10-Q Filing

LogicMark, Inc. CIK: 1566826 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001213900-15-006209`
Period End Date	20150630
Filing Date	20150814
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	nxti-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 62 Cash Flow Statement 75

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$13.16K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$90.95K	USD	Point-in-time
Net of discount of convertible notes payable	`DebtInstrumentCarryingAmount`	-	USD	Point-in-time
Net of discount of convertible notes payable	`DebtInstrumentCarryingAmount`	$1.28M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$588.18K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$303.63K	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`	$153.67K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$14.07K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$28.44K	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventory	`InventoryNet`	$359.54K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventory	`InventoryNet`	$1.12M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$918.20K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$647.00K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.93M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.51M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$98.57K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	25.70M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $90,946 and $13,157, respectively	`PropertyPlantAndEquipmentNet`	$343.55K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	25.70M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $90,946 and $13,157, respectively	`PropertyPlantAndEquipmentNet`	$156.22K	USD	Point-in-time
Total Assets	`Assets`	$2.38M	USD	Point-in-time
Total Assets	`Assets`	$3.66M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	24.76M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	24.76M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$535.21K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$645.32K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$254.54K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$560.92K	USD	Point-in-time
Convertible notes payable, net of discount of $1,281,575 and $0, respectively	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Convertible notes payable, net of discount of $1,281,575 and $0, respectively	`ConvertibleNotesPayableCurrent`	$293.43K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$138.60K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$18.72K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.52M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$928.35K	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; 25,703,545 and 24,762,360 issued and outstanding, respectively	`CommonStockValue`	$2.48K	USD	Point-in-time
Common stock, $0.0001 par value: 100,000,000 shares authorized; 25,703,545 and 24,762,360 issued and outstanding, respectively	`CommonStockValue`	$2.57K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$15.18M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.33M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.74M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$857.74K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.66M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.38M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	2 Qtrs
Revenues	`Revenues`	$113.13K	USD	1 Quarter
Revenues	`Revenues`	$115.40K	USD	2 Qtrs
Cost of goods sold	`CostOfRevenue`	$133.86K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	-	USD	2 Qtrs
Cost of goods sold	`CostOfRevenue`	$135.85K	USD	2 Qtrs
Cost of goods sold	`CostOfRevenue`	-	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$-20.45K	USD	2 Qtrs
Gross Profit (Loss)	`GrossProfit`	$-20.73K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	-	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	-	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$462.15K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$758.08K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.67M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$857.66K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$377.60K	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$317.42K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$1.31M	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$655.23K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$259.85K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.51M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$424.13K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$940.76K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$4.50M	USD	2 Qtrs
Total Operating Expenses	`OperatingExpenses`	$1.04M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.45M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.56M	USD	2 Qtrs
Operating Loss	`OperatingIncomeLoss`	$-2.47M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-1.04M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-4.52M	USD	2 Qtrs
Operating Loss	`OperatingIncomeLoss`	$-1.56M	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$530.00	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$131.00	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$320.80K	USD	1 Quarter
Interest expense	`InterestExpense`	$320.80K	USD	2 Qtrs
Interest expense	`InterestExpense`	$30.74K	USD	2 Qtrs
Inducement expense	`InducementExpense`	$1.05M	USD	1 Quarter
Inducement expense	`InducementExpense`	$1.05M	USD	2 Qtrs
Inducement expense	`InducementExpense`	$655.00K	USD	1 Quarter
Inducement expense	`InducementExpense`	$655.00K	USD	2 Qtrs
Unrealized gain on change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	$412.76K	USD	2 Qtrs
Unrealized gain on change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	-	USD	2 Qtrs
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-1.05M	USD	1 Quarter
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-975.67K	USD	1 Quarter
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-975.27K	USD	2 Qtrs
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-669.11K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-5.50M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-3.45M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.23M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-2.09M	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	2 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.22	USD	2 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	25.18M	shares	2 Qtrs
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.01M	shares	2 Qtrs
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	25.49M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.05M	shares	1 Quarter

