Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2021shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0000320340 |
Entity Registrant Name | INTELLIGENT SYSTEMS CORP |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Transition Report | false |
Entity File Number | 1-9330 |
Entity Incorporation, State or Country Code | GA |
Entity Tax Identification Number | 58-1964787 |
Entity Address, Address Line One | 4355 Shackleford Road |
Entity Address, City or Town | Norcross |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30093 |
City Area Code | 770 |
Local Phone Number | 381-2900 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Title of 12(b) Security | Common Stock, $0.01 par value for the class |
Trading Symbol | INS |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 8,742,599 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 26,210 | $ 37,956 |
Accounts receivable, net | 7,048 | 3,270 |
Notes and interest receivable, current portion | 220 | 0 |
Other current assets | 1,377 | 1,263 |
Total current assets | 34,855 | 42,489 |
Investments | 2,654 | 1,921 |
Notes and interest receivable, net of current portion | 3,012 | 2,681 |
Property and equipment, at cost less accumulated depreciation | 7,790 | 6,914 |
Other long-term assets | 4,304 | 3,020 |
Total assets | 52,615 | 57,025 |
Current liabilities: | ||
Accounts payable | 1,266 | 714 |
Deferred revenue, current portion | 1,040 | 1,322 |
Accrued payroll | 2,368 | 1,901 |
Accrued expenses | 354 | 321 |
Income tax payable | 606 | 954 |
Other current liabilities | 2,782 | 4,850 |
Total current liabilities | 8,416 | 10,062 |
Noncurrent liabilities: | ||
Deferred revenue, net of current portion | 88 | 0 |
Deferred tax liability | 818 | 818 |
Long-term lease obligation | 2,687 | 1,994 |
Total noncurrent liabilities | 3,593 | 2,812 |
Stockholders’ equity: | ||
Common stock, $0.01 par value: Authorized shares - 20,000,000; Issued shares - 9,001,311 and 8,929,368 at June 30, 2021 and December 31, 2020, respectively; Outstanding shares - 8,742,599 and 8,885,797 at June 30, 2021 and December 31, 2020, respectively | 90 | 89 |
Additional paid-in capital | 16,197 | 15,836 |
Treasury stock, 258,712 and 43,571 shares at June 30, 2021 and December 31, 2020, respectively, at cost | (9,399) | (1,639) |
Accumulated other comprehensive loss | (132) | (140) |
Accumulated income | 33,850 | 30,005 |
Total stockholders’ equity | 40,606 | 44,151 |
Total liabilities and stockholders’ equity | $ 52,615 | $ 57,025 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 9,001,311 | 8,929,368 |
Common stock, outstanding (in shares) | 8,742,599 | 8,885,797 |
Treasury stock, shares (in shares) | 258,712 | 43,571 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||||
Total net revenue | $ 13,355 | $ 8,053 | $ 22,267 | $ 15,946 |
Cost of revenue | ||||
Total cost of revenue | 5,558 | 3,694 | 9,986 | 7,201 |
Expenses | ||||
Marketing | 46 | 31 | 83 | 63 |
General and administrative | 1,241 | 704 | 2,121 | 1,762 |
Research and development | 2,652 | 921 | 4,754 | 1,838 |
Income from operations | 3,858 | 2,703 | 5,323 | 5,082 |
Investment loss | (134) | (95) | (267) | (1,145) |
Other income | 81 | 117 | 156 | 253 |
Income before income taxes | 3,805 | 2,725 | 5,212 | 4,190 |
Income taxes | 1,000 | 525 | 1,367 | 943 |
Net income | $ 2,805 | $ 2,200 | $ 3,845 | $ 3,247 |
Basic (in dollars per share) | $ 0.32 | $ 0.25 | $ 0.43 | $ 0.36 |
Diluted (in dollars per share) | $ 0.32 | $ 0.24 | $ 0.43 | $ 0.36 |
Basic weighted average common shares outstanding (in shares) | 8,797,691 | 8,924,988 | 8,848,351 | 8,924,988 |
Diluted weighted average common shares outstanding (in shares) | 8,828,773 | 9,019,025 | 8,880,831 | 9,020,470 |
Service [Member] | ||||
Revenue | ||||
Total net revenue | $ 11,055 | $ 8,053 | $ 19,967 | $ 15,946 |
Cost of revenue | ||||
Total cost of revenue | 5,558 | 3,694 | 9,986 | 7,201 |
Product [Member] | ||||
Revenue | ||||
Total net revenue | 2,300 | 0 | 2,300 | 0 |
Cost of revenue | ||||
Total cost of revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | $ 2,805 | $ 2,200 | $ 3,845 | $ 3,247 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 4 | (15) | 8 | (46) |
Total comprehensive income | $ 2,809 | $ 2,185 | $ 3,853 | $ 3,201 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Dec. 31, 2019 | 8,924,988 | |||||||
