$MLRT
Metalert, Inc.

2019 Q4 Form 10-Q Financial Statement

#000149315219017046 Filed on November 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $215.7K $340.1K $195.5K
YoY Change 131.43% 73.93% 12.01%
Cost Of Revenue $51.84K $37.54K $30.42K
YoY Change 0.48% 23.39% -48.21%
Gross Profit $163.9K $302.5K $149.6K
YoY Change 293.71% 102.25% 39.09%
Gross Profit Margin 75.97% 88.96% 76.51%
Selling, General & Admin $44.05K $58.44K $94.35K
YoY Change -89.33% -38.06% 82.52%
% of Gross Profit 26.88% 19.32% 63.07%
Research & Development $2.795K
YoY Change
% of Gross Profit 1.87%
Depreciation & Amortization $5.660K $5.660K $15.85K
YoY Change -67.68% -64.29% -20.75%
% of Gross Profit 3.45% 1.87% 10.6%
Operating Expenses $44.04K $229.8K $376.8K
YoY Change -89.83% -39.01% 23.81%
Operating Profit $119.9K $72.72K -$227.2K
YoY Change -130.61% -132.01% 15.46%
Interest Expense -$302.8K -$329.2K $38.17K
YoY Change 86.49% -962.24% 62.37%
% of Operating Profit -252.59% -452.61%
Other Income/Expense, Net $11.25K -$329.1K -$26.60K
YoY Change 1137.58% -87.18%
Pretax Income -$144.2K -$256.4K -$253.8K
YoY Change -71.46% 1.02% -36.55%
Income Tax
% Of Pretax Income
Net Earnings -$144.2K -$256.4K -$253.8K
YoY Change -71.46% 1.03% -37.2%
Net Earnings / Revenue -66.82% -75.4% -129.82%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.112K -$4.680K -$18.57K
COMMON SHARES
Basic Shares Outstanding 68.85M shares 88.89M shares 13.08M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $184.4K $193.1K $15.31K
YoY Change 162.71% 1161.07%
Cash & Equivalents $125.2K $76.22K $15.31K
Short-Term Investments $59.22K $116.9K $0.00
Other Short-Term Assets $10.38K $10.50K $14.70K
YoY Change 198.45% -28.56% -83.33%
Inventory $36.19K $41.51K $49.21K
Prepaid Expenses
Receivables $47.82K $80.61K $182.1K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $278.8K $325.7K $261.3K
YoY Change 43.86% 24.66% -5.54%
LONG-TERM ASSETS
Property, Plant & Equipment $18.40K $23.75K $91.40K
YoY Change -68.48% -74.02% -16.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $33.40K $39.06K $110.3K
YoY Change -55.25% -64.59% -16.51%
TOTAL ASSETS
Total Short-Term Assets $278.8K $325.7K $261.3K
Total Long-Term Assets $33.40K $39.06K $110.3K
Total Assets $312.2K $364.8K $371.6K
YoY Change 16.3% -1.83% -9.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $203.1K $201.0K $372.0K
YoY Change -17.61% -45.97% 16.26%
Accrued Expenses $441.1K $421.9K $499.3K
YoY Change 0.58% -15.52% 93.46%
Deferred Revenue $70.07K $155.1K
YoY Change 169.51%
Short-Term Debt $210.0K $2.386M $200.0K
YoY Change 5.0% 1093.07% -86.31%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.910M $3.773M $3.336M
YoY Change 5.15% 13.1% 42.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.910M $3.773M $3.336M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.910M $3.773M $3.336M
YoY Change 5.15% 13.1% 42.0%
SHAREHOLDERS EQUITY
Retained Earnings -$23.56M -$23.27M -$22.32M
YoY Change 3.23% 4.24% 8.1%
Common Stock $7.142K $5.962K $1.510K
YoY Change 12.72% 294.83% -99.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.598M -$3.409M -$2.965M
YoY Change
Total Liabilities & Shareholders Equity $312.2K $364.8K $371.6K
YoY Change 16.3% -1.83% -9.09%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$144.2K -$256.4K -$253.8K
YoY Change -71.46% 1.03% -37.2%
Depreciation, Depletion And Amortization $5.660K $5.660K $15.85K
YoY Change -67.68% -64.29% -20.75%
Cash From Operating Activities -$108.0K -$86.02K -$91.64K
YoY Change 211.26% -6.13% -23.63%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $10.00K
YoY Change -100.0% -200.0%
Acquisitions
YoY Change
Other Investing Activities $42.78K
YoY Change
Cash From Investing Activities $42.78K $0.00 $10.00K
YoY Change -100.0% -200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 114.2K -26.26K 57.00K
YoY Change 58.68% -146.07% -48.18%
NET CHANGE
Cash From Operating Activities -108.0K -86.02K -91.64K
Cash From Investing Activities 42.78K 0.000 10.00K
Cash From Financing Activities 114.2K -26.26K 57.00K
Net Change In Cash 48.99K -112.3K -24.64K
YoY Change 31.38% 355.68% 23.2%
FREE CASH FLOW
Cash From Operating Activities -$108.0K -$86.02K -$91.64K
Capital Expenditures $0.00 $0.00 $10.00K
Free Cash Flow -$108.0K -$86.02K -$101.6K
YoY Change 211.26% -15.37% -7.6%

