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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):
August 10, 2023
authID Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-40747 |
|
46-2069547 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification Number) |
1580 N. Logan St, Suite 660, Unit 51767, Denver Colorado 80203
(Address of principal executive offices) (zip code)
516-274-8700
(Registrant’s telephone number, including
area code)
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 (see General
Instruction A.2. below):
☐ |
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 Symbol |
|
Name of each exchange on which registered |
Common Stock par value $0.0001 per share |
|
AUID |
|
The Nasdaq Stock Market, LLC |
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.
Item 2.02 Results of Operations and Financial Condition
On August
10, 2023, authID Inc. (the “Company”) issued a press release regarding its financial results for the fiscal quarter ended
June 30, 2023. 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 10, 2023.
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 9.01 Financial Statements and Exhibits
(d) Index of Exhibits
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 10, 2023 |
By: |
/s/ Hang Thi Bich Pham |
|
Name: |
Hang Thi Bich Pham |
|
Title: |
Chief Financial Officer |
Exhibit 99.1
authID Reports Financial and Operating Results for
the Second Quarter Ended June 30, 2023
Management to Host Conference Call Today at 5:30 p.m. EDT
DENVER, Aug. 10, 2023 (GLOBE NEWSWIRE) -- authID®
[Nasdaq: AUID] a leading provider of secure identity verification and authentication solutions today reported financial and operating
results for the second quarter and six months ended June 30, 2023.
“In the second quarter, the authID team executed
a successful fund raise, debt capitalization, and cost-savings plan that helped improve our balance sheet, allowing us to focus on our mission
to eliminate authentication fraud and deliver 100% Zero Trust Identity Protection,” said CEO Rhon Daguro.
“We also
secured new contracts with several customers including ABM, a Fortune 500 company with over 100,000 employees. These customer wins
validate strong market demand and fit for our identity verification and authentication products and represent the highest total
gross BARR in sales that authID has achieved in a single quarter to date,” continued Daguro. “The authID team continues
to be laser focused on achieving strong market momentum by delivering the faster, frictionless, and accurate user identity solutions
on which highly secure enterprises and digital commerce will be built.”
Financial Results for the Second Quarter Ended June 30,
2023
The following highlights comprise results from continuing operations.
|
● | Total revenue for the three months ended June 30, 2023 was $0.04 million, compared with total
revenue of $0.07 million for the three months ended June 30, 2022. For the six months ended June 30, 2023, total revenue was $0.07
million, compared with total revenue for the six months ended June 30, 2022 of $0.2 million. The reduction was primarily attributed
to revenue from a legacy authentication product that was discontinued in April 2022. |
| ● | Operating expenses for the three months ended June 30, 2023 declined to $2.8 million, compared with
$6.0 million for the comparable period in 2022. For the six-month period in 2023, operating expenses declined to $7.2 million,
compared with $11.2 million for the same period last year. The reduced expenditure reflects the Company’s cost-saving measures
resulting in lower headcount costs and lower third-party vendor costs. |
| ● | Loss for the three months ended June 30, 2023 was $10.9 million,
of which non-cash charges were $9.2 million, compared with a loss of $6.4 million of which non-cash charges were $3.3 million,
for the comparable period in 2022. For the six-month period in 2023, Loss was $16.1 million, of which non-cash and one-time severance charges were $12.2 million, compared with a loss of $11.5 million of which non-cash and one-time severance charges were $5.6 million, for the same period last year. |
| ● | Net loss per share for the three months ended June 30, 2023
was $2.15, compared with $2.06 for the three months ended June 30, 2022. For the six months ended June 30, 2023, net loss per share was
$3.91, compared with $3.80 for the same period last year. |
| ● | Adjusted EBITDA loss improved to $1.7 million for the quarter
ended June 30, 2023, compared with an Adjusted EBITDA loss of $3.0 million for the quarter ended June 30, 2022. For the six months ended
June 30, 2023, Adjusted EBITDA loss was $3.9 million, compared with an Adjusted EBITDA loss of $5.9 million, for the same period last
year, primarily due to cost savings from the restructuring plan executed in the first quarter of 2023. |
| ● | In May, the Company secured $8.2 million dollars in financing
before expenses that included the offset of principal and accrued interest and cancellation of a $0.9 million dollar note entered into
with Stephen Garchik in March 2023. The Company also improved its balance sheet and reduced cash requirements by capitalizing convertible
debt totaling approximately $8.9 million dollars and exchanging it for shares of common stock. |
| ● | Subsequent to the period, in July the Company completed a
complete a 1-for-8 reverse stock split of its common stock. The impact of this change in capital structure has been retroactively applied
to all periods presented herein. |
| ● | The financing, debt restructure, and reverse stock split
enabled the Company to regain compliance with Nasdaq listing rules. |
Please refer to Table 1 for reconciliation of net loss to Adjusted
EBITDA (a non-GAAP measure).
