEquity-ScheduleOfStockOptionExercisePriceDetails Stockholders' Equity - Schedule of Stock Option Exercise Price (Details) Details 76 false false R77.htm 00000077 - Disclosure - Stockholders' Equity - Schedule of Warrant Outstanding (Details) Sheet http://vislink.com/role/StockholdersEquity-ScheduleOfWarrantOutstandingDetails Stockholders' Equity - Schedule of Warrant Outstanding (Details) Details 77 false false R78.htm 00000078 - Disclosure - Stockholders' Equity - Schedule of Warrant Outstanding Exercise Price (Details) Sheet http://vislink.com/role/StockholdersEquity-ScheduleOfWarrantOutstandingExercisePriceDetails Stockholders' Equity - Schedule of Warrant Outstanding Exercise Price (Details) Details 78 false false R79.htm 00000079 - Disclosure - Stockholders' Equity - Schedule of Warrant Outstanding Exercise Price (Details) (Parenthetical) Sheet http://vislink.com/role/StockholdersEquity-ScheduleOfWarrantOutstandingExercisePriceDetailsParenthetical Stockholders' Equity - Schedule of Warrant Outstanding Exercise Price (Details) (Parenthetical) Details 79 false false R80.htm 00000080 - Disclosure - Commitments and Contingencies (Details Narrative) Sheet http://vislink.com/role/CommitmentsAndContingenciesDetailsNarrative Commitments and Contingencies (Details Narrative) Details http://vislink.com/role/CommitmentsAndContingencies 80 false false R81.htm 00000081 - Disclosure - Concentrations (Details Narrative) Sheet http://vislink.com/role/ConcentrationsDetailsNarrative Concentrations (Details Narrative) Details http://vislink.com/role/Concentrations 81 false false R82.htm 00000082 - Disclosure - Revenue - Schedule of Disggregation of Revenue (Details) Sheet http://vislink.com/role/Revenue-ScheduleOfDisggregationOfRevenueDetails Revenue - Schedule of Disggregation of Revenue (Details) Details 82 false false R83.htm 00000083 - Disclosure - Rebates (Details Narrative) Sheet http://vislink.com/role/RebatesDetailsNarrative Rebates (Details Narrative) Details http://vislink.com/role/Rebates 83 false false R84.htm 00000084 - Disclosure - Income Taxes (Details Narrative) Sheet http://vislink.com/role/IncomeTaxesDetailsNarrative Income Taxes (Details Narrative) Details http://vislink.com/role/IncomeTaxesTables 84 false false R85.htm 00000085 - Disclosure - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details Narrative) Sheet http://vislink.com/role/IncomeTaxes-ScheduleOfComponentsOfIncomeTaxExpenseBenefitDetailsNarrative Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details Narrative) Details 85 false false R86.htm 00000086 - Disclosure - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) Sheet http://vislink.com/role/IncomeTaxes-ScheduleOfEffectiveIncomeTaxRateReconciliationDetails Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) Details 86 false false R87.htm 00000087 - Disclosure - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) Sheet http://vislink.com/role/IncomeTaxes-ScheduleOfDeferredTaxAssetsAndLiabilitiesDetails Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) Details 87 false false R88.htm 00000088 - Disclosure - Subsequent Events (Details Narrative) Sheet http://vislink.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://vislink.com/role/SubsequentEventsTables 88 false false R89.htm 00000089 - Disclosure - Subsequent Events - Summary of Warrants Exercised and Common Stock Issued (Details) Sheet http://vislink.com/role/SubsequentEvents-SummaryOfWarrantsExercisedAndCommonStockIssuedDetails Subsequent Events - Summary of Warrants Exercised and Common Stock Issued (Details) Details 89 false false All Reports Book All Reports visl-20191231.xml visl-20191231.xsd visl-20191231_cal.xml visl-20191231_def.xml visl-20191231_lab.xml visl-20191231_pre.xml http://xbrl.sec.gov/country/2017-01-31 http://fasb.org/us-gaap/2019-01-31 http://fasb.org/srt/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 true true XML 88 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 89 R42.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events (Tables)
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Summary of Warrants Exercised and Common Stock Issued

Other events after December 31, 2019 to the date of this report: 

 

    Quantity of Warrants Exercised     Quantity of Common Stock Issued     Proceeds Received  
                   
Warrant Exercises:                        
Pre-Funded Warrants:                        
Nov 2019 Equity Raise     9,143,100       9,143,100     $ 8,100  
Feb 2020 Equity Raise     14,827,200       14,827,200       1,500  
      23,970,300       23,970,300     $ 9,600  
                         
Cashless Warrants:                        
Nov 2019 Equity Raise     8,245,181       10,993,575     $ -0-  
Feb 2020 Equity Raise     7,893,394       10,524,525       -0-  
      16,138,575       21,518,100     $ -0-  

XML 90 R61.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Promissory Notes (Details Narrative) - USD ($)
1 Months Ended 12 Months Ended
Dec. 04, 2018
Dec. 03, 2018
Oct. 09, 2018
May 29, 2018
Oct. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Nov. 27, 2019
Jul. 11, 2019
Stock issued during period, shares, conversion of convertible securities           328,932      
Stock issued during period, value, conversion of convertible securities           $ 528,000      
Gain (loss) on extinguishment of debt           $ (1,060,000)    
Warrants to purchase shares of common stock                 6,000,000
Common stock par value           $ 0.00001 $ 0.00001    
Beneficial conversion             $ 193,877    
Debt extinguishment             $ 3,400,000    
Dividend Yield [Member]                  
Fair value of assumtions percentage       0.00%          
Expected Volatility [Member]                  
Fair value of assumtions percentage       163.50%          
Measurement Input, Risk Free Interest Rate [Member]                  
Fair value of assumtions percentage       0.27%          
Measurement Input, Expected Dividend Rate [Member]                  
Fair value of assumtions of term       5 years          
Warrant [Member]                  
Debt maturity date       May 29, 2023          
Warrants to purchase shares of common stock               11,893,100  
Warrant exercise price       $ 1.00          
Proceeds from Issuance of Warrants       $ 1,788,171          
Convertible Promissory Notes [Member]                  
Stock issued during period, shares, conversion of convertible securities           328,932      
Stock issued during period, value, conversion of convertible securities           $ 528,000      
Debt Instrument, Face Amount           494,483      
Gain (loss) on extinguishment of debt           $ 32,982      
Convertible Promissory Notes [Member] | Minimum [Member]                  
Debt interest rate           6.00%      
Debt maturity date           May 29, 2019      
Convertible Promissory Notes [Member] | Maximum [Member]                  
Debt interest rate           10.00%      
Debt maturity date           Sep. 29, 2019      
Six Percent Senior Secured Convertible Debentures [Member]                  
Debt maturity date             May 29, 2019    
Debt Instrument, Face Amount       $ 4,000,000          
Warrants to purchase shares of common stock       3,000,000          
Common stock par value       $ 0.00001          
Proceeds Issuance Costs       $ 3,636,760          
Debt Related Commitment Fees and Debt Issuance Costs       363,240          
Debt Conversion, Description             If held beyond maturity, the conversion rate shall equal the lesser of (i) the then conversion price and (ii) 85% of the VWAP for the trading day immediately prior to the applicable conversion date. The Company shall pay interest to the holders on the aggregate and unconverted and outstanding principal amount on January 1, April 1, July 1 and October 1, with the remaining principal balance due at maturity.    
Debt instrument, convertible, conversion price             $ 1.00    
Beneficial conversion       $ 193,877          
Debt Modification of the May 2018 Financing executed on October 9, 2018 [Member]                  
Debt interest rate   10.00%              
Debt maturity date   Sep. 30, 2019              
Stock issued during period, shares, conversion of convertible securities 552,912   302,655   222,224        
Gain (loss) on extinguishment of debt   $ 1,059,870              
Debt instrument, convertible, conversion price   $ 0.20 $ 0.45            
Additional debt discount with an offset to equity     $ 90,050            
Compensatory shares     302,655            
Debt extinguishment     $ 160,407            
Debt discount percentage on principal amount   5.00%              
Percentage of Cash Flows from debt instrument   10.00%              
Debt issuance cost   $ 70,000              
Number shares issued value $ 238,758       $ 100,000        
Debt Modification of the May 2018 Financing executed on October 9, 2018 [Member] | Minimum [Member]                  
Debt instrument, convertible, conversion price     $ 0.45            
Debt Modification of the May 2018 Financing executed on October 9, 2018 [Member] | Maximum [Member]                  
Debt instrument, convertible, conversion price     $ 1.00            
XML 91 R65.htm IDEA: XBRL DOCUMENT v3.20.1
Leases (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Leases [Abstract]    
Weighted average remaining term for lease minimum 5 months  
Weighted average remaining term for lease maximum 3 years 9 months 18 days  
Right of use of assets $ 1,925
Lease liabilities 1,980  
Lease liabilities, current $ 821
Weighted average remaining term for lease 3 years 6 months  
Lease maturity date, description Maturity dates ranging from April 2020 to March 2025.  
Weighted average discount rate, percentage 9.30%  
Operating lease expense $ 1,159 1,466
Rent income $ 257 $ 146
XML 92 R69.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions (Details Narrative) - USD ($)
Dec. 31, 2019
Dec. 31, 2018
MB Merchant Group, LLC [Member]    
Due to related parties $ 505,000 $ 361,000
EXCEL 93 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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�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end XML 94 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Revenue
12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 17 – REVENUE

 

The Company has one operating segment, and the decision-making group is the senior executive management team. In the following table, revenue is disaggregated by primary geographical markets and revenue source.

