10-Q Filing

LogicMark, Inc. CIK: 1566826 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001213900-20-012636`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	nxtd-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 38 Cash Flow Statement 62 Stockholders Equity 18

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.59M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.44M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$150.13K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$150.13K	USD	Point-in-time
Other intangible assets, net of amortization (in Dollars)	`OtherIntangibleAssetsAmortization`	$2.79M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$35.96K	USD	Point-in-time
Other intangible assets, net of amortization (in Dollars)	`OtherIntangibleAssetsAmortization`	$2.60M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$38.53K	USD	Point-in-time
Inventory, net	`InventoryNet`	$1.30M	USD	Point-in-time
Inventory, net	`InventoryNet`	$949.78K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$285.50K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$382.29K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.36M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.96M	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$183.04K	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$183.04K	USD	Point-in-time
Furniture and fixtures	`FurnitureAndFixturesGross`	$98.84K	USD	Point-in-time
Furniture and fixtures	`FurnitureAndFixturesGross`	$98.84K	USD	Point-in-time
Tooling and molds	`PropertyPlantAndEquipmentOther`	$644.46K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Tooling and molds	`PropertyPlantAndEquipmentOther`	$644.46K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	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
Property and equipment, gross	`PropertyPlantAndEquipmentGross`	$926.35K	USD	Point-in-time
Property and equipment, gross	`PropertyPlantAndEquipmentGross`	$926.35K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$848.19K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.05M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.33M	shares	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$831.29K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.05M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$95.06K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$78.16K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.33M	shares	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$85.58K	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$108.51K	USD	Point-in-time
Goodwill	`Goodwill`	$15.48M	USD	Point-in-time
Goodwill	`Goodwill`	$15.48M	USD	Point-in-time
Other intangible assets, net of amortization of $2,792,135 and $2,604,290, respectively	`OtherIntangibleAssetsNet`	$6.00M	USD	Point-in-time
Other intangible assets, net of amortization of $2,792,135 and $2,604,290, respectively	`OtherIntangibleAssetsNet`	$5.81M	USD	Point-in-time
Total Assets	`Assets`	$24.41M	USD	Point-in-time
Total Assets	`Assets`	$25.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.12M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.49M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.18M	USD	Point-in-time
Term loan facility - current	`TermLoanFacilityCurrent`	$2.06M	USD	Point-in-time
Term loan facility - current	`TermLoanFacilityCurrent`	$2.06M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.96M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$5.67M	USD	Point-in-time
Term loan facility, net of debt discount of $215,398 and $244,070, respectively, and deferred debt issuance costs of $1,114,248 and $1,262,565, respectively	`TermLoanFacilityNonCurrent`	$9.74M	USD	Point-in-time
Term loan facility, net of debt discount of $215,398 and $244,070, respectively, and deferred debt issuance costs of $1,114,248 and $1,262,565, respectively	`TermLoanFacilityNonCurrent`	$9.25M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.11M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.11M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.32M	USD	Point-in-time
Total Liabilities	`Liabilities`	$16.53M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series C Preferred Stock, par value $0.0001 per share: 2,000 shares designated; 2,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$1.81M	USD	Point-in-time
Series C Preferred Stock, par value $0.0001 per share: 2,000 shares designated; 2,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$1.81M	USD	Point-in-time
Common Stock, par value $0.0001 per share: 100,000,000 shares authorized; 30,328,141 and 30,048,854 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$3.00K	USD	Point-in-time
Common Stock, par value $0.0001 per share: 100,000,000 shares authorized; 30,328,141 and 30,048,854 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$3.03K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-61.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-61.37M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$6.71M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$14.83M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$14.74M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$7.28M	USD	Point-in-time
Total Liabilities, Series C Preferred Stock and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$25.05M	USD	Point-in-time
Total Liabilities, Series C Preferred Stock and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$24.41M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$3.74M	USD	1 Quarter
Revenues	`Revenues`	$4.18M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$948.12K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$1.02M	USD	1 Quarter
Gross Profit	`GrossProfit`	$2.80M	USD	1 Quarter
Gross Profit	`GrossProfit`	$3.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$844.21K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.60M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$849.51K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$725.68K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$186.61K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$204.95K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.65M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.76M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$1.04M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$507.65K	USD	1 Quarter
Interest expense	`InterestExpense`	$601.34K	USD	1 Quarter
Interest expense	`InterestExpense`	$586.20K	USD	1 Quarter
Change in fair value of contingent consideration	`GainLossOnFairValueOfContingentConsideration`	$-214.42K	USD	1 Quarter
Total Other Expense	`OtherNonoperatingIncomeExpense`	$-800.62K	USD	1 Quarter
Total Other Expense	`OtherNonoperatingIncomeExpense`	$-601.34K	USD	1 Quarter
Income (Loss) from Continuing Operations	`IncomeLossFromContinuingOperations`	$-292.97K	USD	1 Quarter
Income (Loss) from Continuing Operations	`IncomeLossFromContinuingOperations`	$438.06K	USD	1 Quarter
Loss from Discontinued Operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$-1.01M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$438.06K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-1.30M	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsIncomeStatementImpact`	$25.00K	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsIncomeStatementImpact`	$25.00K	USD	1 Quarter
Net Income (Loss) applicable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$413.06K	USD	1 Quarter
Net Income (Loss) applicable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.32M	USD	1 Quarter
