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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ICTS International NV (QB) | USOTC:ICTSF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.98 | 4.62 | 5.18 | 0.00 | 14:10:55 |
6
|
||
6
|
||
6
|
||
14
|
||
26
|
||
41
|
||
48
|
||
50
|
||
51
|
||
52
|
||
64
|
||
64
|
||
Part II
|
||
-------
|
||
64
|
||
64
|
||
65
|
||
65
|
||
65
|
||
65
|
||
66
|
||
66
|
||
66
|
||
Part III
|
||
--------
|
||
67
|
||
67
|
||
67
|
||
Exhibits
|
||
--------
|
||
Exhibit 12.1
|
Certification
|
|
Exhibit 12.2
|
Certification
|
|
Exhibit 13.1
|
Certification
|
(U.S. dollars in Thousands)
|
||||||||||||||||||||
December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Cash and cash equivalents
|
$
|
3,892
|
$
|
7,912
|
$
|
5,973
|
$
|
3,134
|
$
|
945
|
||||||||||
Total current assets
|
43,908
|
40,002
|
32,893
|
26,938
|
20,154
|
|||||||||||||||
Total assets from discontinued operations
|
-
|
-
|
134
|
484
|
1,404
|
|||||||||||||||
Total assets
|
47,156
|
42,349
|
35,005
|
29,139
|
22,559
|
|||||||||||||||
Total current liabilities
|
45,365
|
45,007
|
35,479
|
32,115
|
30,461
|
|||||||||||||||
Total liabilities from discontinued operations
|
-
|
-
|
102
|
464
|
3,148
|
|||||||||||||||
Total liabilities
|
80,633
|
84,557
|
74,064
|
69,495
|
59,245
|
|||||||||||||||
Shareholders' deficit
|
(33,477
|
)
|
(42,208
|
)
|
(39,059
|
)
|
(40,356
|
)
|
(36,686
|
)
|
· |
Charter Flight Screening for Airlines - which includes security check of passengers' body and carry-on items.
|
· |
Cargo Security Screening - for some international and domestic carriers.
|
· |
Aircraft Security Screening – for some international and domestic carriers.
|
· |
Aircraft Search – Search of the entire aircraft to detect dangerous objects.
|
· |
cleaning the aircraft interior
|
· |
conducting cabin searches
|
Year ended
|
||||
December 31,
|
||||
2017
|
$
|
1,929
|
||
2018
|
740
|
|||
2019
|
582
|
|||
2020
|
334
|
|||
2021
|
13
|
|||
$
|
3,598
|
Level 1 - |
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Companies have the ability to access at the measurement date.
|
Level 2 - |
Inputs to the valuation methodology include:
|
· |
Quoted prices for similar assets or liabilities in active markets;
|
· |
Quoted prices for identical or similar assets or liabilities in inactive markets;
|
· |
Inputs other than quoted prices that are observable for the asset or liability;
|
· |
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
Level 3 - |
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
(U.S. dollars in Thousands)
|
||||||||||||
Year ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Revenue
|
$
|
255,576
|
$
|
187,022
|
$
|
172,929
|
||||||
Cost of revenue
|
222,927
|
167,844
|
152,224
|
|||||||||
Gross profit
|
32,649
|
19,178
|
20,705
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
2,660
|
2,565
|
2,207
|
|||||||||
Selling, general and administrative
|
22,142
|
20,406
|
17,316
|
|||||||||
Total operating expenses
|
24,802
|
22,971
|
19,523
|
|||||||||
OPERATING INCOME (LOSS)
|
7,847
|
(3,793
|
)
|
1,182
|
||||||||
Other income (expenses), net
