Large accelerated filer ☐
|
Accelerated filer ☐
|
|
|
International Financial Reporting Standards as issued by the
International Accounting Standards Board ☐
|
Other ☐
|
Table of Contents |
||
Part I |
||
4 | ||
4 | ||
4 | ||
11 | ||
21 | ||
33 | ||
38 | ||
39 | ||
41 | ||
42 | ||
58 | ||
58 | ||
Part II |
||
58 | ||
58 | ||
59 | ||
59 | ||
59 | ||
59 | ||
59 | ||
59 | ||
60 | ||
60 | ||
60 | ||
Part III |
||
61 | ||
61 | ||
62 | ||
Exhibits |
||
(U.S. Dollars in Thousands) |
||||||||||||||||||||
December 31, |
||||||||||||||||||||
2023 |
2022 |
2021 |
2020 |
2019 |
||||||||||||||||
Cash and cash equivalents
|
$ |
55,222 |
$ |
50,937 |
$ |
88,753 |
$ |
51,602 |
$ |
52,352 |
||||||||||
Restricted cash
|
9,766 |
15,867 |
14,699 |
9,472 |
2,493 |
|||||||||||||||
Bank deposits
|
34,002 |
24,568 |
- |
- |
- |
|||||||||||||||
Total current assets
|
176,557 |
155,483 |
174,562 |
116,554 |
103,136 |
|||||||||||||||
Total assets
|
197,096 |
184,633 |
195,880 |
140,388 |
123,447 |
|||||||||||||||
Total current liabilities
|
80,495 |
68,326 |
60,887 |
59,334 |
75,509 |
|||||||||||||||
Other liabilities
|
22,038 |
29,214 |
40,867 |
25,684 |
1,761 |
|||||||||||||||
Total liabilities
|
106,178 |
105,019 |
111,234 |
95,551 |
84,832 |
|||||||||||||||
Redeemable non-controlling interests
|
93,521 |
89,974 |
90,478 |
75,322 |
74,300 |
|||||||||||||||
Shareholders' deficit
|
$ |
2,603 |
$ |
10,360 |
$ |
5,832 |
$ |
30,485 |
$ |
35,685 |
U.S. Dollars in Thousands Year ended December 31, |
||||||||||||||||||||
2023 |
2022 |
2021 |
2020 |
2019 |
||||||||||||||||
Revenue
|
$ |
431,542 |
$ |
324,977 |
$ |
324,934 |
$ |
248,419 |
$ |
333,307 |
||||||||||
Cost of revenue
|
351,558 |
261,181 |
209,771 |
196,569 |
290,461 |
|||||||||||||||
GROSS PROFIT
|
79,984 |
63,796 |
115,163 |
51,850 |
42,846 |
|||||||||||||||
Operating expenses: |
||||||||||||||||||||
Research and development |
12,325 |
13,601 |
12,114 |
6,541 |
5,060 |
|||||||||||||||
Selling, general and administrative
|
56,927 |
53,799 |
50,882 |
37,239 |
33,063 |
|||||||||||||||
Goodwill impairment
|
- |
- |
139 |
- |
- |
|||||||||||||||
Total operating expenses
|
69,252 |
67,400 |
63,135 |
43,780 |
38,123 |
|||||||||||||||
OPERATING INCOME (LOSS)
|
10,732 |
(3,604 |
) |
52,028 |
8,070 |
4,723 |
| |||||||||||||
Equity Income (loss) from investment in affiliates
|
- |
(97 |
) |
(983 |
) |
(790 |
) |
91 |
||||||||||||
Other income (expenses), net
|
1,584 |
113 |
(537 |
) |
(1,288 |
) |
(10,518 |
) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSES
|
12,316 |
(3,588 |
) |
50,508 |
5,992 |
|
(5,704 |
) | ||||||||||||
Income tax expenses
|
1,745 |
1,646 |
9,220 |
590 |
1,549 |
|||||||||||||||
NET INCOME (LOSS)
|
$ |
10,571 |
$ |
(5,234 |
) |
$ |
41,288 |
$ |
5,402 |
|
$ |
(7,253 |
) | |||||||
Net income (loss) attributable to non-controlling interests
|
3,490 |
(509 |
) |
6,481 |
999 |
789 |
| |||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V.
|
$ |
7,081 |
$ |
(4,725 |
) |
$ |
34,807 |
$ |
4,403 |
|
$ |
(8,042 |
) | |||||||
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V.
