We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
ImageWare Systems Incorporated (CE) | USOTC:IWSY | 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% | 0.0001 | 0.00 | 01:00:00 |
[X]
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
Delaware
|
|
33-0224167
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
10815 Rancho Bernardo Road, Suite 310,
San Diego, CA 92127
(Address of principal executive offices)
|
||
(858) 673-8600
(Registrant’s Telephone Number, Including Area
Code)
|
Large accelerated filer
|
[ ]
|
Accelerated filer
|
[X]
|
Non-accelerated filer
(Do not check if smaller reporting company)
|
[ ]
|
Smaller Reporting Company
|
[ ]
|
|
|
|
Page
|
|
|
||
|
|||
|
1
|
||
|
15
|
||
|
22
|
||
|
22
|
||
|
22
|
||
|
22
|
||
|
|
|
|
|
|||
|
23
|
||
|
25
|
||
|
27
|
||
|
47
|
||
|
47
|
||
|
47
|
||
|
48
|
||
|
48
|
||
|
|
|
|
|
|
|
|
|
49
|
||
|
49
|
||
|
49
|
||
|
49
|
||
|
49
|
||
|
|
|
|
|
|||
|
50
|
||
|
|
|
|
50
|
|||
53
|
I
TEM 1.
|
BUSINESS
|
I
TEM 1A.
|
RISK FACTORS
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
2016 Fiscal Quarters
|
High
|
Low
|
First
Quarter
|
$
1.49
|
$
0.85
|
Second
Quarter
|
$
1.52
|
$
1.06
|
Third
Quarter
|
$
1.47
|
$
1.12
|
Fourth
Quarter
|
$
1.35
|
$
0.95
|
|
|
|
2015 Fiscal Quarters
|
High
|
Low
|
First
Quarter
|
$
2.36
|
$
1.50
|
Second
Quarter
|
$
1.89
|
$
1.39
|
Third
Quarter
|
$
2.04
|
$
1.41
|
Fourth
Quarter
|
$
1.64
|
$
.90
|
|
12/31/11
|
12/31/12
|
12/31/13
|
12/31/14
|
12/31/15
|
12/31/16
|
ImageWare Systems, Inc.
|
$100.00
|
$106.25
|
$241.25
|
$300.00
|
$162.50
|
$166.25
|
NASDAQ Composite Index
|
$100.00
|
$115.91
|
$160.32
|
$181.80
|
$192.21
|
$206.63
|
S&P Information Technology
|
$100.00
|
$114.82
|
$147.47
|
$177.13
|
$187.63
|
$213.61
|
Statement of Operations Data:
|
Year Ended December 31,
|
||||
(In
thousands, except share and per share data)
|
2016
|
2015
|
2014
|
2013
|
2012
|
Revenues:
|
|
|
|
|
|
Product
|
$
1,249
|
$
2,192
|
$
1,634
|
$
2,686
|
$
1,145
|
Maintenance
|
2,563
|
2,577
|
2,525
|
2,618
|
2,806
|
|
3,812
|
4,769
|
4,159
|
5,304
|
3,951
|
Cost of revenues:
|
|
|
|
|
|
Product
|
243
|
1,117
|
257
|
319
|
227
|
Maintenance
|
827
|
827
|
735
|
771
|
975
|
Gross
profit
|
2,742
|
2,825
|
3,167
|
4,214
|
2,749
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
General
and administrative
|
3,722
|
3,437
|
3,818
|
3,378
|
3,430
|
Sales
and marketing
|
3,021
|
2,791
|
2,471
|
2,129
|
1,830
|
Research
and development
|
5,332
|
4,643
|
4,495
|
3,869
|
3,180
|
Depreciation
and amortization
|
129
|
164
|
179
|
125
|
69
|
|
12,204
|
11,035
|
10,963
|
9,501
|
8,509
|
Loss
from operations
|
(9,462
)
|
(8,210
)
|
(7,796
)
|
(5,287
)
|
(5,760
)
|
|
|
|
|
|
|
Interest
expense
|
245
|
447
|
416
|
221
|
18
|
Change
in fair value of derivative liabilities
|
—
|
—
|
—
|
4,776
|
4,712
|
Other
income, net
|
(201
)
|
(145
)
|
(297
)
|
(443
)
|
(322
)
|
Loss
before income taxes
|
(9,506
)
|
(8,512
)
|
(7,915
)
|
(9,841
)
|
(10,168
)
|
|
|
|
|
|
|
Income
tax expense
|
21
|
22
|
25
|
8
|
22
|
Net
loss
|
$
(9,527
)
|
$
(8,534
)
|
$
(7,940
)
|
$
(9,849
)
|
$
(10,190
)
|
Preferred
dividends
|
(1,347
)
|
(1,065
)
|
(51
)
|
(51
)
|
(51
)
|
Net
loss available to common shareholders
|
$
(10,874
)
|
$
(9,599
)
|
$
(7,991
)
|
$
(9,900
)
|
$
(10,241
)
|
|
|
|
|
|
|
Basic and diluted loss per common share
|
|
|
|
|
|
Net
loss
|
$
(0.10
)
|
$
(0.09
)
|
$
(0.09
)
|
$
(0.12
)
|
$
(0.14
)
|
Preferred
dividends
|
(0.02
)
|
(0.01
)
|
(—
)
|
(—
)
|
(—
)
|
Basic
and diluted loss per share available to common
shareholders
|
$
(0.12
)
|
$
(0.10
)
|
$
(0.09
)
|
$
(0.12
)
|
$
(0.14
)
|
Basic
and diluted weighted-average shares outstanding
|
94,426,783
|
93,786,079
|
91,795,971
|
81,231,962
|
70,894,916
|
I
TEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
|
|
Level 1
|
Unadjusted quoted prices in active markets that are accessible at
the measurement date for identical, unrestricted assets or
liabilities.
|
|
|
|
|
Level 2
|
Applies to assets or liabilities for which there are inputs other
than quoted prices included within Level 1 that are observable for
the asset or liability such as quoted prices for similar assets or
liabilities in active markets; quoted prices for identical assets
or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in
which significant inputs are observable or can be derived
principally from, or corroborated by, observable market
data.
|
|
|
|
|
Level 3
|
Prices or valuation techniques that require inputs that are both
significant to the fair value measurement and unobservable
(supported by little or no market activity).
