Vislink Technologies, Inc 10-K for FY2024

Vislink Technologies, Inc. (VISL)

10-K 2025-05-02 For: 2024-12-31

Added on April 06, 2026

About this 10-K

Vislink Technologies, Inc filed this 10-K on May 2, 2025, covering the fiscal year ended December 31, 2024 (FY2024).

Headline figures

Fiscal year ended December 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $27.73M; up 0.9% from $27.48M a year earlier
Net loss: $20.5M; compared with a net loss of $9.13M a year earlier
Diluted EPS: -$8.35; compared with -$3.83 a year earlier

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Title of each class:		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.00001 par value per share		VISL		OTCQB Venture Market

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

			Page
PART I
	Item 1.	Business	4
	Item 1A.	Risk Factors	15
	Item 1B.	Unresolved Staff Comments	27
	Item 1C.	Cybersecurity	27
	Item 2.	Properties	29
	Item 3.	Legal Proceedings	29
	Item 4.	Mine Safety Disclosures	29
PART II
	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	30
	Item 6.	Reserved	30
	Item 7.	Management’s Discussion and Analysis of Financial Conditions and Results of Operations	31
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	38
	Item 8.	Financial Statements and Supplementary Data	38
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	38
	Item 9A.	Controls and Procedures	39
	Item 9B.	Other Information	39
	Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	39
PART III
	Item 10.	Directors, Executive Officers, and Corporate Governance	40
	Item 11.	Executive Compensation	40
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	40
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	40
	Item 14.	Principal Accountant Fees and Services	40
PART IV
	Item 15.	Exhibits, Financial Statement Schedules	41
SIGNATURES			43
FINANCIAL STATEMENTS			F-1

	●	We have incurred losses in the past and may be unable to achieve or sustain profitability in the future.
	●	We may require additional capital to fund our operations, develop, market, and commercialize new products, and expand our operations. If we do not obtain additional financing, our business prospects, financial condition, and results of operations will be adversely affected.
	●	Our global operations expose us to risks associated with public health crises or pandemic outbreaks. These crises could disrupt our operations and adversely affect our financial condition and operating results.
	●	Our industry is highly competitive, and we may need to compete more effectively.
	●	Defects or errors in our products or those of our suppliers could harm our brand and customer relationships, expose us to liability, and result in significant expenses or decreased demand.
	●	We have identified material weaknesses in our internal controls and procedures over financial reporting. Additional weaknesses may arise, causing us to fail to meet our reporting obligations or result in material misstatements.
	●	We rely extensively on information technology systems and face cybersecurity risks, including potential data breaches and service disruptions.
	●	We rely on key executive officers, and their knowledge of our business and technical expertise would be difficult to replace.
	●	We purchase components, subassemblies, and products from a limited number of suppliers. The loss of these suppliers could disrupt our ability to fulfill orders and negatively affect operations.
	●	Our intellectual property protections may be insufficient to safeguard our technology, and we may face infringement claims or challenges enforcing our IP rights, especially abroad.
	●	The intellectual property rights of others may prevent us from developing new products or entering new markets, potentially harming our competitive position.
	●	Failure of our technology to perform as planned or our inability to develop and sell new products could adversely affect our business and operating results.
	●	Demand for our defense-related and emergency response products depends on government spending, which may be volatile.
	●	Regulation of the telecommunications industry, including changes in standards or laws, may result in unanticipated costs or burdens, negatively affecting our business.
	●	Rapid technological changes require substantial investments in new products, services, and technologies to remain competitive. Failure to innovate may harm our business.
	●	At several annual stockholder meetings, we failed to obtain ratification for proposals, raising potential issues with our stockholder-approved actions.
	●	Our failure to meet Nasdaq’s or OTC Markets’ continued listing requirements could result in our common stock’s delisting, negatively impacting its market price, liquidity, and ability to access capital markets.
	●	Unstable market and economic conditions may adversely affect our financial condition, operations, and share price.
	●	Compliance with environmental, health, and safety laws and regulations may increase costs, limit supply chain flexibility, and necessitate product design changes.
	●	Governmental regulations affecting product imports, exports, or encryption capabilities could reduce revenue and impose compliance challenges.
	●	We recently moved the trading of our common stock from listing with The Nasdaq Stock Market to quoting with the OTC Markets Group. In the future, we may move the quotation of our common stock to a lower tier of the OTC Markets Group or remove it entirely from the quotation.
	●	Various cost-cutting measures we have implemented and may implement in the future could unintentionally impact our business, financial condition, and results of operations.