Balance at Dec. 31, 2019 | $ 89 | $ 15,450 | $ 0 | $ (94) | $ 21,844 | $ 37,289 | ||
Net income | 1,047 | 1,047 | ||||||
Stock compensation expense | 62 | 62 | ||||||
Foreign currency translation adjustment | (31) | (31) | ||||||
Balance (in shares) at Mar. 31, 2020 | 8,924,988 | |||||||
Balance at Mar. 31, 2020 | 89 | 15,512 | 0 | (125) | 22,891 | 38,367 | ||
Balance (in shares) at Dec. 31, 2019 | 8,924,988 | |||||||
Balance at Dec. 31, 2019 | 89 | 15,450 | 0 | (94) | 21,844 | 37,289 | ||
Net income | 3,247 | |||||||
Balance (in shares) at Jun. 30, 2020 | 8,924,988 | |||||||
Balance at Jun. 30, 2020 | 89 | 15,573 | 0 | (140) | 25,091 | 40,613 | ||
Balance (in shares) at Mar. 31, 2020 | 8,924,988 | |||||||
Balance at Mar. 31, 2020 | 89 | 15,512 | 0 | (125) | 22,891 | 38,367 | ||
Net income | 2,200 | 2,200 | ||||||
Stock compensation expense | 61 | 61 | ||||||
Foreign currency translation adjustment | (15) | (15) | ||||||
Balance (in shares) at Jun. 30, 2020 | 8,924,988 | |||||||
Balance at Jun. 30, 2020 | 89 | 15,573 | 0 | (140) | 25,091 | 40,613 | ||
Balance (in shares) at Dec. 31, 2020 | 8,885,797 | |||||||
Balance at Dec. 31, 2020 | 89 | 15,836 | (1,639) | (140) | 30,005 | 44,151 | ||
Net income | 1,040 | 1,040 | ||||||
Stock compensation expense | 57 | 57 | ||||||
Foreign currency translation adjustment | 4 | 4 | ||||||
Common stock repurchased* (in shares) | [1] | (70,947) | ||||||
Common stock repurchased* | [1] | (2,712) | (2,712) | |||||
Stock options exercised (in shares) | 67,500 | |||||||
Stock options exercised | 1 | 106 | 107 | |||||
Balance (in shares) at Mar. 31, 2021 | 8,882,350 | |||||||
Balance at Mar. 31, 2021 | 90 | 15,999 | (4,351) | (136) | 31,045 | 42,647 | ||
Balance (in shares) at Dec. 31, 2020 | 8,885,797 | |||||||
Balance at Dec. 31, 2020 | 89 | 15,836 | (1,639) | (140) | 30,005 | 44,151 | ||
Net income | $ 3,845 | |||||||
Stock options exercised (in shares) | 67,500 | |||||||
Balance (in shares) at Jun. 30, 2021 | 8,742,599 | |||||||
Balance at Jun. 30, 2021 | 90 | 16,197 | (9,399) | (132) | 33,850 | $ 40,606 | ||
Balance (in shares) at Mar. 31, 2021 | 8,882,350 | |||||||
Balance at Mar. 31, 2021 | 90 | 15,999 | (4,351) | (136) | 31,045 | 42,647 | ||
Net income | 2,805 | 2,805 | ||||||
Stock compensation expense | 198 | 198 | ||||||
Foreign currency translation adjustment | 4 | 4 | ||||||
Common stock repurchased* (in shares) | [1] | (144,194) | ||||||
Common stock repurchased* | (5,048) | $ (5,048) | ||||||
Stock options exercised (in shares) | 0 | |||||||
Balance (in shares) at Jun. 30, 2021 | 8,742,599 | |||||||
Balance at Jun. 30, 2021 | $ 90 | $ 16,197 | $ (9,399) | $ (132) | $ 33,850 | $ 40,606 | ||
[1] | At June 30, 2021, approximately $5,601,000 was authorized for future repurchases of our common stock. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES: | ||
Net income | $ 3,845 | $ 3,247 |
Depreciation and amortization | 1,769 | 691 |
Stock-based compensation expense | 255 | 123 |
Non-cash investment expense | 0 | 1,009 |
Non-cash interest income | (55) | (55) |
Equity in loss of affiliate company | 267 | 176 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (3,778) | 623 |
Other current assets | (114) | (153) |
Other long-term assets | (37) | (9) |
Accounts payable | 552 | 28 |
Accrued payroll | 467 | (854) |
Deferred revenue, current portion | (282) | 4,112 |
Accrued expenses | 33 | 85 |
Other current liabilities | (2,605) | 705 |
Deferred revenue, net of current portion | 88 | (14) |
Net cash provided by operating activities | 405 | 9,714 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (2,612) | (2,767) |
Advances on notes and interest receivable | (550) | (1,000) |
Proceeds from payments on notes receivable | 55 | 0 |
Purchase of intangible assets | (400) | 0 |
Purchase of long-term investment | (1,000) | 0 |
Net cash used for investing activities | (4,507) | (3,767) |
FINANCING ACTIVITIES: | ||
Sale of capital stock pursuant to exercise of option | 107 | 0 |
Repurchases of common stock | (7,759) | 0 |
Net cash used for financing activities | (7,652) | 0 |
Effects of exchange rate changes on cash | 8 | (46) |
Net (decrease) increase in cash | (11,746) | 5,901 |
Cash at beginning of period | 37,956 | 26,415 |