PER SHARE |
||||||||||||||||||||
Net income (loss)
|
$ |
0.19 |
$ |
(0.13 |
) |
$ |
0.66 |
$ |
0.12 |
|
$ |
(0.26 |
) | |||||||
Basic weighted average number of shares
|
37,433,333 |
37,433,333 |
37,433,333 |
35,827,854 |
30,524,461 |
|||||||||||||||
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL
N.V. PER SHARE |
||||||||||||||||||||
Net income (loss)
|
$ |
0.18 |
$ |
(0.13 |
) |
$ |
0.61 |
$ |
0.11 |
|
$ |
(0.26 |
) | |||||||
Diluted weighted average number of shares
|
39,423,506 |
37,433,333 |
40,237,340 |
38,424,718 |
30,524,461 |
• |
Security Screening: |
o |
Passenger and hand luggage |
o |
Hold baggage |
o |
Employees / Staff |
o |
Access control and vehicles |
• |
Behavior detection on crowds and queues |
• |
Perimeter guarding / patrolling |
• |
CCTV surveillance and/or alarm resolution |
• |
Vehicle marshalling |
a. |
Above Wing Services: |
• |
Security: |
o |
Security interviewing |
o |
Behavior detection |
o |
Escort of valuables and weapons |
• |
Handling (Check-in, Ticketing, Boarding, etc) |
b. |
Below Wing Services: |
• |
Ramp guarding |
• |
Door guarding |
• |
Interior and exterior searches |
• |
Catering guarding |
• |
Bag room guarding |
• |
Selectee search |
• |
Cargo Screening |
• |
Explosives Detection Dogs |
• |
Access control (Guard duties and airside gate checks) |
• |
Vehicle marshalling |
• |
Security search and screening services |
• |
Access control |
• |
Perimeter guarding / patrolling (Including weapons and dogs) |
• |
Security host & reception services |
• |
CCTV surveillance and/or alarm resolution |
Year ended December 31, |
||||
2024 |
$ |
4.2 |
||
2025 |
1.7 |
|||
2026 |
1.1 |
|||
2027 |
0.8 |
|||
2028 |
0.3 |
|||
Thereafter |
- |
|||
$ |
8.1 |
U.S. Dollars in Thousands |
||||||||||||
Year ended December 31, |
||||||||||||
2023 |
2022 |
2021 |
||||||||||
Revenue |
$ |
431,542 |
$ |
324,977 |
$ |
324,934 |
||||||
Cost of revenue |
351,558 |
261,181 |
209,771 |
|||||||||
Gross profit |
79,984 |
63,796 |
115,163 |
|||||||||
Operating expenses: |
||||||||||||
Research and development
|
12,325 |
13,601 |
12,114 |
|||||||||
Selling, general and administrative
|
56,927 |
53,799 |
50,882 |
|||||||||
Goodwill impairment
|
- |
- |
139 |
|||||||||
Total operating expenses
|
69,252 |
67,400 |
63,135 |
|||||||||
OPERATING INCOME (LOSS) |
10,732 |
(3,604 |
) |
52,028 |
||||||||
Equity loss from investment in affiliates
|
- |
97 |
983 |
|||||||||
Other income (expenses), net |
1,584 |
113 |
(537 |
) | ||||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSES
|
12,316 |
(3,588 |
) |
50,508 |
||||||||
Income tax expenses |
1,745 |
1,646 |
9,220 |
|||||||||
NET INCOME (LOSS) |
10,571 |
(5,234 |
) |
41,288 |
||||||||
Less: Net income (loss) attributable to non-controlling interests |
3,490 |
(509 |
) |
6,481 |
||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V |
$ |
7,081 |
$ |
(4,725 |
) |
$ |
34,807 |
Year ended December 31, |
||||||||||||
2023 |
2022 |
2021 |
||||||||||
Revenue |
100.0 |
% |
100.0 |
% |
100.0 |
% | ||||||
Cost of revenue |
81.5 |
% |
80.4 |
% |
64.6 |
% | ||||||
Gross profit |
18.5 |
% |
19.6 |
% |
35.4 |
% | ||||||
Research and development |
2.9 |
% |
4.2 |
% |
3.7 |
% | ||||||
Selling, general and administrative |
13.1 |
% |
16.5 |
% |
15.7 |
% | ||||||
Goodwill impairment |
- |
- |
% |
- |
% | |||||||
Total operating expenses |
16.0 |
% |
20.7 |
% |
19.4 |
% | ||||||
OPERATING INCOME (LOSS) |
2.5 |
% |
(1.1 |
)% |
16.0 |
% | ||||||
Equity loss from investment in affiliates
|
- |
(- |
)% |
(0.3 |
)% | |||||||
Other income (expenses), net |
0.4 |
% |
- |
% |
(0.2 |
)% | ||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSES |
2.9 |
% |
(1.1 |
)% |
15.5 |
% | ||||||
Income tax expenses |
0.5 |
% |
0.5 |
% |
2.8 |
% | ||||||
NET INCOME (LOSS) |
2.4 |
% |
(1.6 |
)% |
12.7 |
% | ||||||
Less: Net income (loss) attributable to non-controlling interests |
0.8 |
% |
(0.1 |
)% |
2.0 |
% | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V |
1.6 |
% |
(1.5 |
)% |
10.7 |
% |
(U.S. Dollars in Thousands) |
||||||||||||
Year ended December 31, |
||||||||||||
2023 |
2022 |
2021 |
||||||||||
Germany |
$ |
114,176 |
$ |
111,826 |
$ |
126,367 |
||||||
United States of America |
99,765 |
88,333 |
94,743 |
|||||||||
The Netherlands |
101,512 |
63,842 |
52,165 |
|||||||||
Spain |
82,217 |
39,448 |
30,946 |
|||||||||
Other |
33,872 |
21,528 |
20,713 |
|||||||||
Total Revenue |
$ |
431,542 |
$ |
324,977 |
$ |
324,934 |
U.S. Dollars in Thousands |
||||||||||||||||||||
Corporate |
Airport Security |
Other Aviation related Services |
Authentication Technology |
Total |
||||||||||||||||
Year ended December 31, 2023: |
||||||||||||||||||||
Revenue
|
$ |
- |
$ |
309,335 |
66,463 |
$ |
55,744 |
$ |
431,542 |
|||||||||||
Depreciation and amortization
|
5 |
904 |
307 |
1,463 |
2,679 |
|||||||||||||||
Net income (loss)
|
(3,311 |
) |
2,577 |
14 |
11,291 |
10,571 |
||||||||||||||
Goodwill
|
- |
668 |
- |
- |
668 |
|||||||||||||||
