What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-04-15 compared with 2024-04-01 · 79 added, 63 removed, 285 unchanged (33% of the section changed)

19 unchanged sentences

which is a global standard for the interface of IP-based physical security products.

2014, we changed our business model from direct project-based sales to licensing our platform and selling IoT hardware to service providers

such as telecommunications companies, integrators, and other technology resellers already providing services to an existing customer base.

Partnering with service providers that have an existing loyal customer base allows us to focus on servicing just a handful of our partners

and concentrating on our technology offering.

Service providers leverage their end-user infrastructure to sell, bill, and provide customer

service for Iveda’s product offering.

This business model provides dual revenue streams – one from hardware sales and the

other from monthly licensing fees.

2014, we changed our business model from direct project-based sales to selling IoT hardware to service providers

such as telecommunications companies, integrators, and other technology resellers already providing services to an existing customer

Partnering with service providers that have an existing loyal customer base allows us to focus on servicing just a handful of our

partners and concentrating on our technology offering.

Service providers leverage their end-user infrastructure to sell, bill, and provide

customer service for Iveda’s product offering.

Taiwan, our subsidiary in Taiwan, specializes in deploying new, and integrating existing, video surveillance systems for airports, commercial

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Iveda Taiwan since we acquired them in April 2011.

specializes in AI and digital transformation technologies with real-world applications that improve quality of life and safety worldwide.

through its wholly-owned subsidiary IntelaSight, Inc.

has been offering real-time IP video surveillance technologies to our customers

since 2005, prior to its merger with the company.

While we still offer video surveillance technologies, our core product line has evolved

to include AI intelligent video search technology that provide true intelligence to any video surveillance system and IoT (Internet of

Things) devices and platforms.

Our evolution is in response to digital transformation demands from many cities and organizations worldwide.

Our IvedaAI intelligent video search technology adds critical intelligence to normally passive video surveillance systems.

IvedaAI provides

AI functions to any IP camera and most popular network video recorders (NVR) and video management systems (VMS).

IvedaAI comes with an

appliance or server, preconfigured with multiple AI functions based on the end user requirements.

the last few years, the concept of a smart city has been a hot topic among cities across the globe.

With little to no human interaction,

technology increases efficiency, expedites decision making, and reduces response time.

Dwindling public safety budgets and resources

have necessitated the transformation.

More and more municipalities are using next-generation technologies to improve the safety and security

of its citizens.

Our response is our complete suite of IoT technologies, including AI intelligent video search technology, smart sensors,

tracking devices, video surveillance systems, and smart power.

On March 14, 2025, the Company

redomiciled as a Delaware corporation following approval of a majority of the Company’s shareholders at its reconvened 2024 Annual

Meeting of Shareholders held on March 4, 2025.

Since the Company did not receive shareholder approval for the issuance of shares of Common

Stock underlying warrants issued in our September 2024 offering, the Annual Meeting was adjourned to June 2, 2025 to allow for additional

time to obtain votes for this proposal.

offers smart city technologies globally, offering advanced AI-driven video surveillance solutions and a robust suite of Internet of

Things (IoT) platforms that power digital transformation for cities and commercial clients worldwide.

The smart cities market, as

well as the AI and IoT segments, are poised for significant growth in the coming years.

new report from Verified Market Research projects that the global smart city platforms market size will grow at a CAGR of 9% from 2026

to 2032, increasing from USD 208.8 billion to USD 416.1 billion.

Meanwhile, Fortune Business Insights reports that the global IoT market—valued

at USD 308.97 billion in 2020—expanded by 23.1% that year, substantially outpacing the average annual growth rate from 2017 to

Looking ahead, IoT is expected to surge from USD 381.30 billion in 2021 to USD 1,854.76 billion in 2028.

Additionally,

the International Data Corporation (IDC) projects that global spending on artificial intelligence will double from USD 50.1 billion in

2020 to over USD 110 billion in 2024.

These trends underscore the rising demand for connected solutions and highlight the promising future

of innovative technologies that enhance the safety and efficiency of urban environments.

With its cutting-edge products and global reach,

Iveda is uniquely positioned to lead this transformation, providing the advanced solutions that cities need to move forward smartly and

offers AI intelligent video search, smart utility, smart sensors, gateways, and trackers, and IoT platforms (Products).

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also offer smart power technology for office buildings, schools, shopping centers, hotels, hospitals, and smart city projects.

smart power hardware is equipped with an RS485 communication interface allowing the meters to be connected to various third-party

SCADA (supervisory control and data acquisition) software for monitoring and control purposes.

This line of product includes smart

power, water meter, smart lighting controls systems, and smart payment system.

power hardware is equipped with an RS485 communication interface allowing the meters to be connected to various third-party SCADA (supervisory

control and data acquisition) software for monitoring and control purposes.

This line of product includes smart power, water meter, smart

lighting controls systems, and smart payment system.

Cerebro is a software technology platform that integrates a multitude of disparate systems for central access and management of applications,

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in multiple industries for uses such as:

Quality and Maintenance Exams:

vumastAR has the power to assist with critical measuring of carcinogenic chemical compound levels, electrical wiring, and welding inspections.

Factory and Line Work:

and Maintenance Exams:

vumastAR has the power to assist with critical measuring of carcinogenic chemical compound levels, electrical

wiring, and welding inspections.

and Line Work:

Fast and accurate machine recognition enables itemized counting, inventory audits, and assembly kitting.