|
(4,501
|
)
|
(760
|
)
|
448
|
|||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
|
3,346
|
(4,553
|
)
|
1,630
|
||||||||
Income tax expense
|
1,004
|
149
|
90
|
|||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
2,342
|
(4,702
|
)
|
1,540
|
||||||||
Loss from discontinued operations
|
-
|
-
|
109
|
|||||||||
NET INCOME (LOSS)
|
$
|
2,342
|
$
|
(4,702
|
)
|
$
|
1,431
|
Year ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||
Cost of revenue
|
87.2
|
%
|
89.7
|
%
|
88.0
|
%
|
||||||
Gross profit
|
12.8
|
%
|
10.3
|
%
|
12.0
|
%
|
||||||
Research and development
|
1.0
|
%
|
1.4
|
%
|
1.3
|
%
|
||||||
Selling, general and administrative
|
8.7
|
%
|
10.9
|
%
|
10.0
|
%
|
||||||
Total operating expenses
|
9.7
|
%
|
12.3
|
%
|
11.3
|
%
|
||||||
OPERATING INCOME (LOSS)
|
3.1
|
%
|
(2.0
|
)%
|
0.7
|
%
|
||||||
Other income (expenses), net
|
(1.8
|
)%
|
(0.5
|
)%
|
0.2
|
%
|
||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
|
1.3
|
%
|
(2.5
|
)%
|
0.9
|
%
|
||||||
Income tax expense
|
0.4
|
%
|
-
|
%
|
-
|
%
|
||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
0.9
|
%
|
(2.5
|
)%
|
0.9
|
%
|
||||||
Loss from discontinued operations
|
-
|
%
|
-
|
%
|
(0.1
|
)%
|
||||||
NET INCOME (LOSS)
|
0.9
|
%
|
(2.5
|
)%
|
0.8
|
%
|
(U.S. Dollars in Thousands)
|
||||||||||||
Year ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
United States of America
|
$
|
47,733
|
$
|
41,817
|
$
|
39,983
|
||||||
Netherlands
|
87,348
|
72,231
|
69,667
|
|||||||||
Germany
|
108,692
|
61,765
|
49,771
|
|||||||||
Other
|
11,803
|
11,209
|
13,508
|
|||||||||
Total
|
$
|
255,576
|
$
|
187,022
|
$
|
172,929
|
Airport
|
||||||||||||||||
Security
|
||||||||||||||||
and Other
|
||||||||||||||||
Aviation
|
||||||||||||||||
Corporate
|
Services
|
Technology
|
Total
|
|||||||||||||
Year ended December 31, 2016:
|
||||||||||||||||
Revenue
|
$
|
-
|
$
|
252,878
|
$
|
2,698
|
$
|
255,576
|
||||||||
Depreciation and amortization
|
10
|
846
|
37
|
893
|
||||||||||||
Income (loss) from continuing operations
|
(6,052
|
)
|
10,654
|
(2,260
|
)
|
2,342
|
||||||||||
Total assets from continuing operations
|
431
|
45,945
|
780
|
47,156
|
||||||||||||
Year ended December 31, 2015:
|
||||||||||||||||
Revenue
|
$
|
-
|
$
|
185,519
|
$
|
1,503
|
$
|
187,022
|
||||||||
Depreciation and amortization
|
1
|
655
|
57
|
713
|
||||||||||||
Income (loss) from continuing operations
|
(3,182
|
)
|
1,597
|
(3,117
|
)
|
(4,702
|
)
|
|||||||||
Total assets from continuing operations
|
440
|
41,056
|
853
|
42,349
|
||||||||||||
Year ended December 31, 2014:
|
||||||||||||||||
Revenue
|
$
|
-
|
$
|
172,102
|
$
|
827
|
$
|
172,929
|
||||||||
Depreciation and amortization
|
3
|
689
|
69
|
761
|
||||||||||||
Income (loss) from continuing operations
|
(99
|
)
|
5,106
|
(3,467
|
)
|
1,540
|
||||||||||
Total assets from continuing operations
|
404
|
34,006
|
461
|
34,871
|
Contractual Obligations
|
Payments due by Period (U.S. Dollars in Thousands)
|
|||||||||||||||||||
Less than
|
1-3
|
4-5
|
more than
|
|||||||||||||||||
Total
|
1 year
|
years
|
years
|
5 years
|
||||||||||||||||
Line of credit in the U.S.
