10-Q Filing

LogicMark, Inc. CIK: 1566826 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001213900-23-039116`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	f10q0323_logicmark_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 46 Cash Flow Statement 50 Stockholders Equity 21

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.78M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$59.99K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$59.99K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$50.68K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$402.60K	USD	Point-in-time
Inventory	`InventoryNet`	$1.75M	USD	Point-in-time
Inventory	`InventoryNet`	$1.13M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$292.32K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$349.10K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$9.53M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$11.32M	USD	Point-in-time
Product development costs, net of amortization (in Dollars)	`ProductDevelopmentCostsNetOfAmortization`	$15.03K	USD	Point-in-time
Product development costs, net of amortization (in Dollars)	`ProductDevelopmentCostsNetOfAmortization`	$15.03K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$255.58K	USD	Point-in-time
Other intangible assets, net of amortization (in Dollars)	`OtherIntangibleAssetsAmortization`	$4.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$252.85K	USD	Point-in-time
Other intangible assets, net of amortization (in Dollars)	`OtherIntangibleAssetsAmortization`	$4.71M	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$164.55K	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$182.36K	USD	Point-in-time
Product development costs, net of amortization of $15,029	`ProductDevelopmentCosts`	$1.01M	USD	Point-in-time
Preferred stock, shares designated	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares designated	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Product development costs, net of amortization of $15,029	`ProductDevelopmentCosts`	$1.25M	USD	Point-in-time
Goodwill	`Goodwill`	$10.96M	USD	Point-in-time
Goodwill	`Goodwill`	$10.96M	USD	Point-in-time
Other intangible assets, net of amortization of $4,900,886 and $4,710,437, respectively	`OtherIntangibleAssetsNet`	$3.51M	USD	Point-in-time
Other intangible assets, net of amortization of $4,900,886 and $4,710,437, respectively	`OtherIntangibleAssetsNet`	$3.70M	USD	Point-in-time
Total Assets	`Assets`	$25.64M	USD	Point-in-time
Total Assets	`Assets`	$300.00K	USD	Point-in-time
Total Assets	`Assets`	$27.46M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$2.52	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$521.28K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$673.05K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$1.74M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	479,669.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.22M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$750.53K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.27M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	479,669.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.22M	shares	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.41M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$424.19K	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$440.26K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.70M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.85M	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series C redeemable preferred stock, par value $0.0001 per share: 2,000 shares designated; 10 shares issued and outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue1`	$1.81M	USD	Point-in-time
Series C redeemable preferred stock, par value $0.0001 per share: 2,000 shares designated; 10 shares issued and outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue1`	$1.81M	USD	Point-in-time
Preferred stock, par value $0.0001 per share: 10,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share: 10,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Series F preferred stock, par value $0.0001 per share: 1,333,333 shares designated; 106,333 and 173,333 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively, aggregate liquidation preference of $319,000 as of March 31, 2023 and $520,000 as of December 31, 2022	`PreferredStockValue2`	$319.00K	USD	Point-in-time
Series F preferred stock, par value $0.0001 per share: 1,333,333 shares designated; 106,333 and 173,333 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively, aggregate liquidation preference of $319,000 as of March 31, 2023 and $520,000 as of December 31, 2022	`PreferredStockValue2`	$520.00K	USD	Point-in-time
Common stock, par value $0.0001 per share: 100,000,000 shares authorized; 1,220,308 and 479,669 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$48.00	USD	Point-in-time
Common stock, par value $0.0001 per share: 100,000,000 shares authorized; 1,220,308 and 479,669 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$123.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$106.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$111.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-87.44M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-85.61M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$23.96M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$20.98M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$25.85M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$26.59M	USD	Point-in-time
Total Liabilities, Series C Redeemable Preferred Stock and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$25.64M	USD	Point-in-time
Total Liabilities, Series C Redeemable Preferred Stock and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$27.46M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net Loss Attributable to Common Stockholders Per Share Diluted	`EarningsPerShareDiluted`	$-1.92	USD	1 Quarter
Revenues	`Revenues`	$3.65M	USD	1 Quarter
Net Loss Attributable to Common Stockholders Per Share Diluted	`EarningsPerShareDiluted`	$-2.89	USD	1 Quarter
Revenues	`Revenues`	$2.81M	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	474,099.00	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	996,080.00	shares	1 Quarter
Costs of goods sold	`CostOfGoodsAndServicesSold`	$947.17K	USD	1 Quarter
Costs of goods sold	`CostOfGoodsAndServicesSold`	$1.45M	USD	1 Quarter
Gross Profit	`GrossProfit`	$2.20M	USD	1 Quarter
Gross Profit	`GrossProfit`	$1.86M	USD	1 Quarter
Direct operating cost	`DirectOperatingCost`	$474.44K	USD	1 Quarter
Direct operating cost	`DirectOperatingCost`	$262.80K	USD	1 Quarter
Advertising costs	`OtherCostAndExpenseOperating`	-	USD	1 Quarter
Advertising costs	`OtherCostAndExpenseOperating`	$48.12K	USD	1 Quarter
Selling and marketing	`MarketingExpense`	$189.21K	USD	1 Quarter
Selling and marketing	`MarketingExpense`	$465.54K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$262.48K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$313.89K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.41M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.34M	USD	1 Quarter
Other expense	`OtherOperatingIncomeExpenseNet`	$-30.08K	USD	1 Quarter
Other expense	`OtherOperatingIncomeExpenseNet`	$-28.32K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$216.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$194.36K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$3.75M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$3.49M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-1.28M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-1.89M	USD	1 Quarter