|
Net Product Revenue
(dollars in thousands)
|
Year Ended
December
31,
2016
|
|
$
Change
|
|
%
Change
|
|
|
Year Ended
December
31,
2015
|
|
|
$
Change
|
|
%
Change
|
|
|
Year Ended
December
31,
2014
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Software and royalties
|
$
|
857
|
|
|
|
(744
|
)
|
|
(46)%
|
|
|
$
|
1,601
|
|
|
$
|
288
|
|
22
|
%
|
|
$
|
1,313
|
|
Percentage of total net product revenue
|
|
69
|
%
|
|
|
|
|
|
|
|
|
|
73
|
%
|
|
|
|
|
|
|
|
|
80
|
%
|
Hardware and consumables
|
$
|
68
|
|
|
|
34
|
|
|
100%
|
|
|
$
|
34
|
|
|
$
|
(76
|
)
|
(69)
|
%
|
|
$
|
110
|
|
Percentage of total net product revenue
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
7
|
%
|
Services
|
$
|
324
|
|
|
|
(233
|
)
|
|
(42)%
|
|
|
$
|
557
|
|
|
$
|
346
|
|
164
|
%
|
|
$
|
211
|
|
Percentage of total net product revenue
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
25
|
%
|
|
|
|
|
|
|
|
|
13
|
%
|
Total net product revenue
|
$
|
1,249
|
|
|
|
(943
|
)
|
|
(43)%
|
|
|
$
|
2,192
|
|
|
$
|
558
|
|
34
|
%
|
|
$
|
1,634
|
|
Net Maintenance Revenue
(dollars in thousands)
|
Year Ended
December
31,
2016
|
|
$
Change
|
|
%
Change
|
|
Year Ended
December
31,
2015
|
|
$
Change
|
|
%
Change
|
|
Year Ended
December
31,
2014
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Maintenance Revenue
|
|
$
|
2,563
|
|
|
|
(14
|
)
|
|
|
(1)%
|
|
|
$
|
2,577
|
|
|
$
|
52
|
|
|
|
2
|
%
|
|
$
|
2,525
|
|
Cost of Product
Revenue
(dollars in thousands)
|
|
Year Ended
December
31,
2016
|
|
|
$
Change
|
|
%
Change
|
|
|
Year Ended
December
31,
2015
|
|
|
$
Change
|
|
|
%
Change
|
|
|
Year Ended
December
31,
2014
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Software and royalties
|
|
$
|
78
|
|
|
|
(11
|
)
|
(12%
|
)
|
|
$
|
89
|
|
|
$
|
23
|
|
|
|
35
|
%
|
|
$
|
66
|
|
Percentage of software and royalty product revenue
|
|
|
9%
|
|
|
|
|
|
|
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
5
|
%
|
Hardware and consumables
|
|
$
|
43
|
|
|
|
(2
|
)
|
(4%
|
)
|
|
$
|
45
|
|
|
$
|
(46
|
)
|
|
|
(51)
|
%
|
|
$
|
91
|
|
Percentage of hardware and consumables product revenue
|
|
|
63
|
%
|
|
|
|
|
|
|
|
|
132
|
%
|
|
|
|
|
|
|
|
|
|
|
83
|
%
|
Services
|
|
$
|
122
|
|
|
|
(861
|
)
|
(88%
|
)
|
|
$
|
983
|
|
|
$
|
883
|
|
|
|
883
|
%
|
|
$
|
100
|
|
Percentage of services product revenue
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
176
|
%
|
|
|
|
|
|
|
|
|
|
|
47
|
%
|
Total cost of product revenue
|
|
$
|
243
|
|
|
|
(874
|
)
|
(78%
|
)
|
|
$
|
1,117
|
|
|
$
|
860
|
|
|
|
335
|
%
|
|
$
|
257
|
|
Percentage of total product revenue
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
51
|
%
|
|
|
|
|
|
|
|
|
|
|
16
|
%
|
Maintenance cost
of revenue
(dollars in thousands)
|
|
Year Ended
December
31,
2016
|
|
$
Change
|
|
%
Change
|
|
Year Ended
December
31,
2015
|
|
$
Change
|
|
%
Change
|
|
|
Year Ended
December
31,
2014
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total maintenance cost of revenue
|
|
$
|
827
|
|
$
|
—
|
|
|
0
|
%
|
$
|
827
|
|
$
|
92
|
|
(13
|
)%
|
|
$
|
735
|
|
Percentage of total maintenance revenue
|
|
|
32
|
%
|
|
|
|
|
|
|
|
32
|
%
|
|
|
|
|
|
|
|
29
|
%
|
Product gross profit
(dollars in thousands)
|
Years Ended
December 31,
2016
|
$
Change
|
%
Change
|
Years Ended
December 31,
2015
|
$
Change
|
%
Change
|
Years Ended
December 31,
2014
|
|
|
|
|
|
|
|
|
Software
and royalties
|
$
779
|
$
(733
)
|
(48
)%
|
$
1,512
|
$
265
|
21
%
|
$
1,247
|
Percentage of software and royalty product revenue
|
91
%
|
|
|
94
%
|
|
|
95
%
|
Hardware
and consumables
|
$
25
|
$
36
|
327
%
|
$
(11
)
|
$
(30
)
|
(158)
%
|
$
19
|
Percentage of hardware and consumables product revenue
|
37
%
|
|
|
(32
)%
|
|
|
17
%
|
Services
|
$
202
|
$
628
|
147
%
|
$
(426
)
|
$
(537
)
|
(484
)%
|
$
111
|
Percentage of services product revenue
|
61
%
|
|
|
(77)
%
|
|
|
53
%
|
Total
product gross profit
|
$
1,006
|
$
(69
)
|
(6
)%
|
$
1,075
|
$
(302
)
|
(22)
%
|
$
1,377
|
Percentage of total product revenue
|
81
%
|
|
|
49
%
|
|
|
84
%
|
Maintenance gross profit
(dollars in thousands)
|
Year Ended
December
31,
2016
|
|
$
Change
|
|
%
Change
|
|
Year Ended
December
31,
2015
|
|
$
Change
|
|
%
Change
|
|
Year Ended
December
31,
2014
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total maintenance gross profit
|
$
|
1,736
|
|
|
(14
|
)
|
(1
|
)%
|
|
$
|
1,750
|
|
|
$
|
(40
|
)
|
(2
|
)%
|
|
$
|
1,790
|
|
Percentage of total maintenance revenue
|
|
68
|
%
|
|
|
|
|
|
|
|
68
|
%
|
|
|
|
|
|
|
|
|
71
|
|
Operating Expense
(dollars in thousands)
|
|
Year
Ended
December 31,
|
|
|
$
|
|
|
%
|
|
|
Year Ended
December 31,
|
|
|
$
|
|
|
%
|
|
|
Year Ended
December 31,
|
|
|||||||
|
2016
|
|
|
Change
|
|
|
Change
|
|
|
2015
|
|
|
Change
|
|
|
Change
|
|
|
2014
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
General and administrative
|
|
$
|
3,722
|
|
|
$
|
285
|
|
|
|
8
|
%
|
|
$
|
3,437
|
|
|
$
|
(381
|
)
|
|
|
(10)
|
%
|
|
$
|
3,818
|
|
Percentage of total net revenue
|
|
|
98
|
%
|
|
|
|
|
|
|
|
|
|
|
72
|
%
|
|
|
|
|
|
|
|
|
|
|
92
|
%
|
Sales and marketing
|
|
$
|
3,021
|
|
|
$
|
230
|
|
|
|
8
|
%
|
|
$
|
2,791
|
|
|
$
|
320
|
|
|
|
13
|
%
|
|
$
|
2,471
|
|
Percentage of total net revenue
|
|
|
79
|
%
|
|
|
|
|
|
|
|
|
|
|
59
|
%
|
|
|
|
|
|
|
|
|
|
|
59
|
%
|
Research and development
|
|
$
|
5,332
|
|
|
$
|
689
|
|
|
|
15
|
%
|
|
$
|
4,643
|
|
|
$
|
148
|
|
|
|
3
|
%
|
|
$
|
4,495
|
|
Percentage of total net revenue
|
|
|
140
|
%
|
|
|
|
|
|
|
|
|
|
|
97
|
%
|
|
|
|
|
|
|
|
|
|
|
108
|
%
|
Depreciation and amortization
|
|
$
|
129
|
|
|
$
|
(35
|
)
|
|
|
(22)
|
%
|
|
$
|
164
|
|
|
$
|
(15
|
)
|
|
|
(8)
|
%
|
|
$
|
179
|
|
Percentage of total net revenue
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
4
|
%
|
Balance
outstanding under Lines of Credit as of December 31,
2014
|
$
1,550
|
Borrowing
under Lines of Credit
|
750
|
Repayments
|
(350
)
|
Exchange
of Indebtedness for Series E Preferred Stock
|
(1,950
)
|
Balance
outstanding under Lines of Credit as of December 31,
2015
|
$
—
|
Borrowings
under Lines of Credit
|
2,650
|
Repayments
|
—
|
Balance
outstanding under Lines of Credit as of December 31,
2016
|
$
2,650
|
|
Year Ended December 31,
|
||
|
2016
|
2015
|
2014
|
Cost
of revenue
|
$
20
|
$
15
|
$
12
|
General
and administrative
|
714
|
618
|
572
|
Sales
and marketing
|
224
|
171
|
142
|
Research
and development
|
204
|
156
|
130
|
|
|
|
|
Total
|
$
1,162
|
$
960
|
$
856
|
I
TEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
I
TEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
|
I
TEM 9A.
|
CONTROLS AND PROCEDURES
|
I
TEM 9B.
|
OTHER INFORMATION
|
D
IRECTORS, EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE
|
ITEM 11.
|
E
XECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDERS MATTERS
|
ITEM 13.
|
C
ERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
P
RINCIPAL ACCOUNTING FEES AND
SERVICES
|
I
TEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
(a)
|
The following documents are filed as part of this Annual
Report:
|
Exhibit No.
|
|
Description
|
2.1
|
|
Agreement and Plan of Merger, dated October 27, 2005 (incorporated
by reference to Annex A to the Company’s Definitive Proxy
Statement on Schedule 14A, filed November 15, 2005).
|
3.1
|
|
Certificate of Incorporation (incorporated by reference to Annex B
to the Company’s Definitive Proxy Statement on Schedule 14A,
filed November 15, 2005).
