Artificial Intelligence

authID.AI Announces Results for Q2 2021

Published

3 years ago

August 5, 2021

DENVER, Aug. 05, 2021 (GLOBE NEWSWIRE) — authID.AI (www.authid.ai) [OTCQB:AUID] today announced its results for the second quarter ended June 30, 2021. The Company, previously known as Ipsidy, made strategic changes in its branding, leadership and board of directors, and continued to expand its channel partner network.

The authID platform eliminates the need for passwords by delivering secure biometric identity proofing and authentication solutions to a broad array of verticals including finance, healthcare, sharing economy, online gaming and other large data-sensitive industries. The strengthened firm is poised to capture greater share of the growing market for password alternatives and cyber threat solutions.

Financial Results for the Three Months and Six Months Ended June 30, 2021

Total revenue for the three months ended June 30, 2021 increased to $0.6 million from $0.3 million for the same period ended June 30, 2020. Total revenue for the six months in 2021 increased to $1.2 million from $1.1 million for the same period in 2020.
Net loss for the three months ended June 30, 2021 decreased by 12% to $3.1 million as compared to $3.5 million for the three months ended June 30, 2020. Net loss for the six-month period in 2021 decreased by 24% to $5.5 million from $7.3 million for the same period in 2020.
Basic and diluted net loss per share for the three months ended June 30, 2021 improved by 25% to $0.15 cents from $0.20 cents for the three months ended June 30, 2020. Basic and diluted net loss per share for the six months ended June 30, 2021 improved by 33% to $0.28 cents from $0.42 cents for the same period ended June 30, 2020.
Adjusted EBITDA loss for the three-month periods ended June 30, 2021 and June 30, 2020 was unchanged at $1.4 million. Adjusted EBITDA loss for the six-month period ended June 30, 2021 was $2.6 million as compared to $2.7 million for the same period in 2020.
Effective June 14, 2021, the Company completed a 1-for-30 reverse stock split of common stock in order to make it easier for investors to trade in our stock and as a necessary step before the Company’s common stock can be admitted to listing on a national exchange.
During the six months ended June 30, 2021, the Company received voluntary conversion notices to exchange approximately $6.2 million of convertible notes and a majority of the accrued interest into approximately 1.2 million (post-split) shares of common stock. This conversion was the primary reason for the reduction in Total liabilities outstanding from $9.3 million as of December 31, 2020 to $3.7 million as of June 30, 2021.
Refer to Table 1 for reconciliation of net income to Adjusted EBITDA (a non-GAAP measure).

The Company continued to execute upon its strategy of expanding the authID Channel Partner Network. Various agreements were executed with integration efforts underway or nearing completion with fintech companies, technology solutions providers, and payment processors who will deploy authID’s trusted identity verification and seamless FIDO2 passwordless login services with their customer portfolios in order to mitigate identity fraud, account takeover and phishing. The highlights for the six-month period ending June 30, 2021 include:

Rebranded as authID.ai with a new ticker symbol of AUID to best capture our vision for the future of biometric authentication and our mission to replace passwords.
Appointed a new management team with deep industry experience and success spearheading significant growth at market-leading technology companies. Tom Thimot joined authID as Chief Executive Officer and Board Director, and Tripp Smith joined as President and Chief Technology Officer in order to propel the Company’s next phase of growth.
Completed integration to Temenos core banking platform making the full complement of authID’s identity verification and authentication solutions easily available to the Temenos global portfolio. The services will be launched in the third quarter with a North American bank committed to providing a secure frictionless onboarding and passwordless banking experience for their international clientele.
Selected by CU NextGen, a leading provider of next generation technology solutions and platforms to US-based credit unions. CU NextGen is leveraging authID’s biometric identity authentication solution to transform the way its credit union clients recognize their members—both digitally and in person. CU NextGen has completed integration to authID with its first credit union and looks forward to rolling out authID’s services to additional clients across the United States.
Selected by US payment processor, On The Fly POS, who will deliver authID’s trusted identity verification and seamless passwordless login services with its card-present and payment gateway merchant portfolios.
Expanded our partner network in the Americas, signing an extension to our agreement with Inetum (a division of the global IT services company formerly known as Gfi), covering the North and Central American regions. The Agreement also provides access to Mexico’s national identity registry, through Inetum, which when integrated to authID will enhance our identity verification services.
Signed an agreement with BPSmart, an innovative technology provider servicing North America and Latin America, to integrate the authID identity services into their chat-based AI-Powered, Digital Assistant Platform.
Added through a US channel partner various sharing-economy and ecommerce providers, including auto-rentals and property management companies, who are leveraging our biometric identity proofing services to help reduce identity fraud in digital customer onboarding.

“In the last month, we began the process of launching our exciting new authID brand with a vision to help every organization ‘Recognise their Customers” without friction or loss of privacy,” said Tom Thimot, CEO of authID.ai. “To realize our mission to eliminate passwords and become the preferred platform for biometric authentication, our new leadership team will drive success by leveraging channel partnerships as a force multiplier. The authID team will also launch our campaign to service the US market with new self-service capabilities aimed at quickly onboarding thousands of small and medium-sized businesses, who can benefit from our low-friction identity proofing and authentication services. We are confident that our product and go to market strategies will increase the demand for authID’s software as the market realizes that matching a customer biometric to access an account is more secure with less friction than traditional passwords and one-time passwords via SMS.”