Interest income	`WarrantModificationExpenses`	-	USD	1 Quarter
Interest income	`WarrantModificationExpenses`	$-52.43K	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	$52.43K	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.28M	USD	1 Quarter
Loss before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.83M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`ProfitLoss`	$-1.83M	USD	1 Quarter
Net Loss	`ProfitLoss`	$-1.28M	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsIncomeStatementImpact`	$75.00K	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsIncomeStatementImpact`	$88.00K	USD	1 Quarter
Net Loss Attributable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.37M	USD	1 Quarter
Net Loss Attributable to Common Stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.91M	USD	1 Quarter
Net Loss Attributable to Common Stockholders Per Share Basic and Diluted (in Dollars per share)	`EarningsPerShareBasic`	$-1.92	USD	1 Quarter
Net Loss Attributable to Common Stockholders Per Share Basic and Diluted (in Dollars per share)	`EarningsPerShareBasic`	$-2.89	USD	1 Quarter
Weighted Average Number of Common Shares Outstanding Basic and Diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	996,080.00	shares	1 Quarter
Weighted Average Number of Common Shares Outstanding Basic and Diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	474,099.00	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.28M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.83M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$25.55K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$257.00	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$629.80K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$429.05K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$190.45K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$194.11K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-351.92K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$34.51K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-610.71K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-361.20K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$44.20K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-56.78K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$566.98K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-229.74K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-98.04K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-984.16K	USD	1 Quarter
Net Cash (Used in) Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$292.45K	USD	1 Quarter
Net Cash (Used in) Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.38M	USD	1 Quarter
Purchase of equipment and website development	`PaymentsToAcquirePropertyPlantAndEquipment`	$36.99K	USD	1 Quarter
Purchase of equipment and website development	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.73K	USD	1 Quarter
Product development costs	`PaymentsToAcquireSoftware`	$137.88K	USD	1 Quarter
Product development costs	`PaymentsToAcquireSoftware`	-	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-143.61K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-36.99K	USD	1 Quarter
Proceeds from sale of common stock and warrants	`TerminationFeeUponEarlyPaymentOfTermLoan`	-	USD	1 Quarter
Proceeds from sale of common stock and warrants	`TerminationFeeUponEarlyPaymentOfTermLoan`	$-5.21M	USD	1 Quarter
Fees paid in connection with equity offerings	`PaymentsOfFinancingCosts`	$805.25K	USD	1 Quarter
Fees paid in connection with equity offerings	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Series C redeemable preferred stock dividends	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$75.00K	USD	1 Quarter
Series C redeemable preferred stock dividends	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$75.00K	USD	1 Quarter
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$4.33M	USD	1 Quarter
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-75.00K	USD	1 Quarter
Net Increase in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.80M	USD	1 Quarter
Net Increase in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$180.46K	USD	1 Quarter
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.04M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.25M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.84M	USD	Point-in-time
Cash, Cash Equivalents and Restricted Cash - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.44M	USD	Point-in-time
Accrued Series C redeemable and Series F preferred stock dividends	`AccruedPreferredStockDividends`	$107.93K	USD	1 Quarter
Accrued Series C redeemable and Series F preferred stock dividends	`AccruedPreferredStockDividends`	-	USD	1 Quarter
Conversion of Series F preferred stock to common stock	`ConversionOfSeriesEPreferredStockToCommonStocks`	-	USD	1 Quarter
Conversion of Series F preferred stock to common stock	`ConversionOfSeriesEPreferredStockToCommonStocks`	$201.00K	USD	1 Quarter
Common stock issued to settle Series F Preferred stock dividends	`DebtConversionConvertedInstrumentAmount1`	-	USD	1 Quarter
Common stock issued to settle Series F Preferred stock dividends	`DebtConversionConvertedInstrumentAmount1`	$48.39K	USD	1 Quarter
Equipment purchases and website development included in accounts payable and accrued expenses	`StockIssued1`	$17.09K	USD	1 Quarter
Equipment purchases and website development included in accounts payable and accrued expenses	`StockIssued1`	-	USD	1 Quarter
Product development costs included in accounts payable and accrued expenses	`WebsiteDevelopmentIncludedInAccountsPayabl`	-	USD	1 Quarter
Product development costs included in accounts payable and accrued expenses	`WebsiteDevelopmentIncludedInAccountsPayabl`	$105.21K	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$23.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$20.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$26.59M	USD	Point-in-time
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$426.84K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$512.35K	USD	1 Quarter
Shares issued as stock compensation	`SharesIssuedAsStockCompensation`	$117.45K	USD	1 Quarter
Shares issued as stock compensation	`SharesIssuedAsStockCompensation`	$2.20K	USD	1 Quarter
Sale of common stock and warrants pursuant to a registration statement on Form S-1	`SaleOfCommonStockAndWarrantsPursuantToARegistrationStatementOnFormS1`	$5.21M	USD	1 Quarter
Fees incurred in connection with equity offerings	`StockIssuedDuringPeriodValueOther`	$-805.25K	USD	1 Quarter
Series F Preferred stock converted to common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Series F Preferred stock dividends to common stock	`SeriesFPreferredStockDividendsToCommonStock`	$48.39K	USD	1 Quarter
Series F Preferred stock dividends to common stock	`SeriesFPreferredStockDividendsToCommonStock`	$-13.00K	USD	1 Quarter
Series C Preferred stock dividends	`SeriesCPreferredStockDividends`	$75.00K	USD	1 Quarter
Series C Preferred stock dividends	`SeriesCPreferredStockDividends`	$75.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.28M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.83M	USD	1 Quarter
Balance	`StockholdersEquity`	$23.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$20.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.85M	USD	Point-in-time
Balance	`StockholdersEquity`	$26.59M	USD	Point-in-time

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