 

    For the Years Ended  
    December 31,  
    2019     2018  
Primary geographical markets:                
North America   $ 13,054,000     $ 17,686,000  
South America     429,000       1,185,000  
Europe     9,231,000       11,569,000  
Asia     4,554,000       4,880,000  
Rest of World     1,674,000       2,974,000  
    $ 28,942,000     $ 38,294,000  
                 
Primary revenue source:                
Equipment sales   $ 25,657,000     $ 35,055,000  
Installation, integration and repairs     2,673,000       3,024,000  
Warranties     171,000       215,000  
Other (Note 18)     441,000        
    $ 28,942,000     $ 38,294,000  
                 
Long-Lived Assets:                
United States   $ 4,616,000     $ 5,637,000  
United Kingdom     2,203,000       1,150,000  
    $ 6,819,000     $ 6,787,000  

XML 95 R27.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
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 US Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IMT and Vislink. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation.

Segment Reporting

Segment Reporting

 

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the operating decision makers, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of the Company reside in the U.S. and U.K.

Use of Estimates

Use of Estimates

 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property, plant, and equipment, 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. Actual results could differ from these estimates.

Cash and Cash Equivalents

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. The Company did not have any cash equivalents on hand as of December 31, 2019 and 2018.

Concentrations of Credit Risk

Concentrations of Credit Risk

 

The Company does not have any off-balance-sheet concentrations of credit risk. Credit risk is the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company. The Company’s credit risk is primarily attributable to its cash and accounts receivables. The Company’s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts held within the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. Additionally, the Company maintains cash balance accounts at financial institutions located in the United Kingdom insured by the Financial Services Compensation Scheme up to £85,000, subject to currency translation rates to the United States dollar. On December 31, 2019, the Company had approximately $1.2 million above insured limits, respectively. The Company has not experienced any losses in its bank accounts during the years ended December 31, 2019, and 2018. For customers, management assesses the credit quality of the customer, considering its financial position and historical experience.

 

For the years ended December 31, 2019, and 2018, the Company did not experience sales to one customer over 10% of the Company’s total consolidated sales. On December 31, 2019, the Company recorded approximately $2,613,000 (39%) and $-0- of accounts receivable to a single customer over 10% of the Company’s total consolidated accounts receivable.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

 

The Company extends credit to its customers in the normal course of business. Further, the Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgements regarding its customer’s ability to make required payments, prevailing economic conditions, past experience and other factors. As the financial condition of these factors change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for credit losses and losses have been within its expectations.

Inventories

Inventories

 

Inventories, consisting principally of raw materials, work-in-process and finished goods, and is recorded at the lower of cost, on a first-in, first-out basis, or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company evaluates inventory balances and either writes-down inventory that is obsolete or based on a net realizable value analysis or records a reserve for slow moving or excess inventory.

Property and Equipment

Property and Equipment

 

Property and equipment are presented at cost at the date of acquisition less depreciation. Depreciation is computed using the straight-line method over estimated useful asset lives, which range from 1 to 10 years. The costs of the day-to-day servicing of property and equipment, and repairs and maintenance are recognized in expenses as incurred.

Intangible Assets

Intangible Assets

 

Software:

 

The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use or sale to others when both the preliminary project stage is completed, and it is probable that the software will be used as intended with a product. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the product. Capitalized software costs are included in intangible assets on the Company’s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates 5 years. Capitalized Software was fully amortized as of December 31, 2018. Software amortization totaled $268,000 for the year ended December 31, 2018.

 

Patents and licenses:

 

Patents and licenses, measured initially at purchase cost, are included in intangible assets on the Company’s balance sheet and are amortized on a straight-line basis over their estimated useful lives of 18.5 to 20 years. Amortization totaled $669,000 and $664,000 for the years ended December 31, 2019 and 2018, respectively.

 

Other intangible assets:

 

The Company’s remaining intangible assets include the trade names, technology and customer lists acquired in its acquisition of IMT and Vislink. The value of these acquired assets was determined by a third-party appraisal completed for these business combinations. Absent an indication of fair value from a potential buyer or similar specific transactions, the Company believes that the use of the methods employed provided a reasonable estimate in the reporting of the fair value assigned.

 

The Company includes these costs in intangible assets on the balance sheet and are amortized over their useful lives of 3 to 15 years. Amortization totaled $1,800,000 and $2,000,000 for the years ended December 31, 2019 and 2018, respectively.

Warranty Reserve

Warranty Reserve

 

Although the Company tests its product in accordance with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company’s estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be required. The claims made during the year ended December 31, 2019 and 2018 were ordinary and customary. Warranty reserve is included in accrued expenses on the accompanying consolidated balance sheets and cost of components in the accompanying consolidated statement of operations.

 

    Warranty Reserve  
December 31, 2017   $ 507,000  
Warranty reserve expense     23,000  
Warranty claims settled and true-up of accrual     (205,000 )
December 31, 2018   $ 325,000  
Warranty reserve expense     231,000  
Warranty claims settled and true-up of accrual     (221,000 )
December 31, 2019   $ 335,000  

Shipping and Handling Costs

Shipping and Handling Costs

 

Shipping and handling charges are invoiced to the customer and the Company nets these charges against the respective costs within general and administrative expenses. For the years ended December 31, 2019 and 2018, the amount of shipping and handling costs incurred were $614,000 and $774,000, respectively.

Convertible Instruments

Convertible Instruments

 

The Company records debt net of debt discount for beneficial conversion features and warrants, on either a relative fair value or fair value basis depending on the respective accounting treatment of each instrument. Beneficial conversion features are recorded pursuant to the Beneficial Conversion (“BCF”) and Debt Topics of the FASB Accounting Standards Codification. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discounts with corresponding entries to derivative liability and additional paid-in-capital. Costs paid to third parties (e.g., legal fees, printing costs, placement agent fees) that are directly related to issuing the debt and that otherwise wouldn’t be incurred, are treated as a direct deduction of the debt liability. Debt discount and issuance costs are generally amortized and recognized as additional interest expense in the statement of operations over the life of the debt instrument using the effective interest method.

 

The Company evaluates and bifurcates conversion features from the instruments containing such features and accounts for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the underlying instrument, (b) the hybrid instrument that contains both the embedded derivative instrument and the underlying instrument is not re-measured at fair value under otherwise applicable U.S. GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

Common Stock Purchase Warrants and Other Derivative Financial Instruments

Common Stock Purchase Warrants and Other Derivative Financial Instruments

 

The Company classifies common stock purchase warrants and other free-standing financial instruments as equity if the contracts (i) require physical settlement or net-share settlement in common stock or (ii) give the Company a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement). The Company classifies the following contracts as either an asset or a liability: contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement) or (iii) contain reset provisions. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.

Treasury Stock

Treasury Stock

 

Shares of common stock repurchased are recorded at cost as treasury stock. When shares are reissued, the cost method is used. In accordance with U.S. GAAP, the excess of the acquisition cost over the reissuance price of the treasury stock, if any, is recorded to additional paid-in capital, limited to the amount previously credited to additional paid-in capital, if any. Any excess is charged to accumulated deficit.

Revenue Recognition

Revenue Recognition

 

The Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”) on January 1, 2019 using the modified retrospective method. The Company’s operating results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 606, while prior period amounts continue to be reported in accordance with our historic accounting under Topic 605. The timing and measurement of our revenues under ASC Topic 606 is similar to that recognized under previous guidance, accordingly, the adoption of ASC Topic 606 did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof at adoption or in the current period. There were no changes in our opening retained earnings balance as a result of the adoption of ASC Topic 606.

 

ASC Topic 606 is a comprehensive revenue recognition model that requires revenue to be recognized when control of the promised goods or services are transferred to our customers at an amount that reflects the consideration that we expect to receive. Application of ASC Topic 606 requires us to use more judgment and make more estimates than under former guidance.

 

The Company generates all its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised goods or services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services.

 

The Company determines revenue recognition through the following steps:

 

1. Identification of the contract, or contracts, with a customer;

2. Identification of the performance obligations in the contract;

3. Determination of the transaction price;

4. Allocation of the transaction price to the performance obligations in the contract; and

5. Recognition of revenue, when, or as, we satisfy a performance obligation.

 

At contract inception, the Company assesses the goods and services promised in our contracts with customers and identifies a performance obligation for each. To determine the performance obligations, the Company considers all the products and services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. The timing of satisfaction of the performance obligation is not subject to significant judgment. We measure revenue as the amount of consideration we expect to receive in exchange for transferring goods and services. Excluded from income are the value-added sales taxes, and other charges we collect concurrent with revenue-producing activities.

 

Remaining Performance Obligations

 

Remaining performance obligations, or backlog, represents the aggregate amount of the transaction price allocated to the remaining obligations that the Company has not performed under its customer contracts. The Company has elected to use the optional exemption in ASC 606-10-50-14, which exempts an entity from such disclosures if a performance obligation is part of a contract with an original expected duration of one year or less.

Research and Development Expenses

Research and Development Expenses

 

Research and development costs are charged to expense as incurred in performing research, design and development activities. These expenses consist primarily of salary and benefit expenses, including stock-based compensation and payroll taxes for employees and costs for contractors engaged in research, design and development activities, as well as costs for prototypes, facilities and travel.

Stock-Based Compensation

Stock-Based Compensation

 

The Company accounts for stock compensation with persons classified as employees for accounting purposes in accordance with ASC 718 “Compensation – Stock Compensation”, which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common stock issued for services is determined based on the Company’s stock price on the date of issuance.

