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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]
|
QUARTERLY
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 EXCHANGE
ACT
|
Delaware
|
|
33-0224167
|
(State
or Other Jurisdiction of
|
|
(IRS
Employer
|
Incorporation
or Organization)
|
|
Identification
No.)
|
Large
accelerated filer
|
[ ]
|
Accelerated
filer
|
[X]
|
Non-accelerated
filer
|
[
]
|
Smaller
reporting company
|
[X]
|
|
|
Emerging
growth company
|
[
]
|
Title
of each class
|
Trading
Symbol(s)
|
Name
of each exchange on which registered
|
Common
Stock, par value $0.01 per share
|
IWSY
|
OTCQB
Marketplace
|
|
|
Page
|
|
|
|||
|
|
|
|
|
1
|
||
|
|
1
|
|
|
|
2
|
|
|
|
3
|
|
|
|
4
|
|
|
|
6
|
|
|
|
7
|
|
|
22
|
||
|
34
|
||
|
34
|
||
|
|
|
|
|
|||
|
|
|
|
|
35
|
||
|
35
|
||
|
35
|
||
|
35
|
||
|
35
|
||
|
35
|
||
|
35
|
||
|
|
|
|
36
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Net
loss
|
$
(2,548
)
|
$
(2,284
)
|
$
(6,160
)
|
$
(5,869
)
|
Other
comprehensive income (loss):
|
|
|
|
|
Foreign
currency translation adjustment
|
(20
)
|
43
|
(5
)
|
15
|
Comprehensive
loss
|
$
(2,568
)
|
$
(2,241
)
|
$
(6,615
)
|
$
(5,854
)
|
|
Series
A
|
Series
B
|
|
|
|
|
|
|
|
|
||
|
Convertible,
|
Convertible,
|
|
|
|
|
|
Accumulated
|
|
|
||
|
Redeemable
|
Redeemable
|
|
|
|
|
Additional
|
Other
|
|
|
||
|
Preferred
|
Preferred
|
Common
Stock
|
Treasury
Stock
|
Paid-In
|
Comprehensive
|
Accumulated
|
|
||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Loss
|
Deficit
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at December 31, 2018
|
37,467
|
$
-
|
239,400
|
$
2
|
98,230,336
|
$
981
|
(6,704
)
|
$
(64
)
|
$
184,130
|
$
(1,428
)
|
$
(186,648
)
|
$
(3,027
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion
of Series A Preferred Stock discount
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(186
)
|
-
|
-
|
(186
)
|
Issuance
of Common Stock pursuant to option exercises
|
-
|
-
|
-
|
-
|
286,834
|
3
|
-
|
-
|
103
|
-
|
-
|
106
|
Stock-based
compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
166
|
-
|
-
|
166
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
15
|
-
|
15
|
Dividends
on preferred stock
|
-
|
-
|
-
|
-
|
749,748
|
8
|
-
|
-
|
1,087
|
-
|
(1,095
)
|
-
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,612
)
|
(3,612
)
|
Balance
at March 31, 2019
|
37,467
|
$
-
|
239,400
|
$
2
|
99,266,918
|
$
992
|
(6,704
)
|
$
(64
)
|
$
185,300
|
$
(1,413
)
|
$
(191,355
)
|
$
(6,538
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion
of Series A Preferred Stock discount
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(184
)
|
-
|
-
|
(184
)
|
Issuance
of Common Stock net of financing costs
|
-
|
-
|
-
|
-
|
5,954,545
|
60
|
-
|
-
|
6,035
|
-
|
-
|
6,095
|
Issuance
of Common Stock pursuant to option exercises
|
-
|
-
|
-
|
-
|
64,500
|
1
|
-
|
-
|
59
|
-
|
-
|
60
|
Stock-based
compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
181
|
-
|
-
|
181
|
Issuance
of Common Stock warrants as compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8
|
-
|
-
|
8
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(20
)
|
-
|
(20
)
|
Dividends