|
$
|
6,301
|
$
|
-
|
$
|
6,301
|
$
|
-
|
$
|
-
|
||||||||||
Lines of credit in Europe
|
2,051
|
-
|
2,051
|
-
|
-
|
|||||||||||||||
Consulting agreements
|
983
|
191
|
475
|
317
|
-
|
|||||||||||||||
Purchase of subsidiary in Cyprus
|
158
|
158
|
||||||||||||||||||
Convertible notes payable to a related party
|
||||||||||||||||||||
including accrued interest
|
34,511
|
-
|
34,511
|
-
|
-
|
|||||||||||||||
Future interest and fees on line of credit and convertible notes payable to a related party (1)
|
9,000
|
-
|
9,000
|
-
|
-
|
|||||||||||||||
Operating lease obligations
|
3,598
|
1,929
|
1,656
|
13
|
||||||||||||||||
$
|
56,602
|
$
|
2,120
|
$
|
54,152
|
$
|
330
|
$
|
-
|
Contractual Obligations
|
Payments due by Period (U.S. Dollars in Thousands)
|
|||||||||||||||||||
Less than
|
1-3
|
4-5
|
more than
|
|||||||||||||||||
Total
|
1 year
|
years
|
years
|
5 years
|
||||||||||||||||
|
||||||||||||||||||||
Guarantees
|
$
|
2,416
|
$
|
-
|
$
|
1,862
|
$
|
-
|
$
|
554
|
||||||||||
Letters of credit
|
233
|
233
|
-
|
-
|
-
|
|||||||||||||||
$
|
2,649
|
$
|
233
|
$
|
1,862
|
$
|
-
|
$
|
554
|
Age
|
Position
|
|||
Menachem Atzmon
|
72
|
Chairman of the Supervisory Board
|
||
David W. Sass
|
81
|
Member of the Supervisory Board
|
||
Gail F. Lieberman
|
73
|
Member of the Supervisory Board, Member of the Audit Committee and Chairman of the Compensation Committee
|
||
Gordon Hausmann
|
71
|
Member of the Supervisory Board, Member of the Compensation Committee and Member of the Audit Committee
|
||
Philip M. Getter
|
80
|
Member of the Supervisory Board, Chairman of the Audit Committee
|
||
Ran Langer
|
71
|
Managing Director
|
||
Alon Raich
|
41
|
Chief Financial Officer
|
Non-equity
|
Nonqualified
|
Number
|
Number
|
|||||||||||||||||||||||||||||||
Name and
|
Incentive
|
Deferred
|
of
|
of
|
||||||||||||||||||||||||||||||
Principal
|
All Other
|
Plan
|
Compensation
|
Option
|
Stock
|
|||||||||||||||||||||||||||||
Position
|
Year
|
Salary
|
Bonus
|
Compensations
|
Compensation
|
Earnings
|
Awards
|
Awards
|
Total
|
|||||||||||||||||||||||||
|
|
$
|
$
|
$
|
$
|
$
|
$
|
|||||||||||||||||||||||||||
Managing
|
2016
|
332
|
1,106
|
60
|
-
|
-
|
-
|
-
|
1,498
|
|||||||||||||||||||||||||
Director
|
2015
|
222
|
1,110
|
21
|
-
|
-
|
-
|
-
|
1,353
|
|||||||||||||||||||||||||
(a)
|
2014
|
191
|
-
|
21
|
-
|
-
|
-
|
-
|
212
|
|||||||||||||||||||||||||
Managing
|
2016
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Director
|
2015
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||
|
2014
|
-
|
-
|
48
|
-
|
-
|
-
|
-
|
48
|
|||||||||||||||||||||||||
General Manager
|
2016
|
145
|
28
|
59
|
232
|
|||||||||||||||||||||||||||||
of a subsidiary
|
2015
|
128
|
73
|
22
|
-
|
-
|
-
|
-
|
223
|
|||||||||||||||||||||||||
(b)
|
2014
|
153
|
80
|
26
|
-
|
-
|
-
|
-
|
259
|
Salaries, fees,
|
Pension, retirement
|
|||||||
commissions
|
and other
|
|||||||
and bonuses
|
similar benefits
|
|||||||
(in thousands)
|
||||||||
|
||||||||
Supervisory Directors as a group ( 5 persons)
|
$
|
185
|
$
|
-
|
||||
Officers as a group ( 4 persons)
|
$
|
1,969
|
$
|
174
|
Percent of
|
||||||||
Amount Beneficially
|
Common Shares
|
|||||||
Name Shareholders Holding Five Percent or More
|
Owned (a)
|
Outstanding (b)
|
||||||
MacPherson Trust ©
|
57.6
|
%
|
12,085,528
|
|||||
Menachem J. Atzmon
|
14.3
|
%
|
3,000,000
|
|||||
Igal Tavori
|
5.7
|
%
|
1,202,483
|
|||||
All officers and directors as a group and the MacPherson Trust (9 persons).
