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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 | 4.98 | 4.98 | 0.00 | 01:00:00 |
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☒
|
U.S. GAAP ☒
|
International Financial Reporting Standards as issued
|
Other ☐
|
by the International Accounting Standards Board ☐
|
Part I
|
||
------
|
||
6
|
||
6
|
||
6
|
||
13
|
||
26
|
||
41
|
||
48
|
||
50
|
||
51
|
||
52
|
||
65
|
||
65
|
||
Part II
|
||
-------
|
||
65
|
||
65
|
||
65
|
||
66
|
||
66
|
||
66
|
||
67
|
||
67
|
||
67
|
||
67
|
||
Part III
|
||
--------
|
||
68
|
||
68
|
||
68
|
||
Exhibits
|
||
--------
|
||
Exhibit 13.2 | Certification |
(U.S. dollars in Thousands)
|
||||||||||||||||||||
December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
Cash and cash equivalents
|
$
|
9,073
|
$
|
3,892
|
$
|
7,912
|
$
|
5,973
|
$
|
3,134
|
||||||||||
Total current assets
|
61,982
|
43,908
|
40,002
|
32,893
|
26,938
|
|||||||||||||||
Total assets from discontinued operations
|
306
|
853
|
-
|
134
|
484
|
|||||||||||||||
Total assets
|
70,763
|
47,156
|
42,349
|
35,005
|
29,139
|
|||||||||||||||
Total current liabilities
|
59,197
|
45,365
|
45,007
|
35,479
|
32,115
|
|||||||||||||||
Total liabilities from discontinued operations
|
41
|
536
|
-
|
102
|
464
|
|||||||||||||||
Total liabilities
|
97,505
|
80,633
|
84,557
|
74,064
|
69,495
|
|||||||||||||||
shareholders' deficit
|
(26,742
|
)
|
(33,477
|
)
|
(42,208
|
)
|
(39,059
|
)
|
(40,356
|
)
|
· |
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,
|
||||
2018
|
$
|
2,009
|
||
2019
|
612
|
|||
2020
|
289
|
|||
2021
|
13
|
|||
|
$
|
2,923
|
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,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Revenue
|
$
|
297,682
|
$
|
255,576
|
$
|
187,022
|
||||||
Cost of revenue
|
254,009
|
222,927
|
167,844
|
|||||||||
Gross profit
|
43,673
|
32,649
|
19,178
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
2,683
|
2,660
|
2,565
|
|||||||||
Selling, general and administrative
|
26,920
|
22,142
|
20,406
|
|||||||||
Total operating expenses
|
29,603
|
24,802
|
22,971
|
|||||||||
OPERATING INCOME (LOSS)
|
14,070
|
7,847
|
(3,793
|
)
|
||||||||
Other expenses, net
|
(6,172
|
)
|
(4,501
|
)
|
(760
|
)
|
||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
|
7,898
|
3,346
|
(4,553
|
)
|
||||||||
Income tax expense
|
2,033
|
1,004
|
149
|
|||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
5,865
|
2,342
|
(4,702
|
)
|
||||||||
Loss from discontinued operations
|
(95
|
)
|
-
|
-
|
||||||||
NET INCOME (LOSS)
|
5,770
|
2,342
|
(4,702
|
)
|
||||||||
Less: Net loss attributable to non controlling interest
|
(50
|
)
|
-
|
-
|
||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V.
|
$
|
5,820
|
$
|
2,342
|
$
|
(4,702
|
)
|
Year ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||
Cost of revenue
|
85.3
|
%
|
87.2
|
%
|
89.7
|
%
|
||||||
Gross profit
|
14.7
|
%
|
12.8
|
%
|
10.3
|
%
|
||||||
Research and development
|
0.9
|
%
|
1.0
|
%
|
1.4
|
%
|
||||||
Selling, general and administrative
|
9.0
|
%
|
8.7
|
%
|
10.9
|
%
|
||||||
Total operating expenses
|
9.9
|
%
|
9.7
|
%
|
12.3
|
%
|
||||||
OPERATING INCOME (LOSS)
|
4.8
|
%
|
3.1
|
%
|
(2.0
|
)%
|
||||||
Other expenses, net
|
(2.1
|
)%
|
(1.8
|
)%
|
(0.5
|
)%
|
||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
|
2.7
|
%
|
1.3
|
%
|
(2.5
|
)%
|
||||||
Income tax expense
|
0.7
|
%
|
0.4
|
%
|
-
|
%
|
||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
2.0
|
%
|
0.9
|
%
|
(2.5
|
)%
|
||||||
Loss from discontinued operations
|
-
|
%
|
-
|
%
|
-
|
%
|
||||||
NET INCOME (LOSS)
|
2.0
|
%
|
0.9
|
%
|
(2.5
|
)%
|
||||||
Less: Net loss attributable to non controlling interest
|
-
|
%
|
-
|
%
|
-
|
%
|
||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V.