Accurately identify and quantify medication, greatly reducing the manual labor of counting pills while eliminating human error.

Supply Chain:

Detect defects and anomalies for improved accuracy, increasing the bottom line by actively reducing lost revenue incurred from manual mistakes.

Detect defects and anomalies for improved accuracy, increasing the bottom line by actively reducing lost revenue incurred

from manual mistakes.

Manufacturing:

Digitalize meter and gauge reading and monitoring, as well as part number identification, with the ability to turn analog information into digital data

Digitalize meter and gauge reading and monitoring, as well as part number identification, with the ability to turn analog information

into digital data

Transportation:

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services quickly.

business model in the US is to license our software to organizations already providing services to an existing customer base and facilitating

hardware acquisition through third party partners.

This business model provides dual revenue streams – one from surveillance camera

and analytics hardware sales to the service providers and the other from software licensing fees.

is an advanced IoT-based solution that transforms the way liquid levels are monitored and managed.

With two unique IoT sensors—a

standard cap valve sensor designed for 200-liter drums and a patent- pending external sensor that fits various container sizes—LevelNOW

provides real-time data to ensure efficiency, safety, and cost savings.

Its user-friendly AI-backed platform optimizes operations for

industries that rely on large fluid containers, such as oil, gas, and industrial storage.

Know exactly when customers are running low

and deploy fleets in real time to refill your liquids.

business model in the US is to primarily sell hardware and license our software to organizations already providing services to an existing

customer base and facilitating hardware acquisition through third party partners.

This business model provides dual revenue streams –

one from surveillance camera and analytics hardware sales to the service providers and the other from software licensing fees.

Taiwan continues to service its enterprise and government clients on a per-project basis.

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and Development

CTO is spearheading the continued development of Cerebro, our proprietary IoT platform, utilizing internal resources and outsourced software

are continuing development of Cerebro, our proprietary IoT platform, utilizing internal resources and outsourced software engineers.

Our LevelNOW product will be utilizing Cerebro on a per device license basis during 2025.

regard certain aspects of our internal operations, products, and documentation as proprietary and rely on a combination of copyright

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business currently does not implicate any environmental regulation.

is in AI space providing critical intelligence to video surveillance systems and IoT space providing digital transformation

solutions to cities around the world.

Both industry segments are projected to grow significantly.

According to International Data

Corporation (IDC) Worldwide Artificial Intelligence Spending Guide, global spending on AI is forecast to double over the next four

years from USD 50.1 billion in 2020 to more than USD 110 billion in 2024.

Spending on AI systems will accelerate over the next

several years as organizations deploy artificial intelligence as part of their digital transformation efforts and to remain

competitive in the digital economy.

to Fortune Business Insights, the global IoT market size was USD 308.97 billion in 2020, exhibiting a growth of 23.1% in 2020 compared

to the average year-on-year growth during 2017-2019.

The market is projected to grow from USD 381.30 billion in 2021 to USD 1,854.76

billion in 2028.

is in the AI space providing smart city technologies, offering advanced AI-driven video surveillance solutions and a robust suite of

Internet of Things (IoT) platforms that power digital transformation for cities worldwide.

The smart cities market, as well as the AI

and IoT segments, are poised for significant growth in the coming years.

A new report from Verified Market Research projects

that the global smart city platforms market size will grow at a CAGR of 9% from 2026 to 2032, increasing from USD 208.8 billion to USD

416.1 billion.

Meanwhile, Fortune Business Insights reports that the global IoT market—valued at USD 308.97 billion in 2020—expanded

by 23.1% that year, substantially outpacing the average annual growth rate from 2017 to 2019.

Looking ahead, IoT is expected to surge

from USD 381.30 billion in 2021 to USD 1,854.76 billion in 2028.

Additionally, the International Data Corporation (IDC) projects that global spending on artificial intelligence will

double from USD 50.1 billion in 2020 to over USD 110 billion in 2024.

These trends underscore the rising demand for connected solutions

and highlight the promising future of innovative technologies that enhance the safety and efficiency of urban environments.

With its cutting-edge

products and global reach, Iveda is uniquely positioned to lead this transformation, providing the advanced solutions that cities need

to move forward smartly and securely.

principal executive office is located at 1744 S.

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executive offices is (480) 307-8700.

Our registered agent is CT Corporation System and their office is located at 701 S Carson Street,

Suite 200, Carson City, NV, 89701.

Information contained on our website on that can be accessed through our website is not incorporated

by reference in this prospectus.

Our registered agent is National Registered Agent, Inc.

and their office is located at 1209 Orange Street, in the City of Wilmington, in the county of New Castle,

Delaware 19801.

security and surveillance industry and consumer data privacy are subject to government regulation.

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we completed our acquisition of Iveda Taiwan, which was incorporated in the Republic of China (Taiwan) on July 5, 1999.

14, 2025, the Company redomiciled as a Delaware corporation with 300,000,000 authorized shares of common stock and 12,500,000 shares

of preferred stock.

common stock is listed on NASDAQ under the symbol “IVDA.”

2 unchanged sentences

14, Lane 609, Sec.

5, Chongxin Rd., Sanchong Dist., New Taipei City 241, Taiwan

5, Chongxin Rd., Sanchong Dist., New Taipei City 241,

Taiwan (R.O.C.).

We have two website addresses:

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business