|
85.1
|
%
|
17,871,574
|
Year
|
High
|
Low
|
||||||
2012
|
$
|
1.60
|
$
|
0.04
|
||||
2013
|
$
|
1.39
|
$
|
0.45
|
||||
2014
|
$
|
2.39
|
$
|
0.75
|
||||
2015
|
$
|
0.85
|
$
|
0.51
|
||||
2016
|
$
|
0.71
|
$
|
0.40
|
2016
|
High
|
Low
|
||||||
First Quarter
|
$
|
0.55
|
$
|
0.47
|
||||
Second Quarter
|
$
|
0.50
|
$
|
0.45
|
||||
Third Quarter
|
$
|
0.65
|
$
|
0.40
|
||||
Fourth Quarter
|
$
|
0.71
|
$
|
0.40
|
||||
2015
|
High
|
Low
|
||||||
First Quarter
|
$
|
0.85
|
$
|
0.59
|
||||
Second Quarter
|
$
|
0.73
|
$
|
0.55
|
||||
Third Quarter
|
$
|
0.79
|
$
|
0.56
|
||||
Fourth Quarter
|
$
|
0.60
|
$
|
0.51
|
||||
2014
|
High
|
Low
|
||||||
First Quarter
|
$
|
0.90
|
$
|
0.75
|
||||
Second Quarter
|
$
|
2.39
|
$
|
0.87
|
||||
Third Quarter
|
$
|
1.30
|
$
|
0.96
|
||||
Fourth Quarter
|
$
|
1.20
|
$
|
0.85
|
2016
|
2015
|
|||||||
Audit fees
|
$
|
250
|
$
|
205
|
||||
Audit related fees
|
-
|
-
|
||||||
Tax fees
|
-
|
-
|
||||||
Total Fees
|
$
|
250
|
$
|
205
|
1. |
Articles of Association of the Company.*
|
2. |
Articles of Amendment of the Articles of Association filed as Exhibit to Form 6K dated April 22, 2009.
|
3. |
Articles of Amendment of the Articles of Association filed as exhibit to Form 20-F for the year ended December 31, 2012.
|
4. |
Specimen of the Company's Common Stock.*
|
5. |
Code of Ethics for Principal Executive Officers and Senior Financial Officers.
|
* |
Incorporated by reference to the Company's 1999 annual report filed with the Commission on Form 20-F.
|
** |
Incorporated by reference to the Company's 2003 annual report filed with the Commission on Form 20-F.
