10-Q Filing

LogicMark, Inc. CIK: 1566826 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001213900-18-006322`
Period End Date	20180331
Filing Date	20180515
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	nxti-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 36 Cash Flow Statement 78

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Other intangible assets, net of amortization	`OtherIntangibleAssetsAmortization`	$1.42M	USD	Point-in-time
Other intangible assets, net of amortization	`OtherIntangibleAssetsAmortization`	$1.81M	USD	Point-in-time
Debt issuance costs	`DeferredFinanceCostsNoncurrentNet`	$112.61K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$5.64M	USD	Point-in-time
Debt issuance costs	`DeferredFinanceCostsNoncurrentNet`	$200.74K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.40M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.30M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.45M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$184.23K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$40.37K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$1.81M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$1.64M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventory, net	`InventoryNet`	$3.06M	USD	Point-in-time
Inventory, net	`InventoryNet`	$3.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.54M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.46M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$10.76M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$12.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$211.75K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.40M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.58M	shares	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$218.62K	USD	Point-in-time
Furniture and fixtures	`FurnitureAndFixturesGross`	$98.83K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.58M	shares	Point-in-time
Furniture and fixtures	`FurnitureAndFixturesGross`	$98.83K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.40M	shares	Point-in-time
Tooling and molds	`PropertyPlantAndEquipmentOther`	$630.48K	USD	Point-in-time
Tooling and molds	`PropertyPlantAndEquipmentOther`	$630.48K	USD	Point-in-time
Property and equipment, gross	`PropertyPlantAndEquipmentGross`	$941.06K	USD	Point-in-time
Property and equipment, gross	`PropertyPlantAndEquipmentGross`	$947.93K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$624.42K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$658.99K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$288.94K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$316.64K	USD	Point-in-time
Goodwill	`Goodwill`	$24.60M	USD	Point-in-time
Goodwill	`Goodwill`	$24.60M	USD	Point-in-time
Other intangible assets, net of amortization of $1,814,220 and $1,415,411, respectively	`OtherIntangibleAssetsNet`	$10.93M	USD	Point-in-time
Other intangible assets, net of amortization of $1,814,220 and $1,415,411, respectively	`OtherIntangibleAssetsNet`	$11.33M	USD	Point-in-time
Total Assets	`Assets`	$48.24M	USD	Point-in-time
Total Assets	`Assets`	$46.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.47M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.47M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.68M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$2.83M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$2.45M	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$266.20K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$212.96K	USD	Point-in-time
Other current liabilities - contingent consideration	`OtherLiabilitiesCurrent`	$3.91M	USD	Point-in-time
Other current liabilities - contingent consideration	`OtherLiabilitiesCurrent`	$3.66M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$10.03M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$10.68M	USD	Point-in-time
Other long-term liabilities - contingent consideration	`OtherLiabilities`	$3.85M	USD	Point-in-time
Other long-term liabilities - contingent consideration	`OtherLiabilities`	$3.90M	USD	Point-in-time
Long-term debt	`LongTermDebt`	$532.40K	USD	Point-in-time
Long-term debt	`LongTermDebt`	$585.64K	USD	Point-in-time
Revolving loan facility, net of deferred debt issuance costs of $112,613 and $200,744, respectively	`RevolvingLoanFacility`	$11.89M	USD	Point-in-time
Revolving loan facility, net of deferred debt issuance costs of $112,613 and $200,744, respectively	`RevolvingLoanFacility`	$11.80M	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$251.55K	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$335.40K	USD	Point-in-time
Total Liabilities	`Liabilities`	$26.55M	USD	Point-in-time
Total Liabilities	`Liabilities`	$27.31M	USD	Point-in-time
Commitment and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitment and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series C Preferred Stock, $0.0001 par value: 2,000 shares designated; 2,000 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$1.81M	USD	Point-in-time
Series C Preferred Stock, $0.0001 par value: 2,000 shares designated; 2,000 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$1.81M	USD	Point-in-time
Common stock, $0.0001 par value: 100,000,000 shares authorized; 24,400,301 and 23,583,593 issued and outstanding, respectively	`CommonStockValue`	$2.36K	USD	Point-in-time
Common stock, $0.0001 par value: 100,000,000 shares authorized; 24,400,301 and 23,583,593 issued and outstanding, respectively	`CommonStockValue`	$2.44K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$62.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$62.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-44.54M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-42.92M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$18.23M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$19.13M	USD	Point-in-time
Total Liabilities, Series C Preferred Stock and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$48.24M	USD	Point-in-time
Total Liabilities, Series C Preferred Stock and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$46.58M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$6.68M	USD	1 Quarter
Revenues	`Revenues`	$4.93M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$3.17M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$1.47M	USD	1 Quarter
Gross Profit	`GrossProfit`	$3.51M	USD	1 Quarter
Gross Profit	`GrossProfit`	$3.46M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.03M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.36M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$1.44M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$996.76K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$84.94K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$730.10K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.44M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$4.20M	USD	1 Quarter
Operating (Loss) Income	`OperatingIncomeLoss`	$-740.75K	USD	1 Quarter
Operating (Loss) Income	`OperatingIncomeLoss`	$1.07M	USD	1 Quarter
Interest expense	`InterestExpense`	$758.21K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.70M	USD	1 Quarter
Change in fair value of contingent consideration	`GainLossOnFairValueOfContingentConsideration`	$-197.71K	USD	1 Quarter
Change in fair value of contingent consideration	`GainLossOnFairValueOfContingentConsideration`	-	USD	1 Quarter
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-955.91K	USD	1 Quarter
Total Other Expense, Net	`OtherNonoperatingIncomeExpense`	$-1.70M	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.70M	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-637.03K	USD	1 Quarter
Income Tax Benefit (Expense)	`IncomeTaxExpenseBenefit`	$93.19K	USD	1 Quarter
Income Tax Benefit (Expense)	`IncomeTaxExpenseBenefit`	$-83.85K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-730.22K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.61M	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsIncomeStatementImpact`	$312.64K	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsIncomeStatementImpact`	$25.00K	USD	1 Quarter
Net Loss applicable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.64M	USD	1 Quarter
Net Loss applicable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.04M	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.09M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	7.84M	shares	1 Quarter