Total assets
|
17,740 |
81,733 |
19,325 |
78,298 |
197,096 |
|||||||||||||||
Year ended December 31, 2022: |
||||||||||||||||||||
Revenue
|
$ |
- |
$ |
224,037 |
53,954 |
$ |
46,986 |
$ |
324,977 |
|||||||||||
Depreciation and amortization
|
71 |
779 |
286 |
1,318 |
2,454 |
|||||||||||||||
Net income (loss)
|
(2,921 |
) |
1,128 |
(2,229 |
) |
(1,212 |
) |
(5,234 |
) | |||||||||||
Goodwill
|
- |
646 |
- |
- |
646 |
|||||||||||||||
Total assets
|
8,698 |
82,016 |
25,072 |
68,847 |
184,633 |
|||||||||||||||
Year ended December 31, 2021: |
||||||||||||||||||||
Revenue
|
$ |
- |
$ |
217,463 |
$ |
36,224 |
$ |
71,247 |
$ |
324,934 |
||||||||||
Depreciation and amortization
|
75 |
939 |
167 |
880 |
2,061 |
|||||||||||||||
Net income (loss)
|
(2,020 |
) |
7,202 |
14,710 |
21,396 |
41,288 |
||||||||||||||
Goodwill
|
- |
690 |
- |
- |
690 |
|||||||||||||||
Total assets
|
10,349 |
84,923 |
27,502 |
73,106 |
195,880 |
• |
During 2022 and 2021, governments in some of the countries in which we operate implemented the government assistance measures, which
mitigated the impact of the COVID-19 outbreak on our results and liquidity. In the United States of America, the government has approved
a payroll support of $0 and $15.9 million, for the years ended December 31, 2022 and 2021 to the American subsidiary of the Company.
The American subsidiary recognized amounts of $0.0 million, $0.0 million and $16.9 million as reduction of labor expenses for
the years ended December 31, 2023, 2022 and 2021, respectively. |
• |
For the years ended December 31, 2022 and 2021, the Dutch government has provided financial assistance of €3.7 million and
€18.1 million ($3.9 million and $22.6 million as of December 31, 2022 and 2021), respectively. The Dutch government terminated
the support program in March, 2022. |
• |
In the Netherlands wage tax, social security and VAT payments for the period March 2020 until September 2021 were postponed and have
to be paid in 60 monthly installments, starting October 2022. The debt incurs annual interest starting July 2022 of 1% and increases every
six months to a maximum of 4% starting on January 1, 2024 onwards. As of December 31, 2023 and 2022, the Company accumulated debt of €24.9
million and €31.8 million ($27.3 million and $33.8 million as of December 31, 2023 and 2022), respectively to
the Dutch tax authorities. |
• |
In Germany, the employees are eligible for payroll support up to 60% of the employee’s payroll (on individual basis) in
case the employees meet the support plan requirements. The Company pays to its German employees their full salary and the Company is being
reimbursed by the German government for the payroll support amount. The Company applied for this support regarding COVID-19 starting from
April 2020 to June 2021. |
Contractual Obligations |
Payments due by Period (U.S. Dollars in Thousands) |
|||||||||||||||||||
Total |
Less than 1Year |
1-3 years |
4-5 years |
more than 5 years |
||||||||||||||||
Operating lease obligations |
$ |
7,475 |
$ |
4,187 |
$ |
3,194 |
$ |
94 |
$ |
- |
||||||||||
Repurchase of shares |
1,518 |
1,518 |
- |
- |
- |
|||||||||||||||
Governmental payments in the Netherlands (VAT, social security, wage tax and interest) |
29,440 |
8,258 |
21,182 |
- |
- |
|||||||||||||||
$ |
38,433 |
$ |
13,963 |
$ |
24,376 |
$ |
94 |
$ |
- |
Contractual Obligations |
Payments due by Period (U.S. Dollars in Thousands) |
|||||||||||||||||||
Total |
Less than 1 Year |
1-3 years |
4-5 years |
more than 5 years |
||||||||||||||||
Guarantees and Letters of credit |
$ |
9,083 |
$ |
4,434 |
$ |
4,649 |
$ |
- |
$ |
- |
Age |
Position | ||
Menachem Atzmon |
79 |
Chairman of the Supervisory Board | |
Ron Atzmon |
50 |
Member of the Supervisory Board and Active Chairman of AU10TIX | |
Gil Atzmon |
48 |
Member of the Supervisory Board | |
Philip M. Getter |
87 |
Member of the Supervisory Board, Chairman of the Audit Committee | |
David W. Sass |
88 |
Member of the Supervisory Board | |
Gail F. Lieberman |
80 |
Member of the Supervisory Board, Member of the Audit Committee and Chairman of the
Compensation Committee | |
Gordon Hausmann |
78 |
Member of the Supervisory Board, Member of the Audit Committee and member of the Compensation
Committee | |
Ilan Nir |
42 |
Member of the Supervisory Board | |
Alon Raich |
48 |
Managing Director and Chief Financial Officer |
Principal Position |
Year |
Salary and Bonus |
Sales Commission |
All Other Compensations |
Non-equity Incentive Plan Compensation |
Nonqualified Deferred Compensation Earnings |
Number of Option Award (1) |
Number of Stock Awards |
Total |
|||||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||
CEO of a |
||||||||||||||||||||||||||||||||||
Subsidiary |
2023 |
1,513 |
- |
106 |
- |
- |
420,000 |
- |
1,619 |
|||||||||||||||||||||||||
Active Chairman of a subsidiary |
2022 |
519 |
1,101 |
163 |
-- |
- |
1,783 |
|||||||||||||||||||||||||||
2021 |
204 |
1,397 |
109 |
- |
- |
- |