Cash Flow Statement 75 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-5.50M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-3.45M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.23M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-2.09M	USD	1 Quarter
Depreciation	`Depreciation`	$1.26K	USD	2 Qtrs
Depreciation	`Depreciation`	$77.79K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$746.22K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$144.00K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$293.43K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$26.75K	USD	2 Qtrs
Unrealized gain on change in fair value of derivative liabilities	`AssetsFairValueAdjustment`	-	USD	2 Qtrs
Unrealized gain on change in fair value of derivative liabilities	`AssetsFairValueAdjustment`	$-412.76K	USD	2 Qtrs
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$9.53K	USD	2 Qtrs
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	2 Qtrs
Inducement expense	`InducementExpense`	$1.05M	USD	1 Quarter
Inducement expense	`InducementExpense`	$1.05M	USD	2 Qtrs
Inducement expense	`InducementExpense`	$655.00K	USD	1 Quarter
Inducement expense	`InducementExpense`	$655.00K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$23.03K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$759.71K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-367.64K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$91.73K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-13.16K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-151.29K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-60.04K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$306.37K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-119.88K	USD	2 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$80.08K	USD	2 Qtrs
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$1.56M	USD	2 Qtrs
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$564.36K	USD	2 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.66M	USD	2 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.93M	USD	2 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$4.15K	USD	2 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-14.36K	USD	2 Qtrs
Purchase of equipment	`EquipmentExpense`	$-16.73K	USD	2 Qtrs
Purchase of equipment	`EquipmentExpense`	$-239.26K	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-224.90K	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.89K	USD	2 Qtrs
Proceeds received in connection with issuance of common stock and warrants, net	`ProceedsReceivedInConnectionWithIssuanceOfCommonStockAndWarrantsNet`	$799.99K	USD	2 Qtrs
Proceeds received in connection with issuance of common stock and warrants, net	`ProceedsReceivedInConnectionWithIssuanceOfCommonStockAndWarrantsNet`	-	USD	2 Qtrs
Proceeds from convertible notes payable, net	`ProceedsFromConvertibleDebt`	-	USD	2 Qtrs
Proceeds from convertible notes payable, net	`ProceedsFromConvertibleDebt`	$1.48M	USD	2 Qtrs
Fees paid in connection with equity offerings	`PaymentsOfStockIssuanceCosts`	$20.35K	USD	2 Qtrs
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	$1.17M	USD	2 Qtrs
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	$650.00K	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.97M	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$2.11M	USD	2 Qtrs
Net (Decrease) Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$284.55K	USD	2 Qtrs
Net (Decrease) Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.05M	USD	2 Qtrs
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$588.18K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$303.63K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$153.67K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$588.18K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$303.63K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$153.67K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Interest	`InterestPaid`	-	USD	2 Qtrs
Interest	`InterestPaid`	-	USD	2 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Taxes	`IncomeTaxesPaid`	$1.00K	USD	2 Qtrs
Equipment purchases on payment terms	`EquipmentPurchasesOnPaymentTerms`	-	USD	2 Qtrs
Equipment purchases on payment terms	`EquipmentPurchasesOnPaymentTerms`	$25.85K	USD	2 Qtrs
Fees incurred in connection with issuance of convertible notes	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$19.20K	USD	2 Qtrs
Fees incurred in connection with equity offerings	`EquityIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$78.22K	USD	2 Qtrs
Recognition of liability in connection with warrant issuance	`RecognitionOfLiabilityInConnectionWithWarrantIssuance`	-	USD	2 Qtrs
Recognition of liability in connection with warrant issuance	`RecognitionOfLiabilityInConnectionWithWarrantIssuance`	$3.45M	USD	2 Qtrs
Reclassification of warrant liability to additional paid-in capital in connection with warrant modification	`ReclassificationOfWarrantLiabilityToAdditionalPaidInCapitalInConnectionWithWarrantModification`	$4.59M	USD	2 Qtrs
Reclassification of warrant liability to additional paid-in capital in connection with warrant modification	`ReclassificationOfWarrantLiabilityToAdditionalPaidInCapitalInConnectionWithWarrantModification`	-	USD	2 Qtrs
Issuance of common stock in connection with conversion of note payable and accrued interest	`IssuanceOfCommonStockInConnectionWithConversionOfNotePayableAndAccruedInterest`	-	USD	2 Qtrs
Issuance of common stock in connection with conversion of note payable and accrued interest	`IssuanceOfCommonStockInConnectionWithConversionOfNotePayableAndAccruedInterest`	$171.49K	USD	2 Qtrs
Reclassification of conversion feature liability in connection with note conversion	`ReclassificationOfConversionFeatureLiabilityInConnectionWithNoteConversion`	$98.72K	USD	2 Qtrs
Reclassification of conversion feature liability in connection with note conversion	`ReclassificationOfConversionFeatureLiabilityInConnectionWithNoteConversion`	-	USD	2 Qtrs
Retirement of common stock by officers	`RetirementOfCommonStockByOfficers`	-	USD	2 Qtrs
Retirement of common stock by officers	`RetirementOfCommonStockByOfficers`	$68.00	USD	2 Qtrs

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