10-Q Filing

LogicMark, Inc. CIK: 1566826 Q3 2015

Filing Information

Form Type	10-Q
Accession Number	`0001213900-15-008654`
Period End Date	20150930
Filing Date	20151116
Fiscal Year	2015
Fiscal Period	Q3
XBRL Instance	nxti-20150930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 62 Cash Flow Statement 78

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$13.16K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$138.71K	USD	Point-in-time
Net of discount of convertible notes payable	`DebtInstrumentCarryingAmount`	-	USD	Point-in-time
Net of discount of convertible notes payable	`DebtInstrumentCarryingAmount`	$884.59K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$147.37K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$303.63K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.82M	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$30.39K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$28.44K	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$151.47K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventory	`InventoryNet`	$1.45M	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventory	`InventoryNet`	$359.54K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$812.40K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$918.20K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.51M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.59M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	28.37M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	24.76M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $138,707 and $13,157, respectively	`PropertyPlantAndEquipmentNet`	$378.75K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $138,707 and $13,157, respectively	`PropertyPlantAndEquipmentNet`	$156.22K	USD	Point-in-time
Total Assets	`Assets`	$3.66M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	24.76M	shares	Point-in-time
Total Assets	`Assets`	$2.97M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	28.37M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$535.21K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$878.97K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$722.45K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$254.54K	USD	Point-in-time
Convertible notes payable, net of discount of $884,589 and $0, respectively	`ConvertibleNotesPayableCurrent`	$690.41K	USD	Point-in-time
Convertible notes payable, net of discount of $884,589 and $0, respectively	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$13.26K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$138.60K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$928.35K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.31M	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; 28,374,414 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; 28,374,414 and 24,762,360 issued and outstanding, respectively	`CommonStockValue`	$2.84K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.53M	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`	$-17.87M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$661.62K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.74M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.97M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.66M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$533.53K	USD	3 Qtrs
Revenues	`Revenues`	$418.13K	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
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`	$701.46K	USD	3 Qtrs
Cost of goods sold	`CostOfRevenue`	$565.61K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	-	USD	3 Qtrs
Gross Profit (Loss)	`GrossProfit`	$-147.49K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	-	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$-167.93K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$710.91K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.47M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.83M	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$2.28M	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$970.99K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$749.97K	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$372.37K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$463.05K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$732.41K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$887.18K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.25M	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$3.11M	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$7.36M	USD	3 Qtrs
Total Operating Expenses	`OperatingExpenses`	$1.55M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.86M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-1.55M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-3.00M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-7.53M	USD	3 Qtrs
Operating Loss	`OperatingIncomeLoss`	$-3.11M	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$165.00	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$695.00	USD	3 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$439.98K	USD	1 Quarter
Interest expense	`InterestExpense`	$30.74K	USD	3 Qtrs
Interest expense	`InterestExpense`	$760.78K	USD	3 Qtrs
Inducement expense	`InducementExpense`	$2.21M	USD	3 Qtrs
Inducement expense	`InducementExpense`	$755.00K	USD	3 Qtrs
Inducement expense	`InducementExpense`	$1.16M	USD	1 Quarter
Inducement expense	`InducementExpense`	$100.00K	USD	1 Quarter
Unrealized gain on change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	-	USD	3 Qtrs
Unrealized gain on change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	$393.33K	USD	3 Qtrs
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-1.85M	USD	3 Qtrs
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-1.16M	USD	1 Quarter
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-539.82K	USD	1 Quarter
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-1.52M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-2.71M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-3.54M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-4.96M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-9.04M	USD	3 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.35	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`	$-0.13	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.99M	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`	25.79M	shares	3 Qtrs