- |
1,710 |
Salaries, Board fees, commissions and bonuses |
Pension, retirement and other similar benefits |
|||||||
(in thousands) |
||||||||
Supervisory Directors as a group (8 persons)
|
$ |
308 |
$ |
- |
||||
Officers as a group (6 persons) |
$ |
3,385 |
$ |
431 |
Item 7. |
Major Shareholders and Related Party Transactions |
Name Shareholders Holding Five Percent or More |
Percent of Amount Beneficially Owned (a) |
Shares Outstanding (a) |
||||||
MacPherson Trust and its beneficiaries (b)
|
23,818,861 |
63.6 |
% | |||||
Menachem J. Atzmon
|
4,850,000 |
13.0 |
% | |||||
Igal Tabori
|
2,002,483 |
5.3 |
% | |||||
All officers and directors as a group, the MacPherson Trust
and its Beneficiaries (10 persons) |
31,680,721 |
84.6 |
% |
Item 8. |
Financial Information |
(i) |
to bring more balance to the supervisory board by adding a new independent supervisory board member who is particularly attentive
to the interests of minority shareholders and mindful of Dutch law; |
(ii) |
to undo the May 2019 Issuance due to the flaws in procedural aspects of the decision-making; and |
(iii) |
to undo the May 2019 Adjustment of the Issue Price due to the flaws in in procedural aspects of the decision-making. |
(i) |
ratified the resolutions on the May 2019 Issuance and the May 2019 Adjustment of the Issue Price, which have been approved by the
General Meeting during the 2023 annual general meeting held on 20 December 2023; |
(ii) |
has in accordance with Section 2:80(1) of the Dutch Civil Code called in the amounts not yet fully paid in under the May 2019 Issuances
from the relevant shareholders, which amounts were paid in as of September 2023, and will repurchase the shares issued under the
May 2019 issuance as soon as the financials of the Company allow according to Dutch law for the same price they were issued and by that
the issuance will be undone. As of December 31, 2023, the Company included a liability for this purchase in the amount of $1.5 million
in its balance sheet with a corresponding reduction to shareholders deficiency. |
(iii) |
has reverted the May 2019 Adjustment of the Issue Price; |
(iv) |
has strengthened the supervisory board by appointing a Dutch board member, who has knowledge of Dutch law; and |
(v) |
has been and will continue to further strengthen its corporate governance through the amendment of its constitutional documents.
|
Year |
High |
Low |
||||||
2019 |
$ |
3.00 |
$ |
0.15 |
||||
2020 |
$ |
4.09 |
$ |
1.34 |
||||
2021 |
$ |
10.00 |
$ |
4.00 |
||||
2022 |
$ |
9.79 |
$ |
5.00 |
||||
2023 |
$ |
7.00 |
$ |
3.56 |
2023 |
High |
Low |
||||||
First quarter |
$ |
6.00 |
$ |
3.76 |
||||
Second quarter |
$ |
5.30 |
$ |
3.56 |
||||
Third quarter |
$ |
7.00 |
$ |
3.75 |
||||
Fourth quarter |
$ |
5.60 |
$ |
4.01 |
||||
2022 |
High |
Low |
||||||
First quarter |
$ |
9.79 |
$ |
6.62 |
||||
Second quarter |
$ |
8.72 |
$ |
6.25 |
||||
Third quarter |
$ |
7.98 |
$ |
6.50 |
||||
Fourth quarter |
$ |
7.25 |
$ |
5.00 |
||||
2021 |
High |
Low |
||||||
First quarter |
$ |
6.00 |
$ |
4.00 |
||||
Second quarter |
$ |
10.00 |
$ |
5.00 |
||||
Third quarter |
$ |
10.00 |
$ |
6.00 |
||||
Fourth quarter |
$ |
9.10 |
$ |
6.25 |
• |
The excess distribution or gain will be allocated rateably over the U.S. Holder’s holding period for the shares, |
• |
The amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which the Company was a
PFIC, will be treated as ordinary income, and |
• |
The amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year and an interest charge
generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year. |
2023 |
2022 |
|||||||
Audit fees |
$ |
404 |
$ |
400 |
||||
Audit related fees |
- |
- |
||||||
Tax fees |
- |
- |
||||||
Total fees |
$ |
404 |
$ |
400 |
1. |
2. |
3. |
4. |
5. |
6. |
7. |
12.1 |
13.1 |
* |
Incorporated by reference to the Company’s fillings. |
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
|
||
By: |
/s/ Alon Raich |
|
Name: |
Alon Raich |
|
Title: |
Managing Director and Chief Financial Officer |
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Date: |
May 10, 2024 |
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Page
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Consolidated Financial Statements:
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F- 2
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F- 3
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F- 4
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F- 5
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F- 6
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F- 7
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F- 9
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Financial Statement Schedule:
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F- 38
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/s/
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We have served as the Company’s auditor since 2022.
