AUID 8-K
authID Inc. (AUID)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Item 2.02 Results of Operations and Financial Condition.
On August 9, 2022, authID Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 2022. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The Company also published a presentation used in connection with a conference call hosted on August 9, 2022. The full text of the presentation published in connection with the announcement is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information contained in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 2.05 Costs Associated with Exit or Disposal Activities.
The Company filed a current report on Form 8-K on May 9, 2022 (the “Multipay 8-K”), outlining (amongst other things) the Company’s plans to exit the MultiPay S.A.S business in Colombia (“MultiPay”). As indicated in the Company’s quarterly report on Form 10-Q for the period ended June 30, 2022 filed August 9, 2022, the Company has started this process and intends to continue it in an orderly fashion, honoring its obligations to employees, customers and under applicable laws and regulations. The Company plan to maintain its customer support and operations team in Bogota, which performs essential functions to support the global operations of the Company’s Verified family of products.
The Company will incur certain costs associated with its employees and other contractual obligations. MultiPay will continue to service its customer base in the interim as it will look to minimize all such costs and in addition, to realize proceeds from the potential disposition or use of its assets. As of June 30, 2022, MultiPay is working with a customer to implement a transition plan to provide an essential service for certain bill pay services, which is expected to result in the leasing and sale of certain of MultiPay’s proprietary software as well as the assumption by the customer of certain expenses.
The Company expects to incur the following major types of cost associated with the proposed exit of the MultiPay business, namely (a) approximately $195,000 for payment of one-time benefits to employees and consultants including statutory obligations and certain contingent retention bonuses; and (b) approximately $57,000 for accelerated depreciation of certain assets to reflect the estimated remaining useful life, for a total of approximately $252,000. Only the one-time benefits payable to employees and consultants are expected to result in future cash expenditures. In the six months ended June 30, 2022, MultiPay recorded $68,000 of additional expense for employee obligations during the transitional period. The Company anticipates an additional revenue offset to these expenses as it proceeds with the use or licensing and sale of the assets.
This information amends the information previously provided in the MultiPay 8-K.
Item 9.01 Financial Statements and Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release dated August 9, 2022 | |
| 99.2 | Presentation dated August 9, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| authID Inc. | ||
| Date: August 9, 2022 | By: | /s/ Hang Thi Bich Pham |
| Name: | Hang Thi Bich Pham | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
authID Inc. Reports Financial and Operating Results for the Second Quarter Ended June 30, 2022
Management to Host Conference Call Today at 5:30 p.m. EDT
DENVER, August 09, 2022 -- authID (Nasdaq: AUID) a leading provider of secure, mobile, biometric identity authentication solutions, today reported financial and operating results for the second quarter and six months ended June 30, 2022.
“This quarter, we gained traction as a noteworthy competitor in the biometric identity marketplace by achieving a perfect score for ISO Level 2 Biometric Presentation Attack Detection and achieving ISO 27001 Certification for Information Security Management Systems,” said Tom Thimot, CEO of authID. “The American Board of Radiology selected authID after a rigorous proof of concept, and we expanded our portfolio of financial services customers. Our focus on enabling companies to defend against password risks and fraudulent account takeovers, in addition to lowering their enterprise support costs are key aspects of our value proposition and the reason we believe we will gain momentum in the months ahead.”
Financial Results for the Three Months and Six Months Ended June 30, 2022
The following highlights comprise results from continuing operations, reflecting the previous announcement to exit the Company’s non-core businesses in South Africa and Colombia. These businesses are now classified in the Company’s financial statements as discontinued operations and assets held for sale.
| ● | Total revenue for the three months ended June 30, 2022 was $0.1 million, compared with total revenue of $0.1 million for the three months ended June 30, 2021. For the six months ended June 30, 2022, total revenue was $0.2 million, compared with total revenue for the six months ended June 30, 2021 of $0.3 million. For both the three and six- month periods, VerifiedTM software license revenue increased sequentially. |
| ● | Net loss for the three months ended June 30, 2022 was $6.4 million, compared with $3.0 million a year ago. For the six-month period in 2022, net loss was $11.5 million, compared with $5.4 million for the same period last year. |
| ● | Net loss per share for the three months ended June 30, 2022 was $0.26, compared with $0.15 for the three months ended June 30, 2021. For the six months ended June 30, 2022, net loss per share was $0.48, compared with $0.27 for the same period last year. |
| ● | Adjusted EBITDA loss for the three months ended June 30, 2022 was $3.0 million, compared with $1.3 million for the three months ended June 30, 2021. For the six months ended June 30, 2022, Adjusted EBITDA loss was $5.9 million, compared with $2.5 million, for the same period last year. |
Refer to Table 1 for reconciliation of loss to Adjusted EBITDA (a non-GAAP measure).
