10-Q Filing

LogicMark, Inc. CIK: 1566826 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001213900-14-008487`
Period End Date	20140930
Filing Date	20141119
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	nxti-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 60 Cash Flow Statement 77

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accumulated Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$684.00	USD	Point-in-time
Accumulated Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.98K	USD	Point-in-time
Net of discount of convertible notes payable	`DebtInstrumentCarryingAmount`	$26.75K	USD	Point-in-time
Net of discount of convertible notes payable	`DebtInstrumentCarryingAmount`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.82M	USD	Point-in-time
Preferred Stock, Par Value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par Value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$26.30K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$303.63K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$135.82K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$5.96K	USD	Point-in-time
Preferred Stock, Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred Stock, Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	-	USD	Point-in-time
Inventory	`InventoryNet`	$6.53K	USD	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventory	`InventoryNet`	$32.62K	USD	Point-in-time
Preferred Stock, Outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred Stock, Outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$173.59K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.31K	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$5.03M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$313.47K	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$2.75	USD	Point-in-time
Common Stock, Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $3,975 and $684, respectively	`PropertyPlantAndEquipmentNet`	$7.73K	USD	Point-in-time
Common Stock, Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $3,975 and $684, respectively	`PropertyPlantAndEquipmentNet`	$36.90K	USD	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	2.13M	shares	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	24.67M	shares	Point-in-time
Total Assets	`Assets`	$321.21K	USD	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	21.94M	shares	Point-in-time
Total Assets	`Assets`	$5.07M	USD	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	24.67M	shares	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	21.94M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$244.09K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$296.97K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$20.22K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$135.02K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	-	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$117.09K	USD	Point-in-time
Convertible notes payable, net of discount of $0 and $26,755, respectively	`ConvertibleNotesPayableCurrent`	$123.25K	USD	Point-in-time
Convertible notes payable, net of discount of $0 and $26,755, respectively	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Derivative liability - warrants	`DerivativeLiabilitiesCurrent`	$1.53M	USD	Point-in-time
Derivative liability - warrants	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Conversion feature liability	`EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability`	$118.94K	USD	Point-in-time
Conversion feature liability	`EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$434.28K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.15M	USD	Point-in-time
Commitment and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitment and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value: 100,000,000 shares authorized; 24,670,995 and 21,937,822 issued and outstanding, respectively	`CommonStockValue`	$2.47K	USD	Point-in-time
Common stock, $0.0001 par value: 100,000,000 shares authorized; 24,670,995 and 21,937,822 issued and outstanding, respectively	`CommonStockValue`	$2.19K	USD	Point-in-time
Additional paid-in capital (deficit)	`AdditionalPaidInCapital`	$11.34M	USD	Point-in-time
Additional paid-in capital (deficit)	`AdditionalPaidInCapital`	$-80.18K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.75M	USD	Point-in-time
Total Stockholders' Equity (Deficiency)	`StockholdersEquity`	$4.63M	USD	Point-in-time
Total Stockholders' Equity (Deficiency)	`StockholdersEquity`	$-1.83M	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficiency)	`LiabilitiesAndStockholdersEquity`	$321.21K	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficiency)	`LiabilitiesAndStockholdersEquity`	$5.07M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	3 Qtrs
Revenues	`Revenues`	-	USD	3 Qtrs
Cost of goods sold	`CostOfRevenue`	-	USD	3 Qtrs
Cost of goods sold	`CostOfRevenue`	-	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	-	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	-	USD	3 Qtrs
Gross Profit	`GrossProfit`	-	USD	3 Qtrs
Gross Profit	`GrossProfit`	-	USD	3 Qtrs
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	-	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$246.14K	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$1.47M	USD	3 Qtrs
General and administrative	`SellingGeneralAndAdministrativeExpense`	$710.91K	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$572.15K	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$4.33K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$749.97K	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$372.37K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$9.82K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$887.18K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$170.35K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$432.36K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$463.05K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.55M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.01M	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$420.83K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$3.11M	USD	3 Qtrs
Operating Loss	`OperatingIncomeLoss`	$-1.55M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-3.11M	USD	3 Qtrs
Operating Loss	`OperatingIncomeLoss`	$-420.83K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-1.01M	USD	3 Qtrs
Interest and other expenses, net	`InterestExpense`	$13.97K	USD	1 Quarter
Interest and other expenses, net	`InterestExpense`	$30.74K	USD	3 Qtrs
Interest and other expenses, net	`InterestExpense`	$23.86K	USD	3 Qtrs
Interest and other expenses, net	`InterestExpense`	-	USD	1 Quarter
Inducement expense	`InducementExpense`	$2.21M	USD	3 Qtrs
Inducement expense	`InducementExpense`	$1.16M	USD	1 Quarter
Inducement expense	`InducementExpense`	-	USD	1 Quarter
Inducement expense	`InducementExpense`	-	USD	3 Qtrs
Unrealized gain (loss) on change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Unrealized gain (loss) on change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	$-39.20K	USD	1 Quarter
Unrealized gain (loss) on change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	$-37.56K	USD	3 Qtrs
Unrealized gain (loss) on change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	$393.33K	USD	3 Qtrs
Total Other Expense	`OtherNonoperatingIncomeExpense`	$-61.42K	USD	3 Qtrs
Total Other Expense	`OtherNonoperatingIncomeExpense`	$-53.17K	USD	1 Quarter
Total Other Expense	`OtherNonoperatingIncomeExpense`	$-1.16M	USD	1 Quarter
Total Other Expense	`OtherNonoperatingIncomeExpense`	$-1.85M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-2.71M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-474.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-4.96M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-1.08M	USD	3 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.22	USD	3 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	3 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.57M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.64M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.22M	shares	3 Qtrs
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	21.26M	shares	3 Qtrs