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May 10, 2024
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December 31,
|
||||||||
2023
|
2022
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Restricted cash
|
|
|
||||||
Bank deposits
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|
|
||||||
Accounts receivable, net
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||||||
Prepaid expenses and other current assets
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||||||
Total current assets
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||||||
Deferred tax assets, net
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||||||
Investments
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||||||
Deposits
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||||||
Restricted cash
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||||||
Property and equipment, net
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||||||
Operating lease right of use assets
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||||||
Goodwill
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||||||
Other assets
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||||||
Total assets
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$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS' DEFICIT
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Notes payable-banks
|
$
|
|
$
|
|
||||
Accounts payable
|
|
|
||||||
Accrued expenses and other current liabilities
|
|
|
||||||
Value added tax (VAT) payable
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|
||||||
Income taxes payable
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||||||
Operating lease liabilities, current
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||||||
Total current liabilities
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|
||||||
Convertible notes payable to a related party
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||||||
Operating lease liabilities, non-current
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|
||||||
Other liabilities
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|
||||||
Total liabilities
|
|
|
||||||
COMMITMENTS AND CONTINGENCIES (NOTE 18)
|
||||||||
REDEEMABLE NON-CONTROLLING INTERESTS (NOTE 12)
|
|
|
||||||
SHAREHOLDERS' DEFICIT:
|
||||||||
Common stock, €
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Treasury shares
|
(
|
)
|
|
|||||
Non-controlling interests in subsidiaries
|
|
|
||||||
Total shareholders' deficit
|
(
|
)
|
(
|
)
|
||||
Total liabilities and shareholders' deficit
|
$
|
|
$
|
|
For the Years Ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
Revenue
|
$
|
|
$
|
|
$
|
|
||||||
Cost of revenue
|
|
|
|
|||||||||
GROSS PROFIT
|
|
|
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
|
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|
|||||||||
Selling, general and administrative
|
|
|
|
|||||||||
Goodwill impairment
|
|
|
|
|||||||||
Total operating expenses
|
|
|
|
|||||||||
OPERATING INCOME (LOSS)
|
|
(
|
)
|
|
||||||||
Equity loss from investment in affiliates
|
|
(
|
)
|
(
|
)
|
|||||||
Other income (expenses), net
|
|
|
(
|
)
|
||||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSES
|
|
(
|
)
|
|
||||||||
Income tax expenses
|
|
|
|
|||||||||
NET INCOME (LOSS)
|
|
(
|
)
|
|
||||||||
Net income (loss) attributable to non-controlling interests
|
|
(
|
)
|
|
||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V.
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
BASIC AND DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V. PER SHARE
|
||||||||||||
Net income (loss) attributable to ICTS International N.V.
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Less deemed dividend attributable to redeemable non-controlling interests
|
|
|
|
|||||||||
Net income (loss) available to ICTS International N.V. shareholders
|
|
(
|
)
|
|
||||||||
Basic weighted average number of shares
|
|
|
|
|||||||||
Net income (loss) per share attributable to ICTS International N.V. - basic
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Diluted weighted average number of shares
|
|
|
|
|||||||||
Net income (loss) per share attributable to ICTS International N.V. - diluted
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
||||||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Other Comprehensive Income (loss) - Translation adjustments
|
|
(
|
)
|
(
|
)
|
|||||||
Unrealized gains (loss) on derivative instruments
|
|
(
|
)
|
|
||||||||
Comprehensive income (loss)
|
|
(
|
)
|
|
||||||||
Comprehensive income (loss) attributable to non-controlling interests
|
|
(
|
)
|
|
||||||||
COMREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ICTS INTERNATIONAL N.V.
|
$
|
|
$
|
(
|
)
|
$
|
|
Common Stock
|
Additional
Paid-In |
Accumulated
|
Accumulated
Other Comprehensive |
Treasury
|
Non
Controlling
|
Total
Shareholders' |
||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Loss
|
Shares
|
Interests
|
Deficit
|
|||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2020
|
|
$ |
|
$ |
|
$ |
(
|
)
|
$ |
(
|
)
|
$ |
|
$ |
(
|
)
|
$ |
(
|
)
|
|||||||||||||
Conversion of preferred shares A and A-1 in AU10TIX Technologies B.V. to new series A
|
-
|
|
(
|
)
|
|
|
|
|
(
|
)
|
||||||||||||||||||||||
Net income
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Stock-based compensation – AU10TIX Technologies B.V.
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Translation adjustment
|
-
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||
Unrealized gains on derivatives instruments
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2021
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Net loss
|
-
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||
Stock-based compensation – AU10TIX Technologies B.V.
|
-
|
|
(
|
)
|
|
|
|
|
|
|||||||||||||||||||||||
Translation adjustment
|
-
|
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||||||||
Unrealized loss on derivatives instruments
|
-
|
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2022
|
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||||||||||||||
Net income
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Stock-based compensation – AU10TIX Technologies B.V.
