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YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 14.    Principal Accountant Fees and Services 54 PART IV 55 Item 15.    Exhibits and Financial Statement Schedules 55 Item 16.    Form 10-K Summary 55 Signatures 56 Exhibit Index 57 PART ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the public company trading on the Nasdaq Stock Market under the ticker symbol “AATC,” and outstanding shares of ISNS’s common stock automatically converted into shares of common stock of Autoscope. ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Autoscope was incorporated on April 23, 2021 under the laws of the State of Minnesota, and ISNS was incorporated in Minnesota on December 20, 1984. General Autoscope creates value through owning an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ar or radar products (“RTMS”), and IntellitraffiQ®, or iQ products, which provide end users with the tools needed to optimize traffic flow and enhance driver safety. ISNS's technology analyzes signal...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. increasing congestion levels. During 2020, congestion levels decreased significantly as a result of COVID-19 related government lockdowns, although automobile travel has rebounded in many areas, cau...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of accuracy, limit the occurrence of false detection, are generally easier to install with lower costs of ownership, work effectively in a multitude of light and weather conditions, and provide end ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. radar systems are marketed to a network of distributors globally.  On a limited basis, we may sell directly to the end user.  Autoscope video products are marketed outside the United States, Mexico,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. enhance driver safety. The ITS market has been built around the detection of conditions that impact the proper operation of roadway infrastructure. ITS applications include a wide array of traffic m...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. multiple loops. Above‑ground detection solutions for ITS offer several advantages to in‑pavement loop detectors. Above‑ground detection solutions tend to have a lower total cost of ownership than i...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. serviced and repaired without shutting down the roadway. Each of these factors results in greater up‑time and increased reliability of above‑ground detection solutions compared to in‑pavement loop d...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. has been a surge in the number of vehicles on roadways. Due to the growth of emerging economies and elevated standards of living, more people desire and are able to afford automobiles. The number of...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. removal of stay-at-home and other restrictive mandates. Overall, the growth in roadway infrastructure is failing to match the surge in the number of vehicles using it. Above-ground detection-based t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. requisite common denominator for any technology‑based solution. The Melding of Large City Service Domains. Large cities require a wide range of service domains, including traffic. These cities are ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. city" initiatives through above-ground detection solutions that are cost effective, which we believe will result in the extensive proliferation of sophisticated sensors and detection devices. Solut...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Recognition. Over the last three decades, we have developed or acquired a proprietary portfolio of complex software algorithms and applications that we have continuously enhanced and refined. These ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. decades, we have demonstrated our ability to lead the market with new products and product enhancements. For example, the Autoscope Solo system was the first fully integrated color camera, zoom lens...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. strong organic revenue growth and higher levels of profitability. Leading Distribution Channel. Since 1991, we have maintained a relationship with Econolite, which has the exclusive right to manufa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ffiQ software products allows us to offer a broad product portfolio that meets the needs of our end users. Experienced Management Team and Engineering Staff.  Our management team and engineering sta...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. channels through licensing. Having developed and introduced our next-generation RTMS radar product, we expect to take advantage of our technical leadership in ITS and further differentiate us from o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. development initiatives will enable us to become a leading supplier of critical detection components that provide actionable data across incremental markets. Increase the Scope of Our Distribution ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. increasing end user awareness of our products and applications as well as improving user aptitude. Expand Through Strategic Acquisitions and Investments.  We believe that we have the opportunity to...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Our vehicle and traffic detection products are critical components of many ITS applications. Our Autoscope video systems and RTMS radar systems convert sensory input collected by video and radar mo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. fundamental product architecture is shown below. The Image Sensing Product Architecture Autoscope Video. Our Autoscope video system processes video input from a traffic scene in real time and extr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. time to assist in traffic management and stored for later analysis for traffic planning purposes. The Autoscope system comes in two varieties.  Autoscope Vision is our flagship integrated product t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. line communications. The Autoscope Vision product offers high definition streaming video, built-in WiFi for quick and easy setup, cost-effective three-wire cable, and full screen object detection an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. making it especially well-suited for highway detection applications. The RTMS radar system is available in different varieties which include the RTMS Sx-300 and the RTMS Echo. RTMS Sx-300 is a non-...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. video stream and leverages our video detection algorithms to detect occurrences of vehicles driving in the incorrect direction.  The event is captured and sent to the end users via short message ser...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Q software provides traffic measurement and data collection across large and small areas.  An enterprise-level system capable of monitoring traffic in hundreds of locations, IntellitraffiQ's simple y...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. users primarily consist of federal, state, city and county departments of transportation, port, highway, tunnel and other transportation authorities. The decision‑makers within these entities typica...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ite to extend the license to additional products in the United States, Mexico, Canada and the Caribbean and a first negotiation right that arises when we make a proposal to Econolite to include right...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. with Econolite, as amended, was extended to 2031. The agreement can be terminated by either party upon three years’ notice. Sales of RTMS Radar in North America, the Caribbean and Latin America. We...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to the end user. Technical support to these distributors is provided by our wholly‑owned subsidiary in Spain, with second‑tier support provided by our engineering groups.  From time to time, we may ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . For competition with other above‑ground detection products, we typically compete on performance and functionality, and to a lesser extent on price. When competing against providers of loop detector...