|
3.2
|
|
Certificate of Amendment to Articles of Incorporation (incorporated
by reference to Exhibit 3.1 to the Company's Current Report on Form
8-K, filed October 14, 2011).
|
3.3
|
|
Amended
and Restated Bylaws (incorporated by reference to Exhibit 3.2 to
the Company’s Current Report on Form 8-K, filed February 16,
2017).
|
3.4
|
|
Certificate of Designations, Preferences and Rights of the Series E
Convertible Preferred Stock (incorporated by reference to Exhibit
3.1 to the Company’s Current Report on Form 8-K, filed
February 2, 2015).
|
3.5
|
|
Certificate of Designations, Preferences and Rights of the Series F
Convertible Preferred Stock (incorporated by reference to Exhibit
3.1 to the Company’s Current Report on Form 8-K, filed
September 9, 2016).
|
3.6
|
|
Certificate of
Designations, Preferences and Rights of the Series G Convertible
Preferred Stock (incorporated by reference to Exhibit 3.1 to the
Company’s Current Report on Form 8-K, filed December 30,
2016).
|
3.7
|
|
Amendment No. 1 to
the Certificate of Designations, Preferences and Rights of the
Series E Convertible Preferred Stock (incorporated by reference to
Exhibit 3.2 to the Company’s Current Report on Form 8-K,
filed December 30, 2016).
|
4.1
|
|
Form of Amendment to Warrant, dated March 21, 2012, (incorporated
by reference to Exhibit 4.16 to the Company's Annual Report on Form
10-K, filed April 4, 2012).
|
10.1
|
|
Employment Agreement, dated September 27, 2005, between the Company
and S. James Miller (incorporated by reference to Exhibit 10.1 to
the Company’s Current Report on Form 8-K, filed September 30,
2005).
|
10.2
|
|
Form of Indemnification Agreement entered into by the Company with
its directors and executive officers (incorporated by reference to
Exhibit 10.4 to the Company’s Registration Statement on Form
SB-2 (No. 333-93131), filed December 20, 1999, as
amended).
|
10.3
|
|
Amended and Restated 1999 Stock Plan Award (incorporated by
reference to Appendix B of the Company’s Definitive Proxy
Statement on Schedule 14A, filed November 21, 2007).
|
10.4
|
|
Form of Stock Option Agreement (incorporated by reference to
Exhibit 10.2 to the Company’s Current Report on Form 8-K,
filed July 14, 2005).
|
10.5
|
|
2001 Equity Incentive Plan (incorporated by reference to Exhibit
10.2 to the Company’s Quarterly Report on Form 10-QSB, filed
November 14, 2001).
|
10.6
|
|
Securities Purchase Agreement, dated September 25, 2007, by and
between the Company and certain accredited investors (incorporated
by reference to Exhibit 10.1 to the Company’s Current Report
on Form 8-K, filed September 26, 2007).
|
10.7
|
|
Office Space Lease between I.W. Systems Canada Company and GE
Canada Real Estate Equity, dated July 25, 2008 (incorporated by
reference to Exhibit 10.39 to the Company’s Annual Report on
Form 10-K, filed February 24, 2010).
|
10.8
|
|
Form of Securities Purchase Agreement, dated August 29, 2008 by and
between the Company and certain accredited investors (incorporated
by reference to Exhibit 10.40 to the Company’s Annual Report
on Form 10-K, filed February 24, 2010).
|
10.9
|
|
Change of Control and Severance Benefits Agreement, dated September
27, 2008, between Company and Charles Aubuchon (incorporated by
reference to Exhibit 10.41 to the Company’s Annual Report on
Form 10-K, filed February 24, 2010).
|
10.10
|
|
Change of Control and Severance Benefits Agreement, dated September
27, 2008, between Company and David Harding (incorporated by
reference to Exhibit 10.42 to the Company’s Annual Report on
Form 10-K, filed February 24, 2010).
|
10.11
|
|
First Amendment to Employment Agreement, dated September 27, 2008,
between the Company and S. James Miller (incorporated by reference
to Exhibit 10.43 to the Company’s Annual Report on Form 10-K,
filed February 24, 2010).
|
10.12
|
|
Form of Convertible Note dated November 14, 2008 (incorporated by
reference to Exhibit 10.45 to the Company’s Annual Report on
Form 10-K, filed February 24, 2010).
|
10.13
|
|
Second Amendment to Employment Agreement, dated April 6, 2009,
between the Company and S. James Miller (incorporated by reference
to Exhibit 10.50 to the Company’s Annual Report on Form 10-K,
filed February 24, 2010).
|
10.14
|
|
Office Space Lease between the Company and Allen W. Wooddell, dated
July 25, 2008 (incorporated by reference to Exhibit 10.54 to the
Company’s Annual Report on Form 10-K, filed February 24,
2010).
|
10.15
|
|
Third Amendment to Employment Agreement, dated December 10, 2009,
between the Company and S. James Miller (incorporated by reference
to Exhibit 10.60 to the Company’s Annual Report on Form 10-K,
filed February 24, 2010).
|
10.16
|
|
Securities Purchase Agreement, dated December 12, 2011, by and
between the Company and certain accredited investors (incorporated
by reference to Exhibit 10.1 to the Company’s Current Report
on Form 8-K, filed December 21, 2011).
|
10.17
|
|
Note Exchange Agreement, dated December 12, 2011, by and between
the Company and certain accredited investors (incorporated by
reference to Exhibit 10.2 to the Company’s Current Report on
Form 8-K, filed December 21, 2011).
|
10.18
|
|
Fourth Amendment to Employment Agreement, dated March 10, 2011,
between the Company and S. James Miller, (incorporated by reference
to Exhibit 10.40 to the Company’s Annual Report on Form 10-K,
filed January 17, 2012).
|
10.19
|
|
Fifth Amendment to Employment Agreement, dated January 31, 2012,
between the Company and S. James Miller, Jr., (incorporated by
reference to Exhibit 10.44 to the Company’s Annual Report on
Form 10-K, filed April 4, 2012.
|
10.20
|
|
Employment Agreement, dated January 1, 2013, between the Company
and Wayne Wetherell (incorporated by reference to Exhibit 10.1 to
the Company's Current Report on Form 8-K, filed March 7,
2013).
|
10.21
|
|
Employment Agreement, dated January 1, 2013, between the Company
and David Harding (incorporated by reference to Exhibit 10.1 to the
Company's Current Report on Form 8-K, filed March 7,
2013).
|
10.22
|
|
Convertible Promissory Note dated March 27, 2013 issued by the
Company to Neal Goldman (incorporated by reference to Exhibit 10.41
to the Company's Annual Report on Form 10-K, filed April 1,
2013).
|
10.23
|
|
Amendment to Convertible Promissory Note, dated March 12, 2014
(incorporated by reference to Exhibit 10.1 to the Company's Current
Report on Form 8-K, filed March 13, 2014).
|
10.24
|
|
Note Exchange Agreement, dated January 29, 2015 (incorporated by
reference to the Company’s Current Report on Form 8-K, filed
February 2, 2015).
|
10.25
|
|
Sixth Amendment to Employment Agreement, by and between S. James Miller and the Company, dated November 1, 2013 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed November 7, 2013). |
10.26
|
|
Seventh Amendment to Employment Agreement, by and between S. James
Miller, Jr. and the Company, dated January 9, 2015 (incorporated by
reference to the Company’s Current Report on Form 8-K, filed
January 15, 2015).
|
10.27
|
|
Second Amendment to Employment Agreement, by and between Wayne
Wetherell and the Company, dated January 9, 2015 (incorporated by
reference to the Company’s Current Report on Form 8-K, filed
January 15, 2015).
|
10.28
|
|
Second
Amendment to Employment Agreement, by and between David E. Harding
and the Company, dated January 9, 2015 (incorporated by reference
to the Company’s Current Report on Form 8-K, filed January
15, 2015).
|
10.29
|
|
Amendment
No. 3 to Convertible Promissory Note, dated December 8, 2014
(incorporated by reference to the Company’s Current Report on
Form 8-K, filed December 10, 2014).
|
10.30
|
|
Third Amendment to Employment Agreement, by and between Wayne
Wetherell and the Company, dated December 14, 2015 (incorporated by
reference to Exhibit 10.2 to the Company's Current Report on Form
8-K, filed December 21, 2015).