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Additional payment for shares issued in previous years (see note 18)
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Translation adjustment
|
(
|
)
|
|
|
|
|||||||||||||||||||||||||||
Unrealized gain on derivatives instruments
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commitment to purchase shares from certain directors and officers (see note 18)
|
-
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2023
|
|
$ |
|
$ |
|
$ |
(
|
)
|
$ |
(
|
)
|
$ |
(
|
)
|
$ |
|
$ |
(
|
)
|
Year Ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
CASH FLOW FROM OPERATING ACTIVITIES:
|
||||||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||
Depreciation and amortization
|
|
|
|
|||||||||
Goodwill impairment
|
|
|
|
|||||||||
Loss (gain) from sale of investment
|
(
|
)
|
|
(
|
)
|
|||||||
Bad debt expense (recovery)
|
|
|
|
|||||||||
Deferred income taxes
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Equity loss from investment in affiliates
|
|
|
|
|||||||||
Stock-based compensation
|
|
|
|
|||||||||
Changes in assets and liabilities:
|
||||||||||||
Accounts receivable
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Receivable from related party
|
|
|
|
|||||||||
Prepaid expenses and other current assets
|
|
|
|
|||||||||
Deposits
|
|
(
|
)
|
|
||||||||
Other assets
|
|
|
(
|
)
|
||||||||
Accounts payable
|
(
|
)
|
|
|
||||||||
Accrued expenses and other current liabilities
|
|
|
|
|||||||||
VAT payable
|
|
|
(
|
)
|
||||||||
Income taxes payable
|
|
|
|
|||||||||
Operating lease accounts, net
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Other liabilities
|
(
|
)
|
(
|
)
|
|
|||||||
Net cash provided by (used in) operating activities
|
|
(
|
)
|
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase of property and equipment
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Purchase of company in Sweden
|
|
|
(
|
)
|
||||||||
Capitalization of software costs
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Proceeds from sale of property and equipment
|
|
|
|
|||||||||
Proceeds from sale of investments
|
|
|
|
|||||||||
Purchase of investments
|
|
(
|
)
|
(
|
)
|
|||||||
Deposits (withdraws) regarding Employees severance
|
|
|
(
|
)
|
||||||||
Net cash used in investing activities
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Year Ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
CASH FLOW FROM FINANCING ACTIVITIES:
|
||||||||||||
Loans received
|
$
|
|
$
|
|
$
|
|
||||||
Loans repaid
|
|
(
|
)
|
|
|
|
|
|||||
Withdraws (repayments) under lines of credit, net
|
|
|
|
(
|
)
|
|
(
|
) | ||||
Withdraws (repayments) of convertible notes payable to a related party
|
|
(
|
)
|
(
|
) | |||||||
Net cash provided by (used in) financing activities
|
|
(
|
)
|
(
|
)
|
|||||||
EFFECT OF CHANGES IN FOREIGN CURRENCY EXCHANGE RATES ON CASH, CASH EQUIVALENTS, RESTRICTED CASH AND BANK DEPOSITS
|
|
(
|
)
|
(
|
) | |||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND DEPOSITS
|
|
(
|
)
|
|
||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND BANK DEPOSITS BEGINNING OF YEAR
|
|
|
|
|||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND BANK DEPOSITS END OF YEAR
|
$
|
|
$
|
|
$
|
|
||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
|
||||||||||||
Additional payment for shares issued in previous years (see note 18)
|
$
|
|
$
|
|
$
|
|
||||||
Commitment to purchase shares from certain directors and officers (see note 18)
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES
|
||||||||||||
Cash paid during the year for:
|
||||||||||||
Interest
|
$
|
|
$
|
|
$
|
|
||||||
Income taxes
|
$
|
|
$
|
|
$
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Year Ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
||||||
Restricted cash – short term
|
|
|
|
|||||||||
Bank deposits
|
|
|
|
|||||||||
Restricted cash – long term
|
|
|
|
|||||||||
Total cash, cash equivalents, restricted cash and bank deposits shown in the statement of cash flows
|
$
|
|
$
|
|
$
|
|
Level 1 - |
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Companies have the ability to access at the measurement date.
|
Level 2 - |
Inputs to the valuation methodology include:
|
• |
Quoted prices for similar assets or liabilities in active markets;
|
• |
Quoted prices for identical or similar assets or liabilities in inactive markets;
|
• |
Inputs other than quoted prices that are observable for the asset or liability;
|
• |
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
Level 3 - |
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Years
|
|
Equipment and facilities
|
|
Internal- use software
|
|
Vehicles
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Leases (Continued)
The Company as a lessee (Continued)
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Year ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
Airport Security
|
$
|
|
$
|
|
$
|
|
||||||
Other Aviation Related Services
|
|
|
|
|||||||||
Authentication Technology
|
|
|
|
|||||||||
Total revenue
|
$
|
|
$
|
|
$
|
|
Year ended December 31,
|
||||||||||||||||||||||||
2023
|
2022
|
2021
|
||||||||||||||||||||||
Germany
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||||||
United States
|
|
|
%
|
|
|
%
|
|
|
%
|
|||||||||||||||
The Netherlands
|
|
|
%
|
|
|
%
|
|
|
%
|
|||||||||||||||
Spain
|
|
|
%
|
|
|
%
|
|
|
%
|
|||||||||||||||
Other countries
|
|
|
%
|
|
|
%
|
|
|
%
|
|||||||||||||||
Total revenue
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
December 31,
|
||||||||
2023
|
2022
|
|||||||
Receivable from the German authorities – COVID-19 (1)
|
$
|
|
$
|
|
||||
Dutch Governmental support – COVID-19 (2)
|
|
|
||||||
Income tax receivable
|
|
|
||||||
Interest from bank deposits
|
|
|
||||||
Value Added Tax (VAT) receivable
|
|
|
||||||
Prepaid uniforms
|
|
|
||||||
Prepaid insurance
|
|
|
||||||
Prepaid licenses
|
|
|
||||||
Prepaid rent
|
|
|
||||||
Other
|
|
|
||||||
Total prepaid expenses and other current assets
|
$
|
|
$
|
|
(1) |
In Germany, the employees are eligible for payroll support. The Company pays to its German employees their full salary and the Company is being reimbursed by the German government for the payroll support amount.
|
(2) |
In the Netherlands, the Company was eligible for support following the COVID-19 crisis.