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-2.71M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-474.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-4.96M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-1.08M	USD	3 Qtrs
Depreciation	`Depreciation`	$297.00	USD	3 Qtrs
Depreciation	`Depreciation`	$3.29K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$255.40K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$554.23K	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$11.11K	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$26.75K	USD	3 Qtrs
Unrealized (gain) loss on change in fair value of derivative liabilities	`AssetsFairValueAdjustment`	$37.56K	USD	3 Qtrs
Unrealized (gain) loss on change in fair value of derivative liabilities	`AssetsFairValueAdjustment`	$-393.33K	USD	3 Qtrs
Inducement fee	`InducementFee`	-	USD	3 Qtrs
Inducement fee	`InducementFee`	$2.21M	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$26.09K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$4.07K	USD	3 Qtrs
Prepaids	`IncreaseDecreaseInPrepaidExpense`	$170.28K	USD	3 Qtrs
Prepaids	`IncreaseDecreaseInPrepaidExpense`	-	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$50.94K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$200.17K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-93.31K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$45.73K	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	-	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$117.09K	USD	3 Qtrs
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$2.21M	USD	3 Qtrs
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$546.19K	USD	3 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.67M	USD	3 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-529.56K	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	-	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$5.96K	USD	3 Qtrs
Purchase of equipment	`EquipmentExpense`	$-1.40K	USD	3 Qtrs
Purchase of equipment	`EquipmentExpense`	$-30.51K	USD	3 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.40K	USD	3 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-36.48K	USD	3 Qtrs
Proceeds received in connection with issuance of common stock and warrants, net	`ProceedsReceivedInConnectionWithIssuanceOfCommonStockAndWarrantsNet`	$5.75M	USD	3 Qtrs
Proceeds received in connection with issuance of common stock and warrants, net	`ProceedsReceivedInConnectionWithIssuanceOfCommonStockAndWarrantsNet`	-	USD	3 Qtrs
Proceeds received in connection with issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$246.44K	USD	3 Qtrs
Proceeds received in connection with issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Proceeds received in connection with exercise of warrants	`ProceedsFromWarrantExercises`	$1.47M	USD	3 Qtrs
Proceeds received in connection with exercise of warrants	`ProceedsFromWarrantExercises`	$100.00K	USD	3 Qtrs
Proceeds received in connection with issuance of warrants	`ProceedsFromIssuanceOfWarrants`	$4.00K	USD	Point-in-time
Proceeds received in connection with issuance of warrants	`ProceedsFromIssuanceOfWarrants`	-	USD	3 Qtrs
Proceeds received in connection with issuance of warrants	`ProceedsFromIssuanceOfWarrants`	$1.02K	USD	3 Qtrs
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$75.00K	USD	3 Qtrs
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	-	USD	3 Qtrs
Proceeds from advances made by officer	`ProceedsFromRelatedPartyDebt`	$64.00K	USD	3 Qtrs
Proceeds from advances made by officer	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Repayments of advances made by officer	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Repayments of advances made by officer	`RepaymentsOfRelatedPartyDebt`	$64.00K	USD	3 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$7.23M	USD	3 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$421.44K	USD	3 Qtrs
Net Increase/(Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.51M	USD	3 Qtrs
Net Increase/(Decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-109.52K	USD	3 Qtrs
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.82M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$26.30K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$303.63K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$135.82K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.82M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$26.30K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$303.63K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$135.82K	USD	Point-in-time
Interest	`InterestPaid`	-	USD	3 Qtrs
Interest	`InterestPaid`	-	USD	3 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Recognition of liability in connection with warrant issuance	`RecognitionOfLiabilityInConnectionWithWarrantIssuance`	$3.43M	USD	3 Qtrs
Recognition of liability in connection with warrant issuance	`RecognitionOfLiabilityInConnectionWithWarrantIssuance`	-	USD	3 Qtrs
Reclassification of warrant liability to additional paid-in capital in connection with warrant modification	`ReclassificationOfWarrantLiabilityToAdditionalPaidInCapitalInConnectionWithWarrantModification`	-	USD	3 Qtrs
Reclassification of warrant liability to additional paid-in capital in connection with warrant modification	`ReclassificationOfWarrantLiabilityToAdditionalPaidInCapitalInConnectionWithWarrantModification`	$4.59M	USD	3 Qtrs
Issuance of common stock in connection with conversion of note payable and accrued interest	`IssuanceOfCommonStockInConnectionWithConversionOfNotePayableAndAccruedInterest`	$44.97K	USD	3 Qtrs
Issuance of common stock in connection with conversion of note payable and accrued interest	`IssuanceOfCommonStockInConnectionWithConversionOfNotePayableAndAccruedInterest`	$171.49K	USD	3 Qtrs
Reclassification of conversion feature liability in connection with note conversion	`ReclassificationOfConversionFeatureLiabilityInConnectionWithNoteConversion`	$98.72K	USD	3 Qtrs
Reclassification of conversion feature liability in connection with note conversion	`ReclassificationOfConversionFeatureLiabilityInConnectionWithNoteConversion`	-	USD	3 Qtrs
Retirement of common stock by officers	`RetirementOfCommonStockByOfficers`	-	USD	3 Qtrs
Retirement of common stock by officers	`RetirementOfCommonStockByOfficers`	$68.00	USD	3 Qtrs
Accrual of common shares to be issued for services	`AccrualOfCommonSharesToBeIssuedForServices`	-	USD	3 Qtrs
Accrual of common shares to be issued for services	`AccrualOfCommonSharesToBeIssuedForServices`	-	USD	3 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.