2023 Q1 Form 10-K Financial Statement

#000121390023024727 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.810M $2.147M $11.92M
YoY Change -23.04% -11.22% 18.9%
Cost Of Revenue $947.2K $825.5K $4.686M
YoY Change -34.56% -39.99% 7.92%
Gross Profit $1.863M $1.321M $7.231M
YoY Change -15.47% 26.73% 27.29%
Gross Profit Margin 66.29% 61.54% 60.68%
Selling, General & Admin $2.879M $2.416M $10.24M
YoY Change 14.02% -18.24% 28.92%
% of Gross Profit 154.59% 182.84% 141.59%
Research & Development $313.9K $399.4K $1.241M
YoY Change 19.59% 765.52% 62.12%
% of Gross Profit 16.85% 30.23% 17.17%
Depreciation & Amortization $25.55K $219.0K $26.89K
YoY Change -86.86% 14.06% -96.6%
% of Gross Profit 1.37% 16.58% 0.37%
Operating Expenses $3.748M $3.681M $14.14M
YoY Change 7.51% 42.81% 62.37%
Operating Profit -$1.886M -$2.360M -$6.906M
YoY Change 46.97% 53.73% 128.2%
Interest Expense $52.43K $61.74K $119.5K
YoY Change -320.5% -108.39%
% of Operating Profit
Other Income/Expense, Net $52.43K $0.00 $119.5K
YoY Change -104.15%
Pretax Income -$1.833M -$2.298M -$6.787M
YoY Change 42.89% -62.23% -41.0%
Income Tax $138.0K $138.0K
% Of Pretax Income
Net Earnings -$1.833M -$2.507M -$6.925M
YoY Change 42.89% -60.14% -40.85%
Net Earnings / Revenue -65.25% -116.77% -58.11%
Basic Earnings Per Share -$1.92 -$0.76
Diluted Earnings Per Share -$1.92 -$0.26 -$0.76
COMMON SHARES
Basic Shares Outstanding 24.41M shares 9.609M shares 9.574M shares
Diluted Shares Outstanding 996.1K shares 9.574M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.782M $6.977M $6.977M
YoY Change -19.98% -42.07% -42.07%
Cash & Equivalents $9.782M $6.977M
Short-Term Investments
Other Short-Term Assets $352.3K $409.1K $409.1K
YoY Change -68.07% -61.38% -61.38%
Inventory $1.134M $1.745M $1.745M
Prepaid Expenses
Receivables $50.68K $402.6K $402.6K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.32M $9.534M $9.534M
YoY Change -21.05% -33.97% -33.97%
LONG-TERM ASSETS
Property, Plant & Equipment $252.9K $255.6K $437.9K
YoY Change -6.11% 2.93% 76.37%
Goodwill $10.96M $10.96M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $16.14M $16.11M $16.11M
YoY Change 4.05% 2.7% 2.7%
TOTAL ASSETS
Total Short-Term Assets $11.32M $9.534M $9.534M
Total Long-Term Assets $16.14M $16.11M $16.11M
Total Assets $27.46M $25.64M $25.64M
YoY Change -8.01% -14.88% -14.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $521.3K $673.1K $673.1K
YoY Change -50.79% 36.68% 36.68%
Accrued Expenses $750.5K $1.692M $1.692M
YoY Change 14.0% 99.24% 124.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.272M $2.414M $2.414M
YoY Change -30.34% 79.88% 79.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $424.2K $440.3K $440.3K
YoY Change 15.46% 14.29% 14.29%
Total Long-Term Liabilities $424.2K $440.3K $440.3K
YoY Change 15.46% 14.29% 14.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.272M $2.414M $2.414M
Total Long-Term Liabilities $424.2K $440.3K $440.3K
Total Liabilities $1.696M $2.854M $2.854M
YoY Change -22.67% 65.25% 65.26%
SHAREHOLDERS EQUITY
Retained Earnings -$87.44M -$85.61M
YoY Change 8.84%
Common Stock $123.00 $961.00
YoY Change 4.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.96M $20.98M $22.79M
YoY Change
Total Liabilities & Shareholders Equity $27.46M $25.64M $25.64M
YoY Change -8.01% -14.88% -14.88%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.833M -$2.507M -$6.925M
YoY Change 42.89% -60.14% -40.85%
Depreciation, Depletion And Amortization $25.55K $219.0K $26.89K
YoY Change -86.86% 14.06% -96.6%
Cash From Operating Activities -$1.383M -$1.699M -$3.609M
YoY Change -572.86% -35.26% -38.97%
INVESTING ACTIVITIES
Capital Expenditures $5.732K $33.84K $282.5K
YoY Change -115.5%
Acquisitions
YoY Change
Other Investing Activities -$137.9K -$543.9K -$1.026M
YoY Change
Cash From Investing Activities -$143.6K -$577.8K -$1.308M
YoY Change 288.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.331M -75.00K -$300.0K
YoY Change -5874.91% -94.46% -102.2%
NET CHANGE
Cash From Operating Activities -$1.383M -1.699M -$3.609M
Cash From Investing Activities -$143.6K -577.8K -$1.308M
Cash From Financing Activities $4.331M -75.00K -$300.0K
Net Change In Cash $2.805M -2.351M -$5.217M
YoY Change 1454.19% -40.88%
FREE CASH FLOW
Cash From Operating Activities -$1.383M -$1.699M -$3.609M
Capital Expenditures $5.732K $33.84K $282.5K
Free Cash Flow -$1.389M -$1.732M -$3.892M
YoY Change -521.51%

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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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7717000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 lgmk Conversion Of Series F Preferred Stock To Common Stocks
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CY2022 lgmk Website Development Included In Accounts Payabl
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CY2022Q4 us-gaap Advances On Inventory Purchases
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CY2021Q4 us-gaap Advances On Inventory Purchases
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600000 usd
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CY2022Q4 lgmk Cash And Cash Equivalents
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>USE OF ESTIMATES IN THE FINANCIAL STATEMENTS</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s management evaluates these significant estimates and assumptions, including those related to the fair value of acquired assets and liabilities, stock-based compensation, income taxes, allowance for doubtful accounts, long-lived assets, and inventories, and other matters that affect the financial statements and disclosures. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>CONCENTRATIONS OF CREDIT RISK</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and cash equivalents balances in large well-established financial institutions located in the United States. At times, the Company’s cash balances may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
CY2022 lgmk Freight Charges
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1200000 usd
