UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number: 001-36616
LogicMark, Inc.
(Exact name of registrant as specified in its
charter)
| Nevada | | 46-0678374 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification No.) |
| 2801 Diode Lane |
| Louisville, KY 40299 |
(Address of principal executive offices) (Zip Code) |
| (502) 442-7911 |
| (Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class | | Trading Symbol(s) | | Name of exchange on which registered |
| Common Stock, par value $0.0001 per share | | LGMK | | Nasdaq Capital Market |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒
No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 9, 2023, there were 1,325,017 shares
of common stock, par value $0.0001 per share, of the registrant issued and outstanding.
LogicMark, Inc.
Form 10-Q
Table of Contents
June 30, 2023
PART I. FINANCIAL INFORMATION
Item 1. Condensed Financial Statements (Unaudited)
LogicMark, Inc.
CONDENSED BALANCE SHEETS
(Unaudited)
| | |
June 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| Assets | |
| | |
| |
| Current Assets | |
| | |
| |
| Cash and cash equivalents | |
$ | 7,649,730 | | |
$ | 6,977,114 | |
| Restricted cash | |
| 59,988 | | |
| 59,988 | |
| Accounts receivable, net | |
| 16,409 | | |
| 402,595 | |
| Inventory | |
| 987,219 | | |
| 1,745,211 | |
| Prepaid expenses and other current assets | |
| 600,270 | | |
| 349,097 | |
| Total Current Assets | |
| 9,313,616 | | |
| 9,534,005 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 253,472 | | |
| 255,578 | |
| Right-of-use assets, net | |
| 146,173 | | |
| 182,363 | |
| Product development costs, net of amortization of $15,029 at June 30, 2023 and December 31, 2022 | |
| 1,177,302 | | |
| 646,644 | |
| Software development costs | |
| 470,545 | | |
| 364,018 | |
| Goodwill | |
| 10,958,662 | | |
| 10,958,662 | |
| Other intangible assets, net of amortization of $5,285,611 and $4,904,713, respectively | |
| 3,318,956 | | |
| 3,699,854 | |
| | |
| | | |
| | |
| Total Assets | |
$ | 25,638,726 | | |
$ | 25,641,124 | |
| | |
| | | |
| | |
| Liabilities, Series C Redeemable Preferred Stock and Stockholders’ Equity | |
| | | |
| | |
| | |
| | | |
| | |
| Current Liabilities | |
| | | |
| | |
| Accounts payable | |
$ | 446,692 | | |
$ | 673,052 | |
| Accrued expenses | |
| 847,637 | | |
| 1,740,490 | |
| Total Current Liabilities | |
| 1,294,329 | | |
| 2,413,542 | |
| Other long-term liabilities | |
| 407,600 | | |
| 440,263 | |
| Total Liabilities | |
| 1,701,929 | | |
| 2,853,805 | |
| | |
| | | |
| | |
| Commitments and Contingencies (Note 8) | |
| | | |
| | |
| | |
| | | |
| | |
| Series C Redeemable Preferred Stock | |
| | | |
| | |
| Series C redeemable preferred stock, par value $0.0001 per share: 2,000 shares designated; 10 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | |
| 1,807,300 | | |
| 1,807,300 | |
| | |
| | | |
| | |
| Stockholders’ Equity | |
| | | |
| | |
| Preferred stock, par value $0.0001 per share: 10,000,000 shares authorized | |
| | | |
| | |
| Series F preferred stock, par value $0.0001 per share: 1,333,333 shares designated; 106,333 and 173,333 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively, aggregate liquidation preference of $319,000 as of June 30, 2023 and $520,000 as of December 31, 2022 | |
| 319,000 | | |
| 520,000 | |
| Common stock, par value $0.0001 per share: 100,000,000 shares authorized; 1,325,017 and 480,447 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| 133 | | |
| 48 | |
| Additional paid-in capital | |
| 111,521,965 | | |
| 106,070,253 | |
| Accumulated deficit | |
| (89,711,601 | ) | |
| (85,610,282 | ) |
| | |
| | | |
| | |
| Total Stockholders’ Equity | |
| 22,129,497 | | |
| 20,980,019 | |
| | |
| | | |
| | |
| Total Liabilities, Series C Redeemable Preferred Stock and Stockholders’ Equity | |
$ | 25,638,726 | | |
$ | 25,641,124 | |
The accompanying notes are an integral part
of these condensed financial statements.
LogicMark, Inc.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
| | |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Revenues | |
$ | 2,326,995 | | |
$ | 3,367,692 | | |
$ | 5,136,713 | | |
$ | 7,018,380 | |
| Costs of goods sold | |
| 727,276 | | |
| 1,364,586 | | |
| 1,674,445 | | |
| 2,811,891 | |
| Gross Profit | |
| 1,599,719 | | |
| 2,003,106 | | |
| 3,462,268 | | |
| 4,206,489 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses | |
| | | |
| | | |
| | | |
| | |
| Direct operating cost | |
| 312,426 | | |
| 336,544 | | |
| 575,228 | | |
| 810,987 | |
| Advertising costs | |
| 85,277 | | |
| - | | |
| 133,393 | | |
| - | |
| Selling and marketing | |
| 517,931 | | |
| 275,011 | | |
| 983,466 | | |
| 464,216 | |
| Research and development | |
| 250,266 | | |
| 204,592 | | |
| 564,154 | | |
| 467,077 | |
| General and administrative | |
| 2,443,860 | | |
| 2,115,700 | | |
| 4,857,619 | | |
| 4,451,647 | |
| Other expense | |
| 50,646 | | |
| 2,000 | | |
| 78,964 | | |
| 32,084 | |
| Depreciation and amortization | |
| 215,703 | | |
| 194,691 | | |
| 431,701 | | |
| 389,054 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total Operating Expenses | |
| 3,876,109 | | |
| 3,128,538 | | |
| 7,624,525 | | |
| 6,615,065 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Loss | |
| (2,276,390 | ) | |
| (1,125,432 | ) | |
| (4,162,257 | ) | |
| (2,408,576 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other Income | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| 8,510 | | |
| 13,159 | | |
| 60,938 | | |
| 13,159 | |
| Total Other Income | |
| 8,510 | | |
| 13,159 | | |
| 60,938 | | |
| 13,159 | |
| | |
| | | |
| | | |
| | | |
| | |
| Loss before Income Taxes | |
| (2,267,880 | ) | |
| (1,112,273 | ) | |
| (4,101,319 | ) | |
| (2,395,417 | ) |
| Income tax expense | |
| - | | |
| - | | |
| - | | |
| - | |
| Net Loss | |
| (2,267,880 | ) | |
| (1,112,273 | ) | |
| (4,101,319 | ) | |
| (2,395,417 | ) |
| Preferred stock dividends | |
| (75,000 | ) | |
| (88,144 | ) | |
| (150,000 | ) | |
| (176,144 | ) |
| Net Loss Attributable to Common Stockholders | |
$ | (2,342,880 | ) | |
$ | (1,200,417 | ) | |
$ | (4,251,319 | ) | |
$ | (2,571,561 | ) |
| | |
| | | |
| | | |
| | | |
| | |
Net Loss Attributable to Common Stockholders Per Share – Basic and Diluted | |
$ | (1.83 | ) | |
$ | (2.50 | ) | |
$ | (3.73 | ) | |
$ | (5.39 | ) |
| | |
| | | |
| | | |
| | | |
| | |
Weighted Average Number of Common Shares Outstanding – Basic and Diluted | |
| 1,282,794 | | |
| 479,738 | | |
| 1,139,437 | | |
| 476,934 | |
The accompanying notes are an integral part of
these condensed financial statements.
LogicMark, Inc.
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY
(Unaudited)
| | |
Three Months Ended June 30, 2023 | |
| | |
| | |
| | |
| | |
| | |
Additional | | |
| | |
| |
| | |
Preferred Stock | | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
| |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| Balance - March 31, 2023 | |
| 106,333 | | |
$ | 319,000 | | |
| 1,220,308 | | |
$ | 123 | | |
$ | 111,079,795 | | |
$ | (87,443,721 | ) | |
$ | 23,955,197 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Stock based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 365,458 | | |
| - | | |
| 365,458 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fees incurred in connection with equity offerings | |
| - | | |
| - | | |
| - | | |
| - | | |
| (10,772 | ) | |
| - | | |
| (10,772 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fractional shares issued in the 1-for-20 stock split | |
| - | | |
| - | | |
| 40,228 | | |
| 4 | | |
| (4 | ) | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Warrants exercised for common stock | |
| - | | |
| - | | |
| 64,481 | | |
| 6 | | |
| 162,488 | | |
| - | | |
| 162,494 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Series C Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| (75,000 | ) | |
| - | | |
| (75,000 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,267,880 | ) | |
| (2,267,880 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance - June 30, 2023 | |
| 106,333 | | |
$ | 319,000 | | |
| 1,325,017 | | |
$ | 133 | | |
$ | 111,521,965 | | |
$ | (89,711,601 | ) | |
$ | 22,129,497 | |
| | |
Six Months Ended June 30, 2023 | |
| | |
| | |
| | |
| | |
| | |
Additional | | |
| | |
| |
| | |
Preferred Stock | | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
| |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| Balance - January 1, 2023 | |
| 173,333 | | |
$ | 520,000 | | |
| 480,447 | | |
$ | 48 | | |
$ | 106,070,253 | | |
$ | (85,610,282 | ) | |
$ | 20,980,019 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Stock based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 792,300 | | |
| - | | |
| 792,300 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Shares issued as stock based compensation | |
| - | | |
| - | | |
| 5,000 | | |
| 1 | | |
| 2,202 | | |
| - | | |
| 2,203 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sale of common stock and warrants pursuant to a registration statement on Form S-1 | |
| - | | |
| - | | |
| 701,250 | | |
| 70 | | |
| 5,211,358 | | |
| - | | |
| 5,211,428 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fees incurred in connection with equity offerings | |
| - | | |
| - | | |
| - | | |
| - | | |
| (816,017 | ) | |
| - | | |
| (816,017 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fractional shares issued in the 1-for-20 stock split | |
| - | | |
| - | | |
| 40,228 | | |
| 4 | | |
| (4 | ) | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Warrants exercised for common stock | |
| - | | |
| - | | |
| 64,481 | | |
| 6 | | |
| 162,488 | | |
| - | | |
| 162,494 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Series F Preferred stock converted to common stock | |
| (67,000 | ) | |
| (201,000 | ) | |
| 27,089 | | |
| 3 | | |
| 200,997 | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Common stock issued to settle Series F Preferred stock dividends | |
| - | | |
| - | | |
| 6,522 | | |
| 1 | | |
| 48,388 | | |
| - | | |
| 48,389 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Series C Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| (150,000 | ) | |
| - | | |
| (150,000 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,101,319 | ) | |
| (4,101,319 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance - June 30, 2023 | |
| 106,333 | | |
$ | 319,000 | | |
| 1,325,017 | | |
$ | 133 | | |
$ | 111,521,965 | | |
$ | (89,711,601 | ) | |
$ | 22,129,497 | |
LogicMark, Inc.
