$VRME
VerifyMe Inc

2014 Form 10-K Financial Statement

#000119312515132103 Filed on April 16, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013
Revenue $124.6K $0.00 $3.140K
YoY Change 3868.09% -84.3%
Cost Of Revenue $113.0K $0.00 $2.710K
YoY Change 4070.63%
Gross Profit $11.57K $0.00 $430.00
YoY Change 2591.63% -95.7%
Gross Profit Margin 9.29% 13.69%
Selling, General & Admin $1.030M $740.0K $1.024M
YoY Change 0.57% 32.14% 26.48%
% of Gross Profit 8902.36% 238249.3%
Research & Development $10.59M $190.0K $655.8K
YoY Change 1514.76% 6458.4%
% of Gross Profit 91500.53% 152520.93%
Depreciation & Amortization $69.25K $20.00K $68.84K
YoY Change 0.6% 588.39%
% of Gross Profit 598.35% 16009.07%
Operating Expenses $13.58M $920.0K $11.64M
YoY Change 16.62% 64.29% 1319.71%
Operating Profit -$13.57M -$920.0K -$11.64M
YoY Change 16.53% 64.29% 1337.18%
Interest Expense $199.4K $3.190M $127.8K
YoY Change 55.97% -6480.0% -145.65%
% of Operating Profit
Other Income/Expense, Net $5.647M $0.00 -$4.750M
YoY Change -218.89%
Pretax Income -$7.918M $2.070M -$16.39M
YoY Change -51.69% -469.64% 1265.91%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$7.918M $2.070M -$16.39M
YoY Change -51.69% -469.64% 1265.91%
Net Earnings / Revenue -6355.23% -522002.2%
Basic Earnings Per Share -$0.03 -$0.07
Diluted Earnings Per Share -$0.03 $29.57M -$0.07
COMMON SHARES
Basic Shares Outstanding 303.7M shares 250.0M shares
Diluted Shares Outstanding 303.7M shares 250.0M shares

Balance Sheet

Concept 2014 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.00K $1.290M $1.290M
YoY Change -95.35% -56.86% -56.86%
Cash & Equivalents $60.00K $1.286M $1.290M
Short-Term Investments
Other Short-Term Assets $180.0K $190.0K $190.0K
YoY Change -5.26% -74.67% -74.67%
Inventory $100.0K $34.27K $30.00K
Prepaid Expenses $189.5K
Receivables $0.00 $3.573K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $340.0K $1.513M $1.510M
YoY Change -77.48% -59.86% -59.95%
LONG-TERM ASSETS
Property, Plant & Equipment $70.00K $144.1K $140.0K
YoY Change -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.00K $157.9K $40.00K
YoY Change 0.0%
Total Long-Term Assets $220.0K $302.0K $310.0K
YoY Change -29.03% -2.59% 0.0%
TOTAL ASSETS
Total Short-Term Assets $340.0K $1.513M $1.510M
Total Long-Term Assets $220.0K $302.0K $310.0K
Total Assets $560.0K $1.815M $1.820M
YoY Change -69.23% -55.51% -55.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.220M $320.0K $320.0K
YoY Change 1531.25% -51.52% -51.52%
Accrued Expenses $40.00K $16.67K $20.00K
YoY Change 100.0% -83.33% -80.0%
Deferred Revenue
YoY Change
Short-Term Debt $230.0K $0.00 $0.00
YoY Change
Long-Term Debt Due $690.0K $50.00K $50.00K
YoY Change 1280.0% -75.0% -75.0%
Total Short-Term Liabilities $6.200M $1.183M $1.180M
YoY Change 425.42% 23.28% 22.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $330.0K $330.0K
YoY Change -100.0% -79.5% -79.5%
Other Long-Term Liabilities $6.480M $6.300M $6.300M
YoY Change 2.86% 86.39% 86.39%
Total Long-Term Liabilities $6.480M $6.631M $6.630M
YoY Change -2.26% 32.88% 32.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.200M $1.183M $1.180M
Total Long-Term Liabilities $6.480M $6.631M $6.630M
Total Liabilities $12.69M $7.814M $7.810M
YoY Change 62.48% 31.33% 31.26%
SHAREHOLDERS EQUITY
Retained Earnings -$29.78M
YoY Change
Common Stock $319.9K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $113.4K
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.13M -$5.999M -$6.000M
YoY Change
Total Liabilities & Shareholders Equity $560.0K $1.815M $1.820M
YoY Change -69.23% -55.51% -55.39%