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
December 31,
|
|||||||
2023
|
2022
|
||||||
Office, equipment and facilities
|
$
|
|
$
|
|
|||
R&D capitalization costs
|
|
|
|||||
Vehicles
|
|
|
|||||
Leasehold improvements
|
|
|
|||||
|
|
||||||
Less: accumulated depreciation and amortization
|
|
|
|||||
Total property and equipment, net
|
$
|
|
$
|
|
Year ended December 31,
|
||||||||||
2023
|
2022
|
2021
|
||||||||
Operating lease cost
|
$
|
|
$
|
|
$
|
|
||||
Short-term lease cost
|
|
|
|
|||||||
Total lease cost
|
$
|
|
$
|
|
$
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Year ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
Operating cash flows from operating leases
|
$
|
|
$
|
|
$
|
|
||||||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
|
|
|
|||||||||
Weighted-average remaining lease term-operating leases
|
|
|
|
|||||||||
Weighted-average remaining lease term-operating leases
|
|
%
|
|
%
|
|
%
|
December 31,
|
||||||||
2023
|
2022
|
|||||||
Operating lease ROU assets
|
$
|
|
$
|
|
||||
Operating lease liabilities - current
|
$
|
|
$
|
|
||||
Operating lease liabilities - non current
|
|
|
||||||
Total operating lease liabilities
|
$
|
|
$
|
|
Year ending December 31,
|
||||
2024
|
$
|
|
||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
Thereafter
|
||||
Total future minimum lease payments
|
|
|||
Less: imputed interest
|
|
|||
Total
|
$
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
2023
|
2022
|
|||||||
Balance as of the beginning of the year
|
$
|
|
$
|
|
||||
Goodwill acquired during the year
|
|
|
||||||
Impairment losses
|
|
|
||||||
Exchange rate effect
|
|
(
|
)
|
|||||
Balance as of the end of the year
|
$
|
|
$
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
December 31,
|
||||||||
2023
|
2022
|
|||||||
Accrued payroll and related costs
|
$
|
|
$
|
|
||||
Accrued vacation
|
|
|
||||||
Deferred revenue
|
|
|
||||||
Advanced payments from a customer
|
|
|
||||||
Commitment to purchase shares from directors and officers
|
|
|
||||||
Other
|
|
|
||||||
Total accrued expenses and other current liabilities
|
$
|
|
$
|
|
December 31,
|
||||||||
2023
|
2022
|
|||||||
Deferred wage tax and social security (1)
|
$
|
|
$
|
|
||||
Deferred VAT (1)
|
|
|
||||||
Severance pay liability
|
|
|
||||||
Deferred revenue
|
|
|
||||||
Other (2)
|
|
|
||||||
Total other liabilities
|
$
|
|
$
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
(1) |
Deferred VAT and deferred wage tax relate to measurements taken by the Dutch government, on which they postponed all VAT payable for the years 2021 and 2020 and all wage tax and social security payable for the months March – December 2021 to be paid in 60 instalments starting October 2022.
|
(2) |
Including a
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
NOTE 12 - REDEEMABLE NON-CONTROLLING INTERESTS (CONTINUED)
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Year Ended December 31,
|
||||||||
2023
|
2022
|
|||||||
Balance as of the beginning of the year
|
$
|
|
$
|
|
||||
Net Income (loss)
|
|
(
|
)
|
|||||
Other Comprehensive Income - Translation adjustment
|
|
(
|
)
|
|||||
Other
|
|
(
|
)
|
|||||
Balance as of the end of the year
|
$
|
|
$
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Number of options
|
Weighted average exercise price
|
Weighted average remaining contractual term
|
||||||||||
Options outstanding as of December 31, 2022
|
|
$
|
|
|
||||||||
Options granted
|
|
|
||||||||||
Options exercised
|
|
|||||||||||
Forfeited
|
(
|
)
|
|
|||||||||
Options outstanding, end of the year
|
|
$
|
|
|
||||||||
Options exercisable, as of December 31, 2023
|
|
Year ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
Interest expense to related parties (see Note 10)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Interest expense and other bank charges
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Interest expense to tax authorities
|
(
|
)
|
|
|
||||||||
Interest income
|
|
|
|
|||||||||
Foreign currency gain (loss)
|
|
|
|
|||||||||
Gain from sale of investments (see Note 4)
|
|
|
|
|||||||||
Loss from investment in I-SEC Korea (see Note 4)
|
|
(
|
)
|
|
||||||||
Loss from QDD
|
|
(
|
)
|
|
||||||||
Other income (expense)
|
(
|
)
|
(
|
)
|
|
|||||||
Total other income (expense), net
|
$
|
|
$
|
|
$
|
(
|
)
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Year Ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
The Netherlands
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Germany
|
|
|
|
|||||||||
United States of America
|
(
|
)
|
(
|
)
|
|
|||||||
Spain
|
|
|
(
|
)
|
||||||||
Israel
|
|
|
|
|||||||||
Other locations
|
|
(
|
)
|
(
|
)
|
|||||||
Income (loss) before income tax expenses
|
$
|
|
$
|
(
|
)
|
$
|
|
December 31,
|
||||||||
2023
|
2022
|
|||||||
Deferred tax assets:
|
||||||||
Operating loss carry forwards
|
$
|
|
$
|
|
||||
Interest expense carry forward
|
|
|
||||||
Capital loss carry forwards
|
|
|
||||||
Allowance for doubtful accounts
|
|
|
||||||
