Intellicheck Mobilisa, Inc. (NYSE MKT:IDN) Q2 2020 Earnings Conference Call - Final Transcript

Aug 11, 2020 • 04:30 pm ET

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Intellicheck Mobilisa, Inc. (NYSE MKT:IDN) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Bill White

30, 2019. The net loss per diluted share was $0.05 versus a net loss per diluted share at $0.06 in the prior year.

Adjusted EBITDA for the quarter ended June 30, 2020 was negative $619,000 compared to negative $785,000 in the quarter ended June 30, 2019. Interest and other income were negligible for the quarters June 30, 2020 and 2019.

Now, I'd like to focus on the company's liquidity and capital resources. As of June 30, 2020, the company had net cash of $14.6 million; working capital, defined as current assets minus current liabilities for $13.2 million, total assets of $25.4 million; the stockholders' equity of $22.1 million. During the six months ended June 30, 2020, the company generated net cash of $11.2 million compared to a net cash used of $1.3 million during the six months ended June 30, 2019. On June 23, 2020, the company completed a public offering of 1,769,230 shares of its common stock offered to the public at $6.50 per share, resulting in net proceeds to the company approximately $10.6 million after deducting underwriters discount, commissions, and operating costs paid by the company. Intellicheck intends to use the net proceeds from the offering for general corporate purposes and working capital.

Net cash used in operating activities was $262,000 for the six month period ended June 30, 2020, compared to $1.6 million for the same period in 2019. Net cash used in investing activities was $110,000 for the first six months of 2020 compared to a net cash provided by investing activities of $14,000 [Phonetic] for the six month period ended June 30, 2019 and we generated cash of $11.6 million from financing activities for the first six months ending June 30, 2020 compared to $268,000 for the same period in 2019.

The company has a $2 million revolving credit facility with Citibank that is secured by collateral accounts. There are no amounts outstanding under the facility and we currently anticipate that are available cash as well as expected cash from operations will be sufficient to meet our anticipated working capital and capital expenditure requirements for at least the next 12 months. As of December 31, 2019, the company had net operating loss carryforwards of approximately $17 million.

I'll now turn the call back over to the operator to take your questions. Operator?