NXT-ID
Inc. (NASDAQ: $NXTD) Files 2016 Annual Report on Form 10-K
MELBOURNE,
Florida - April 17, 2017 NXT-ID, Inc. (Investorideas.com Newswire) (NASDAQ:NXTD)
("NXT-ID" or the "Company"), a security technology company,
announces the filing of its 2016 Annual Report on Form 10-K on Thursday April
13, 2017 with the U.S. Securities and Exchange Commission.
The
Annual Report on Form 10-K is available in the Investor Relations section of
the Company's website at http://www.nxt-id.com under "SEC Filings," as well as on the SEC's
website at http://www.sec.gov.
2016 Year Highlights:
·
Acquisition
of LogicMark LLC completed July 2016.
·
Revenue
for 2016 was $7,736,320 compared to $616,854 for the previous year; a more than
ten-fold increase.
·
Gross
Profit for 2016 was $3,301,452 compared to a gross loss of $(1,039,039) in
2015.
·
Operating
expenses were flat in 2016 compared to 2015 at approximately $10,000,000.
·
Operating
Loss for 2016 was reduced to $(6,710,088) compared to $(10,924,297) in 2015.
·
Net
cash used in operating activities in 2016 was substantially reduced at
$(950,048) compared to $(8,620,672) for 2015
Fourth Quarter Highlights:
·
Revenue
for Q4 2016 was $4,562,169 compared to $83,325 for the same period in previous
year.
·
Gross
Profit for Q4 2016 was $2,014,103 compared to a gross loss of $(1,206,970) in
Q4 2015.
·
Operating
expenses were $2,616,975 in Q4 2016 compared to $2,359,930 in Q4 2015.
·
Operating
Loss for Q4 2016 was reduced to $(602,872) compared to $(3,398,969) in Q4 2015.
·
For
the first time in the Company's history, net cash generated by operating
activities in Q4 2016 was $2,066,041 compared to net cash used in operating
activities of $(2,277,729) for Q4 2015; a positive swing of $4,343,770.
About NXT- ID Inc. - Mobile Security for a Mobile World
Nxt-ID,
Inc. (NASDAQ:NXTD) is a security
technology Company providing security for finance, assets, and healthcare. The
Company's innovative MobileBio® solution mitigates risks associated with mobile
computing, m-commerce, and smart OS-enabled devices. With extensive experience in
biometric identity verification, security and privacy, encryption and data
protection, payments, miniaturization and sensor technologies, the Company
partners with industry leading companies to provide solutions for modern
payment and the Internet of Things ("IoT") applications. The
Company's wholly owned subsidiary, LogicMark, LLC, manufactures and distributes
non-monitored and monitored personal emergency response systems
("PERS") sold through the United States Department of Veterans
Affairs ("VA"), healthcare durable medical equipment dealers and
distributors and monitored security dealers and distributors.
Forward-Looking
Statements for NXT-ID:
This
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
reflect management's current expectations, as of the date of this press
release, and involve certain risks and uncertainties. Forward-looking statements
include statements herein with respect to the successful execution of the
Company's business strategy. The Company's actual results could differ
materially from those anticipated in these forward-looking statements as a
result of various factors. Such risks and uncertainties include, among other
things, our ability to establish and maintain the proprietary nature of our
technology through the patent process, as well as our ability to possibly
license from others patents and patent applications necessary to develop
products; the availability of financing; the Company's ability to implement its
long range business plan for various applications of its technology; the
Company's ability to enter into agreements with any necessary marketing and/or
distribution partners; the impact of competition, the obtaining and maintenance
of any necessary regulatory clearances applicable to applications of the
Company's technology; and management of growth and other risks and
uncertainties that may be detailed from time to time in the Company's reports
filed with the Securities and Exchange Commission.
NXT- ID Inc Contact:
Media:
SOURCE NXT-ID, Inc.
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