|
2.0
|
%
|
0.9
|
%
|
(2.5
|
)%
|
(U.S. dollars in Thousands)
|
||||||||||||
Year ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Germany
|
$
|
125,896
|
$
|
108,692
|
$
|
61,765
|
||||||
Netherlands
|
103,862
|
87,348
|
72,231
|
|||||||||
United States of America
|
52,234
|
47,733
|
41,817
|
|||||||||
Other
|
15,690
|
11,803
|
11,209
|
|||||||||
Total
|
$
|
297,682
|
$
|
255,576
|
$
|
187,022
|
Airport
|
||||||||||||||||
Security
|
||||||||||||||||
and Other
|
||||||||||||||||
Aviaton
|
||||||||||||||||
Corporate
|
Services
|
Technology
|
Total
|
|||||||||||||
Year ended December 31, 2017:
|
||||||||||||||||
Revenue
|
$
|
-
|
$
|
292,393
|
$
|
5,289
|
$
|
297,682
|
||||||||
Depreciation and amortization
|
46
|
1,333
|
37
|
1,416
|
||||||||||||
Income (loss) from continuing operations
|
(9,294
|
)
|
15,803
|
(644
|
)
|
5,865
|
||||||||||
Total assets from continuing operations
|
4,403
|
63,428
|
2,626
|
70,457
|
||||||||||||
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
|
45,092
|
780
|
46,303
|
||||||||||||
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
|
Contractual Obligations
|
Payments due by Period (U.S. Dollars in Thousands)
|
|||||||||||||||||||
Total
|
Less than 1 Year
|
1-3 years
|
4-5 years
|
more than 5 years
|
||||||||||||||||
Line of credit in the U.S.
|
$
|
6,605
|
$
|
6,605
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Lines of credit in Europe
|
3,410
|
-
|
3,410
|
-
|
-
|
|||||||||||||||
Loan payable to related party, including accrued interest
|
1,409
|
1,409
|
-
|
-
|
-
|
|||||||||||||||
Loan payable
|
1,198
|
1,198
|
-
|
-
|
-
|
|||||||||||||||
Consulting agreements
|
1,078
|
178
|
540
|
360
|
-
|
|||||||||||||||
Convertible notes payable - related party (including interest)
|
37,589
|
-
|
37,589
|
-
|
-
|
|||||||||||||||
Future interest and fees on line of credit and convertible notes to a related party (1)
|
9,000
|
-
|
9,000
|
-
|
-
|
|||||||||||||||
Minimum wage increase settlement
|
1,628
|
1,128
|
500
|
-
|
-
|
|||||||||||||||
Operating lease obligations
|
2,923
|
2,009
|
914
|
-
|
-
|
|||||||||||||||
|
$
|
64,840
|
$
|
12,527
|
$
|
51,953
|
$
|
360
|
$
|
-
|
Contractual Obligations
|
Payments due by Period (U.S. Dollars in Thousands)
|
|||||||||||||||||||
Total
|
Less than 1 Year
|
1-3 years
|
4-5 years
|
more than 5 years
|
||||||||||||||||
Guarantees
|
$
|
2,952
|
$
|
-
|
$
|
2,112
|
$
|
840
|
$
|
-
|
||||||||||
Letters of credit
|
233
|
233
|
-
|
-
|
-
|
|||||||||||||||
|
$
|
3,185
|
$
|
233
|
$
|
2,112
|
$
|
840
|
$
|
-
|
Age
|
Position
|
|||||
Menachem Atzmon
|
73
|
Chairman of the Supervisory Board
|
||||
David W. Sass
|
82
|
Member of the Supervisory Board
|
||||
Gail F. Lieberman
|
74
|
Member of the Supervisory Board, Member of
|
||||
the Audit Committee and Chairman of the Compensation Committee | ||||||
Gordon Hausmann
|
72
|
Member of the Supervisory Board, Member of the Compensation
|
||||
Committee and Member of the Audit Committee
|
||||||
Philip M. Getter
|
81
|
Member of the Supervisory Board, Chairman of the Audit Committee
|
||||
Ran Langer
|
72
|
Managing Director
|
||||
Alon Raich
|
42
|
Chief Financial Officer
|
Non-equity
|
Nonqualified
|