|
10.31
|
|
T
hird
Amendment to Employment Agreement, by and between David E. Harding
and the Company, dated December 14, 2015 (incorporated by reference
to Exhibit 10.3 to the Company's Current Report on Form 8-K, filed
December 21, 2015).
|
10.32
|
|
Eighth Amendment to Employment Agreement, by and between S. James
Miller and the Company, dated December 14, 2015 (incorporated by
reference to Exhibit 10.1 to the Company's Current Report on Form
8-K, filed December 21, 2015).
|
10.33
|
|
Amendment No. 4 to Convertible Promissory Note, dated March 8, 2016
(incorporated by reference to the Company's Current Report on Form
8-K, filed March 10, 2017).
|
10.34
|
|
Convertible Promissory Note, dated March 9, 2016 (incorporated by
reference to the Company's Current Report on Form 8-K, filed March
10, 2017).
|
10.35
|
|
Form of Securities Purchase Agreement, dated September 7, 2016
(incorporated by reference to Exhibit 10.1 to the Company’s
Current Report on Form 8-K, filed September 9, 2016).
|
10.36
|
|
Amendment No. 5 to Convertible Promissory Note, dated January 23,
2017 (incorporated by reference to Exhibit 10.1 to the
Company’s Current Report on Form 10-K, filed January 26,
2017).
|
10.37
|
|
Form of Subscription Agreement for Series G Convertible Preferred
Stock (incorporated by reference to Exhibit 10.1 to the
Company’s Current Report on Form 8-K, filed December 30,
2016).
|
10.38
|
|
Form of Exchange Agreement (incorporated by reference to Exhibit
10.2 to the Company’s Current Report on Form 8-K, filed
December 30, 2016).
|
10.39
|
|
Ninth Amendment to Employment Agreement, by and between James
Miller, Jr. and the Company, dated October 20, 2016 (incorporated
by reference to Exhibit 10.3 to the Company’s Current Report
on Form 8-K, filed December 30, 2016).
|
10.40
|
|
F
ourth
Amendment to Employment Agreement, by and between Wayne Wetherell
and the Company, dated October 20, 2016 (incorporated by reference
to Exhibit 10.4 to the Company’s Current Report on Form 8-K,
filed December 30, 2016).
|
10.41
|
|
Fourth Amendment to Employment Agreement, by and between David E.
Harding and the Company, dated October 20, 2016 (incorporated by
reference to Exhibit 10.5 to the Company’s Current Report on
Form 8-K, dated December 30, 2016).
|
21.1
|
|
List of Subsidiaries (incorporated by referenced to Exhibit 21.1 to
the Company’s Annual Report on Form 10-K filed February 24,
2010).
|
23.1
|
|
Consent of Independent Registered Public Accounting
Firm.
|
31.1
|
|
Certification of CEO as Required by Rule 13a-14(a)/15d-14, filed
herewith
|
31.2
|
|
Certification of CFO as Required by Rule 13a-14(a)/15d-14, filed
herewith.
|
32
|
|
Certification of CEO and CFO as Required by Rule 13a-14(a) and Rule
15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of
Title 18 of the United States Code, filed herewith.
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
Registrant
Date: March 30, 2017
|
|
ImageWare Systems, Inc.
/s/
S. James Miller, Jr.
|
|
|
S. James Miller, Jr.
|
|
|
Chief Executive Officer (Principal Executive Officer),
President
|
Date: March 30, 2017
|
|
/s/
Wayne Wetherell
|
|
|
Wayne Wetherell
|
|
|
Chief Financial Officer (Principal Financial Officer)
|
Date: March 30, 2017
|
|
/s/
S. James Miller, Jr.
|
|
|
S. James Miller, Jr.
|
|
|
Chairman of the Board
|
Date: March 30, 2017
|
|
/s/ David Loesch
|
|
|
David Loesch
|
|
|
Director
|
Date: March 30, 2017
|
|
/s/ Steve Hamm
|
|
|
Steve Hamm
|
|
|
Director
|
|
|
/s/ David Carey
|
Date: March 30, 2017
|
|
David Carey
|
|
|
Director
|
|
|
/s/ John Cronin
|
Date: March 30, 2017
|
|
John Cronin
|
|
|
Director
|
|
|
/s/ Neal Goldman
|
Date: March 30, 2017
|
|
Neal Goldman
|
|
|
Director
|
|
|
/s/ Charles Crocker
|
Date: March 30, 2017
|
|
Charles Crocker
|
|
|
Director
|
|
|
/s/ Dana Kammersgard
|
Date: March 30, 2017
|
|
Dana Kammersgard
|
|
|
Director
|
|
|
Page
Number
|
|
|
|
Reports of Independent Registered Public Accounting
Firm
|
|
F-2
|
|
|
|
Consolidated Balance Sheets as of December 31, 2016 and
2015
|
|
F-4
|
|
|
|
Consolidated Statements of Operations for the years ended December
31, 2016, 2015 and 2014
|
|
F-5
|
|
|
|
Consolidated Statements of Comprehensive Loss for the years ended
December 31, 2016, 2015 and 2014
|
|
F-6
|
|
|
|
Consolidated Statements of Shareholders’ Equity (Deficit) for
the years ended December 31, 2016, 2015 and 2014
|
|
F-7
|
|
|
|
Consolidated Statements of Cash Flows for the years ended December
31, 2016, 2015 and 2014
|
|
F-10
|
|
|
|
Notes to Consolidated Financial Statements
|
|
F-11
|
|
December 31,
2016
|
December 31,
2015
|
ASSETS
|
|
|
Current
Assets:
|
|
|
Cash
|
$
1,586
|
$
3,352
|
Accounts
receivable, net of allowance for doubtful accounts of $1 and $3 at
December 31, 2016 and 2015, respectively.
|
287
|
349
|
Inventory,
net
|
23
|
46
|
Other
current assets
|
135
|
69
|
Total
Current Assets
|
2,031
|
3,816
|
|
|
|
Property
and equipment, net
|
93
|
162
|
Other
assets
|
34
|
98
|
Intangible
assets, net of accumulated amortization
|
106
|
117
|
Goodwill
|
3,416
|
3,416
|
Total Assets
|
$
5,680
|
$
7,609
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
|
|
|
|
|
|
Current
Liabilities:
|
|
|
Accounts
payable
|
$
425
|
$
198
|
Deferred
revenue
|
1,045
|
1,059
|
Accrued
expenses
|
1,047
|
1,149
|
Convertible
lines of credit to related parties, net of
discount
|
2,528
|
—
|
Total
Current Liabilities
|
5,045
|
2,406
|
|
|
|
Pension
obligation
|
1,895
|
1,511
|
Total
Liabilities
|
6,940
|
3,917
|
|
|
|
Shareholders’
Equity (Deficit):
|
|
|
Preferred
stock, authorized 4,000,000 shares:
|
|
|
Series
B Convertible Redeemable Preferred Stock, $0.01 par value;
designated 750,000 shares, 389,400 shares issued, and 239,400
shares outstanding at December 31, 2016 and 2015; liquidation
preference $607 at December 31, 2016 and 2015.
|
2
|
2
|
Series
E Convertible Redeemable Preferred Stock, $0.01 par value;
designated 12,000 shares, 12,000 shares issued and outstanding at
December 31, 2016 and 2015; liquidation preference $12,000 and
$12,240 at December 31, 2016 and 2015, respectively.
|
—
|
—
|
Series
F Convertible Redeemable Preferred Stock, $0.01 par value;
designated 2,000 shares, 2,000 and 0 shares issued and outstanding
at December 31, 2016 and 2015, respectively; liquidation preference
$2,000 at December 31, 2016.
|
—
|
—
|
Series
G Convertible Redeemable Preferred Stock, $0.01 par value;
designated 6,120 shares, 6,021 and 0 shares issued and outstanding
at December 31, 2016 and 2015, respectively; liquidation preference
$6,021 at December 31, 2016.
|
—
|
—
|
Common
Stock, $0.01 par value, 150,000,000 shares authorized; 91,853,499
and 94,077,599 shares issued at December 31, 2016 and 2015,
respectively, and 91,846,795 and 94,070,895 shares outstanding at
December 31, 2016 and 2015, respectively.
