2022 Q3 Form 10-Q Financial Statement

#000121390022048187 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $11.18M $10.92M $10.76M
YoY Change 135.22% 233.32% 115.14%
Cost Of Revenue $6.666M $6.261M $6.865M
YoY Change 177.06% 346.58% 147.83%
Gross Profit $4.514M $4.662M $3.892M
YoY Change 92.33% 148.64% 74.53%
Gross Profit Margin 40.38% 42.68% 36.18%
Selling, General & Admin $3.507M $3.709M $3.567M
YoY Change 61.02% 102.13% 84.82%
% of Gross Profit 77.69% 79.56% 91.65%
Research & Development $238.0K $418.0K $241.0K
YoY Change 5.31% 620.69% 41.76%
% of Gross Profit 5.27% 8.97% 6.19%
Depreciation & Amortization $885.0K $468.0K $707.0K
YoY Change 155.04% 34.48% 107.94%
% of Gross Profit 19.61% 10.04% 18.17%
Operating Expenses $4.798M $4.632M $4.515M
YoY Change 74.41% 102.62% 84.29%
Operating Profit -$284.0K $30.00K -$623.0K
YoY Change -29.7% -107.3% 183.18%
Interest Expense $757.0K $750.0K $5.020M
YoY Change -506.99% 312.09% -2108.0%
% of Operating Profit 2500.0%
Other Income/Expense, Net -$280.0K $1.285M $6.000K
YoY Change 3400.0% -10.95%
Pretax Income -$564.0K $1.315M $2.505M
YoY Change 64.91% 27.42% 97.24%
Income Tax -$10.00K $53.00K $3.000K
% Of Pretax Income 4.03% 0.12%
Net Earnings -$554.0K $1.262M $2.502M
YoY Change 61.52% 23.12% 97.01%
Net Earnings / Revenue -4.96% 11.55% 23.26%
Basic Earnings Per Share -$0.03 $0.06 $0.51
Diluted Earnings Per Share -$0.03 $0.06 $171.2K
COMMON SHARES
Basic Shares Outstanding 21.75M shares 21.70M shares 4.873M
Diluted Shares Outstanding 21.75M shares 21.70M shares 4.873M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $819.0K $2.840M $5.988M
YoY Change -70.45% -5.46% 69.15%
Cash & Equivalents $819.0K $2.840M $5.988M
Short-Term Investments
Other Short-Term Assets $1.618M $3.111M $2.325M
YoY Change 6.66% 90.28% 252.27%
Inventory $3.108M $2.638M $2.024M
Prepaid Expenses
Receivables $7.186M $8.194M $8.806M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.95M $17.19M $19.14M
YoY Change 43.7% 99.06% 88.6%
LONG-TERM ASSETS
Property, Plant & Equipment $193.0K $140.0K $1.227M
YoY Change -89.66% -92.59% -41.57%
Goodwill $26.09M $26.09M
YoY Change
Intangibles $33.04M
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.00K $17.00K $52.00K
YoY Change 280.0% 41.67% 420.0%
Total Long-Term Assets $51.76M $51.32M $43.74M
YoY Change 305.38% 296.69% 229.34%
TOTAL ASSETS
Total Short-Term Assets $12.95M $17.19M $19.14M
Total Long-Term Assets $51.76M $51.32M $43.74M
Total Assets $64.71M $68.52M $62.88M
YoY Change 197.11% 217.58% 168.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.040M $5.047M $4.881M
YoY Change 95.62% 457.06% 214.9%
Accrued Expenses $3.029M $2.672M $3.019M
YoY Change 53.21% 26.7% 20.76%
Deferred Revenue
YoY Change
Short-Term Debt $399.0K $0.00 $0.00
YoY Change -67.0%
Long-Term Debt Due $1.777M $2.089M $2.396M
YoY Change 46.1%
Total Short-Term Liabilities $13.44M $16.54M $16.86M
YoY Change 128.6% 257.86% 109.9%
LONG-TERM LIABILITIES
Long-Term Debt $13.35M $13.39M $13.03M
YoY Change 136.88% 101.04% 101.06%
Other Long-Term Liabilities $11.52M $12.15M $13.94M
YoY Change 2199.6% 1972.87% 2077.34%
Total Long-Term Liabilities $24.87M $25.54M $26.96M
YoY Change 305.25% 252.42% 278.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.44M $16.54M $16.86M
Total Long-Term Liabilities $24.87M $25.54M $26.96M
Total Liabilities $38.31M $42.08M $43.82M
YoY Change 218.83% 254.54% 189.23%
SHAREHOLDERS EQUITY
Retained Earnings -$49.08M -$48.52M
YoY Change
Common Stock $217.0K $217.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.40M $26.44M $19.06M
YoY Change
Total Liabilities & Shareholders Equity $64.71M $68.52M $62.88M
YoY Change 197.11% 217.58% 168.37%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$554.0K $1.262M $2.502M
YoY Change 61.52% 23.12% 97.01%
Depreciation, Depletion And Amortization $885.0K $468.0K $707.0K
YoY Change 155.04% 34.48% 107.94%
Cash From Operating Activities -$987.0K -$1.264M $1.201M
YoY Change 24575.0% 268.51% -6105.0%
INVESTING ACTIVITIES
Capital Expenditures -$722.0K -$1.575M -$785.0K
YoY Change 216.67% 1775.0% 554.17%
Acquisitions $17.18M
YoY Change
Other Investing Activities $0.00 -$2.000K -$17.18M
YoY Change
Cash From Investing Activities -$722.0K -$1.577M -$17.97M
YoY Change 216.67% 1777.38% 14874.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -312.0K -307.0K 19.87M
YoY Change 192.38% 974.22%
NET CHANGE
Cash From Operating Activities -987.0K -1.264M 1.201M
Cash From Investing Activities -722.0K -1.577M -17.97M
Cash From Financing Activities -312.0K -307.0K 19.87M
Net Change In Cash -2.021M -3.148M 3.105M
YoY Change 771.12% 491.73% 81.58%
FREE CASH FLOW
Cash From Operating Activities -$987.0K -$1.264M $1.201M
Capital Expenditures -$722.0K -$1.575M -$785.0K
Free Cash Flow -$265.0K $311.0K $1.986M
YoY Change -218.3% -220.08% 1886.0%

Facts In Submission

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EarningsPerShareDiluted
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CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.2
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11854000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18180000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11588000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21702000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11862000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18180000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Net Income Loss
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3764000 usd
us-gaap Net Income Loss
NetIncomeLoss
2297000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Paid In Kind Interest
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crex Loss On Debt Waiver Consent
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crex Loss On Warrants Amendment
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345000 usd
crex Loss On Change In Fair Value Of Contingent Consideration
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us-gaap Unrealized Gain Loss On Investments
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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4035000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Inventories
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562000 usd
us-gaap Increase Decrease In Inventories
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IncreaseDecreaseInOtherOperatingAssets
-184000 usd
us-gaap Increase Decrease In Other Operating Assets
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1128000 usd
us-gaap Increase Decrease In Security Deposits
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-995000 usd
crex Operating Lease Liabilities Net
OperatingLeaseLiabilitiesNet
699000 usd
crex Operating Lease Liabilities Net
OperatingLeaseLiabilitiesNet
-176000 usd
us-gaap Increase Decrease In Other Operating Capital Net
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us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
7000 usd
us-gaap Increase Decrease In Accounts Payable
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2487000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1178000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