Cash at end of period | 26,210 | 32,316 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for income taxes | $ 1,754 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Throughout this report, the terms “we”, “us”, “ours”, “ISC” and “company” refer to Intelligent Systems Corporation, including its wholly-owned and majority-owned subsidiaries. The unaudited Consolidated Financial Statements presented in this Form 10 not three six June 30, 2021 2020. three six June 30, 2021 not December 31, 2020, 10 There have been no 10 December 31, 2020. Recent Accounting Pronouncements Not In June 2016, No. 2016 13, No. 2018 19, 326, No. 2019 04, No. 2019 05, 2019 10 2019 11 December 15, 2022, January 1, 2023. not Recent Accounting Pronouncements Adopted In December 2019, 2019 12, 740 740 not December 15, 2020, first 2021 not In January 2020, 2020 01, 321 323 815 321, 323, 815 2020 01” 321, 323 815. 2020 01 December 15, 2020. first 2021 not We have considered all other recently issued accounting pronouncements and do not |
Note 2 - Revenue
Note 2 - Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. REVENUE Disaggregation of Revenue In the following table, revenue is disaggregated by type of revenue for the three six June 30, 2021 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 License $ 2,300 $ - $ 2,300 $ - Professional services 6,100 5,156 11,847 10,435 Processing and maintenance 4,193 2,673 6,799 4,867 Third party 762 224 1,321 644 Total $ 13,355 $ 8,053 $ 22,267 $ 15,946 Foreign revenues are based on the location of the customer. Revenues from customers by geographic areas for the three six June 30, 2021 2020 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 United States $ 12,515 $ 7,789 $ 21,397 $ 15,362 European Union 629 264 659 584 Middle East 211 - 211 - Total $ 13,355 $ 8,053 $ 22,267 $ 15,946 Concentration of Revenue The following table indicates the percentage of consolidated revenue represented by each customer that represented more than 10 three six June 30, 2021 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Customer A 71 % 65 % 71 % 65 % Customer B 6 % 13 % 6 % 10 % |
Note 3 - Notes Receivable
Note 3 - Notes Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 3. NOTES RECEIVABLE During the quarter ended September 30, 2017, 2018, three 4, June 2021. October 2019 January 2020, October 2021 January 2022, January 2021, December 2023 In the quarter ended March 31, 2018, third ten March 31, 2020, not In February 2021, 4. October 2023. |
Note 4 - Investments
Note 4 - Investments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Investment [Text Block] | 4. INVESTMENTS Beginning in 2017, June 2019, three six June 30, 2021, not June 30, 2021, On December 30, 2016 January 4, 2017. June 30, 2018, March 31, 2020, March 31, 2020. June 30, 2021 December 31, 2020, In the second 2021, |
Note 5 - Related Party Transact
Note 5 - Related Party Transaction | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 5. RELATED PARTY TRANSACTION The lease on our headquarters and primary facility in Norcross, Georgia is held by ISC Properties, LLC, an entity controlled by our Chairman and Chief Executive Officer, J. Leland Strange. Mr. Strange holds a 100% ownership interest in ISC Properties, LLC. In March 2021, 8 April 1, 2021. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. STOCK-BASED COMPENSATION At June 30, 2021, August 2020, 2020 “2020 three six June 30, 2021 2020 three June 30, 2021 2020, six June 30, 2021 2020, As of June 30, 2021, three six June 30, 2021, June 30, 2021, three 2020 2020 No June 30, 2021: # of Shares Wgt Avg Exercise Price Wgt Avg Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at June 30, 2021 59,000 $ 17.35 7.1 $ 893,620 Vested and exercisable at June 30, 2021 49,000 $ 16.81 7.0 $ 778,920 The estimated fair value of options granted is calculated using the Black-Scholes option pricing model with assumptions as previously disclosed in our 2020 10 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the company’s closing stock price on the last trading day of the second 2021 June 30, 2021. |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value, Option [Text Block] | 7. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying value of cash, marketable securities, accounts receivable, notes receivable, accounts payable and certain other financial instruments (such as accrued expenses, and other current liabilities) included in the accompanying consolidated balance sheets approximates their fair value principally due to the short-term maturity of these instruments. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash, marketable securities, trade accounts and notes receivable. Our available cash is held in accounts managed by third may no no not |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. FAIR VALUE MEASUREMENTS In determining fair value, the company uses quoted market prices in active markets. GAAP establishes a fair value measurement framework, provides a single definition of fair value, and requires expanded disclosure summarizing fair value measurements. GAAP emphasizes that fair value is a market-based measurement, not GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable input be used when available. Observable inputs are based on data obtained from sources independent of the company that market participants would use in pricing the asset or liability. Unobservable inputs are inputs that reflect the company’s assumptions about the estimates market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is measured in three • Level 1 Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation adjustments and block discounts are not 1 • Level 2 Valuations based on quoted prices in less active, dealer or broker markets. Fair values are primarily obtained from third • Level 3 Valuations derived from other valuation methodologies, including pricing models, discounted cash flow models and similar techniques, and not 3 not In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of equity method investments has not no 3 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 9. COMMITMENTS AND CONTINGENCIES Leases We have noncancelable operating leases for offices and data centers expiring at various dates through March 2026. June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 not Supplemental Information Leases Supplemental information related to our right-of-use assets and related lease liabilities is as follows: June 30, 2021 December 31, 2020 Right-of-use asset, net and lease liabilities (in thousands) $ 3,781 $ 2,889 Weighted average remaining lease term (years) 3.7 3.5 Weighted average discount rate 4.2 % 3.8 % For the six June 30, 2021 2020, Maturities of our operating lease liabilities as of June 30, 2021 Operating Leases ( in thousands 2021 $ 622 2022 1,107 2023 1,031 2024 808 2025 406 Thereafter 73 Total lease liabilities $ 4,047 Lease expense for the three June 30, 2021 2020 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Cost of Revenue $ 224 $ 212 $ 442 $ 290 General and Administrative 56 52 112 105 Research and Development 10 27 21 54 Total $ 290 $ 291 $ 575 $ 449 Legal Matters On or about July 9, 2019, No. 1:19 03949 January 23, 2019, May 29, 2019, September 26, 2019, November 18, 2019, May 23, 2014 May 29, 2019, 10 20 January 2, 2020, March 3, 2020, April 6, 2021, On or about February 14, 2020, two 14 2017 2018 April 20, 2020, two No. 1:20 00832, June 19, 2020, August 24, 2020, September 8, 2020, December 23, 2020, There are no may |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES We recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized, net of a valuation allowance, for the estimated future tax effects of deductible temporary differences and tax credit carry-forwards. A valuation allowance against deferred tax assets is recorded when, and if, based upon available evidence, it is more likely than not not There were no unrecognized tax benefits at June 30, 2021 December 31, 2020. We file a consolidated U.S. federal income tax return for all subsidiaries in which our ownership equals or exceeds 80%, no three |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Throughout this report, the terms “we”, “us”, “ours”, “ISC” and “company” refer to Intelligent Systems Corporation, including its wholly-owned and majority-owned subsidiaries. The unaudited Consolidated Financial Statements presented in this Form 10 not three six June 30, 2021 2020. three six June 30, 2021 not December 31, 2020, 10 There have been no 10 December 31, 2020. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Not In June 2016, No. 2016 13, No. 2018 19, 326, No. 2019 04, No. 2019 05, 2019 10 2019 11 December 15, 2022, January 1, 2023. not Recent Accounting Pronouncements Adopted In December 2019, 2019 12, 740 740 not December 15, 2020, first 2021 not In January 2020, 2020 01, 321 323 815 321, 323, 815 2020 01” 321, 323 815. 