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
|
||
By:
|
/s/ Ran Langer
|
|
Name:
|
Ran Langer
|
|
Title:
|
Managing Director
|
Consolidated Financial Statements:
|
||
F-2 | ||
F-3 | ||
for the Years Ended December 31, 2016, 2015 and 2014 |
F-4
|
|
for the Years Ended December 31, 2016, 2015 and 2014 |
F-5
|
|
December 31, 2016, 2015 and 2014 |
F-6
|
|
F-8 | ||
Financial Statement Schedule:
|
||
F-36 |
For the Years Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Revenue
|
$
|
255,576
|
$
|
187,022
|
$
|
172,929
|
||||||
Cost of revenue
|
222,927
|
167,844
|
152,224
|
|||||||||
GROSS PROFIT
|
32,649
|
19,178
|
20,705
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
2,660
|
2,565
|
2,207
|
|||||||||
Selling, general and administrative
|
22,142
|
20,406
|
17,316
|
|||||||||
Total operating expenses
|
24,802
|
22,971
|
19,523
|
|||||||||
OPERATING INCOME (LOSS)
|
7,847
|
(3,793
|
)
|
1,182
|
||||||||
Other income (expense), net
|
(4,501
|
)
|
(760
|
)
|
448
|
|||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
|
3,346
|
(4,553
|
)
|
1,630
|
||||||||
Income tax expense
|
(1,004
|
)
|
(149
|
)
|
(90
|
)
|
||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
2,342
|
(4,702
|
)
|
1,540
|
||||||||
Loss from discontinued operations,
|
0
|
0
|
(109
|
)
|
||||||||
NET INCOME (LOSS)
|
$
|
2,342
|
$
|
(4,702
|
)
|
$
|
1,431
|
|||||
|
||||||||||||
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
|
||||||||||||
Continuing operations
|
$
|
0.20
|
$
|
(0.58
|
)
|
$
|
0.19
|
|||||
Discontinued operations
|
-
|
-
|
(0.01
|
)
|
||||||||
Net income (loss)
|
$
|
0.20
|
$
|
(0.58
|
)
|
$
|
0.18
|
|||||
Weighted average number of shares outstanding
|
11,518,929
|
8,085,599
|
8,054,390
|
|||||||||
COMPREHENSIVE INCOME (LOSS)
|
||||||||||||
Net income (loss)
|
$
|
2,342
|
$
|
(4,702
|
)
|
$
|
1,431
|
|||||
Translation adjustment
|
(352
|
)
|
(186
|
)
|
(168
|
)
|
||||||
Comprehensive income (loss)
|
$
|
1,990
|
$
|
(4,888
|
)
|
$
|
1,263
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
CASH FLOW FROM OPERATING ACTIVITIES:
|
||||||||||||
Net income (loss)
|
$
|
2,342
|
$
|
(4,702
|
)
|
$
|
1,431
|
|||||
Loss from discontinued operations
|
-
|
-
|
(109
|
)
|
||||||||
Income (loss) from continuing operations
|
2,342
|
(4,702
|
)
|
1,540
|
||||||||
Adjustments to reconcile net income (loss) to net cash provided by
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation and amortization
|
893
|
713
|
761
|
|||||||||
Accrued interest on convertible notes payable to a related party
|
4,801
|
2,601
|
2,321
|
|||||||||
Gain on the sale of property and equipment
|
-
|
-
|
(10
|
)
|
||||||||
Bad debt expense (income)
|
34
|
(43
|
)
|
30
|
||||||||
Deferred income taxes
|
(248
|
)
|
26
|
(30
|
)
|
|||||||
Stock-based compensation
|
-
|
-
|
14
|
|||||||||
Stock issued for services
|
-
|
-
|
20
|
|||||||||
Changes in assets and liabilities, net of acquisition:
|
||||||||||||
Accounts receivable
|
(8,755
|
)
|
(6,279
|
)
|
(6,926
|
)
|
||||||
Prepaid expenses and other current assets
|
(71
|
)
|
(1,020
|
)
|
(72
|
)
|
||||||
Other assets
|
93
|
(15
|
)
|
16
|
||||||||
Accounts payable
|
155
|
463
|
659
|
|||||||||
Accrued expenses and other current liabilities
|
2,006
|
9,102
|
5,354
|
|||||||||
Income tax payable
|
1,043
|
40
|
(3
|
)
|
||||||||
Value added tax (VAT) payable
|
926
|
491
|
1,242
|
|||||||||
Liability to United States Department of Labor
|
-
|
-
|
(259
|
)
|
||||||||
Other liabilities
|
293
|
66
|
(406
|
)
|
||||||||
Net cash provided by (used in) discontinued operations
|
-
|
27
|
(124
|
)
|
||||||||
Net cash provided by operating activities
|
3,512
|
1,470
|
4,127
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase of property and equipment
|
(1,236
|
)
|
(1,037
|
)
|
(645
|
)
|
||||||
Purchase of subsidiary in Cyprus
|
(164
|
)
|
-
|
-
|
||||||||
Proceeds from sale of property and equipment
|
-
|
-
|
9
|
|||||||||
Change in restricted cash
|
470
|
(91
|
)
|
1,859
|
||||||||
Net cash provided by (used in) investing activities
|
$
|
(930
|
)
|
$
|
(1,128
|
)
|
$
|
1,223
|
Level 1 - |
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Companies have the ability to access at the measurement date.