	●	integrated suites of airborne downlink transmitters, receivers, and antenna systems
	●	data and video connectivity for airborne, marine, and ground assets
	●	UAV video distribution
	●	flexible support for RF and bonded cellular/5G Networks
	●	terrestrial point-to-point
	●	tactical mobile command
	●	IP-based, high-end encryption, full-duplex, real-time connectivity at extended operating ranges
	●	high-throughput air/marine/ground-to-anywhere uplink and downlink systems
	●	secure live streaming platforms for use in mobile and fixed assets
	●	personal portable products

	●	live video encoding, stream adaptation, decoding, and production solutions
	●	remote production workflows
	●	wireless cameras
	●	AI-driven automated production and
	●	the ability to contribute video over

	○	bonded cellular (3G, 4G, 5G)
	○	satellite
	○	fiber
	○	emerging networks, including Starlink

	●	live internet video traffic continues to surge, making up 82.5% of global internet traffic in 2023. Nearly 30% of internet users watch live streams weekly, and live video is projected to account for 25% of total traffic in 2025
	●	the acceleration toward cloud-based remote production
	●	the increasing demand for enhanced video content formats such as 4K, 8K, and 360-degree video
	●	the proliferation of new video transport capable networks such as 5G and Starlink

	●	provided us with a long-standing customer base in U.S federal sectors, global OEMs, and EMEA markets
	●	made Vislink the de facto leader in the COFDM/Mesh/5G-Based AVDS
	●	access to advanced, reliable, and robust video downlink solutions to drive additional software and services recurring revenue via the air-to-anywhere platform
	●	positioned us in the growing drone command and control market
	●	provided a one-stop solution for live video communications needs, using proprietary RF, bonded cellular, 5G, and AI-driven technologies for public safety, air-to-ground video distribution, streamlining operational processes, and enhancing efficiency
	●	provided a more responsive and globally accessible support network, ensuring that customers remain connected with their audiences, teams, and operations
	●	provided new opportunities for our customers to access a more comprehensive array of cutting-edge solutions

	●	Self-Organizing Networks;
	●	R.F. Modulation;
	●	Compression (protocols, payload, signaling, etc.);
	●	Modulators/Demodulators;
	●	Antennas/Shielding;
	●	Wired and Wireless Networks;
	●	Media Access Control Protocols; and
	●	Interference Mitigation.

	●	Expanding operations and sales/marketing efforts to increase our market share and address evolving customer needs.
	●	Developing and commercializing new technologies and products or improving existing products to remain competitive in the market.
	●	Responding to competitive pressures that may require adjustments in pricing, technology investments, or market strategies.
	●	Meeting inventory requirements associated with anticipated demand surges or supply chain disruptions.
	●	Pursuing strategic acquisitions or partnerships that complement our existing business, enhance product offerings, or open new markets.
	●	Addressing regulatory compliance costs resulting from evolving domestic and international regulations.

	●	Stopping the sale of allegedly infringing products or the use of related technology.

	●	Redesigning products to avoid infringement.

	●	Paying substantial damages or licensing fees.

	●	Loss of customers or barriers to acquiring new ones.

	●	Damage to our brand and goodwill.

	●	Declines in stock price and liquidity affect our ability to meet obligations.

	●	In extreme cases, bankruptcy or liquidation.

	●	limited availability of market quotations for our securities.
	●	a determination that our common stock is a “penny stock” which will require brokers trading in our securities to adhere to more stringent rules.
	●	reduced level of trading activity in the secondary trading market for shares of our common stock.
	●	a limited amount of analyst coverage; and
	●	decreased ability to issue additional securities or obtain additional financing in the future.

