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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
|
[
]
|
|
|
Page
|
|
|
|||
|
|
|
|
|
|
||
|
1
|
||
|
|
2
|
|
|
|
3
|
|
|
|
4
|
|
|
|
6
|
|
|
|
7
|
|
|
22
|
||
|
34
|
||
|
34
|
||
|
|
|
|
|
|||
|
|
|
|
|
35
|
||
|
35
|
||
|
35
|
||
|
35
|
||
|
35
|
||
|
35
|
||
|
35
|
||
|
|
|
|
36
|
|
Three Months Ended
September 30,
|
Nine months Ended
September 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Net
loss
|
$(2,665)
|
$(3,482)
|
$(8,825)
|
$(9,351)
|
Other
comprehensive income (loss):
|
|
|
|
|
Foreign
currency translation adjustment
|
39
|
4
|
34
|
19
|
Comprehensive
loss
|
$(2,626)
|
$(3,478)
|
$(8,791)
|
$(9,332)
|
|
Series
A
Convertible,
|
Series B
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
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
Series A preferred stock, $(23.06)/share
|
-
|
-
|
-
|
-
|
591,803
|
6
|
-
|
-
|
858
|
-
|
(864)
|
-
|
Divedends on
Series C preferred stock, $(230.60)/share
|
-
|
-
|
-
|
-
|
157,945
|
2
|
-
|
-
|
229
|
-
|
(231)
|
-
|
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
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
Series A preferred stock, $(24.81)/share
|
-
|
-
|
-
|
-
|
999,633
|
9
|
-
|
-
|
921
|
-
|
(930)
|
-
|
Dividends on
Series B preferred stock, $(0.11)/share
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(26)
|
(26)
|
Dividends on
Series C preferred stock, $(248.12)/share
|
-
|
-
|
-
|
-
|
266,793
|
3
|
-
|
-
|
245
|
-
|
(248)
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
Accretion
of Preferred Stock discount
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(181)
|
-
|
-
|
(181)
|
Stock-based
compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
168
|
-
|
-
|
168
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
39
|
-
|
39
|
Dividends on
Series A preferred stock, $(23.30)/share
|
-
|
-
|
-
|
-
|
1,857,263
|
19
|
-
|
-
|
854
|
-
|
(873)
|
-
|
Dividends on
Series C preferred stock, $(232.97)/share
|
-
|
-
|
-
|
-
|
495,688
|
5
|
-
|
-
|
228
|
|
(233)
|
-
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,665)
|
(2,665)
|
Balance at
September 30, 2019
|
37,467
|
$-
|
239,400
|
$2
|
108,905,340
|
$1,089
|
6,704
|
$(64)
|
$193,634
|
$(1,394)
|
$(198,878)
|
$(5,611)
|
|
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
Series A preferred stock, $(24.47)/share
|
-
|
-
|
-
|
-
|
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
Series A preferred stock, $(23.13)/share
|
-
|
-
|
-
|
-
|
648,696
|
6
|
-
|
-
|
704
|
-
|
(710)
|
-
|
Dividends on
Series B preferred stock, $(0.11)/share
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(27)
|
(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)
|
Recognition of
beneficial conversion feature on convertible debt
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
-
|
9
|
Accretion of
Preferred Stock discount
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(11)
|
-
|
-
|
(11)
|
Related party debt
exchange for Series A Preferred Stock
|
6,896
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
6,802
|
-
|
-
|
6,802
|
Stock-based
compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
308
|
-
|
-
|
308
|
Foreign currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
Modification of
preferred stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
92
|
|
(92)
|
-
|
Dividends on
Series A preferred stock, $(24.67)/share
|
-
|
-
|
-
|
-
|
832,835
|
8
|
-
|
-
|
782
|
-
|
(790)
|
-
|
Dividends on
Series C preferred stock, $(246.15)/share
|
-
|