Cashflow Statement

Concept 2014 2013 Q4 2013
OPERATING ACTIVITIES
Net Income -$7.918M $2.070M -$16.39M
YoY Change -51.69% -469.64% 1265.91%
Depreciation, Depletion And Amortization $69.25K $20.00K $68.84K
YoY Change 0.6% 588.39%
Cash From Operating Activities -$2.020M -$780.0K -$2.790M
YoY Change -27.6% 333.33% 654.05%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $10.57K
YoY Change -100.0% -100.0% -205.73%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 -$30.00K
YoY Change -100.0% -100.0% 200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $235.0K
YoY Change -92.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 800.0K -150.0K 1.110M
YoY Change -27.93% -104.81% -66.57%
NET CHANGE
Cash From Operating Activities -2.020M -780.0K -2.790M
Cash From Investing Activities 0.000 0.000 -30.00K
Cash From Financing Activities 800.0K -150.0K 1.110M
Net Change In Cash -1.220M -930.0K -1.710M
YoY Change -28.65% -131.74% -158.16%
FREE CASH FLOW
Cash From Operating Activities -$2.020M -$780.0K -$2.790M
Capital Expenditures $0.00 $0.00 $10.57K
Free Cash Flow -$2.020M -$780.0K -$2.801M
YoY Change -27.87% 358.82% 677.94%