	●	Authorizing the Board to issue preferred stock with rights senior to common stock without stockholder approval.

	●	Requiring advance notice for stockholder nominations and proposals.

	●	Additional review procedures within the accounting and finance departments will be added.

	●	Introducing application controls in our accounting systems.

	●	Establishing appropriate accounting controls and processes.

	●	Diversion of management’s attention from core operations.
	●	Significant legal, advisory, and financing costs.
	●	Unanticipated costs or liabilities, such as environmental or regulatory obligations.
	●	Difficulties integrating acquired businesses, personnel, and financial systems, delaying expected benefits.
	●	Disruption of relationships with suppliers and customers.
	●	Loss of key employees from acquired businesses.

	●	Failure of the acquired business to meet expectations or impairment of acquired assets.
	●	Diversion of management’s attention from core operations.
	●	Need for additional financing, which could increase leverage, dilute equity, or both.
	●	Negative effects on financial statements due to increased goodwill and intangible assets.
	●	Challenges integrating operations, systems, technologies, and personnel of acquired businesses.
	●	Initial dependence on unfamiliar supply chains or smaller supply partners.
	●	Loss of key employees, customers, vendors, or partners after acquisition.
	●	High costs and resources required to identify, negotiate, and complete acquisitions.
	●	Unanticipated liabilities or events tied to acquisitions.

	●	Conducting advanced employee training programs that include phishing simulations and scenario-based threat responses.
	●	Enhancing security monitoring and incident response plans.
	●	Updating encryption protocols and performing regular system updates to address potential vulnerabilities.

	●	Improving energy efficiency across our facilities.
	●	Actively exploring renewable energy integration.
	●	Developing innovative solutions to reduce our carbon footprint.

	●	$6.0 million in inventory impairment due to product rationalization and adjustments to align with the Company’s revised operational footprint.
	●	$0.3 million in intangible asset impairment following a reassessment of certain non-core assets.
	●	$0.2 million in right-of-use (ROU) operating asset impairment, primarily related to facility closures and lease modifications.

	For the Years Ended
	December 31,
	2024			2023
Revenue, net	$	27,729		$	27,482
Cost of revenue and operating expenses
Cost of revenue:
Cost of components and personnel		13,955			13,380
Inventory impairments and valuation write-downs		6,828			487
Total cost of revenue		20,783			13,867
Operating expenses:
General and administrative expenses		21,596			19,376
Research and development		4,561			3,493
Restructuring costs		489			—
Impairment of right-of-use operating assets		168			83
Impairment of intangible assets		330			—
Depreciation and amortization		1,310			1,261
Total operating expenses		28,454			24,213
Total cost of revenue and operating expenses		49,237			38,080
Loss from operations		(21,508	)		(10,598	)
Other income (expenses)
Unrealized gain on investments in debt securities held to maturity		(25	)		68
Realized loss of investments in debt securities		(24	)		(82	)
Other income		400			332
Dividend income		211			375
Interest income (expense), net		300			560
Total other income		862			1,253

Net loss before income taxes	$	(20,646	)	$	(9,345	)

	For the Years Ended December 31,
	2024		2023
Cash and cash equivalanets	$	5,501	$	8,482

	1.	Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and asset dispositions.
	2.	Provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements under GAAP and that our receipts and expenditures are made only under the authorizations of management and directors.
	3.	Provide reasonable assurance regarding preventing or timely detection of unauthorized acquisition, use, or disposition of assets that could have a material effect on the financial statements.

	1.	Insufficient Accounting Personnel: We do not employ an adequate number of accounting personnel to ensure proper segregation of duties and to conduct a tolerable risk assessment.
	2.	Inadequate Documentation: We have not adequately documented a complete assessment of the effectiveness of the design and operation of our internal control over financial reporting.
	3.	Insufficient Controls: We do not have appropriate controls around provisioning of access including assigning business users to privileged access and lack of user access reviews.

	●	Implemented enhanced supervisory review procedures within our accounting department.
	●	Initiated the recruitment of additional qualified accounting personnel to strengthen our internal control framework.