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , MS Sedco Inc., and Smartmicro Sensors GmbH.  In addition, there are smaller local companies providing direct competition to the Company in specific markets throughout the world. We are aware that t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. our radar products and perform warranty and post-warranty repairs for all radar units sold. We typically provide a two- to three-year warranty on our products. Most of the hardware components used...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. our policy to require all employees and consultants to sign confidentiality agreements that prohibit the disclosure of our confidential information to any third parties. These agreements also requir...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Employees As of December 31, 2021, we had 36 employees, consisting of 35 employees in North America and one employee in Europe. None of our employees are represented by a union. Item 1A.   Risk ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. “plans,” “estimates,” or “anticipates” or other comparable terminology. Forward‑looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of the date the statements were made. We undertake no obligation to publicly update or revise any forward‑looking statements whether as a result of new information, future events or otherwise. Risk...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Additionally, governmental budgets and plans may change without warning. Other risks of selling to governmental entities include dependence on appropriations and administrative allocation of funds, ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ically, a majority of our gross profit has been generated from sales of, or royalties from the sales of, our Autoscope products. Gross profit from Autoscope sales accounted for approximately 82% of o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. is the exclusive distributor of the Autoscope video system in the United States, Mexico, Canada and the Caribbean.  Our current agreements grant Econolite a first refusal right that arises when we m...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , including 64% in 2021 and 63% in 2020. Econolite’s account receivable represented 60% of our accounts receivable at December 31, 2021 and 78% of our accounts receivable at December 31, 2020. We exp...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ’s sales of the other products it sells could harm Econolite, which could have a material adverse effect on our business and prospects. As a result of our continuing review of our business, we may h...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. revenues along with associated costs, any of which could cause our operating results to decline and may fail to yield the expected benefits.  For more information regarding our restructuring and div...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. depend on the continued development of the market for advanced technology solutions for traffic detection and management and the acceptance of our current Autoscope video and RTMS radar systems and ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. our expectations regarding future revenues and, in the short‑term, are generally fixed. Our quarterly revenues, however, have varied significantly in the past, with our first quarter historically be...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. due to factors such as the demand for our products; product life cycle; the development, introduction and acceptance of new products and product enhancements by us or our competitors; changes in the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in the business of developing and implementing traffic control, related security systems and connected vehicles have substantially more financial, technological, marketing, personnel and research an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. management industry, and new technologies may be developed. We are aware of several companies that are developing traffic management devices using machine vision technology or other advanced technol...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. -effective manner that respond to changing technology and satisfy the needs of our end users, our business and financial results will suffer. We may not achieve our growth plans for the expansion of...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. will be disproportionately subject to the risks of international operations discussed in this Annual Report on Form 10-K. Mergers and acquisitions would be accompanied by risks which may include: ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. U.S. will increase our exposure to the risks of international operations discussed in this Annual Report on Form 10-K. Our dependence on third parties for manufacturing and marketing our products m...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. World Health Organization declared in March 2020, some of our suppliers have expressed concern about lead times and availability of components, especially those components coming out of Asia.  We ha...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. COVID-19 pandemic).  If Econolite, E.I. Microcircuits, Inc., or our other suppliers are unable to manufacture our products in the future, we may be unable to identify other manufacturers able to mee...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the disruption or termination of that relationship, could result in reduced revenue and market share for our products. We and our third-party manufacturers may experience difficulty obtaining mater...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to identify new suppliers, which could increase our costs, affect the quality of materials, reduce our sales and profitability, or harm our customer relations by delaying product deliveries due to i...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and to prevent the sourcing of such “conflict” minerals.  As a result, the Securities and Exchange Commission enacted annual disclosure and reporting requirements for public companies who use these ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. provide components and products containing conflict‑free minerals and thus could disrupt our supply chain or that of our manufacturers and increase the cost of the components used in manufacturing o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Although we monitor our warranty claims and provide an allowance for estimated warranty costs, unanticipated claims in excess of the allowance could have a material adverse impact on our financial c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to protect our intellectual property rights may result in costly litigation. Our success depends in large measure on the protection of our proprietary technology rights. We rely on trade secret, co...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. determine the validity and scope of the proprietary rights of others. In addition, we may be the subject of lawsuits by others who claim we violate their intellectual property rights. Intellectual ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , copyright or other non‑patent protection is available and to the extent we are able to enforce our rights. The laws of other countries in which we market our products may afford little or no effect...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. materials; the performance of suppliers and vendors; achieving cost efficiencies; the validation of innovative technologies; and the level of end user interest in new technologies and products. Thes...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. may be claimed to cause or contribute to personal injury or property damage to our customers’ employees or facilities. Additionally, we are, at times, involved in commercial disputes with third part...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , including those involving antitrust, environmental, anti-bribery or anti-corruption laws and regulations. We are subject to various legal and regulatory requirements and risks in the U.S. and othe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of operations or cash flows. 