GTX Reports 2021 Financial Summary
LOS ANGELES CALIFORNIA, April 15, 2022 (GLOBE NEWSWIRE) -- GTX Corp (OTC: GTXO) (GTX or the Company), a pioneer in the field of location based wearable GPS human and asset tracking systems and a supplier of Health and Safety personal protective medical equipment, today announced a summary for the year ended December 31, 2021.
LOS ANGELES CALIFORNIA, April 15, 2022 (GLOBE NEWSWIRE) -- GTX Corp (OTC: GTXO) (“GTX” or the “Company”), a pioneer in the field of location based wearable GPS human and asset tracking systems and a supplier of Health and Safety personal protective medical equipment, today announced a summary for the year ended December 31, 2021.
2021 Financial Highlights:
- Cash on hand increased 44% over 2020 comparable period.
- Revenue decreased 44% over 2020 comparable period.
- Accounts Payable decreased 16% over 2020 comparable period.
- Inventory decreased 16% over 2020 comparable period.
- Customer base increased 53% over 2020 comparable period.
- Operating expenses increased 7% over 2020 comparable period.
- Debt decreased by 22% from previous 2020 comparable period.
Management commentary: Patrick Bertagna, GTX Corp CEO.
2021 brought us Covid related opportunities and setbacks. Early in the year, we stated we could not accurately predict how long the Personal Protection Equipment (“PPE”) business would remain in demand, and based on the current events and sales trends, we expected to transition out of many PPE products, focusing only on ramping up for the launch of our new 4G SmartSoles, NFC Blockchain platform and other wearable medical devices. Then came the Delta and Omnicom variants, which spiked demand for supplies and test kits. That enabled us to maintain cash flow by fulfilling orders and reduce our inventory, but the variants also created logistic delays in the supply chain and slowed down work productivity due to stay at home sick policies, and labor shortages, all of which impacted the launch of our 4G SmartSoles and our intellectual property licensing campaign.
At the end of the fourth quarter of 2021, we transitioned back to our core business and began production of our next generation GPS SmartSoles, which utilize a host of new technologies, including CatM1, NB-IoT, enhanced Wifi, and Bluetooth, for better accuracy, faster location requests, less power consumption, and most importantly, the ability to connect through Bluetooth to other medical devices, transforming our GPS footwear into a mobile hub that will not only transmit location data but also medical data. This new feature will be protected through a recent patent the company was issued which specifically addresses Bluetooth communication. This new hardware platform will also be small enough and robust enough to be embedded into a variety of other wearable technology and offered as a licensed hardware platform as well. The demand for the GPS SmartSoles continues to be strong both domestically and internationally as we began fulfilling pre-orders in Q1 of 2022, subscriptions are also starting to ramp back up.
On the IP front, in December of 2021, the USPTO sent us two notices of allowance for two new patents. One for the GPS SmartSoles and the other for the Comm Protocol, both these patents have now been issued, which helps strengthen our competitive barriers and could increase the value of our outbound licensing campaign. Due to Covid and other resource related circumstances the GTX IP campaign did stall during 2021, and after several months of analysis on how to revamp the campaign, it was mutually agreed by the BOD of Inventergy and GTX, that GTX would take back full control of its Comm Protocol patents which it had licensed a 55% equity stake to Inventergy in 2016. Effective November 20, 2021, GTX dissolved its patent license agreement with Inventergy, LLC. Subsequently, in December of 2021 the USPTO granted a notice of allowance on a patent application which covers different aspects of the GPS SmartSole product, and we expect to receive more patents covering other aspects on related applications in the future as we continue to expand our IP portfolio in the wearable technology space, especially as the global wearable medical device market continues to grow and expecting to reach $9.4 billion in 2022. This fourth patent helps solidify our portfolio with respect to wearable tracking and monitoring technologies embedded in footwear. That came on the heels of another office action from the USPT for our 6th comm protocol family patent which was allowed. GTX has filed ongoing open continuations for both of these patents which we expect will further enhance the portfolio and strengthen our licensing strategy.
On the business development front, we continued to expand our presence in our market by signing collaboration agreements and working with new partners on selling and developing new products in the tracking, biometrics, block chain and health and wellness space. We are still in the early stage of exploring different complimentary product concepts to our SmartSole platform, but we are making progress and expect to have a more detailed roadmap in the coming months. We strengthened our partnership with KGH, which enabled us to sell products into many different government channels. We signed a distribution agreement with OPU lab which enabled us to distribute COVID Pre-screening test kits. We formed alliances with Inner Scope, and Halberd Corporation, and started selling their health and wellness products. We signed collaboration and distribution agreements with Life Connect and GBT Technologies, to add their medical devices to our SmartSole platform. That development is in progress, and we expect to make some announcements in the coming months.
We also continued to grow our brand awareness, by being featured in CIO Magazine with a 6-page spread highlighting the Company as one of the 10 Most Innovative Companies to watch in 2021. We were also mentioned in a Smart Footwear Market Research Report, and we attended 2 LD Micro Conferences, one virtual and one in person. This increase in brand awareness led to a 53% increase in new customers during the 2021 year.
On the balance sheet front, we continued to reduce our debt and outstanding payables, took on no new debt, pre-paid close to $72,000 of SmartSole component inventory, and $93,000 in depreciable developments costs. In October the Company registered an Offering Statement on a Form 1-A (“Reg A”). This offering relates to the sale of up to 86,677,500 shares of our common stock (the “Shares”) at a price of $0.03 per share. The minimum investment amount established for each investor is $10,000. All funds raised by the Company from this offering will be immediately available for the Company’s use to purchase more inventory, develop new products and reinstate the IP monetization campaign.
As we look over the horizon into 2022, we are optimistic and seeing encouraging signs. All of our distributors are back to 100% operation and have submitted very promising forecasts for 2022. One thing is for certain, there is a big desire for innovation and new solutions in the wearable technology healthcare industry post COVID-19 era. GTX has been at the forefront of many innovative technologies and is confident will continue to garner new opportunities in order to grow shareholder value.
GTX distributes an extensive line of wearable technology and Personal Protective Equipment “PPE”, owns and licenses a portfolio of patents in the GPS and wearable technology space, and is a GSA-approved military and government supplier. The Company’s products are available at its online store, Amazon, and global partners. To find out more about how you can buy or become an authorized reseller of GTX products, contact us [email protected]
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 GPS tracking. The company has international distributors servicing customers in over 35 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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Forward Looking Statements
This news release contains forward-looking statements. The terms and phrases “expect,” “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.