“Despite macroeconomic headwinds that we believe resulted in longer sales cycles than anticipated for Verified Consumer, interest in our Verified Workforce solutions is a bright spot and is growing as organizations accelerate their move to passwordless and Zero Trust authentication,” Thimot added. “Businesses implementing our secure cloud-based biometric identity authentication platform gain the assurance they need that the user behind the device is who they say they are. We expect our continued focus on sales of our workforce cybersecurity products will contribute to our growth and support our target of reaching positive cash flow by the time we enter 2024.”
Highlights for the Second Quarter of 2022 and Subsequent Weeks:
| · | Won the American Board of Radiology, which selected authID to deploy its facial biometric authentication solution following a successful proof-of-concept trial period. authID believes this win highlights the large opportunity to grow market share in the healthcare segment. |
| · | Signed several new financial services customers including Ansa Bank, Stepping Stones Federal Community Credit Union and Practice Wise DDS an international bank, a US credit union and a fintech for health care professionals. |
| · | Added a global online media company and several financial services providers, through US channel partners, to help reduce identity fraud in account recovery and digital customer onboarding. |
| · | Achieved certification for ISO 27001:2013 for Information Security Management System (ISMS), providing further evidence that authID has met a rigorous framework of security management standards for ensuring the confidentiality, integrity, and availability of its biometric authentication platform. |
| · | Achieved a perfect score for International Standards Organization (ISO) 30107-3 Level 1 and 2 standards for Presentation Attack Detection for the company’s Verified™ platform, preventing more than 700 presentation attacks for a 0% failure rate. This successful independent testing demonstrates the additional fraud protection and security authID can provide to its customers. |
| · | Named Annie Pham, formerly of Sonic Wall and Broadcom, as CFO, and appointed former CLEAR executive Joe Trelin to authID’s Board of Directors. |
Today’s Conference Call and Webcast
The Company will host a webcast and conference call today at 5:30 p.m. EST to discuss the financial results and provide a corporate update.
| · | To listen to the webcast and view the presentation, investors can follow this link: https://edge.media-server.com/mmc/p/o858qhwi. |
| · | Anyone interested in asking questions during the live call should also register here: Registration Link for Teleconference Dial In. Note you can pre-register for the teleconference. Once registered online you will receive the dial in number and a PIN. The PIN cannot be shared with anyone else. |
| · | A replay of the event and a copy of the presentation will also be available for 90 days via authID’s Investor Relations news and events web page at: https://investors.authid.ai/news-and-events/events-and-presentations. |
About authID Inc.
At authID (Nasdaq: AUID), We Are Digital Identity®. authID provides secure, mobile, biometric identity verification software products
through Verified®, an easy-to-integrate Identity as a Service (IDaaS) platform. Our suite of self-service biometric identity verification
and authentication solutions frictionlessly eliminate passwords through consent-based facial matching. Powered by sophisticated biometric
and artificial intelligence technologies, authID aims to strengthen security and trust between businesses and their customers. For more
information, go to: www.authid.ai.
Forward-Looking Statements
Information contained in this announcement may include “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future results of operations, cash flow, cash position and financial position, business strategy, plans and objectives of management for future operations of both authID Inc. and its business partners, future service launches with customers, the outcome of pilots and new initiatives and customer pipeline are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Implementation of some or all of the new services referred to is subject to regulatory or other third-party approvals. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by customers, consumers and others may take longer than anticipated, or may not occur at all; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the war in Ukraine, the Covid-19 pandemic and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2021 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.