2020 01 December 15, 2020. first 2021 not We have considered all other recently issued accounting pronouncements and do not |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 License $ 2,300 $ - $ 2,300 $ - Professional services 6,100 5,156 11,847 10,435 Processing and maintenance 4,193 2,673 6,799 4,867 Third party 762 224 1,321 644 Total $ 13,355 $ 8,053 $ 22,267 $ 15,946 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 United States $ 12,515 $ 7,789 $ 21,397 $ 15,362 European Union 629 264 659 584 Middle East 211 - 211 - Total $ 13,355 $ 8,053 $ 22,267 $ 15,946 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Customer A 71 % 65 % 71 % 65 % Customer B 6 % 13 % 6 % 10 % |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | # of Shares Wgt Avg Exercise Price Wgt Avg Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at June 30, 2021 59,000 $ 17.35 7.1 $ 893,620 Vested and exercisable at June 30, 2021 49,000 $ 16.81 7.0 $ 778,920 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | June 30, 2021 December 31, 2020 Right-of-use asset, net and lease liabilities (in thousands) $ 3,781 $ 2,889 Weighted average remaining lease term (years) 3.7 3.5 Weighted average discount rate 4.2 % 3.8 % Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Cost of Revenue $ 224 $ 212 $ 442 $ 290 General and Administrative 56 52 112 105 Research and Development 10 27 21 54 Total $ 290 $ 291 $ 575 $ 449 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases ( in thousands 2021 $ 622 2022 1,107 2023 1,031 2024 808 2025 406 Thereafter 73 Total lease liabilities $ 4,047 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | $ 13,355 | $ 8,053 | $ 22,267 | $ 15,946 |
UNITED STATES | ||||
Revenue | 12,515 | 7,789 | 21,397 | 15,362 |
European Union [Member] | ||||
Revenue | 629 | 264 | 659 | 584 |
Middle East [Member] | ||||
Revenue | 211 | 0 | 211 | 0 |
License [Member] | ||||
Revenue | 2,300 | 0 | 2,300 | 0 |
Professional Services [Member] | ||||
Revenue | 6,100 | 5,156 | 11,847 | 10,435 |
Processing and Maintenance [Member] | ||||
Revenue | 4,193 | 2,673 | 6,799 | 4,867 |
Third party [Member] | ||||
Revenue | $ 762 | $ 224 | $ 1,321 | $ 644 |
Note 2 - Revenue - Concentratio
Note 2 - Revenue - Concentration of Revenue (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Customer A [Member] | ||||
Concentration | 71.00% | 65.00% | 71.00% | 65.00% |
Customer B [Member] | ||||
Concentration | 6.00% | 13.00% | 6.00% | 10.00% |
Note 3 - Notes Receivable (Deta
Note 3 - Notes Receivable (Details Textual) - USD ($) | Dec. 30, 2016 | Feb. 28, 2021 | Jan. 31, 2020 | Oct. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2020 | Jun. 30, 2019 | Sep. 30, 2017 |
Privately-Held Identity and Professional Services Company With Ties to the FinTech Industry [Member] | |||||||||
Receivable Commitment to Lend | $ 1,500,000 | ||||||||
Payments to Acquire Notes Receivable | $ 550,000 | $ 550,000 | |||||||
Equity Method Investment, Ownership Percentage | 40.00% | ||||||||
Notes Receivable, Stated Interest Rate | 4.60% | ||||||||
Privately-Held Identity and Professional Services Company With Ties to the FinTech Industry [Member] | Loan Agreement, Six Percent, Maturing June 2021 [Member] | |||||||||
Payments to Acquire Notes Receivable | $ 1,000,000 | ||||||||
Notes Receivable, Stated Interest Rate | 6.00% | ||||||||
Privately-Held Identity and Professional Services Company With Ties to the FinTech Industry [Member] | Loan Agreement, Six Percent, Maturing October 2021 [Member] | |||||||||
Payments to Acquire Notes Receivable | $ 500,000 | ||||||||
Notes Receivable, Stated Interest Rate | 6.00% | ||||||||
Privately-Held Identity and Professional Services Company With Ties to the FinTech Industry [Member] | Loan Agreement, Six Percent, Maturing January 2022 [Member] | |||||||||
Payments to Acquire Notes Receivable | $ 1,000,000 | ||||||||
Private Limited India Based Company in the FinTech Industry [Member] | |||||||||
Receivable Commitment to Lend | $ 435,000 | ||||||||
Payments to Acquire Notes Receivable | $ 235,000 | ||||||||
Notes Receivable, Stated Interest Rate | 5.00% | ||||||||
Private Limited India Based Company in the FinTech Industry [Member] | Maximum [Member] | |||||||||
Notes Receivable, Conversion, Percentage | 10.00% | ||||||||
