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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. , capital requirements, financial condition, future prospects, any contractual restrictions and any other factors deemed relevant by the Board of Directors. Therefore, shareholders should not expect ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. includes land and a building located at 1115 Hennepin Avenue, Minneapolis, Minnesota (the "Real Property"). The Original Agreement also provided for the sale by TJ&Z to ISNS of all TJ&Z's interest u...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. from October 26, 2021 to November 26, 2021. (The Original Agreement, as amended by the First Amendment, is referred to as the "Purchase Agreement"). The First Amendment effectively extended the clos...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the $100,000 in earnest money paid by ISNS as described above and the $1,742,500 in Loan proceeds, at the Closing, ISNS paid $230,119 to finance the purchase of the Property and the payment of Closi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2. We also lease smaller facilities in Canada and Spain. We believe that our current space at 1115 Hennepin Avenue in Minneapolis, Minnesota and in Canada and Spain is generally adequate to meet our...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. additional losses either because we believe that we have valid defenses to claims asserted against us or the proceeding has not advanced to a stage of discovery that would enable us to establish an ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Market Information Our common stock is traded on The Nasdaq Capital Market under the symbol “AATC.” Shareholders As of February 28, 2022, there were 25 holders of record of our common stock. The n...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 20, 2021. On August 10, 2021, the Board of Directors of the Company approved a cash dividend of $0.12 per share to shareholders of record on the close of business on August 23, 2021, which was paid...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. on the close of business on February 21, 2022, which was payable to shareholders on February 28, 2022. Item 6.      [Reserved] 19 Item 7.      Management’s Discussion and Analysis of Financial Co...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Form 10-K. General. We are a leading provider of above-ground detection products and solutions for the intelligent transportation systems ("ITS") industry.  Our family of products, which we market ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. congestion and traffic flow. In many cities, it is not possible to build roads, bridges and highways quickly enough to accommodate the increasing congestion levels. During 2020, congestion levels de...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. flow and optimize throughput. We believe our solutions are technically superior to those of our competitors because they have a higher level of accuracy, limit the occurrence of false detection, ar...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. olite"), which we believe is the leading distributor of ITS intersection control products in these markets. We market the RTMS radar systems to a network of distributors in North America, the Caribb...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. expected growth in our business can be attributed primarily to the following global trends: worsening traffic caused by increased numbers of vehicles in metropolitan areas without corresponding exp...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and enforcement in developed countries; a propensity by traffic engineers to implement lower cost technology‑based solutions rather than civil engineering solutions such as widening roadways; coun...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. contingencies could result in significant fluctuations in our revenue between periods. The ongoing economic environment in Europe and the United States is further adding to the unpredictability of p...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. olite.  This royalty arrangement has the benefit of decreasing our cost of revenues and our selling, marketing and product support expenses because these costs and expenses are borne primarily by Eco...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . The cost of revenue also includes logistics costs, estimated expenses for product warranties, restructuring costs and inventory reserves. The key metric that we follow is achieving certain gross ma...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and administrative functions that support the development and sales of our products and provide an infrastructure to support future growth. These expenses include management, supervisory and staff s...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . GAAP (Generally Accepted Accounting Principles in the United States). This non-GAAP information excludes the impact of depreciating fixed assets and amortizing intangible assets and may exclude oth...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. measures (in thousands): Years Ended December 31, 2021 2020 Income from operations 2,273 608 Adjustments to reconcile to non-GAAP income Amortization of intangible assets 780 736 Deprecia...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Accordingly, we believe that quarter‑to‑quarter comparisons of our financial results should not be relied upon as an indication of our future performance. No assurance can be given that we will be ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. we manage our business, we may reevaluate our segment definitions in the future. The following tables set forth selected financial information for each of our reportable segments (in thousands): F...