-
|
-
|
-
|
55,736
|
1
|
-
|
-
|
52
|
-
|
(53)
|
-
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,482)
|
(3,482)
|
Balance at
September 30, 2018
|
37,467
|
$-
|
239,400
|
$2
|
96,724,430
|
$966
|
6,704
|
$(64)
|
$182,783
|
$(1,645)
|
$(182,160)
|
$(118)
|
|
Nine
Months Ended
September
30,
|
|
|
2019
|
2018
|
Cash
flows from operating activities
|
|
|
Net
loss
|
$(8,825)
|
$(9,351)
|
Adjustments to
reconcile net loss to net cash used by operating
activities:
|
|
|
Depreciation and amortization
|
53
|
34
|
Amortization of
debt issuance costs and beneficial conversion feature
|
—
|
168
|
Stock-based compensation
|
515
|
1,014
|
Warrants issued in lieu of cash as compensation for
services
|
9
|
9
|
Change in
fair value of derivative liabilities
|
(445)
|
186
|
Change
in assets and liabilities:
|
|
|
Accounts
receivable
|
402
|
(46)
|
Inventory
|
(479)
|
64
|
Other
assets
|
(56)
|
(343)
|
Operating
lease right-of-use assets
|
138
|
—
|
Accounts
payable
|
(154)
|
99
|
Deferred
revenue
|
775
|
473
|
Accrued
expense
|
44
|
502
|
Contract
costs
|
(29)
|
—
|
Pension
obligation
|
45
|
27
|
Total
adjustments
|
818
|
2,187
|
Net cash used in
operating activities
|
(8,007)
|
(7,164)
|
|
|
|
Cash
flows from investing activities
|
|
|
Purchase of
property and equipment
|
(19)
|
(27)
|
Net cash used in
investing activities
|
(19)
|
(27)
|
|
|
|
Cash
flows from financing activities
|
|
|
Proceeds from
issuance of Common Stock, net of financing costs
|
6,520
|
—
|
Proceeds from
issuance of Series C Preferred stock, net of issuance
costs
|
—
|
8,789
|
Dividends
paid
|
(26)
|
(25)
|
Proceeds from
exercised stock options
|
167
|
149
|
Net cash provided
by financing activities
|
6,661
|
8,913
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
34
|
19
|
Net increase
(decrease) in cash and cash equivalents
|
(1,331)
|
1,741
|
|
|
|
Cash and cash
equivalents at beginning of period
|
5,694
|
7,317
|
|
|
|
Cash and cash
equivalents at end of period
|
$4,363
|
$9,058
|
|
|
|
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
|
$—
|
$30
|
Stock dividends on
Series A Convertible Preferred Stock
|
$2,667
|
$2,346
|
Stock dividends on
Series C Convertible Redeemable Preferred Stock
|
$712
|
$53
|
Exchange of
related-party indebtedness for Series A Preferred
Stock
|
—
|
6,802
|
Recognition of
derivative liabilities on preferred stock issuance
|
—
|
833
|
Accretion of
discount on Series C Convertible Redeemable Preferred
Stock
|
$551
|
$11
|
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
|
Accrued financing costs
|
$425
|
$-
|
(Amounts in thousands except share and per share
amounts)
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Numerator
for basic and diluted loss per share:
|
|
|
|
|
Net
loss
|
$(2,665)
|
$(3,482)
|
$(8,825)
|
$(9,351)
|
Preferred
dividends and preferred stock discount accretion
|
(1,300)
|
(949)
|
(3,968)
|
(2,437)
|
|
|
|
|
|
Net
loss available to common shareholders
|
$(3,965)
|
$(4,431)
|
$(12,793)
|
$(11,788)
|
|
|
|
|
|
Denominator
for basic and dilutive loss per share – weighted-average
shares outstanding
|
106,571,261
|
95,838,813
|
102,830,312
|
95,116,862
|
|
|
|
|
|
Basic
and diluted loss per share available to common
shareholders
|
$(0.04)
|
$(0.05)
|
$(0.13)
|
$(0.12)
|
Potential
Dilutive Securities
|
Three and
Nine Months Ended
September
30,
|
|
|
2019
|
2018
|
|
|
|
Convertible
redeemable preferred stock
|
42,627,000
|
42,627,000
|
Stock
options
|
7,199,668
|
7,318,179
|
Warrants
|
1,733,856
|
1,763,856
|
Total
potential dilutive securities
