$MLRT
Metalert, Inc.

2013 Q4 Form 10-Q Financial Statement

#000156066413000130 Filed on November 15, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $30.00K $26.20K $45.06K
YoY Change -50.0% -41.86% -87.75%
Cost Of Revenue $20.00K $22.75K $23.90K
YoY Change -33.33% -4.8% -93.11%
Gross Profit $10.00K $3.447K $21.16K
YoY Change -50.0% -83.71% -0.51%
Gross Profit Margin 33.33% 13.16% 46.97%
Selling, General & Admin $250.0K $230.0K $290.0K
YoY Change 92.31% -20.69% -23.68%
% of Gross Profit 2500.0% 6672.47% 1370.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K $20.00K $20.00K
YoY Change -50.0% 0.0% -60.0%
% of Gross Profit 100.0% 580.21% 94.5%
Operating Expenses $250.0K $231.4K $289.6K
YoY Change 78.57% -20.12% -25.01%
Operating Profit -$240.0K -$227.9K -$268.5K
YoY Change 100.0% -15.11% -26.43%
Interest Expense -$90.00K $8.355K $0.00
YoY Change 800.0% -100.0%
% of Operating Profit
Other Income/Expense, Net -$368.5K -$2.250K
YoY Change 16278.84% -141.55%
Pretax Income -$380.0K -$600.0K -$270.0K
YoY Change 72.73% 122.22% -25.0%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$380.0K -$596.5K -$270.7K
YoY Change 72.73% 120.31% -24.7%
Net Earnings / Revenue -1266.67% -2276.7% -600.8%
Basic Earnings Per Share
Diluted Earnings Per Share -$222.2K -$422.5K -$254.7K
COMMON SHARES
Basic Shares Outstanding 129.3M shares 106.7M shares 79.31M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.00K $60.00K $10.00K
YoY Change 100.0% 500.0% -50.0%
Cash & Equivalents $64.75K $57.50K $14.69K
Short-Term Investments
Other Short-Term Assets $27.74K $84.11K $14.96K
YoY Change 241.92% 462.44% -48.92%
Inventory $766.00 $2.246K $1.955K
Prepaid Expenses
Receivables $0.00 $0.00 $20.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $95.15K $146.6K $54.75K
YoY Change 105.12% 167.72% -82.79%
LONG-TERM ASSETS
Property, Plant & Equipment $7.722K $50.54K $132.0K
YoY Change -92.89% -61.71% -50.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.97K
YoY Change 136.71%
Total Long-Term Assets $89.94K $126.5K $158.0K
YoY Change -33.18% -19.91% -43.21%
TOTAL ASSETS
Total Short-Term Assets $95.15K $146.6K $54.75K
Total Long-Term Assets $89.94K $126.5K $158.0K
Total Assets $185.1K $273.1K $212.7K
YoY Change 2.27% 28.38% -64.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $310.0K $370.0K $360.0K
YoY Change -20.51% 2.78% 176.92%
Deferred Revenue
YoY Change
Short-Term Debt $90.00K $20.00K $30.00K
YoY Change 200.0% -33.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $830.8K $761.1K $630.4K
YoY Change 17.0% 20.74% 62.89%
LONG-TERM LIABILITIES
Long-Term Debt $240.0K $280.0K $0.00
YoY Change
Other Long-Term Liabilities $410.0K $320.0K
YoY Change
Total Long-Term Liabilities $650.0K $600.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $830.8K $761.1K $630.4K
Total Long-Term Liabilities $650.0K $600.0K $0.00
Total Liabilities $1.480M $1.358M $630.4K
YoY Change 108.44% 115.46% 62.89%
SHAREHOLDERS EQUITY
Retained Earnings -$15.44M -$15.06M -$13.71M
YoY Change 10.8% 9.79% 10.49%
Common Stock $131.4K $120.5K $81.66K
YoY Change 53.81% 47.58% -99.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.295M -$1.085M -$417.7K
YoY Change
Total Liabilities & Shareholders Equity $185.1K $273.1K $212.7K
YoY Change 2.27% 28.38% -64.33%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$380.0K -$596.5K -$270.7K
YoY Change 72.73% 120.31% -24.7%
Depreciation, Depletion And Amortization $10.00K $20.00K $20.00K
YoY Change -50.0% 0.0% -60.0%
Cash From Operating Activities -$140.0K -$100.0K $0.00
YoY Change 1300.0% -100.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 140.0K 130.0K 10.00K
YoY Change 366.67% 1200.0%
NET CHANGE
Cash From Operating Activities -140.0K -100.0K 0.000
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 140.0K 130.0K 10.00K
Net Change In Cash 0.000 30.00K 10.00K
YoY Change -100.0% 200.0% -103.23%
FREE CASH FLOW
Cash From Operating Activities -$140.0K -$100.0K $0.00
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$140.0K -$100.0K $0.00
YoY Change 1300.0% -100.0%

