MELBOURNE, Florida,
April 17, 2017 /PRNewswire/ --
NXT-ID, Inc. (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. (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. http://www.nxt-id.com.
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:
Corporate info: info@nxt-id.com
Media Contact:
D. Van Zant
+1-800-665-0411
press@nxt-id.com
SOURCE NXT-ID, Inc.