|
917
|
940
|
Additional
paid-in capital
|
156,195
|
149,902
|
Treasury
stock, at cost 6,704 shares
|
(64
)
|
(64
)
|
Accumulated
other comprehensive loss
|
(1,543
)
|
(1,195
)
|
Accumulated
deficit
|
(156,767
)
|
(145,893
)
|
Total
Shareholders’ Equity (Deficit)
|
(1,260
)
|
3,692
|
Total Liabilities and Shareholders’ Equity
(Deficit)
|
$
5,680
|
$
7,609
|
|
Year Ended December 31,
|
||
|
2016
|
2015
|
2014
|
Revenues:
|
|
|
|
Product
|
$
1,249
|
$
2,192
|
$
1,634
|
Maintenance
|
2,563
|
2,577
|
2,525
|
|
3,812
|
4,769
|
4,159
|
Cost of revenues:
|
|
|
|
Product
|
243
|
1,117
|
257
|
Maintenance
|
827
|
827
|
735
|
Gross
profit
|
2,742
|
2,825
|
3,167
|
|
|
|
|
Operating expenses:
|
|
|
|
General
and administrative
|
3,722
|
3,437
|
3,818
|
Sales
and marketing
|
3,021
|
2,791
|
2,471
|
Research
and development
|
5,332
|
4,643
|
4,495
|
Depreciation
and amortization
|
129
|
164
|
179
|
|
12,204
|
11,035
|
10,963
|
Loss
from operations
|
(9,462
)
|
(8,210
)
|
(7,796
)
|
|
|
|
|
Interest
expense
|
245
|
447
|
416
|
Other
income, net
|
(201
)
|
(145
)
|
(297
)
|
Loss
before income taxes
|
(9,506
)
|
(8,512
)
|
(7,915
)
|
|
|
|
|
Income
tax expense
|
21
|
22
|
25
|
Net
loss
|
$
(9,527
)
|
$
(8,534
)
|
$
(7,940
)
|
Preferred
dividends
|
(1,347
)
|
(1,065
)
|
(51
)
|
Net
loss available to common shareholders
|
$
(10,874
)
|
$
(9,599
)
|
$
(7,991
)
|
|
|
|
|
Basic and diluted loss per common share — see Note
2:
|
|
|
|
Net
loss
|
$
(0.10
)
|
$
(0.09
)
|
$
(0.09
)
|
Preferred
dividends
|
(0.02
)
|
(0.01
)
|
(—
)
|
Basic
and diluted loss per share available to common
shareholders
|
$
(0.12
)
|
$
(0.10
)
|
$
(0.09
)
|
Basic
and diluted weighted-average shares outstanding
|
94,426,783
|
93,786,079
|
91,795,971
|
|
Year Ended December 31,
|
||
|
2016
|
2015
|
2014
|
|
|
|
|
Net
loss
|
$
(9,527
)
|
$
(8,534
)
|
$
(7,940
)
|
Other
comprehensive income (loss):
|
|
|
|
Reduction (increase)
in additional minimum pension liability
|
(347
)
|
332
|
(744
)
|
Foreign
currency translation adjustment
|
(1
)
|
67
|
(20
)
|
Comprehensive
loss
|
$
(9,875
)
|
$
(8,135
)
|
$
(8,704
)
|
|
Series B Convertible Redeemable Preferred
|
Series E Convertible Redeemable Preferred
|
Series F Convertible Redeemable Preferred
|
Series G Convertible Redeemable Preferred
|
C
ommon
Stock
|
Treasury Stock
|
Additional Paid-In
|
Accumulated Other
Compre-hensive
|
Accumulated
|
|
||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Loss
|
Deficit
|
Total
|
Balance at December 31, 2013
|
239,400
|
$
2
|
-
|
$
-
|
-
|
$
-
|
-
|
$
-
|
87,555,317
|
$
874
|
(6,704
)
|
$
(64
)
|
$
131,652
|
$
(830
)
|
$
(128,303
)
|
$
3,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of Common Stock pursuant to warrant exercises
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,742,632
|
47
|
-
|
-
|
2,801
|
-
|
-
|
2,848
|
Settlement
of derivative liabilities pursuant to warrants exercised for
cash
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
57
|
-
|
-
|
57
|
Issuance
of Common Stock pursuant to cashless warrant exercises
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
868,565
|
9
|
-
|
-
|
(9
)
|
-
|
-
|
-
|
Warrants
issued to secure increase in line of credit borrowing
facility
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
128
|
-
|
-
|
128
|
Issuance
of Common Stock pursuant to option exercises
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
98,617
|
1
|
-
|
-
|
66
|
-
|
-
|
67
|
Recognition
of beneficial conversion feature on convertible debt
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
296
|
-
|
-
|
296
|
Warrants
issued in lieu of cash as compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
53
|
-
|
-
|
53
|
Conversion
of related party notes payable to Common Stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
154,607
|
2
|
-
|
-
|
83
|
-
|
-
|
85
|
Stock-based
compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
94,116
|
1
|
-
|
-
|
855
|
-
|
-
|
856
|
Additional
minimum pension liability
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(744
)
|
-
|
(744
)
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(20
)
|
-
|
(20
)
|
Dividends
on preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(51
)
|
(51
)
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7,940
)
|
(7,940
)
|
Balance
at December 31, 2014
|
239,400
|
$
2
|
-
|
$
-
|
-
|
$
-
|
-
|
$
-
|
93,513,854
|
$
934
|
(6,704
)
|
$
(64
)
|
$
135,982
|
$
(1,594
)
|
$
(136,294
)
|
$
(1,034
)
|
|
Series B Convertible
Redeemable Preferred
|
Series E Convertible
Redeemable Preferred
|
Series F Convertible
Redeemable Preferred
|
Series G Convertible
Redeemable Preferred
|
Common Stock
|
Treasury
Stock
|
Additional Paid-In
|
Accumulated Other Compre-
hensive
|
Accumulated
|
|
||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Loss
|
Deficit
|
Total
|
Balance
at December 31, 2014
|
239,400
|
$
2
|
-
|
$
-
|
-
|
$
-
|
-
|
$
-
|
93,513,854
|
$
934
|
(6,704
)
|
$
(64
)
|
$
135,982
|
$
(1,594
)
|
$
(136,294
)
|
$
(1,034
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of Series E Convertible Redeemable Preferred Stock for cash, net of
issuance costs
|
-
|
-
|
10,022
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9,955
|
-
|
-
|
9,955
|
Conversion
of related party debt into Series E Convertible Redeemable
Preferred Stock
|
-
|
-
|
1,978
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,978
|
-
|
-
|
1,978
|
Issuance
of Common Stock in payment of Series E Preferred
dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
478,664
|
5
|
-
|
-
|
769
|
-
|
(774
)
|
-
|
Issuance
of Common Stock pursuant to cashless warrant exercises
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
45,376
|
1
|
-
|
-
|
(1
)
|
-
|
-
|
-
|
Issuance
of Common Stock pursuant to option exercises
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
39,705
|
-
|
-
|
-
|
33
|
-
|
-
|
33
|
Recognition
of beneficial conversion feature on convertible debt
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
146
|
-
|
-
|
146
|
Warrants
modified in lieu of cash as compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
80
|
-
|
-
|
80
|
Stock-based
compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
960
|
-
|
-
|
960
|
Reduction
in minimum pension liability
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
332
|
-
|
332
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
67
|
-
|
67
|
Dividends
on preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(291
)
|
(291
)
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(8,534
)
|
(8,534
)
|
Balance
at December 31, 2015
|
239,400
|
$
2
|
12,000
|
$
-
|
-
|
$
-
|
-
|
$
-
|
94,077,599
|
$
940
|
(6,704
)
|
$
(64
)
|
$
149,902
|
$
(1,195
)
|
$
(145,893
)
|
$
3,692
|
|
Series B Convertible Redeemable
Preferred
|
Series E Convertible Redeemable
Preferred
|
Series F Convertible Redeemable Preferred
|