|
Level 2 - |
Inputs to the valuation methodology include:
|
· |
Quoted prices for similar assets or liabilities in active markets;
|
· |
Quoted prices for identical or similar assets or liabilities in inactive markets;
|
· |
Inputs other than quoted prices that are observable for the asset or liability;
|
· |
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
Level 3 - |
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
Years
|
|
Equipment and furniture
|
3-7
|
Internal- use software
|
7
|
Vehicles
|
3-7
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Stock Options
|
150,000
|
150,000
|
150,000
|
|||||||||
Shares Issuable upon Conversion of
|
||||||||||||
Convertible Notes Payable to a Related Party
|
29,162,598
|
33,171,710
|
25,669,039
|
|||||||||
Total
|
29,312,598
|
33,321,710
|
25,819,039
|
· |
A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and
|
· |
A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.
|
Euro
|
Dollar
|
|||||||
Cash
|
300
|
317
|
||||||
Due at obtaining contract tender*
|
100
|
106
|
||||||
Earn out liability**
|
300
|
317
|
||||||
Total consideration given
|
700
|
740
|
||||||
Recognized amounts of identifiable assets acquired and liabilities assumed:
|
||||||||
Accounts receivable
|
269
|
284
|
||||||
Prepaid expenses
|
53
|
56
|
||||||
Property and equipment
|
25
|
26
|
||||||
Other assets
|
84
|
89
|
||||||
Goodwill
|
377
|
398
|
||||||
Total identifiable assets acquired
|
808
|
853
|
||||||
Accounts payable and accrued expenses
|
57
|
60
|
||||||
Other current liabilities
|
51
|
53
|
||||||
Total liabilities assumed
|
108
|
113
|
||||||
700
|
740
|
*Amounts are reflected in accrued expenses and other liabilities on the balance sheet at December 31, 2016.
|
|||||
**Amounts are reflected in other liabilities on the balance sheet at December 31, 2016.
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Revenue
|
$
|
-
|
$
|
97
|
$
|
1,152
|
||||||
Cost of revenue
|
-
|
94
|
1,132
|
|||||||||
GROSS PROFIT
|
-
|
3
|
20
|
|||||||||
Selling, general and administrative expenses
|
-
|
6
|
114
|
|||||||||
OPERATING LOSS
|
-
|
(3
|
)
|
(94
|
)
|
|||||||
Other income (expense), net
|
-
|
3
|
(15
|
)
|
||||||||
Loss from discontinued operations
|
$
|
-
|
$
|
-
|
$
|
(109
|
)
|
Balance sheet data for ATMS is summarized below:
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
Current assets
|
$
|
972
|
$
|
706
|
||||
Total assets
|
$
|
972
|
$
|
706
|
||||
Current liabilities
|
$
|
58
|
$
|
50
|
||||
Non-current liabilities
|
-
|
5
|
||||||
Stockholders' equity
|
914
|
651
|
||||||
Total liability and stockholders' equity
|
$
|
972
|
$
|
706
|
Property and equipment is as follows:
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
Equipment and facilities
|
$
|
5,207
|
$
|
4,360
|
||||
Internal-use software
|
531
|
531
|
||||||
Vehicles
|
1,127
|
1,031
|
||||||
Leasehold improvements
|
257
|
262
|
||||||
7,122
|
6,184
|
|||||||
Less: accumulated depreciation and amortization
|
5,338
|
4,691
|
||||||
Total property and equipment, net
|
$
|
1,784
|
$
|
1,493
|
Depreciation and amortization expense is $893, $713 and $761 for the years ended December 31, 2016, 2015 and 2014, respectively.