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,987 10,388 Amortization of intangible assets 367 369 736 Intangible assets 1,376 1,785 3,161 22 Results of Operations The following table sets forth, for the periods indicated, certain c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. .6 Selling, marketing and product support 16.1 19.3 General and administrative 27.2 29.6 Research and development 16.7 25.3 Income from operations 17.3 4.6 Income tax expense (benefit) ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2.3%  Product sales decreased to $4.7 million in 2021 from $4.8 million in 2020, a decrease of 2.5%.  The decrease in product sales was primarily the result of labor shortages causing installation d...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 12.8% compared to the prior year.  The decrease in product sales gross profit is primarily the result of COVID-19 related challenges that continued to impact regions throughout the year, as well as ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1 increased $155,000 or 1.9% compared to the prior year. The decrease in royalty gross profit percent is primarily the result of increased amortization costs associated with the release of pedestrian...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 29.6% of total revenue, in 2020. A portion of expense during 2020 consisted of expenses for legal and outside consulting costs related to the efforts around exploring strategic alternatives to maximi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of $22,000 in 2020. After normalizing for software development costs, overall research and development expenditures decreased in 2021 compared to 2020 due to decreased headcount. Income tax expense...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to $1.1 million, or $0.20 per basic and diluted share, in 2020. 23 Liquidity and Capital Resources At December 31, 2021, we had $8.2 million in cash and cash equivalents compared to $8.6 million ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. compared to the prior year. To minimize any unforeseen supply chain delays, the Company built up finished goods inventory in 2021. Net cash used for investing activities was $2.6 million in 2021, c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2020. The decrease in net cash provided by financing activities is attributed to the funding of $924,000 we received from the United States Small Business Administration (SBA) in the form of the Pay...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. purchase of the Property. The principal documents evidencing the Loan (the "Loan Documents"), all of which are dated as of December 10, 2021, and their principal terms are as follows: The Business...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. otherwise. The Loan is evidenced by a Promissory Note (the "Note") in the original principal amount of $1,742,500 with a term of five years and which bears interest at the fixed annual rate of 3.95...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Under the Mortgage granted by ISNS to the Bank (the "Mortgage"), ISNS mortgaged and conveyed to the Bank, with power of sale, all of ISNS's right, title, and interest in and to the Real Property. As...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. rents. 24 The events of default under all of the Loan Documents are similar.  As of December 31, 2021, ISNS was in compliance with all of its applicable covenants under the Loan Documents. The ab...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. investing activities, and other cash requirements for the foreseeable future. Off‑Balance Sheet Arrangements We do not participate in transactions or have relationships or other arrangements with ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , may require the application of a higher level of judgment by our management, and as a result, are subject to an inherent degree of uncertainty. For further information, see Note 1 of our Notes to t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. potential losses related to customer receivable balances. We determine the allowance based on historical write‑off experience in the industry, regional economic data, and an evaluation of specific c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in cost of sales. This estimate is based on historical trends of warranty claims.  We regularly assess and adjust the estimate of accrued warranty claims by updating claims rates for actual trends a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. expensed as incurred until technological feasibility has been established, at which time future costs incurred are capitalized until the product is available for general release to the public.  A si...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. which such a determination is made. Impairment of Long‑Lived Assets.  We review the carrying value of long‑lived assets or asset groups, such as property and equipment and intangibles subject to am...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. calculations contain uncertainties because they require management to make assumptions and to apply judgment to identify events or changes in circumstances indicating the carrying value of assets ma...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. We believe it is more likely than not that forecasted income, including income t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. have a material impact on our financial condition and operating results. Item 7A.   Quantitative and Qualitative Disclosures About Market Risk Foreign Currency Exchange Risk Approximately 15% to ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. earnings when translated into U.S. dollars. Conversely, a weakening of the U.S. dollar increases the value of foreign currency‑denominated revenue and earnings. A 10% adverse change in foreign curre...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 261 Inventories 1,429 770 Prepaid expenses and other current assets 355 480 Total current assets 12,382 12,116 Property and equipment: Furniture and fixtures 136 154 Leasehold improveme...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. liabilities: Accounts payable 236 547 Deferred revenue 107 37 Warranty 128 141 Accrued compensation 132 148 Operating lease obligation 59 126 Short-term debt 56 349 Other current ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 378,857 and 5,352,626 issued and outstanding, respectively 54 54 Additional paid-in capital 25,167 24,968 Accumulated other comprehensive loss (288 (150 Accumulated deficit (5,139 (5,502 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Royalties 8,532 8,344 13,242 13,173 Cost of revenue: Product sales 2,607 2,418 Royalties 400 367 3,007 2,785 Gross profit 10,235 10,388 Operating expenses: Selling, marketing and pr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (462 Net income 2,295 1,063 Net income per share: Basic 0.43 0.20 Diluted 0.43 0.20 Weighted average number of common shares outstanding: Basic 5,342 5,296 Diluted 5,358 5,316 See...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. See accompanying notes to the consolidated financial statements. 29 AUTOSCOPE TECHNOLOGIES CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOW(in thousands) Years ended December 31, 2021 2020 Opera...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (16 Accounts payable (310 187 Accrued expenses and other current liabilities 108 (249 Net cash provided by operating activities 2,562 2,560 Investing activities: Capitalized software dev...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (229 918 Effect of exchange rate changes on cash (137 160 Increase (decrease) in cash and cash equivalents (376 3,487 Cash and cash equivalents at beginning of period 8,605 5,118 Cash and ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Loss deficit Total Balance, December 31, 2019 5,322,849 53 24,751 (306 (6,565 17,933 Stock-based compensation 31,455 223 224 Stock for tax withholding (1,678 (6 (6 Comprehensive inc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. options exercised 2,000 Dividend declared (1,932 (1,932 Comprehensive income: Foreign currency translation adjustment (138 (138 Net income 2,295 2,295 Balance, December 31, 2021 5,378,8...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. which Image Sensing Systems, Inc. ("ISNS") became a wholly-owned subsidiary of the new parent company named “Autoscope Technologies Corporation” ("Autoscope"), which became the successor issuer to I...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. as the predecessor company and its wholly-owned subsidiaries and thereafter to Autoscope and its wholly-owned subsidiaries, except as otherwise specified or to the extent the context otherwise indic...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (Shenzhen) Limited (ISS WOFE) in China; Image Sensing Systems Spain SLU (ISS Spain) in Spain; ISS Image Sensing Systems Canada Limited (ISS Canada) in Canada; and Autoscope Technologies India Privat...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to the performance obligations in the contract; and Recognition of revenue when, or as, we satisfy a performance obligation. Revenue disaggregated by revenue source for the years ended December 31...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and Asia. Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange fo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. as maintenance, repair, and technical support is recognized either as the service is performed or ratably over the defined contractual period for service maintenance contracts. From time to time our...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. recorded based on historical sales returns and changes in end user demand. Royalties: Econolite Control Products, Inc. (“Econolite”) is our licensee that sells our Autoscope video system products ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. SHIPPING AND HANDLING Freight revenue billed to customers is repo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and 2020, respectively. We hold our cash and cash equivalents with financial institutions and, at times, the amounts of our balances may be in excess of deposit insurance limits. ACCOUNTS RECEIVABL...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the financial condition of the customer and the aging of the receivables. If there is a deterioration of a customer’s financial condition, if we become aware of additional information related to the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. repairs are charged to operations as incurred. Depreciation is recorded using the straight‑line method over the estimated useful lives of the assets and by accelerated methods for income tax purpose...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ISNS purchased certain real and personal property (the "Property") from TJ&Z for a total purchase price of $2,050,000, subject to adjustments if certain conditions were not satisfied (the "Purchase ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Inspection Period") during which to undertake any studies, tests, investigations, and inspections of the Property.  Effective as of October 26, 2021, ISNS and TJ&Z entered into the First Amendment to...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. under the Purchase Agreement. On December 10, 2021, ISNS closed (the "Closing") on the purchase of the Property under the terms of the Purchase Agreement and a loan in the original principal amount ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. port to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement and First Amendment filed as Exhibit 10.17 and Exhibit 10.18, respectively, to this Annual...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be sufficient to fully recover the remaining net realizable value...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. development costs related to software to be sold, leased, or otherwise marketed. Capitalized software development costs include purchased materials, services, internal labor and other costs associat...