 

Under ASU 2018-07, the scope of Topic 718 was expanded to include share-based payment transactions for acquiring goods and services from nonemployees. Equity-classified nonemployee share-based payment awards are no longer measured at the earlier of the date at which a commitment for performance by the counterparty is reached or the date at which the counterparty’s performance is complete. Rather, they are now measured at the grant date. Nonemployee share-based payment awards with performance conditions are measured at the lowest aggregate fair value under today’s guidance, which often results in zero value. The new ASU aligns the accounting for nonemployee share-based payment awards with performance conditions with accounting for employee share-based payment awards under Topic 718 by requiring entities to consider the probability of satisfying performance conditions. Current guidance requires entities to use the contractual term for the measurement of the nonemployee share-based payment awards. The new ASU allows entities to make an award-by-award election to use either the expected term (consistent with employee share-based payment awards) or the contractual term for nonemployee awards

Leases

Leases

 

The Company adopted ASC 842 on January 1, 2019, using the modified retrospective transition approach that applies the new standard to all leases existing at the date of the initial application. ASC 842 supersedes nearly all existing lease accounting guidance under GAAP issued by the Financial Accounting Standards Board (“FASB”) including ASC Topic 840, Leases. ASC 842 requires that lessees recognize Right-Of-Use (” ROU”) assets and lease liabilities calculated based on the present value of lease payments for all lease agreements with terms that are greater than twelve months. Lease contracts are measured and presented in the statement of operations and statement of cash flows under ASC 842 either as a finance lease or operating lease.

 

At lease inception, the Company determined if an arrangement is a lease and if it includes options to extend or terminate the contract if it is reasonably sure that the options will be exercised. We recognize lease expense for lease payments on a straight-line basis over the lease term. The Company includes operating leases as ROU assets as “Right of use assets, operating leases” and are included in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in “Operating lease obligations, current” and “Operating lease liabilities, net of current portion,” in the consolidated balance sheets. We recognize Operating lease ROU assets and liabilities on the commencement date based on the present value of lease payments over the lease term.

 

The ROU asset and related lease liabilities recorded under ASC 842 are calculated based on the present value of the lease payments using (1) the rate implicit in the lease or (2) the lessee’s IBR, defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a comparable economic environment. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rates based on an analysis of prior collateralized borrowings over similar terms of the lease payments at the commencement date as of January 1, 2019, to estimate the IBR applicable upon transition to ASC 842. There were no capital leases, which are now titled “finance leases” under ASC 842, in the Company’s lease portfolio as of December 31, 2019.

 

As a result of the adoption of ASU 2016-02, on January 1, 2019, the Company recognized a lease liability of approximately $3.0 million, with corresponding assets of $2.9 million, based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases, less derecognized deferred rent of approximately $0.06 million. There are no changes to the Company’s previously reported results before January 1, 2019. Lease expense has not changed materially as a result of the adoption of ASU 2016-02.

 

The adoption of ASC 842 did not materially impact our results of operations, cash flows, or presentation thereof. Refer to Note 11 for more information.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

 

Management reviews long-lived assets and other intangible assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets used in operations, including right-of-use operating lease assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable when the estimated undiscounted cash flows expected to result from the use of an asset and its eventual disposition is less than the carrying amount. If an impairment exists, the resulting write-down would be the difference between the fair market value of the long-lived asset and the related net book value. For the years ended December 31, 2019 and 2018, the Company recorded total impairment charges of $-0- and $0.4 million, respectively.

Income Taxes

Income Taxes

 

Income taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which management cannot conclude that it is more likely than not that such deferred tax assets will be realized. The Company will be filing income tax returns in the U.S. federal jurisdiction and will be filing in various state and foreign jurisdictions. The Company recognizes the impact of an uncertain tax position in its financial statements if, in management’s judgment, the position is more-likely-than-not sustainable upon audit based upon the position’s technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for uncertain tax positions is necessary. The Company’s policy is to classify assessments, if any, for tax-related interest expense and penalties as general and administrative expenses.

Advertising Costs

Advertising Costs

 

Advertising costs are charged to operations as incurred. Advertising costs amounted to approximately $237,000 and $82,000, for the years ended December 31, 2019 and 2018, respectively. Advertising costs are included in general and administrative expenses in the accompanying consolidated statement of operations.

Sales Tax and Value Added Taxes

Sales Tax and Value Added Taxes

 

The Company accounts for sales taxes and value added taxes imposed on its goods and services on a net basis.

Loss Per Share

Loss Per Share

 

The Company reports loss per share in accordance with ASC Topic 260, “Earnings Per Share,” which establishes standards for computing and presenting earnings per share. Basic (loss) earnings per common share is calculated by dividing net (loss) earnings allocable to common stockholders by the weighted-average common shares outstanding during the period, inclusive of penny warrants outstanding of 9,147,200 for the year end December 31, 2019, without consideration of common stock equivalents. Diluted (loss) earnings per share is calculated by adjusting the weighted-average shares outstanding for the dilutive effect of common stock equivalents, including stock options and warrants, outstanding for the period as determined using the treasury stock method. For purposes of the diluted net loss per share calculation, common stock equivalents are excluded from the calculation because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders is the same for periods with a net loss.

 

The following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in thousands):

 

    For the Years Ended  
    December 31,  
    2019     2018  
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:            
Stock options     503       586  
Convertible debt           1,363  
Warrants     13,160       1,187  
      13,663       3,136  

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

U.S. GAAP requires disclosing the fair value of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the consolidated balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement.

 

In assessing the fair value of financial instruments, the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at the time. For certain instruments the fair value was estimated that the carrying amount approximated fair value because of the short maturities of these instruments. All debt is based on current rates at which the Company could borrow funds with similar remaining maturities and approximates fair value.

 

U.S. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use on unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is described below:

 

  Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
     
  Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data.
     
  Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

 

The following table presents the Company’s assets and liabilities that are measured at fair value on a non-recurring basis at December 31, 2019, consistent with the fair value hierarchy provisions. The asset impairment is a non-recurring level 3 measurement.

 

    Quoted Prices
in Active Markets for
Identical
Assets/Liabilities
(Level 1)
    Significant Other
Observable Inputs
(Level 2)
    Significant
Unobservable Inputs
(Level 3)
    Total  
Liabilities:                                
Derivative liability   $     $     $ 30,000     $ 30,000  
Total   $     $     $ 30,000     $ 30,000  

 

The following table presents the Company’s liabilities that are measured at fair value on a recurring and non-recurring basis at December 31, 2018, consistent with the fair value hierarchy provisions:

 

    Quoted Prices
in Active Markets for
Identical
Assets/Liabilities
(Level 1)
    Significant Other
Observable Inputs
(Level 2)
    Significant
Unobservable Inputs
(Level 3)
    Total  
Assets (non-recurring):                                
Asset impairment   $     $     $ 245,000     $ 245,000  
Capitalized software development costs                 168,000       168,000  
                  413,000       413,000  
                                 
Liabilities:                                
Derivative liability   $     $     $ 1,118,000     $ 1,118,000  
Total   $     $     $ 1,118,000     $ 1,118,000  

 

See Note 13 for additional disclosure regarding the Company’s warrants liabilities accounted for at fair value.

Foreign Currency and Other Comprehensive (Loss) Gain

Foreign Currency and Other Comprehensive (Loss) Gain

 

The functional currency of our foreign subsidiary is typically the applicable local currency which is British Pounds. The translation from the respective foreign currency to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using an average exchange rate during the period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income.

 

Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The foreign currency exchange gains and losses are included as a component of general and administrative expenses, in the accompanying Consolidated Statements of Operations.

 

The following table presents losses recognized from foreign exchange transactions; and changes in accumulated other comprehensive income representing the gain or loss on the translation of our foreign subsidiary’s financial statements as follows:

 

    For the Years Ended  
    December 31,  
    2019     2018  
Net foreign exchange transactions:                
(Gains) losses   $ (97,000 )   $ 483,000  
                 
Accumulated comprehensive income:                
Unrealized loss on currency translation adjustment   $ 68,000     $ 79,000  

 

The exchange rate adopted for the foreign exchange transactions are the rates of exchange as quoted on an OANDA, a Canadian-based foreign exchange company providing currency conversion, online retail foreign exchange trading, online foreign currency transfers, and forex information, internet website. Translation of amounts from British Pounds into United States dollars was made at the following exchange rates for the respective periods:

 

  As of December 31, 2019 – British Pounds $1.318462 to US$ 1.00
  Average rate for the year ended December 31, 2019 – British Pounds $1.76717 to US $1.00
  As of December 31, 2018 – British Pounds $1.2734340 to US$ 1.00
  Average rate for the year ended December 31, 2018 – British Pounds $1.3347667 to US $1.00

Subsequent Events

Subsequent Events

 

Management has evaluated subsequent events or transactions occurring through the date the consolidated financial statements were issued and determined that no events or transactions are required to be disclosed herein, except as disclosed.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (ASU 2019-12), which simplifies certain aspects of income tax accounting guidance in ASC 740, reducing the complexity of its application. Certain exceptions to ASC 740 presented within the ASU include: intra-period tax allocation, deferred tax liabilities related to outside basis differences, year-to-date loss in interim periods, among others. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020 including interim periods therein with early adoption permitted. The Company is currently assessing the impact of the ASU on its financial statements.

 

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.