|
51,560,524
|
51,709,035
|
Fiscal
Year Ended December 31,
|
Estimated
Amortization
Expense
($ in thousands)
|
2019 (three
months)
|
$3
|
2020
|
12
|
2021
|
12
|
2022
|
12
|
2023
|
12
|
Thereafter
|
22
|
Totals
|
$73
|
($ in
thousands)
|
|
2019
(three months)
|
$139
|
2020
|
671
|
2021
|
642
|
2022
|
652
|
2023
|
425
|
Thereafter
|
519
|
Total
|
3,048
|
Short-term
leases not included in lease liability
|
(29)
|
Present
Value effect on future minimum undiscounted lease payments at
September 30, 2019
|
(876)
|
Lease
liability at September 30, 2019
|
$2,143
|
Less
current portion
|
(294)
|
Non-current
lease liability at September 30, 2019
|
$1,849
|
|
Common Stock
|
Shares
outstanding at December 31, 2018
|
98,223,632
|
Shares
issued as payment of stock dividend on Series A
Preferred
|
3,448,699
|
Shares
issued as payment of stock dividend on Series C
Preferred
|
920,426
|
Shares
issued pursuant to option exercises
|
351,334
|
Shares
issued for cash
|
5,954,545
|
Shares
outstanding at September 30, 2019
|
108,898,636
|
|
Warrants
|
Weighted-
Average
Exercise
Price
|
Balance at December
31, 2018
|
1,813,856
|
$0.19
|
Granted
|
—
|
—
|
Expired/Canceled
|
(80,000)
|
1.13
|
Exercised
|
—
|
—
|
Balance at
September 30, 2019
|
1,733,856
|
$0.14
|
|
Options
|
Weighted-Average
Exercise
Price
|
Balance at December
31, 2018
|
7,227,248
|
$1.34
|
Granted
|
712,500
|
$0.92
|
Expired/Cancelled
|
(388,746)
|
$1.53
|
Exercised
|
(351,334)
|
$0.47
|
Balance at
September 30, 2019
|
7,199,668
|
$1.34
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Cost
of revenue
|
$3
|
$5
|
$10
|
$16
|
General
and administrative
|
92
|
202
|
282
|
663
|
Sales
and marketing
|
38
|
52
|
119
|
175
|
Research
and development
|
35
|
49
|
104
|
160
|
|
|
|
|
|
Total
|
$168
|
$308
|
$515
|
$1,014
|
Level
1
|
Unadjusted quoted
prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or
liabilities.
|
Level
2
|
Applies
to assets or liabilities for which there are inputs other than
quoted prices included within Level 1 that are observable for the
asset or liability such as quoted prices for similar assets or
liabilities in active markets; quoted prices for identical assets
or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in
which significant inputs are observable or can be derived
principally from, or corroborated by, observable market
data.
|
Level
3
|
Prices
or valuation techniques that require inputs that are both
significant to the fair value measurement and unobservable
(supported by little or no market activity).
|
|
Fair Value at September 30, 2019
|
|||
($ in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Assets:
|
|
|
|
|
Pension
assets
|
$1,649
|
$—
|
$—
|
$1,649
|
Totals
|
$1,649
|
$—
|
$—
|
$1,649
|
Liabilities:
|
|
|
|
|
Derivative
liabilities
|
$620
|
$—
|
$—
|
$620
|
Totals
|
$620
|
$—
|
$—
|
$620
|
|
Fair Value at December 31, 2018
|
|||
($ 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 June 30,
2019
|
$1,721
|
Return on plan
assets
|
14
|
Company
contributions and benefits paid, net
|
(4)
|
Effect of exchange
rate changes
|
(82)
|
Balance at
September 30, 2019
|
$1,649
|
($
in thousands)
|
Pension
Assets
|
|
|
Balance at December
31, 2018
|
$1,733
|
Return on plan
assets
|
44
|
Company
contributions and benefits paid, net
|
(34)
|
Effect of exchange
rate changes
|
(94)
|
Balance at
September 30, 2019
|
$1,649
|
($
in thousands)
|
Pension
Assets
|
|
|
Balance at June 30,
2018
|
$1,754
|
Return on plan
assets
|
15
|
Company
contributions and benefits paid, net
|
41
|
Effect of exchange
rate changes
|
(67)
|
Balance at
September 30, 2018
|
$1,743
|
($
in thousands)
|
Pension
Assets
|
|
|
Balance at December
31, 2017
|
$1,806
|
Return on plan
assets
|
47
|
Company
contributions and benefits paid, net
|
17
|
Effect of exchange
rate changes
|
(127)
|
Balance at
September 30, 2018
|
$1,743
|
($
in thousands)
|
Derivative
Liabilities
|
|
|
Balance at
June 30, 2019
|
$1,008
|
Change in fair
value included in earnings
|
(388)
|
Balance at
September 30, 2019
|
$620
|
($
in thousands)
|
Derivative
Liabilities
|
|
|
Balance at
December 31, 2018
|
$1,065
|
Change in fair
value included in earnings
|
(445)
|
Balance at
September 30, 2019
|
$620
|
($
in thousands)
|
Derivative
Liabilities
|
|
|
Balance at
December 31, 2017
|
$—
|
Issued in
conjunction with Series C financing
|
833
|
Change in fair
value included in earnings
|
186
|
Balance at
September 30, 2018
|
$1,019
|
|
Three Months Ended
September 30,
|
|
|
|
Net Product Revenue
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Software
and royalties
|
$73
|
$61
|
$12
|
20%
|
Percentage
of total net product revenue
|
47%
|
78%
|
|
|
Hardware
and consumables
|
$15
|
$7
|
$8
|
114%
|
Percentage
of total net product revenue
|
10%
|
9%
|
|
|
Services
|
$67
|
$10
|
$57
|
570%
|
Percentage
of total net product revenue
|
43%
|
13%
|
|
|
Total
net product revenue
|
$155
|
$78
|
$77
|
99%
|
|
Three
Months Ended
September
30,
|
|
|
|
Maintenance Revenue
|
2019
|
2018
|
$
Change
|
%
Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Total maintenance
revenue
|
$630
|
$658
|
$(28)
|
(4)%
|
|
Three
Months Ended
September
30,
|
|
|
|
Cost of Product Revenue
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Software and
royalties
|
$11
|
$2
|
$9
|
450%
|
Percentage of
software and royalty product revenue
|
15%
|
3%
|
|
|
Hardware and
consumables
|
$12
|
$5
|
$7
|
140%
|
Percentage of
hardware and consumables product revenue
|
80%
|
71%
|
|
|
Services
|
$18
|
$2
|
$16
|
800%
|
Percentage of
services product revenue
|
27%
|
20%
|
|
|
Total product cost
of revenue
|
$41
|
$9
|
$32
|
356%
|
Percentage of total
product revenue
|
27%
|
12%
|
|
|
Maintenance
Cost of Revenue
|
Three
Months Ended
September
30,
|
|
|
|
(dollars in thousands)
|
2019
|
2018
|
$
Change
|
%
Change
|
Total maintenance
cost of revenue
|
$97
|
$151
|
$(54)
|
(36)%
|
Percentage of total
maintenance revenue
|
15%
|
23%
|
|
|
|
Three
Months Ended
September
30,
|
|
|
|
Product
Gross Profit
|
2019
|
2018
|
$
Change
|
%
Change
|
(dollars
in thousands)
|
|
|
|
|
Software and
royalties
|
$62
|
$59
|
$3
|
5%
|
Percentage of
software and royalty product revenue
|
85%
|
97%
|
|
|
Hardware and
consumables
|
$3
|
$2
|
$1
|
50%
|
Percentage of
hardware and consumables product revenue
|
20%
|
29%
|
|
|
Services
|
$49
|
$8
|
$41
|
513%
|
Percentage of
services product revenue
|
73%
|
80%
|
|
|
Total product gross
profit
|
$114
|
$69
|
$45
|
65%
|
Percentage of total
product revenue
|
74%
|
88%
|
|
|
Maintenance
Gross Profit
|
Three
Months Ended
September
30,
|
|
|
|
(dollars in thousands)
|
2019
|
2018
|
$
Change
|
%
Change
|
|
|
|
|
|
Total maintenance
gross profit
|
$533
|
$507
|
$26
|
5%
|
Percentage of total
maintenance revenue
|
85%
|
77%
|
|
|
|
Three
Months Ended
September
30,
|
|
|
|
Operating
Expense
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
$791
|
$958
|
$(167)
|
(17)%
|
Percentage of total
net revenue
|
101%
|
130%
|
|
|
Sales and
marketing
|
$985
|
$920
|
$65
|
7%
|
Percentage of total
net revenue
|
125%
|
125%
|
|
|
Research and
development
|
$1,898
|
$1,820
|
$78
|
4%
|
Percentage of total
net revenue
|
242%
|
247%
|
|
|
Depreciation and
amortization
|
$17
|
$10
|
$7
|
70%
|
Percentage of total
net revenue
|
2%
|
1%
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
Net Product Revenue
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Software
and royalties
|
$306
|
$1,015
|
$(709)
|
(70)%
|
Percentage
of total net product revenue
|
52%
|
75%
|
|
|
Hardware
and consumables
|
$53
|
$130
|
$(77)
|
(59)%
|
Percentage
of total net product revenue
|
9%
|
10%
|
|
|
Services
|
$233
|
$212
|
$21
|
10%
|
Percentage
of total net product revenue
|
39%
|
16%
|
|
|
Total
net product revenue
|
$592
|
$1,357
|
$(765)
|
(56)%
|
|
Nine Months Ended
September 30,
|
|
|
|
Maintenance Revenue
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Total
maintenance revenue
|
$1,935
|
$1,980
|
$(45)
|
(2)%
|
|
Nine Months Ended
September 30,
|
|
|
|
Cost of Product Revenue
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Software
and royalties
|
$27
|
$10
|
$17
|
170%
|
Percentage
of software and royalty product revenue
|
9%
|
1%
|
|
|
Hardware
and consumables
|
$35
|
$88
|
$(53)
|
(60)%
|
Percentage
of hardware and consumables product revenue
|
66%
|
68%
|
|
|
Services
|
$96
|
$77
|
$19
|
25%
|
Percentage
of services product revenue
|
41%
|
36%
|
|
|
Total
product cost of revenue
|
$158
|
$175
|
$(17)
|
(10)%
|
Percentage
of total product revenue
|
27%
|
13%
|
|
|
Maintenance Cost of Revenue
|
Nine Months Ended
September 30,
|
|
|
|
(dollars in thousands)
|
2019
|
2018
|
$
Change
|
%
Change
|
Total
maintenance cost of revenue
|
$323
|
$540
|
(217)
|
(40)%
|
Percentage
of total maintenance revenue
|
17%
|
27%
|
|
|
|
Nine
Months Ended
September
30,
|
|
|
|
Product
Gross Profit
|
2019
|
2018
|
$
Change
|
%
Change
|
(dollars
in thousands)
|
|
|
|
|
Software and
royalties
|
$279
|
$1,005
|
$(726)
|
(72)%
|
Percentage of
software and royalty product revenue
|
91%
|
99%
|
|
|
Hardware and
consumables
|
$18
|
$42
|
$(24)
|
(57)%
|
Percentage of
hardware and consumables product revenue
|
34%
|
32%
|
|
|
Services
|
$137
|
$135
|
$2
|
1%
|
Percentage of
services product revenue
|
59%
|
64%
|
|
|
Total product gross
profit
|
$434
|
$1,182
|
$(748)
|
(63)%
|
Percentage of total
product revenue
|
73%
|
87%
|
|
|
Maintenance Gross Profit
|
Nine
Months Ended
September
30,
|
|
|
|
(dollars in thousands)
|
2019
|
2018
|
$
Change
|
%
Change
|
|
|
|
|
|
Total
maintenance gross profit
|
$1,612
|
$1,440
|
$172
|
12%
|
Percentage
of total maintenance revenue
|
83%
|
73%
|
|
|
|
Nine
Months Ended
September
30,
|
|
|
|
Operating Expense
|
2019
|
2018
|
$ Change
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
General
and administrative
|
$2,793
|
$3,100
|
$(307)
|
10%
|
Percentage
of total net revenue
|
111%
|
93%
|
|
|
Sales
and marketing
|
$2,924
|
$2,600
|
$324
|
12%
|
Percentage
of total net revenue
|
116%
|
78%
|
|
|
Research and
development
|
$5,511
|
$5,483
|
$28
|
1%
|
Percentage
of total net revenue
|
218%
|
164%
|
|
|
Depreciation
and amortization
|
$53
|
$34
|
$19
|
56%
|
Percentage
of total net revenue
|
2%
|
1%
|
|
|
(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:
November 12, 2019
|
|
IMAGEWARE
SYTEMS, INC
|
|
|
|
|
|
By:
/s/ S. James
Miller, Jr.
|
|
|
S. James Miller, Jr.
Chief Executive Officer, Chairman and Director
(Principal Executive Officer)
|
|
|
|
Date:
November 12, 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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