Number
|
Number
|
|||||||||||||||||||||||||||||||
Incentive
|
Deferred
|
of
|
of
|
|||||||||||||||||||||||||||||||
Principal
|
All Other
|
Plan
|
Compensation
|
Option
|
Stock
|
|||||||||||||||||||||||||||||
Position
|
Year
|
Salary
|
Bonus
|
Compensations
|
Compensation
|
Earnings
|
Award
|
Awards
|
Total
|
|||||||||||||||||||||||||
|
|
$
|
$
|
$
|
$
|
$
|
$
|
|||||||||||||||||||||||||||
Managing
|
2017
|
423
|
-
|
32
|
-
|
-
|
-
|
-
|
455
|
|||||||||||||||||||||||||
Director (a)
|
2016
|
332
|
1,106
|
60
|
-
|
-
|
-
|
-
|
1,498
|
|||||||||||||||||||||||||
|
2015
|
222
|
1,110
|
21
|
-
|
-
|
-
|
-
|
1,353
|
Salaries, fees,
|
Pension, retirement
|
|||||||
commissions
|
and other
|
|||||||
and bonuses
|
similar benefits
|
|||||||
(in thousands)
|
||||||||
|
||||||||
Supervisory Directors as a group ( 5 persons)
|
$
|
174
|
$
|
-
|
||||
Officers as a group ( 4 persons)
|
$
|
1,081
|
$
|
129
|
Percent of
|
||||||||
Amount Beneficially
|
Common shares
|
|||||||
Name Shareholders Holding Five Percent or More
|
Owned (a)
|
Outstanding (b)
|
||||||
|
||||||||
MacPherson Trust ( c )
|
49.6
|
%
|
12,085,528
|
|||||
Menachem J. Atzmon
|
19.9
|
%
|
4,850,000
|
|||||
All officers and directors as a group and the MacPherson Trust (9 persons)
|
87.2
|
%
|
21,221,574
|
Year
|
High
|
Low
|
||||||
2013
|
$
|
1.30
|
$
|
0.45
|
||||
2014
|
$
|
2.39
|
$
|
0.75
|
||||
2015
|
$
|
0.85
|
$
|
0.51
|
||||
2016
|
$
|
0.71
|
$
|
0.40
|
||||
2017
|
$
|
1.30
|
$
|
0.45
|
2017
|
High
|
Low
|
|||||||
First quarter
|
$
|
0.55
|
$
|
0.45
|
|||||
Second quarter
|
$
|
0.62
|
$
|
0.45
|
|||||
Third quarter
|
$
|
0.80
|
$
|
0.55
|
|||||
Fourth quarter
|
$
|
1.30
|
$
|
0.51
|
|||||
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
|
2017
|
2016
|
|||||||
Audit fees
|
$
|
225
|
$
|
250
|
||||
Audit related fees
|
-
|
-
|
||||||
Tax fees
|
-
|
-
|
||||||
Total fees
|
$
|
225
|
$
|
250
|
2. |
3. |
* |
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
|
||
Date: |
May 9, 2018
|
Page
|
|
Consolidated Financial Statements:
|
|
F-2
|
|
F-3
|
|
F-4
|
|
F-5
|
|
F-6
|
|
F-8
|
|
Financial Statement Schedule:
|
|
F-37
|
For the Years Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Revenue
|
$
|
297,682
|
$
|
255,576
|
$
|
187,022
|
||||||
Cost of revenue
|
254,009
|
222,927
|
167,844
|
|||||||||
GROSS PROFIT
|
43,673
|
32,649
|
19,178
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
2,683
|
2,660
|
2,565
|
|||||||||
Selling, general and administrative
|
26,920
|
22,142
|
20,406
|
|||||||||
Total operating expenses
|
29,603
|
24,802
|
22,971
|
|||||||||
OPERATING INCOME (LOSS)
|
14,070
|
7,847
|
(3,793
|
)
|
||||||||
Other expense, net
|
(6,172
|
)
|
(4,501
|
)
|
(760
|
)
|
||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
|
7,898
|
3,346
|
(4,553
|
)
|
||||||||
Income tax expense
|
2,033
|
1,004
|
149
|
|||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
5,865
|
2,342
|
(4,702
|
)
|
||||||||
Loss from discontinued operations
|
(95
|
)
|
-
|
-
|
||||||||
NET INCOME (LOSS)
|
5,770
|
2,342
|
(4,702
|
)
|
||||||||
Less: Net loss attributable to non-controlling interests
|
(50
|
)
|
-
|
-
|
||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V.
