$MLRT
Metalert, Inc.

2020 Q2 Form 10-Q Financial Statement

#000149315220009347 Filed on May 18, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q4
Revenue $472.1K $96.72K $215.7K
YoY Change -43.93% -6.02% 131.43%
Cost Of Revenue $250.8K $34.64K $51.84K
YoY Change 290.66% -13.21% 0.48%
Gross Profit $221.3K $62.08K $163.9K
YoY Change -71.55% -1.46% 293.71%
Gross Profit Margin 46.87% 64.19% 75.97%
Selling, General & Admin $17.73K $75.45K $44.05K
YoY Change -61.91% -6.85% -89.33%
% of Gross Profit 8.01% 121.53% 26.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.070K $4.076K $5.660K
YoY Change -19.95% -77.7% -67.68%
% of Gross Profit 4.1% 6.57% 3.45%
Operating Expenses $296.1K $282.3K $44.04K
YoY Change -19.02% -41.26% -89.83%
Operating Profit -$74.75K -$220.2K $119.9K
YoY Change -118.13% -47.26% -130.61%
Interest Expense $6.230K $189.6K -$302.8K
YoY Change -114.99% -259.47% 86.49%
% of Operating Profit -252.59%
Other Income/Expense, Net $98.01K $227.1K $11.25K
YoY Change -335.83% -263.47%
Pretax Income $23.26K $6.910K -$144.2K
YoY Change -93.73% -101.24% -71.46%
Income Tax
% Of Pretax Income
Net Earnings $23.26K $6.908K -$144.2K
YoY Change -93.73% -101.24% -71.46%
Net Earnings / Revenue 4.93% 7.14% -66.82%
Basic Earnings Per Share
Diluted Earnings Per Share $236.80 $74.56 -$2.112K
COMMON SHARES
Basic Shares Outstanding 91.85M shares 80.13M shares 68.85M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $254.9K $102.3K $184.4K
YoY Change -69.04% 244.21% 162.71%
Cash & Equivalents $249.4K $97.41K $125.2K
Short-Term Investments $5.490K $4.900K $59.22K
Other Short-Term Assets $143.2K $13.78K $10.38K
YoY Change 954.68% 357.47% 198.45%
Inventory $220.4K $31.27K $36.19K
Prepaid Expenses
Receivables $38.96K $25.98K $47.82K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $657.5K $173.3K $278.8K
YoY Change -33.13% 5.49% 43.86%
LONG-TERM ASSETS
Property, Plant & Equipment $10.25K $14.33K $18.40K
YoY Change -64.76% -64.28% -68.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $20.25K $29.33K $33.40K
YoY Change -54.72% -48.46% -55.25%
TOTAL ASSETS
Total Short-Term Assets $657.5K $173.3K $278.8K
Total Long-Term Assets $20.25K $29.33K $33.40K
Total Assets $677.8K $202.7K $312.2K
YoY Change -34.07% -8.39% 16.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $201.3K $187.3K $203.1K
YoY Change -12.08% -28.87% -17.61%
Accrued Expenses $330.6K $421.0K $441.1K
YoY Change -20.89% 4.56% 0.58%
Deferred Revenue $41.65K $56.85K $70.07K
YoY Change -87.18% 255.31% 169.51%
Short-Term Debt $1.990M $185.0K $210.0K
YoY Change -18.7% -92.55% 5.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.457M $3.690M $3.910M
YoY Change -18.15% -6.48% 5.15%
LONG-TERM LIABILITIES
Long-Term Debt $227.9K $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $227.9K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.457M $3.690M $3.910M
Total Long-Term Liabilities $227.9K $0.00 $0.00
Total Liabilities $3.685M $3.690M $3.910M
YoY Change -12.76% -6.48% 5.15%
SHAREHOLDERS EQUITY
Retained Earnings -$23.78M -$23.60M -$23.56M
YoY Change 3.35% 0.95% 3.23%
Common Stock $11.24K $8.010K $7.142K
YoY Change 29.32% -1.06% 12.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.007M -$3.487M -$3.598M
YoY Change
Total Liabilities & Shareholders Equity $677.8K $202.7K $312.2K
YoY Change -34.07% -8.39% 16.3%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $23.26K $6.908K -$144.2K
YoY Change -93.73% -101.24% -71.46%
Depreciation, Depletion And Amortization $9.070K $4.076K $5.660K
YoY Change -19.95% -77.7% -67.68%
Cash From Operating Activities -$268.5K -$165.7K -$108.0K
YoY Change -272.4% 61.41% 211.26%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $146.2K $42.78K
YoY Change
Cash From Investing Activities $0.00 $146.2K $42.78K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 420.6K -$8.325K 114.2K
YoY Change 13872.76% -113.32% 58.68%
NET CHANGE
Cash From Operating Activities -268.5K -$165.7K -108.0K
Cash From Investing Activities 0.000 $146.2K 42.78K
Cash From Financing Activities 420.6K -$8.325K 114.2K
Net Change In Cash 152.0K -$27.79K 48.99K
YoY Change -4.25% -30.76% 31.38%
FREE CASH FLOW
Cash From Operating Activities -$268.5K -$165.7K -$108.0K
Capital Expenditures $0.00
Free Cash Flow -$108.0K
YoY Change 211.26%