on preferred stock
|
-
|
-
|
-
|
-
|
1,266,426
|
12
|
-
|
-
|
1,166
|
-
|
(1,204
)
|
(26
)
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,548
)
|
(2,548
)
|
Balance
at June 30, 2019
|
37,467
|
$
-
|
239,400
|
$
2
|
106,552,389
|
$
1,065
|
(6,704
)
|
$
(64
)
|
$
192,565
|
$
(1,433
)
|
$
(195,107
)
|
$
(2,972
)
|
|
Series
A
|
Series
B
|
|
|
|
|
|
|
|
|
||
|
Convertible,
|
Convertible,
|
|
|
|
|
|
Accumulated
|
|
|
||
|
Redeemable
|
Redeemable
|
|
|
|
|
Additional
|
Other
|
|
|
||
|
Preferred
|
Preferred
|
Common
Stock
|
Treasury
Stock
|
Paid-In
|
Comprehensive
|
Accumulated
|
|
||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Loss
|
Deficit
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at December 31, 2017
|
31,021
|
$
-
|
239,400
|
$
2
|
94,174,540
|
$
941
|
(6,704
)
|
$
(64
)
|
$
172,414
|
$
(1,664
)
|
$
(170,481
)
|
$
1,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of Common Stock pursuant to Series A Preferred Stock
conversions
|
(450
)
|
-
|
-
|
-
|
391,304
|
4
|
-
|
-
|
(4
)
|
-
|
-
|
-
|
Cumulative
effect of ASC 606 adoption
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
96
|
96
|
Issuance
of Common Stock pursuant to option exercises
|
-
|
-
|
-
|
-
|
83,169
|
1
|
-
|
-
|
87
|
-
|
-
|
88
|
Recognition
of beneficial conversion feature on convertible debt
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
12
|
-
|
-
|
12
|
Stock-based
compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
335
|
-
|
-
|
335
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(27
)
|
-
|
(27
)
|
Dividends
on preferred stock
|
-
|
-
|
-
|
-
|
472,562
|
4
|
-
|
-
|
750
|
-
|
(754
)
|
-
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,583
)
|
(3,583
)
|
Balance
at March 31, 2018
|
30,571
|
$
-
|
239,400
|
$
2
|
95,121,575
|
$
950
|
(6,704
)
|
$
(64
)
|
$
173,594
|
$
(1,691
)
|
$
(174,722
)
|
$
(1,931
)
|
Issuance
of Common Stock pursuant to option exercises
|
-
|
-
|
-
|
-
|
65,588
|
1
|
-
|
-
|
60
|
-
|
-
|
61
|
Recognition
of beneficial conversion feature on convertible debt
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
-
|
9
|
Stock-based
compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
373
|
-
|
-
|
373
|
Issuance
of Common Stock warrants as compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
-
|
9
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
42
|
-
|
42
|
Dividends
on preferred stock
|
-
|
-
|
-
|
-
|
648,696
|
6
|
-
|
-
|
704
|
-
|
(737
)
|
(27
)
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,284
)
|
(2,284
)
|
Balance
at June 30, 2018
|
30,571
|
$
-
|
239,400
|
$
2
|
95,835,859
|
$
957
|
(6,704
)
|
$
(64
)
|
$
174,749
|
$
(1,649
)
|
$
(177,743
)
|
$
(3,748
)
|
|
Six
Months Ended
June
30,
|
|
|
2019
|
2018
|
Cash
flows from operating activities
|
|
|
Net
loss
|
$
(6,160
)
|
$
(5,869
)
|
Adjustments to
reconcile net loss to net cash used by operating
activities:
|
|
|
Depreciation
and amortization
|
36
|
24
|
Amortization of
debt issuance costs and beneficial conversion feature
|
—
|
122
|
Stock-based
compensation
|
347
|
708
|
Warrants
issued in lieu of cash as compensation for services
|
8
|
9
|
Change in
fair value of derivative liabilities
