$MLRT
Metalert, Inc.

2014 Q2 Form 10-Q Financial Statement

#000156066414000064 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $34.09K $49.97K
YoY Change -31.77% 9.91%
Cost Of Revenue $15.99K $19.65K
YoY Change -18.62% -23.89%
Gross Profit $18.10K $30.32K
YoY Change -40.29% 54.31%
Gross Profit Margin 53.1% 60.68%
Selling, General & Admin $260.0K $270.0K
YoY Change -3.7% -12.9%
% of Gross Profit 1436.15% 890.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K $20.00K
YoY Change -50.0% 100.0%
% of Gross Profit 55.24% 65.96%
Operating Expenses $260.8K $265.8K
YoY Change -1.85% -36.17%
Operating Profit -$242.7K -$235.4K
YoY Change 3.1% -40.65%
Interest Expense -$6.050K $2.778K
YoY Change -317.78%
% of Operating Profit
Other Income/Expense, Net $792.5K -$37.17K
YoY Change -2232.28% -409.73%
Pretax Income $550.0K -$270.0K
YoY Change -303.7% -28.95%
Income Tax $0.00
% Of Pretax Income
Net Earnings $549.8K -$272.6K
YoY Change -301.68% -29.13%
Net Earnings / Revenue 1612.68% -545.57%
Basic Earnings Per Share
Diluted Earnings Per Share $236.1K -$209.3K
COMMON SHARES
Basic Shares Outstanding 154.4M shares 96.88M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00K $30.00K
YoY Change -33.33% 200.0%
Cash & Equivalents $24.80K $32.97K
Short-Term Investments
Other Short-Term Assets $23.24K $149.1K
YoY Change -84.41% 645.29%
Inventory $1.349K $758.00
Prepaid Expenses
Receivables $10.00K $10.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $62.20K $193.9K
YoY Change -67.93% 384.81%
LONG-TERM ASSETS
Property, Plant & Equipment $2.769K $68.92K
YoY Change -95.98% -54.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $134.4K $94.89K
YoY Change 41.61% -47.28%
TOTAL ASSETS
Total Short-Term Assets $62.20K $193.9K
Total Long-Term Assets $134.4K $94.89K
Total Assets $196.6K $288.8K
YoY Change -31.94% 31.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $320.0K $380.0K
YoY Change -15.79% 58.33%
Deferred Revenue
YoY Change
Short-Term Debt $150.0K $60.00K
YoY Change 150.0% 200.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.096M $947.4K
YoY Change 15.67% 105.96%
LONG-TERM LIABILITIES
Long-Term Debt $310.0K $0.00
YoY Change
Other Long-Term Liabilities $700.0K
YoY Change
Total Long-Term Liabilities $1.010M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.096M $947.4K
Total Long-Term Liabilities $1.010M $0.00
Total Liabilities $2.110M $947.4K
YoY Change 122.68% 105.96%
SHAREHOLDERS EQUITY
Retained Earnings -$16.66M -$14.46M
YoY Change 15.25%
Common Stock $155.8K $102.9K
YoY Change 51.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.913M -$658.6K
YoY Change
Total Liabilities & Shareholders Equity $196.6K $288.8K
YoY Change -31.94% 31.28%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $549.8K -$272.6K
YoY Change -301.68% -29.13%
Depreciation, Depletion And Amortization $10.00K $20.00K
YoY Change -50.0% 100.0%
Cash From Operating Activities -$150.0K -$60.00K
YoY Change 150.0% -45.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
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 70.00K 80.00K
YoY Change -12.5% 300.0%
NET CHANGE
Cash From Operating Activities -150.0K -60.00K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 70.00K 80.00K
Net Change In Cash -80.00K 20.00K
YoY Change -500.0% -122.22%
FREE CASH FLOW
Cash From Operating Activities -$150.0K -$60.00K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$150.0K -$60.00K
YoY Change 150.0% -45.45%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Amendment Flag
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dei Entity Well Known Seasoned Issuer
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dei Entity Voluntary Filers
EntityVoluntaryFilers
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dei Entity Registrant Name
EntityRegistrantName
GTX Corp
dei Entity Central Index Key
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dei Entity Current Reporting Status
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dei Entity Filer Category
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us-gaap Basis Of Accounting
BasisOfAccounting
<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 six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The accompanying unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2013, 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>
CY2014Q2 gtxo Convertible Debt Noncurrent Principal Balance
ConvertibleDebtNoncurrentPrincipalBalance
942000 usd
CY2013Q4 gtxo Debt Instrument Unamortized Discount Non Current
DebtInstrumentUnamortizedDiscountNonCurrent
-492766 usd
CY2014Q2 gtxo Debt Instrument Unamortized Discount Non Current
DebtInstrumentUnamortizedDiscountNonCurrent
-630571 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Use of 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 2014. These reclassifications have no impact on net loss.</p>