Additional analysis of the Company’s performance can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Quarterly Report on Form 10-Q for the three and six months ended June 30, 2021 filed at www.sec.gov and posted on the Company’s investor relations website.

About authID.ai:

authID.ai (Ipsidy Inc.) (OTCQB:AUID) (authID.ai). Recognise Your Customer™. Our mission is to eliminate all passwords, and to be the preferred global platform for biometric identity authentication. The authID.ai Identity as a Service (IDaaS) platform delivers a suite of biometric identity proofing and authentication solutions that establish security and trust in today’s digital world. Our vision is to enable every organization to “Recognise Your Customer” instantly, without friction or loss of privacy, powered by the most sophisticated biometric and artificial intelligence technologies.

authID.ai is headquartered in the United States and has operating subsidiaries: MultiPay in Colombia, www.multipay.com.co; Cards Plus in South Africa, www.cardsplus.co.za; Ipsidy Enterprises in the U.K. and Ipsidy Perú S.A.C. Further information on authID.ai can be found at www.authID.ai or contact us at [email protected].

authID.ai can be found at www.authID.ai.com or contact us at [email protected].

Contacts:

Tom Thimot, CEO	[email protected]
Stuart Stoller, CFO	[email protected]
	+1 (516) 274-8700
Media:
Emily Porro, Senior Vice President, Makovsky	[email protected]

Notice Regarding Forward-Looking Statements.

Information contained in this announcement may include “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations of both Ipsidy Inc. dba authID.ai and its business partners, future service launches with customers, the outcome of pilots and new initiatives and customer pipeline are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID.ai present and future business strategies, and the environment in which authID.ai expects to operate in the future, which assumptions may or may not be fulfilled in practice. Implementation of some or all of the new services referred to is subject to regulatory or other third party approvals. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by customers, consumers and others may take longer than anticipated, or may not occur at all; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the Covid-19 pandemic and others. Additional risks may arise with respect to commencing operations in new countries and regions, of which authID.ai is not fully aware at this time. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2020 filed at www.sec.gov for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. authID.ai expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

Non-GAAP Financial Information.

The Company provides certain non-GAAP financial measures in this statement. Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, provides 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. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management team in connection with our executive compensation. These non-GAAP key business indicators, which include Adjusted EBITDA, 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) provision for income taxes, (4) depreciation and amortization, (5) stock-based compensation expense (stock options and restricted stock) and (6) certain other items management believes affect the comparability of operating results. Please see Table 1 below for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.

Table 1
Reconciliation of Net Loss to Adjusted EBITDA

	For the Quarter Ended						For the Six Months Ended
	June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020


Net loss	$	(3,057,610	)	$	(3,462,448	)	$	(5,547,609	)	$	(7,298,869	)

Add Back:

Interest Expense		256,550			310,153			553,988			489,203
Debt extinguishment – loss/(gain)		(485,760	)		–			(485,760	)		985,842
Warrant exercise inducement expense		–			366,795			–			366,795
Severance cost		–			426,175			–			426,175
Other expense/(income)		(6,121	)		(24,713	)		(7,658	)		(34,666	)
Depreciation and amortization		314,317			321,987			624,146			647,331
Taxes		2,354			3,592			9,542			12,466
Impairment loss		–			163,822			–			1,035,629
Stock compensation		1,623,547			460,883			2,261,126			629,993

Adjusted EBITDA (Non-GAAP)	$	(1,352,723	)	$	(1,433,754	)	$	(2,592,225	)	$	(2,740,101	)

IPSIDY INC. (dba authID.ai) AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,			December 31,
	2021			2020
	(unaudited)
ASSETS
Current Assets:
Cash	$	1,805,414		$	3,765,277
Accounts receivable, net		201,939			72,986
Current portion of net investment in direct financing lease		76,661			72,682
Inventory		138,781			254,951
Other current assets		650,308			237,769
Total current assets		2,873,103			4,403,665

Property and Equipment, net		148,493			97,829
Other Assets		136,163			240,223
Intangible Assets, net		3,941,547			4,527,476
Goodwill		4,183,232			4,183,232
Net investment in direct financing lease, net of current portion		382,671			422,021
Total assets	$	11,665,209		$	13,874,446

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	2,103,954		$	2,665,132
Notes payable obligation, current portion		4,632			5,947
Capital lease obligation, current portion		30,763			39,232
Convertible debt		662,000			–
Deferred revenue		461,083			237,690
Total current liabilities		3,262,432			2,948,001

Capital lease obligation, net of current portion		–			10,562
Notes payable, net of discounts and current portion		485,760			487,339
Convertible debt		–			5,800,976
Other liabilities		–			47,809
Total liabilities		3,748,192			9,294,687

Commitments and Contingencies (Note 13)

