v3.26.1
Subsequent Events
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events

 

12. Subsequent Events

 

On April 6, 2026, the “Company entered into a Note Purchase Agreement with Streeterville Capital, LLC, pursuant to which the Company issued a secured promissory note with an original principal amount of $3.2 million for cash proceeds of $3.0 million, reflecting an original issue discount and transaction costs.

 

The note bears interest at 7% per annum, matures 24 months from issuance, and is secured by a first-priority lien on substantially all of the Company’s assets, including intellectual property. The agreement includes customary representations, warranties, and covenants, and the note provides for certain redemption rights beginning six months after issuance.

 

On May 7, 2026, the Company received a written notice (the “Bid Price Notice”) from the Nasdaq Stock Market LLC (“NASDAQ”) notifying the Company that it is not in compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”) for continued listing on the NASDAQ Capital Market.  The notification of noncompliance has no immediate effect on the listing or trading of the Company’s common stock on The NASDAQ Capital Market under the symbol “INTZ,” and the Company is currently monitoring the closing bid price of its common stock and evaluating its alternatives, if appropriate, to resolve the deficiency and regain compliance with this rule.

 

On May 13, 2026, the Company entered into a subcontractor agreement to provide cybersecurity and critical infrastructure protection support services for a state government agency.  The agreement has an initial one year term beginning in May 2026 and represents aggregate contract value of approximately $3.9 million.  Revenue related to this arrangement will be recognized over time as performance obligations are satisfied in according with ASC 606, Revenue from Contracts with Customers.  No revenue related to the agreement was recognized during the three months ended March 31, 2026.