|
$
|
5,820
|
$
|
2,342
|
$
|
(4,702
|
)
|
|||||
|
||||||||||||
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
|
||||||||||||
Continuing operations
|
$
|
0.28
|
$
|
0.20
|
$
|
(0.58
|
)
|
|||||
Discontinued operations (*)
|
-
|
-
|
-
|
|||||||||
Net income (loss)
|
$
|
0.28
|
$
|
0.20
|
$
|
(0.58
|
)
|
|||||
Weighted average number of shares outstanding
|
21,000,000
|
11,518,929
|
8,085,599
|
|||||||||
COMPREHENSIVE INCOME (LOSS)
|
||||||||||||
Net income (loss)
|
$
|
5,770
|
$
|
2,342
|
$
|
(4,702
|
)
|
|||||
Translation adjustment
|
965
|
(352
|
)
|
(186
|
)
|
|||||||
Comprehensive income (loss)
|
6,735
|
1,990
|
(4,888
|
)
|
||||||||
Less: Comprehensive loss attributable to non-controlling interests.
|
(30
|
)
|
-
|
-
|
||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V.
|
$
|
6,765
|
$
|
1,990
|
$
|
(4,888
|
)
|
See accompanying notes to the consolidated financial statements.
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
CASH FLOW FROM OPERATING ACTIVITIES:
|
||||||||||||
Income from continuing operations
|
$
|
5,865
|
$
|
2,342
|
$
|
(4,702
|
)
|
|||||
Loss from discontinued operations
|
(95
|
)
|
-
|
-
|
||||||||
Net income (loss)
|
5,770
|
2,342
|
(4,702
|
)
|
||||||||
Adjustments to reconcile net income (loss) to net cash provided by
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation and amortization
|
1,416
|
893
|
713
|
|||||||||
Accrued interest on convertible notes payable to a related party
|
2,706
|
4,801
|
2,601
|
|||||||||
Accrued interest on loan payable to a related party
|
109
|
- | - | |||||||||
Bad debt expense (income)
|
19
|
34
|
(43
|
)
|
||||||||
Deferred income taxes
|
33
|
(248
|
)
|
26
|
||||||||
Changes in assets and liabilities:
|
||||||||||||
Accounts receivable, net
|
(7,513
|
)
|
(8,755
|
)
|
(6,279
|
)
|
||||||
Prepaid expenses and other current assets
|
(585
|
)
|
(71
|
)
|
(1,020
|
)
|
||||||
Other assets
|
(359
|
)
|
93
|
(15
|
)
|
|||||||
Accounts payable
|
1,667
|
155
|
463
|
|||||||||
Accrued expenses and other current liabilities
|
3,144
|
2,016
|
9,102
|
|||||||||
Income taxes payable
|
1,866
|
1,043
|
40
|
|||||||||
VAT payable
|
232
|
926
|
491
|
|||||||||
Other liabilities
|
231
|
293
|
66
|
|||||||||
Net cash provided by discontinued operations
|
95
|
-
|
27
|
|||||||||
|
||||||||||||
Net cash provided by operating activities
|
8,831
|
3,522
|
1,470
|
|||||||||
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase of property and equipment
|
(2,529
|
)
|
(1,236
|
)
|
(1,037
|
)
|
||||||
Purchase of subsidiary in Denmark, net of acquired cash of $499
|
(1,066
|
)
|
-
|
-
|
||||||||
Investment in White Line B.V.