	●	may have been qualified by disclosures that were made to the other parties in connection with the negotiation of the agreements, which disclosures are not necessarily reflected in the contracts;
	●	may apply standards of materiality that differ from those of a reasonable investor; and
	●	the agreements were made only as specified dates and subject to subsequent developments and changed circumstances.

Exhibit Number		Description of Exhibit
3.1(i)		Amended & Restated Certificate of Incorporation, incorporated by reference to the Company’s Registration Statement on Form S-1 No. 333-191867, as filed with the Commission on October 23, 2013.
3.1(i)(a)		Amendment to Certificate of Incorporation, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on June 13, 2014.
3.1 (i)(b)		Amendment to Certificate of Incorporation, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on July 20, 2015.
3.1(i)(c)		Amended and Restated Certificate of Designation of Series B Convertible Preferred Stock, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on February 10, 2016.
3.1(i)(d)		Certificate of Designation of Series C Convertible Preferred Stock, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on February 26, 2015.
3.1(i)(e)		Certificate of Designation of Series D Convertible Preferred Stock, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on April 27, 2016.
3.1(i)(f)		Certificate of Designation of Series E Convertible Preferred Stock, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on December 27, 2016.
3.1(i)(g)		Certificate of Designation of the Series A Preferred Stock of the Company, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on November 9, 2022.
3.1(i)(h)		Certificate of Elimination for Series C Convertible Preferred Stock, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on February 10, 2016.
3.1(i)(i)		Certificate of Elimination for Series B Convertible Preferred Stock, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on December 7, 2016.
3.1(i)(j)		Certificate of Elimination for Series D Preferred Stock of the Company, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on November 9, 2022.
3.1(i)(k)		Certificate of Elimination for Series E Preferred Stock of the Company, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on November 9, 2022.
3.1(i)(l)		Certificate of Elimination for Series A Preferred Stock of the Company, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on March 27, 2023.
3.1(i)(m)		Amendment to Certificate of Incorporation, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on June 20, 2016.
3.1(i)(n)		Certificate of Amendment to Certificate of Incorporation of the Company, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on February 26, 2019.
3.1(i)(o)		Certificate of Amendment to the Certificate of Incorporation of the Company, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on August 5, 2020.
3.1(i)(p)		Certificate of Amendment to the Certificate of Incorporation, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on April 28, 2023.
3.1(ii)		Third Amended & Restated Bylaws, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on August 20, 2021.
4.1		Form of Common Stock Certificate of the Registrant, incorporated by reference to the Company’s Amendment to the Registration Statement on Form S-1 No. 333-187094, as filed with the Commission on May 21, 2013.
4.2		Warrant Agreement, including Form of Common Warrant and Form of Pre-Funded Warrant from July 2019 Offering, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on July 16, 2019.
10.1		2023 Omnibus Equity Incentive Plan, incorporated by reference to the Company’s Registration Statement on Form S-8 No. 333-274366, as filed with Commission on September 6, 2023.
10.2		Employment Agreement by and between the Company and Carleton M. Miller, incorporated by reference to the Company’s Amendment to the Current Report on Form 8-K, as filed with the Commission on January 25, 2020
10.3		Notice of Grant of Stock Option for Time-Vested Options and Stock Option Agreement by and between the Company and Carleton M. Miller, incorporated by reference to the Company’s Amendment to the Current Report on Form 8-K, as filed with Commission on January 25, 2020
10.4		Notice of Grant of Stock Option for Performance-Vested Options and Stock Option Agreement by and between the Company and Carleton M. Miller, incorporated by reference to the Company’s Amendment to the Current Report on Form 8-K, as filed with Commission on January 25, 2020
10.5		Offer Letter by and between the Company and Michael Bond, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on January 17, 2024.
10.6		Inducement RSU Award Agreement between the Company and Michael Bond, incorporated by reference to the Company’s Current Report on Form 8-K, as filed with Commission on January 17, 2024.
10.7		Form of Indemnification Agreement by and between the Company and its officers and directors, incorporated by reference to the Company’s Annual Report on Form 10-K for the period ended December 31, 2019, as filed with the Commission on April 1, 2020-.
10.8		Non-Employee Director Compensation Policy, incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 as filed with the Commission on November 12, 2020.
10.9		Form of Non-Employee Director Restricted Shares Agreement, incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 as filed with the Commission on November 12, 2020.
10.10		Employment Agreement by and between Vislink Technologies, Inc. and Michael Bond, dated as of February 24, 2025, incorporated by reference to the Company’s Current Report on Form 8-K filed with Commission on February 28, 2025
19.1*		Insider Trading Policy
21.1*		List of Subsidiaries
31.1*		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1		Clawback Policy, incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with Commission April 3, 2024.
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Schema
101.CAL		Inline XBRL Taxonomy Calculation Linkbase
101.DEF		Inline XBRL Taxonomy Definition Linkbase
101.LAB		Inline XBRL Taxonomy Label Linkbase
101.PRE		Inline XBRL Taxonomy Presentation Linkbase
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