Operational Highlights for the Second Quarter of 2023
| ● | Signed an agreement with ABM, one of the world’s largest
providers of facility services and solutions, with over 100,000 employees, to deploy authID’s identity authentication solutions
to optimize facilities’ operations and secure employee access across shared devices. authID’s strong biometric authentication
services will allow ABM to deploy next-generation security, while delivering a cost-effective and intuitive user authentication experience
to critical workforce applications. |
| ● | Continued to onboard new FinServ customers with the deployment
of our biometric identity and document verification services to streamline customer onboarding and weed out imposters for a U.S. financial
institution. |
| ● | Signed an agreement with an international recruitment platform
who need our services to verify identity of new hires and automate document collection, in order to deliver trusted candidates to their
corporate customers. |
| ● | Through US channel partners, added several enterprise customers
to reduce identity fraud in digital customer onboarding. |
| ● | In July, appointed Greg Manship, Dale Daguro, and Jeff Scheidel
as Vice Presidents of Sales who will bring their deep understanding of the identity market and impressive track records of developing
high-performing sales teams to capitalize on the strong demand for secure and reliable biometric authentication solutions. |
| ● | On August 3rd, announced the appointment of Ed Sellitto as
CFO. Sellitto will succeed Annie Pham effective August 15, 2023. Ed brings over fifteen years of experience in revenue optimization and
financial operations roles supporting high-growth B2B, SaaS organizations to build and optimize their go-to-market operations. |
About authID Inc.
At authID (Nasdaq: AUID), We Are Digital Identity®.
authID provides secure identity verification and authentication through Verified™, an easy-to-integrate strong authentication platform.
Verified combines document-based identity verification with strong FIDO2 passwordless cial biometrics
to deliver identity-first cybersecurity for both workforce and consumer applications. Powered by sophisticated biometric and artificial
intelligence technologies, authID establishes trusted digital identities, binds an identity to provisioned devices, and eliminates the
risks of passwords to deliver the faster, frictionless, and accurate user identity solutions demanded by today’s digital ecosystem.
For more information, go to www.authID.ai.
authID
Media Contact
Graham N. Arad
General Counsel
InvestorRelations@authid.ai
Forward-Looking Statements
This Press Release
includes “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, 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. 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 Company’s ability to attract and retain customers; successful
implementation of the services to be provided under new customer contracts; the Company’s ability to compete effectively;
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, inflationary pressures, increases in interest rates, and others. See the Company’s
Annual Report on Form 10-K for the Fiscal Year ended December 31, 2022 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 release
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 release to reflect any changes in its expectations with
regard thereto or any change in events, conditions, or circumstances on which any statement is based.
Non-GAAP Financial Information.
The Company provides
certain non-GAAP financial measures in this statement. Please note that certain definitions of these non-GAAP financial measures
have changed as compared to the non-GAAP financial measures reported in previous periods. Management believes that Adjusted EBITDA,
when viewed with our results under GAAP and the accompanying reconciliations, as well as BARR and ARR 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 additional information with respect to the trends in the performance of our fundamental business activities.
We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our
management. 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.
We define 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) loss on debt extinguishment, conversion expense on exchange of Convertible Notes, and 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 net loss – 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.