Tax credit carry forwards
|
|
|
||||||
Accrued expenses
|
|
|
||||||
Research and development expenses, net
|
|
|
||||||
Other
|
|
|
||||||
Total deferred tax assets
|
|
|
||||||
Deferred tax liabilities:
|
||||||||
Depreciation of property and equipment
|
(
|
)
|
(
|
)
|
||||
|
|
|||||||
Valuation allowance
|
(
|
)
|
(
|
)
|
||||
Deferred tax assets, net
|
$
|
|
$
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Year Ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
Effective income (loss) tax benefit at statutory rate
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Rate differential
|
(
|
)
|
|
(
|
)
|
|||||||
Non-deductible expenses
|
|
|
|
|||||||||
Adjustments to prior year tax losses
|
|
|
|
|||||||||
Changes in valuation allowance
|
|
|
(
|
)
|
||||||||
Other
|
(
|
)
|
|
|
||||||||
Income tax expense
|
$
|
|
$
|
|
$
|
|
December 31,
|
||||||||
2023
|
2022
|
|||||||
Balance at beginning of year
|
$
|
|
$
|
|
||||
Additions based on tax positions taken in prior years
|
|
|
||||||
Additions based on tax positions taken in the current year
|
|
|
||||||
Reduction based on tax positions taken in prior years
|
(
|
)
|
|
|||||
Balance at end of year
|
$
|
|
$
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
(i) |
to bring more balance to the supervisory board by adding a new independent supervisory board member who is particularly attentive to the interests of minority shareholders and mindful of Dutch law;
|
(ii) |
to undo the May 2019 Issuance due to the flaws in procedural aspects of the decision-making; and
|
(iii) |
to undo the May 2019 Adjustment of the Issue Price due to the flaws in in procedural aspects of the decision-making.
|
(i) |
ratified the resolutions on the May 2019 Issuance and the May 2019 Adjustment of the Issue Price, which have been approved by the General Meeting during the 2023 annual general meeting held on 20 December 2023;
|
(ii) |
has in accordance with Section 2:80(1) of the Dutch Civil Code called in the amounts not yet fully paid in under the previous years issuances from the relevant shareholders totaling $
|
(iii) |
it approved the repurchase of shares issued under the May 2019 Issuance for the same price they were issued and by that the issuance will be undone. The Company will repurchase those shares as soon as the financials of the Company allow according to Dutch law. As of December 31, 2023, the Company included a liability for this purchase in the amount of $
|
(iv) |
has reverted the May 2019 Adjustment of the Issue Price so that the option price for the conversion option is $
|
|
(v) |
has strengthened the supervisory board by appointing a Dutch board member, who has knowledge of Dutch law; and
|
(vi) |
has been and will continue to further strengthen its corporate governance through the amendment of its constitutional documents.
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
Corporate
|
Airport |
Other |
Authentication |
Total
|
||||||||||||||||
Year ended December 31, 2023:
|
||||||||||||||||||||
Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Depreciation and amortization
|
|
|
|
|
|
|||||||||||||||
Net income (loss)
|
(
|
)
|
|
|
|
|
||||||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Total assets
|
|
|
|
|
|
|||||||||||||||
Year ended December 31, 2022:
|
||||||||||||||||||||
Revenue
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|||||||||||
Depreciation and amortization
|
|
|
|
|
|
|||||||||||||||
Net income (loss)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Total assets
|
|
|
|
|
|
|||||||||||||||
Year ended December 31, 2021:
|
||||||||||||||||||||
Revenue
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Depreciation and amortization
|
|
|
|
|
|
|||||||||||||||
Net income (loss)
|
(
|
)
|
|
|
|
|
||||||||||||||
Goodwill
|
|
|
|
|
|
|||||||||||||||
Total assets
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||
2023
|
2022
|
2021
|
||||||||||
Germany
|
$
|
|
$
|
|
$
|
|
||||||
United States
|
|
|
|
|||||||||
The Netherlands
|
|
|
|
|||||||||
Spain
|
|
|
|
|||||||||
Other countries
|
|
|
|
|||||||||
Total revenue
|
$
|
|
$
|
|
$
|
|
December 31,
|
||||||||
2023
|
2022
|
|||||||
Germany
|
$
|
|
$
|
|
||||
United States
|
|
|
||||||
The Netherlands
|
|
|
||||||
Spain
|
|
|
||||||
Other countries
|
|
|
||||||
Total property and equipment, net
|
$
|
|
$
|
|
ICTS INTERNATIONAL N.V. AND SUBSIDIARIES
F - 37
Beginning
of year |
Charges
to Costs and Expenses |
Charges
to other accounts |
Deductions
|
End of
Year |
||||||||||||||||
Allowance for doubtful accounts (1):
|
||||||||||||||||||||
Year ended December 31, 2021
|
$
|
|
|
(
|
)
|
|
$
|
|
||||||||||||
Year ended December 31, 2022
|
$
|
|
|
(
|
)
|
|
$
|
|
||||||||||||
Year ended December 31, 2023
|
$
|
|
|
(
|
)
|
|
$
|
|
||||||||||||
Allowance for net deferred tax assets:
|
||||||||||||||||||||
Year ended December 31, 2021
|
$
|
|
|
|
(
|
)
|
$
|
|
||||||||||||
Year ended December 31, 2022
|
$
|
|
|
|
|
$
|
|
|||||||||||||
Year ended December 31, 2023
|
$
|
|
|
|
|
$
|
|