XML 96 R47.htm IDEA: XBRL DOCUMENT v3.20.1
Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Derivative liability $ 30 $ 1,118
Total Liabilities 30 1,118
Asset impairment   245
Capitalized software development costs   168
Total Assets (non-recurring)   413
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]    
Derivative liability
Total Liabilities
Asset impairment  
Capitalized software development costs  
Total Assets (non-recurring)  
Significant Other Observable Inputs (Level 2) [Member]    
Derivative liability
Total Liabilities
Asset impairment  
Capitalized software development costs  
Total Assets (non-recurring)  
Significant Unobservable Inputs (Level 3) [Member]    
Derivative liability 30 1,118
Total Liabilities $ 30 1,118
Asset impairment   245
Capitalized software development costs   168
Total Assets (non-recurring)   $ 413
XML 97 R43.htm IDEA: XBRL DOCUMENT v3.20.1
Liquidity and Financial Condition (Details Narrative) - USD ($)
12 Months Ended
Feb. 14, 2020
Nov. 27, 2019
Jul. 11, 2019
Dec. 31, 2019
Dec. 31, 2018
Cash       $ 1,737,000 $ 2,005,000
Working capital       3,600,000  
Accumulated deficit       (252,572,000) (234,525,000)
Loss from operations       (17,200,000) (14,427,000)
Cash used in operating activities       $ (8,355,000) $ (6,379,000)
Number of common stock shares issued during period   3,201,200 1,550,000    
Warrants to purchase shares of common stock     6,000,000    
Pre-funded warrants to purchase common stock     4,450,000 8,200,000  
Proceeds from issuance from offering   $ 3,988,000 $ 11,996,000    
Convertible promissory note balance     $ 7,600,000    
Warrant [Member]          
Warrants to purchase shares of common stock   11,893,100      
Warrant One [Member]          
Warrants to purchase shares of common stock   11,320,725      
Subsequent Event [Member]          
Cash $ 6,800,000        
Number of common stock shares issued during period 12,445,000        
Warrants to purchase shares of common stock 12,445,000        
Pre-funded warrants to purchase common stock 14,827,200        
Proceeds from issuance from offering $ 5,998,000        
Offering cost 560,000        
Net proceeds from offering cost $ 5,438,000        
Subsequent Event [Member] | Warrant [Member]          
Number of common stock shares issued during period 9,333,750        
Warrants to purchase shares of common stock 12,445,000        
Subsequent Event [Member] | Warrant One [Member]          
Number of common stock shares issued during period 11,120,400        
Warrants to purchase shares of common stock 14,827,200        
Subsequent Event [Member] | Pre-Funded Warrants [Member]          
Warrants to purchase shares of common stock 14,827,200        
XML 98 R68.htm IDEA: XBRL DOCUMENT v3.20.1
Leases - Schedule of Operating Lease Data (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Operating lease cost $ 1,106
Short-term lease cost 53
Variable lease cost
Sublease income (257)
Total lease cost 902
Operating cash flows from operating leases 1,136
Right-of-use assets and operating lease liabilities recognized upon adoption $ 2,991
Weighted-average remaining lease term-operating leases 3 years 6 months
Weighted-average discount rate-operating leases 9.30%
XML 99 R60.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable - Schedule of Notes Payable (Details) (Parenthetical) - USD ($)
12 Months Ended
Oct. 02, 2019
Sep. 27, 2019
Dec. 31, 2019
Dec. 31, 2018
Debt payment     $ 5,951,106 $ 84,375
MB Technology Holdings, LLC [Member]        
Converted shares of common stock to the Treasury   15,953    
Debt instrument maturity date   Sep. 18, 2020    
Debt instrument stated interest rate percentage   8.022%    
Debt accrued interest   $ 18,519    
Debt principal payment   230,860    
Debt payment   $ 249,379    
Integrated Microwave Technology [Member]        
Debt instrument maturity date Apr. 24, 2020      
Debt instrument stated interest rate percentage 1.90%      
Debt accrued interest $ 14,429      
Debt principal payment 42,439      
Working capital loan $ 150,000      
XML 100 R64.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Promissory Notes - Schedule of New Debt Instrument (Details) - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Original issue discount $ 62,990
New Debt Instruments [Member]      
Principal remaining on old debt modified 3,400,000    
Accrued interest on old debt modified 100,300    
Additional proceeds 2,000,000    
Original issue discount 105,265    
Redemption premiums 525,045    
Total new principal $ 6,130,610    
XML 101 R22.htm IDEA: XBRL DOCUMENT v3.20.1
Concentrations
12 Months Ended
Dec. 31, 2019
Risks and Uncertainties [Abstract]  
Concentrations

NOTE 16 — CONCENTRATIONS

 

Customer concentration risk

 

For the years ended December 31, 2019, and 2018, the Company did not experience sales to one customer over 10% of the Company’s total consolidated sales

 

On December 31, 2019, and 2018, the Company recorded approximately $2,613,000 (39%) and $-0- of accounts receivable, respectively, to a single customer over 10% of the Company’s total consolidated accounts receivable.

 

Vendor concentration risk

 

For the year ended December 31, 2019, two vendors generated approximately $5,434,000 (31%) and $2,610,000 (15%) of the Company’s consolidated inventory purchases, respectively. For the year ended December 31, 2018, two vendors generated approximately $2,165,000 (12%) and $2,596,000 (15%) of the Company’s consolidated inventory purchases, respectively.

 

On December 31, 2019, and 2018, the Company recorded approximately $1,940,000 (29%) and $837,000 (12%) of accounts payable, respectively, to a single vendor above 10% of the Company’s total consolidated accounts payable.

XML 102 R26.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

20 — SUBSEQUENT EVENTS

 

Appointment of new executives

 

On January 15, 2020, the Board appointed Carleton M. Miller to the roles of Chief Executive Officer of the Company and a member of the Board, effective January 15, 2020. As part of the Mr. Miller’s employment agreement, he will receive an inducement award of a time-based option to purchase 2,155,481 shares of Common Stock. Additionally, he will receive an inducement award of a performance-based option to purchase 1,500,000 shares of Common Stock under Nasdaq Listing Rule 5653(c)(4) outside of the Company’s existing equity compensation plans (the “Performance-Based Option”).

 

On February 27, 2020, the Company entered into an employment agreement with Michael Bond in connection with his contemplated employment as Chief Financial Officer of the Company, effective as of April 1, 2020 (the “Bond Employment Agreement”). Pursuant to the Bond Employment Agreement, Mr. Bond will receive an annual base salary of $250,000 per year, and an annual cash bonus in accordance with the terms of any annual cash bonus incentive plan maintained for the Company’s key executive officers. The Bond Employment Agreement also provides that on April 1, 2020 Mr. Bond will receive an award of stock options to purchase a quantity of shares equal to one percent of the Company’s fully diluted outstanding shares of its common stock as of April 1, 2020 under Nasdaq Listing Rule 5635(c)(4) outside of the Company’s existing equity compensation plans (the “Inducement Options”).

 

Public offering

 

On February 14, 2020, the Company closed on an equity financing for 12,445,000 shares of common stock, 12,445,000 warrants to purchase 9,333,750 shares of Common Stock, and 14,827,200 pre-funded warrants, with each Pre-Funded Warrant exercisable for one share of Common Stock, together with 14,827,200 Warrants to purchase 11,120,400 shares of Common Stock. The Company received gross proceeds of approximately $5,998,000, less offering costs of $560,000 for net proceeds of $5,438,000. The Company has earmarked the use of the net proceeds from equity financing for working capital and general corporate purposes.

 

Departure of former executive(s)

 

Payne Separation Agreement

 

On February 24, 2020, John Payne agreed to step down from his role as the Company President and Chief Operating Officer of Integrated Microwave Technology, LLC (a wholly owned subsidiary) and is expected to conclude his employment with the Company on March 19, 2020. The Company expects to enter into a separation agreement with Mr. Payne in connection with the conclusion of his employment (the “Payne Separation Agreement”). Provided that Mr. Payne executes the Payne Separation Agreement and does not revoke the Payne Separation Agreement within seven days thereof, the Payne Separation Agreement is expected to provide that Mr. Payne will be entitled to receive severance in the form of six (6) months of salary continuation for an aggregate amount of $175,000. Mr. Payne will begin a transitional role until his expected March 19, 2020 separation date. Mr. Payne’s anticipated departure from the Company is not the result of any disagreement with the Company on any matter relating to its operation, policies (including accounting or financial policies) or practices. In connection with the foregoing, the board of directors of the Company has decided to appoint Carleton M. Miller, the Company’s Chief Executive Officer, to the additional position of President of the Company, effective upon Mr. Payne’s departure from the Company on March 19, 2020.

 

Branton Separation Agreement

 

Roger G. Branton will be stepping down as the Company’s Chief Financial Officer and Treasurer and is expected to conclude his employment with the Company on March 31, 2020. The Company expects to enter into a separation agreement with Mr. Branton in connection with the conclusion of his employment (the “Branton Separation Agreement”). Provided that Mr. Branton executes the Branton Separation Agreement and does not revoke the Branton Separation Agreement within seven days thereof, the Branton Separation Agreement is expected to provide that Mr. Branton will be entitled to receive severance pay in the form of salary continuation for 12 months for an aggregate amount of $300,000. Mr. Branton will immediately begin a transitional role until his expected March 31, 2020 separation date from the Company.

 

Amended related party agreement

 

Effective February 25, 2020, an amendment of the related party agreement between Vislink Technologies, Inc. (the “Company”) and MB Merchant Group, LLC (“MBMG”) was executed into a letter agreement (the “MBMG Agreement”), pursuant to which the Company and MBMG agreed to amend and restate certain service agreements previously entered into with MBMG as well as its predecessor entity (the “MBMG Agreements”). Pursuant to the MBMG Agreement, MBMG has agreed to provide only the following services to the Company: (i) to conduct merger and acquisition searches, negotiating and structuring deal terms and other related services in connection with closing suitable acquisitions for the Company, and (ii) to seek and secure financing for the Company, except in those regions in which the Company had previously appointed a business representative to exclusively seek such opportunities, and subject in each case to prior approval by the Company’s Chief Executive Officer on a case-by-case basis (collectively, the “MBMG Services”). Pursuant to the MBMG Agreement, MBMG will no longer provide strategic planning and financial structuring services or technical consulting services, review patent applications or provide consulting services with respect to certain legal matters.