Income (Loss) Per Share from Continuing Operations Basic and Diluted (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$0.01	USD	1 Quarter
Income (Loss) Per Share from Continuing Operations Basic and Diluted (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Loss Per Share from Discontinued Operations Basic and diluted (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Loss Per Share from Discontinued Operations Basic and diluted (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.04	USD	1 Quarter
Net Income (Loss) Per Share Basic and Diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net Income (Loss) Per Share Basic and Diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding Basic and Diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.15M	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding Basic and Diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.00M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`NetIncomeLoss`	$438.06K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-1.30M	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-1.01M	USD	1 Quarter
Income (Loss) from continuing operations	`IncomeLossFromContinuingOperations`	$-292.97K	USD	1 Quarter
Income (Loss) from continuing operations	`IncomeLossFromContinuingOperations`	$438.06K	USD	1 Quarter
Depreciation	`Depreciation`	$16.90K	USD	1 Quarter
Depreciation	`Depreciation`	$18.34K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$40.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$229.94K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$35.28K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$28.67K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$187.84K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$187.84K	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$148.32K	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$62.70K	USD	1 Quarter
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	$-214.42K	USD	1 Quarter
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-143.71K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.56K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$353.82K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-353.50K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$175.69K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$96.79K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-402.71K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$759.77K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-63.65K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-199.09K	USD	1 Quarter
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$79.20K	USD	1 Quarter
Total Adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$1.06M	USD	1 Quarter
Net Cash Provided by Operating Activities of Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$765.86K	USD	1 Quarter
Net Cash Provided by Operating Activities of Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$517.26K	USD	1 Quarter
Net Cash Used in Investing Activities of Continuing Operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	-	USD	1 Quarter
Net Cash Used in Investing Activities of Continuing Operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	-	USD	1 Quarter
Term loan repayment	`RepaymentsOfDebt`	-	USD	1 Quarter
Term loan repayment	`RepaymentsOfDebt`	$665.62K	USD	1 Quarter
Proceeds received in connection with issuance of common stock, net	`ProceedsReceivedFromIssuanceOfCommonStock`	$1.28M	USD	1 Quarter
Payment of closing related fees	`PaymentsForFees`	$15.20K	USD	1 Quarter
Net Cash (Used in) Provided by Financing Activities of Continuing Operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.27M	USD	1 Quarter
Net Cash (Used in) Provided by Financing Activities of Continuing Operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-665.62K	USD	1 Quarter
Net (Decrease) Increase in Cash and Restricted Cash from Continuing Operations	`NetDecreaseIncreaseInCashFromContinuingOperations`	$-148.37K	USD	1 Quarter
Net (Decrease) Increase in Cash and Restricted Cash from Continuing Operations	`NetDecreaseIncreaseInCashFromContinuingOperations`	$2.03M	USD	1 Quarter
Cash used by operating activities of discontinued operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$-944.66K	USD	1 Quarter
Cash used in investing activities of discontinued operations	`CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations`	$-2.03K	USD	1 Quarter
Net Cash Used by Discontinued Operations	`NetCashProvidedByUsedInDiscontinuedOperations`	$-946.68K	USD	1 Quarter
Net (Decrease) Increase in Cash and Restricted Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.09M	USD	1 Quarter
Net (Decrease) Increase in Cash and Restricted Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-148.37K	USD	1 Quarter
Cash and Restricted Cash Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.70M	USD	Point-in-time
Cash and Restricted Cash Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.61M	USD	Point-in-time
Cash and Restricted Cash Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.59M	USD	Point-in-time
Cash and Restricted Cash Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.74M	USD	Point-in-time
Cash and Restricted Cash End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.70M	USD	Point-in-time
Cash and Restricted Cash End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.61M	USD	Point-in-time
Cash and Restricted Cash End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.59M	USD	Point-in-time
Cash and Restricted Cash End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.74M	USD	Point-in-time
Interest	`InterestPaidNet`	$431.80K	USD	1 Quarter
Interest	`InterestPaidNet`	$480.24K	USD	1 Quarter
Taxes	`IncomeTaxesPaid`	$16.35K	USD	1 Quarter
Accrued fees incurred in connection with equity offerings	`EquityIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$84.97K	USD	1 Quarter
Common Stock issued in connection with management incentive plans	`IssuanceOfCommonStockInConnectionWithConversionOfSeriesBPreferredStockAndRelatedDividendsAndLiquidatedDamages`	$116.63K	USD	1 Quarter
Accrued Series C Preferred Stock dividends	`AccruedSeriesCPreferredStockDividends`	$25.00K	USD	1 Quarter
Accrued Series C Preferred Stock dividends	`AccruedSeriesCPreferredStockDividends`	$25.00K	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$6.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.28M	USD	Point-in-time
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$185.25K	USD	1 Quarter
Issuance of common stock for cash, net of fees	`StockIssuedDuringPeriodValueNewIssues`	$1.28M	USD	1 Quarter
Issuance of stock options for services	`StockGrantedDuringPeriodValueSharebasedCompensationGross`	$40.00K	USD	1 Quarter
Shares issued in connection with the management incentive plans for 2017 and 2018	`StockIssuedDuringPeriodValueInConnectionWithManagementIncentivePlan`	$116.63K	USD	1 Quarter
Shares issued in connection with the management incentive plans for 2017 and 2018	`StockIssuedDuringPeriodValueInConnectionWithManagementIncentivePlan`	$46.80K	USD	1 Quarter
Fees incurred in connection with equity offerings	`AdjustmentsToAdditionalPaidInCapitalOther`	$-100.17K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$438.06K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.30M	USD	1 Quarter
Preferred stock dividends	`DividendsPreferredStockStock`	$25.00K	USD	1 Quarter
Preferred stock dividends	`DividendsPreferredStockStock`	$25.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$6.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.28M	USD	Point-in-time

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