|
(57
)
|
—
|
Change
in assets and liabilities:
|
|
|
Accounts
receivable
|
592
|
(118
)
|
Inventory
|
(290
)
|
60
|
Other
assets
|
8
|
(44
)
|
Operating
lease right-of-use assets
|
106
|
—
|
Accounts
payable
|
(127
)
|
(67
)
|
Deferred
revenue
|
(142
)
|
(464
)
|
Accrued
expense
|
473
|
389
|
Contract
costs
|
(29
)
|
—
|
Pension
obligation
|
52
|
14
|
Total
adjustments
|
977
|
633
|
Net cash used in
operating activities
|
(5,183
)
|
(5,236
)
|
|
|
|
Cash
flows from investing activities
|
|
|
Purchase of
property and equipment
|
(8
)
|
(7
)
|
Net cash used in
investing activities
|
(8
)
|
(7
)
|
|
|
|
Cash
flows from financing activities
|
|
|
Proceeds from
issuance of Common Stock, net of financing costs
|
6,095
|
—
|
Dividends
paid
|
(25
)
|
(25
)
|
Proceeds from
exercised stock options
|
166
|
149
|
Net cash provided
by financing activities
|
6,236
|
124
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(5
)
|
15
|
Net increase
(decrease) in cash and cash equivalents
|
1,040
|
(5,104
)
|
|
|
|
Cash and cash
equivalents at beginning of period
|
5,694
|
7,317
|
|
|
|
Cash and cash
equivalents at end of period
|
$
6,734
|
$
2,213
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
Cash paid for
interest
|
$
—
|
$
—
|
Cash paid for
income taxes
|
$
—
|
$
—
|
Summary of non-cash
investing and financing activities:
|
|
|
Beneficial
conversion feature on convertible related party lines of
credit
|
$
—
|
$
21
|
Stock dividends on
Series A Convertible Preferred Stock
|
$
1,794
|
$
1,464
|
Stock dividends on
Series C Convertible Redeemable Preferred Stock
|
$
479
|
$
—
|
Accretion of
discount on Series C Convertible Redeemable Preferred
Stock
|
$
370
|
$
—
|
Recognition of
operating lease right-of-use assets from adoption of ASC
842
|
$
2,265
|
$
—
|
Recognition of
lease liabilities from adoption of ASC 842
|
$
(2,280
)
|
$
—
|
Conversion
of Convertible Preferred Stock into Common Stock
|
$
—
|
$
4
|
(Amounts in thousands except share and per share
amounts)
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Numerator
for basic and diluted loss per share:
|
|
|
|
|
Net
loss
|
$
(2,548
)
|
$
(2,284
)
|
$
(6,160
)
|
$
(5,869
)
|
Preferred
dividends and preferred stock discount accretion
|
(1,374
)
|
(720
)
|
(2,668
)
|
(1,489
)
|
|
|
|
|
|
Net
loss available to common shareholders
|
$
(3,922
)
|
$
(3,004
)
|
$
(8,828
)
|
$
(7,358
)
|
|
|
|
|
|
Denominator
for basic and dilutive loss per share – weighted-average
shares outstanding
|
103,431,623
|
95,161,570
|
100,928,835
|
94,749,904
|
|
|
|
|
|
Net
loss
|
$
(0.03
)
|
$
(0.02
)
|
$
(0.06
)
|
$
(0.06
)
|
Preferred
dividends and preferred stock discount accretion
|
(0.01
)
|
(0.01
)
|
(0.03
)
|
(0.02
)
|
|
|
|
|
|
Basic
and diluted loss per share available to common
shareholders
|
$
(0.04
)
|
$
(0.03
)
|
$
(0.09
)
|
$
(0.08
)
|
Potential
Dilutive Securities
|
Three and
Six Months Ended
June
30,
|
|
|
2019
|
2018
|
|
|
|
Related party lines
of credit
|
—
|
5,432,579
|
Convertible
redeemable preferred stock
|
42,626,028
|
26,629,507
|
Stock
options
|
7,232,346
|
7,341,093
|
Warrants
|
1,813,856
|
270,000
|
Total potential
dilutive securities
|