 

Pursuant to the MBMG Agreement, in consideration for the MBMG Services, the Company agreed to compensate MBMG through payment of: (i) an acquisition fee equal to (A) the greater of $250,000 or 6% of the total acquisition price for deals in which the total consideration paid by the Company is less than $50 million; (B) $3,000,000 plus 4% of the consideration paid by the Company in excess of $50 million for deals in which the total consideration paid by the Company is between $50 million and $100 million; (C) $5,000,000 plus 2% of the consideration paid by the Company in excess of $100 million for deals in which the total consideration paid by the Company is between $100 million and $400 million; or (D) $10,200,000 plus 1.1% of the consideration paid by the Company in excess of $400 million for deals in which the total consideration paid by the Company exceeds $400 million; (ii) a success-based due diligence fee of $250,000 on successfully closed deals, (iii) a waivable success-based finance fee of 2% of the acquisition price and (iv) an incentive fee of 5% of an external advisor’s higher valuation of an acquisition, with such fees subject to a customary 12-month tail period in the event of termination of the MBMG Agreement. The MBMG Agreement further provides that (x) MBMG shall have the option to convert up to 50% of all such fees into the Company’s common stock so long as a receivable remains outstanding, convertible at a fixed price of 110% of the lower of the price of such shares on the day of closing or such price in connection with any acquisition financing, as applicable; (y) the Company will no longer compensate MBMG through, among other discontinued fees, a $50,000 monthly consulting fee that would have been due pursuant to the MBMG Agreements and (z) in full satisfaction of specified claims arising out of the MBMG Agreements, the Company shall pay MBMG $420,000, with $200,000 to be paid within three days of the execution of the MBMG Agreement and $220,000 to be paid within 30 days of such execution.

 

MBMG is an affiliate of Richard L. Mooers, a director of the Company, and Roger G. Branton, a director and the Chief Financial Officer of the Company.

 

Nasdaq Compliance

 

On March 4, 2020, the Company received a letter from the Listing Qualifications Department (the “Staff”) of Nasdaq notifying the Company that the Staff has determined that the Company did not comply with Listing Rule 5635(d) because the February 2020 Offering did not meet the Nasdaq definition of a public offering under Listing Rule IM-5635-3. The Staff’s determination was based on (i) the extent of the offering’s distribution, (ii) the existence of a prior relationship between the Company and the investors, and (iii) the significant discount to the minimum price, as defined in Nasdaq rules.

 

On March 18, 2020, the Company submitted a plan to regain compliance with Rule 5635, which is currently under review by Nasdaq.

 

On March 25, 2020, the Company received a written notification from Nasdaq that the Company was afforded a second 180 calendar day grace period to regain compliance with the minimum bid price requirements. If the Company does not regain compliance by September 21, 2020, Nasdaq will provide notice that the Company’s shares of common stock will be subject to delisting.

 

Other events after December 31, 2019 to the date of this report: 

 

    Quantity of Warrants Exercised     Quantity of Common Stock Issued     Proceeds Received  
                   
Warrant Exercises:                        
Pre-Funded Warrants:                        
Nov 2019 Equity Raise     9,143,100       9,143,100     $ 8,100  
Feb 2020 Equity Raise     14,827,200       14,827,200       1,500  
      23,970,300       23,970,300     $ 9,600  
                         
Cashless Warrants:                        
Nov 2019 Equity Raise     8,245,181       10,993,575     $ -0-  
Feb 2020 Equity Raise     7,893,394       10,524,525       -0-  
      16,138,575       21,518,100     $ -0-  

ZIP 103 0001493152-20-005537-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-20-005537-xbrl.zip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

XML 105 R10.htm IDEA: XBRL DOCUMENT v3.20.1
Accounts Receivable
12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Accounts Receivable

NOTE 4 — ACCOUNTS RECEIVABLE

 

Accounts receivable consist of the following:

 

    December 31, 2019     December 31, 2018  
Accounts receivable   $ 7,425,000     $ 6,740,000  
Allowance for doubtful accounts     (711,000 )     (549,000 )
Net accounts receivable   $ 6,714,000     $ 6,191,000  

 

During the years ended December 31, 2019 and 2018, the Company incurred bad debt expense of $425,000 and $142,000, respectively.

XML 106 R14.htm IDEA: XBRL DOCUMENT v3.20.1
Accrued Expenses
12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Accrued Expenses

NOTE 8 — ACCRUED EXPENSES

 

Accrued expenses consist of the following:

 

    December 31, 2019     December 31, 2018  
Compensation   $ 818,000     $ 834,000  
Commissions     94,000       90,000  
Warranty     335,000       325,000  
Rent     4,000       71,000  
Payables     531,000       576,000  
Interest           112,000  
Deferred Equity     130,000       104,000  
    $ 1,912,000     $ 2,112,000  

XML 107 R37.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions (Tables)
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions

The following table represents a summary of related party transactions for the years ended December 31, 2019 and 2018:

 

    For the years ended  
    December 31,  
             
    2019     2018  
             
Consulting fees incurred, recurring   $ 600,000     $ 300,000  
                 
Consulting fees incurred, non-recurring   $ 358,000     $ 48,000  
                 
Common stock issued in satisfaction of amounts due:                
Quantity of shares issued     12,469       429,585  
                 
Value of shares issued   $ 31,000     $ 240,000  
                 
Amounts repaid to MBMG in cash   $ 783,000     $ 769,000  

XML 108 R33.htm IDEA: XBRL DOCUMENT v3.20.1
Accrued Expenses (Tables)
12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses

Accrued expenses consist of the following:

 

    December 31, 2019     December 31, 2018  
Compensation   $ 818,000     $ 834,000  
Commissions     94,000       90,000  
Warranty     335,000       325,000  
Rent     4,000       71,000  
Payables     531,000       576,000  
Interest           112,000  
Deferred Equity     130,000       104,000  
    $ 1,912,000     $ 2,112,000  

XML 109 R52.htm IDEA: XBRL DOCUMENT v3.20.1
Inventories - Schedule of Inventories, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Raw materials $ 8,323 $ 6,173
Work-in-process 815 3,711
Finished goods 3,857 4,052
Sub-total inventories 12,995 13,936
Less reserve for slow moving and excess inventory (5,321) (886)
Total inventories, net $ 7,674 $ 13,050
XML 110 R56.htm IDEA: XBRL DOCUMENT v3.20.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Beginning balance cost/ accumulated amortization $ 4,691 $ 6,894
Additions,cost/ accumulated amortization
Eliminations, cost/ accumulated amortization
Impairments, cost/ accumulated amortization (168)
Amortization, cost/ accumulated amortization (1,769) (2,035)
Ending balance, cost/ accumulated amortization 2,922 4,691
Software Development Costs [Member]    
Beginning balance cost 18,647
Intangible assets, Additions
Intangible assets, Eliminations (18,647)
Intangible assets, Impairments
Intangible assets, Amortization
Ending balance cost
Beginning balance, accumulated amortization (18,211)
Intangible assets accumulated amortization, Additions
Intangible assets accumulated amortization Eliminations 18,647
Intangible assets accumulated amortization, Impairments (168)
Intangible assets accumulated amortization (268)
Ending balance, accumulated amortization
Patents and Licenses [Member]    
Beginning balance cost 12,378 12,378
Intangible assets, Additions
Intangible assets, Eliminations
Intangible assets, Impairments
Intangible assets, Amortization
Ending balance cost 12,378 12,378
Beginning balance, accumulated amortization (9,835) (9,171)
Intangible assets accumulated amortization, Additions
Intangible assets accumulated amortization Eliminations
Intangible assets accumulated amortization, Impairments
Intangible assets accumulated amortization (669) (664)
Ending balance, accumulated amortization (10,504) (9,835)
Trade Names and Technology [Member]    
Beginning balance cost 1,450 1,450
Intangible assets, Additions
Intangible assets, Eliminations
Intangible assets, Impairments
Intangible assets, Amortization
Ending balance cost 1,450 1,450
Beginning balance, accumulated amortization (467) (243)
Intangible assets accumulated amortization, Additions
Intangible assets accumulated amortization Eliminations
Intangible assets accumulated amortization, Impairments
Intangible assets accumulated amortization (223) (224)
Ending balance, accumulated amortization (690) (467)
Customer Relationships [Member]    
Beginning balance cost 2,880 2,880
Intangible assets, Additions
Intangible assets, Eliminations  
Intangible assets, Impairments  
Intangible assets, Amortization
Ending balance cost 2,880 2,880
Beginning balance, accumulated amortization (1,715) (836)
Intangible assets accumulated amortization, Additions
Intangible assets accumulated amortization Eliminations
Intangible assets accumulated amortization, Impairments
Intangible assets accumulated amortization (877) (879)
Ending balance, accumulated amortization $ (2,592) $ (1,715)
XML 111 R75.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity - Schedule of Stock Option Activity (Details)
12 Months Ended
Dec. 31, 2019
$ / shares
shares
Equity [Abstract]  
Number of Options, Beginning Balance | shares 585,717
Number of Options, granted | shares 36,500
Number of Options, exercised | shares
Number of Options, cancelled/expired | shares (117,167)
Number of Options, Ending Outstanding | shares 505,050
Number of Options Exercisable | shares 341,083
Weighted Average Exercise Price, Outstanding Beginning Balance | $ / shares $ 15.50
Weighted Average Exercise Price, granted | $ / shares 3.18
Weighted Average Exercise Price, exercised | $ / shares
Weighted Average Exercise Price, cancelled/expired | $ / shares (14.79)
Weighted Average Exercise Price, Outstanding Ending Balance | $ / shares 14.83
Weighted Average Exercise Price, Exercisable Balance | $ / shares $ 15.68
XML 112 R85.htm IDEA: XBRL DOCUMENT v3.20.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]    
Current tax provision, Federal
Current tax provision, State 14 6
Current Income Tax Expense, Total 14 6
Deferred tax provision (benefit), Federal (2,998) (3,567)
Deferred tax provision (benefit), State 2,879 (1,720)
Deferred tax provision (benefit), Foreign (870) (127)
Change in valuation allowance 998 5,414
Income tax provision $ 14 $ 6
XML 113 R81.htm IDEA: XBRL DOCUMENT v3.20.1
Concentrations (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Accounts receivable $ 7,425 $ 6,740
Revenue 28,942 38,294
Accounts payable $ 6,784 $ 7,072
Sales Revenue, Net [Member] | One Customer [Member]    
Concentration risk percentage 10.00% 10.00%
Accounts Receivable [Member] | Customer One [Member]    
Concentration risk percentage 39.00% 10.00%
Accounts receivable $ 2,613 $ 0
Purchase [Member] | Vendor One [Member]    
Concentration risk percentage 31.00% 12.00%
Revenue $ 5,434 $ 2,165
Purchase [Member] | Vendor Two [Member]    
Concentration risk percentage 15.00% 15.00%
Revenue $ 2,610 $ 2,596
Accounts Payable [Member] | Vendor [Member]    
Concentration risk percentage 29.00% 12.00%
Accounts payable $ 1,940 $ 837
XML 114 R9.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