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-2.71M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-3.54M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-4.96M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-9.04M	USD	3 Qtrs
Depreciation	`Depreciation`	$3.29K	USD	3 Qtrs
Depreciation	`Depreciation`	$125.55K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$554.23K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$1.12M	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$690.41K	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$26.75K	USD	3 Qtrs
Unrealized gain on change in fair value of derivative liabilities	`AssetsFairValueAdjustment`	$-393.33K	USD	3 Qtrs
Unrealized gain on change in fair value of derivative liabilities	`AssetsFairValueAdjustment`	-	USD	3 Qtrs
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$22.41K	USD	3 Qtrs
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	3 Qtrs
Inducement expense	`InducementExpense`	$2.21M	USD	3 Qtrs
Inducement expense	`InducementExpense`	$755.00K	USD	3 Qtrs
Inducement expense	`InducementExpense`	$1.16M	USD	1 Quarter
Inducement expense	`InducementExpense`	$100.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$151.47K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$26.09K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$1.09M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-618.99K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$170.28K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$276.71K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$50.94K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$449.19K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-93.31K	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$117.09K	USD	3 Qtrs
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-125.34K	USD	3 Qtrs
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$2.21M	USD	3 Qtrs
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$2.70M	USD	3 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.67M	USD	3 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.34M	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$5.96K	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$1.96K	USD	3 Qtrs
Purchase of equipment	`EquipmentExpense`	$-30.51K	USD	3 Qtrs
Purchase of equipment	`EquipmentExpense`	$-335.04K	USD	3 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-337.00K	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`	$2.49M	USD	3 Qtrs
Proceeds from convertible notes payable, net	`ProceedsFromConvertibleDebt`	-	USD	3 Qtrs
Proceeds from convertible notes payable, net	`ProceedsFromConvertibleDebt`	$1.48M	USD	3 Qtrs
Proceeds received in connection with issuance of warrants	`PaymentsOfStockIssuanceCosts`	-	USD	3 Qtrs
Proceeds received in connection with issuance of warrants	`PaymentsOfStockIssuanceCosts`	$-1.02K	USD	3 Qtrs
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	$650.00K	USD	3 Qtrs
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	$1.47M	USD	3 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$7.23M	USD	3 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$4.63M	USD	3 Qtrs
Net (Decrease) Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.05M	USD	3 Qtrs
Net (Decrease) Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.51M	USD	3 Qtrs
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$147.37K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$303.63K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.82M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$147.37K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$303.63K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.82M	USD	Point-in-time
Interest	`InterestPaid`	-	USD	3 Qtrs
Interest	`InterestPaid`	-	USD	3 Qtrs
Taxes	`IncomeTaxesPaid`	$1.00K	USD	3 Qtrs
Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Equipment purchases on payment terms	`EquipmentPurchasesOnPaymentTerms`	$13.04K	USD	3 Qtrs
Equipment purchases on payment terms	`EquipmentPurchasesOnPaymentTerms`	-	USD	3 Qtrs
Fees incurred in connection with equity offerings	`EquityIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	-	USD	3 Qtrs
Fees incurred in connection with equity offerings	`EquityIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$191.73K	USD	3 Qtrs
Recognition of liability in connection with warrant issuance	`RecognitionOfLiabilityInConnectionWithWarrantIssuance`	-	USD	3 Qtrs
Recognition of liability in connection with warrant issuance	`RecognitionOfLiabilityInConnectionWithWarrantIssuance`	$3.43M	USD	3 Qtrs
Reclassification of warrant liability to additional paid-in capital in connection with warrant modification	`ReclassificationOfWarrantLiabilityToAdditionalPaidInCapitalInConnectionWithWarrantModification`	$4.59M	USD	3 Qtrs
Reclassification of warrant liability to additional paid-in capital in connection with warrant modification	`ReclassificationOfWarrantLiabilityToAdditionalPaidInCapitalInConnectionWithWarrantModification`	-	USD	3 Qtrs
Issuance of common stock in connection with conversion of note payable and accrued interest	`IssuanceOfCommonStockInConnectionWithConversionOfNotePayableAndAccruedInterest`	-	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

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