*		Filed herewith

	VISLINK TECHNOLOGIES, INC.

Date: May 2, 2025	By:	/s/ Carleton M. Miller
		Carleton M. Miller
		Chief Executive Officer (Duly Authorized Officer and Principal Executive Officer)

Date: May 2, 2025	By:	/s/ Michael C. Bond
		Michael C. Bond
		Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer)

Signature	Title	Date

/s/ Carleton M. Miller	Chief Executive Officer	May 2, 2025
Carleton M. Miller	(Principal Executive Officer)

/s/ Michael C. Bond	Chief Financial Officer	May 2, 2025
Michael C. Bond	(Principal Financial and Accounting Officer)

/s/ Susan G. Swenson	Chairman of the Board of Directors	May 2, 2025
Susan G. Swenson

/s/ Jude T. Panetta	Director	May 2, 2025
Jude T. Panetta

/s/ Ralph E. Faison	Director	May 2, 2025
Ralph E. Faison

/s/ Brian K. Krolicki	Director	May 2, 2025
Brian K. Krolicki

		Page
Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID Number 688)		F-2
Consolidated Balance Sheets		F-3
Consolidated Statements of Operations and Comprehensive Loss		F-4
Consolidated Statements of Changes in Stockholders’ Equity		F-5
Consolidated Statements of Cash Flows		F-6
Notes to Consolidated Financial Statements		F-8

/s/ Marcum LLP

Marcum LLP

We have served as the Company’s auditor since 2015

New York, NY
May 1, 2025


	Series A									Additional		Accumulated Other
	Preferred Stock					Common Stock				Paid In		Comprehensive			Treasury			Accumulated
	Shares			Amount		Shares		Amount		Capital		Income (Loss)			Stock			Deficit			Total

Balance, January 1, 2023		47,419		$	—		2,367,362	$	—	$	345,365	$	(1,337	)	$	(277	)	$	(300,099	)	$	43,652
Net loss		—			—		—		—		—		—			—			(9,127	)		(9,127	)
Unrealized gain on currency translation adjustment		—			—		—		—		—		310			—			—			310
Elimination of Series A Preferred Stock		(47,419	)		—		—		—		—		—			—			—			—
Issuance of common stock in connection with:
Compensation awards for services previously accrued		—			—		10,000		—		200		—			—			—			200
Satisfaction of withholding tax upon conversion of restricted stock units		—			—		14,193		—		—		—			—			—			—
Satisfaction with the conversion of restricted stock units		—			—		48,368		—		—		—			—			—			—
Stock-based compensation		—			—		—		—		1,942		—			—			—			1,942
Balance, December 31, 2023		—		$	—		2,439,923	$	—	$	347,507	$	(1,027	)	$	(277	)	$	(309,226	)	$	36,977
Balance		—		$	—		2,439,923	$	—	$	347,507	$	(1,027	)	$	(277	)	$	(309,226	)	$	36,977

