GTX Corp Reports Second Quarter 2022 Financial Results and Corporate Summary Update
LOS ANGELES CALIFORNIA, Aug. 26, 2022 (GLOBE NEWSWIRE) -- GTX Corp (OTC: GTXO) (the Company) , a pioneer in the field; of health & safety, wearable GPS human and asset tracking systems and personal protective medical equipment and supplies, today announced financial results and summary for the Second Quarter ended June 30, 2022:
LOS ANGELES CALIFORNIA, Aug. 26, 2022 (GLOBE NEWSWIRE) -- GTX Corp (OTC: GTXO) (“the Company”), a pioneer in the field; of health & safety, wearable GPS human and asset tracking systems and personal protective medical equipment and supplies, today announced financial results and summary for the Second Quarter ended June 30, 2022:
Six Month Financial Highlights
- Overall Revenue decreased 40% over 2021 comparable period.
- 12% increase in Subscriptions.
- Total Operating Expenses decreased by 12% over 2021 comparable period.
- Reduced Notes Payable by 18%.
- Reduced Accounts Payable by 28%
- Other Income/Expenses decreased by 113% creating a net gain as we lowered accrued interest, reduced our government debt by $68,000 and eliminated losses from the extinguishment of debt.
- Overall decrease in Net Loss by 23% over comparable period.
Management commentary by Patrick Bertagna, GTX Corp CEO:
During the second quarter of 2022, our core revenues started to trend back up post COVID, as we focused on ramping up production for our GPS SmartSoles, getting all of our international distributors back online by starting to fulfil their backorders, finishing our new NFC product which we expect to launch in Q3 2022, continued to support the Endstate NFC/NFT rollout, and attended the LD Micro conference to meet with investors and discuss our REG A.
Revenues were lower than anticipated for the second quarter 2022, partially due to a drop off in PPE sales compared to the previous period, and with ongoing supply chain disruptions, looming worries about the overall health of the economy, and general market volatilities, the core business ramped at a slower rate than expected, which also contributed to not meeting our revenue expectations. Under these challenging circumstances, we did however continue to see demand for our SmartSoles and have orders to fill throughout the rest of the year. More domestic product sales will subsequently increase our higher margin subscription business, which saw a 12% increase over the comparable previous period. Also, our Endstate NFC/NFT business is increasing and becoming steadier as we have hundreds of units on order every month to fill throughout the rest of the year. On the cash flow and balance sheet side, we kept a low burn rate and reduced our net losses by 23% from the comparable previous period, took on no new convertible debt, and senior management continued to defer between 34% to 40% of their compensation. The Company also raised from the Reg A, $150,000.00 at the above market price of $.03 per share.
With the continued demand for our SmartSoles we increased our production commitment for an additional 1,000 units. We released a new version of our tracking app along with a new ecommerce store on the Shopify platform, which enables us to have more capabilities to sell through social media platforms such as Facebook and Instagram, along with having better accounting and inventory management capabilities as we start ramping up domestic sales. We also implemented Wi-Fi capabilities on the SmartSole platform which will enable us to track indoors and gets us one step closer to implementing the Bluetooth feature which will then convert the SmartSole from a tracking device to a mobile hub capable of interacting with other wearable medical devices.
With the recent spike in COVID cases across the country we did continue to see demand for protective medical supplies and fulfill orders daily. We still have a small amount of inventory on hand and solid relationships with our vendors, so as long as there is demand, we will be ready to fill orders for our customers. Our focus continues to be on ramping up sales of the new SmartSoles, NFC products, other medical wearable devices, A.I. and IP licensing. Post pandemic, everyone wants to be healthy, live better and longer, and know where someone or something is and has been. We believe we are in a position to monetize from these trends as we keep hearing from many of our B2B customers and international distributors that they want more wearable solutions and technology to serve the medical community.
GTX Corp is a For-Profit with Purpose Company which has an extensive line of health & safety products, a broad patent portfolio, a proud U.S. military contractor and has multiple wearable tracking products sold through its online store, Amazon and authorized resellers and distributors servicing customers across the globe.
About GTX Corp GTX Corp (OTC: GTXO) is a pioneer in smart, mobile, and wearable GPS tracking and recovery location-based solutions, supported through a proprietary IoT enterprise monitoring platform and intellectual property portfolio. GTX offers a global end-to-end solution of hardware, software and connectivity and develops two-way GPS tracking technologies, which seamlessly integrate with consumer products and enterprise applications. GTX utilizes the latest in miniaturized, low power consumption GPS, Cellular, RF, NFC and BLE technology, enabling subscribers to track in real time the whereabouts of people or high value assets. GTX is known for its game-changing and award-winning patented GPS SmartSole® -- think Dr. Scholl’s meets LoJack, the world’s first invisible wearable technology tracking device created for those at risk of wandering due to Alzheimer’s, dementia, autism and traumatic brain injury. GTX’s business model is built around technology innovation and holds over 85 patents, with many issued patents in the area of GPS tracking. The company has international distributors servicing customers across the globe with subscribers in over 50 countries and is a U.S. Military Government contractor. Other customers include public health authorities and municipalities, emergency and law enforcement, private schools, assisted living facilities, NGOs, small business enterprises, senior care homes, and consumers.
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In the UK, GTX Corp operates from its London office. Please contact: Nelson Skip Riddle
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Forward Looking Statements
This news release contains forward-looking statements. The terms and phrases “expects,” “would,” “will,” “believes,” and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by GTX considering its experience and its perception of current conditions and expected future developments, as well as other factors that GTX believes are appropriate in the circumstances. Many factors could cause GTX’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. Certain risk factors that may cause actual results to differ are set forth in GTX’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (which may be obtained on the SEC Website). These factors should be considered carefully, and readers should not place undue reliance on GTX’s forward-looking statements. GTX has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required.