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-730.22K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.61M	USD	1 Quarter
Depreciation	`Depreciation`	$34.57K	USD	1 Quarter
Depreciation	`Depreciation`	$44.18K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$399.79K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$220.21K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$375.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$398.81K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$187.84K	USD	1 Quarter
Amortization of discount on contingent consideration	`AmortizationOfDiscountOnContingentConsideration`	$42.32K	USD	1 Quarter
Amortization of discount on contingent consideration	`AmortizationOfDiscountOnContingentConsideration`	-	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$88.13K	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$376.34K	USD	1 Quarter
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	$-197.71K	USD	1 Quarter
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	-	USD	1 Quarter
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-93.19K	USD	1 Quarter
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$83.85K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-167.88K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$790.69K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-120.72K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-62.55K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$843.82K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$233.55K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$284.22K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$219.40K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-460.49K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$183.12K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-235.23K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-374.16K	USD	1 Quarter
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-7.42K	USD	1 Quarter
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$481.61K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.13M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-737.63K	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	-	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$143.85K	USD	1 Quarter
Deposit related to Fit Pay acquisition	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Deposit related to Fit Pay acquisition	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$100.00K	USD	1 Quarter
Purchase of equipment	`PurchaseOfEquipment`	$6.87K	USD	1 Quarter
Purchase of equipment	`PurchaseOfEquipment`	$1.46K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-101.46K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-150.72K	USD	1 Quarter
Pay down of short-term debt	`RepaymentsOfShortTermDebt`	-	USD	1 Quarter
Pay down of short-term debt	`RepaymentsOfShortTermDebt`	$106.48K	USD	1 Quarter
Payment of closing related fees	`PaymentOfClosingRelatedFees`	$45.24K	USD	1 Quarter
Payment of closing related fees	`PaymentOfClosingRelatedFees`	$7.50K	USD	1 Quarter
Proceeds from exercise of common stock warrants	`ProceedsFromExerciseOfCommonStockWarrants`	$200.00K	USD	1 Quarter
Proceeds from exercise of common stock warrants	`ProceedsFromExerciseOfCommonStockWarrants`	-	USD	1 Quarter
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$48.28K	USD	1 Quarter
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.50K	USD	1 Quarter
Net Decrease in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.23M	USD	1 Quarter
Net Decrease in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-846.59K	USD	1 Quarter
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.64M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.40M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.30M	USD	Point-in-time
Cash - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.45M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$5.64M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$4.40M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$3.30M	USD	Point-in-time
Cash - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.45M	USD	Point-in-time
Interest	`InterestPaidNet`	$488.05K	USD	1 Quarter
Interest	`InterestPaidNet`	$562.50K	USD	1 Quarter
Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Equipment purchases on payment terms	`EquipmentPurchasesOnPaymentTerms`	-	USD	1 Quarter
Equipment purchases on payment terms	`EquipmentPurchasesOnPaymentTerms`	-	USD	1 Quarter
Accrued fees incurred in connection with equity offerings	`EquityIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$25.36K	USD	1 Quarter
Accrued fees incurred in connection with equity offerings	`EquityIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	-	USD	1 Quarter
Issuance of common stock in connection with conversion of Series A Preferred Stock and related dividends	`IssuanceOfCommonStockInConnectionWithConversionOfSeriesPreferredStock`	-	USD	1 Quarter
Issuance of common stock in connection with conversion of Series A Preferred Stock and related dividends	`IssuanceOfCommonStockInConnectionWithConversionOfSeriesPreferredStock`	$197.10K	USD	1 Quarter
Issuance of common stock in connection with conversion of Series B Preferred Stock and related dividends and liquidated damages	`IssuanceOfCommonStockInConnectionWithConversionOfSeriesBPreferredStockAndRelatedDividendsAndLiquidatedDamages`	$1.79M	USD	1 Quarter
Issuance of common stock in connection with conversion of Series B Preferred Stock and related dividends and liquidated damages	`IssuanceOfCommonStockInConnectionWithConversionOfSeriesBPreferredStockAndRelatedDividendsAndLiquidatedDamages`	-	USD	1 Quarter
Accrued Series A Preferred dividends	`AccruedSeriesPreferredDividends`	-	USD	1 Quarter
Accrued Series A Preferred dividends	`AccruedSeriesPreferredDividends`	$31.39K	USD	1 Quarter
Accrued Series B Preferred dividends	`AccruedSeriesBPreferredDividends`	$281.25K	USD	1 Quarter
Accrued Series B Preferred dividends	`AccruedSeriesBPreferredDividends`	-	USD	1 Quarter
Accrued Series C Preferred dividends	`AccruedSeriesCPreferredDividends`	-	USD	1 Quarter
Accrued Series C Preferred dividends	`AccruedSeriesCPreferredDividends`	$25.00K	USD	1 Quarter

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