Series G Convertible Redeemable
Preferred
|
Common Stock
|
Treasury Stock
|
Additional Paid-In
|
Accumulated Other Compre-
hensive
|
Accumulated
|
|
||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Loss
|
Deficit
|
Total
|
Balance at December 31, 2015
|
239,400
|
$
2
|
12,000
|
$
-
|
-
|
$
-
|
-
|
$
-
|
94,077,599
|
$
940
|
(6,704
)
|
$
(64
)
|
$
149,902
|
$
(1,195
)
|
$
(145,893
)
|
$
3,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of Series F Convertible Redeemable Preferred Stock for cash, net of
issuance costs
|
-
|
-
|
-
|
-
|
2,000
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,979
|
-
|
-
|
1,979
|
Issuance
of Series G Convertible Redeemable Preferred Stock for cash, net of
issuance costs
|
-
|
-
|
-
|
-
|
-
|
-
|
1,625
|
-
|
-
|
-
|
-
|
-
|
1,614
|
-
|
-
|
1,614
|
Issuance
of Series G Convertible Redeemable Preferred Stock in exchange for
Common Stock
|
-
|
-
|
-
|
-
|
-
|
-
|
4,396
|
-
|
(3,383,830
)
|
(34
)
|
-
|
-
|
31
|
-
|
-
|
(3
)
|
Issuance
of Common Stock pursuant to cashless warrant exercises
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
144,459
|
1
|
-
|
-
|
(1
)
|
-
|
-
|
-
|
Issuance
of Common Stock pursuant to option exercises
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
12,626
|
-
|
-
|
-
|
3
|
-
|
-
|
3
|
Recognition
of beneficial conversion feature on convertible debt
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
219
|
-
|
-
|
219
|
Stock-based
compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,162
|
-
|
-
|
1,162
|
Additional
minimum pension liability
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(347
)
|
-
|
(347
)
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1
)
|
-
|
(1
)
|
Dividends
on preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,002,645
|
10
|
-
|
-
|
1,286
|
-
|
(1,347
)
|
(51
)
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,527
)
|
(9,527
)
|
Balance
at December 31, 2016
|
239,400
|
$
2
|
12,000
|
$
-
|
2,000
|
$
-
|
6,021
|
$
-
|
91,853,499
|
$
917
|
(6,704
)
|
$
(64
)
|
$
156,195
|
$
(1,543
)
|
$
(156,767
)
|
$
(1,260
)
|
|
Year Ended December 31,
|
||
Cash flows from operating activities
|
2016
|
2015
|
2014
|
Net
loss
|
$
(9,527
)
|
$
(8,534
)
|
$
(7,940
)
|
Adjustments
to reconcile net loss to net cash used by operating
activities:
|
|
|
|
Depreciation
and amortization
|
129
|
164
|
179
|
Amortization
of debt discounts and debt issuance costs
|
145
|
438
|
426
|
Stock-based
compensation
|
1,162
|
960
|
856
|
Write
down of capitalized labor inventory to net realizable
value
|
—
|
281
|
—
|
Reduction
in accounts payable and accrued expenses from expiration of statute
of limitations
|
(200
)
|
—
|
(224
)
|
Warrants
modified/issued in lieu of cash as compensation for
services
|
—
|
80
|
53
|
Change
in assets and liabilities
|
|
|
|
Accounts
receivable
|
62
|
(83
)
|
35
|
Inventory
|
23
|
589
|
(411
)
|
Other
assets
|
(50
)
|
17
|
62
|
Accounts
payable
|
227
|
(261
)
|
188
|
Accrued
expenses
|
94
|
(76
)
|
130
|
Deferred
revenue
|
(13
)
|
(768
)
|
165
|
Pension
obligation
|
37
|
10
|
59
|
|
|
|
|
Total
adjustments
|
1,616
|
1,351
|
1,518
|
|
|
|
|
Net
cash used by operating activities
|
(7,911
)
|
(7,183
)
|
(6,422
)
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
Purchase
of property and equipment
|
(49
)
|
(87
)
|
(117
)
|
|
|
|
|
Net
cash used by investing activities
|
(49
)
|
(87
)
|
(117
)
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
Proceeds
from line of credit, net
|
2,650
|
400
|
1,550
|
Proceeds
from exercise of stock options
|
3
|
33
|
67
|
Proceeds
from issuance of preferred stock, net of issuance
costs
|
3,593
|
9,955
|
—
|
Dividends
paid to preferred stockholders
|
(51
)
|
(51
)
|
(51
)
|
Proceeds
from exercised warrants to purchase stock
|
—
|
—
|
2,848
|
|
|
|
|
Net
cash provided by financing activities
|
6,195
|
10,337
|
4,414
|
|
|
|
|
Effect
of exchange rate changes on cash
|
(1
)
|
67
|
(20
)
|
Net
increase (decrease) in cash
|
(1,766
)
|
3,134
|
(2,145
)
|
Cash
at beginning of year
|
3,352
|
218
|
2,363
|
Cash
at end of year
|
$
1,586
|
$
3,352
|
$
218
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Cash
paid for interest
|
$
—
|
$
1
|
$
2
|
Cash
paid for income taxes
|
$
—
|
$
—
|
$
1
|
Summary
of non-cash investing and financing activities:
|
|
|
|
Conversion
of related party notes payable into Common Stock
|
$
—
|
$
—
|
$
85
|
Conversion
of related party notes payable into Series E Preferred
|
$
—
|
$
1,978
|
$
—
|
Beneficial
conversion feature of convertible debt
|
$
219
|
$
146
|
$
296
|
Accrued
unpaid dividends on Series E Preferred
|
$
—
|
$
240
|
$
—
|
Stock
dividend on Series E Preferred
|
$
1,228
|
$
774
|
$
—
|
Stock
dividend on Series F Preferred
|
$
63
|
$
240
|
$
—
|
Stock
dividend on Series G Preferred
|
$
5
|
$
—
|
$
—
|
Issuance
of Common Stock pursuant to cashless warrant exercises
|
$
1
|
$
1
|
$
9
|
Exchange
of Common Stock for Series G Preferred
|
$
34
|
$
—
|
$
—
|
Reduction
(increase) in additional minimum pension
liability
|
$
(347
)
|
$
332
|
$
(744
)
|
Reclassification
of warrants previously classified as derivative liabilities to
additional paid-in capital
|
$
—
|
$
—
|
$
57
|
Issuance
of common warrants securing line of credit borrowing
facility
|
$
—
|
$
—
|
$
128
|
Issuance
of restricted stock pursuant to achievement of vesting
conditions
|
$
—
|
$
—
|
$
1
|
Potential Dilutive Securities:
|
Common Share Equivalents at December 31, 2016
|
Common Share Equivalents at December 31, 2015
|
Common Share Equivalents at December 31, 2014
|
Convertible
lines of credit
|
2,201,903
|
—
|
1,649,548
|
Convertible
redeemable preferred stock – Series B
|
46,029
|
46,029
|
46,029
|
Convertible
redeemable preferred stock – Series E
|
6,315,789
|
6,442,105
|
—
|
Convertible
redeemable preferred stock – Series F
|
1,333,333
|
—
|
—
|
Convertible
redeemable preferred stock – Series G
|
4,014,000
|
—
|
—
|
Stock
options
|
6,506,843
|
5,376,969
|
4,057,296
|
Warrants
|
175,000
|
450,000
|
977,778
|
Total
Potential Dilutive Securities
|
20,592,897
|
12,315,103
|
6,730,651
|
|
Level 1
|
Unadjusted quoted prices in active markets that are accessible at
the measurement date for identical, unrestricted assets or
liabilities.
|
|
|
|
|
Level 2
|
Applies to assets or liabilities for which there are inputs other
than quoted prices included within Level 1 that are observable for
the asset or liability such as quoted prices for similar assets or
liabilities in active markets; quoted prices for identical assets
or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in
which significant inputs are observable or can be derived
principally from, or corroborated by, observable market
data.
|
|
|
|
|
Level 3
|
Prices or valuation techniques that require inputs that are both
significant to the fair value measurement and unobservable
(supported by little or no market activity).