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525000 shares
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4500000 usd
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300000 usd
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0.01 pure
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CY2021 lgmk Gross Proceeds
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CY2021Q3 us-gaap Alternative Investment
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CY2021Q1 lgmk Rreplacement Warrants Shares
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246913 shares
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CY2022 lgmk Voting Rights Description
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One share of Series C Redeemable Preferred Stock carries the same voting rights as one share of common stock.
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32500 shares
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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1700000 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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2900000 usd
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12268170 usd
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205028 usd
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508057 usd
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2021Q4 us-gaap Deferred Tax Assets Other
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9145 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
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18151756 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
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16049568 usd
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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807831 usd
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q4 lgmk Deferred Tax Assets Right Of Use Asset
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790527 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Goodwill
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500073 usd
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284921 usd
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Liabilities
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320102 usd
CY2021Q4 us-gaap Deferred Tax Liabilities
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195633 usd
CY2022Q4 us-gaap Tax Credit Carryforward Amount
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200000 usd
CY2022 lgmk Real Estate Lease Term Description
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The Company’s real estate lease, which is for office space and a fulfillment center, with a lease term of 5 years expiring in August 2025. The Company also leases a copier with a lease term of 5 years, ending August 2023.
CY2022Q3 lgmk Monthly Rent Amount
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6400 usd
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0.03 pure
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101451 usd
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89724 usd
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80000 usd
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54400 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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224124 usd
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34560 usd
CY2022Q4 lgmk Total Present Value Of Future Minimum Lease Payments
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189564 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022 us-gaap Goodwill Impairment Loss
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CY2021 lgmk Exercise Of Common Stock Purchase Warrants On A Cashless Basis
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CY2021 lgmk Fractional Shares Issued In The1for10 Stock Split
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CY2022 lgmk Proceeds From Ppp Loan
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CY2022 lgmk Proceed Received In Connection With Issuance Of Series F Preferred Stock Net
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CY2022 lgmk Termination Fee Upon Early Payment Of Term Loan
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CY2022 lgmk Issuance Of Warrants Issued In Connection With Debt Refinancing
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CY2022 lgmk Conversion Of Series E Preferred Stock To Common Stocks
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CY2021Q4 us-gaap Cash Equivalents At Carrying Value
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CY2022 us-gaap Long Term Debt Average Amount Outstanding
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CY2022 us-gaap Current Federal Tax Expense Benefit
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FilingSummary.xml Edgar Link unprocessable
0001213900-23-024727-index-headers.html Edgar Link pending
0001213900-23-024727-index.html Edgar Link pending
0001213900-23-024727.txt Edgar Link pending
0001213900-23-024727-xbrl.zip Edgar Link pending
f10k2022ex14-1_logicmark.htm Edgar Link pending
f10k2022ex23-1_logicmark.htm Edgar Link pending
f10k2022ex23-2_logicmark.htm Edgar Link pending
f10k2022ex31-1_logicmark.htm Edgar Link pending
f10k2022ex31-2_logicmark.htm Edgar Link pending
f10k2022ex32-1_logicmark.htm Edgar Link pending
f10k2022ex32-2_logicmark.htm Edgar Link pending
f10k2022_logicmarkinc.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
image_001.jpg Edgar Link pending
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lgmk-20221231.xsd Edgar Link pending
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lgmk-20221231_cal.xml Edgar Link unprocessable
lgmk-20221231_def.xml Edgar Link unprocessable
lgmk-20221231_lab.xml Edgar Link unprocessable
lgmk-20221231_pre.xml Edgar Link unprocessable
f10k2022_logicmarkinc_htm.xml Edgar Link completed
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report.css Edgar Link pending
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