|
||||
Accrued expenses and other current liabilities are as follows:
|
||||||||
December 31,
|
||||||||
2016
|
2015
|
|||||||
Accrued payroll and related costs
|
$
|
14,328
|
$
|
12,363
|
||||
Accrued vacation
|
3,415
|
4,522
|
||||||
Accrual for minimum wage increase
|
3,581
|
3,284
|
||||||
Cash overdraft
|
1,109
|
1,300
|
||||||
Labor union contribution
|
1,564
|
920
|
||||||
Other
|
2,505
|
2,676
|
||||||
Total accrued expenses and other current liabilities
|
$
|
26,502
|
$
|
25,065
|
Weighted
|
||||||||||||||||
Average
|
||||||||||||||||
Weighted
|
Remaining
|
|||||||||||||||
Average
|
Contractual
|
|||||||||||||||
Exercise
|
Term
|
Intrinsic
|
||||||||||||||
Number
|
Price
|
(in years)
|
Value
|
|||||||||||||
Outstanding as of January 1, 2016
|
150,000
|
$
|
1.05
|
1.33
|
$
|
-
|
||||||||||
Granted
|
-
|
-
|
-
|
|||||||||||||
Exercised
|
-
|
-
|
-
|
|||||||||||||
Forfeited / Expired
|
-
|
-
|
-
|
|||||||||||||
Outstanding as of December 31, 2016
|
150,000
|
$
|
1.05
|
0.33
|
$
|
-
|
2016
|
2015
|
2014
|
||||||||||
Interest expense to related party (see Note 9)
|
$
|
(4,171
|
)
|
$
|
(2,601
|
)
|
$
|
(2,321
|
)
|
|||
Interest expense and other bank charges
|
(1,430
|
)
|
(1,374
|
)
|
(1,064
|
)
|
||||||
Interest income
|
116
|
169
|
104
|
|||||||||
Foreign currency gain
|
1,005
|
3,066
|
3,749
|
|||||||||
Other expense
|
(21
|
)
|
(20
|
)
|
(20
|
)
|
||||||
Total other income (expense),net
|
$
|
(4,501
|
)
|
$
|
(760
|
)
|
$
|
448
|
The components of income (loss) before income tax benefit (expense) are as follows:
|
||||||||||||
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
The Netherlands
|
$
|
(631
|
)
|
$
|
(2,048
|
)
|
$
|
3,574
|
||||
Subsidiaries outside of the Netherlands
|
3,977
|
(2,505
|
)
|
(1,944
|
)
|
|||||||
Income (loss) before income tax expense
|
$
|
3,346
|
$
|
(4,553
|
)
|
$
|
1,630
|
The components of deferred tax assets and liabilities are as follows:
|
||||||||
December 31,
|
||||||||
2016
|
2015
|
|||||||
Deferred tax assets:
|
||||||||
Operating loss carryforwards
|
$
|
18,907
|
$
|
19,890
|
||||
Capital loss carryforwards
|
145
|
143
|
||||||
Allowance for doubtful accounts
|
20
|
21
|
||||||
Tax credit carryforwards
|
558
|
568
|
||||||
Accrued expenses
|
2,032
|
1,669
|
||||||
Total deferred tax assets
|
21,662
|
22,291
|
||||||
Deferred tax liabilities:
|
||||||||
Depreciation of property and equipment
|
(56
|
)
|
(56
|
)
|
||||
Total deferred tax liabilities
|
21,606
|
22,235
|
||||||
Valuation allowance
|
(21,269
|
)
|
(22,143
|
)
|
||||
Deferred tax assets, net
|
$
|
337
|
$
|
92
|
The Company's effective income tax rate differs from The Netherlands' statutory rate of 25% as follows:
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Effective loss (income) tax benefit from continuing operations at statutory rate
|
$
|
(837
|
)
|
$
|
1,138
|
$
|
(408
|
)
|
||||
Rate differential
|
(493
|
)
|
334
|
104
|
||||||||
Non-deductible expenses
|
(89