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY
(Unaudited)
| | |
Three Months Ended June 30, 2022 | |
| | |
| | |
| | |
| | |
| | |
Additional | | |
| | |
| |
| | |
Preferred Stock | | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
| |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| Balance - April 1, 2022 | |
| 173,333 | | |
$ | 520,000 | | |
| 479,669 | | |
$ | 48 | | |
$ | 105,280,786 | | |
$ | (79,953,006 | ) | |
$ | 25,847,828 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Stock based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 96,533 | | |
| - | | |
| 96,533 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Shares issued as stock based compensation | |
| - | | |
| - | | |
| 778 | | |
| - | | |
| 17,584 | | |
| - | | |
| 17,584 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Series C Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| (75,000 | ) | |
| - | | |
| (75,000 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Series F Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (13,144 | ) | |
| (13,144 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,112,273 | ) | |
| (1,112,273 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance - June 30, 2022 | |
| 173,333 | | |
$ | 520,000 | | |
| 480,447 | | |
$ | 48 | | |
$ | 105,319,903 | | |
$ | (81,078,423 | ) | |
$ | 24,761,528 | |
| | |
Six Months Ended June 30, 2022 | |
| | |
| | |
| | |
| | |
| | |
Additional | | |
| | |
| |
| | |
Preferred Stock | | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
| |
| | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| Balance - January 1, 2022 | |
| 173,333 | | |
$ | 520,000 | | |
| 458,152 | | |
$ | 46 | | |
$ | 104,725,986 | | |
$ | (78,656,861 | ) | |
$ | 26,589,171 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Stock based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 608,882 | | |
| - | | |
| 608,882 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Shares issued as stock based compensation | |
| - | | |
| - | | |
| 22,295 | | |
| 2 | | |
| 135,035 | | |
| - | | |
| 135,037 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Series C Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| (150,000 | ) | |
| - | | |
| (150,000 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Series F Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (26,145 | ) | |
| (26,145 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,395,417 | ) | |
| (2,395,417 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance - June 30, 2022 | |
| 173,333 | | |
$ | 520,000 | | |
| 480,447 | | |
$ | 48 | | |
$ | 105,319,903 | | |
$ | (81,078,423 | ) | |
$ | 24,761,528 | |
The accompanying notes are an integral part of
these condensed financial statements.
LogicMark, Inc.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
| | |
For the Six Months Ended
June 30, | |
| | |
2023 | | |
2022 | |
| Cash Flows from Operating Activities | |
| | |
| |
| Net loss | |
$ | (4,101,319 | ) | |
$ | (2,395,417 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Depreciation | |
| 50,803 | | |
| 770 | |
| Stock based compensation | |
| 794,503 | | |
| 743,919 | |
| Amortization of intangible assets | |
| 380,898 | | |
| 388,284 | |
| Changes in operating assets and liabilities: | |
| | | |
| | |
| Accounts receivable | |
| 386,186 | | |
| (159,760 | ) |
| Inventory | |
| 757,992 | | |
| 614,387 | |
| Prepaid expenses and other current assets | |
| (251,173 | ) | |
| 75,681 | |
| Accounts payable | |
| (372,865 | ) | |
| 296,080 | |
| Accrued expenses | |
| (840,937 | ) | |
| (17,433 | ) |
| Net Cash Used in Operating Activities | |
| (3,195,912 | ) | |
| (453,489 | ) |
| | |
| | | |
| | |
| Cash flows from Investing Activities | |
| | | |
| | |
| Purchase of equipment and website development | |
| (48,697 | ) | |
| (172,908 | ) |
| Product development costs | |
| (400,630 | ) | |
| (176,285 | ) |
| Software development costs | |
| (90,050 | ) | |
| (92,983 | ) |
| Purchase of intangible assets | |
| - | | |
| (4,808 | ) |
| Net Cash Used in Investing Activities | |
| (539,377 | ) | |
| (446,984 | ) |
| | |
| | | |
| | |
| Cash flows from Financing Activities | |
| | | |
| | |
| Proceeds from sale of common stock and warrants | |
| 5,211,428 | | |
| - | |
| Fees paid in connection with equity offerings | |
| (816,017 | ) | |
| - | |
| Warrants exercised for common stock | |
| 162,494 | | |
| - | |
| Series C redeemable preferred stock dividends | |
| (150,000 | ) | |
| (150,000 | ) |
| Net Cash Provided by (Used in) Financing Activities | |
| 4,407,905 | | |
| (150,000 | ) |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | |
| 672,616 | | |
| (1,050,473 | ) |
| Cash, Cash Equivalents and Restricted Cash - Beginning of Period | |
| 7,037,102 | | |
| 12,254,546 | |
| Cash, Cash Equivalents and Restricted Cash - End of Period | |
$ | 7,709,718 | | |
$ | 11,204,073 | |
| | |
| | | |
| | |
| Supplemental Disclosures of Cash Flow Information: | |
| | | |
| | |
| Non-cash investing and financing activities: | |
| | | |
| | |
| Accrued Series C redeemable and Series F preferred stock dividends | |
$ | - | | |
$ | 26,145 | |
| Conversion of Series F preferred stock to common stock | |
| 201,000 | | |
| - | |
| Common stock issued to settle Series F Preferred stock dividends | |
| 48,389 | | |
| - | |
| Product development costs included in accounts payable | |
| 130,027 | | |
| - | |
| Software development costs included in accounts payable | |
| 16,478 | | |
| - | |
The accompanying notes are an integral part of
these condensed financial statements.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES
LogicMark, Inc. (“LogicMark” or the
“Company”) was incorporated in the State of Delaware on February 8, 2012 and was reincorporated in the State of Nevada on
June 1, 2023. LogicMark operates its business in one segment and provides personal emergency response systems (PERS), health communications
devices, and Internet of Things technology that creates a connected care platform. The Company’s devices give people the ability
to receive care at home and confidence to age independently. LogicMark revolutionized the PERS industry by incorporating two-way voice
communication technology directly in the medical alert pendant and providing life-saving technology at a price point everyday consumers
could afford. The PERS technologies are sold direct-to-consumer through the Company’s eCommerce platform, to retailers and distributors,
and to the United States Veterans Health Administration.
NOTE 2 - LIQUIDITY AND MANAGEMENT PLANS
The Company generated an operating loss of $4.1
million and a net loss of $4.1 million for the six months ended June 30, 2023. As of June 30, 2023, the Company had cash and cash equivalents
of $7.6 million. As of June 30, 2023, the Company had working capital of $8.0 million compared to working capital as of December 31, 2022
of $7.1 million.
Given the Company’s cash position at June
30, 2023, and its projected cash flow from operations, the Company believes that it will have sufficient capital to sustain operations
for a period of one year following the date of this filing. The Company may also raise funds through equity or debt offerings to accelerate
the execution of its long-term strategic plan to develop and commercialize its core products and to fulfill its product development commitments.
NOTE 3 - BASIS OF PRESENTATION
The accompanying unaudited condensed financial
statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable
rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. In the opinion
of management, the information herein reflects all adjustments, consisting only of normal recurring adjustments, except as otherwise noted,
considered necessary for a fair statement of results of operations, financial position, stockholders’ equity, and cash flows. The
results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following
information should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022 which was filed with the SEC on March 30, 2023.
On June 1, 2023 (“Effective Date”),
LogicMark, Inc., a Delaware corporation (the “Predecessor”), merged with and into its wholly-owned subsidiary, LogicMark,
Inc., a Nevada corporation (the “Reincorporation”), pursuant to an agreement and plan of merger, dated as of June 1, 2023
(the “Agreement”). At the Effective Date and pursuant to the Agreement, the Company succeeded to the assets, continued the
business and assumed the rights and obligations of the Predecessor existing immediately prior to the Reincorporation.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 3 - BASIS OF PRESENTATION (CONTINUED)
Net loss per share and all share data for the
three and six months ended June 30, 2022 have been retroactively adjusted to reflect the 1-for-20 reverse stock split that occurred on
April 21, 2023, in accordance with ASC 260-10-55-22, Restatement of EPS Data. See Note 6.
Certain prior year amounts have been reclassified
for consistency with the current year’s presentation. These reclassifications had no effect on the reported results of operations.
NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES IN THE CONDENSED FINANCIAL STATEMENTS
U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s
management evaluates these significant estimates and assumptions, including those related to the fair value of acquired assets and liabilities,
stock-based compensation, income taxes, allowance for doubtful accounts, long-lived assets, and inventories, and other matters that affect
the condensed financial statements and disclosures. Actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS
The Company considers all highly liquid securities
with an original maturity date of three months or less when purchased to be cash equivalents. Due to their short-term nature, cash equivalents
are carried at cost, which approximates fair value. The Company had cash equivalents of $7.1 million and $6.6 million as of June 30,
2023 and December 31, 2022, respectively.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
RESTRICTED CASH
Restricted cash includes amounts held as collateral
for company credit cards. Restricted cash included in Cash, Cash Equivalents and Restricted Cash, as presented on the Condensed Statements
of Cash Flows amounted to $60 thousand as of June 30, 2023 and December 31, 2022.
CONCENTRATIONS OF CREDIT RISK
Financial instruments that potentially subject
the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and cash
equivalents balances in large well-established financial institutions located in the United States. At times, the Company’s cash
balances may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance
limits.
REVENUE RECOGNITION
The Company’s revenues consist of product
sales to either end customers, to distributors or bulk sales to the United States Veterans Health Administration. The Company’s
revenues are derived from contracts with customers, which are in most cases customer purchase orders. For each contract, the promise to
transfer the title of the products, each of which is individually distinct, is considered to be the identified performance obligation.
As part of the consideration promised in each contract, the Company evaluates the customer’s credit risk. Our contracts do not have
any financing components, as payments are generally prepaid or due Net 30 days after the invoice date for retailers and distributors.
The majority of prepaid contracts are with the United States Veterans Health Administration, which consists of the majority of the Company’s revenues. The Company’s
products are almost always sold at fixed prices. In determining the transaction price, we evaluate whether the price is subject to any
refunds, due to product returns or adjustments due to volume discounts, rebates, or price concessions to determine the net consideration
we expect to be entitled to. The Company’s sales are recognized at a point-in-time under the core principle of recognizing revenue
when title transfers to the customer, which generally occurs when the Company ships or delivers the product from its fulfillment center
to our customers, when our customer accepts and has legal title of the goods, and the Company has a present right to payment for such
goods. Based on the respective contract terms, most of our contract revenues are recognized either (i) upon shipment based on free on
board (“FOB”) shipping point, or (ii) when the product arrives at its destination. For the three and six months ended June
30, 2023 and 2022, none of our sales were recognized over time.
SALES TO DISTRIBUTORS AND RETAILERS
The Company maintains a reserve for
unprocessed and estimated future price adjustments, claims and returns as a refund liability. The reserve is recorded as a reduction
to revenue in the same period that the related revenue is recorded and is calculated based on an analysis of historical claims and
returns over a period of time to appropriately account for current pricing and business trends. Similarly, sales returns and
allowances are recorded based on historical return rates, as a reduction to revenue with a corresponding reduction to cost of goods
sold for the estimated cost of inventory that is expected to be returned. These reserves were not material as of June 30, 2023 and
December 31, 2022.
SHIPPING AND HANDLING
Amounts billed to customers for shipping and handling are included
in revenues. The related freight charges incurred by the Company are included in cost of goods sold and were $0.1 million and $0.2 million
for the three and six months ended June 30, 2023, and $0.2 million and $0.4 million, respectively, for the three and six months ended
June 30, 2022.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
ACCOUNTS RECEIVABLE - NET
For the three and six months ended June 30, 2023
and 2022, the Company’s revenues were primarily the result of shipments to VA hospitals and clinics, which are made on a prepaid
basis. The Company also sells its products to distributors and retailers, typically providing customers with trade credit terms. Sales
made to distributors and retailers are done with limited rights of return and are subject to the normal warranties offered to the ultimate
consumer for product defects.
Accounts receivable is stated at net realizable
value. The Company regularly reviews accounts receivable balances and adjusts the accounts receivable allowance for doubtful accounts,
as necessary whenever events or circumstances indicate the carrying value may not be recoverable. As of June 30, 2023 and December 31,
2022, the allowance for doubtful accounts were immaterial.
INVENTORY
The Company measures inventory at the lower of
cost or net realizable value, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs
of completion, disposal, and transportation. Cost is determined using the first-in, first-out method.
The Company performs regular reviews of inventory
quantities on hand and evaluates the realizable value of its inventories. The Company adjusts the carrying value of the inventory as
necessary for excess, obsolete, and slow-moving inventory by comparing the individual inventory parts to forecasted product demand or
production requirements. As of June 30, 2023, inventory was comprised of $0.8 million and $0.2 million, in finished goods on hand and
inventory in-transit from vendors, respectively. As of December 31, 2022, inventory was comprised of $0.6 million and $1.2 million, in
finished goods on hand and inventory in-transit from vendors, respectively.
