Intellicheck: non-reliance on FY2020, FY2021 and multiple quarterly periods due to stock option classification errors

Intellicheck, Inc.

Board determined that quarterly periods ended Sep 30, 2020, Mar 31, Jun 30, Sep 30 2021, and years ended Dec 31, 2020 and 2021, should no longer be relied upon.
Cashless withholding for option exercises caused misclassification as equity instead of liability; tax withholding administrative error also occurred.
Expected impact: increase in accrued liabilities of $1.6M-$2.0M and decrease in stockholders' equity of $1.6M-$2.0M over affected periods.
Expected non-cash increase in SG&A expenses totaling $2.7M (Sep 2020), $3.5M (Mar 2021), $0.1M each for Jun and Sep 2021, and $3.3M (FY2021).
Company will amend 10-Qs for Mar, Jun, Sep 2021 and 10-K for FY2021; has engaged a fintech firm to manage stock option exercises.

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