247000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
229000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-220000 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-809000 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
173000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
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718000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Payments To Acquire Property Plant And Equipment
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32000 usd
us-gaap Payments To Acquire Property Plant And Equipment
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10000 usd
crex Capitalization Of Internal And External Labor For Software Development
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crex Capitalization Of Internal And External Labor For Software Development
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194000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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17186000 usd
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us-gaap Net Cash Provided By Used In Investing Activities
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crex Proceeds From Acquisition Loan
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us-gaap Repayments Of Related Party Debt
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411000 usd
us-gaap Repayments Of Related Party Debt
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100000 usd
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1849000 usd
us-gaap Net Cash Provided By Used In Financing Activities
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19566000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1745000 usd
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-43000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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1178000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2883000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1826000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2840000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3004000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
19060000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
341000 usd
CY2022Q2 crex Stockbased Compensation Vendors
StockbasedCompensationVendors
65000 usd
CY2022Q2 crex Adjustments To Additional Paid In Capital Warrant Amendment
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5709000 usd
CY2022Q2 us-gaap Net Income Loss
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1262000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
26437000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
8729000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
892000 usd
crex Stockbased Compensation Vendors
StockbasedCompensationVendors
65000 usd
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
2278000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5000000 usd
crex Adjustments To Additional Paid In Capital Warrant Amendment
AdjustmentsToAdditionalPaidInCapitalWarrantAmendment
5709000 usd
us-gaap Net Income Loss
NetIncomeLoss
3764000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
26437000 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
8285000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
40000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
25000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
331000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
1025000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
9706000 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
4335000 usd
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
40000 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
50000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
845000 usd
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
264000 usd
crex Gain On Extinguishment Of Special Loan
GainOnExtinguishmentOfSpecialLoan
26000 usd
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1849000 usd
us-gaap Net Income Loss
NetIncomeLoss
2297000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
9706000 usd
us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">NOTE 1: NATURE OF ORGANIZATION AND OPERATIONS</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Unless the context otherwise indicates, references in these Notes to the accompanying Consolidated Financial Statements to “we,” “us,” “our” and “the Company” refer to Creative Realities, Inc. and its subsidiaries.</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Nature of the Company’s Business</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Creative Realities, Inc. is a Minnesota corporation that provides innovative digital marketing technology and solutions to retail companies, individual retail brands, enterprises and organizations throughout the United States and in certain international markets. The Company has expertise in a broad range of existing and emerging digital marketing technologies, as well as the related media management and distribution software platforms and networks, device management, product management, customized software service layers, systems, experiences, workflows, and integrated solutions. Our technology and solutions include: digital merchandising systems and omni-channel customer engagement systems, interactive digital shopping assistants, advisors and kiosks, and other interactive marketing technologies such as mobile, social media, point-of-sale transactions, beaconing and web-based media that enable our customers to transform how they engage with consumers. We have expertise in a broad range of existing and emerging digital marketing technologies, as well as the following related aspects of our business: content, network management, and connected device software and firmware platforms; customized software service layers; hardware platforms; digital media workflows; and proprietary processes and automation tools.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our main operations are conducted directly through Creative Realities, Inc., and under our wholly owned subsidiaries Allure Global Solutions, Inc., a Georgia corporation, Creative Realities Canada, Inc., a Canadian corporation, and Reflect Systems, Inc., a Delaware corporation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Acquisition of Reflect</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 12, 2021, the Company and Reflect Systems, Inc., or “Reflect,” entered into an Agreement and Plan of Merger (as amended on as amended on February 8, 2022, the “Merger Agreement”) pursuant to which a direct, wholly owned subsidiary of Creative Realities, CRI Acquisition Corporation, or “Merger Sub,” would merge with and into Reflect, with Reflect surviving as a wholly owned subsidiary of Creative Realities, and the surviving company of the merger, which transaction is referred to herein as the “Merger.” On February 17, 2022, the parties consummated the Merger.