Nxt-ID, Inc. Reports Preliminary Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 18, 2017 at 06:30 pm IST
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Nxt-ID, Inc. reported preliminary earnings results for the fourth quarter and year ended December 31, 2016. For the quarter the company reported revenues were approximately $4,500,000 compared to $83,358 for the same period in 2015. Operating loss was approximately $200,000 compared to an operating loss of $3,398,969 for the same period in 2015. The operating loss for the three months ended December 31, 2016 included approximately $500,000 of non-recurring charges related to the LogicMark acquisition and World Ventures card development. The net loss for the three months ended December 31, 2016 was approximately $1,700,000 after interest expense compared to a net loss of $4,036,439 for the three months ended December 31, 2015.
For the year, the company reported revenues were approximately $7,700,000 compared to $616,854 for the year ended December 31, 2015. Operating loss for the year ended December 31, 2016 was approximately $6,500,000 compared to an operating loss of $10,924,297 for the same period in 2015. The net loss for the year ended December 31, 2016 was approximately $12,000,000 after interest expense and adjustment for change in fair value of derivative liabilities which have since been extinguished. The net loss for the year ended December 31, 2015 was $13,076,854.
LogicMark, Inc. provides personal emergency response systems (PERS), health communications devices, and Internet of Things (IoT) technology that creates a connected care platform. The Companyâs devices provide people with the ability to receive care at home and age independently. Its PERS devices incorporate two-way voice communication technology directly in the medical alert pendant. These PERS technologies are sold direct-to-consumer through the Companyâs e-commerce Website, through dealers and distributors, as well as through the United States Veterans Health Administration (VHA). It provides no monthly fee products, which only require a one-time purchase expense, instead of a contract with recurring monthly charges. Its no monthly fee products contact family, friends, or 911 directly, eliminating the recurring monthly fee from a monitoring center. The Companyâs PERS products include Guardian Alert 911 Plus, Freedom Alert Plus, Guardian Alert 911, and LifeSentry.