The Company is required to prepay for inventory with certain vendors until
credit terms can be established. As of June 30, 2023 and December 31, 2022, $0.4 million and $0.01 million of prepayments made for inventory,
respectively, are included in prepaid expenses and other current assets on the balance sheet.
LONG-LIVED ASSETS
Long-lived assets, such as property and equipment, and other intangible
assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable.
When indicators exist, the Company tests for the impairment of the definite-lived assets based on the undiscounted future cash flow the
assets are expected to generate over their remaining useful lives, compared to the carrying value of the assets. If the carrying amount
of the assets is determined not to be recoverable, a write-down to fair value is recorded. Management estimates future cash flows using
assumptions about expected future operating performance. Management’s estimates of future cash flows may differ from actual cash
flow due to, among other things, technological changes, economic conditions, or changes to the Company’s business operations.
PROPERTY AND EQUIPMENT
Property and equipment consisting of equipment,
furniture, fixtures, website and other is stated at cost. The costs of additions and improvements are generally capitalized and expenditures
for repairs and maintenance are expensed in the period incurred. When items of property and equipment are sold or retired, the related
costs and accumulated depreciation are removed from the accounts and any gain or loss is included in income. Depreciation of property
and equipment is provided utilizing the straight-line method over the estimated useful life of the respective asset as follows:
| Equipment | |
5 years |
| Furniture and fixtures | |
3 to 5 years |
| Website and other | |
3 years |
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
GOODWILL
Goodwill is reviewed annually in the fourth quarter,
or when circumstances indicate that an impairment may have occurred. The Company first performs a qualitative assessment of goodwill impairment,
which considers factors such as market conditions, performance compared to forecast, business outlook and unusual events. If the qualitative
assessment indicates a possible goodwill impairment, goodwill is then quantitatively tested for impairment. The Company may elect to bypass
the qualitative assessment and proceed directly to the quantitative test. If a quantitative goodwill impairment test is required, the
fair value is determined using a variety of assumptions including estimated future cash flows using applicable discount rates (income
approach) and comparisons to other similar companies (market approach). As of June 30, 2023, no indicators of impairment were noted.
OTHER INTANGIBLE ASSETS
The Company’s intangible assets are related
to the acquisition of LogicMark LLC in 2016, the former subsidiary that was merged with and into the Company and are included in other
intangible assets in the Company’s Condensed Balance Sheets as of June 30, 2023 and December 31, 2022.
As of June 30, 2023, the other intangible assets
are comprised of patents of $1.5 million; trademarks of $0.8 million; and customer relationships of $1.0 million. As of December 31,
2022, the other intangible assets are comprised of patents of $1.7 million; trademarks of $0.9 million; and customer relationships of
$1.2 million. The Company amortizes these intangible assets using the straight-line method over their estimated useful lives which for
the patents, trademarks and customer relationships are 11 years, 20 years, and 10 years, respectively. During the three and six months
ended June 30, 2023, the Company had amortization expense of $0.2 million and $0.4 million, respectively. During the three and six months
ended June 30, 2022, the Company had amortization expense of $0.2 million and $0.4 million, respectively.
As of June 30, 2023, total amortization expense
estimated for the remainder of fiscal year 2023 is $0.4 million. Amortization expense estimated for 2024 and 2025 is expected to be approximately
$0.8 million per year, $0.6 million for 2026, $0.3 million for 2027, and approximately $0.5 million thereafter.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
STOCK BASED COMPENSATION
The Company accounts for stock based awards exchanged for employee services
at the estimated grant date fair value of the award. The Company accounts for equity instruments issued to non-employees at their fair
value on the measurement date. The measurement of stock based compensation is subject to periodic adjustment as the underlying equity
instrument vests or becomes non-forfeitable. Stock based compensation charges are amortized over the vesting period or as earned. Stock
based compensation is recorded in the same component of operating expenses as if it were paid in cash.
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE
Basic net loss attributable to common stockholders
per share (“Basic net loss per share”) was computed using the weighted average number of common shares outstanding. Diluted
net loss applicable to common stockholders per share (“Diluted net loss per share”) includes the effect of diluted common
stock equivalents. Potentially dilutive securities from the exercise of stock options to purchase 35,928 shares of common stock and warrants
to purchase 1,253,985 shares of common stock as of June 30, 2023, were excluded from the computation of diluted net loss per share because
the effect of their inclusion would have been anti-dilutive. Potentially dilutive securities from the exercise of stock options to purchase
18,270 shares of common stock and warrants to purchase 214,769 shares of common stock as of June 30, 2022, were excluded from the computation
of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
RESEARCH AND DEVELOPMENT AND PRODUCT DEVELOPMENT COSTS
Research and development costs are expenditures on new market development
and related engineering costs. In addition to internal resources, the Company utilizes functional consulting resources, third-party software,
and hardware development firms. The Company expenses all research and development costs as incurred until technological feasibility has
been established for the product. Once technological feasibility is established, development costs including software and hardware design
are capitalized until the product is available for general release to customers. Judgment is required in determining when technological
feasibility of a product is established. For the three and six months ended June 30, 2023, the Company capitalized $0.3 million and $0.5
million of such product development costs, respectively, and capitalized $0.1 million of such software development costs for both periods.
For the three and six months ended June 30, 2022, the Company capitalized $0.2 million of such product development costs and $0.1 million
of such software development costs for both periods. There was no amortization of product development costs during the three and six months
ended June 30, 2023 and 2022. Cumulatively, as of June 30, 2023 and December 31, 2022, approximately $0.6 million and $0.3 million, respectively,
of capitalized product and software development costs arose from expenditures to a company considered to be a related party since it is
controlled by the Company’s Vice-President of Engineering.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
RECENT ACCOUNTING PRONOUNCEMENTS
Recent accounting standards that have been issued
or proposed by FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material
impact on the Company’s condensed financial statements upon adoption.
NOTE 5 - ACCRUED EXPENSES
Accrued expenses consist of the following:
| | |
June 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| Salaries, payroll taxes and vacation | |
$ | 126,732 | | |
$ | 114,030 | |
| Merchant card fees | |
| 15,583 | | |
| 15,062 | |
| Professional fees | |
| 80,000 | | |
| 25,000 | |
| Management incentives | |
| 303,800 | | |
| 519,800 | |
| Lease liability | |
| 65,875 | | |
| 69,402 | |
| Dividends – Series C and F Preferred Stock | |
| - | | |
| 48,389 | |
| Inventory in transit | |
| - | | |
| 812,970 | |
| Other | |
| 255,647 | | |
| 135,837 | |
| Totals | |
$ | 847,637 | | |
$ | 1,740,490 | |
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 6 - STOCKHOLDERS’ EQUITY AND REDEEMABLE PREFERRED STOCK
Reincorporation
On the Effective Date, the Predecessor merged
with and into its wholly-owned subsidiary pursuant to the Agreement. At the Effective Date and pursuant to the Agreement, the Company
succeeded to the assets, continued the business and assumed the rights and obligations of the Predecessor existing immediately prior to
the Reincorporation.
At the Effective Time, pursuant to the Agreement,
(i) each outstanding share of the Predecessor’s common stock automatically converted into one share of common stock, par value $0.0001
per share, of the Company (“Registrant Common Stock”), (ii) each outstanding share of the Predecessor Series C preferred stock
automatically converted into one share of Series C Non-Convertible Voting Preferred Stock, par value $0.0001 per share, of the Company,
(iii) each outstanding share of the Predecessor Series F preferred stock automatically converted into one share of Series F Convertible
Preferred Stock, par value $0.0001 per share, of the Company, and (iv) each outstanding option, right or warrant to acquire shares of
Predecessor common stock converted into an option, right or warrant, as applicable, to acquire an equal number of shares of Registrant
Common Stock under the same terms and conditions as the original options, rights or warrants, as applicable. In addition, by operation
of law, the Company assumed all of the Predecessor’s obligations under its equity incentive plans. The shares of Predecessor Common
Stock remaining available for awards under such plans were automatically adjusted upon the Reincorporation into an identical number of
shares of Registrant Common Stock, and all awards previously granted under such plans that were outstanding as of the Effective Time were
automatically adjusted into awards for the identical number of shares of Registrant Common Stock, without any other change to the form,
terms or conditions of such awards.
April 2023 Reverse stock split
On April 21, 2023, the Company effected a
1-for-20 reverse split of its outstanding common stock and Series C Redeemable Preferred Stock. As a result of the reverse splits,
each 20 pre-split shares of common stock outstanding and each 20 pre-split shares of Series C Redeemable Preferred Stock outstanding
were automatically exchanged for one new share of each without any action on the part of the holders. The number of outstanding
shares of common stock was reduced from approximately 24,406,155 shares to approximately 1,220,308 shares, and the
number of outstanding shares of Series C Redeemable Preferred Stock was reduced from 200 shares to 10 shares. 40,228
shares of Common Stock were issued as a result of the treatment of fractional shares in connection with this reverse stock split,
which rounded up outstanding post-split shares to the nearest whole number. The reverse stock split did not affect the total number
of shares of capital stock, including Series C Redeemable Preferred Stock, that the Company is authorized to issue.
Net loss per share and all share data as of and
for the three and six months ended June 30, 2022 have been retroactively adjusted to reflect the reverse stock splits in accordance with
ASC 260-10-55-12, Restatement of EPS Data.
January 2023 Offering
On January 25, 2023, the Company closed a firm
commitment registered public offering (the “January Offering”) pursuant to which the Company issued (i) 529,250 shares of
Common Stock and 10,585,000 common stock purchase warrants (exercisable for 793,875 shares of Common Stock at a purchase price of $2.52
per share), subject to certain adjustments and (ii) 3,440,000 pre-funded common stock purchase warrants that were exercised for 172,000
shares of Common Stock at a purchase price of $0.02 per share, subject to certain adjustments and 3,440,000 warrants to purchase up to
an aggregate of 258,000 shares of Common Stock at a purchase price of $2.52 per share and (iii) 815,198 additional warrants to purchase
up to 61,140 shares of Common Stock at a purchase price of $2.52 per share, which additional warrants were issued upon the partial exercise
by the underwriters of their over-allotment option, pursuant to an underwriting agreement, dated as of January 23, 2023 between the Company
and Maxim Group LLC, as representative of the underwriters. The January Offering resulted in gross proceeds to the Company of approximately
$5.2 million, before deducting underwriting discounts and commissions of 7% of the gross proceeds (3.5% of the gross proceeds in the
case of certain identified investors) and estimated January Offering expenses. Due to the Company effecting the reverse stock split on
April 21, 2023, the exercise prices and shares issuable upon exercise of such warrants and pre-funded warrants have been retroactively
reported in accordance with ASC 260-10-55-12, Restatement of EPS Data, and to reflect the adjustment to the number of shares underlying
such warrants and pre-funded warrants and the exercise price of such warrants in accordance with the terms thereof.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 6 - STOCKHOLDERS’ EQUITY AND REDEEMABLE PREFERRED
STOCK (CONTINUED)
Series C Redeemable Preferred Stock
In May 2017, the Company authorized Series C Redeemable
Preferred Stock. Holders of Series C Preferred Stock are entitled to receive dividends of 15% per year, payable in cash. For each of the
three and six months ended June 30, 2023, the Company recorded Series C Redeemable Preferred Stock dividends of $75 thousand and $150
thousand, respectively. For each of the three and six months ended June 30, 2022, the Company recorded Series C Redeemable Preferred Stock
dividends of $75 thousand and $150 thousand, respectively.
The Series C Redeemable Preferred Stock may be
redeemed by the Company at the Company’s option in cash at any time, in whole or in part, upon payment of the stated value of the
Series C Redeemable Preferred Stock and unpaid dividends. If a “fundamental change” occurs, the Series C Redeemable Preferred
Stock shall be immediately redeemed in cash equal to the stated value of the Series C Redeemable Preferred Stock, and unpaid dividends.
A fundamental change includes but is not limited to any change in the ownership of at least fifty percent of the voting stock; liquidation
or dissolution; or the common stock ceases to be listed on the market upon which it currently trades.
The holders of the Series C Redeemable Preferred
Stock are entitled to vote on any matter submitted to the stockholders of the Company for a vote. One share of Series C Redeemable Preferred
Stock carries the same voting rights as one share of common stock.
A redeemable equity security is to be classified
as temporary equity if it is conditionally redeemable upon the occurrence of an event that is not solely within the control of the issuer.
Upon the determination that such events are probable, the equity security would be classified as a liability. Given the Series C Redeemable
Preferred Stock contains a fundamental change provision, the security is considered conditionally redeemable. Therefore, the Company
has classified the Series C Redeemable Preferred Stock as temporary equity in the balance sheets as of June 30, 2023 and December 31,
2022 until such time that events occur that indicate otherwise.
Warrants
The following table summarizes the Company’s warrants outstanding
and exercisable as of June 30, 2023 and December 31, 2022:
| | |
Number of
Warrants | | |
Weighted
Average
Exercise
Price | | |
Weighted
Average
Remaining
Life In
Years | | |
Aggregate
Intrinsic
Value | |
| Outstanding and Exercisable at January 1, 2023 | |
| 4,295,380 | | |
$ | 120.39 | | |
| 3.60 | | |
| - | |
| Issued | |
| 14,840,198 | | |
| 2.52 | | |
| 4.58 | | |
| - | |
| Issued prefunded warrants | |
| 3,440,000 | | |
| 0.02 | | |
| - | | |
| - | |
| Exercised prefunded warrants | |
| (3,440,000 | ) | |
| 0.02 | | |
| - | | |
| - | |
| Exercised warrants | |
| (859,770 | ) | |
| 2.52 | | |
| - | | |
| - | |
| Expiration of warrants | |
| (186,316 | ) | |
| 459.49 | | |
| - | | |
| - | |
| Outstanding and Exercisable at June 30, 2023 | |
| 18,089,492 | | |
$ | 29.59 | | |
| 4.29 | | |
$ | 419,413 | |
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 7 - STOCK INCENTIVE PLANS
2023 Stock Incentive Plan
On March 7, 2023, the Company’s stockholders approved the 2023 Stock
Incentive Plan (“2023 Plan”). The aggregate maximum number of shares of common stock that may be issued under the 2023 Plan
is 68,723 shares for fiscal 2023; thereafter, the maximum number is limited to 15% of the outstanding shares of common stock, calculated
on the first business day of each fiscal quarter. Under the 2023 Plan, options which are forfeited or terminated, settled in cash in lieu
of shares of common stock, or settled in a manner such that shares are not issued, will again immediately become available to be issued.
If shares of common stock are withheld from payment of an award to satisfy tax obligations with respect to the award, those shares of
common stock will be treated as shares that have been issued under the 2023 Plan and will not again be available for issuance.
No stock options were issued under the 2023 Plan
during the three and six months ended June 30, 2023.
2017 Stock Incentive Plan
On August 24, 2017, the Company’s stockholders approved the 2017
Stock Incentive Plan (“2017 SIP”). The aggregate maximum number of shares of common stock that may be issued under the 2017
SIP is limited to 10% of the outstanding shares of common stock, calculated on the first business day of each fiscal year. Under the 2017
SIP, options which are forfeited or terminated, settled in cash in lieu of shares of common stock, or settled in a manner such that shares
are not issued, will again immediately become available to be issued. If shares of common stock are withheld from payment of an award
to satisfy tax obligations with respect to the award, those shares of common stock will be treated as shares that have been issued under
the 2017 SIP and will not again be available for issuance. On March 7, 2023, the Company’s 2017 SIP was terminated upon the approval
of the 2023 Plan at the Company’s special meeting of stockholders.
During the three months ended June 30, 2023,
the Company did not issue any stock options. During the six months ended June 30, 2023, the Company issued 3,125 stock options
vesting over four years to employees with an exercise price of $3.80 per share and a total aggregate fair value of $11 thousand. In
addition, 10,528 fully vested stock options were granted to four non-employee Board directors at an exercise price of $3.80 per share. The
aggregate fair value of the shares issued to the directors was $35 thousand. As of June 30, 2023, the unrecognized compensation cost
related to non-vested stock options is $0.3 million.
During
the quarter ended March 31, 2022, the Company issued 21,517 shares of common stock vesting over periods ranging from 30 to 48 months
with an aggregate fair value of $1.3 million to certain employees as inducement and incentive grants. During the quarter ended June 30,
2022, the Company issued 778 shares of common stock vesting on September 30, 2022 with an aggregate fair value of $18 thousand to
certain non-employees in lieu of cash payment for services. As of June
30, 2022, the unrecognized compensation cost related to non-vested stock options was $0.6 million.
During the three and six months ended June 30, 2023, the Company had 125
and 750 stock options forfeited, respectively, under the 2017 SIP. During the three and six months ended June 30, 2022, the Company had
no stock options forfeited in both periods under the 2017 SIP.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 7 - STOCK INCENTIVE PLANS (CONTINUED)
2013 Long-Term Stock Incentive Plan
On January 4, 2013, the Company’s
stockholders approved the Company’s Long-Term Stock Incentive Plan (“2013 LTIP”). The maximum number of shares of
common stock that may be issued under the 2013 LTIP, including stock awards, stock issued to the Company’s Board, and stock
appreciation rights, is limited to 10% of the common shares outstanding on the first business day of any fiscal year. The
Company’s 2013 LTIP expired in accordance with its terms on January 3, 2023.
During the three months ended March 31,
2022, the Company issued 11,875 stock options (250 of which were forfeited during the three months ended June 30, 2022)
vesting over four years to employees with an exercise price of $67.20 per share and an option for 625 shares to
a non-employee with a strike price of $44.00 per share, and such issuance resulted in a total expense of $0.3 million. In
addition, 1,364 fully vested stock options were granted to six non-employee Board directors at an exercise price of $44.00
per share during the three months ended March 31, 2022. The aggregate fair value of the shares issued to the directors was $51
thousand. A total of 1,106 stock options were granted to two Advisory Board members at strike prices ranging from $36.00 to $36.40
per share, vesting over periods up to one year during the three months ended June 30, 2022.
During the three and six months ended June
30, 2023, the Company did not issue any stock options under the 2013 LTIP. During the three months ended June 30, 2023, the Company
had no stock options forfeited and during the six months ended June 30, 2023, the Company had 1,250 stock options forfeited under
the 2013 LTIP.
Stock based Compensation Expense
Total stock based compensation expense during the three and six months
ended June 30, 2023 pertaining to awards under the 2017 SIP and 2013 LTIP amounted to $0.4 million and $0.8 million, respectively. Total
stock based compensation expense during the three and six months ended June 30, 2022, pertaining to awards under the 2017 SIP and 2013
LTIP amounted to $0.1 and $0.7 million, respectively.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 8 - COMMITMENTS AND CONTINGENCIES
LEGAL MATTERS
From time to time, the Company may be involved
in various claims and legal actions arising in the ordinary course of our business. Other than the above, there is no action, suit, proceeding,
inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to
the knowledge of the executive officers of the Company or any of our subsidiaries, threatened against or affecting our company, or any
of our subsidiaries in which an adverse decision could have a material adverse effect upon our business, operating results, or financial
condition.
COMMITMENTS
The Company leases warehouse space and equipment,
in the U.S., which is classified as operating leases expiring at various dates. The Company determines if an arrangement qualifies as
a lease at the lease inception. Operating lease liabilities are recorded based on the present value of the future lease payments over
the lease term, assessed as of the commencement date. The Company’s real estate lease, which is for office space and a fulfillment
center, with a lease term of 5 years expiring in August 2025. The Company also leases a copier with a lease term of 5 years, ending August
2023. The Company has elected to account for the lease and non-lease components (insurance and property taxes) as a single lease component
for its real estate leases. Lease payments, which includes lease components and non-lease components, are included in the measurement
of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable amounts based on a rate
or index (fixed in substance) as stipulated in the lease contract. Any actual costs in excess of such amounts are expensed as incurred
as variable lease cost.
The Company’s lease agreements generally
do not specify an implicit borrowing rate, and as such, the Company uses its incremental borrowing rate to calculate the present value
of the future lease payments. The discount rate represents a risk-adjusted rate on a secured basis and is the rate at which the Company
would borrow funds to satisfy the scheduled lease liability payment streams. The Company entered into a new five-year lease agreement
in June 2020 for new warehouse space located in Louisville, Kentucky. The Right of Use (ROU) asset value added as a result of this new
lease agreement was $0.3 million. The Company’s ROU asset and lease liability accounts reflect the inclusion of this lease in the
Company’s balance sheets as of June 30, 2023 and December 31, 2022. The current monthly rent of $6.4 thousand commenced in September
2022 and increases approximately 3% annually thereafter.
The Company’s lease agreements include options
for the Company to either renew or early terminate the lease. Renewal options are reviewed at lease commencement to determine if such
options are reasonably certain of being exercised, which could impact the lease term. When determining if a renewal option is reasonably
certain of being exercised, the Company considers several factors, including significance of leasehold improvements on the property, whether
the asset is difficult to replace, or specific characteristics unique to the lease that would make it reasonably certain that the Company
would exercise the option. In most cases, the Company has concluded that renewal and early termination options are not reasonably certain
of being exercised by the Company and thus not included in the Company’s ROU asset and lease liability.
LogicMark, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 8 - COMMITMENTS AND CONTINGENCIES (CONTINUED)
For the three and six months ended June 30, 2023,
total operating lease cost was $25.3 thousand and $50.7 thousand, respectively, and is recorded in direct operating costs and general
and administrative expenses, dependent on the nature of the leased asset. Operating leases cost for the three and six months ended June
30, 2022 amounted to $25.2 thousand and $49.8 thousand, respectively, and was recorded in general and administrative expenses. Operating
lease cost is recognized on a straight-line basis over the lease term. The following summarizes (i) the future minimum undiscounted lease
payments under the non-cancelable lease for each of the next three years and thereafter, incorporating the practical expedient to account
for lease and non-lease components as a single lease component for our existing real estate lease, (ii) a reconciliation of the undiscounted
lease payments to the present value of the lease liabilities, and (iii) the lease-related account balances on the Company’s balance
sheet as of June 30, 2023:
| Year Ending December 31, | |
| |
| 2023 (for the remainder of 2023) | |
$ | 42,231 | |
| 2024 | |
| 80,000 | |
| 2025 | |
| 54,400 | |
| Total future minimum lease payments | |
$ | 176,631 | |
| Less imputed interest | |
| (23,258 | ) |
| Total present value of future minimum lease payments | |
$ | 153,373 | |
| As of June 30, 2023 | |
| |
| Operating lease right-of-use assets | |
$ | 146,173 | |
| | |
| | |
| Accrued expenses | |
$ | 65,875 | |
| Other long-term liabilities | |
| 87,498 | |
| | |
$ | 153,373 | |
| As of June 30, 2023 |
|
|
|
| |
|
|
|
| Weighted Average Remaining Lease Term |
|
|
2.13 |
|
| Weighted Average Discount Rate |
|
|
12.98 |
% |
NOTE 9 – SUBSEQUENT EVENTS
The Company’s management has evaluated subsequent
events through August 11, 2023, which is the date these condensed financial statements were available to be issued. Management has determined
that there were no subsequent events which required recognition, adjustment to or disclosure to the condensed financial statements.
Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations
The following
discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2023, should
be read together with our condensed financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q for
the three and six months ended June 30, 2023 (this “Form 10-Q”). This discussion contains forward-looking statements and information
relating to our business that reflect our current views and assumptions concerning future events and is subject to risks and uncertainties
that may cause our or our industry’s actual results, levels of activity, performance, or achievements to be materially different
from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These
forward-looking statements speak only as of the date of this Form 10-Q. Although we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, levels of activity, or achievements. Except as required by applicable law,
including the securities laws of the United States, we expressly disclaim any obligation or undertaking to disseminate any update or revisions
of any of the forward-looking statements to reflect any change in our expectations with regard thereto or to conform to these statements
to actual results.
Overview
LogicMark, Inc. provides PERS, health communications
devices, and Internet of Things (“IoT”) technology that creates a connected care platform. The Company’s devices provide
people with the ability to receive care at home and age independently and to check, manage and monitor a loved one’s health and
safety remotely. The Company’s PERS devices incorporate two-way voice communication technology directly in the medical alert pendant
and providing life-saving technology at a consumer-friendly price point aimed at everyday consumers. The Company is focused on modernizing
remote monitoring to help people stay safe and live independently longer. The PERS technologies are sold through retailers and distributors,
the Company’s website (logicmark.com) as well as through the United States Veterans Health Administration (“VHA”). The
Company enjoys a strong base of business with the VHA and plans to expand to other government services after being awarded the five-year
United States General Services Agreement (“GSA”) in 2021.
Reincorporation
On June 1, 2023 (“Effective Date”), LogicMark,
Inc., a Delaware corporation (the “Predecessor”), merged with and into its wholly-owned subsidiary, LogicMark, Inc., a Nevada
corporation (the “Reincorporation”), pursuant to an agreement and plan of merger, dated as of June 1, 2023 (the “Agreement”).
At the Effective Date and pursuant to the Agreement, the Company succeeded to the assets, continued the business and assumed the rights
and obligations of the Predecessor existing immediately prior to the Reincorporation. The Agreement and transactions contemplated thereby
were approved by the affirmative vote of a majority of the outstanding shares of the Predecessor’s common stock, par value $0.0001
per share (the “Predecessor Common Stock”), and Series C Non-Convertible Voting Preferred Stock, par value $0.0001 per share
(the “Predecessor Series C Preferred Stock”), as well as the Predecessor’s Series F Convertible Preferred Stock,
par value $0.0001 per share (the “Predecessor Series F Preferred Stock”) on an as-converted to Predecessor Common Stock
basis, in the aggregate, and entitled to vote on the matter, at the Predecessor’s special meeting of stockholders held on March
7, 2023 (the “Special Meeting”).
Reverse Stock Split
Prior to the Reincorporation,
on April 21, 2023, the Predecessor effected 1-for-20 reverse stock splits of the outstanding shares of Predecessor Common Stock and Predecessor
Series C Preferred Stock, whereby every 20 shares of Predecessor Common Stock and Predecessor Series C Preferred Stock was consolidated
into 1 share of each such class following such split, with fractional shares rounded up to the nearest whole share. All applicable information
in this Management’s Discussion and Analysis of Financial Condition and Results of Operations section has been retroactively adjusted
to reflect such reverse stock splits.
Results of Operations
Three and six months ended June 30, 2023, compared with the three and
six months ended June 30, 2022.
Revenue, Cost of Goods Sold, and Gross Profit
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Revenue | |
$ | 2,326,995 | | |
$ | 3,367,692 | | |
$ | 5,136,713 | | |
$ | 7,018,380 | |
| Cost of Goods Sold | |
| 727,276 | | |
| 1,364,586 | | |
| 1,674,445 | | |
| 2,811,891 | |
| Gross Profit | |
$ | 1,599,719 | | |
$ | 2,003,106 | | |
$ | 3,462,268 | | |
$ | 4,206,489 | |
| Gross Profit Margin | |
| 69 | % | |
| 59 | % | |
| 67 | % | |
| 60 | % |
We experienced a 31% decrease in revenue for the
three months ended June 30, 2023 and a 27% decrease in revenue for the six months ended June 30, 2023, as compared to the same periods
ended June 30, 2022. Results in the prior year period included one-time sales of Freedom Alert 911+ 4G units replacing older 3G units
no longer supported by national cellular network carriers.
Gross profit margin was 69% and 67% for the three and six months ended
June 30, 2023, respectively, up from 59% and 60% for the three and six months ended June 30, 2022, respectively, as a result of improvements
in the Company’s supply chain management, including a return to transpacific shipping (versus air freight) from our Asia based contract
manufacturers.
Operating Expenses
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | |
| Operating Expenses | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Direct operating cost | |
$ | 312,426 | | |
$ | 336,544 | | |
$ | 575,228 | | |
$ | 810,987 | |
| Advertising costs | |
| 85,277 | | |
| - | | |
| 133,393 | | |
| - | |
| Selling and Marketing | |
| 517,931 | | |
| 275,011 | | |
| 983,466 | | |
| 464,216 | |
| Research and development | |
| 250,266 | | |
| 204,592 | | |
| 564,154 | | |
| 467,077 | |
| General and administrative | |
| 2,443,860 | | |
| 2,115,700 | | |
| 4,857,619 | | |
| 4,451,647 | |
| Other expense | |
| 50,646 | | |
| 2,000 | | |
| 78,964 | | |
| 32,084 | |
| Depreciation and amortization | |
| 215,703 | | |
| 194,691 | | |
| 431,701 | | |
| 389,054 | |
| Total Expenses | |
$ | 3,876,109 | | |
$ | 3,128,538 | | |
$ | 7,624,525 | | |
$ | 6,615,065 | |
Direct Operating Cost
The $24 thousand and $0.2 million decrease in
direct operating cost for the three and six months ended June 30, 2023, respectively, compared to the same periods ended June 30, 2022,
was primarily driven by a reduction in warranty claims related to the sunsetting of 3G cellular support by the national cellular network
carriers. In the six months ended June 30, 2022, while we were not obligated to upgrade our customers with 3G PERS units to 4G compatible
units, we chose to replace those units still under warranty and to cover all such replacement costs.
Advertising Costs
The $85.3 thousand and $0.1 million increase in advertising costs for the
three and six months ended June 30, 2023, respectively, compared to the same periods ended June 30, 2022, was driven by the initiation
and continuation in 2023 of social media advertising and web-based advertising to support our eCommerce platform.
Selling and Marketing
The $0.2 million and $0.5 million increase in
selling and marketing expenses for the three and six months ended June 30, 2023, respectively, was driven by the additional sales personnel
and their related expenses.
Research and Development
The Company entered calendar year 2022 with no
new products in the product development pipeline and has been working diligently on developing new PERS hardware and other software-based
solutions for our customers. As a result, our research and development expense for the three and six months ended June 30, 2023, compared
to the same periods ended June 30, 2022, increased by $50 thousand and $0.1 million as we continue to ramp up these development efforts.
General and Administrative
General and administrative costs increased $0.3
million and $0.4 million for the three and six months ended June 30, 2023, respectively, compared to the same periods ended June 30, 2022,
which was driven by higher recruiting cost, additional personnel and their related expenses, and costs related to the Special Meeting
to approve the Reincorporation.
Other Income
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | |
| Other Income | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Interest income | |
$ | 8,510 | | |
$ | 13,159 | | |
$ | 60,938 | | |
$ | 13,159 | |
| Total Other Income | |
$ | 8,510 | | |
$ | 13,159 | | |
$ | 60,938 | | |
$ | 13,159 | |
During the three and six months ended June 30,
2023, the Company recorded $8.5 thousand and $60.9 thousand, respectively, of interest income generated from its cash balances. During
the three and six months ended June 30, 2022, the Company recorded $13 thousand in interest income generated from its cash balances.
Liquidity and Capital Resources
Sources of Liquidity
The Company generated an operating loss of $2.3 million and a net loss
of $2.3 million for the three months ended June 30, 2023 and generated an operating loss of $4.2 million and a net loss of $4.1 million
for the six months ended June 30, 2023. As of June 30, 2023, the Company had cash and cash equivalents of $7.6 million. At June 30, 2023,
the Company had working capital of $8.0 million. During the three months ended June 30, 2023, the Company received proceeds of $0.2 million
from the exercise of Common Stock purchase warrants. During the six months ended June 30, 2023, the Company received proceeds of $5.2
million from the issuance of Common Stock, warrants, and the exercise of Common Stock purchase warrants.
Given our cash position as of June 30, 2023 and our projected cash flow
from operations, we believe we will have sufficient capital to sustain operations for the twelve months from the date of the filing of
our condensed financial statements. We may raise funds through equity or debt offerings to accelerate the execution of our long-term strategic
plan to develop and commercialize our new products.
Cash Flows
Cash Used in Operating Activities
During the six months ended June 30, 2023, net
cash used in operating activities was $3.2 million. During the six months ended June 30, 2022, net cash used in operating activities was
$0.5 million. Our primary ongoing uses of operating cash relate to payments to vendors, salaries and related expenses for our employees
and consulting and professional fees. Our vendors and consultants generally provide us with normal trade payment terms (net 30).
Cash Used in Investing Activities
During the six months ended June 30, 2023, we
purchased $49 thousand in equipment and invested $0.5 million in product development and software development. During the six months ended
June 30, 2022, we purchased $0.2 million in equipment and invested $0.3 million in product development and software development.
Cash Provided by (Used) Financing Activities
| | |
Six Months Ended | |
| Cash flows from Financing Activities | |
2023 | | |
2022 | |
| Proceeds from sale of common stock and warrants | |
$ | 5,211,428 | | |
$ | - | |
| Fees paid in connection with equity offerings | |
| (816,017 | ) | |
| - | |
| Warrants exercised for common stock | |
| 162,494 | | |
| - | |
| Series C redeemable preferred stock dividends | |
| (150,000 | ) | |
| (150,000 | ) |
| Net Cash Provided (Used in) by Financing Activities | |
$ | 4,407,905 | | |
$ | (150,000 | ) |
During the six months ended June 30, 2023, we
completed a registered public offering of common stock and warrants, whereby we received proceeds of $5.2 million and paid fees of $0.8
million. In addition, we received proceeds of $0.2 million for the exercise of warrants into common stock. During the six months ended
June 30, 2023 and 2022, we paid Series C Redeemable Preferred Stock dividends amounting to $150 thousand each period.
Impact of Inflation
We believe that our business has only been modestly
impacted by inflationary trends during the past two fiscal years. However, continued domestic inflation may increase our cost of fulfilment
in fiscal year 2023 through higher labor and shipping costs, as well as our operating and overhead expenses. Should inflation become a
continuing factor in the worldwide economy, it may increase the cost of purchasing products from our contract manufacturers in Asia, as
well as the cost of certain raw materials, component parts and labor used in the production of our products. We have been able to maintain
our profit margins through productivity, better supply chain management, efficiency improvements, and cost reduction programs.
Off-Balance Sheet Arrangements
We do not have any relationships with unconsolidated
entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would
have been established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. In addition, we
do not have any undisclosed borrowings or debt, and we have not entered into any synthetic leases. We are, therefore, not materially exposed
to any financing, liquidity, market, or credit risk that could arise if we had engaged in such relationships.
Critical Accounting Policies
There were no significant changes to our critical
accounting policies and estimates during the three and six months ended June 30, 2023, from those disclosed in our Annual Report on Form
10-K for the year ended December 31, 2022.
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
We are not required to provide the information required by this Item
as we are a smaller reporting company.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation
of our management, including our principal executive officer and principal financial officer, we are required to perform an evaluation
of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Exchange Act, as of June 30, 2023. Management
has not completed such evaluation under the 2013 Committee of Sponsoring Organizations (“COSO”) framework, but concluded,
based on the material weaknesses in our internal controls over financial reporting described below, that our disclosure controls and procedures
were not effective as of June 30, 2023 to provide reasonable assurance that information required to be disclosed by us in reports we file
or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s
rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial
officer, as appropriate to allow timely decisions regarding required disclosures. Specifically, we had difficulty in accounting for complex
accounting transactions due to an insufficient number of accounting personnel with experience in that area and limited segregation of
duties within our accounting and financial reporting functions.