| Investor Relations Contacts: | ||
| Grace DeFries authID SVP, Marketing Communications & Investor Relations [email protected] |
Ina McGuinness |
Non-GAAP Financial Information
The Company provides certain supplemental financial measures in this statement that are not calculated in accordance with U.S. generally accepted accounting principles or “GAAP”. Management believes that Adjusted EBITDA, Booked Annual Recurring Revenue (“BARR”) and Annual Recurring Revenue (“ARR”), when viewed with our results calculated in accordance with GAAP and the accompanying reconciliations, provide useful information about our period-over-period results. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors and other interested parties in the evaluation of comparable companies. BARR and ARR are presented because management believes they provide leading indicators of the trends that will ultimately impact the Company’s revenues, as calculated in accordance with GAAP. BARR and ARR are performance metrics that should be viewed independently of and not as substitutes for revenue. Management also relies on Adjusted EBITDA, BARR and ARR as primary measures to review and assess the operating performance of our Company and our management and these measures are also used as factors in connection with our executive performance-based compensation. These non-GAAP key business indicators, which include Adjusted EBITDA, BARR and ARR should not be considered replacements for and should be read in conjunction with the GAAP financial measures.
authID defines Adjusted EBITDA as GAAP net loss adjusted to exclude: (1) interest expense, (2) interest income, (3) income tax expense, (4) depreciation and amortization, (5) stock-based compensation expense and (6) certain other items management believes affect the comparability of operating results. Please see Table 1 below for a reconciliation of Adjusted EBITDA continuing operations to Loss from continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP.
Table 1
Reconciliation of Loss from continuing operations to Adjusted EBITDA continuing operations
(unaudited)
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||
| Loss from continuing operations | $ | (6,366,520 | ) | $ | (3,008,218 | ) | $ | (11,466,525 | ) | $ | (5,375,751 | ) | ||||
| Add back: | ||||||||||||||||
| Interest expense | 459,262 | 253,919 | 493,904 | 551,351 | ||||||||||||
| Other (income) | - | (480,156 | ) | (3,240 | ) | (480,156 | ) | |||||||||
| Severance cost | - | - | 150,000 | - | ||||||||||||
| Depreciation and amortization | 244,448 | 299,239 | 460,833 | 579,435 | ||||||||||||
| Taxes | 7,316 | 1,028 | 8,100 | 6,947 | ||||||||||||
| Stock compensation | 2,632,118 | 1,634,546 | 4,499,107 | 2,261,126 | ||||||||||||
| Adjusted EBITDA continuing operations (Non-GAAP) | $ | (3,023,376 | ) | $ | (1,299,642 | ) | $ | (5,857,821 | ) | $ | (2,457,048 | ) | ||||
The company defines Booked Annual Recurring Revenue or BARR, as the amount of annual recurring revenue represented by either (a) the minimum amounts payable under contracted orders for our Verified products booked by customers with authID, or (b) the estimated amounts of annual recurring revenue, we believe will be earned under such contracted orders. The cumulative amount of BARR under contracts for Verified products through June 30, 2022 is approximately $161,000.
The company defines Annual Recurring Revenue or ARR, as the amount of recurring revenue derived from sales of our Verified products during the last month of the relevant period (in this case June 2022) as determined in accordance with GAAP, multiplied by 12. The amount of ARR as of June 30, 2022 is approximately $154,000.