51,672,230
|
39,673,179
|
Fiscal
Year Ended December 31,
|
Estimated
Amortization
Expense
($ in thousands)
|
2019 (six
months)
|
$
6
|
2020
|
12
|
2021
|
12
|
2022
|
12
|
2023
|
12
|
Thereafter
|
22
|
Totals
|
$
76
|
($ in
thousands)
|
|
2019
(six months)
|
$
254
|
2020
|
649
|
2021
|
642
|
2022
|
652
|
2023
|
425
|
Thereafter
|
519
|
Total
|
3,141
|
Short-term
leases not included in lease liability
|
(6
)
|
Present
Value effect on future minimum undiscounted lease payments at June
30, 2019
|
(954
)
|
Lease
liability at June 30, 2019
|
$
2,181
|
|
Common Stock
|
Shares
outstanding at December 31, 2018
|
98,223,632
|
Shares
issued as payment of stock dividend on Series A
Preferred
|
1,591,436
|
Shares
issued as payment of stock dividend on Series C
Preferred
|
424,738
|
Shares
issued pursuant to option exercises
|
351,334
|
Shares
issued for cash
|
5,954,545
|
Shares
outstanding at June 30, 2019
|
106,545,685
|
|
Warrants
|
Weighted-
Average
Exercise
Price
|
Balance at December
31, 2018
|
1,813,856
|
$
0.19
|
Granted
|
—
|
—
|
Expired/Canceled
|
—
|
—
|
Exercised
|
—
|
—
|
Balance at June 30,
2019
|
1,813,856
|
$
0.19
|
|
Options
|
Weighted-Average
Exercise
Price
|
Balance at December
31, 2018
|
7,227,248
|
$
1.34
|
Granted
|
595,000
|
$
0.96
|
Expired/Cancelled
|
(238,568
)
|
$
1.57
|
Exercised
|
(351,334
)
|
$
0.47
|
Balance at June 30,
2019
|
7,232,346
|
$
1.34
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Cost
of revenue
|
$
4
|
$
5
|
$
7
|
$
11
|
General
and administrative
|
97
|
246
|
190
|
462
|
Sales
and marketing
|
42
|
63
|
81
|
123
|
Research
and development
|
38
|
58
|
69
|
112
|
|
|
|
|
|
Total
|
$
181
|
$
372
|
$
347
|
$
708
|
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 June 30, 2019
|
|||
($ in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Assets:
|
|
|
|
|
Pension
assets
|
$
1,721
|
$
—
|
$
—
|
$
1,721
|
Totals
|
$
1,721
|
$
—
|
$
—
|
$
1,721
|
Liabilities:
|
|
|
|
|
Derivative
liabilities
|
$
1,008
|
$
—
|
$
—
|
$
1,008
|
Totals
|
$
1,008
|
$
—
|
$
—
|
$
1,008
|
|
Fair Value at December 31, 2018
|
|||
($ in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Assets:
|
|
|
|
|
Pension
assets
|
$
1,733
|
$
—
|
$
—
|
$
1,733
|
Totals
|
$
1,733
|
$
—
|
$
—
|
$
1,733
|
Liabilities:
|
|
|
|
|
Derivative
liabilities
|
$
1,065
|
$
—
|
$
—
|
$
1,065
|
Totals
|
$
1,065
|
$
—
|
$
—
|
$
1,065
|
($
in thousands)
|
Pension
Assets
|
|
|
Balance at March
31, 2019
|
$
1,699
|
Return on plan
assets
|
15
|
Company
contributions and benefits paid, net
|
(19
)
|
Effect of rate
changes
|
26
|
Balance at June 30,
2019
|
$
1,721
|
($
in thousands)
|
Pension
Assets
|
|
|
Balance at December
31, 2018
|
$
1,733
|
Return on plan
assets
|
30
|
Company
contributions and benefits paid, net
|
(30
)
|
Effect of rate
changes
|
(12
)
|
Balance at June 30,
2019
|
$
1,721
|
($
in thousands)
|
Pension
Assets
|
|
|
Balance at March
31, 2018
|
$
1,852
|
Return on plan
assets
|
21
|
Company
contributions and benefits paid, net
|
(3
)
|
Effect of rate
changes
|
(116
)
|
Balance at June 30,
2018
|
$
1,754
|
($
in thousands)
|
Pension
Assets
|
|
|
Balance at December
31, 2017
|
$
1,806
|
Return on plan
assets