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reflect provides digital signage solutions, including software, strategic and media services to a wide range of companies across the retail, financial, hospitality and entertainment, healthcare, and employee communications industries in North America. Reflect offers digital signage platforms, including ReflectView, a platform used by companies to power hundreds of thousands of active digital displays. Through its strategic services, Reflect assists its customers with designing, deploying and optimizing their digital signage networks, and through its media services, Reflect assists customers with monetizing their digital advertising networks.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms and conditions of the Merger Agreement, upon the closing of the Merger, Reflect stockholders as of the effective time of the Merger collectively received from the Company, in the aggregate, the following Merger consideration: (i) $16,166 in cash, (ii) 2,333,334 shares of common stock of Creative Realities (valued based on an issuance price of $2 per share) (the “CREX Shares”), (iii) the Secured Promissory Note (as described below), and (iv) supplemental cash payments (the “Guaranteed Consideration”), if any, payable on or after the three-year anniversary of the effective time of the Merger (subject to the Extension Option described below, the “Guarantee Date”), in an amount by which the value of the CREX Shares on such anniversary is less than $6.40 per share, or if certain customers of Reflect collectively achieve over 85,000 billable devices online at any time on or before December 31, 2022, is less than $7.20 per share (such applicable amount, the “Guaranteed Price”), multiplied by the amount of CREX Shares held by the Reflect stockholders on the Guarantee Date (subject to the Extension Option described below), subject to the terms of the Merger Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Creative Realities may exercise an extension option (the “Extension Option”) to extend the Guarantee Date from the three-year anniversary of the Closing Date to six (6) months thereafter if (i) the Extension Threshold Price is greater than or equal to 70% of the Guaranteed Price described above, and (ii) Creative Realities provides written notice of its election to exercise the Extension Option at least ten (10) days prior to the three-year anniversary of the Closing. The “Extension Threshold Price” means the average closing price per share of Creative Realities Shares as reported on the Nasdaq Capital Market (or NYSE) in the fifteen (15) consecutive trading day period ending fifteen (15) calendar days prior to the three-year anniversary of the Closing Date. If the Extension Threshold Price is less than 80% of the Guaranteed Price, then the Guaranteed Price will be increased by $1.00 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Merger, the Company adopted a Retention Bonus Plan and raised capital to, among other things, pay the cash portion of the Merger consideration. The Retention Bonus Plan and financings are described below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Retention Bonus Plan</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 17, 2022, in connection with the closing of the Merger (the “Closing”), the Company adopted a Retention Bonus Plan, pursuant to which the Company is required to pay to key members of Reflect’s management team an aggregate of $1,333 in cash, which was paid 50% at the Closing, and subject to continuous employment with Reflect or Creative Realities, 25% on the one-year anniversary of Closing and 25% on the two-year anniversary of the Closing. The future cash payments due on the one-year and two-year anniversaries of the Closing have been deposited into an escrow agreement. The Retention Bonus Plan also requires the Company to issue Common Stock having an aggregate value of $667 to the plan participants as follows: 50% of the value of such shares were issued at the Closing, and subject to continuous employment with Reflect or Creative Realities, 25% of the value of such shares will be issued on the one-year anniversary of Closing and the remaining 25% of the value of such shares will be issued on the two-year anniversary of the Closing. The shares issued on the Closing were valued at $2.00 per share, and the shares to be issued after the Closing will be determined based on dividing the value of shares issuable on such date divided by the trailing 10-day volume weighted average price (VWAP) of the shares as of such date as reported on the Nasdaq Capital Market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the resignation of a participant’s employment for “good reason,” or termination of the employment of a participant without “cause,” each as defined in the Retention Bonus Plan, the participant will be fully vested and will receive all cash and shares allocated to such participant under the Retention Bonus Plan. Any amounts unpaid by reason of a lapse in continuous employment or otherwise will be reallocated among the remaining Retention Bonus Plan participants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Equity Financing</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 3, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a purchaser (the “Purchaser”), pursuant to which the Company agreed to issue and sell to the Purchaser, in a private placement priced at-the-market under Nasdaq rules, (i) 1,315,000 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”) and accompanying warrants to purchase an aggregate of 1,315,000 shares of Common Stock, and (ii) pre-funded warrants to purchase up to an aggregate of 5,851,505 shares of Common Stock (the “Pre-Funded Warrants”) and accompanying warrants to purchase an aggregate of 5,851,505 shares of Common Stock (collectively, the “Private Placement”). The accompanying warrants to purchase Common Stock are referred to herein collectively as the “Common Stock Warrants.” Under the Securities Purchase Agreement, each Share and accompanying warrants to purchase Common Stock were sold together at a combined price of $1.535, and each Pre-Funded Warrant and accompanying warrants to purchase Common Stock were sold together at a combined price of $1.5349, for gross proceeds of approximately $11,000 before deducting placement agent fees and offering expenses payable by the Company. Net proceeds to the Company were $10,160. The remaining exercise price for the Pre-Funded Warrant was $0.0001. Collectively, we refer to this transaction throughout this filing as the “Equity Financing”. The net proceeds from the Private Placement were used to fund, in part, payment of the closing cash consideration in the Merger.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective June 30, 2022, the Company amended the terms of Common Stock Warrants to remove the holder’s option to exercise such warrants on a cashless basis utilizing the volume weighted average price (“VWAP”) of the Company’s common stock on the trading day immediately preceding the date of a notice of cashless exercise in certain circumstances, and removes the condition to exercising such warrants that the Company’s shareholders approve the exercise thereof (which has already been obtained). The amendments to the Common Stock Warrants also extend the term of such warrants for an additional one year, The foregoing amendments to the warrants are intended to cause such warrants to be accounted for as equity instruments on the Company’s financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Debt Financing</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 17, 2022, the Company and its subsidiaries (collectively, the “Borrowers”) refinanced their current debt facilities with Slipstream Communications, LLC (“Slipstream”), pursuant to a Second Amended and Restated Credit and Security Agreement (the “Credit Agreement”), and raised $10,000 in gross proceeds with a maturity date of February 1, 2025. The Credit Agreement also provides that the Company’s outstanding loans from Slipstream, consisting of its pre-existing $4,767 senior secured term loan and $2,418 secured convertible loan, with an aggregate of $7,185 in outstanding principal and accrued and unpaid interest under such loans, were consolidated into a Consolidation Term Loan with a maturity date of February 1, 2025. Collectively, we refer to this transaction throughout this filing as the “Debt Financing”. The net proceeds from the Credit Agreement were used to fund, in part, payment of the closing cash consideration in the Merger, and the cash payable under the terms of the Retention Bonus Plan at the Closing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 17, 2022, in connection with the closing of the acquisition of Reflect, the Company issued to the representative of Reflect stockholders, RSI Exit Corporation (“Stockholders’ Representative”), a $2,500 Note and Security Agreement (the “Secured Promissory Note”). The Secured Promissory Note accrues interest at 0.59% (the applicable federal rate) and requires the Company and Reflect to pay equal monthly principal installments of $104 on the fifteenth (15th) day of each month, commencing on March 15, 2022, Any remaining or unpaid principal is due and payable on February 17, 2023. The Secured Promissory Note represents consideration in the Merger and is included as part of the purchase price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See Note 9 <i>Loans Payable </i>to the Consolidated Financial Statements for an additional discussion of the Company’s debt obligations and further discussion of the Company’s refinancing activities subsequent to December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Liquidity and Financial Condition</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying Condensed Consolidated Financial Statements have been prepared on the basis of the realization of assets and the satisfaction of liabilities and commitments in the normal course of business and do not include any adjustments to the recoverability and classifications of recorded assets and liabilities as a result of uncertainties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the three months ended June 30, 2022 and 2021 we have recognized net income of $1,262 and $1,025, respectively. For the six months ended June 30, 2022 and 2021, we recognized net income of $3,764 and $2,297, respectively. As of June 30, 2022, we had cash and cash equivalents of $2,840 and a working capital surplus of $649.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">Management believes that, based on (i) the refinancing of our debt as part of the Debt Financing, including extension of the maturity date on our term loans, and (ii) our operational forecast through 2022 and 2023 following completion of the Merger, that we can continue as a going concern through at least August 15, 2023. However, given our historical net losses and cash used in operating activities, we obtained a continued support letter from Slipstream through August 15, 2023. We can provide no assurance that our ongoing operational efforts will be successful which could have a material adverse effect on our results of operations and cash flows.</p>
crex Merger Agreement Description
MergerAgreementDescription
Subject to the terms and conditions of the Merger Agreement, upon the closing of the Merger, Reflect stockholders as of the effective time of the Merger collectively received from the Company, in the aggregate, the following Merger consideration: (i) $16,166 in cash, (ii) 2,333,334 shares of common stock of Creative Realities (valued based on an issuance price of $2 per share) (the “CREX Shares”), (iii) the Secured Promissory Note (as described below), and (iv) supplemental cash payments (the “Guaranteed Consideration”), if any, payable on or after the three-year anniversary of the effective time of the Merger (subject to the Extension Option described below, the “Guarantee Date”), in an amount by which the value of the CREX Shares on such anniversary is less than $6.40 per share, or if certain customers of Reflect collectively achieve over 85,000 billable devices online at any time on or before December 31, 2022, is less than $7.20 per share (such applicable amount, the “Guaranteed Price”), multiplied by the amount of CREX Shares held by the Reflect stockholders on the Guarantee Date (subject to the Extension Option described below), subject to the terms of the Merger Agreement. 
crex Guaranteed Price Percentage
GuaranteedPricePercentage
0.80 pure
crex Guaranteed Price Per Share
GuaranteedPricePerShare
1
CY2022Q1 us-gaap Key Provisions Of Operating Or Partnership Agreement Description
KeyProvisionsOfOperatingOrPartnershipAgreementDescription
the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a purchaser (the “Purchaser”), pursuant to which the Company agreed to issue and sell to the Purchaser, in a private placement priced at-the-market under Nasdaq rules, (i) 1,315,000 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”) and accompanying warrants to purchase an aggregate of 1,315,000 shares of Common Stock, and (ii) pre-funded warrants to purchase up to an aggregate of 5,851,505 shares of Common Stock (the “Pre-Funded Warrants”) and accompanying warrants to purchase an aggregate of 5,851,505 shares of Common Stock (collectively, the “Private Placement”). The accompanying warrants to purchase Common Stock are referred to herein collectively as the “Common Stock Warrants.” Under the Securities Purchase Agreement, each Share and accompanying warrants to purchase Common Stock were sold together at a combined price of $1.535, and each Pre-Funded Warrant and accompanying warrants to purchase Common Stock were sold together at a combined price of $1.5349, for gross proceeds of approximately $11,000 before deducting placement agent fees and offering expenses payable by the Company. Net proceeds to the Company were $10,160. The remaining exercise price for the Pre-Funded Warrant was $0.0001. Collectively, we refer to this transaction throughout this filing as the “Equity Financing”. The net proceeds from the Private Placement were used to fund, in part, payment of the closing cash consideration in the Merger.
CY2022Q1 us-gaap Securities Purchased Under Agreements To Resell Credit Loss Expense Reversal
SecuritiesPurchasedUnderAgreementsToResellCreditLossExpenseReversal
2500000 usd
CY2022Q1 crex Promissory Note Accrues Interest
PromissoryNoteAccruesInterest
0.0059 pure
CY2022Q1 us-gaap Line Of Credit Facility Periodic Payment Principal
LineOfCreditFacilityPeriodicPaymentPrincipal
104000 usd
CY2022Q2 us-gaap Net Investment Income
NetInvestmentIncome
1262000 usd
CY2021Q2 us-gaap Net Investment Income
NetInvestmentIncome
1025000 usd
us-gaap Net Investment Income
NetInvestmentIncome
3764000 usd
us-gaap Net Investment Income
NetInvestmentIncome
2297000 usd
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
2840000 usd
CY2022Q2 us-gaap Dividend Payments Restrictions Schedule Statutory Capital And Surplus1
DividendPaymentsRestrictionsScheduleStatutoryCapitalAndSurplus1
649000 usd
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
770000 usd
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
502000 usd
CY2022Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
2135000 usd
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
1583000 usd
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
503000 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
297000 usd
CY2022Q2 us-gaap Other Inventory
OtherInventory
2638000 usd
CY2021Q4 us-gaap Other Inventory
OtherInventory
1880000 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
22472886 shares
CY2021Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6964517 shares
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
8333 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
8333 shares
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>8. Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our significant estimates include: warrant liability valuation, contingent purchase consideration valuation, the allowance for doubtful accounts, valuation allowances related to deferred taxes, the fair value of acquired assets and liabilities, the fair value of liabilities reliant upon the appraised fair value of the Company, valuation of stock-based compensation awards and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets and the related amortization methods and periods. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p>
crex Schedule Of Revenue By Major Source
ScheduleOfRevenueByMajorSource
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">(in thousands)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months <br/> Ended <br/> June 30,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months <br/> Ended <br/> June 30,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Six Months <br/> Ended <br/> June 30,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Six Months <br/> Ended <br/> June 30,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Hardware</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,667</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,296</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,112</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Services:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Installation Services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">497</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,242</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,072</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Software Development Services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">367</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Media Services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">412</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-74">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Managed Services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,832</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,391</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,535</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,730</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Total Services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,981</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,554</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,169</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total Hardware and Services</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,923</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,277</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">21,680</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,281</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p>
CY2022Q2 crex Revenue From Hardware
RevenueFromHardware
5667000 usd
CY2021Q2 crex Revenue From Hardware
RevenueFromHardware
1296000 usd
crex Revenue From Hardware
RevenueFromHardware
12126000 usd
crex Revenue From Hardware
RevenueFromHardware
4112000 usd
CY2022Q2 crex Services Cost
ServicesCost
5256000 usd
CY2021Q2 crex Services Cost
ServicesCost
1981000 usd
crex Services Cost
ServicesCost
9554000 usd
crex Services Cost
ServicesCost
4169000 usd
CY2022Q2 crex Hardware And Services Cost
HardwareAndServicesCost
10923000 usd
CY2021Q2 crex Hardware And Services Cost
HardwareAndServicesCost
3277000 usd
crex Hardware And Services Cost
HardwareAndServicesCost
21680000 usd
crex Hardware And Services Cost
HardwareAndServicesCost
8281000 usd
crex Aggregate Amoun I
AggregateAmounI
0 usd
crex Aggregate Amoun I
AggregateAmounI
0 usd
us-gaap Broadcasters License Agreement Commitments Description
BroadcastersLicenseAgreementCommitmentsDescription
Subject to the terms and conditions of the Merger Agreement, upon the closing of the Merger, Reflect stockholders as of the effective time of the Merger collectively received from the Company, in the aggregate, the following Merger consideration: (i) $16,166 payable in cash, (ii) 2,333,334 shares of common stock of Creative Realities (valued based on an issuance price of $2 per share) (the “CREX Shares”), (iii) the Secured Promissory Note (as described below), and (iv) supplemental cash payments (the “Guaranteed Consideration”), if any, payable on or after the three-year anniversary of the effective time of the Merger (subject to the Extension Option described below, the “Guarantee Date”), in an amount by which the value of the CREX Shares on such anniversary is less than $6.40 per share, or if certain customers of Reflect collectively achieve over 85,000 billable devices online at any time on or before December 31, 2022, is less than $7.20 per share (such applicable amount, the “Guaranteed Price”), multiplied by the amount of CREX Shares held by the Reflect stockholders on the Guarantee Date (subject to the Extension Option described below), subject to the terms of the Merger Agreement. 
crex Extend The Guarantee Date Description
ExtendTheGuaranteeDateDescription
Creative Realities may exercise an extension option (the “Extension Option”) to extend the Guarantee Date from the three-year anniversary of the Closing Date to six (6) months thereafter if (i) the Extension Threshold Price is greater than or equal to 70% of the Guaranteed Price described above, and (ii) Creative Realities provides written notice of its election to exercise the Extension Option at least ten (10) days prior to the three-year anniversary of the Closing. The “Extension Threshold Price” means the average closing price per share of Creative Realities Shares as reported on the Nasdaq Capital Market (or NYSE) in the fifteen (15) consecutive trading day period ending fifteen (15) days prior to the three-year anniversary of the Closing Date. If the Extension Threshold Price is less than 80% of the Guaranteed Price, then the Guaranteed Price will be increased by $1.00 per share. 
CY2022Q1 crex Retention Bonus Plan Description
RetentionBonusPlanDescription
the Company is required to pay to key members of Reflect’s management team an aggregate of $1,333 in cash, which was paid 50% at the closing of the Merger (the “Closing”), and subject to continuous employment with Reflect or Creative Realities, 25% on the one-year anniversary of Closing and 25% on the two-year anniversary of the Closing. The future cash payments due on the one-year and two-year anniversaries of the Closing have been deposited into an escrow agreement. The Retention Bonus Plan also requires the Company to issue Common Stock having an aggregate value of $667 to the plan participants as follows: 50% of the value of such shares were issued at the Closing, and subject to continuous employment with Reflect or Creative Realities, 25% of the value of such shares will be issued on the one-year anniversary of Closing and the remaining 25% of the value of such shares will be issued on the two-year anniversary of the Closing. The shares issued on the Closing were valued at $2.00 per share, and the shares to be issued after the Closing will be determined based on dividing the value of shares issuable on such date divided by the trailing 10-day volume weighted average price (VWAP) of the shares as of such date as reported on the Nasdaq Capital Market.
CY2022Q1 us-gaap Securities Purchased Under Agreements To Resell Increase
SecuritiesPurchasedUnderAgreementsToResellIncrease
2500000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
16664000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
1334000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4667000 usd
us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
333000 usd
CY2022Q2 us-gaap Notes Payable Current
NotesPayableCurrent
2500000 usd
CY2022Q2 us-gaap Business Combination Contingent Consideration Asset
BusinessCombinationContingentConsiderationAsset
36360000 usd
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
34730000 usd
CY2022Q1 us-gaap Debt Instrument Redemption Price Percentage
DebtInstrumentRedemptionPricePercentage
0.0059 pure
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
104000 usd
CY2022Q2 us-gaap Demutualization By Insurance Entity Securities Issued Price Per Share Or Unit
DemutualizationByInsuranceEntitySecuritiesIssuedPricePerShareOrUnit
6.4
us-gaap Deferred Compensation Arrangement With Individual Shares Issued
DeferredCompensationArrangementWithIndividualSharesIssued
85000 shares
us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
7.2
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
5262000 usd
CY2022Q2 us-gaap Escrow Deposit
EscrowDeposit
818 usd
CY2022Q2 us-gaap Cost Direct Material
CostDirectMaterial
37000 usd
us-gaap Cost Direct Material
CostDirectMaterial
428000 usd
CY2022Q2 us-gaap Accounts Receivable Gross
AccountsReceivableGross
1300000 usd
CY2022Q2 us-gaap Inventory Gross
InventoryGross
196000 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
666000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
96000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
493000 usd
CY2022Q2 us-gaap Other Assets
OtherAssets
36000 usd
CY2022Q2 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
960000 usd
CY2022Q2 crex Definitelived Developed Technology
DefinitelivedDevelopedTechnology
5130000 usd
CY2022Q2 crex Definitelived Customer Relationships
DefinitelivedCustomerRelationships
11040000 usd
CY2022Q2 crex Definitelived Noncompete Agreements
DefinitelivedNoncompeteAgreements
30000 usd
CY2022Q2 us-gaap Goodwill Gross
GoodwillGross
18569000 usd
CY2022Q2 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
96000 usd
CY2022Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
277000 usd
CY2022Q2 crex Customer Deposits
CustomerDeposits
1661000 usd
CY2022Q2 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
1259000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
277000 usd
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
216000 usd
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
34730000 usd
CY2022Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
4340000 usd
CY2022Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
180000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
17160000 usd
us-gaap Property Plant And Equipment Collections Not Capitalized Deaccessed Fair Value
PropertyPlantAndEquipmentCollectionsNotCapitalizedDeaccessedFairValue
96000 usd
CY2021 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
30680000 usd
CY2021 us-gaap Profit Loss
ProfitLoss
799000 usd
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2021Q2 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
6266000 usd
us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
13707000 usd
CY2021Q2 us-gaap Profit Loss
ProfitLoss
1141000 usd
us-gaap Profit Loss
ProfitLoss
2175000 usd
us-gaap Interest Paid Net
InterestPaidNet
656000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
44000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
20000 usd
crex Conversion Of Liability Warrants To Equity Warrants
ConversionOfLiabilityWarrantsToEquityWarrants
5709000 usd
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
33035000 usd
CY2022Q2 crex Finite Lived Intangible Asset Gross
FiniteLivedIntangibleAssetGross
9808000 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
13547000 usd
CY2021Q4 crex Finite Lived Intangible Asset Gross
FiniteLivedIntangibleAssetGross
8697000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9808000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8697000 usd
CY2022Q2 us-gaap Sale Leaseback Transaction Net Book Value
SaleLeasebackTransactionNetBookValue
23227000 usd
CY2021Q4 us-gaap Sale Leaseback Transaction Net Book Value
SaleLeasebackTransactionNetBookValue
4850000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
680000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
431000 usd
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
139000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1111000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
279000 usd
CY2022Q2 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
7000000 shares
crex Total Issuance Debt Gross
TotalIssuanceDebtGross
Total debt, gross
CY2022Q2 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
19274000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
5194495 shares
crex Issuance Debt Discount
IssuanceDebtDiscount
Debt discount
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3796000 usd
crex Total Issuance Debt Net
TotalIssuanceDebtNet
Total debt, net
CY2022Q2 us-gaap Loans Payable
LoansPayable
15478000 usd
crex Issuance Current Maturities
IssuanceCurrentMaturities
Less current maturities
CY2022Q2 crex Loans Payable Current Maturities
LoansPayableCurrentMaturities
-2089000 usd
crex Issuance Of Long Term Debt
IssuanceOfLongTermDebt
Long term debt
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
13389000 usd
CY2021 crex Total Issuance Debt Gross
TotalIssuanceDebtGross
Total debt, gross
CY2021Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
7185000 usd
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
588236 shares
CY2021 crex Issuance Fair Value
IssuanceFairValue
Fair value (B)
CY2021Q4 crex Long Term Debt Fair Values
LongTermDebtFairValues
166000 usd
CY2021 crex Total Issuance Debt Gross
TotalIssuanceDebtGross
Total debt, gross
CY2021 crex Convertible Note Payable Total Debt Gross
ConvertibleNotePayableTotalDebtGross
7019000 usd
CY2021 crex Issuance Debt Discount
IssuanceDebtDiscount
Debt discount
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
144000 usd
CY2021 crex Total Issuance Debt Net
TotalIssuanceDebtNet
Total debt, net
CY2021Q4 us-gaap Loans Payable
LoansPayable
6875000 usd
CY2021 crex Issuance Current Maturities
IssuanceCurrentMaturities
Less current maturities
CY2021 crex Issuance Of Long Term Debt
IssuanceOfLongTermDebt
Long term debt
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
6875000 usd
crex Loans Payable Description
LoansPayableDescription
(1)8.0% cash interest per annum through maturity at February 15, 2025.(2)0.59% cash interest per annum (the applicable federal rate) through maturity at February 17, 2023.(3)10.0% cash interest per annum through maturity at February 15, 2025.(4)Interest was paid-in-kind (“PIK”) through October 2021, at which point interest became payable in cash at the stated interest rates through maturity.
CY2020Q2 crex Promissory Note Description
PromissoryNoteDescription
the Company entered into a Promissory Note with Old National Bank (the “Promissory Note”), which provided for an unsecured loan of $1,552 (the “PPP Loan”) pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act and applicable regulations (the “CARES Act”). The Promissory Note had a term of two years with a 1% per annum interest rate.
CY2022Q1 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
104000 usd
crex Credit Agreement Description
CreditAgreementDescription
The Credit Agreement also provides that the Company’s outstanding loans from Slipstream at December 31, 2021, consisting of its pre-existing $4,767 senior secured term loan and $2,418 secured convertible loan, with an aggregate of $7,185 in outstanding principal and accrued and unpaid interest under such loans, were consolidated into a term loan (the “Consolidation Term Loan”). The Consolidation Term Loan has an interest rate of 10.0%, with 75.0% warrant coverage (or 2,694,495 warrants). On the first day of each month, commencing March 1, 2022 through February 1, 2025, the Borrowers will make interest-only payments on the Consolidation Term Loan (estimated to be $60 per monthly payment). Commencing on September 1, 2023, and on the first day of each month thereafter until the Maturity Date, the Borrowers will make a payment on the Consolidation Term Loan, in an equal monthly installment of principal sufficient to fully amortize the Consolidation Term Loan in eighteen equal installments (estimated to be $399 per monthly installment). The Company assessed the combination of the pre-existing senior secured term loan and secured convertible loan in accordance with ASC 470 Debt and determined the transaction should be accounted for as an extinguishment, in part as the Consolidation Term Loan eliminated a substantive conversion feature. In aggregate the Company recorded a loss on extinguishment of $295, primarily associated with the write-off of pre-existing debt discounts. 
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
10000000 usd
crex Gross Proceeds
GrossProceeds
10000000 usd
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
9950000 usd
CY2022Q2 us-gaap Long Term Debt Maturity Date
LongTermDebtMaturityDate
2025-02-17
CY2022Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.08 pure
crex Warrant Coverage Percentage
WarrantCoveragePercentage
0.50 pure
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
2500000 shares
us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
On the first day of each month, commencing March 1, 2022 through February 1, 2025, the Borrowers will make interest-only payments on the Acquisition Loan (estimated to be $67 per monthly payment). No principal payments on the Acquisition Loan are payable until the Maturity Date.
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
5194495 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2
CY2022Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.8129
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
166000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
525000 usd
us-gaap Long Term Debt Description
LongTermDebtDescription
The Company paid no fees in exchange for these extensions, with the exception of the March 7, 2021 extension which resulted in the Company recording of $133 of incremental debt discount, a net gain of $26 via the extinguishment of the Special Loan, and expense of $69 of costs incurred with third parties as a result of extinguishment of the Special Loan, modification of the New Term Loan, and extinguishment of the Disbursed Escrow Loan.
CY2018Q2 crex Vesting Of Performance Shares Previously Granted To Ceo
VestingOfPerformanceSharesPreviouslyGrantedToCeo
264000 usd
crex Debt Settlement
DebtSettlement
1624000 usd
CY2021Q2 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
86000 usd
CY2022Q2 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Bad Debt Reserve For Tax Purposes Of Qualified Lender
DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityBadDebtReserveForTaxPurposesOfQualifiedLender
0 usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2022Q1 crex Securities Purchase Agreement
SecuritiesPurchaseAgreement
the Company entered into a Securities Purchase Agreement with a purchaser (the “Purchaser”), pursuant to which the Company agreed to issue and sell to the Purchaser, in a private placement priced at-the-market under Nasdaq rules, (i) 1,315,000 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”) and accompanying warrants to purchase an aggregate of 1,315,000 shares of Common Stock, and (ii) pre-funded warrants to purchase up to an aggregate of 5,851,505 shares of Common Stock (the “Pre-Funded Warrants”) and accompanying warrants to purchase an aggregate of 5,851,505 shares of Common Stock (collectively, the “Private Placement”). The accompanying warrants to purchase Common Stock are referred to herein collectively as the “Common Stock Warrants.” Under the Securities Purchase Agreement, each Share and accompanying warrants to purchase Common Stock were sold together at a combined price of $1.535, and each Pre-Funded Warrant and accompanying warrants to purchase Common Stock were sold together at a combined price of $1.5349, for gross proceeds of approximately $11,000, before deducting placement agent fees and estimated offering expenses payable by the Company.
CY2022Q1 crex Warrants Issued
WarrantsIssued
5194495 shares
CY2022Q1 crex Exercise Price
ExercisePrice
2
CY2022Q1 crex Date Of Issuance
DateOfIssuance
P5Y
CY2022Q1 crex Purchase Common Stock
PurchaseCommonStock
1400000 shares
us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
175000 shares
CY2022Q2 us-gaap Forward Contract Indexed To Equity Settlement Share Fair Value Per Share
ForwardContractIndexedToEquitySettlementShareFairValuePerShare
0.8656
us-gaap Distributed Earnings
DistributedEarnings
1211000 usd
crex Purchaser Warrant Perce Per Share
PurchaserWarrantPercePerShare
0.4017
CY2022Q2 crex Purchaser Warrant
PurchaserWarrant
252000 usd
crex Purchaser Warrant
PurchaserWarrant
650000 usd
crex Warrants Issued
WarrantsIssued
7166505 shares
crex Terms Of Warrants
TermsOfWarrants
5194495 usd
crex Warrant Term
WarrantTerm
P1Y
crex Fair Value Of Warrants
FairValueOfWarrants
345000 usd
crex Warrant Liability
WarrantLiability
5709000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y3M
CY2022Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
-38000000 usd
CY2022Q2 us-gaap Other Interest Earning Assets
OtherInterestEarningAssets
3600000 usd
us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
2.53
crex Fair Value Of Options On Grant Date
FairValueOfOptionsOnGrantDate
1.87
CY2022Q2 us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
175000 usd
us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
400000 usd
crex Net Of A Benefit
NetOfABenefit
50000 usd
CY2022Q2 crex Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
1
CY2022Q2 crex Additional Options
AdditionalOptions
300000 shares
CY2022Q2 crex Riskfree Interest Rate
RiskfreeInterestRate
0.033 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y8M4D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.2353 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2018Q3 crex Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plan
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlan
600000 shares
CY2022Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
398000 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
948000 usd
CY2021Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
356000 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
895000 usd
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1157000 usd
CY2022Q2 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
45000 usd
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
70000 usd
CY2021Q2 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
40000 usd
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
40000 usd
crex Number Of Customers
NumberOfCustomers
-2 pure
crex Lease Expiration Period Description
LeaseExpirationPeriodDescription
Our leases have original lease periods expiring between 2021 and 2027.
crex Components Of Lease Costs Lease Term And Discount Rate
ComponentsOfLeaseCostsLeaseTermAndDiscountRate
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">(in thousands)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Finance lease cost</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left">Amortization of right-of-use assets</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in">Interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Operating lease cost</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">256</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">179</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-align: left; padding-bottom: 4pt">Total lease cost</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">256</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">183</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Weighted Average Remaining Lease Term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.45 years</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3 years</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted Average Discount Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
256000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
179000 usd
us-gaap Lease Cost
LeaseCost
256000 usd
us-gaap Lease Cost
LeaseCost
183000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y5M12D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M18D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
crex Operating Cash Flows From Finance Leases
OperatingCashFlowsFromFinanceLeases
256000 usd
crex Operating Cash Flows From Finance Leases
OperatingCashFlowsFromFinanceLeases
176000 usd
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
4000 usd
crex Financing Cash Flow From Finance Leases
FinancingCashFlowFromFinanceLeases
-4000 usd
CY2022Q2 crex Bad Debtrecoveryexpense
BadDebtrecoveryexpense
usd
crex Deal And Transaction Costs
DealAndTransactionCosts
usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
crex Change In Fair Value Of Equity Guarantee
ChangeInFairValueOfEquityGuarantee
usd
us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
usd
CY2022Q2 crex Loss On Debt Waiver Consent
LossOnDebtWaiverConsent
usd
CY2021Q2 crex Loss On Debt Waiver Consent
LossOnDebtWaiverConsent
usd
crex Loss On Debt Waiver Consent
LossOnDebtWaiverConsent
usd
CY2021Q2 crex Loss On Warrant Amendment
LossOnWarrantAmendment
usd
crex Loss On Warrant Amendment
LossOnWarrantAmendment
usd
CY2022Q2 crex Change In Fair Value Of Convertible Loan
ChangeInFairValueOfConvertibleLoan
usd
CY2021Q2 crex Change In Fair Value Of Convertible Loan
ChangeInFairValueOfConvertibleLoan
usd
crex Change In Fair Value Of Convertible Loan
ChangeInFairValueOfConvertibleLoan
usd
crex Gain On Settlement Of Seller Note
GainOnSettlementOfSellerNote
usd
crex Change In Fair Value Of Convertible Loan
ChangeInFairValueOfConvertibleLoan
usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
usd
us-gaap Paid In Kind Interest
PaidInKindInterest
usd
crex Loss On Debt Waiver Consent
LossOnDebtWaiverConsent
usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
usd
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
usd
crex Principal Payments On Finance Leases
PrincipalPaymentsOnFinanceLeases
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
crex Proceeds From Sale Of Prefunded Warrants In Pipe Net Of Offering Expenses
ProceedsFromSaleOfPrefundedWarrantsInPIPENetOfOfferingExpenses
usd
crex Proceeds From Acquisition Loan
ProceedsFromAcquisitionLoan
usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
usd
CY2022Q2 us-gaap Deposit Assets
DepositAssets
818000 usd
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
812000 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
CY2021Q4 crex Loans Payable Current Maturities
LoansPayableCurrentMaturities
usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
usd
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
usd
crex Financing Cash Flow From Finance Leases
FinancingCashFlowFromFinanceLeases
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001356093

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