CY2014Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
318000 usd
CY2014Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour
624000 usd
CY2014Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive
0 usd
CY2014Q2 gtxo Amount Of Tranche
AmountOfTranche
425000 usd
CY2014Q2 gtxo Warrants Maximum Exercise Price
WarrantsMaximumExercisePrice
0.02
CY2014Q2 gtxo Working Capital
WorkingCapital
-1033730 usd
CY2013Q4 gtxo Convertible Notes Payable Current Principal Balance
ConvertibleNotesPayableCurrentPrincipalBalance
142500 usd
CY2014Q2 gtxo Convertible Notes Payable Current Principal Balance
ConvertibleNotesPayableCurrentPrincipalBalance
200000 usd
CY2013Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
-51703 usd
CY2014Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
-54341 usd
CY2013Q4 us-gaap Debt Current
DebtCurrent
94797 usd
CY2013Q4 gtxo Convertible Debt Noncurrent Principal Balance
ConvertibleDebtNoncurrentPrincipalBalance
730438 usd
CY2014Q2 gtxo Tranche Obligation
TrancheObligation
901000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
900382 usd
CY2014Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
177779 usd
gtxo Shares Issued For Services Rendered Value
SharesIssuedForServicesRenderedValue
64126 usd
gtxo Shares Issued For Services Rendered Shares
SharesIssuedForServicesRenderedShares
3116176 shares
gtxo Shares Issued With Repurchase Rights Value
SharesIssuedWithRepurchaseRightsValue
9543 usd
gtxo Shares Issued With Repurchase Rights Shares
SharesIssuedWithRepurchaseRightsShares
750000 shares
gtxo Stock Issued During Period Value Conversion Of Convertible Debt
StockIssuedDuringPeriodValueConversionOfConvertibleDebt
484278 usd
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
19072861 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
609219 usd
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
24447037 shares
gtxo Shares Issued For Accrued Expenses Value
SharesIssuedForAccruedExpensesValue
51272 usd
gtxo Shares Issued For Accrued Expenses Shares
SharesIssuedForAccruedExpensesShares
1508000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
7720000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
2000000 shares
CY2013Q4 gtxo Warrants Maximum Exercise Price
WarrantsMaximumExercisePrice
0.08
CY2013Q4 gtxo Warrants Minimum Exercise Price
WarrantsMinimumExercisePrice
0.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
-5720000 shares
gtxo Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercise Price Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePriceForfeituresAndExpirations
0.08
CY2014Q2 gtxo Warrants Outstanding At.02 Exercise Price
WarrantsOutstandingAt.02ExercisePrice
2000000 shares
CY2014Q2 gtxo Warrants Exerciseable02 Exercise Price
WarrantsExerciseable02ExercisePrice
2000000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
775133 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
470995 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-304138 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
775133 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
470995 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.14
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.23
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.08
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P12M15D
CY2013 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P1Y1M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P12M15D
CY2013Q4 gtxo Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingGrantDateFairValue
46901 usd
CY2014Q2 gtxo Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingGrantDateFairValue
15829 usd
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
-31072 usd
CY2014Q2 gtxo Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue
15829 usd
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
7000000 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2216000 shares
us-gaap Temporary Equity Contract Terms
TemporaryEquityContractTerms
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the SPA entered into with Atlantic 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 March 31, 2014, Atlantic has not converted any portion of the Atlantic Note.</p>
CY2014Q3 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
1000000 shares
CY2014Q3 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
20000 usd
CY2014Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
957000000 shares
gtxo Remaining Life Of Warrants Exercise Price In Years
RemainingLifeOfWarrantsExercisePriceInYears
P1Y2M7D
gtxo Issuance Of Convertible Debt For Insoles
IssuanceOfConvertibleDebtForInsoles
43750 usd
gtxo Issuance Of Convertible Debt For Insoles
IssuanceOfConvertibleDebtForInsoles
0 usd

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