2017 Q1 Form 10-K Financial Statement

#000149315217003273 Filed on March 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2015 Q4 2015
Revenue $142.6K $60.00K $449.3K
YoY Change 64.91% 50.0% 224.76%
Cost Of Revenue $53.03K $10.00K $300.0K
YoY Change 51.19% -66.67% 300.89%
Gross Profit $73.16K $40.00K $149.2K
YoY Change 60.37% 300.0% 135.01%
Gross Profit Margin 51.31% 66.67% 33.21%
Selling, General & Admin $107.0K $400.0K $1.439M
YoY Change -67.58% 81.82% 38.93%
% of Gross Profit 146.25% 1000.0% 964.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.86K $0.00 $3.172K
YoY Change -59.06%
% of Gross Profit 20.31% 0.0% 2.13%
Operating Expenses $353.7K $410.0K $1.439M
YoY Change 5.88% 86.36% 37.6%
Operating Profit -$280.5K -$370.0K -$1.290M
YoY Change -2.73% 76.19% 31.3%
Interest Expense $29.00K $60.00K $17.86K
YoY Change 112.56% -78.57% 118.91%
% of Operating Profit
Other Income/Expense, Net -$286.7K -$90.00K $10.02K
YoY Change 2001.14% -280.0% -98.78%
Pretax Income -$590.0K -$390.0K -$1.280M
YoY Change 96.67% 95.0% -29.04%
Income Tax
% Of Pretax Income
Net Earnings -$567.2K -$390.0K -$1.280M
YoY Change 87.78% 95.0% -29.04%
Net Earnings / Revenue -397.82% -650.0% -284.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$75.64K -$83.51K -$301.3K
COMMON SHARES
Basic Shares Outstanding 579.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00K $7.868K $7.870K
YoY Change -75.0% -21.32% -35.33%
Cash & Equivalents $13.76K $7.868K $7.870K
Short-Term Investments $0.00
Other Short-Term Assets $21.65K $55.45K $55.45K
YoY Change -69.07% 256.38% 256.36%
Inventory $59.38K $57.64K $57.64K
Prepaid Expenses
Receivables $70.00K $40.00K $40.98K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $166.0K $161.9K $161.9K
YoY Change -27.81% 1.71% 1.7%
LONG-TERM ASSETS
Property, Plant & Equipment $120.8K $131.8K $131.8K
YoY Change -7.11% 4124.1% 4124.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00K $0.00 $0.00
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $152.7K $146.8K $146.8K
YoY Change 1.79% 17.7% 17.7%
TOTAL ASSETS
Total Short-Term Assets $166.0K $161.9K $161.9K
Total Long-Term Assets $152.7K $146.8K $146.8K
Total Assets $318.7K $308.7K $308.7K
YoY Change -16.12% 8.73% 8.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $290.0K $191.2K
YoY Change
Accrued Expenses $222.8K $247.8K $539.2K
YoY Change -38.1% -24.92% 64.37%
Deferred Revenue
YoY Change
Short-Term Debt $1.334M $756.3K $556.3K
YoY Change 93.33% 103.59% 49.75%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.778M $1.289M $1.289M
YoY Change 19.32% -4.87% -4.87%
LONG-TERM LIABILITIES
Long-Term Debt $430.0K $200.0K $200.0K
YoY Change 115.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $430.0K $200.0K $200.0K
YoY Change 115.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.778M $1.289M $1.289M
Total Long-Term Liabilities $430.0K $200.0K $200.0K
Total Liabilities $2.207M $1.489M $1.489M
YoY Change 30.59% 9.89% 9.89%
SHAREHOLDERS EQUITY
Retained Earnings -$20.31M -$18.52M
YoY Change 7.42%
Common Stock $579.5K $355.4K
YoY Change 34.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.888M -$1.181M -$1.181M
YoY Change
Total Liabilities & Shareholders Equity $318.7K $308.7K $308.7K
YoY Change -16.12% 8.73% 8.73%

Cashflow Statement

Concept 2017 Q1 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$567.2K -$390.0K -$1.280M
YoY Change 87.78% 95.0% -29.04%
Depreciation, Depletion And Amortization $14.86K $0.00 $3.172K
YoY Change -59.06%
Cash From Operating Activities -$169.2K -$160.0K -$666.1K
YoY Change 40.13% -5.88% 25.28%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $4.814K
YoY Change 53.07%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K -$26.21K
YoY Change 733.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $87.50K 180.0K $688.0K
YoY Change -42.05% 5.88% 42.66%
NET CHANGE
Cash From Operating Activities -$169.2K -160.0K -$666.1K
Cash From Investing Activities -30.00K -$26.21K
Cash From Financing Activities $87.50K 180.0K $688.0K
Net Change In Cash -$81.67K -10.00K -$4.300K
YoY Change -369.79% 11453246122666650.0% -91.82%
FREE CASH FLOW
Cash From Operating Activities -$169.2K -$160.0K -$666.1K
Capital Expenditures -$30.00K $4.814K
Free Cash Flow -$130.0K -$670.9K
YoY Change -23.53% 25.44%

Facts In Submission

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<p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Revenue Recognition</u></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues consist primarily of the sale of our GPS tracking devices and the related monthly service fees, the sale of our GPS SmartSole via various pilot programs, the monthly service fee from subscribers of the GPS Shoe, and our mobile tracking applications sold via the Apple iTunes Store and the Google Marketplace.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes revenue from product sales when the product is shipped to the customer and title has transferred. The Company recognizes application revenue when the application is purchased by the customer. The Company assumes no remaining significant obligations associated with the product sale other than that related to its warranty program discussed below. Revenue related to monthly service fees both for the GPS SmartSole, GPS Shoes and GPS tracking devices, licensing agreements and annual subscriptions are recognized over the respective terms of the agreements.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from multiple-element arrangements is allocated to the elements based on the relative fair value of each element, which is generally based on the relative sales price of each element when sold separately. Each element&#8217;s allocated revenue is recognized when the revenue recognition criteria for that element have been met. If the Company cannot objectively determine the fair value of any undelivered element included in a multiple-element arrangement, the Company defers revenue until all elements are delivered and services have been performed, or until fair value can objectively be determined for any remaining undelivered elements.</p>
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CY2016 GTXO Fair Value Of Common Stock Received As Income
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CY2016Q4 us-gaap Operating Loss Carryforwards
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CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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0.35
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0.35
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CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2015Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2016Q4 us-gaap Deferred Tax Assets Net
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CY2015Q4 us-gaap Deferred Tax Assets Net
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CY2016 GTXO Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Exercised Date Fair Value
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CY2015 GTXO Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Exercised Date Fair Value
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CY2016 GTXO Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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P1M2D
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14942 usd
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CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2016 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Use of Estimates</u></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with generally accepted accounting principles 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. Actual results could differ from those estimates.</p>
CY2016Q4 us-gaap Available For Sale Securities Equity Securities Noncurrent
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31875 usd
CY2015Q4 us-gaap Available For Sale Securities Equity Securities Noncurrent
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CY2016 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2016 us-gaap Stockholders Equity Other
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104294 usd
CY2015 us-gaap Stockholders Equity Other
StockholdersEquityOther
233000 usd
CY2016 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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CY2015 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
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CY2016 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2015 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
10507 usd
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2016 us-gaap Interest Expense Debt
InterestExpenseDebt
27119 usd
CY2015 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2016 us-gaap Stock Issued1
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87000 usd
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StockIssued1
233000 usd
CY2016 us-gaap Amortization Of Financing Costs And Discounts
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885597 usd
CY2015 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
90802 usd
CY2016 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
The Company’s warranty policy provides repair or replacement of products (excluding GPS Shoe devices) returned for defects within ninety days of purchase.
CY2016 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P2Y
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2016Q4 us-gaap Convertible Notes Payable
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CY2016 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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0.35
CY2016Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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0 usd
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2016Q2 dei Entity Public Float
EntityPublicFloat
0 usd
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2016 us-gaap Available For Sale Securities Gross Unrealized Loss
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-30604 usd
CY2015 us-gaap Available For Sale Securities Gross Unrealized Loss
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CY2016 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-1250960 usd
CY2015 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-1279708 usd
CY2016 GTXO Unrealized Loss On Available For Sale Investment
UnrealizedLossOnAvailableForSaleInvestment
30604 usd
CY2015 GTXO Unrealized Loss On Available For Sale Investment
UnrealizedLossOnAvailableForSaleInvestment
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CY2016Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
197024 usd
CY2015Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
247760 usd

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