|
(3,500
|
)
|
-
|
-
|
||||||||
Purchase of subsidiary in Cyprus, discontinued operations
|
-
|
(164
|
)
|
-
|
||||||||
|
||||||||||||
Net cash used in investing activities
|
$
|
(7,095
|
)
|
$
|
(1,400
|
)
|
$
|
(1,037
|
)
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
CASH FLOW FROM FINANCING ACTIVITIES:
|
||||||||||||
Borrowings (repayments) under lines of credit, net
|
$
|
1,387
|
$
|
(2,874
|
)
|
$
|
1,877
|
|||||
Net proceeds (repayments) from convertible notes payable to a related party
|
(2,426
|
)
|
(3,282
|
)
|
1,364
|
|||||||
Net proceeds from loan payable to a related party
|
1,300
|
- | - | |||||||||
Proceeds from stock issuance
|
-
|
1,159
|
1,739
|
|||||||||
Increase (decrease) in cash overdraft
|
(1,109
|
)
|
(191
|
)
|
264
|
|||||||
Proceeds from loan payable
|
1,198
|
- | - | |||||||||
Net cash provided by (used in) financing activities
|
350
|
(5,188
|
)
|
5,244
|
||||||||
EFFECT OF CHANGES IN FOREIGN CURRENCY EXCHANGE
|
||||||||||||
RATES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
3,740
|
(1,555
|
)
|
(4,110
|
)
|
|||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
5,826
|
(4,621
|
)
|
1,567
|
||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF YEAR
|
7,679
|
12,300
|
10,733
|
|||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF YEAR
|
$
|
13,505
|
$
|
7,679
|
$
|
12,300
|
||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
|
||||||||||||
Conversion of accrued interest to related party to shares of common stock
|
$
|
-
|
$
|
5,429
|
$
|
-
|
||||||
|
||||||||||||
Purchase of Cyprus Subsidiary included in current and non current liabilities from discontinued operations
|
$
|
-
|
$
|
421
|
$
|
-
|
||||||
|
||||||||||||
Acquisition of subsidiary funded by non controlling interest, discontinued operations
|
$
|
-
|
$
|
153
|
$
|
-
|
||||||
|
||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES
|
||||||||||||
Cash paid during the year for:
|
||||||||||||
Interest
|
$
|
634
|
$
|
678
|
$
|
543
|
||||||
|
||||||||||||
Income taxes
|
$
|
120
|
$
|
164
|
$
|
305
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
Cash and cash equivalents
|
$
|
9,073
|
$
|
3,892
|
||||
Restricted cash
|
4,432
|
3,787
|
||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows.
|
$
|
13,505
|
$
|
7,679
|
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 facilities
|
3-7
|
|||
Internal- use software
|
7
|
|||
Vehicles
|
3-7
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Stock Options
|
-
|
150,000
|
150,000
|
|||||||||
Shares issuable upon conversion of convertible notes
|
||||||||||||
payable to related party at a price of $1.50
|
16,652,333
|
16,852,097
|
19,365,121
|
|||||||||
Shares issuable upon conversion of accrued interest
|
||||||||||||
payable to related party at a price of $0.75
|
16,815,677
|
12,310,501
|
13,806,589
|
|||||||||
Total
|
33,468,010
|
29,312,598
|
33,321,710
|
· |
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.
|
• |
The fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or value using an alternative measurement method) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification;
|
• |
The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and
|
• |
The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified.