BARR may be distinguished from ARR, as BARR does not take into account the time to implement any contract for Verified, nor for any ramp in adoption, or seasonality of usage of the Verified products. BARR and ARR have limitations as analytical tools, and you should not consider them in isolation from, or as a substitute for, analysis of our results as reported under GAAP. Some of these limitations are:
| · | BARR & ARR should not be considered as predictors of future revenues but only as indicators of the direction in which revenues may be trending. Actual revenue results in the future as determined in accordance with GAAP may be significantly different to the amounts indicated as BARR or ARR at any time. |
| · | BARR and ARR are to be considered “forward looking statements” and subject to the same risks, as other such statements (see note on “Forward Looking Statements” above) |
| · | BARR & ARR only include revenues from sale of our Verified products and not other revenues; |
| · | BARR & ARR do not include amounts we consider as non-recurring revenues (for example one-off implementation fees). |
authID INC. AND SUBSIDIARIES
(formerly known as Ipsidy Inc.)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenues: | ||||||||||||||||
| Verified software license | $ | 51,409 | $ | 18,499 | $ | 86,902 | $ | 33,021 | ||||||||
| Legacy authentication services | 15,000 | 128,272 | 144,559 | 261,810 | ||||||||||||
| Total revenues, net | 66,409 | 146,771 | 231,461 | 294,831 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | 4,806,275 | 2,733,786 | 9,284,897 | 4,343,822 | ||||||||||||
| Research and development | 915,628 | 347,173 | 1,453,492 | 669,183 | ||||||||||||
| Depreciation and amortization | 244,448 | 299,239 | 460,833 | 579,435 | ||||||||||||
| Total operating expenses | 5,966,351 | 3,380,198 | 11,199,222 | 5,592,440 | ||||||||||||
| Loss from continuing operations | (5,899,942 | ) | (3,233,427 | ) | (10,967,761 | ) | (5,297,609 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Other income | - | 480,156 | 3,240 | 480,156 | ||||||||||||
| Interest expense, net | (459,262 | ) | (253,919 | ) | (493,904 | ) | (551,351 | ) | ||||||||
| Other income (expense), net | (459,262 | ) | 226,237 | (490,664 | ) | (71,195 | ) | |||||||||
| Loss from continuing operations before income taxes | (6,359,204 | ) | (3,007,190 | ) | (11,458,425 | ) | (5,368,804 | ) | ||||||||
| Income tax expense | (7,316 | ) | (1,028 | ) | (8,100 | ) | (6,947 | ) | ||||||||
| Loss from continuing operations | (6,366,520 | ) | (3,008,218 | ) | (11,466,525 | ) | (5,375,751 | ) | ||||||||
| Loss from discontinued operations | (206,307 | ) | (49,392 | ) | (407,030 | ) | (171,858 | ) | ||||||||
| Net loss | $ | (6,572,827 | ) | $ | (3,057,610 | ) | $ | (11,873,555 | ) | $ | (5,547,609 | ) | ||||
| Net loss per share - Basic and Diluted | ||||||||||||||||
| Continuing operations | $ | (0.26 | ) | $ | (0.15 | ) | $ | (0.48 | ) | $ | (0.27 | ) | ||||
| Discontinued operations | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.01 | ) | ||||
| Weighted average shares outstanding - Basic and Diluted | 24,673,806 | 20,248,868 | 24,118,829 | 20,003,913 | ||||||||||||
authID INC. AND SUBSIDIARIES
(formerly known as Ipsidy Inc.)
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 9,978,252 | $ | 5,767,276 | ||||
| Accounts receivable, net | 38,076 | 26,846 | ||||||
| Other current assets | 997,113 | 502,721 | ||||||
| Current assets held for sale | 781,895 | 629,752 | ||||||
| Total current assets | 11,795,336 | 6,926,595 | ||||||
| Property and Equipment, net | - | 25,399 | ||||||
| Other Assets | 351,024 | 2,501 | ||||||
| Intangible Assets, net | 1,958,142 | 2,379,451 | ||||||
| Goodwill | 4,183,232 | 4,183,232 | ||||||
| Non-current assets held for sale | 73,981 | 312,831 | ||||||
| Total assets | $ | 18,361,715 | $ | 13,830,009 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 1,784,682 | $ | 1,778,092 | ||||
| Convertible debt | 662,000 | 662,000 | ||||||
| Deferred revenue | 45,644 | 199,007 | ||||||
| Current liabilities held for sale | 534,118 | 295,332 | ||||||
| Total current liabilities | 3,026,444 | 2,934,431 | ||||||
| Non-current Liabilities: | ||||||||
| Convertible debt | 7,607,011 | - | ||||||
| Total liabilities | 10,633,455 | 2,934,431 | ||||||
| Stockholders’ Equity: | ||||||||
| Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 24,789,418 and 23,294,024 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 2,478 | 2,329 | ||||||
| Additional paid in capital | 135,322,838 | 126,581,702 | ||||||
| Accumulated deficit | (127,773,494 | ) | (115,899,939 | ) | ||||
| Accumulated comprehensive income | 176,438 | 211,486 | ||||||
| Total stockholders’ equity | 7,728,260 | 10,895,578 | ||||||
| Total liabilities and stockholders’ equity | $ | 18,361,715 | $ | 13,830,009 | ||||
Exhibit 99.2
© 2022 authID Inc. All Rights Reserved. Denver, CO NASDAQ : AUID © 2022 authID Inc. All Rights Reserved. Q2 2022 Earnings Conference Call August 9, 2022 Slides Available @ 5:30pm
