10-Q Filing

LogicMark, Inc. CIK: 1566826 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001213900-16-013745`
Period End Date	20160331
Filing Date	20160523
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	nxti-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 32 Cash Flow Statement 68

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$196.35K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$254.74K	USD	Point-in-time
Net of discount of convertible notes payable	`DebtInstrumentCarryingAmount`	$1.45M	USD	Point-in-time
Net of discount of convertible notes payable	`DebtInstrumentCarryingAmount`	$264.76K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$418.99K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$121.49K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$324.24K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.53M	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$424.90K	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventory	`InventoryNet`	$1.77M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventory	`InventoryNet`	$1.95M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$647.69K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.04M	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`	$4.76M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.14M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $254,740 and $196,353, respectively	`PropertyPlantAndEquipmentNet`	$373.21K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $254,740 and $196,353, respectively	`PropertyPlantAndEquipmentNet`	$328.50K	USD	Point-in-time
Total Assets	`Assets`	$3.47M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	57.54M	shares	Point-in-time
Total Assets	`Assets`	$5.13M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	44.41M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	57.54M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	44.41M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.33M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$641.44K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$427.59K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$5.32K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$8.73K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$400.00K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	-	USD	Point-in-time
Convertible notes payable, net of discount of $264,761 and $1,445,342, respectively	`ConvertibleNotesPayableCurrent`	$1.85M	USD	Point-in-time
Convertible notes payable, net of discount of $264,761 and $1,445,342, respectively	`ConvertibleNotesPayableCurrent`	$573.41K	USD	Point-in-time
Derivative liability conversion feature	`EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability`	-	USD	Point-in-time
Derivative liability conversion feature	`EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability`	$420.36K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.79M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.25M	USD	Point-in-time
Commitment and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitment and Contingencies (Note 8)	`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; 57,539,698 and 44,411,591 issued and outstanding, respectively	`CommonStockValue`	$5.75K	USD	Point-in-time
Common stock, $0.0001 par value: 100,000,000 shares authorized; 57,539,698 and 44,411,591 issued and outstanding, respectively	`CommonStockValue`	$4.44K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.78M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$27.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-27.32M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$881.33K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$677.62K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.13M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.47M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$2.27K	USD	1 Quarter
Revenues	`Revenues`	$42.30K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$1.99K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$75.16K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$-32.85K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$280.00	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$816.44K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.13M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$806.52K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$658.03K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$573.25K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$361.32K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.05M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.29M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-2.33M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-2.05M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$23.00	USD	1 Quarter
Interest income	`InterestIncomeOther`	$399.00	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$512.67K	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnSaleOfDerivatives`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`GainLossOnSaleOfDerivatives`	$-2.30M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-272.75K	USD	1 Quarter
Total Other (Expense) Income, Net	`OtherNonoperatingIncomeExpense`	$399.00	USD	1 Quarter
Total Other (Expense) Income, Net	`OtherNonoperatingIncomeExpense`	$-3.08M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.05M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-5.41M	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.88M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	50.84M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-2.05M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-5.41M	USD	1 Quarter
Depreciation	`Depreciation`	$35.20K	USD	1 Quarter
Depreciation	`Depreciation`	$58.39K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$263.35K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$314.38K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$250.27K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	Point-in-time
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.09M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-272.75K	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$11.52K	USD	1 Quarter
Change in fair value of derivative liabilities	`AssetsFairValueAdjustment`	$2.30M	USD	1 Quarter
Loss on conversion of convertible note interest	`LossOnConversionOfConvertibleNoteInterest`	$34.63K	USD	1 Quarter
Loss on conversion of convertible note interest	`LossOnConversionOfConvertibleNoteInterest`	-	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$206.59K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$178.04K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-156.09K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-150.86K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-21.27K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-164.33K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$89.72K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$382.13K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-6.82K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-3.41K	USD	1 Quarter
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$3.58M	USD	1 Quarter
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$161.39K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.89M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.84M	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-20.00	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-1.11M	USD	1 Quarter
Purchase of equipment	`PurchaseOfEquipment`	-	USD	1 Quarter
Purchase of equipment	`PurchaseOfEquipment`	$191.40K	USD	1 Quarter
Net Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-191.38K	USD	1 Quarter
Net Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$1.11M	USD	1 Quarter
Proceeds received from short-term promissory note	`ProceedsFromShortTermDebt`	-	USD	1 Quarter
Proceeds received from short-term promissory note	`ProceedsFromShortTermDebt`	$400.00K	USD	1 Quarter
Payment of closing related fees	`PaymentForAdministrativeFees`	$22.30K	USD	1 Quarter
Payment of closing related fees	`PaymentForAdministrativeFees`	-	USD	1 Quarter
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	$50.00K	USD	1 Quarter
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	$200.00K	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$427.70K	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$200.00K	USD	1 Quarter
Net Decrease in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-297.50K	USD	1 Quarter
Net Decrease in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.88M	USD	1 Quarter
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$418.99K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$121.49K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$324.24K	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$418.99K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$121.49K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$324.24K	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.20M	USD	Point-in-time
Interest	`InterestPaid`	-	USD	1 Quarter
Interest	`InterestPaid`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaid`	$1.00K	USD	1 Quarter
Taxes	`IncomeTaxesPaid`	$3.50K	USD	1 Quarter
Equipment purchases on payment terms	`EquipmentPurchasesOnPaymentTerms`	-	USD	1 Quarter
Equipment purchases on payment terms	`EquipmentPurchasesOnPaymentTerms`	$13.67K	USD	1 Quarter
Accrued fees incurred in connection with equity offerings	`AccruedFeesIncurredInConnectionWithEquityOfferings`	$72.28K	USD	1 Quarter
Accrued fees incurred in connection with equity offerings	`AccruedFeesIncurredInConnectionWithEquityOfferings`	-	USD	1 Quarter
Issuance of common stock in connection with accelerated installments of notes payable	`IssuanceOfCommonStockInConnectionWithAcceleratedInstallmentsOfNotesPayable`	$2.46M	USD	1 Quarter
Issuance of common stock in connection with accelerated installments of notes payable	`IssuanceOfCommonStockInConnectionWithAcceleratedInstallmentsOfNotesPayable`	-	USD	1 Quarter
Issuance of common stock in connection with conversion of interest on convertible notes	`IssuanceOfCommonStockInConnectionWithConversionOfInterestOnConvertibleNotes`	-	USD	1 Quarter
Issuance of common stock in connection with conversion of interest on convertible notes	`IssuanceOfCommonStockInConnectionWithConversionOfInterestOnConvertibleNotes`	$253.03K	USD	1 Quarter
Reclassification of conversion feature liability in connection with note modification	`ReclassificationOfConversionFeatureLiabilityInConnectionWithNoteModification`	$1.70M	USD	1 Quarter

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