11 We price a segment of our product portfolio at a premium compared to other technologies. As such, we may not be able to quickly respond to emerging low‑cost competi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. that local officials that purchase traffic management products in the international markets we serve often favor products that are developed and manufactured locally. As local competitors to our pro...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. may be adversely affected by changing political and economic conditions in foreign countries. Additionally, fluctuations in currency exchange rates could affect demand for our products or otherwise ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the United Kingdom's withdrawal from the European Union, may adversely affect our revenues and could subject us to new regulatory costs and challenges (including the transfer of personal data betwee...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in the U.S. and the imposition of withholding requirements on foreign earnings; higher danger of terrorist activity, war or civil unrest compared to domestic operations; 12 disruptions to our glo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. requirements. As a U.S. entity with global business, we are subject to regulatory compliance requirements under the European Union GDPR that require our business to comply with security and privacy...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. been significant changes to U.S. trade policies, legislation, treaties and tariffs, as well as trade policies and tariffs affecting China.  These and any other changes to current policies by the U.S...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , financial condition, results of operations or cash flows. Our inability to comply with European and Asian regulatory restrictions over hazardous substances and electronic waste could restrict prod...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. directive for the restriction of the use of certain hazardous substances in electrical and electronic equipment.  This RoHS legislation restricts the use of substances such as mercury, lead, cadmium...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. business could significantly strain our capital resources as well as the time and abilities of our management personnel. Our ability to manage growth effectively will require continued improvement o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. is intense, and we cannot assure you that we will be able to attract and retain the individuals we need, especially if our business expands and requires us to employ additional personnel. In additio...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ’s time and financial resources may be required to complete the acquisition and integrate the acquired business into our existing operations. Even with this investment of management time and financia...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. U.S. federal securities laws and accounting rules; and the potential loss of customers or key employees of acquired businesses. We cannot assure you that any acquisitions, investments, strategic all...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. assess these assets to determine if they are impaired. Significant negative industry or economic trends, a significant and sustained decline in our stock price, disruptions to our businesses, signif...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. traded securities of companies in evolving high‑tech industries, we believe there are several factors that have caused and are likely to continue to cause the market price of our common stock to flu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. suffer competitive disadvantages. AUTOSCOPE TECHNOLOGIES CORP’s exposure to changes in interest rates relates primarily to the Company’s ability to obtain financing in the future.  If obtaining fin...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Conduct Authority (FCA), which regulates LIBOR, has announced that it has commitments from panel banks to continue to contribute to LIBOR through the end of 2021, but that it will not use its powers...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of New York and various other authorities have commenced the publication of reforms and actions relating to alternatives to U.S. dollar LIBOR. Although the full impact of such reforms and actions, t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and resulting disruptions in supply chains, inflation, and rising interest rates are having a negative effect on economies and the performance of stock markets. Although certain economic conditions ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. inflation, and rising interest rates, have accentuated each of these risks and magnified their potential effect on us and our business. The difficult conditions in these markets and the overall econ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. could make it more difficult or unfavorable for us to raise additional capital in the future. Economic conditions could result in customers in our markets continuing to experience financial difficu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. risks. Although we take steps to secure our management information systems, the security measures we have implemented may not be effective, and our systems may be vulnerable to theft, loss, damage ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. employees, suppliers or the general public as part of our notification obligations to the various governmental agencies that govern our business.  Advances in computer capabilities, new technologica...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. could continue to cause, severe disruptions in the U.S., regional and global economies and could increase our costs and expenses and have a material adverse effect on our business, financial conditi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of businesses. Certain states and cities, including where we or the third parties with whom we engage operate, have also reacted by instituting quarantines, restrictions on travel, “stay at home” ru...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of any relaxation of current restrictions in the community and regions in which we, our customers and end users do business; the direct and indirect economic effects of the pandemic and containment ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. supply and market our products and supply other goods and services to run our business. If any such third party is adversely impacted by restrictions resulting from the COVID-19 pandemic, including ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. face difficulties raising capital through any sales of our common stock, or such sales may be on unfavorable terms. In addition, a recession, depression or other sustained adverse market event resul...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. interests. These provisions: permit the Autoscope Board of Directors to issue up to 4,950,000 shares of preferred stock with any rights, preferences and privileges as it may designate, including th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. should so choose. 16 Section 302A.671 of the Minnesota Business Corporation Act (“MBCA”) generally limits the voting rights of a shareholder acquiring a substantial percentage of Autoscope's votin...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. MBCA may have the effect of entrenching our management team and may deprive shareholders of the opportunity to sell their shares to potential acquirers at a premium over prevailing market prices. Th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Autoscope Board of Directors adopted an amended and restated shareholders rights plan. Effective March 1, 2022, the Board of Directors adopted an amendment to the shareholders rights plan to extend ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the then current market price. Such exchanges or exercise of rights could cause substantial dilution to a particular acquirer and discourage the acquirer from pursuing the Company. The mere existenc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . In addition, Autoscope could issue preferred stock to prevent a change in control of our Company, depriving common shareholders of an opportunity to sell their stock at a price in excess of the pre...