• This Presentation and information provided at a meeting at which it is presented (the “Presentation") has been prepared on the basis of information furnished by the management of authID Inc . (“authID” or the “Company”) and has not been independently verified by any third party . • This Presentation is provided for information purposes only. This Presentation is not an offer to sell nor a solicitation of an offer to buy any securities. • While the Company is not aware of any inaccuracies, no warranty or representation is made by the Company or its employees and representatives as to the completeness or accuracy of the information contained herein . This presentation also contains estimates and other statistical data made by independent parties and us relating to market size and other data about our industry . This data involves a number of assumptions and limitations, and you should not give undue weight to such data and estimates . • Information contained in this Presentation or presented during this meeting may include “forward - looking statements . ” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future results of operations, cash position and cash flow of the Company, financial position, results of operations, business strategy, plans and objectives of management for future operations of both authID and its business partners, future service launches with customers, the outcome of pilots and new initiatives and customer pipeline are forward - looking statements . Such forward - looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice . Implementation of some or all of the new services referred to is subject to regulatory or other third - party approvals . Actual results may vary materially from the results anticipated by these forward - looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by customers, consumers and others may take longer than anticipated, or may not occur at all ; changes in laws, regulations and practices ; changes in domestic and international economic and political conditions, the impact of the war in Ukraine, the Covid - 19 pandemic and others . See the Company’s Annual Report Form 10 - K for the Fiscal Year ended December 31 , 2021 filed at www . sec . gov for other risk factors which anyone considering a transaction with the Company should consider . These forward - looking statements speak only as to the date of this Presentation or meeting and cannot be relied upon as a guide to future performance . authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward - looking statements contained in this Presentation to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based . • This Presentation contains references to the Company’s and other entities’ trademarks. Such trademarks are the property of their respective owner. The Company does not intend its use or the display of other companies’ trade names or trademarks to imply a relationship with or endorsement of the Company by any other entity. • By reading this Presentation or attending a meeting at which it is presented you accept and agree to these terms, disclaimers and limitations. - 2 - © 2022 authID Inc. All Rights Reserved. Disclaimer & Forward Looking Statements
Q2 Highlights Technology & Certifications Expe r tise Joe Trelin I n depe n de n t Director Jared Hufferd VP Cybersecurity Sales Annie Pham CFO - 3 - © 2022 authID Inc. All Rights Reserved.
© 2022 authID Inc. All Rights Reserved. Q2 Highlights - 4 - Expanded Market Approach Finserv F i n t ech Healthcare Cybersecurity New Customers and Target Markets
Where Are We On Our Journey? Q1 - Q2 2023 October 2021 L a unc hed “Minimal Viable Product” We are here Working with early prospects to enhance product adoption Our KPI’s Begin to attain critical mass - 5 - © 2022 authID Inc. All Rights Reserved.
• Verified Revenue – Q2 was $57K, compared with $18K a year ago – YTD was $87K, compared with $33K • Total Revenue – Q2 was $0.1M, compared with $0.1M a year ago – YTD was $0.2M, compared with $0.3M • Net Loss – Q2 was $6.4M, compared with $3.0M a year ago – YTD was $11.5 million, compared with $5.4M • Net Loss per Share – Q2 was $0.26, compared with $0.15 a year ago. – YTD was $0.48, compared with $0.27 - 6 - © 2022 authID Inc. All Rights Reserved. • Operating Expenses – Q2 was $5.9M, compared with $2.8M a year ago, principally due to higher non - cash expenses of 3.2M – YTD was $11.2M, compared with $5.6M, principally due to higher non - cash expenses of 5.4M • Adjusted EBITDA Loss – Q2 was $3.0M, compared with $1.3M a year ago – YTD was $5.9M, compared with $2.5M • KPIs – BARR - $0.2M – ARR - $0.2M – Deferred Revenue - $46K Financial Results* For the Period Ended June 30, 2022 *Highlights comprise results from continuing operations, reflecting previous announcement to exit the Company’s non - core businesses in South Africa and Colombia. These businesses are now classified in our financial statements as discontinued operations and assets held for sale.
© 2022 authID Inc. All Rights Reserved. © 2022 authID Inc. All Rights Reserved. Q&A Denver, CO NASD - A 7 Q - : AUID