As reported in our Annual Report on Form 10-K
for the period ended December 31, 2022, the Company retained a Corporate Controller, a Certified Public Accountant in the state of California,
with over 10 years of public accounting, audit and accounting experience to assist in completing our remediation procedures for the material
weaknesses identified regarding the following:
| |
- |
Management
had not completed an assessment of the Company’s internal controls over financial reporting based on the 2013 COSO framework. Management
has concluded that, during the first six months of 2023, its internal controls and procedures were not effective to detect the inappropriate
application of U.S. GAAP. |
| |
- |
Due to a limited number of accounting personnel, the Company has historically had difficulty accounting for complex transactions and has limited segregation of duties within the accounting department. |
Management is in the process of completing
the 2013 COSO framework and finalizing the design/implementation of our internal controls. Additional time is required to fully
document our systems, implement control procedures, and test their operating effectiveness before we can conclude that we have fully
remediated our material weaknesses.
Changes in Internal Control over Financial Reporting
There were
no changes in the Company’s internal control over financial reporting that occurred during the three months ended June 30, 2023
that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
Limitations of the Effectiveness of Internal Control
Our management, including our Chief Executive
Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures will prevent all errors and all fraud.
A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and
the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent
limitations include, but are not limited to, the realities that judgments in decision making can be faulty and that breakdowns can occur
because of simple errors. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more
people, or by management override of the control. The design of any system of controls is also based in part upon certain assumptions
about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under
all potential future conditions. Because of the inherent limitations in a cost-effective control system, misstatements due to error or
fraud may occur and not be detected.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we may become subject to legal
proceedings, claims, or litigation arising in the ordinary course of business. We are not presently a party to any other legal proceedings
that in the opinion of our management, if determined adversely to us, would individually or taken together have a material adverse effect
on our business, operating results, financial condition, or cash flows.
Item 1A. Risk Factors
As a smaller reporting company, we are not required to provide the
information required by this item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
Item 6. Exhibits
In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are
being furnished and not filed.
SIGNATURES
Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.
| |
LogicMark, Inc. |
| |
|
| Date: August 11, 2023 |
By: |
/s/ Chia-Lin Simmons |
| |
|
Chia-Lin Simmons |
| |
|
Chief Executive Officer |
| |
|
(Principal Executive Officer) |
| |
|
|
| Date: August 11, 2023 |
By: |
/s/ Mark Archer |
| |
|
Mark Archer |
| |
|
Chief Financial Officer |
| |
|
(Principal Financial Officer and
Principal Accounting Officer) |
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Exhibit 10.1
LOGICMARK,
INC.
2023
STOCK INCENTIVE PLAN
ARTICLE
ONE
GENERAL PROVISIONS
I. PURPOSE OF THE PLAN
A. The Plan is intended to
promote the interests of the Corporation by providing eligible persons in the Corporation’s employ or service with the opportunity
to acquire a proprietary interest, or otherwise increase their proprietary interest, in the Corporation as an incentive for them to continue
in such employ or service.
B. Capitalized terms herein
shall have the meanings assigned to such terms in the Appendix to the Plan.
II. STRUCTURE OF THE PLAN
A. The Plan shall be divided
into two separate equity programs:
1. the Option Grant Program,
under which eligible persons may, at the discretion of the Plan Administrator, be granted Options, and
2. the Restricted Stock Issuance
Program, under which eligible persons may, at the discretion of the Plan Administrator, be issued shares of Common Stock, with or without
restrictions, directly, either through the immediate purchase of such shares or as a bonus for services rendered to the Corporation or
in full or partial consideration for services rendered to the Corporation (or any Parent or Subsidiary).
B. The provisions of Articles
One and Four shall apply to both equity programs under the Plan and shall accordingly govern the interests of all Participants under the
Plan.
III. ADMINISTRATION OF THE PLAN
A. The Plan shall be administered
by the Plan Administrator, and upon the effective date of the Plan, the Plan Administrator shall initially be the Board. However, any
or all administrative functions otherwise exercisable by the Board may be delegated to the Committee.
Members of the Committee shall serve for such
period of time as set forth in the by-laws of the Corporation and the Committee charter. The Board may also at any time terminate the
Committee as Plan Administrator and reassume (or decide to return to the Committee) all powers and authority previously delegated. The
Plan Administrator shall have the power to delegate authority to corporate officers of the Corporation to make grants to non-Named Executive
Officers, on a quarterly basis, subject to post-grant ratification by the Board or the Committee.
B. The Plan Administrator shall
have full power and authority (subject to the provisions of the Plan) to establish such rules and regulations as it may deem appropriate
for proper administration of the Plan and to make such determinations under, and issue such interpretations of, the Plan and any outstanding
Options or stock issuances hereunder as it may deem necessary or advisable. Decisions of the Plan Administrator shall be final and binding
on all parties who have an interest in the Plan or any Option grant or stock issuance hereunder.
IV. ELIGIBILITY
A. The persons eligible to
participate in the Plan are as follows:
1. Employees,
2. non-Employee members of
the Board or non-Employee members of the board of directors of any Parent or Subsidiary (if applicable), and
3. consultants and other independent
contractors who provide services to the Corporation (or any Parent or Subsidiary, if applicable).
B. The Plan Administrator shall
have full authority to determine, (i) with respect to the grants made under the Option Grant Program, which eligible persons are to receive
such grants, the time or times when those grants are to be made, the number of shares of Common Stock to be covered by each such grant,
the status of the granted Option as either an Incentive Option or a Non-Statutory Option, the time or times when each Option is to become
exercisable, the vesting schedule (if any) applicable to the Option shares and the maximum term for which the Option is to remain outstanding,
and (ii) with respect to shares of Common Stock issued under the Restricted Stock Issuance Program, which eligible persons are to receive
such issuances, the time or times when those issuances are to be made, the number of shares of Common Stock to be issued, the vesting
schedule (if any) applicable to the issued shares of Common Stock and the consideration to be paid (if any) by the Participant for such
shares.
C. The Plan Administrator shall
have the absolute discretion either to grant options in accordance with the Option Grant Program or to effect issuances of Common Stock
in accordance with the Restricted Stock Issuance Program.
V. STOCK SUBJECT TO THE PLAN
A. The stock available for
issuance under the Plan shall be shares of authorized but unissued, or reacquired, shares of Common Stock. The maximum number of shares
of Common Stock which may be issued over the term of the Plan shall not exceed 15% of the Corporation’s outstanding shares of Common
Stock, which calculation shall be made on the first trading day of each new fiscal quarter of the Corporation. Notwithstanding the foregoing,
the Common Stock available for issuance under the Plan as Incentive Options shall be 600,000 shares of Common Stock (the “ISO Pool”),
which number of shares shall reduce the number of shares of Common Stock otherwise available for grant under the Plan.
B. Shares of Common Stock subject
to outstanding Options shall be available for subsequent issuance under the Plan to the extent: (i) the Options expire or terminate for
any reason prior to exercise in full; or (ii) the Options are cancelled in accordance with the cancellation-regrant provisions of Article
Two. Shares of Common Stock subject to outstanding Incentive Options shall be available for subsequent issuance under the Plan from the
ISO Pool to the extent: (i) the Options expire or terminate for any reason prior to exercise in full; or (ii) the Options are cancelled
in accordance with the cancellation-regrant provisions of Article Two. Unvested shares of Common Stock granted under the Plan and subsequently
repurchased by the Corporation, at the applicable original grant price per share, pursuant to the Corporation’s repurchase rights
under the Plan, or shares of Common Stock which are forfeited by a Participant, shall be added back to the number of shares of Common
Stock reserved for issuance under Article One, Section V.A of the Plan and shall accordingly be available for reissuance through one or
more subsequent Option grants or stock issuances under the Plan. Shares of Common Stock that have been actually issued under this Plan
and are vested shall not be returned to the share reserve for future grants under this Plan.
C. Should any change be made
to the Common Stock by reason of a Recapitalization, appropriate adjustments, if deemed necessary by the Plan Administrator, shall be
made to: (i) the maximum number and/or class of securities issuable under the Plan, including the ISO Pool; and (ii) the number and/or
class of securities, vesting schedule and the Exercise Price in effect under each outstanding Option in order to prevent the dilution
or enlargement of benefits thereunder. The adjustments determined by the Plan Administrator shall be final, binding, and conclusive. In
no event shall any such adjustments be made in connection with the conversion of one or more outstanding shares of the Corporation’s
preferred stock into shares of Common Stock.
ARTICLE
TWO
OPTION GRANT PROGRAM
I. OPTION TERMS
The Plan Administrator shall have the authority
to grant to Participants Options under the Option Grant Program. Each Option grant shall be evidenced by an Agreement between the Participant
and the Corporation and approved by the Plan Administrator; provided, however, that each Agreement shall comply with the terms specified
below. Each Agreement evidencing an Incentive Option shall, in addition, be subject to the provisions of the Plan applicable to such Options.
A. Exercise Price.
1. The Exercise Price shall
be fixed by the Plan Administrator as of the Grant Date.
2. The Exercise Price shall
become immediately due upon exercise of the Option and shall, subject to the provisions of Section I of Article Four and the applicable
Agreement evidencing such Option grant, be payable in cash or check made payable to the Corporation. Should the Common Stock be registered
under Section 12 of the 1934 Act at the time the Option is exercised, then the Exercise Price may also be paid as follows:
(a) in shares of Common Stock
held for the requisite period necessary to avoid a charge to the Corporation’s earnings for financial reporting purposes and valued
at Fair Market Value on the Exercise Date; or
(b) to the extent such Option
is exercised for vested shares of Common Stock, through a special sale and remittance procedure pursuant to which the Optionee shall concurrently
provide irrevocable instructions (i) to a brokerage firm designated by the Corporation to effect the immediate sale of such purchased
shares and remit to the Corporation, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate
Exercise Price payable for such purchased shares plus all applicable Federal, state and local income and employment taxes required to
be withheld by the Corporation by reason of such exercise and (ii) if applicable, to the Corporation to deliver the certificates for such
purchased shares directly to such brokerage firm in order to complete the sale, or to the Corporation’s transfer agent to be maintained
electronically or in book entry form.
Except to the extent such sale
and remittance procedure is utilized and unless otherwise provided in the applicable Agreement, payment of the Exercise Price for the
purchased shares of Common Stock must be made on the Exercise Date.
(c) in the case of a Non-Statutory
Option, by delivery of a notice of “net exercise” to the Corporation, as a result of which the Participant would receive (i)
the number of shares underlying the portion of the Option being exercised less (ii) such number of shares as is equal to (x) the aggregate
exercise price for the portion of the Option being exercised divided by (y) the value of the Common Stock on the date of exercise and,
at the election of the Participant, less (ii) such number of shares as is equal in value to the withholding obligation (if any).
B. Exercise and Term of
Options. Each Option shall be exercisable at such time or times, during such period and for such number of shares of Common Stock
as shall be determined by the Plan Administrator and set forth in the applicable Agreement evidencing an Option grant. However, no Option
shall have a term in excess of ten years measured from the Grant Date
C. Effect of Termination
of Service.
1. The following provisions
shall govern the exercise of any Options held by the Optionee at the time of cessation of Service or death:
(a) Should the Optionee cease
to remain in Service for any reason other than death, Disability or Material Misconduct, then the Optionee shall have a period of three
months following the date of such cessation of Service during which to exercise each outstanding Option held by such Optionee.
(b) Should Optionee’s
Service terminate by reason of Disability, then the Optionee shall have a period of 12 months following the date of such cessation of
Service during which to exercise each outstanding Option held by such Optionee.
(c) If the Optionee dies while
holding an outstanding Option, then the personal representative of such Optionee’s estate or the Person or Persons to whom the Option
is transferred pursuant to such Optionee’s will or the laws of inheritance or such Optionee’s designated beneficiary or beneficiaries
of such Option shall have a 12-month period following the date of such Optionee’s death to exercise such Option.