Net loss		—			—		—		—		—		—			—			(20,501	)		(20,501	)
Unrealized loss on currency translation adjustment		—			—		—		—		—		(425	)		—			—			(425	)
Unrealized gain (loss) on currency translation adjustment		—			—		—		—		—		(425	)		—			—			(425	)
Issuance of common stock in connection with:
Compensation awards for services previously accrued		—			—		8,000		—		160		—			—			—			160
Satisfaction with the conversion of restricted stock unit awards		—			—		19,695		—		—		—			—			—			—
Stock-based compensation		—			—		—		—		996		—			—			—			996
Balance, December 31, 2024		—		$	—		2,467,618	$	—	$	348,663	$	(1,452	)	$	(277	)	$	(329,727	)	$	17,207
Balance		—		$	—		2,467,618	$	—	$	348,663	$	(1,452	)	$	(277	)	$	(329,727	)	$	17,207


	Years Ended December 31,
	2024			2023
Cash flows used in operating activities
Net loss	$	(20,501	)	$	(9,127	)
Adjustments to reconcile net loss to net cash used in operating activities
Deferred tax benefits		(145	)		(218	)
Unrealized gain on investments in debt securities		25			68
Realized gain (loss) of investments in debt securities		24			(82	)
Accretion of bond discount		(17	)		16
Stock-based compensation		996			1,942
Provision for bad debt		610			25
Recovery of bad debt		—			(10	)
Inventory impairments and valuation write-downs		6,828			487
Amortization of right-of-use assets, operating assets		275			375
Depreciation and amortization		1,310			1,261
Restructuring costs		489			—
Impairment of right-of-use operating assets		168			83
Impairment of intangible assets		330			—
Changes in assets and liabilities
Accounts receivable		2,049			(2,666	)
Inventory		(522	)		(2,185	)
Prepaid expenses and other current assets		452			200
Accounts payable		(810	)		559
Accrued expenses and interest expense		597			218
Accrued directors’ compensation		160			(8	)
Operating lease liabilities		(468	)		(344	)
Deferred revenue and customer deposits		1,308			(342	)
Net cash used in operating activities		(6,842	)		(9,748	)
Cash flows provided (used) in investing activities
Cash used for investment in securities held to maturity		(949	)		(15,473	)
Cash used in asset acquisition		—			(269	)
Proceeds for bond redemption		5,950			9,740
Cash used for property and equipment		(519	)		(698	)
Net cash provided (used) in investing activities		4,482			(6,700	)
Cash flows used in financing activities
Principal payments made on D & O notes payable		(454	)		(607	)
Net cash used in financing activities		(454	)		(607	)
Effect of exchange rate changes on cash		(167	)		(90	)
Net decrease in cash		(2,981	)		(17,145	)
Cash and cash equivalents, beginning of the period		8,482			25,627
Cash and cash equivalents, end of the period	$	5,501		$	8,482


	Years Ended December 31
	2024			2023
Supplemental disclosure of cash payments:
Cash paid during the period for interest	$	16		$	12
Supplemental disclosure of non-cash information:
Notes payable recognized on D & O Insurance policy (Note 15)	$	510		$	523
Common stock issued in connection with:
Board compensation awards previously accrued	$	160		$	200
ROU assets and operating lease obligations recognized (Note 16):
Operating lease assets recognized	$	—		$	125
Less: non-cash changes to operating lease assets amortization
amortization		(275	)		(375	)
impairments		(168	)		(83	)
loss on lease impairments		168			83
ROU assets and operating lease obligations recognized	$	(275	)	$	(375	)

Operating lease liabilities recognized	$	—		$	125
Less: non-cash changes to operating lease liabilities accretion		(468	)		(469	)
Operating lease liabilities recognized	$	(468	)	$	(344	)

	●	Employee Termination Benefits: Recognized when the Company has committed to a plan of termination, identified the employees to be terminated, and communicated the termination plan to those employees.
	●	Other Restructuring Costs: Recognized when the liability is incurred, generally when goods or services associated with the activity are received.
	●	Asset impairments related to facility closures are accounted for under ASC 360, Property, Plant, and Equipment.