|
|
Fair Value at December 31, 2016
|
|||
($ in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Assets:
|
|
|
|
|
Pension
assets
|
$
1,645
|
$
1,645
|
$
—
|
$
—
|
Totals
|
$
1,645
|
$
1,645
|
$
—
|
$
—
|
|
Fair Value at December 31, 2015
|
|||
($ in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Assets:
|
|
|
|
|
Pension
assets
|
$
1,557
|
$
1,557
|
$
—
|
$
—
|
Totals
|
$
1,557
|
$
1,557
|
$
—
|
$
—
|
Fiscal Year Ended December 31,
|
Estimated Amortization
Expense
($ in thousands)
|
2017
|
$
12
|
2018
|
12
|
2019
|
12
|
2020
|
12
|
2021
|
12
|
Thereafter
|
45
|
Totals
|
$
105
|
Balance
outstanding under Lines of Credit as of December 31,
2014
|
$
1,550
|
Borrowing
under Lines of Credit
|
750
|
Repayments
|
(350
)
|
Exchange
of Indebtedness for Series E Preferred Stock
|
(1,950
)
|
Balance
outstanding under Lines of Credit as of December 31,
2015
|
$
—
|
Borrowings
under Lines of Credit
|
2,650
|
Repayments
|
—
|
Balance
outstanding under Lines of Credit as of December 31,
2016
|
$
2,650
|
($ in thousands)
|
2016
|
2015
|
|
|
|
Equipment
|
$
935
|
$
887
|
Leasehold
improvements
|
11
|
11
|
Furniture
|
101
|
101
|
|
1,047
|
999
|
Less
accumulated depreciation
|
(954
)
|
(837
)
|
|
$
93
|
$
162
|
($ in thousands)
|
December 31,
2016
|
December 31,
2015
|
|
|
|
Compensated
absences
|
$
313
|
$
260
|
Wages,
payroll taxes and sales commissions
|
28
|
11
|
Customer
deposits
|
198
|
69
|
Liquidated
damages
|
—
|
200
|
Royalties
|
147
|
147
|
Pension
and employee benefit plans
|
7
|
6
|
Income
and sales taxes
|
161
|
131
|
Dividends
|
27
|
261
|
Interest
payable to related parties
|
102
|
—
|
Other
|
64
|
64
|
|
$
1,047
|
$
1,149
|
($ in
thousands)
|
December 31,
2016
|
December 31,
2015
|
Lines
of Credit
|
|
|
8%
convertible lines of credit. Face value of advances under lines of
credit $2,650 at December 31, 2016 and $0 at December 31, 2015,
respectively. Discount on advances under lines of credit is $122 at
December 31, 2016 and $0 at December 31, 2015, respectively.
Maturity date is December 31, 2017.
|
$
2,528
|
$
—
|
|
|
|
Total
lines of credit to related parties
|
2,528
|
—
|
Less
current portion
|
(2,528
)
|
—
|
Long-term
lines of credit to related parties
|
$
—
|
$
—
|
($ in thousands)
|
Year Ended December 31,
|
||
Current
|
2016
|
2015
|
2014
|
Federal
|
$
—
|
$
—
|
$
—
|
State
|
—
|
—
|
—
|
Foreign
|
21
|
22
|
25
|
|
|
|
|
Deferred
|
|
|
|
Federal
|
—
|
—
|
—
|
State
|
—
|
—
|
—
|
Foreign
|
—
|
—
|
—
|
|
|
|
|
|
$
21
|
$
22
|
$
25
|
($ in thousands)
|
2016
|
2015
|
2014
|
|
|
|
|
Net
operating loss carryforwards
|
$
17,829
|
$
15,948
|
$
14,200
|
Intangible
and fixed assets
|
102
|
220
|
427
|
Stock
based compensation
|
2,324
|
1,861
|
1,565
|
Reserves
and accrued expenses
|
8
|
8
|
6
|
Other
|
—
|
—
|
(85
)
|
|
20,263
|
18,037
|
16,113
|
Less
valuation allowance
|
(20,263
)
|
(18,037
)
|
(16,113
)
|
|
|
|
|
Net
deferred tax assets
|
$
—
|
$
—
|
$
—
|
|
2016
|
2015
|
2014
|
|
|
|
|
Amounts
computed at statutory rates
|
$
(3,239
)
|
$
(2,902
)
|
$
(2,699
)
|
State
income tax, net of federal benefit
|
(462
)
|
(262
)
|
(212
)
|
Expiration
of net operating loss carryforwards
|
1,082
|
695
|
708
|
Non-deductible
interest
|
49
|
149
|
145
|
Foreign
taxes
|
362
|
413
|
386
|
Other
|
3
|
5
|
4
|
Net
change in valuation allowance on deferred tax assets
|
2,226
|
1,924
|
1,693
|
|
|
|
|
|
$
21
|
$
22
|
$
25
|
($ in thousands)
|
|
2017
|
$
450
|
2018
|
201
|
2019
|
34
|
2020
|
34
|
2021
|
9
|
Total
|
$
728
|
|
Common Stock
|
|
|
Shares
outstanding at December 31, 2013
|
87,548,613
|
Shares issued pursuant to warrants exercised for cash
|
4,742,632
|
Shares issued pursuant to cashless warrants exercised
|
868,565
|
Conversion of related-party notes payable into Common
Stock
|
154,607
|
Shares
issued as compensation in lieu of cash
|
94,116
|
Shares issued pursuant to option exercises
|
98,617
|
Shares
outstanding at December 31, 2014
|
93,507,150
|
Shares issued pursuant to payment of stock dividend on Series E
Preferred
|
478,664
|
Shares issued pursuant to cashless warrants exercised
|
45,376
|
Shares issued pursuant to option exercises
|
39,705
|
Shares
outstanding at December 31, 2015
|
94,070,895
|
Shares issued pursuant to payment of stock dividend on Series E
Preferred
|
950,362
|
Shares issued pursuant to payment of stock dividend on Series F
Preferred
|
48,513
|
Shares issued pursuant to payment of stock dividend on
Series G Preferred
|
3,770
|
Shares issued pursuant to cashless warrants exercised
|
144,459
|
Shares issued pursuant to option exercises
|
12,626
|
Exchange of common shares for Series G
Preferred
|
(3,383,830
)
|
Shares
outstanding at December 31, 2016
|
91,846,795
|
|
Warrants
|
Weighted-
Average
Exercise
Price
|
|
|
|
Balance
at December 31, 2013
|
6,598,416
|
$
0.63
|
Granted
|
302,778
|
$
2.02
|
Expired
/ Canceled
|
(55,000
)
|
$
1.10
|
Exercised
|
(5,868,416
)
|
$
0.58
|
Balance
at December 31, 2014
|
977,778
|
$
1.22
|
Granted
|
—
|
$
0.00
|
Expired
/ Canceled
|
(419,444
)
|
$
1.86
|
Exercised
|
(108,334
)
|
$
1.01
|
Balance
at December 31, 2015
|
450,000
|
$
0.67
|
Exercised
|
(275,000
)
|
0.55
|
Balance
at December 31, 2016
|
175,000
|
0.84
|
|
Options
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Balance
at December 31, 2013
|
3,783,411
|
$
0.94
|
7.4
|
Granted
|
435,000
|
$
2.13
|
—
|
Expired/Cancelled
|
(62,498
)
|
$
1.96
|
—
|
Exercised
|
(98,617
)
|
$
0.68
|
—
|
|
|
|
|
Balance
at December 31, 2014
|
4,057,296
|
$
1.06
|
6.8
|
Granted
|
2,110,000
|
$
1.63
|
—
|
Expired/Cancelled
|
(750,622
)
|
$
1.86
|
—
|
Exercised
|
(39,705
)
|
$
0.87
|
—
|
|
|
|
|
Balance
at December 31, 2015
|
5,376,969
|
$
1.17
|
6.9
|
Granted
|
1,264,000
|
$
1.34
|
-
|
Expired/Cancelled
|
(121,500
)
|
$
1.29
|
-
|
Exercised
|
(12,626
)
|
$
0.21
|
-
|
Balance
at December 31, 2016
|
6,506,843
|
$
1.21
|
6.6
|
|
Year Ended December 31,
|
||
|
2016
|
2015
|
2014
|
Cost
of revenues
|
$
20
|
$
15
|
$
12
|
General
