2014 Q4 Form 10-Q Financial Statement

#000156066414000096 Filed on November 19, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $40.00K $42.03K $26.20K
YoY Change 33.33% 60.43% -41.86%
Cost Of Revenue $30.00K $19.18K $22.75K
YoY Change 50.0% -15.7% -4.8%
Gross Profit $10.00K $22.85K $3.447K
YoY Change 0.0% 562.92% -83.71%
Gross Profit Margin 25.0% 54.37% 13.16%
Selling, General & Admin $220.0K $260.0K $230.0K
YoY Change -12.0% 13.04% -20.69%
% of Gross Profit 2200.0% 1137.81% 6672.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $20.00K
YoY Change -100.0% -100.0% 0.0%
% of Gross Profit 0.0% 0.0% 580.21%
Operating Expenses $220.0K $263.1K $231.4K
YoY Change -12.0% 13.71% -20.12%
Operating Profit -$210.0K -$240.2K -$227.9K
YoY Change -12.5% 5.4% -15.11%
Interest Expense $280.0K $18.52K $8.355K
YoY Change -411.11% 121.64%
% of Operating Profit
Other Income/Expense, Net $50.00K -$138.2K -$368.5K
YoY Change -62.51% 16278.84%
Pretax Income -$200.0K -$380.0K -$600.0K
YoY Change -47.37% -36.67% 122.22%
Income Tax
% Of Pretax Income
Net Earnings -$200.0K -$378.4K -$596.5K
YoY Change -47.37% -36.56% 120.31%
Net Earnings / Revenue -500.0% -900.31% -2276.7%
Basic Earnings Per Share
Diluted Earnings Per Share -$79.05K -$174.3K -$422.5K
COMMON SHARES
Basic Shares Outstanding 188.6M shares 163.7M shares 106.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00K $20.00K $60.00K
YoY Change -83.33% -66.67% 500.0%
Cash & Equivalents $12.17K $15.40K $57.50K
Short-Term Investments
Other Short-Term Assets $15.56K $29.38K $84.11K
YoY Change -43.91% -65.07% 462.44%
Inventory $100.4K $1.329K $2.246K
Prepaid Expenses
Receivables $30.00K $30.00K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $159.2K $74.57K $146.6K
YoY Change 67.34% -49.13% 167.72%
LONG-TERM ASSETS
Property, Plant & Equipment $3.120K $1.945K $50.54K
YoY Change -59.6% -96.15% -61.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $124.7K $133.5K $126.5K
YoY Change 38.67% 5.56% -19.91%
TOTAL ASSETS
Total Short-Term Assets $159.2K $74.57K $146.6K
Total Long-Term Assets $124.7K $133.5K $126.5K
Total Assets $283.9K $208.1K $273.1K
YoY Change 53.41% -23.79% 28.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $330.0K $330.0K $370.0K
YoY Change 6.45% -10.81% 2.78%
Deferred Revenue
YoY Change
Short-Term Debt $371.5K $210.0K $20.00K
YoY Change 312.72% 950.0% -33.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.355M $1.344M $761.1K
YoY Change 63.14% 76.63% 20.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $310.0K $280.0K
YoY Change -100.0% 10.71%
Other Long-Term Liabilities $0.00 $620.0K $320.0K
YoY Change -100.0% 93.75%
Total Long-Term Liabilities $0.00 $930.0K $600.0K
YoY Change -100.0% 55.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.355M $1.344M $761.1K
Total Long-Term Liabilities $0.00 $930.0K $600.0K
Total Liabilities $1.355M $2.275M $1.358M
YoY Change -8.43% 67.51% 115.46%
SHAREHOLDERS EQUITY
Retained Earnings -$17.24M -$17.04M -$15.06M
YoY Change 11.68% 13.19% 9.79%
Common Stock $264.6K $170.1K $120.5K
YoY Change 101.46% 41.14% 47.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.071M -$2.067M -$1.085M
YoY Change
Total Liabilities & Shareholders Equity $283.9K $208.1K $273.1K
YoY Change 53.41% -23.79% 28.38%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$200.0K -$378.4K -$596.5K
YoY Change -47.37% -36.56% 120.31%
Depreciation, Depletion And Amortization $0.00 $0.00 $20.00K
YoY Change -100.0% -100.0% 0.0%
Cash From Operating Activities -$170.0K -$80.00K -$100.0K
YoY Change 21.43% -20.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $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 170.0K 70.00K 130.0K
YoY Change 21.43% -46.15% 1200.0%
NET CHANGE
Cash From Operating Activities -170.0K -80.00K -100.0K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 170.0K 70.00K 130.0K
Net Change In Cash -0.00000000008731 -10.00K 30.00K
YoY Change -133.33% 200.0%
FREE CASH FLOW
Cash From Operating Activities -$170.0K -$80.00K -$100.0K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$170.0K -$80.00K -$100.0K
YoY Change 21.43% -20.0%