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NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1112919
CY2013 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
235000
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
1895000
CY2013 us-gaap Legal Fees
LegalFees
475948
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-32527
CY2013 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
17919
CY2013 us-gaap Accretion Of Discount
AccretionOfDiscount
3718
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1837000
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-956000
CY2013 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
-5121000
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
762668
CY2013 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
10000
CY2013 us-gaap Stockholders Equity Other
StockholdersEquityOther
-1423951
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
5121000
CY2013 llti Fair Value Of Beneficial Conversion Option
FairValueOfBeneficialConversionOption
1500000
CY2013 llti Fair Value Of Options Issued In Exchange For Services
FairValueOfOptionsIssuedInExchangeForServices
8619137
CY2013 llti Fair Value Of Stock Issued For Conversion Of Notes Payable And Accrued Interest
FairValueOfStockIssuedForConversionOfNotesPayableAndAccruedInterest
2092075
CY2013 llti Fair Value Of Warrants In Excess Of Consideration For Convertible Preferred Stock
FairValueOfWarrantsInExcessOfConsiderationForConvertiblePreferredStock
2995791
CY2013 llti Fair Value Of Stock Issued For Conversion Of Preferred Stock To Common Stock
FairValueOfStockIssuedForConversionOfPreferredStockToCommonStock
366667
CY2013 llti Payroll Expenses
PayrollExpenses
9485339
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
LASERLOCK TECHNOLOGIES INC
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
LLTI
CY2014 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i><u>Recently Issued Accounting Pronouncements Not Yet Adopted</u></i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In August 2014, the FASB issued ASU 2014-15,&#xA0;<i>Presentation of Financial Statements &#x2013; Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity&#x2019;s Ability to Continue as a Going Concern</i>. The amendments in this Update provide guidance about management&#x2019;s responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity&#x2019;s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures. Substantial doubt about an entity&#x2019;s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The amendments in this Update are effective for the annual period ending after December&#xA0;15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating the potential impact of this standard.</p> </div>
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2020017
CY2014 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
860235
CY2014 us-gaap Sales Revenue Net
SalesRevenueNet
124598
CY2014 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
63089
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-7918495
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.06 pure
CY2014 us-gaap Property Plant And Equipment Depreciation Methods
PropertyPlantAndEquipmentDepreciationMethods
Straight-line method
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i><u>Use of Estimates</u></i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 period. Actual results could differ from these estimates.</p> </div>
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.74 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.00 pure
CY2014 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
303748409 shares
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2014 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-5178204
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001104038
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
-0.35 pure
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.33 pure
CY2014 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b><i><u>Reclassifications</u></i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain amounts in the 2013 statement of operations have been reclassified in order for them to conform with the 2014 presentation.</p> </div>
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
303748409 shares
CY2014 us-gaap Gross Profit
GrossProfit
11574
CY2014 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
116265
CY2014 us-gaap Interest Expense
InterestExpense
199364
CY2014 us-gaap Operating Expenses
OperatingExpenses
13576909
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10590271
CY2014 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
218443
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
-13565335
CY2014 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
444000
CY2014 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
5646840
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2014 us-gaap Royalty Revenue
RoyaltyRevenue
8333
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7918495
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-7918495
CY2014 us-gaap Investment Income Interest
InvestmentIncomeInterest
0
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3573
CY2014 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
400000
CY2014 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-8388
CY2014 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-82000
CY2014 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-372000
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-4000
CY2014 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
16667
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1222017
CY2014 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
494939
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2771000
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
4898080
CY2014 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
798000
CY2014 us-gaap Cost Of Goods Sold
CostOfGoodsSold
113024
CY2014 us-gaap Depreciation
Depreciation
69253
CY2014 us-gaap Depreciation And Amortization
DepreciationAndAmortization
82362
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
798000
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-2639000
CY2014 us-gaap Legal Fees
LegalFees
344903
CY2014 us-gaap Accretion Of Discount
AccretionOfDiscount
202377
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-5505000
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-463000
CY2014 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
5877000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
811916
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
5877000
CY2014 llti Change In Fair Value Of Warrants
ChangeInFairValueOfWarrants
5128204
CY2014 llti Convertible Preferred Stock Conversion Price
ConvertiblePreferredStockConversionPrice
0.03
CY2014 llti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issuances Four
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssuancesFour
4903900
CY2014 llti Change In Fair Value Of Embedded Derivative Liability
ChangeInFairValueOfEmbeddedDerivativeLiability
-800000
CY2014 llti Cashless Exercise Of Options Value
CashlessExerciseOfOptionsValue
0
CY2014 llti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issuances Three
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssuancesThree
166791
CY2014 llti Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issuances Two
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssuancesTwo
34222
CY2014 llti Fair Value Of Options Issued In Exchange For Services
FairValueOfOptionsIssuedInExchangeForServices
860235
CY2014 llti Fair Value Of Stock Issued For Conversion Of Notes Payable And Accrued Interest
FairValueOfStockIssuedForConversionOfNotesPayableAndAccruedInterest
506588
CY2014 llti Fair Value Of Warrants Issued As Debt Discount
FairValueOfWarrantsIssuedAsDebtDiscount
211576
CY2014 llti Forgiveness Of Debt Related Party Treated As Additional Paid In Capital
ForgivenessOfDebtRelatedPartyTreatedAsAdditionalPaidInCapital
25000
CY2014 llti Issuance Of Common Stock For Settlement Of Debt Value
IssuanceOfCommonStockForSettlementOfDebtValue
506588
CY2014 llti Number Of Financial Institutions At Which Cash And Cash Equivalent Are Held
NumberOfFinancialInstitutionsAtWhichCashAndCashEquivalentAreHeld
2 Institution
CY2014 llti Payroll Expenses
PayrollExpenses
1611376
CY2014 llti Stock And Warrants Issued In Exchange For Technology
StockAndWarrantsIssuedInExchangeForTechnology
5736089

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