|
32
|
Company
contributions and benefits paid, net
|
(24
)
|
Effect of rate
changes
|
(60
)
|
Balance at June 30,
2018
|
$
1,754
|
($
in thousands)
|
Derivative
Liabilities
|
|
|
Balance at
March 31, 2019
|
$
1,489
|
Change in fair
value included in earnings
|
(481
)
|
Balance at June 30,
2019
|
$
1,008
|
($
in thousands)
|
Derivative
Liabilities
|
|
|
Balance at
December 31, 2018
|
$
1,065
|
Change in fair
value included in earnings
|
(57
)
|
Balance at June 30,
2019
|
$
1,008
|
|
Three Months Ended
June 30,
|
|
|
|
Net Product Revenue
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Software
and royalties
|
$
122
|
$
871
|
$
(749
)
|
(86
)%
|
Percentage
of total net product revenue
|
76
%
|
74
%
|
|
|
Hardware
and consumables
|
$
27
|
$
122
|
$
(95
)
|
(78
)%
|
Percentage
of total net product revenue
|
17
%
|
10
%
|
|
|
Services
|
$
11
|
$
189
|
$
(178
)
|
(94
)%
|
Percentage
of total net product revenue
|
7
%
|
16
%
|
|
|
Total
net product revenue
|
$
160
|
$
1,182
|
$
(1,022
)
|
(86
)%
|
|
Three
Months Ended
June
30,
|
|
|
|
Maintenance Revenue
|
2019
|
2018
|
$
Change
|
%
Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Total maintenance
revenue
|
$
652
|
$
703
|
$
(51
)
|
(7
)%
|
|
Three
Months Ended
June
30,
|
|
|
|
Cost of Product Revenue:
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Software and
royalties
|
$
16
|
$
2
|
$
14
|
700
%
|
Percentage of
software and royalty product revenue
|
13
%
|
0
%
|
|
|
Hardware and
consumables
|
$
15
|
$
77
|
$
(62
)
|
(81
)%
|
Percentage of
hardware and consumables product revenue
|
56
%
|
63
%
|
|
|
Services
|
$
3
|
$
60
|
$
(57
)
|
(95
)%
|
Percentage of
services product revenue
|
27
%
|
32
%
|
|
|
Total product cost
of revenue
|
$
34
|
$
139
|
$
(105
)
|
(76
)%
|
Percentage of total
product revenue
|
21
%
|
12
%
|
|
|
Maintenance cost of revenue
|
Three
Months Ended
June
30,
|
|
|
|
(dollars in thousands)
|
2019
|
2018
|
$
Change
|
%
Change
|
Total maintenance
cost of revenue
|
$
106
|
$
167
|
$
(61
)
|
(37
)%
|
Percentage of total
maintenance revenue
|
16
%
|
24
%
|
|
|
|
Three
Months Ended
June
30,
|
|
|
|
Product
gross profit
|
2019
|
2018
|
$
Change
|
%
Change
|
(dollars
in thousands)
|
|
|
|
|
Software and
royalties
|
$
106
|
$
869
|
$
(763
)
|
(88
)%
|
Percentage of
software and royalty product revenue
|
87
%
|
100
%
|
|
|
Hardware and
consumables
|
$
12
|
$
45
|
$
(33
)
|
(73
)%
|
Percentage of
hardware and consumables product revenue
|
44
%
|
37
%
|
|
|
Services
|
$
8
|
$
129
|
$
(121
)
|
(94
)%
|
Percentage of
services product revenue
|
73
%
|
68
%
|
|
|
Total product gross
profit
|
$
126
|
$
1,043
|
$
(917
)
|
(88
)%
|
Percentage of total
product revenue
|
79
%
|
88
%
|
|
|
Maintenance gross profit
|
Three
Months Ended
June
30,
|
|
|
|
(dollars in thousands)
|
2019
|
2018
|
$
Change
|
%
Change
|
|
|
|
|
|
Total maintenance
gross profit
|
$
546
|
$
536
|
$
10
|
2
%
|
Percentage of total
maintenance revenue
|
84
%
|
76
%
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
Net Product Revenue
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Software
and royalties
|
$
234
|
$
955
|
$
(721
)
|
(75
)%
|
Percentage