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 US Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IMT and Vislink. All intercompany accounts and transactions among consolidated entities were eliminated upon consolidation.

 

Segment Reporting

 

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the operating decision makers, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s decision-making group is the senior executive management team. The Company and the decision-making group view the Company’s operations and manage its business as one operating segment with different product offerings. All long-lived assets of the Company reside in the U.S. and U.K.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property, plant, and equipment, 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. Actual results could differ from these estimates.

 

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. The Company did not have any cash equivalents on hand as of December 31, 2019 and 2018.

 

Concentrations of Credit Risk

 

The Company does not have any off-balance-sheet concentrations of credit risk. Credit risk is the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company. The Company’s credit risk is primarily attributable to its cash and accounts receivables. The Company’s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts held within the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. Additionally, the Company maintains cash balance accounts at financial institutions located in the United Kingdom insured by the Financial Services Compensation Scheme up to £85,000, subject to currency translation rates to the United States dollar. On December 31, 2019, the Company had approximately $1.2 million above insured limits, respectively. The Company has not experienced any losses in its bank accounts during the years ended December 31, 2019, and 2018. For customers, management assesses the credit quality of the customer, considering its financial position and historical experience.

 

For the years ended December 31, 2019, and 2018, the Company did not experience sales to one customer over 10% of the Company’s total consolidated sales. On December 31, 2019, the Company recorded approximately $2,613,000 (39%) and $-0- of accounts receivable to a single customer over 10% of the Company’s total consolidated accounts receivable.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

The Company extends credit to its customers in the normal course of business. Further, the Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgements regarding its customer’s ability to make required payments, prevailing economic conditions, past experience and other factors. As the financial condition of these factors change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. The Company maintains reserves for credit losses and losses have been within its expectations.

 

Inventories

 

Inventories, consisting principally of raw materials, work-in-process and finished goods, and is recorded at the lower of cost, on a first-in, first-out basis, or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company evaluates inventory balances and either writes-down inventory that is obsolete or based on a net realizable value analysis or records a reserve for slow moving or excess inventory.

 

Property and Equipment

 

Property and equipment are presented at cost at the date of acquisition less depreciation. Depreciation is computed using the straight-line method over estimated useful asset lives, which range from 1 to 10 years. The costs of the day-to-day servicing of property and equipment, and repairs and maintenance are recognized in expenses as incurred.

 

Intangible Assets

 

Software:

 

The Company capitalizes certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use or sale to others when both the preliminary project stage is completed, and it is probable that the software will be used as intended with a product. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the product. Capitalized software costs are included in intangible assets on the Company’s balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates 5 years. Capitalized Software was fully amortized as of December 31, 2018. Software amortization totaled $268,000 for the year ended December 31, 2018.

 

Patents and licenses:

 

Patents and licenses, measured initially at purchase cost, are included in intangible assets on the Company’s balance sheet and are amortized on a straight-line basis over their estimated useful lives of 18.5 to 20 years. Amortization totaled $669,000 and $664,000 for the years ended December 31, 2019 and 2018, respectively.

 

Other intangible assets:

 

The Company’s remaining intangible assets include the trade names, technology and customer lists acquired in its acquisition of IMT and Vislink. The value of these acquired assets was determined by a third-party appraisal completed for these business combinations. Absent an indication of fair value from a potential buyer or similar specific transactions, the Company believes that the use of the methods employed provided a reasonable estimate in the reporting of the fair value assigned.

 

The Company includes these costs in intangible assets on the balance sheet and are amortized over their useful lives of 3 to 15 years. Amortization totaled $1,800,000 and $2,000,000 for the years ended December 31, 2019 and 2018, respectively.

 

Warranty Reserve

 

Although the Company tests its product in accordance with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company’s estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be required. The claims made during the year ended December 31, 2019 and 2018 were ordinary and customary. Warranty reserve is included in accrued expenses on the accompanying consolidated balance sheets and cost of components in the accompanying consolidated statement of operations.

 

    Warranty Reserve  
December 31, 2017   $ 507,000  
Warranty reserve expense     23,000  
Warranty claims settled and true-up of accrual     (205,000 )
December 31, 2018   $ 325,000  
Warranty reserve expense     231,000  
Warranty claims settled and true-up of accrual     (221,000 )
December 31, 2019   $ 335,000  

 

Shipping and Handling Costs

 

Shipping and handling charges are invoiced to the customer and the Company nets these charges against the respective costs within general and administrative expenses. For the years ended December 31, 2019 and 2018, the amount of shipping and handling costs incurred were $614,000 and $774,000, respectively.

 

Convertible Instruments

 

The Company records debt net of debt discount for beneficial conversion features and warrants, on either a relative fair value or fair value basis depending on the respective accounting treatment of each instrument. Beneficial conversion features are recorded pursuant to the Beneficial Conversion (“BCF”) and Debt Topics of the FASB Accounting Standards Codification. The amounts allocated to warrants and beneficial conversion rights are recorded as debt discounts with corresponding entries to derivative liability and additional paid-in-capital. Costs paid to third parties (e.g., legal fees, printing costs, placement agent fees) that are directly related to issuing the debt and that otherwise wouldn’t be incurred, are treated as a direct deduction of the debt liability. Debt discount and issuance costs are generally amortized and recognized as additional interest expense in the statement of operations over the life of the debt instrument using the effective interest method.

 

The Company evaluates and bifurcates conversion features from the instruments containing such features and accounts for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the underlying instrument, (b) the hybrid instrument that contains both the embedded derivative instrument and the underlying instrument is not re-measured at fair value under otherwise applicable U.S. GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

 

Common Stock Purchase Warrants and Other Derivative Financial Instruments

 

The Company classifies common stock purchase warrants and other free-standing financial instruments as equity if the contracts (i) require physical settlement or net-share settlement in common stock or (ii) give the Company a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement). The Company classifies the following contracts as either an asset or a liability: contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in common stock (physical settlement or net-share settlement) or (iii) contain reset provisions. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required.

 

Treasury Stock

 

Shares of common stock repurchased are recorded at cost as treasury stock. When shares are reissued, the cost method is used. In accordance with U.S. GAAP, the excess of the acquisition cost over the reissuance price of the treasury stock, if any, is recorded to additional paid-in capital, limited to the amount previously credited to additional paid-in capital, if any. Any excess is charged to accumulated deficit.

 

Revenue Recognition

 

The Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”) on January 1, 2019 using the modified retrospective method. The Company’s operating results for reporting periods beginning after January 1, 2019 are presented under ASC Topic 606, while prior period amounts continue to be reported in accordance with our historic accounting under Topic 605. The timing and measurement of our revenues under ASC Topic 606 is similar to that recognized under previous guidance, accordingly, the adoption of ASC Topic 606 did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof at adoption or in the current period. There were no changes in our opening retained earnings balance as a result of the adoption of ASC Topic 606.

 

ASC Topic 606 is a comprehensive revenue recognition model that requires revenue to be recognized when control of the promised goods or services are transferred to our customers at an amount that reflects the consideration that we expect to receive. Application of ASC Topic 606 requires us to use more judgment and make more estimates than under former guidance.

 

The Company generates all its revenue from contracts with customers. The Company recognizes revenue when we satisfy a performance obligation by transferring control of the promised goods or services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services.

 

The Company determines revenue recognition through the following steps:

 

1. Identification of the contract, or contracts, with a customer;

2. Identification of the performance obligations in the contract;

3. Determination of the transaction price;

4. Allocation of the transaction price to the performance obligations in the contract; and

5. Recognition of revenue, when, or as, we satisfy a performance obligation.

 

At contract inception, the Company assesses the goods and services promised in our contracts with customers and identifies a performance obligation for each. To determine the performance obligations, the Company considers all the products and services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. The timing of satisfaction of the performance obligation is not subject to significant judgment. We measure revenue as the amount of consideration we expect to receive in exchange for transferring goods and services. Excluded from income are the value-added sales taxes, and other charges we collect concurrent with revenue-producing activities.

 

Remaining Performance Obligations

 

Remaining performance obligations, or backlog, represents the aggregate amount of the transaction price allocated to the remaining obligations that the Company has not performed under its customer contracts. The Company has elected to use the optional exemption in ASC 606-10-50-14, which exempts an entity from such disclosures if a performance obligation is part of a contract with an original expected duration of one year or less.

 

Research and Development Expenses

 

Research and development costs are charged to expense as incurred in performing research, design and development activities. These expenses consist primarily of salary and benefit expenses, including stock-based compensation and payroll taxes for employees and costs for contractors engaged in research, design and development activities, as well as costs for prototypes, facilities and travel.

 

Stock-Based Compensation

 

The Company accounts for stock compensation with persons classified as employees for accounting purposes in accordance with ASC 718 “Compensation – Stock Compensation”, which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common stock issued for services is determined based on the Company’s stock price on the date of issuance.

 

Under ASU 2018-07, the scope of Topic 718 was expanded to include share-based payment transactions for acquiring goods and services from nonemployees. Equity-classified nonemployee share-based payment awards are no longer measured at the earlier of the date at which a commitment for performance by the counterparty is reached or the date at which the counterparty’s performance is complete. Rather, they are now measured at the grant date. Nonemployee share-based payment awards with performance conditions are measured at the lowest aggregate fair value under today’s guidance, which often results in zero value. The new ASU aligns the accounting for nonemployee share-based payment awards with performance conditions with accounting for employee share-based payment awards under Topic 718 by requiring entities to consider the probability of satisfying performance conditions. Current guidance requires entities to use the contractual term for the measurement of the nonemployee share-based payment awards. The new ASU allows entities to make an award-by-award election to use either the expected term (consistent with employee share-based payment awards) or the contractual term for nonemployee awards

 

Leases

 

The Company adopted ASC 842 on January 1, 2019, using the modified retrospective transition approach that applies the new standard to all leases existing at the date of the initial application. ASC 842 supersedes nearly all existing lease accounting guidance under GAAP issued by the Financial Accounting Standards Board (“FASB”) including ASC Topic 840, Leases. ASC 842 requires that lessees recognize Right-Of-Use (” ROU”) assets and lease liabilities calculated based on the present value of lease payments for all lease agreements with terms that are greater than twelve months. Lease contracts are measured and presented in the statement of operations and statement of cash flows under ASC 842 either as a finance lease or operating lease.

 

At lease inception, the Company determined if an arrangement is a lease and if it includes options to extend or terminate the contract if it is reasonably sure that the options will be exercised. We recognize lease expense for lease payments on a straight-line basis over the lease term. The Company includes operating leases as ROU assets as “Right of use assets, operating leases” and are included in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in “Operating lease obligations, current” and “Operating lease liabilities, net of current portion,” in the consolidated balance sheets. We recognize Operating lease ROU assets and liabilities on the commencement date based on the present value of lease payments over the lease term.

 

The ROU asset and related lease liabilities recorded under ASC 842 are calculated based on the present value of the lease payments using (1) the rate implicit in the lease or (2) the lessee’s IBR, defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a comparable economic environment. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rates based on an analysis of prior collateralized borrowings over similar terms of the lease payments at the commencement date as of January 1, 2019, to estimate the IBR applicable upon transition to ASC 842. There were no capital leases, which are now titled “finance leases” under ASC 842, in the Company’s lease portfolio as of December 31, 2019.

 

As a result of the adoption of ASU 2016-02, on January 1, 2019, the Company recognized a lease liability of approximately $3.0 million, with corresponding assets of $2.9 million, based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases, less derecognized deferred rent of approximately $0.06 million. There are no changes to the Company’s previously reported results before January 1, 2019. Lease expense has not changed materially as a result of the adoption of ASU 2016-02.

 

The adoption of ASC 842 did not materially impact our results of operations, cash flows, or presentation thereof. Refer to Note 11 for more information.

 

Impairment of Long-Lived Assets

 

Management reviews long-lived assets and other intangible assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets used in operations, including right-of-use operating lease assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable when the estimated undiscounted cash flows expected to result from the use of an asset and its eventual disposition is less than the carrying amount. If an impairment exists, the resulting write-down would be the difference between the fair market value of the long-lived asset and the related net book value. For the years ended December 31, 2019 and 2018, the Company recorded total impairment charges of $-0- and $0.4 million, respectively.

 

Income Taxes

 

Income taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which management cannot conclude that it is more likely than not that such deferred tax assets will be realized. The Company will be filing income tax returns in the U.S. federal jurisdiction and will be filing in various state and foreign jurisdictions. The Company recognizes the impact of an uncertain tax position in its financial statements if, in management’s judgment, the position is more-likely-than-not sustainable upon audit based upon the position’s technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for uncertain tax positions is necessary. The Company’s policy is to classify assessments, if any, for tax-related interest expense and penalties as general and administrative expenses.

 

Advertising Costs

 

Advertising costs are charged to operations as incurred. Advertising costs amounted to approximately $237,000 and $82,000, for the years ended December 31, 2019 and 2018, respectively. Advertising costs are included in general and administrative expenses in the accompanying consolidated statement of operations.

 

Sales Tax and Value Added Taxes

 

The Company accounts for sales taxes and value added taxes imposed on its goods and services on a net basis.

 

Loss Per Share

 

The Company reports loss per share in accordance with ASC Topic 260, “Earnings Per Share,” which establishes standards for computing and presenting earnings per share. Basic (loss) earnings per common share is calculated by dividing net (loss) earnings allocable to common stockholders by the weighted-average common shares outstanding during the period, inclusive of penny warrants outstanding of 9,147,200 for the year end December 31, 2019, without consideration of common stock equivalents. Diluted (loss) earnings per share is calculated by adjusting the weighted-average shares outstanding for the dilutive effect of common stock equivalents, including stock options and warrants, outstanding for the period as determined using the treasury stock method. For purposes of the diluted net loss per share calculation, common stock equivalents are excluded from the calculation because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders is the same for periods with a net loss.

 

The following table illustrates the anti-dilutive potential common stock equivalents excluded from the calculation of loss per share (in thousands):

 

    For the Years Ended  
    December 31,  
    2019     2018  
Anti-dilutive potential common stock equivalents excluded from the calculation of loss per share:            
Stock options     503       586  
Convertible debt           1,363  
Warrants     13,160       1,187  
      13,663       3,136  

 

Fair Value of Financial Instruments

 

U.S. GAAP requires disclosing the fair value of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the consolidated balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement.

 

In assessing the fair value of financial instruments, the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at the time. For certain instruments the fair value was estimated that the carrying amount approximated fair value because of the short maturities of these instruments. All debt is based on current rates at which the Company could borrow funds with similar remaining maturities and approximates fair value.

 

U.S. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use on unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is described below:

 

  Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
     
  Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data.
     
  Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

 

The following table presents the Company’s assets and liabilities that are measured at fair value on a non-recurring basis at December 31, 2019, consistent with the fair value hierarchy provisions. The asset impairment is a non-recurring level 3 measurement.

 

    Quoted Prices
in Active Markets for
Identical
Assets/Liabilities
(Level 1)
    Significant Other
Observable Inputs
(Level 2)
    Significant
Unobservable Inputs
(Level 3)
    Total  
Liabilities:                                
Derivative liability   $     $     $ 30,000     $ 30,000  
Total   $     $     $ 30,000     $ 30,000  

 

The following table presents the Company’s liabilities that are measured at fair value on a recurring and non-recurring basis at December 31, 2018, consistent with the fair value hierarchy provisions:

 

    Quoted Prices
in Active Markets for
Identical
Assets/Liabilities
(Level 1)
    Significant Other
Observable Inputs
(Level 2)
    Significant
Unobservable Inputs
(Level 3)
    Total  
Assets (non-recurring):                                
Asset impairment   $     $     $ 245,000     $ 245,000  
Capitalized software development costs                 168,000       168,000  
                  413,000       413,000  
                                 
Liabilities:                                
Derivative liability   $     $     $ 1,118,000     $ 1,118,000  
Total   $     $     $ 1,118,000     $ 1,118,000  

 

See Note 13 for additional disclosure regarding the Company’s warrants liabilities accounted for at fair value.

 

Foreign Currency and Other Comprehensive (Loss) Gain

 

The functional currency of our foreign subsidiary is typically the applicable local currency which is British Pounds. The translation from the respective foreign currency to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using an average exchange rate during the period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income.

 

Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The foreign currency exchange gains and losses are included as a component of general and administrative expenses, in the accompanying Consolidated Statements of Operations.

 

The following table presents losses recognized from foreign exchange transactions; and changes in accumulated other comprehensive income representing the gain or loss on the translation of our foreign subsidiary’s financial statements as follows:

 

    For the Years Ended  
    December 31,  
    2019     2018  
Net foreign exchange transactions:                
(Gains) losses   $ (97,000 )   $ 483,000  
                 
Accumulated comprehensive income:                
Unrealized loss on currency translation adjustment   $ 68,000     $ 79,000  

 

The exchange rate adopted for the foreign exchange transactions are the rates of exchange as quoted on an OANDA, a Canadian-based foreign exchange company providing currency conversion, online retail foreign exchange trading, online foreign currency transfers, and forex information, internet website. Translation of amounts from British Pounds into United States dollars was made at the following exchange rates for the respective periods:

 

  As of December 31, 2019 – British Pounds $1.318462 to US$ 1.00
  Average rate for the year ended December 31, 2019 – British Pounds $1.76717 to US $1.00
  As of December 31, 2018 – British Pounds $1.2734340 to US$ 1.00
  Average rate for the year ended December 31, 2018 – British Pounds $1.3347667 to US $1.00

 

Subsequent Events

 

Management has evaluated subsequent events or transactions occurring through the date the consolidated financial statements were issued and determined that no events or transactions are required to be disclosed herein, except as disclosed.

 

Recent Accounting Pronouncements

 

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (ASU 2019-12), which simplifies certain aspects of income tax accounting guidance in ASC 740, reducing the complexity of its application. Certain exceptions to ASC 740 presented within the ASU include: intra-period tax allocation, deferred tax liabilities related to outside basis differences, year-to-date loss in interim periods, among others. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020 including interim periods therein with early adoption permitted. The Company is currently assessing the impact of the ASU on its financial statements.

 

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.

XML 115 R71.htm IDEA: XBRL DOCUMENT v3.20.1
Derivative Liabilities - Schedule of Valuation and Warrants Exercisable (Details)
12 Months Ended
Dec. 31, 2019
$ / shares
shares
Dec. 31, 2018
$ / shares
shares
Number of shares underlying the warrants | shares 462,428 492,815
Minimum [Member]    
Warrant life (years) 1 year 4 months 24 days 1 month 6 days
Maximum [Member]    
Warrant life (years) 3 years 4 months 28 days 4 years 4 months 28 days
Measurement Input, Market Value [Member]    
Warrants and rights outstanding, measurement input 0.25 3.10
Measurement Input, Exercise Price [Member] | Minimum [Member]    
Warrants and rights outstanding, measurement input 1.00 4.50
Measurement Input, Exercise Price [Member] | Maximum [Member]    
Warrants and rights outstanding, measurement input 24,000 137.90
Expected Volatility [Member] | Minimum [Member]    
Warrants and rights outstanding, measurement input 126 118
Expected Volatility [Member] | Maximum [Member]    
Warrants and rights outstanding, measurement input 160 149
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]    
Warrants and rights outstanding, measurement input 1.51 246
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]    
Warrants and rights outstanding, measurement input 1.60 251
Measurement Input, Expected Dividend Rate [Member]    
Warrants and rights outstanding, measurement input 0.00 0.00
XML 116 R1.htm IDEA: XBRL DOCUMENT v3.20.1
Document and Entity Information - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Mar. 27, 2020
Jun. 28, 2019
Document And Entity Information      
Entity Registrant Name Vislink Technologies, Inc.    
Entity Central Index Key 0001565228    
Document Type 10-K    
Document Period End Date Dec. 31, 2019    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity a Well-known Seasoned Issuer No    
Entity a Voluntary Filer No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business Flag true    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 3,600
Entity Common Stock, Shares Outstanding   78,500,687  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2019    
XML 117 R89.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events - Summary of Warrants Exercised and Common Stock Issued (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Nov. 27, 2019
Jul. 11, 2019
Mar. 30, 2020
Dec. 31, 2019
Subsequent Event [Line Items]        
Quantity of Warrants Exercised       13,481,101
Proceeds Received $ 3,988 $ 11,996    
Pre-Funded Warrants [Member]        
Subsequent Event [Line Items]        
Quantity of Warrants Exercised     23,970,300  
Quantity of Common Stock Issued     23,970,300  
Proceeds Received     $ 9,600  
Pre-Funded Warrants [Member] | Nov 2019 Equity Raise [Member]        
Subsequent Event [Line Items]        
Quantity of Warrants Exercised     9,143,100  
Quantity of Common Stock Issued     9,143,100  
Proceeds Received     $ 8,100  
Pre-Funded Warrants [Member] | Feb 2020 Equity Raise [Member]        
Subsequent Event [Line Items]        
Quantity of Warrants Exercised     14,827,200  
Quantity of Common Stock Issued     14,827,200  
Proceeds Received     $ 1,500  
Cashless Warrants [Member]        
Subsequent Event [Line Items]        
Quantity of Warrants Exercised     16,138,575  
Quantity of Common Stock Issued     21,518,100  
Proceeds Received     $ 0  
Cashless Warrants [Member] | Nov 2019 Equity Raise [Member]        
Subsequent Event [Line Items]        
Quantity of Warrants Exercised     8,245,181  
Quantity of Common Stock Issued     10,993,575  
Proceeds Received     $ 0  
Cashless Warrants [Member] | Feb 2020 Equity Raise [Member]        
Subsequent Event [Line Items]        
Quantity of Warrants Exercised     7,893,394  
Quantity of Common Stock Issued     10,524,525  
Proceeds Received     $ 0  
XML 118 R79.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity - Schedule of Warrant Outstanding Exercise Price (Details) (Parenthetical) - Warrants [Member]
Dec. 31, 2018
$ / shares
Minimum [Member]  
Warrant exercise price repriced $ 0.45
Maximum [Member]  
Warrant exercise price repriced $ 6.85
XML 119 R5.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Series D Preferred Stock [Member]
Common Stock [Member]
Additional Paid In Capital [Member]
Accumulated Other Comprehensive Income [Member]
Treasury Stock [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2017 $ 235,819 $ 354 $ (22) $ (219,652) $ 16,499
Balance, shares at Dec. 31, 2017 1,489,739          
Net loss (14,873) (14,873)
Unrealized loss on currency translation adjustment (79) (79)
Issuance of common stock in connection with: Payments made in stock (payroll and consultants) 1,793 1,793
Issuance of common stock in connection with: Payments made in stock (payroll and consultants), shares 208,313          
Issuance of common stock in connection with: Compensation awards previously accrued 19 $ 19
Issuance of common stock in connection with: Compensation awards previously accrued, shares 1,223         302,655
Issuance of common stock in connection with: Conversion of amounts due to related parties 240 $ 240
Issuance of common stock in connection with: Conversion of amounts due to related parties, shares 42,959          
Issuance of common stock in connection with: Satisfaction of interest due on convertible promissory notes 180 180
Issuance of common stock in connection with: Satisfaction of interest due on convertible promissory notes 27,680          
Issuance of common stock in connection with: Satisfaction of convertible promissory notes 2,339 2,339
Issuance of common stock in connection with: Satisfaction of convertible promissory notes, shares 77,518          
Issuance of common stock in connection with: Procurement fee for debt instrument 160 160
Issuance of common stock in connection with: Procurement fee for debt instrument, shares 30,266          
Stock-based compensation 3,728 3,728
Beneficial conversion feature 284 284
Balance at Dec. 31, 2018 244,562 275 (22) (234,525) 10,290
Balance, shares at Dec. 31, 2018 1,877,698          
Net loss (18,047) (18,047)
Unrealized loss on currency translation adjustment (68) (68)
Issuance of common stock in connection with: Payments made in stock (payroll and consultants) 224 224
Issuance of common stock in connection with: Payments made in stock (payroll and consultants), shares 158,130          
Issuance of common stock in connection with: Compensation awards previously accrued 71 71
Issuance of common stock in connection with: Compensation awards previously accrued, shares 19,632          
Issuance of common stock in connection with: Conversion of amounts due to related parties 31 31
Issuance of common stock in connection with: Conversion of amounts due to related parties, shares 12,469          
Stock-based compensation 2,069 2,069
Issuance of common stock in connection with: Underwriting equity raises, net of offering costs 14,184 14,184
Issuance of common stock in connection with: Underwriting equity raises, net of offering costs, shares 4,751,200          
Issuance of common stock in connection with: Exercise of common stock warrants 178 178
Issuance of common stock in connection with: Exercise of common stock warrants, shares 8,237,701          
Issuance of common stock in connection with: Exercise of cashless common stock warrants
Issuance of common stock in connection with: Exercise of cashless common stock warrants, shares 6,181,525          
Issuance of common stock in connection with: Conversion of principal and accrued interest on convertible promissory notes 528 528
Issuance of common stock in connection with: Conversion of principal and accrued interest on convertible promissory notes, shares 328,932          
Reclassification of derivative liabilities in connection with the exercise of common stock warrants 24 24
Purchase of treasury stock (255) (255)
Balance at Dec. 31, 2019 $ 261,871 $ 207 $ (277) $ (252,572) $ 9,229
Balance, shares at Dec. 31, 2019 21,567,287          

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htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transactions
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 12 — RELATED PARTY TRANSACTIONS

 

On January 1, 2019, a new related party agreement (the “MBMG Agreement”) became effective between the Company and MB Merchant Group, LLC (“MBMG”). The MBMG Agreement supersedes the previous agreement with MB Technology Holdings, LLC (“MBTH”). MBMG, the founding entity of MBTH, agrees to provide services in connection with, and Vislink Technologies agrees to compensate MBMG for both consulting services via a retainer and, on a success basis, for future mergers and acquisitions beginning January 1, 2019.

 

The following directors of MBMG have significant influence with the Company:

 

  Roger Branton, the Company’s Chief Financial Officer and director,
     
  Richard Mooers, the Company’s director.

 

The following table represents a summary of related party transactions for the years ended December 31, 2019 and 2018:

 

    For the years ended  
    December 31,  
             
    2019     2018  
             
Consulting fees incurred, recurring   $ 600,000     $ 300,000  
                 
Consulting fees incurred, non-recurring   $ 358,000     $ 48,000  
                 
Common stock issued in satisfaction of amounts due:                
Quantity of shares issued     12,469       429,585  
                 
Value of shares issued   $ 31,000     $ 240,000  
                 
Amounts repaid to MBMG in cash   $ 783,000     $ 769,000  

 

The Company recorded fees incurred in general and administrative expenses on the accompanying Consolidated Statements of Operations and included such fees in due to related parties on the Consolidated Balance Sheet. The balances outstanding to MBMG at December 31, 2019 and 2018 were $505,000 and $361,000, respectively.