Facts In Submission

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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Use of Estimates</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the accompanying unaudited 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. These estimates include, but are not limited to, estimates related to revenue recognition, allowance for doubtful accounts, inventory valuation, tangible and intangible long-term asset valuation, warranty and other obligations and commitments. Estimates are updated on an ongoing basis and are evaluated based on historical experience and current circumstances. Changes in facts and circumstances in the future may give rise to changes in these estimates which may cause actual results to differ from current estimates.</p> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Concentrations</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We currently rely on one manufacturer to supply us with our GPS SmartSole and two manufacturers to supply us with the GPS device included in the GPS SmartSole. The loss of either of these manufacturers could severely impede our ability to manufacture the GPS SmartSole.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September 30, 2019, the Company had two customers that each represented 77% and 8% of our sales on an individual basis, or approximately 85% in the aggregate, and during the nine months ended September 30, 2018, the Company had three major customers that each represented more than 39%, 23% and 10% of our sales on an individual basis, or approximately 71% in the aggregate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September 30, 2019, the Company had three customers that each represented 55% and 17% and 8%, of our sales on an individual basis, or approximately 80% in the aggregate, and during the three months ended September 30, 2018, the Company had four major customers that each represented more than 42%, 21%, 7% and 7% of our sales on an individual basis, or approximately 77% in the aggregate.</p> <p style="margin: 0pt"></p>
CY2019Q3 us-gaap Interest Payable Current And Noncurrent
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GTXO Interest Expense And Financing Costs
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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GTXO Total Cost Of Goods Sold
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CY2019Q3 GTXO Total Cost Of Goods Sold
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GTXO Debt Discount On Convertible Promissory Notes
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GTXO Debt Discount Related To Derivative Liabilities
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GTXO Debt Discount Related To Derivative Liabilities
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us-gaap Marketable Securities Unrealized Gain Loss
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CY2018Q3 us-gaap Marketable Securities Unrealized Gain Loss
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GTXO Bcf For Shares Issued
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us-gaap Financing Interest Expense
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us-gaap Financing Interest Expense
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Derivative Gain Loss On Derivative Net
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dei Amendment Flag
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
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EntityInteractiveDataCurrent
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dei Entity Shell Company
EntityShellCompany
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CY2019Q3 us-gaap Marketable Securities Current
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CY2018Q4 us-gaap Marketable Securities Current
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GTXO Non Cash Financing Cost On Related Party Notes
NonCashFinancingCostOnRelatedPartyNotes
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GTXO Non Cash Financing Cost On Related Party Notes
NonCashFinancingCostOnRelatedPartyNotes
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CY2019Q3 GTXO Non Cash Financing Cost On Related Party Notes
NonCashFinancingCostOnRelatedPartyNotes
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CY2018Q3 GTXO Non Cash Financing Cost On Related Party Notes
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CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Mark To Market
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GTXO Issuance Of Preferred Stock For Services
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CY2018Q3 GTXO Issuance Of Preferred Stock For Services
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us-gaap Net Cash Provided By Used In Investing Activities
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GTXO Issuance Of Common Stock For Accrued Expenses
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GTXO Issuance Of Common Stock For Accrued Expenses
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us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
634000 usd
us-gaap Marketable Securities Gain Loss
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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GTXO Change In Fair Value Of Marketable Securities
ChangeInFairValueOfMarketableSecurities
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GTXO Change In Fair Value Of Marketable Securities
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GTXO Fair Value Of Common Stock Issuedto Management
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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GTXO Increase In Accrued Interestonconvertible Notes
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11250 usd
GTXO Increase In Accrued Interestonconvertible Notes
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CY2019Q3 us-gaap Commitments And Contingencies
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CY2019Q3 us-gaap Lines Of Credit Current
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GTXO Stock Issued During Period Value Exercise Of Warrants
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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47250 usd
GTXO Proceeds From Term Loans And Line Of Credit
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GTXO Proceeds From Term Loans And Line Of Credit
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GTXO Adjustments To Additional Paid In Capital Warrant Issued For Services
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us-gaap Stock Issued During Period Value New Issues
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GTXO Payments On Terms Loans And Lines Of Credit
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CY2019Q3 us-gaap Notes Payable
NotesPayable
324000 usd
CY2018Q4 us-gaap Notes Payable
NotesPayable
265000 usd
GTXO Warrants Outstanding And Exercisable Intrinsic Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
0.01 shares
CY2019Q3 GTXO Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
15190000
CY2018Q4 GTXO Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
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GTXO Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisesInPeriodWeightedAverageExercisePrice
GTXO Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantsInPeriodWeightedAverageExercisePrice
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GTXO Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expired In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpiredInPeriodWeightedAverageExercisePrice
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CY2019Q3 GTXO Cancellation Of Retention Bonus Shares
CancellationOfRetentionBonusShares
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GTXO Cancellation Of Retention Bonus Shares
CancellationOfRetentionBonusShares
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