of total net product revenue
|
53
%
|
74
%
|
|
|
Hardware
and consumables
|
$
38
|
$
122
|
$
(84
)
|
(68
)%
|
Percentage
of total net product revenue
|
9
%
|
10
%
|
|
|
Services
|
$
166
|
$
202
|
$
(36
)
|
(18
)%
|
Percentage
of total net product revenue
|
38
%
|
16
%
|
|
|
Total
net product revenue
|
$
438
|
$
1,279
|
$
(841
)
|
(66
)%
|
|
Six Months Ended
June 30,
|
|
|
|
Maintenance Revenue
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Total
maintenance revenue
|
$
1,305
|
$
1,322
|
$
(17
)
|
(1
)%
|
|
Six Months Ended
June 30,
|
|
|
|
Cost of Product Revenue:
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Software
and royalties
|
$
16
|
$
8
|
$
8
|
100
%
|
Percentage
of software and royalty product revenue
|
7
%
|
1
%
|
|
|
Hardware
and consumables
|
$
23
|
$
82
|
$
(59
)
|
(72
)%
|
Percentage
of hardware and consumables product revenue
|
61
%
|
67
%
|
|
|
Services
|
$
78
|
$
75
|
$
3
|
4
%
|
Percentage
of services product revenue
|
47
%
|
37
%
|
|
|
Total
product cost of revenue
|
$
117
|
$
165
|
$
(48
)
|
(29
)%
|
Percentage
of total product revenue
|
27
%
|
13
%
|
|
|
Maintenance cost of revenue
|
Six Months Ended
June 30,
|
|
|
|
(dollars in thousands)
|
2019
|
2018
|
$
Change
|
%
Change
|
Total
maintenance cost of revenue
|
$
226
|
$
390
|
(164
)
|
(42
)%
|
Percentage
of total maintenance revenue
|
17
%
|
30
%
|
|
|
|
Six
Months Ended
June
30,
|
|
|
|
Product
gross profit
|
2019
|
2018
|
$
Change
|
%
Change
|
(dollars
in thousands)
|
|
|
|
|
Software and
royalties
|
$
218
|
$
947
|
$
(729
)
|
(77
)%
|
Percentage of
software and royalty product revenue
|
93
%
|
99
%
|
|
|
Hardware and
consumables
|
$
15
|
$
40
|
$
(25
)
|
(63
)%
|
Percentage of
hardware and consumables product revenue
|
40
%
|
33
%
|
|
|
Services
|
$
88
|
$
127
|
$
(39
)
|
31
%
|
Percentage of
services product revenue
|
53
%
|
63
%
|
|
|
Total product gross
profit
|
$
321
|
$
1,114
|
$
(793
)
|
(71
)%
|
Percentage of total
product revenue
|
73
%
|
87
%
|
|
|
Maintenance gross profit
|
Six
Months Ended
June
30,
|
|
|
|
(dollars in thousands)
|
2019
|
2018
|
$
Change
|
%
Change
|
|
|
|
|
|
Total
maintenance gross profit
|
$
1,079
|
$
932
|
$
147
|
16
%
|
Percentage
of total maintenance revenue
|
83
%
|
70
%
|
|
|
(a)
|
|
EXHIBITS
|
|
|
|
|
Certification
of the Principal Executive Officer pursuant to Rule 13a-14(a) and
15d-14(a)
|
|
|
Certification
of the Principal Financial and Accounting Officer pursuant to Rule
13a-14(a) and 15d-14(a)
|
|
|
Certification
by the Principal Executive Officer and Principal Financial and
Accounting Officer pursuant to 18 U.S.C. 1350 as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
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
|
Date:
August 14, 2019
|
|
IMAGEWARE
SYTEMS, INC
|
|
|
|
|
|
By:
/s/ S. James
Miller, Jr.
|
|
|
S. James Miller, Jr.
Chief Executive Officer, Chairman and Director
(Principal Executive Officer)
|
|
|
|
Date:
August 14, 2019
|
|
By:
/s/ Wayne
Wetherell
|
|
|
Wayne Wetherell
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year ImageWare Systems (CE) Chart |
1 Month ImageWare Systems (CE) Chart |
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