Private Limited India Based Company in the FinTech Industry [Member] | Notes Receivable [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 259,000 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) - USD ($) | Dec. 30, 2016 | Jun. 30, 2021 | Mar. 31, 2020 | Jun. 30, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2019 |
Equity Method Investments | $ 0 | |||||||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | $ 750,000 | $ 250,000 | ||||||
Payments to Acquire Investments, Total | $ 1,000,000 | $ 0 | ||||||
Long-term Investments, Total | $ 2,654,000 | 2,654,000 | $ 1,921,000 | |||||
Long-term Investments [Member] | ||||||||
Equity Method Investments | 1,654,000 | 1,654,000 | ||||||
Other Current Liabilities [Member] | ||||||||
Deposit Liability, Current | 919,000 | 919,000 | $ 3,335,000 | |||||
Equity Method Investments [Member] | Investment Income (Expense) [Member] | ||||||||
Gain (Loss) on Investments, Total | (134,000) | (267,000) | ||||||
Privately-Held Identity and Professional Services Company With Ties to the FinTech Industry [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 40.00% | |||||||
Investments, Unfunded Commitments | $ 1,000,000 | |||||||
Investment, Unfunded Commitments, to Be Held in Escrow | $ 500,000 | |||||||
Privately Held Company Providing Supply Chain and Receivables Financing [Member] | ||||||||
Payments to Acquire Investments, Total | 1,000,000 | |||||||
Long-term Investments, Total | $ 1,000,000 | $ 1,000,000 |
Note 5 - Related Party Transa_2
Note 5 - Related Party Transaction (Details Textual) | Jun. 30, 2021 | Mar. 31, 2021 |
Headquarters Facility Lease [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |
ISC Properties LLC [Member] | Chief Executive Officer [Member] | ||
Related Party Ownership Percentage | 100.00% |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Aug. 31, 2020shares | |
Number of Stock-based Compensation Plans in Effect | 3 | 3 | |||
Share-based Payment Arrangement, Expense | $ | $ 198,000 | $ 61,000 | $ 255,000 | $ 123,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 74,000 | $ 74,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 67,500 | |||
The 2020 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 200,000 | ||||
The 2020 Plan [Member] | Three Independent Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 4,443 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Value | $ | $ 150,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period (in shares) | 0 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Summary of Stock Options (Details) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Shares outstanding (in shares) | shares | 59,000 |
Shares outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 17.35 |
Shares outstanding, weighted average remaining contractual life (Year) | 7 years 1 month 6 days |
Shares outstanding, aggregate intrinsic value | $ | $ 893,620 |
Shares vested and exercisable (in shares) | shares | 49,000 |
Shares vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 16.81 |
Shares vested and exercisable, weighted average remaining contractual life (Year) | 7 years |
Shares vested and exercisable, aggregate intrinsic value | $ | $ 778,920 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Lease, Payments | $ 575,000 | $ 449,000 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Supplemental Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Right-of-use asset, net and lease liabilities (in thousands) | $ 3,781 | $ 3,781 | $ 2,889 | ||
Weighted average remaining lease term (years) (Year) | 3 years 8 months 12 days | 3 years 8 months 12 days | 3 years 6 months | ||
Weighted average discount rate | 4.20% | 4.20% | 3.80% | ||
Lease expense | $ 290 | $ 291 | $ 575 | $ 449 | |
Cost of Sales [Member] | |||||
Lease expense | 224 | 212 | 442 | 290 | |
General and Administrative Expense [Member] | |||||
Lease expense | 56 | 52 | 112 | 105 | |
Research and Development Expense [Member] | |||||
Lease expense | $ 10 | $ 27 | $ 21 | $ 54 |
Note 9 - Commitments and Cont_5
Note 9 - Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2021USD ($) |
2021 | $ 622 |
2022 | 1,107 |
2023 | 1,031 |
2024 | 808 |
2025 | 406 |
Thereafter | 73 |
Total lease liabilities | $ 4,047 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | $ 0 |
Liability for Uncertainty in Income Taxes, Current | $ 0 |