Business 1 Item 1A. Risk Factors 8 Item 1B. Unresolved Staff Comments 17 Item 2. Selected Financial Data 18 Item 7. Financial Statements and Supplementary Data 28 Item 9. We completed an initial public offering on August 22, 1996. hardware, software and label products, as well as sales of POS printers. that cannot be reduced or eliminated even with the lower sales level. During the fourth quarter, we brought back all furloughed employees. The software component of BOHA! We exited the banking market during 2018 and therefore do not expect any future sales. In February 2001, Mr. Shuldman was elected Chairman of the Board. Previously, Mr. Walsh served as Vice President, Global Sales since 2018. Our success will depend on our ability to sustain and manage growth. We rely on a third-party service provider to host our food service technology software. We may not be entitled to forgiveness of our PPP Loan. This could lead to wide fluctuations in our share price. The final dividend payment was made in December 2019. The good news is that TransAct persevered and made it through these difficult times. For our separately priced extended warranty, BOHA! not occurring until March 2019. During 2019: ● We reported a net income of $0.5 million. We also pay a fee of 0.50% on unused borrowings under the Siena Credit Facility. The Note is unsecured and guaranteed by the SBA. These increases were partially offset by a net loss of $5.6 million. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. Management has begun remediation efforts, which are described below. 000-21121) filed with the SEC on May 8, 2000). 101.SCH Inline XBRL Taxonomy Extension Schema Document. Accordingly, we express no such opinion. We believe that our audit provides a reasonable basis for our opinion. Actual results could differ from those estimates used. Fixed assets: Fixed assets are stated at cost. Costs related to repairs and maintenance are expensed as incurred. We have applied the practical expedient for short-term leases. The adoption of ASC 842 had no effect on our Consolidated Statements of Operations. We determine if an arrangement contains a lease at inception. Lease expense is recognized on a straight-line basis over the lease term. Our lease right of use assets exclude lease incentives. We first recorded contract assets during 2020 upon the start of a long-term BOHA! Diluted EPS includes in-the-money stock options using the treasury stock method. Stock incentive plans Stock incentive plans. As of May 2014, no new awards may be made under the 2005 Equity Incentive Plan. An increase in the dividend yield will decrease compensation expense. Operating costs include short-term lease costs which were immaterial during the period. will be responsible for overall management and performance of the Services. [***] 1.8 Data Security; Disaster Recovery. ( Solution until the earlier of such time as (i) TransAct has no customers for the BOHA! The white labeling of the [***] Solution for use as the BOHA! Solution meet the minimum requirements set forth on Exhibit B hereto. Independent Contractors; No Partnership. All fees set forth herein are exclusive of taxes. [***] Licensed Products include, without limitation, the Software and Documentation. Indemnification; Limitation of Liability; Warranties. No waiver of any right hereunder will be effective unless given in a signed writing. shall also be solely responsible for compensating any subcontra