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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>
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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 one manufacturer 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">As of March 31, 2020, the Company had four customers representing approximately 45%, 14%, 10% and 9% of sales, respectively, and three customers representing approximately 36%, 13% and 11% of total accounts receivable, respectively. The Company had four customers representing approximately 33%, 32%, 13% and 8% of sales, respectively, and three customers representing approximately 56%, 11%, and 10% of total accounts receivable, respectively, for the three months ended March 31, 2019.</p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
40500000 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
36000000 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
5000000 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
500000 shares
CY2020Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
22122 usd
CY2019Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
52146 usd
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Mark To Market
AdjustmentsToAdditionalPaidInCapitalMarkToMarket
8021 usd
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Mark To Market
AdjustmentsToAdditionalPaidInCapitalMarkToMarket
122726 usd
CY2020Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-37479 usd
CY2019Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
CY2020Q1 GTXO Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantsInPeriodWeightedAverageExercisePrice
0.0025
CY2020Q1 GTXO Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expired In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpiredInPeriodWeightedAverageExercisePrice
0.04
CY2020Q1 GTXO Adjustments To Additional Paid In Capital Deemed Dividend On Fair Value Of Warrants And Conversion Feature Associated With Preferred Stock
AdjustmentsToAdditionalPaidInCapitalDeemedDividendOnFairValueOfWarrantsAndConversionFeatureAssociatedWithPreferredStock
usd
CY2020Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-91873 usd
CY2019Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-506 usd
CY2020Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
138586 usd
CY2019Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-32273 usd
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-43092 usd
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-556475 usd
CY2020Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
50000 usd
CY2019Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
usd
CY2020Q1 GTXO Repatriation Of Retention Bonus Shares
RepatriationOfRetentionBonusShares
8021 usd
CY2019Q1 GTXO Repatriation Of Retention Bonus Shares
RepatriationOfRetentionBonusShares
122726 usd
CY2020Q1 GTXO Interest Added To Convertible Note Balance
InterestAddedToConvertibleNoteBalance
18907 usd
CY2019Q1 GTXO Interest Added To Convertible Note Balance
InterestAddedToConvertibleNoteBalance
36843 usd
CY2020Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
50000 usd
CY2019Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
usd
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
187409812 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
129371447 shares
CY2019Q1 GTXO Stock Issuance Of Warrants For Financings
StockIssuanceOfWarrantsForFinancings
22492 usd
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
4799 usd
CY2020Q1 GTXO Stock Issuance Of Preferred Stock For Financings
StockIssuanceOfPreferredStockForFinancings
50000 usd
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2500 usd
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
65000 usd
CY2020Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
60825 usd
CY2019Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2500 usd
CY2020Q1 GTXO Working Capital Defecit
WorkingCapitalDefecit
3516215 usd
CY2020Q2 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
22222 shares
CY2020Q2 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
to a 1:45 stock split
CY2020Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
634000 usd
CY2019Q1 GTXO Stock Issued For Remaining
StockIssuedForRemaining
3953 usd
CY2019Q1 GTXO Stock Issued For Remaining Shares
StockIssuedForRemainingShares
2833 shares
CY2019Q1 us-gaap Principal Investment Gains Losses
PrincipalInvestmentGainsLosses
91873 usd
CY2020Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
4896 usd
CY2019Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
59224 usd
CY2020Q1 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
417041 usd
CY2019Q4 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
374393 usd
CY2020Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
91851587 shares
CY2020Q1 GTXO Gain On Conversion Of Convertible Notes
GainOnConversionOfConvertibleNotes
37479 usd
CY2019Q1 GTXO Gain On Conversion Of Convertible Notes
GainOnConversionOfConvertibleNotes
usd
CY2020Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
146201 usd
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
usd
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
146201 usd
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd

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