Facts In Submission

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EntityRegistrantName
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dei Entity Central Index Key
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dei Document Type
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2013-09-30
dei Amendment Flag
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dei Entity Well Known Seasoned Issuer
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dei Entity Voluntary Filers
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dei Entity Current Reporting Status
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dei Entity Filer Category
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Basis of Presentation</u></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited consolidated financial statements of GTX have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and applicable regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of financial position and results of operations have been included. Our operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. The accompanying unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2012, which are included in our Annual Report on Form 10-K.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying consolidated financial statements reflect the accounts of GTX Corp and its wholly owned subsidiaries. All significant inter-company balances and transactions have been eliminated.</p>
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Accounting Estimates</u></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the accompanying unaudited consolidated financial statements requires the use of estimates that affect the reported amounts of assets, liabilities, revenues, expenses and contingencies.&#160; 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.&#160; Estimates are updated on an ongoing basis and are evaluated based on historical experience and current circumstances.&#160; 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>
us-gaap Reclassifications
Reclassifications
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Reclassifications</u></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For comparability, certain prior period amounts have been reclassified, where appropriate, to conform to the financial statement presentation used in 2013. These reclassifications have no impact on net loss.</p>
CY2013Q3 GTXO Working Capital
WorkingCapital
-615000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-1139140 shares
CY2012Q4 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
23000 usd
CY2012Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
0 usd
CY2013Q3 GTXO Amount Of Tranche
AmountOfTranche
425000 usd
CY2013Q3 GTXO Tranche Obligation
TrancheObligation
901000 usd
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
8000100 shares
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
204777 usd
CY2013Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
122597 usd
CY2012Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
0 usd
GTXO Shares Issued For Services Rendered Value
SharesIssuedForServicesRenderedValue
68300 usd
GTXO Shares Issued For Services Rendered Shares
SharesIssuedForServicesRenderedShares
3800000 shares
GTXO Shares Issued For Accrued Expenses Value
SharesIssuedForAccruedExpensesValue
186450 usd
CY2013Q4 GTXO Shares Issued For Accrued Expenses Value
SharesIssuedForAccruedExpensesValue
50000 usd
GTXO Shares Issued For Accrued Expenses Shares
SharesIssuedForAccruedExpensesShares
14350000 shares
CY2013Q4 GTXO Shares Issued For Accrued Expenses Shares
SharesIssuedForAccruedExpensesShares
4166667 shares
GTXO Shares Issued With Repurchase Rights Value
SharesIssuedWithRepurchaseRightsValue
9315 usd
GTXO Shares Issued With Repurchase Rights Shares
SharesIssuedWithRepurchaseRightsShares
1000000 shares
GTXO Stock Issued During Period Value Conversion Of Convertible Debt
StockIssuedDuringPeriodValueConversionOfConvertibleDebt
82371 usd
GTXO Shares Issued For Financing Value
SharesIssuedForFinancingValue
49187 usd
GTXO Shares Issued For Financing Shares
SharesIssuedForFinancingShares
2459355 shares
GTXO Issuance Of Common Stock For Advisory Agreement
IssuanceOfCommonStockForAdvisoryAgreement
145000 usd
GTXO Issuance Of Common Stock For Advisory Agreement Shares
IssuanceOfCommonStockForAdvisoryAgreementShares
5500000 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
540623 usd
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
35109455 shares