(d) Under no circumstances,
however, shall any such Option be exercisable after the specified expiration of the Option term.
(e) During the applicable post-Service
exercise period, such Option may not be exercised in the aggregate for more than the number of vested shares of Common Stock for which
such Option is exercisable on the date of such Optionee’s cessation of Service. Upon the expiration of the applicable exercise period
or (if earlier) upon the expiration of the Option term, such Option shall terminate and cease to be outstanding for any vested shares
of Common Stock for which such Option has not been exercised. However, such Option shall, immediately upon such Optionee’s cessation
of Service, terminate and cease to be outstanding with respect to any and all shares of Common Stock for which such Option is not otherwise
at the time exercisable or in which such Optionee is not otherwise at that time vested.
(f) Should an Optionee’s
Service be terminated for Material Misconduct or should an Optionee otherwise engage in Material Misconduct while holding one or more
outstanding Options under the Plan, then all such Options shall terminate immediately and cease to remain outstanding.
2. The Plan Administrator shall
have the discretion, exercisable either at the time an Option is granted or at any time while an Option remains outstanding, to:
(a) extend the period of time
for which an Option is to remain exercisable following an Optionee’s cessation of Service or death from the limited period otherwise
in effect for such Option to such greater period of time as the Plan Administrator shall deem appropriate, but in no event beyond the
expiration of such Option’s term; and
(b) permit such Option to be
exercised, either on a cash or cashless basis, during the applicable post-Service exercise period, not only with respect to the number
of vested shares of Common Stock for which such Option is exercisable at the time of such Optionee’s cessation of Service, but also
with respect to one or more additional installments in which such Optionee would have vested under such Option had such Optionee continued
in Service.
D. Stockholder Rights.
The holder of an Option shall have no stockholder rights with respect to the shares of Common Stock subject to an Option until such holder
shall have exercised such Option, paid the Exercise Price, and become the recordholder of such shares of Common Stock issued upon exercise
of such Option.
E. Unvested Shares.
The Plan Administrator shall have the discretion to grant Options which are exercisable for restricted shares of Common Stock issued under
the Restricted Stock Issuance Program and subject to the Article Three of the Plan.
F. Limited Transferability
of Options. An Incentive Option shall be exercisable only by the Optionee during such Optionee’s lifetime and shall not be assignable
or transferable other than by will or by the laws of inheritance following such Optionee’s death. Upon approval by the Plan Administrator,
a Non-Statutory Option may be assigned in whole or in part during an Optionee’s lifetime to one or more members of such Optionee’s
family or to a trust established exclusively for one or more such family members or to such Optionee’s former spouse, to the extent
such assignment is in connection with such Optionee’s estate plan or pursuant to a domestic relations order. Such assigned portion
may only be exercised by the Person or Persons who acquire a proprietary interest in the Non-Statutory Option pursuant to such assignment.
The terms applicable to such assigned portion shall be the same as those in effect for such Option immediately prior to such assignment
and shall be set forth in the Agreement entered into with the Participant. Notwithstanding the foregoing, an Optionee may also designate
one or more Persons as the beneficiary or beneficiaries of such Optionee’s outstanding Options under the Plan and such Options shall,
in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon such Optionee’s death
while holding such Options. Such beneficiary or beneficiaries shall take the transferred options subject to all the terms and conditions
of the applicable Agreement evidencing each such transferred Option, including (without limitation) the limited time period during which
each such Option may be exercised following such Optionee’s death.
II. INCENTIVE OPTIONS
The terms specified below shall be applicable
to all Incentive Options. Except as modified by the provisions of this Section II, all the provisions of Articles One, Two and Four shall
be applicable to Incentive Options. Options which are specifically designated as Non-Statutory Options shall not be subject to the terms
of this Section II.
A. Eligibility. Incentive
Options may only be granted to Employees of the Corporation or an ISO Subsidiary
B. Exercise Price. The
Exercise Price shall not be less than 100% of the Fair Market Value on the Grant Date; provided, however, that if Optionee is a 10% Stockholder,
then the Exercise Price shall not be less than 110% of the Fair Market Value on the Grant Date.
C. Term. No Incentive
Option shall expire later than 10 years from its Grant Date, and no Incentive Option granted to a 10% Stockholder shall expire later than
5 years from its date of Grant Date.
D. Notice of Incentive Option
Disposition. The Participant must notify the Corporation promptly in the event that the Participant sells, transfers, exchanges or
otherwise disposes of any shares of Common Stock issued upon exercise of an Incentive Option before the later of (i) the second anniversary
of the Grant Date of the Incentive Option and (ii) the first anniversary of the date on which shares of Common Stock were issued upon
such Participant’s exercise of such Incentive Option.
E. Dollar Limitation.
The aggregate Fair Market Value (determined as of the respective date or dates of grant) for which one or more Incentive Options granted
to any Employee under the Plan (or any other option plan of the Corporation or any Parent or Subsidiary) may for the first time become
exercisable as Incentive Options during any one calendar year shall not exceed the sum of $100,000. To the extent the Employee holds two
or more such Options which become exercisable for the first time in the same calendar year, the foregoing limitation on the exercisability
of such Options as Incentive Options shall be applied on the basis of the order in which such Options are granted.
III. CHANGE IN CONTROL
A. Subject to explicit approval
by the Board of Directors or if explicitly provided for in any Agreement, an Option outstanding under the Plan at the time of a Change
in Control may automatically vest in full so that each such Option shall, immediately prior to the effective date of the Change in Control
transaction, become exercisable for all of the shares of Common Stock at the time subject to such Option and may be exercised for any
or all of the underlying shares of Common Stock. However, an outstanding Option shall not vest on such an accelerated basis if and to
the extent: (i) such Option is assumed by the successor corporation (or parent thereof) in the Change in Control transaction; (ii) such
Option is to be replaced with a cash incentive program of the successor corporation which preserves the spread existing on the unvested
Option shares at the time of the Change in Control transaction; or (iii) the acceleration of such Option is subject to other limitations
in the applicable Agreement or imposed by the Plan Administrator at the time of the Option’s grant.
B. Immediately following the
consummation of a Change in Control, all outstanding Options shall terminate and cease to be outstanding, except to the extent assumed
by the successor corporation (or parent thereof).
C. The Plan Administrator shall
also have full power and authority, exercisable either at the time the Option is granted or at any time while the Option remains outstanding,
to structure such Option such that it will automatically vest on an accelerated basis should the Optionee’s Service terminate by
reason of an Involuntary Termination within a designated period (not to exceed 18 months) following the effective date of a Change in
Control transaction in which the Option is assumed. Any Option so accelerated shall remain exercisable until the expiration or sooner
termination of the Option’s term.
D. The portion of any Incentive
Option accelerated in connection with a Change in Control shall remain exercisable as an Incentive Option only to the extent the applicable
$100,000 limitation is not exceeded. To the extent such dollar limitation is exceeded, the accelerated portion of such Option shall be
exercisable as a Non-Statutory Option under U.S. federal tax laws.
E. The grant of Options under
the Plan shall in no way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.
IV. CANCELLATION AND REGRANT OF OPTIONS
The Plan Administrator shall have the authority
to effect, at any time and from time to time, with the consent of the affected Optionees, the cancellation of any or all outstanding Options
under the Plan and to grant in substitution therefor new Options covering the same or different number of shares of Common Stock, but
with an Exercise Price based on the Fair Market Value on the new Grant Date.
ARTICLE
THREE
RESTRICTED STOCK ISSUANCE PROGRAM
I. STOCK ISSUANCE TERMS
The Plan Administrator shall have authority to
issue shares of Common Stock to eligible persons under the Restricted Stock Issuance Program through direct and immediate issuances or
pursuant to the exercise of an Option as set forth in an Agreement governing the grant of the Option. Each such stock issuance shall be
evidenced by an Agreement which complies with the terms specified below.
A. Purchase Price.
1. The price per share of Common
Stock, if any, shall be fixed by the Plan Administrator and set forth in the Agreement.
2. Subject to the provisions
of Section I of Article Four, shares of Common Stock may be issued under the Restricted Stock Issuance Program for any of the following
items of consideration which the Plan Administrator may deem appropriate in each individual instance:
(a) cash or check made payable
to the Corporation
(b) cash equivalent (including
the Participant’s purchase-money indebtedness); or
(c) past services rendered
to the Corporation (or any Parent or Subsidiary).
B. Vesting Provisions.
1. Shares of Common Stock issued
under the Restricted Stock Issuance Program may, in the discretion of the Plan Administrator, be fully and immediately vested upon issuance
or may vest in one or more installments over the Participant’s period of Service or upon attainment of specified performance objectives.
However, the Plan Administrator may not impose a vesting schedule upon any stock issuance effected under the Restricted Stock Issuance
Program which is more restrictive than vesting at a rate of 20% per year, with initial vesting to occur not later than one year after
the issuance date. Such limitation shall not apply to any Common Stock issuances made to the officers of the Corporation, non-Employee
Board members, or independent contractors.
2. Any new, substituted or
additional securities or other property (including money paid other than as a regular cash dividend) which the Participant may have the
right to receive with respect to the Participant’s unvested shares of Common Stock by reason of a Recapitalization shall be issued
subject to (i) the same vesting requirements applicable to the Participant’s unvested shares of Common Stock and (ii) such escrow
arrangements as the Plan Administrator shall deem appropriate.
3. The Participant shall have
full stockholder rights with respect to any shares of Common Stock issued to the Participant under the Restricted Stock Issuance Program,
whether or not the Participant’s interest in those shares is vested. Accordingly, the Participant shall have the right to vote such
shares and to receive any regular cash dividends paid on such shares.
4. Should the Participant cease
to remain in Service while holding one or more unvested shares of Common Stock issued under the Restricted Stock Issuance Program or should
the performance objectives not be attained with respect to one or more such unvested shares of Common Stock, then such shares shall be
immediately surrendered to the Corporation for cancellation, and the Participant shall have no further stockholder rights with respect
to such shares. To the extent the surrendered shares were previously issued to the Participant for consideration paid in cash or cash
equivalent (including the Participant’s purchase-money indebtedness), the Corporation shall repay to the Participant the cash consideration
paid for the surrendered shares or, if less, the then-Fair Market Value of the shares.
5. The Plan Administrator may
in its discretion waive the surrender and cancellation of one or more unvested shares of Common Stock (or other assets attributable thereto)
which would otherwise occur upon the non-completion of the vesting schedule applicable to such shares. Such waiver shall result in the
immediate vesting of the Participant’s interest in such shares of Common Stock to which the waiver applies. Such waiver may be effected
at any time, whether before or after the Participant’s cessation of Service or the attainment or non-attainment of the applicable
performance objectives.
II. CHANGE IN CONTROL
A. Subject to explicit approval
by the Board or if explicitly provided for in any Agreement, upon the occurrence of a Change in Control, all outstanding repurchase rights
under the Restricted Stock Issuance Program shall terminate automatically, and the shares of Common Stock subject to those terminated
rights shall immediately be treated according to the terms of any Agreement that is in effect between a Participant and the Corporation
at the time of such Change in Control. Alternatively, the Board may determine that the repurchase and other rights of the Corporation
with respect to outstanding restricted shares of Common Stock shall inure to the benefit of the Corporation’s successor and shall,
unless the Board determines otherwise, apply to the cash, securities or other property that the Common Stock was converted into or exchanged
for pursuant to such Change in Control in the same manner and to the same extent as they applied to the restricted shares of Common Stock.
B. The Plan Administrator shall
have the discretionary authority, exercisable either at the time the unvested shares of Common Stock are issued or any time while the
Corporation’s repurchase rights with respect to such shares remain outstanding, to provide that such rights shall automatically
terminate on an accelerated basis, and the shares of Common Stock subject to such terminated rights shall immediately vest, in the event
the Participant’s Service should subsequently terminate by reason of an Involuntary Termination within a designated period (not
to exceed 18 months) following the effective date of any Change in Control transaction in which such repurchase rights are assigned to
the successor corporation (or parent thereof).