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30,
2023 | | |
June 30,
2022 | | |
June 30,
2023 | | |
June 30,
2022 | |
Loss from continuing operations | |
$ | (10,900,320 | ) | |
$ | (6,366,520 | ) | |
$ | (16,120,559 | ) | |
$ | (11,466,525 | ) |
Addback: | |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| 282,109 | | |
| 459,262 | | |
| 1,082,182 | | |
| 493,904 | |
Other income | |
| (1,160 | ) | |
| - | | |
| (1,160 | ) | |
| (3,240 | ) |
Loss on debt extinguishment | |
| 380,741 | | |
| - | | |
| 380,741 | | |
| - | |
Conversion expense | |
| 7,476,000 | | |
| - | | |
| 7,476,000 | | |
| - | |
Severance cost | |
| - | | |
| - | | |
| 811,041 | | |
| 150,000 | |
Depreciation and amortization | |
| 76,019 | | |
| 244,448 | | |
| 152,036 | | |
| 460,833 | |
Taxes | |
| 3,255 | | |
| 7,316 | | |
| 3,255 | | |
| 8,100 | |
Non-cash recruiting fees | |
| (54,000 | ) | |
| - | | |
| 438,000 | | |
| - | |
Stock compensation | |
| 1,055,690 | | |
| 2,632,118 | | |
| 1,895,711 | | |
| 4,499,107 | |
Adjusted EBITDA continuing operations (Non-GAAP) | |
$ | (1,681,666 | ) | |
$ | (3,023,376 | ) | |
$ | (3,882,753 | ) | |
$ | (5,857,821 | ) |
The company defines Booked Annual Recurring Revenue or
BARR, as the amount of annual recurring revenue represented by the estimated amounts of annual recurring revenue we believe will be earned
under contracted orders, looking out eighteen months from the date of signing of each customer contract. The net amount of BARR reflects
the deduction of the BARR of contracts previously included in reported BARR, which were subject to attrition during the quarter. The gross
amount of BARR from contracts signed in the second quarter of 2023 was $239,000 and the net amount of BARR was $221,000 (after attrition),
compared to $32,000 signed in the second quarter of 2022.
The company defines Annual Recurring
Revenue or ARR, as the amount of recurring revenue derived from sales of our Verified products during the last three months of the relevant
period (in this case the three months ended June 2023) as determined in accordance with GAAP, multiplied by 4. The amount of ARR as of
June 30, 2023 is approximately $144,000, compared to approximately $118,000 as of June 30, 2022.
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
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(Unaudited)
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues: | |
| | |
| | |
| | |
| |
Verified software license | |
$ | 36,122 | | |
$ | 51,409 | | |
$ | 71,900 | | |
$ | 86,902 | |
Legacy authentication services | |
| 1,020 | | |
| 15,000 | | |
| 3,098 | | |
| 144,559 | |
Total revenues, net | |
| 37,142 | | |
| 66,409 | | |
| 74,998 | | |
| 231,461 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 1,924,203 | | |
| 4,026,382 | | |
| 5,200,394 | | |
| 7,669,366 | |
Research and development | |
| 796,295 | | |
| 1,695,521 | | |
| 1,902,109 | | |
| 3,069,023 | |
Depreciation and amortization | |
| 76,019 | | |
| 244,448 | | |
| 152,036 | | |
| 460,833 | |
Total operating expenses | |
| 2,796,517 | | |
| 5,966,351 | | |
| 7,254,539 | | |
| 11,199,222 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations | |
| (2,759,375 | ) | |
| (5,899,942 | ) | |
| (7,179,541 | ) | |
| (10,967,761 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Expense: | |
| | | |
| | | |
| | | |
| | |
Other income | |
| 1,160 | | |
| - | | |
| 1,160 | | |
| 3,240 | |
Interest expense, net | |
| (282,109 | ) | |
| (459,262 | ) | |
| (1,082,182 | ) | |
| (493,904 | ) |
Loss on debt extinguishment | |
| (380,741 | ) | |
| - | | |
| (380,741 | ) | |
| - | |
Conversion expense | |
| (7,476,000 | ) | |
| - | | |
| (7,476,000 | ) | |
| - | |
Other expense, net | |
| (8,137,690 | ) | |
| (459,262 | ) | |
| (8,937,763 | ) | |
| (490,664 | ) |
Loss from continuing operations before income taxes | |
| (10,897,065 | ) | |
| (6,359,204 | ) | |
| (16,117,304 | ) | |
| (11,458,425 | ) |
Income tax expense | |
| (3,255 | ) | |
| (7,316 | ) | |
| (3,255 | ) | |
| (8,100 | ) |
Loss from continuing operations | |
| (10,900,320 | ) | |
| (6,366,520 | ) | |
| (16,120,559 | ) | |
| (11,466,525 | ) |
Gain (loss) from discontinued operations | |
| 5,694 | | |
| (206,307 | ) | |
| 3,439 | | |
| (407,030 | ) |
Gain on sale of discontinued operations | |
| 216,069 | | |
| - | | |
| 216,069 | | |
| - | |
Total gain (loss) from discontinued operations | |
| 221,763 | | |
| (206,307 | ) | |
| 219,508 | | |
| (407,030 | ) |
Net loss | |
$ | (10,678,557 | ) | |
$ | (6,572,827 | ) | |
$ | (15,901,051 | ) | |
$ | (11,873,555 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) Per Share – Basic and Diluted | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (2.15 | ) | |
$ | (2.06 | ) | |
$ | (3.91 | ) | |
$ | (3.80 | ) |
Discontinued operations | |
$ | 0.04 | | |
$ | (0.07 | ) | |
$ | 0.05 | | |
$ | (0.14 | ) |
Weighted Average Shares Outstanding – Basic and Diluted: | |
| 5,065,556 | | |
| 3,084,226 | | |
| 4,120,849 | | |
| 3,014,854 | |
authID INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| |
June 30,
2023 | | |
December 31,
2022 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | |
| |
Current Assets: | |
| | |
| |
Cash | |
$ | 5,981,774 | | |
$ | 3,237,106 | |
Accounts receivable, net | |
| 42,125 | | |
| 261,809 | |
Other current assets | |
| 772,943 | | |
| 729,342 | |
Current assets held for sale | |
| - | | |
| 118,459 | |
Total current assets | |
| 6,796,842 | | |
| 4,346,716 | |
| |
| | | |
| | |
Other Assets | |
| - | | |
| 250,383 | |
Intangible Assets, net | |
| 414,223 | | |
| 566,259 | |
Goodwill | |
| 4,183,232 | | |
| 4,183,232 | |
Non-current assets held for sale | |
| - | | |
| 27,595 | |
Total assets | |
$ | 11,394,297 | | |
$ | 9,374,185 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,230,707 | | |
$ | 1,154,072 | |
Deferred revenue | |
| 59,107 | | |
| 81,318 | |
Current liabilities held for sale | |
| - | | |
| 13,759 | |
Total current liabilities | |
| 1,289,814 | | |
| 1,249,149 | |
Non-current Liabilities: | |
| | | |
| | |
Convertible debt | |
| 216,194 | | |
| 7,841,500 | |
Accrued severance liability | |
| 325,000 | | |
| - | |
Total liabilities | |
| 1,831,008 | | |
| 9,090,649 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 10) | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’ Equity : | |
| | | |
| | |
| |
| | | |
| | |
Common stock, $0.0001 par value, 250,000,000 shares authorized; 7,874,962 and 3,179,789 shares issued and outstanding as of June
30, 2023 and December 31, 2022, respectively | |
| 786 | | |
| 318 | |
Additional paid in capital | |
| 165,593,921 | | |
| 140,257,448 | |
Accumulated deficit | |
| (156,031,210 | ) | |
| (140,130,159 | ) |
Accumulated comprehensive (loss) income | |
| (208 | ) | |
| 155,929 | |
Total stockholders’ equity | |
| 9,563,289 | | |
| 283,536 | |
Total liabilities and stockholders’ equity | |
$ | 11,394,297 | | |
$ | 9,374,185 | |
6
Exhibit 99.2
v3.23.2
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