|
)
|
(162
|
)
|
(46
|
)
|
||||||
Adjustments to prior year tax losses
|
-
|
1,097
|
(1,053
|
)
|
||||||||
Changes in valuation allowance
|
457
|
(2,868
|
)
|
1,569
|
||||||||
Other
|
(42
|
)
|
312
|
(256
|
)
|
|||||||
Income tax expense from continuing operations
|
$
|
(1,004
|
)
|
$
|
(149
|
)
|
$
|
(90
|
)
|
Airport
|
||||||||||||||||
Security
|
||||||||||||||||
and Other
|
||||||||||||||||
Aviation
|
||||||||||||||||
Corporate
|
Services
|
Technology
|
Total
|
|||||||||||||
Year ended December 31, 2016:
|
||||||||||||||||
Revenue
|
$
|
-
|
$
|
252,878
|
$
|
2,698
|
$
|
255,576
|
||||||||
Depreciation and amortization
|
10
|
846
|
37
|
893
|
||||||||||||
Income (loss) from continuing operations
|
(6,052
|
)
|
10,654
|
(2,260
|
)
|
2,342
|
||||||||||
Total assets from continuing operations
|
431
|
45,945
|
780
|
47,156
|
||||||||||||
Year ended December 31, 2015:
|
||||||||||||||||
Revenue
|
$
|
-
|
$
|
185,519
|
$
|
1,503
|
$
|
187,022
|
||||||||
Depreciation and amortization
|
1
|
655
|
57
|
713
|
||||||||||||
Income (loss) from continuing operations
|
(3,182
|
)
|
1,597
|
(3,117
|
)
|
(4,702
|
)
|
|||||||||
Total assets from continuing operations
|
440
|
41,056
|
853
|
42,349
|
||||||||||||
Year ended December 31, 2014:
|
||||||||||||||||
Revenue
|
$
|
-
|
$
|
172,102
|
$
|
827
|
$
|
172,929
|
||||||||
Depreciation and amortization
|
3
|
689
|
69
|
761
|
||||||||||||
Income (loss) from continuing operations
|
(99
|
)
|
5,106
|
(3,467
|
)
|
1,540
|
||||||||||
Total assets from continuing operations
|
404
|
34,006
|
461
|
34,871
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
United States
|
$
|
47,733
|
$
|
41,817
|
$
|
39,983
|
||||||
The Netherlands
|
87,348
|
72,231
|
69,667
|
|||||||||
Germany
|
108,692
|
61,765
|
49,771
|
|||||||||
Other
|
11,803
|
11,209
|
13,508
|
|||||||||
Total
|
$
|
255,576
|
$
|
187,022
|
$
|
172,929
|
Charges
|
||||||||||||||||||||
(credit)
|
Charges
|
|||||||||||||||||||
to
|
to
|
|||||||||||||||||||
Beginning
|
Costs and
|
other
|
Additions |
End of
|
||||||||||||||||
of year
|
Expenses
|
accounts
|
(Deductions)
|
Year
|
||||||||||||||||
Allowance for doubtful accounts (1):
|
||||||||||||||||||||
Year ended December 31, 2014
|
57
|
74
|
-
|
(15
|
)
|
116
|
||||||||||||||
Year ended December 31, 2015
|
116
|
(65
|
)
|
-
|
(1
|
)
|
50
|
|||||||||||||
Year ended December 31, 2016
|
50
|
34
|
-
|
-
|
84
|
|||||||||||||||
Allowance for net deferred tax assets:
|
||||||||||||||||||||
Year ended December 31, 2014
|
20,844
|
-
|
-
|
(1,569
|
)
|
19,275
|
||||||||||||||
Year ended December 31, 2015
|
19,275
|
-
|
-
|
2,868
|
22,143
|
|||||||||||||||
Year ended December 31, 2016
|
$
|
22,143
|
$
|
-
|
$
|
-
|
$
|
(874
|
)
|
$
|
21,269
|
|||||||||
(1) Write-off net of recoveries for the allowance for doubtful accounts.
|
1 Year ICTS International NV (QB) Chart |
1 Month ICTS International NV (QB) Chart |
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