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. begin to be amortized to cost of sales over the product’s estimated economic selling life, using the greater of straight-line or a method that results in cost recognition in future periods that is c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. software development costs during the years ended December 31, 2021 and 2020, respectively. Intangible assets with finite lives are amortized on a straight‑line basis over the expected period to be...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. an asset or asset group exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group, we recognize an asset impairment charge a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. amounts are determinable. We estimate warranty costs using standard quantitative measures based on historical warranty claim experience and an evaluation of specific customer warranty issues. In add...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. is computed by dividing net income attributable to common shareholders by the weighted‑average number of common shares outstanding during the period. Diluted income per share includes potentially di...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and were excluded from the calculation of diluted net income per share. LOSS CONTINGENCIES We establish an accrual for loss contingencies when it is both probable that an asset has been impaired o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. on the fair value of the award at the date of grant and recognize the cost over the period during which an employee is required to provide services in exchange for the award. Stock options or awards...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. calculate estimated fair value of stock‑based compensation. Circumstances may change and additional data may become available over time that could result in changes to these assumptions and methodol...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. adds disclosure requirements for fair value measurements. The standard is required to be adopted for annual periods beginning after December 15, 2019, including interim periods within that annual pe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in an orderly transaction between market participants at the measurement date. We use a three‑tier fair value hierarchy based upon observable and non‑observable inputs as follows: Level 1 – observa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 661 Components 224 109 Total 1,429 770 37 4.             OPERATING LEASES AUTOSCOPE TECHNOLOGIES CORP is subject to various non-cancelable operating leases for office space and IT equipmen...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. exercise. We regularly evaluate the renewal options and, when they are reasonably certain of exercise, we include the renewal period in our lease term. Because most of our leases do not provide an ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. components of our operating leases were as follows (in thousands) for the years ended December 31: 2021 2020 Operating lease costs 212 247 Variable lease costs 194 284 Total 406 531 Vari...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. our operating leases were as follows as of December 31, 2021: December 31, 2021 Remaining lease term and discount rate: Weighted average remaining lease term (years) 0.34 Weighted average disco...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 30, 2020, we agreed to a one-year extension of our office space which increased operating lease assets and liabilities by $194,000, and, during the three months ended September 30, 2021, ISNS entere...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Spruce Tree on July 28, 2021.  The Lease term was to expire on July 31, 2021.  The Amendment, which was effective August 1, 2021, extends the term of the Lease to March 31, 2022.  In addition, the A...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 5 38 2026 38 2027 and thereafter 38 Total minimum future rental income 228 The operating lease related to the billboard located on the Real Property was for an initial term of seven years, th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Vision development costs 3,107 (1,953 1,154 8.0 Echo development costs 1,852 (506 1,346 7.0 IntellitraffiQ development costs 468 (409 59 4.0 Software development in process costs 307 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 376 8.0 Echo development costs 1,852 (242 1,610 7.0 IntellitraffiQ development costs 468 (293 175 4.0 5,477 (2,316 3,161 7.3 The estimated future amortization expense related to other...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ization expense may be different due to future acquisitions, impairments, changes in amortization periods, or other factors. In accordance with GAAP, we performed an assessment of recoverability on ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Warranty claims (47) (63 Adjustments to preexisting warranties (7) (144 Ending balance 128 141 7.         INCOME TAXES The components of income before income taxes were as follows (in thous...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Foreign (58 885 (488 Total income tax expense (benefit) 905 (462 41 A reconciliation from the federal statutory income tax provision to our effective tax expense (benefit) is as follows (in t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. entity 279 Other (40 (92 Total 905 (462 A summary of the deferred tax assets and liabilities is as follows (in thousands): December 31, 2021 2020 Deferred tax assets (liabilities): Accr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1,612 (1,743 Total deferred tax assets: 4,824 5,708 As of December 31, 2021, the Company had sustained a significant accumulated tax loss. The net operating loss (“NOL”) carry forward in the Uni...