Stockholders’ Equity:
Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 21,363,027 and 19,642,401 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		2,137			1,964
Additional paid in capital		111,493,973			102,651,304
Accumulated deficit		(103,781,760	)		(98,234,151	)
Accumulated comprehensive income		202,667			160,642
Total stockholders’ equity		7,917,017			4,579,759
Total liabilities and stockholders’ equity	$	11,665,209		$	13,874,446

IPSIDY INC. (dba authID.ai) AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020

Revenues:
Products and services	$	565,165		$	306,692		$	1,141,078		$	1,085,630
Lease income		12,616			14,427			25,702			29,278
Total revenues, net		577,781			321,119			1,166,780			1,114,908

Operating Expenses:
Cost of Sales		156,905			61,798			373,049			417,521
General and administrative		3,049,700			2,389,794			4,977,626			3,872,916
Research and development		347,173			190,339			669,183			620,740
Impairment loss		–			163,822			–			1,035,629
Depreciation and amortization		314,590			321,987			624,419			647,331
Total operating expenses		3,868,368			3,127,740			6,644,277			6,594,137

Loss from operations		(3,290,587	)		(2,806,621	)		(5,477,497	)		(5,479,229	)

Other Expense:
Warrant exercise inducement expense		–			(366,795	)		–			(366,795	)
Extinguishment of debt – gain (loss)		485,760			–			485,760			(985,842	)
Other income		6,121			24,713			7,658			34,666
Interest expense, net		(256,550	)		(310,153	)		(553,988	)		(489,203	)
Other income (expense), net		235,331			(652,235	)		(60,570	)		(1,807,174	)

Loss before income taxes		(3,055,256	)		(3,458,856	)		(5,538,067	)		(7,286,403	)

Income Tax Expense		(2,354	)		(3,592	)		(9,542	)		(12,466	)

Net loss	$	(3,057,610	)	$	(3,462,448	)	$	(5,547,609	)	$	(7,298,869	)

Net Loss Per Share – Basic and Diluted	$	(0.15	)	$	(0.20	)	$	(0.28	)	$	(0.42	)

Weighted Average Shares Outstanding – Basic and Diluted		20,248,868			17,441,164			20,003,913			17,473,583

Note: Following the reverse stock split in June 2021, net loss per share and weighted average shares outstanding were adjusted to reflect the lower number of common stock outstanding.

IPSIDY INC. (dba authID.ai) AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Six Months Ended June 30,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(5,547,609	)	$	(7,298,869	)
Adjustments to reconcile net loss with cash flows from operations:
Depreciation and amortization expense		624,419			600,978
Stock-based compensation		2,261,126			629,993
Extinguishment of note payable		–			985,481
Warrant exercise inducement expense		–			366,795
Amortization of debt discounts and issuance costs		237,435			214,668
Impairment losses		–			1,059,495
Forgiveness of note payable		(485,760	)		–
Changes in operating assets and liabilities:
Accounts receivable		(127,930	)		(23,217	)
Net investment in direct financing lease		35,371			31,796
Other current assets and other assets		(308,479	)		21,984
Inventory		113,870			374,366
Accounts payable and accrued expenses		644,649			1,056,433
Deferred revenue		223,393			28,810
Other liabilities		(47,809	)		–
Net cash flows from operating activities		(2,377,324	)		(1,951,287	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(78,325	)		(2,394	)
Investment in other assets including work in progress		(10,829	)		(124,870	)
Other assets		–			13,462
Net cash flows from investing activities		(89,154	)		(113,802	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible note payable		–			1,510,000
Payment of debt issuance costs		–			(104,800	)
Proceeds from sale of common stock,		–			200,000
Proceeds from exercise of warrants		–			283,950
Proceeds from payroll protection loan		485,760			485,760
Payments on notes payable		(2,892	)		–
Principal payments on capital lease obligation		(19,224	)		(19,487	)
Net cash flows from financing activities		463,644			2,355,423

Effect of Foreign Currencies		42,971			(42,465	)

Net Change in Cash		(1,959,863	)		247,869
Cash, Beginning of the Period		3,765,277			567,081
Cash, End of the Period	$	1,805,414		$	814,950

Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	$	8,779		$	5,296
Cash paid for income taxes	$	9,853		$	12,466

Modification of warrants issued with convertible debt	$	–		$	95,223
Exchange of notes payable and accrued interest for convertible notes payable	$	–		$	2,662,000
Warrant exercise with a subscription receivable	$	–		$	965,033
Settlement of accounts payable with issuance of common stock	$	–		$	8,270

Conversion of convertible notes payable and accrued interest to common stock	$	6,232,340		$	–
Settlement of accounts payable with issuance of stock options	$	349,376		$	–

For additional information, see Form 10-Q for the quarterly period ended June 30, 2021 filed at www.sec.gov.

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We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
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Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms

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10 hours ago

April 25, 2024

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MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.

SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
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SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]

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Artificial Intelligence

Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

Published

16 hours ago

April 25, 2024

CISION (PR Newswire)

Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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View original content:https://www.prnewswire.co.uk/news-releases/global-insurance-provider-selects-3clogic-to-streamline-ai-and-contact-center-capabilities-with-servicenow-302127739.html