CY2013Q3 GTXO Warrants Outstanding At.08 Exercise Price
WarrantsOutstandingAt.08ExercisePrice
5720000 shares
CY2013Q3 GTXO Warrants Outstanding At.02 Exercise Price
WarrantsOutstandingAt.02ExercisePrice
2000000 shares
CY2013Q3 GTXO Total Warrants Outstanding
TotalWarrantsOutstanding
7720000 shares
CY2013Q3 GTXO Remaining Life Of Warrants At.08 Exercise Price
RemainingLifeOfWarrantsAt.08ExercisePrice
P4M20D
CY2013Q3 GTXO Remaining Life Of Warrants.02 Exercise Price In Years
RemainingLifeOfWarrants.02ExercisePriceInYears
P1Y11M8D
CY2013Q3 GTXO Total Remaining Life Warrants Years
TotalRemainingLifeWarrantsYears
P9M14D
CY2013Q3 GTXO Warrants Exercisable At.08 Exercise Price
WarrantsExercisableAt.08ExercisePrice
5720000 shares
CY2013Q3 GTXO Warrants Exerciseable02 Exercise Price
WarrantsExerciseable02ExercisePrice
2000000 shares
CY2013Q3 GTXO Warrants Exercisable Total
WarrantsExercisableTotal
7720000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2328570 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1189430 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1189430 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.20
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.167
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.22
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.167
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P3M18D
CY2012 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P1Y0M7D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3M18D
CY2013Q2 GTXO Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingGrantDateFairValue
131679 usd
CY2012Q4 GTXO Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingGrantDateFairValue
205234 usd
CY2013Q3 GTXO Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingGrantDateFairValue
90017 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
GTXO Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageGrantDateFairValue
-115217 usd
GTXO Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageGrantDateFairValue
-73555 usd
CY2013Q2 GTXO Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue
131679 usd
CY2013Q3 GTXO Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue
90017 usd
CY2013Q2 GTXO Compensation Advisory Agreement Shares
CompensationAdvisoryAgreementShares
3000000 shares
CY2013Q2 GTXO Compensation Advisory Agreement Shares
CompensationAdvisoryAgreementShares
2500000 shares
CY2013Q2 GTXO Compensation Advisory Agreement Value
CompensationAdvisoryAgreementValue
120000 usd
CY2013Q2 GTXO Compensation Advisory Agreement Value
CompensationAdvisoryAgreementValue
25000 usd
CY2013Q1 GTXO Term Of Advisory Agreement
TermOfAdvisoryAgreement
P1Y
CY2013Q2 GTXO Term Of Advisory Agreement
TermOfAdvisoryAgreement
P1Y
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
7000000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1482000 shares
us-gaap Temporary Equity Contract Terms
TemporaryEquityContractTerms
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">on July 12, 2013 (See Note 4), the Company issued a Warrant to Atlantic, whereby Atlantic is entitled to purchase from the Company a total number of shares of common stock, such that, when added to the total number of shares of common stock acquired by Atlantic upon conversion of the Atlantic Note, equals 12% of the common stock outstanding as of the date of such conversion, as such total outstanding amount may, be increased by issuances of common stock occurring on or prior to November 13, 2014 (or by issuances of common stock occurring after November 13, 2014 but pursuant to convertible instruments issued or commitments made by the Company prior to November 13, 2014), other than issuances of excluded securities as such term is defined in the Atlantic Note, at an exercise price per share equal to $0.001 per share, at any time and from time to time on or after the Closing Date and through and including November 13, 2020. As of the date of this Quarterly Report, Atlantic has not converted any portion of the Atlantic Note.</p>
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5310 usd
CY2013Q4 GTXO Price Per Share Issued For Accrued Expenses
PricePerShareIssuedForAccruedExpenses
0.012
CY2012Q4 us-gaap Debt Current
DebtCurrent
26541 usd
CY2013Q3 us-gaap Debt Current
DebtCurrent
22437 usd
GTXO Issuance Of Convertible Debt For Insoles
IssuanceOfConvertibleDebtForInsoles
50000 usd
GTXO Issuance Of Convertible Debt For Insoles
IssuanceOfConvertibleDebtForInsoles
0 usd

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