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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dei Document Period End Date
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dei Amendment Flag
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dei Current Fiscal Year End Date
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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, 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>
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>
gtxo Shares Issued With Repurchase Rights Shares
SharesIssuedWithRepurchaseRightsShares
750000 shares
gtxo Stock Issued During Period Value Conversion Of Convertible Debt
StockIssuedDuringPeriodValueConversionOfConvertibleDebt
660722 usd
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>
CY2014Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
164886 usd
gtxo Shares Issued For Services Rendered Value
SharesIssuedForServicesRenderedValue
109125 usd
gtxo Shares Issued For Services Rendered Shares
SharesIssuedForServicesRenderedShares
6566176 shares
gtxo Schedule Of Warrant Activity
ScheduleOfWarrantActivity
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the Company&#146;s warrant activity and related information is provided below:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 11pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: bold 11pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="font: bold 11pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Exercise Price $</td><td style="font: bold 11pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="font: bold 11pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of <br />Warrants</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; 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padding-left: 5.4pt">Warrants exercised</td><td style="font: 11pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; text-align: right">&#151;&#160;&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 11pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; text-align: right">&#151;&#160;&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 11pt Times New Roman, Times, Serif; text-align: justify; padding-left: 5.4pt">Warrants granted</td><td style="font: 11pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; text-align: right">&#151;&#160;&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 11pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; text-align: right">&#151;&#160;&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 11pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Warrants expired</td><td style="font: 11pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: right">0.08</td><td style="padding-bottom: 1pt; font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: right">(5,720,000</td><td style="padding-bottom: 1pt; font: 11pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 11pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Outstanding and exercisable at September 30, 2014</td><td style="font: 11pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 11pt Times New Roman, Times, Serif; text-align: right">0.02</td><td style="padding-bottom: 2.5pt; font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 11pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 11pt Times New Roman, Times, Serif; text-align: right">2,000,000</td><td style="padding-bottom: 2.5pt; font: 11pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr></table>
CY2013Q4 gtxo Convertible Notes Payable Current Principal Balance
ConvertibleNotesPayableCurrentPrincipalBalance
142500 usd
CY2013Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
-51703 usd
CY2014Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
-66061 usd
CY2013Q4 us-gaap Debt Current
DebtCurrent
94797 usd
CY2014Q3 us-gaap Debt Current
DebtCurrent
275000 usd
CY2013Q4 gtxo Convertible Debt Noncurrent Principal Balance
ConvertibleDebtNoncurrentPrincipalBalance
730438 usd
CY2014Q3 gtxo Convertible Debt Noncurrent Principal Balance
ConvertibleDebtNoncurrentPrincipalBalance
730000 usd
CY2013Q4 gtxo Debt Instrument Unamortized Discount Non Current
DebtInstrumentUnamortizedDiscountNonCurrent
-492766 usd
CY2014Q3 gtxo Debt Instrument Unamortized Discount Non Current
DebtInstrumentUnamortizedDiscountNonCurrent
-420705 usd
CY2014Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
106000 usd
CY2014Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour
624000 usd
CY2014Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive
0 usd
CY2014Q3 gtxo Amount Of Tranche
AmountOfTranche
425000 usd
CY2014Q3 gtxo Tranche Obligation
TrancheObligation
901000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1065268 usd
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
29918861 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
830662 usd
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
38743037 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
7720000 shares
CY2014Q3 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
CY2014Q3 gtxo Warrants Maximum Exercise Price
WarrantsMaximumExercisePrice
.02
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
CY2014Q3 gtxo Warrants Outstanding At.02 Exercise Price
WarrantsOutstandingAt.02ExercisePrice
2000000 shares
gtxo Remaining Life Of Warrants Exercise Price In Years
RemainingLifeOfWarrantsExercisePriceInYears
P11M157D
CY2014Q3 gtxo Warrants Exerciseable02 Exercise Price
WarrantsExerciseable02ExercisePrice
2000000 shares
us-gaap Temporary Equity Contract Terms
TemporaryEquityContractTerms
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 September 30, 2014, Atlantic has not converted any portion of the Atlantic Note.</p>
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
7000000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2216000 shares
CY2014Q3 gtxo Working Capital
WorkingCapital
-1269813 usd

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