and administrative
|
714
|
618
|
572
|
Sales
and marketing
|
224
|
171
|
142
|
Research
and development
|
204
|
156
|
130
|
|
|
|
|
Total
|
$
1,162
|
$
960
|
$
856
|
|
Common Stock
|
|
|
Convertible
preferred stock – Series B, Series E, Series F and Series
G
|
11,709,151
|
Convertible
lines of credit
|
2,201,903
|
Stock
options outstanding
|
6,506,843
|
Warrants
outstanding
|
175,000
|
Authorized
for future grant under stock option plans
|
55,938
|
|
20,648,835
|
($ in thousands)
|
2016
|
2015
|
2014
|
Change in benefit obligation:
|
|
|
|
Benefit
obligation at beginning of year
|
$
3,068
|
$
3,488
|
$
2,821
|
Service
cost
|
—
|
—
|
—
|
Interest
cost
|
75
|
70
|
106
|
Actuarial
(gain) loss
|
542
|
(123
)
|
1,003
|
Effect
of exchange rate changes
|
(114
)
|
(356
)
|
(442
)
|
Effect
of curtailment
|
—
|
—
|
—
|
Benefits
paid
|
(31
)
|
(11
)
|
—
|
Benefit
obligation at end of year
|
3,540
|
3,068
|
3,488
|
|
|
|
|
Change
in plan assets:
|
|
|
|
Fair
value of plan assets at beginning of year
|
1,557
|
1,654
|
1,790
|
Actual
return of plan assets
|
142
|
40
|
47
|
Company
contributions
|
28
|
34
|
43
|
Benefits
paid
|
(31
)
|
—
|
—
|
Effect
of exchange rate changes
|
(51
)
|
(171
)
|
(226
)
|
Fair
value of plan assets at end of year
|
1,645
|
1,557
|
1,654
|
Funded
status
|
(1,895
)
|
(1,511
)
|
(1,834
)
|
Unrecognized
actuarial loss (gain)
|
1,831
|
1,413
|
1,911
|
Unrecognized
prior service (benefit) cost
|
—
|
—
|
—
|
Additional
minimum liability
|
(1,831
)
|
(1,413
)
|
(1,911
)
|
Unrecognized
transition (asset) liability
|
—
|
—
|
—
|
Net
amount recognized
|
$
(1,895
)
|
$
(1,511
)
|
$
(1,834
)
|
|
|
|
|
Plan
Assets
|
|
|
|
Pension
plan assets were comprised of the following asset categories at
December 31,
|
|
|
|
Equity
securities
|
5.7
%
|
5.0
%
|
6.4
%
|
Debt
securities
|
87.2
%
|
89.3
%
|
87.4
%
|
Other
|
7.1
%
|
5.7
%
|
6.2
%
|
Total
|
100
%
|
100
%
|
100
%
|
|
|
|
|
Components
of net periodic benefit cost are as follows:
|
|
|
|
Service
cost
|
$
—
|
$
—
|
$
—
|
Interest
cost on projected benefit obligations
|
75
|
70
|
106
|
Expected
return on plan assets
|
—
|
—
|
—
|
Amortization
of prior service costs
|
—
|
—
|
—
|
Amortization
of actuarial loss
|
—
|
—
|
—
|
Net
periodic benefit costs
|
$
75
|
$
70
|
$
106
|
|
|
|
|
The
weighted average assumptions used to determine net periodic benefit
cost for the years ended December 31, were
|
|
|
|
Discount
rate
|
1.7
%
|
2.4
%
|
2.2
%
|
Expected
return on plan assets
|
4.0
%
|
4.0
%
|
4.0
%
|
Rate
of pension increases
|
2.0
%
|
2.0
%
|
2.0
%
|
Rate
of compensation increase
|
N/A
|
N/A
|
N/A
|
|
|
|
|
The
following discloses information about the Company’s defined
benefit pension plan that had an accumulated benefit obligation in
excess of plan assets as of December 31,
|
|
|
|
Projected
benefit obligation
|
$
3,540
|
$
3,068
|
$
3,488
|
Accumulated
benefit obligation
|
$
3,540
|
$
3,068
|
$
3,488
|
Fair
value of plan assets
|
$
1,645
|
$
1,557
|
$
1,654
|
2017
|
$
76
|
2018
|
$
78
|
2019
|
$
80
|
2020
|
$
81
|
2021
|
$
97
|
2022
— 2026
|
$
624
|
($ in thousands)
|
2016
|
2015
|
2014
|
|
|
|
|
Additional
minimum pension liability
|
$
(1,338
)
|
$
(991
)
|
$
(1,323
)
|
Foreign
currency translation adjustment
|
(205
)
|
(204
)
|
(271
)
|
Ending
balance
|
$
(1,543
)
|
$
(1,195
)
|
$
(1,594
)
|
|
2016 (by quarter)
|
|||
|
1
|
2
|
3
|
4
|
|
|
|
|
|
Revenues
|
$
1,043
|
$
996
|
$
848
|
$
925
|
Cost
of Sales
|
279
|
275
|
232
|
284
|
Operating
expenses
|
3,028
|
2,995
|
2,955
|
3,226
|
Loss
from Operations
|
(2,264
)
|
(2,274
)
|
(2,339
)
|
(2,585
)
|
Interest
expense (income), net
|
11
|
36
|
89
|
109
|
Other
expense (income), net
|
(1
)
|
(200
)
|
-
|
-
|
Income
tax expense (benefit)
|
3
|
4
|
3
|
11
|
Net
loss
|
$
(2,277
)
|
$
(2,114
)
|
$
(2,431
)
|
$
(2,705
)
|
|
|
|
|
|
Net
loss per share:
|
|
|
|
|
Net
loss
|
$
(0.03
)
|
$
(0.02
)
|
$
(0.03
)
|
$
(0.03
)
|
Preferred
dividends
|
$
(0.00
)
|
$
(0.01
)
|
$
(0.00
)
|
$
(0.00
)
|
Basic
loss per share to common shareholders
|
$
(0.03
)
|
$
(0.03
)
|
$
(0.03
)
|
$
(0.03
)
|
Basic
weighted-average shares outstanding
|
94,073,367
|
94,298,567
|
94,550,721
|
94,779,243
|
|
2015 (by quarter)
|
|||
|
1
|
2
|
3
|
4
|
|
|
|
|
|
Revenues
|
$
991
|
$
1,695
|
$
1,181
|
$
902
|
Cost
of Sales
|
286
|
798
|
321
|
539
|
Operating
expenses
|
2,641
|
2,660
|
2,813
|
2,921
|
Loss
from Operations
|
(1,936
)
|
(1,763
)
|
(1,953
)
|
(2,558
)
|
Interest
expense (income), net
|
437
|
(2
)
|
1
|
11
|
Other
expense (income), net
|
(46
)
|
—
|
(99
)
|
—
|
Income
tax expense (benefit)
|
3
|
6
|
3
|
10
|
Net
loss
|
$
(2,330
)
|
$
(1,767
)
|
$
(1,858
)
|
$
(2,579
)
|
|
|
|
|
|
Net
loss per share:
|
|
|
|
|
Net
loss
|
$
(0.03
)
|
$
(0.02
)
|
$
(0.02
)
|
$
(0.03
)
|
Preferred
dividends
|
$
(0.00
)
|
$
(0.00
)
|
$
(0.00
)
|
$
(0.00
)
|
Basic
loss per share to common shareholders
|
$
(0.03
)
|
$
(0.02
)
|
$
(0.02
)
|
$
(0.03
)
|
Basic
weighted-average shares outstanding
|
93,515,640
|
93,674,349
|
93,876,339
|
94,070,895
|
|
2014 (by quarter)
|
|||
|
1
|
2
|
3
|
4
|
|
|
|
|
|
Revenues
|
$
1,063
|
$
937
|
$
919
|
$
1,240
|
Cost
of Sales
|
251
|
232
|
248
|
261
|
Operating
expenses
|
2,706
|
2,667
|
2,793
|
2,797
|
Loss
from Operations
|
(1,894
)
|
(1,962
)
|
(2,122
)
|
(1,818
)
|
Interest
expense (income), net
|
79
|
105
|
104
|
128
|
Other
expense (income), net
|
(283
)
|
(5
)
|
(1
)
|
(8
)
|
Income
tax expense (benefit)
|
—
|
12
|
3
|
10
|
Net
loss
|
$
(1,690
)
|
$
(2,074
)
|
$
(2,228
)
|
$
(1,948
)
|
|
|
|
|
|
Net
loss per share:
|
|
|
|
|
Net
loss
|
$
(0.02
)
|
$
(0.02
)
|
$
(0.02
)
|
$
(0.02
)
|
Preferred
dividends
|
$
(0.00
)
|
$
(0.00
)
|
$
(0.00
)
|
$
(0.00
)
|
Basic
loss per share to common shareholders
|
$
(0.02
)
|
$
(0.02
)
|
$
(0.02
)
|
$
(0.02
)
|
Basic
weighted-average shares outstanding
|
88,604,221
|
91,930,400
|
93,162,548
|
93,384,834
|
1 Year ImageWare Systems (CE) Chart |
1 Month ImageWare Systems (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions