8-K
Firefly Neuroscience, Inc. (AIFF)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 14, 2021
INFORMATION ANALYSIS INCORPORATED
(Exact name of registrant as specified in its charter)
| VA | 000-22405 | 54-1167364 |
|---|---|---|
| (State or other jurisdiction<br><br> <br>of incorporation) | (Commission<br><br> <br>File Number) | (IRS Employer<br><br> <br>Identification No.) |
11240 Waples Mill Rd, Ste 201
Fairfax, VA 22030
(Address of principal executive offices, including zip code)
703-383-3000
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br> <br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| None | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 2 – Financial Information
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On May 14, 2021, Information Analysis Incorporated issued a press release reporting earnings and other financial results for its three months ended March 31, 2021. A copy of this press release, captioned "Information Analysis Inc Releases First Quarter 2021 Results," is attached as Exhibit 99.1 to this Current Report on Form 8-K (the "8-K"). The information in this 8-K, including the exhibit, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Section 9 – Financial Statements and Exhibits
| Item 9.01 | Financial Statements and Exhibits |
|---|
Press Release dated May 14, 2021, captioned: "Information Analysis Inc Releases First Quarter 2021 Results.”
Exhibit Index
| Exhibit No. | Description |
|---|---|
| EX-99.1 | IAI Press Release dated May 14, 2021 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ****<br><br> <br>INFORMATION ANALYSIS INCORPORATED | ||
|---|---|---|
| Date: May 18, 2021 | By: | /s/ Matthew T. Sands |
| Matthew T. Sands | ||
| Chief Financial Officer |
ex_251359.htm
Exhibit 99.1
Information Analysis Inc Releases First Quarter 2021 Results
Revenues Improve 65.9%; Diluted EPS of $0.02
Key Acquisition of Tellenger, Inc. Completed Subsequent to Quarter End
FAIRFAX, VA, May 14, 2021 – Information Analysis Incorporated (OTCQB: IAIC) today reported its results for the first quarter ended March 31, 2021.
For the first quarter ended March 31, 2021, revenues were $3,419,580, an increase of 65.9%, over prior period revenues of $2,061,756. Net income was $270,815 in the first quarter of 2021 versus a net loss of ($126,339) for the comparable period in 2020, an improvement of $397,154. Basic and diluted earnings per share were $0.02 for the first quarter of 2021, versus basic and diluted net loss per share of ($0.01) in the prior year period.
“After ending 2020 on a high note, we have continued that momentum with our first quarter results. We reported substantial revenue growth, driven by several projects in our Professional Services business, which enabled us to deliver another profitable quarter.” said Stan Reese, IAI’s CEO. As pleased as I am with our first quarter results, I also know this is just the start. In early April, we announced the acquisition of Tellenger, Inc. This strategic acquisition significantly expands our cybersecurity, cloud, and data analytics capabilities. Tellenger works with both government agencies and private sector clients and is a great fit with our strategy moving forward. Since closing the acquisition, we have been focused on driving top-line synergies among both of our customer bases.”
Mr. Reese continued, “We have also added to our Board of Directors, with Jack Johnson joining us during the first quarter and Donald Tringali coming on last week. Jack and Don lend significant experience and acumen to our board and I expect them to be valuable resources as we continue to pursue our growth plan.”
About Information Analysis Incorporated
Information Analysis Incorporated (www.infoa.com), headquartered in Fairfax, Virginia, is an information technology product and services company. The Company is a software conversion specialist, modernizing legacy systems and securely extending their reach to the cloud and more modern platforms.
Additional information for investors
This release may contain forward-looking statements regarding the Company's business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company's 10-K for the fiscal year ended December 31, 2020 and in other filings with the Securities and Exchange Commission.
For additional information contact:
Jeremy Hellman, CFA
Vice President
The Equity Group
(212) 836-9626
Matt Sands, CFO
msands@infoa.com
(703) 293-7925
Information Analysis Incorporated
Statements of Operations
(unaudited)
| For the three months ended March 31, | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Revenues | |||||
| Professional fees | $ | 2,439,259 | $ | 844,403 | |
| Software sales | 980,321 | 1,217,353 | |||
| Total revenues | 3,419,580 | 2,061,756 | |||
| Cost of revenues | |||||
| Cost of professional fees | 1,467,699 | 579,631 | |||
| Cost of software sales | 932,231 | 1,203,298 | |||
| Total cost of revenues | 2,399,930 | 1,782,929 | |||
| Gross profit | 1,019,650 | 278,827 | |||
| Selling, general, and administrative expenses | 545,663 | 340,813 | |||
| Commissions expense | 134,587 | 65,621 | |||
| Acquisition costs | 70,530 | - | |||
| Income (loss) from operations | 268,870 | (127,607 | ) | ||
| Other income, net | 1,945 | 1,268 | |||
| Income (loss) before provision for income taxes | 270,815 | (126,339 | ) | ||
| Net income (loss) | $ | 270,815 | $ | (126,339 | ) |
| Net income (loss) per common share – basic | $ | 0.02 | $ | (0.01 | ) |
| Net income (loss) per common share – diluted | $ | 0.02 | $ | (0.01 | ) |
| Weighted average common shares outstanding | |||||
| Basic | 11,282,671 | 11,211,760 | |||
| Diluted | 12,286,216 | 11,211,760 |
Information Analysis Incorporated
Balance Sheets
| December 31, 2020 | |||||
|---|---|---|---|---|---|
| (Audited) | |||||
| ASSETS: | **** | **** | **** | **** | **** |
| Current assets | |||||
| Cash and cash equivalents | 3,015,943 | $ | 1,858,160 | ||
| Accounts receivable | 1,185,963 | 1,442,231 | |||
| Prepaid expenses and other current assets | 106,294 | 142,770 | |||
| Total current assets | 4,308,200 | 3,443,161 | |||
| Contract assets – non-current | 342,631 | 210,688 | |||
| Right-of-use operating lease asset | 25,911 | 51,405 | |||
| Property and equipment, net of accumulated depreciation and amortization of 317,703 and 312,320 | 61,395 | 62,166 | |||
| Other assets | - | 6,281 | |||
| Total assets | 4,738,137 | $ | 3,773,701 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | **** | **** | **** | **** | **** |
| Current liabilities | |||||
| Accounts payable | 192,213 | $ | 103,646 | ||
| Revolving line of credit | 500,000 | - | |||
| Contract liabilities | 455,496 | 946,884 | |||
| Accrued payroll and related liabilities | 421,183 | 375,168 | |||
| Commissions payable | 276,794 | 181,626 | |||
| Notes payable – current | 149,001 | 93,009 | |||
| Operating lease liability – current | 18,363 | 45,595 | |||
| Other accrued liabilities | 8,047 | 54,274 | |||
| Interest payable | 4,583 | 3,125 | |||
| Total current liabilities | 2,025,680 | 1,803,327 | |||
| Note payable – non-current | 300,999 | 356,991 | |||
| Total liabilities | 2,326,679 | 2,160,318 | |||
| Stockholders’ equity | |||||
| Common stock, 0.01 par value, 30,000,000 shares authorized, 13,260,042 and 12,904,376 shares issued, 11,617,426 and 11,261,760 shares outstanding as of March 31, 2021, and December 31, 2020 respectively | 132,599 | 129,043 | |||
| Additional paid-in capital | 15,243,769 | 14,720,065 | |||
| Accumulated deficit | (12,034,699 | ) | (12,305,514 | ) | |
| Treasury stock, 1,642,616 shares at cost as of March 31, 2021, and December 31, 2020 | (930,211 | ) | (930,211 | ) | |
| Total stockholders’ equity | 2,411,458 | 1,613,383 | |||
| Total liabilities and stockholders’ equity | 4,738,137 | $ | 3,773,701 |
All values are in US Dollars.