|
DKK
|
U.S. Dollars
|
|||||||
Cash
|
3,161
|
499
|
||||||
Accounts receivable
|
3,219
|
508
|
||||||
Other receivables
|
124
|
20
|
||||||
Fixed assets
|
665
|
105
|
||||||
Goodwill
|
4,478
|
707
|
||||||
Total identifiable assets acquired
|
11,647
|
1,839
|
||||||
|
||||||||
Accouts payable and accrued expenses
|
1,647
|
260
|
||||||
Total liabilities assumed
|
1,647
|
260
|
||||||
10,000
|
1,579
|
Euro
|
U.S. Dollars
|
|||||||
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
|
||||||
Goodwill
|
377
|
398
|
||||||
Other assets
|
84
|
89
|
||||||
Total identifiable assets acquired
|
808
|
853
|
||||||
|
||||||||
Accounts payable
|
51
|
53
|
||||||
Accrued expenses and other liabilities
|
57
|
60
|
||||||
Total liabilities assumed
|
108
|
113
|
||||||
|
700
|
740
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Revenue
|
$
|
609
|
$
|
-
|
$
|
97
|
||||||
Cost of revenue
|
588
|
-
|
94
|
|||||||||
GROSS PROFIT
|
21
|
-
|
3
|
|||||||||
Selling, general and administrative expenses
|
116
|
-
|
6
|
|||||||||
OPERATING LOSS
|
(95
|
)
|
-
|
(3
|
)
|
|||||||
Other income, net
|
-
|
-
|
3
|
|||||||||
Net loss
|
(95
|
)
|
-
|
-
|
||||||||
LESS: Net loss attributable to non controlling interest
|
47
|
-
|
-
|
|||||||||
LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ICTS INTERNATIONAL N.V.
|
$
|
(48
|
)
|
$
|
-
|
$
|
-
|
Property and equipment is as follows:
|
||||||||
December 31,
|
||||||||
2017
|
2016
|
|||||||
Equipment and facilities
|
$
|
6,780
|
$
|
5,118
|
||||
Internal-use software
|
554
|
531
|
||||||
Vehicles
|
1,737
|
1,127
|
||||||
Leasehold improvements
|
460
|
257
|
||||||
|
9,531
|
7,033
|
||||||
Less: accumulated depreciation and amortization
|
6,326
|
5,275
|
||||||
Total property and equipment, net
|
$
|
3,205
|
$
|
1,758
|
Accrued expenses and other current liabilities are as follows:
|
||||||||
December 31,
|
||||||||
2017
|
2016
|
|||||||
Accrued payroll and related costs
|
$
|
18,067
|
$
|
14,328
|
||||
Accrued vacation
|
5,432
|
3,415
|
||||||
Accrual for minimum wage increase
|
1,128
|
3,581
|
||||||
Cash overdraft
|
-
|
1,109
|
||||||
Labor union contribution
|
1,912
|
1,564
|
||||||
Other
|
4,169
|
2,339
|
||||||
Total accrued expenses and other current liabilities
|
$
|
30,708
|
$
|
26,336
|
Other expense, net is summarized as follows:
|
||||||||||||
Year ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Interest expense to related parties (see Note 10)
|
$
|
(2,875
|
)
|
$
|
(4,171
|
)
|
$
|
(2,601
|
)
|
|||
Interest expense and other bank charges
|
(1,073
|
)
|
(1,430
|
)
|
(1,374
|
)
|
||||||
Interest income
|
170
|
116
|
169
|
|||||||||
Foreign currency gain (loss)
|
(2,450
|
)
|
1,005
|
3,066
|
||||||||
Other income (expense)
|
56
|
(21
|
)
|
(20
|
)
|
|||||||
Total other expense,net
|
$
|
(6,172
|
)
|
$
|
(4,501
|
)
|
$
|
(760
|
)
|
The components of income (loss) before income tax expense from continuing operations are as follows:
|
||||||||||||
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
The Netherlands
|
$
|
1,602
|
$
|
(631
|
)
|
$
|
(2,048
|
)
|
||||
Subsidiaries outside of the Netherlands
|
6,296
|
3,977
|
(2,505
|
)
|
||||||||
Income (loss) before income tax expense
|
$
|
7,898
|
$
|
3,346
|
$
|
(4,553
|
)
|
The components of deferred tax assets and liabilities are as follows:
|
||||||||
December 31,
|
||||||||
2017
|
2016
|
|||||||
Deferred tax assets:
|
||||||||
Operating loss carryforwards
|
$
|
14,761
|
$
|
18,907
|
||||
Capital loss carryforwards
|
147
|
145
|
||||||
Allowance for doubtful accounts
|
13
|
20
|
||||||
Tax credit carryforwards
|
558
|
558
|
||||||
Accrued expenses
|
910
|
2,032
|
||||||
Total deferred tax assets
|
16,389
|
21,662
|
||||||
Deferred tax liabilities:
|
||||||||
Depreciation of property and equipment
|
(139
|
)
|
(56
|
)
|
||||
|
16,250
|
21,606
|
||||||
Valuation allowance
|
(15,901
|
)
|
(21,269
|
)
|
||||
Deferred tax assets, net
|
$
|
349
|
$
|
337
|
Year ending
|
||||
December 31,
|
||||
2018
|
$
|
2,009
|
||
2019
|
612
|
|||
2020
|
289
|
|||
2021
|
13
|
|||
|
$
|
2,923
|
Airport
|
||||||||||||||||
Security
|
||||||||||||||||
and Other
|
||||||||||||||||
Aviation
|
||||||||||||||||
Corporate
|
Services
|
Technology
|
Total
|
|||||||||||||
Year ended December 31, 2017:
|
||||||||||||||||
Revenue
|
$
|
-
|
$
|
292,393
|
$
|
5,289
|
$
|
297,682
|
||||||||
Depreciation and amortization
|
46
|
1,333
|
37
|
1,416
|
||||||||||||
Income (loss) from continuing operations
|
(9,294
|
)
|
15,803
|
(644
|
)
|
5,865
|
||||||||||
Total assets from continuing operations
|
4,403
|
63,428
|
2,626
|
70,457
|
||||||||||||
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
|
45,092
|
780
|
46,303
|
||||||||||||
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,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Germany
|
$
|
125,896
|
$
|
108,692
|
$
|
61,765
|
||||||
The Netherlands
|
103,862
|
87,348
|
72,231
|
|||||||||
United States
|
52,234
|
47,733
|
41,817
|
|||||||||
Other
|
15,690
|
11,803
|
11,209
|
|||||||||
Total
|
$
|
297,682
|
$
|
255,576
|
$
|
187,022
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
Germany
|
$
|
333
|
$
|
359
|
||||
The Netherlands
|
1,668
|
729
|
||||||
United States
|
742
|
487
|
||||||
Other
|
462
|
183
|
||||||
Total
|
$
|
3,205
|
$
|
1,758
|
EUR
|
U.S. Dollars
|
|||||||
Cash
|
29
|
36
|
||||||
Accounts receivable
|
142
|
175
|
||||||
Fixed assets
|
88
|
108
|
||||||
Other assets
|
11
|
14
|
||||||
Goodwill
|
188
|
232
|
||||||
Total identifiable assets acquired
|
458
|
565
|
||||||
Notes payables - banks
|
11
|
14
|
||||||
Accounts payable
|
19
|
23
|
||||||
Accrued expenses and other current liabilities
|
126
|
155
|
||||||
Other liabilities
|
119
|
147
|
||||||
Total liabilities assumed
|
275
|
339
|
||||||
183
|
226
|
Charges (credit)
|
Charges
|
|||||||||||||||||||
to
|
to
|
|||||||||||||||||||
Beginning
|
Costs and
|
other
|
End of
|
|||||||||||||||||
of year
|
Expenses
|
accounts
|
Deductions
|
Year
|
||||||||||||||||
Allowance for doubtful accounts (1):
|
||||||||||||||||||||
Year ended December 31, 2015
|
$
|
116
|
$
|
(65
|
)
|
$
|
-
|
$
|
(1
|
)
|
$
|
50
|
||||||||
Year ended December 31, 2016
|
50
|
34
|
-
|
-
|
84
|
|||||||||||||||
Year ended December 31, 2017
|
84
|
97
|
(78
|
)
|
-
|
103
|
||||||||||||||
|
||||||||||||||||||||
Allowance for net deferred tax assets:
|
||||||||||||||||||||
Year ended December 31, 2015
|
$
|
19,275
|
$
|
-
|
$
|
-
|
$
|
2,868
|
$
|
22,143
|
||||||||||
Year ended December 31, 2016
|
22,143
|
-
|
-
|
(874
|
)
|
21,269
|
||||||||||||||
Year ended December 31, 2017
|
21,269
|
-
|
-
|
(5,368
|
)
|
15,901
|
1 Year ICTS International NV (QB) Chart |
1 Month ICTS International NV (QB) Chart |
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