III. SHARE ESCROW/LEGENDS
Unvested shares of Common Stock issued pursuant
to the Plan may, in the Plan Administrator’s discretion, be held in escrow by the Corporation until the Participant’s interest
in such shares vests or may be issued directly to the Participant with restrictive legends on the certificates or noted in book-entry
form evidencing such unvested shares.
ARTICLE
FOUR
MISCELLANEOUS
I. EFFECTIVE DATE AND TERM OF PLAN
A. The Plan shall become effective
when adopted by the Board, but no Option granted under the Plan may be exercised, and no shares of Common Stock shall be issued under
the Plan or pursuant to any Agreement, until the Plan is approved by the Corporation’s stockholders. If such stockholder approval
is not obtained within 12 months after the date of the Board’s adoption of the Plan, then all Options previously granted under the
Plan shall terminate and cease to be outstanding, and no further Options shall be granted and no shares of Common Stock shall be issued
under the Plan. Subject to such limitation, the Plan Administrator may grant Options and issue shares of Common Stock under the Plan at
any time after the effective date of the Plan and prior to the termination of the Plan.
B. The Plan shall terminate
upon the earliest of the (i) expiration of the ten-year period measured from the effective date of the Plan and (ii) the failure to obtain
stockholder approval of the Plan within 12 months after the effective date of the Plan. All Options and unvested restricted stock issuances
outstanding at the time of such termination shall continue to have full force and effect in accordance with the provisions of the documents
evidencing such Options or issued shares.
II. AMENDMENT OF THE PLAN
A. The Board shall have complete
and exclusive power and authority to amend or modify the Plan in any or all respects. However, no such amendment or modification shall
adversely affect the rights and obligations with respect to Options or unvested stock issuances at the time outstanding under the Plan
unless the Participant consents to such amendment or modification. In addition, certain amendments may require stockholder approval pursuant
to applicable laws and regulations.
B. Options may be granted under
the Option Grant Program and restricted shares of Common Stock may be issued under the Restricted Stock Issuance Program which are in
each instance in excess of the number of shares of Common Stock then available for issuance under the Plan, provided any excess shares
of Common Stock issued under those programs shall be held in escrow until there is obtained stockholder approval of an amendment sufficiently
increasing the number of shares of Common Stock available for issuance under the Plan. If such stockholder approval is not obtained within
12 months after the date the first such excess grants or issuances are made, then: (i) any unexercised Options granted on the basis of
such excess shares shall terminate and cease to be outstanding; and (ii) the Corporation shall promptly refund to the applicable Participants
the price paid by them for any excess shares issued under the Plan and held in escrow, together with interest (at the applicable federal
“short term rate”) for the period such shares were held in escrow, and such shares shall thereupon be automatically cancelled
and cease to be outstanding.
III. USE OF PROCEEDS
All cash proceeds received by the Corporation
as a result of the grant or issuance of shares of Common Stock pursuant to the Plan shall be used for general corporate purposes.
IV. WITHHOLDING
The Corporation’s obligation to deliver
shares of Common Stock upon the exercise of any Options granted under the Plan or upon the issuance or vesting of any shares of Common
Stock issued under the Plan shall be subject to the satisfaction of all applicable federal, state and local income and employment tax
withholding requirements.
V. REGULATORY APPROVALS
The implementation of the Plan, the granting of
any Options under the Plan and the issuance of any shares of Common Stock: (i) upon the exercise of any Option; or (ii) under the Restricted
Stock Issuance Program shall be subject to the Corporation’s procurement of all approvals and permits required by regulatory authorities
having jurisdiction over the Plan, the Agreements, the Options and shares of restricted Common stock granted under the Plan and pursuant
to such Agreements.
VI. NO EMPLOYMENT OR SERVICE RIGHTS
Nothing in the Plan shall confer upon any Participant
any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of
the Corporation (or any Parent or Subsidiary employing or retaining such Participant) or of any Participant, which rights are hereby expressly
reserved by each, to terminate such Participant’s Service at any time for any reason, with or without cause.
LOGICMARK,
INC.
2023
STOCK INCENTIVE PLAN
DEFINITIONS
APPENDIX
The following defined terms shall have the meanings
ascribed to them below when used in the Plan:
A.10% Stockholder shall
mean the owner of stock (as determined under Code Section 424(d)) possessing more than 10% of the total combined voting power of all classes
of stock of the Corporation (or any ISO Subsidiary).
B.1933 Act shall mean
the Securities Act of 1933, as amended.
C.1934 Act shall mean
the Securities Exchange Act of 1934, as amended.
D. Agreement shall mean
each agreement that is entered into between a Participant and the Corporation in connection with a grant of an Option or restricted shares
of Common Stock under the Plan, as applicable, and which is subject to the terms of the Plan.
E. Board shall mean
the Corporation’s board of directors.
F. Change in Control
shall mean either of the following stockholder-approved transactions to which the Corporation is a party:
(i) a merger, consolidation
or similar transaction or event whereby stockholders of the Corporation beneficially owning, directly or indirectly, more than 50% of
the total combined voting power of the Corporation’s outstanding securities sell, transfer or otherwise dispose such securities
to a Person or Persons who are different from such stockholders holding such securities immediately prior to such transaction, such that
immediately following such transaction, such stockholders hold less than 50% of the combined voting power of the Corporation’s outstanding
securities; or
(ii) the sale, transfer or
other disposition of all or substantially all of the Corporation’s assets in complete liquidation or dissolution of the Corporation;
provided that a Recapitalization shall not be
deemed to be a Change in Control unless it occurs in connection with clauses (i) and (ii) above.
G. Code shall mean the
Internal Revenue Code of 1986, as amended.
H. Committee shall initially
mean the compensation committee of the Board.
I. Common Stock shall
mean the Corporation’s common stock, par value $0.0001 per share.
J. Corporation shall
mean LogicMark, Inc., a Delaware corporation, and any successor entity to all or substantially all of the assets or voting stock of the
Corporation, which shall by appropriate action adopt the Plan upon the completion of the acquisition of such assets or voting stock.
K. Disability shall
mean the inability of the Participant to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment and shall be determined by the Plan Administrator on the basis of such medical evidence as the Plan Administrator deems
warranted under the circumstances.
L. Employee shall mean
an individual who is in the employ of the Corporation (or any Parent or Subsidiary), subject to the control and direction of the employer
entity as to both the work to be performed and the manner and method of performance.
M. Exercise Date shall
mean the date on which the Corporation shall have received written notice of the Option exercise by the Option holder.
N. Exercise Price shall
mean the exercise price payable per share of Common Stock subject to the Option, as specified in the Grant Notice.
O. Fair Market Value
shall mean the price per share of the Common Stock on any relevant date, which shall be determined in accordance with the following provisions:
(i) If the Common Stock is
at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price per share of Common Stock on the
date in question on the Stock Exchange determined by the Plan Administrator to be the primary market for the Common Stock, as such price
is officially quoted in the composite tape of transactions on such exchange and published in The Wall Street Journal. If there is no closing
selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last
preceding date for which such quotation exists.
(ii) If the Common Stock was
traded over-the-counter on the date in question, then the Fair Market Value shall be equal to the last transaction price quoted for such
date by the OTC Bulletin Board or, if not so quoted, shall be equal to the mean between the last reported representative bid and asked
prices quoted for such date by the principal automated inter-dealer quotation system on which the Stock is quoted, or if the Stock is
not quoted on any such system, by the Pink OTC Markets Inc.
(iii) If the Common Stock is
at the time not listed on any Stock Exchange, then the Fair Market Value shall be determined by the Plan Administrator after taking into
account such factors as the Plan Administrator shall deem appropriate.
P. Grant Date shall
mean the date of grant of the Option specified in each Agreement.
Q. Grant Notice shall
mean the Notice of Grant of Stock Option accompanying the Agreement, pursuant to which Optionee has been informed of the basic terms of
the Option evidenced thereby.
R. Incentive Option
shall mean an option which satisfies the requirements of Code Section 422.
S. Involuntary Termination
shall mean the termination of the Service of any Participant which occurs by reason of:
(i) such Participant’s
involuntary dismissal or discharge by the Corporation for reasons other than Material Misconduct; or
(ii) such individual’s
voluntary resignation following (a) a change in such Participant’s position or role with the Corporation (or Parent or Subsidiary
employing such individual) which materially reduces his or her duties and responsibilities or the level of management to which he or she
reports, (b) a reduction in such Participant’s level of compensation (including base salary, fringe benefits and target bonus under
any performance-based bonus or incentive programs) by more than 15% or (c) a relocation of such Participant’s place of employment
by more than 50 miles, provided such change, reduction or relocation is effected without such Participant’s consent.
T. ISO Pool shall have
the meaning set forth in Article I, Section V of the Plan.
U. ISO Subsidiary shall
have the meaning described in Section 424(e) or Section 424(f) of the Code.
V. Material Misconduct
shall mean the commission of any act of fraud, embezzlement or dishonesty by the Participant, any unauthorized use or disclosure by such
Participant of confidential information or trade secrets of the Corporation (or any Parent or Subsidiary), or any other intentional misconduct
by such Participant that adversely affects the business or affairs of the Corporation (or any Parent or Subsidiary) in a material manner.
The foregoing definition shall not in any way preclude or restrict the right of the Corporation (or any Parent or Subsidiary) to discharge
or dismiss any Participant or any other person in the Service of the Corporation (or any Parent or Subsidiary) for any other acts or omissions,
but such other acts or omissions shall not be deemed, for purposes of the Plan, to constitute grounds for termination for Material Misconduct.
W. Named Executive Officers
shall have the meaning ascribed to such term by Item 402(a)(3) of Regulation S-K promulgated by the SEC.
X. Non-Statutory Option
shall mean an Option not intended to satisfy the requirements of Code Section 422.
Y. Option shall mean
either a Non-Statutory Option or an Incentive Option, which may be granted to a Participant under the Option Grant Program and is subject
to such Participant’s applicable Agreement.
Z. Option Grant Program
shall mean the Option program in effect under the Plan.
AA. Optionee shall mean
the Participant to whom an Option is granted under the Option Grant Program.
BB. Parent shall mean
any corporation or other legal entity (other than the Corporation) in an unbroken chain of such entities ending with the Corporation,
provided each such entity in such unbroken chain (other than the Corporation) owns, at the time of the determination, shares of capital
stock or other interest, as applicable, equal to 50% or more of the total combined voting power of all classes of stock or other interest,
as applicable, in one of the other legal entities in such chain.
CC. Participant shall
mean any person who is awarded or granted shares of Common Stock under the Restricted Stock Issuance Program or an Option under the Option
Grant Program.
DD. Permitted Transfer
shall mean any of the following transactions effected by a Participant:
(i) a gratuitous transfer of
an Option or restricted shares of Common Stock originally received by such Participant from the Company under the Plan, provided that
such Participant obtains the Corporation’s prior written consent to such transfer,
(ii) a transfer of title of
an Option or restricted shares of Common Stock originally received by such Participant from the Company under the Plan effected pursuant
to such Participant’s will or the laws of inheritance following such Participant’s death or
(iii) a transfer to the Corporation
in pledge as security for any purchase-money indebtedness incurred by such Participant in connection with the acquisition of the Option
or restricted shares of Common Stock.
EE. Person shall mean
“person”, as such term is defined in Sections 13(d) and 14(d) of the 1934 Act (other than the Corporation, any subsidiary
of the Corporation, or any trustee or other fiduciary holding securities under an employee benefit plan of the Corporation).
FF. Plan shall mean
the Corporation’s 2023 Stock Incentive Plan.
GG. Plan Administrator shall
mean either the Board or the Committee.
HH. Recapitalization
shall mean any stock split, stock dividend, recapitalization, combination of shares, exchange of shares, or other change affecting the
Corporation’s outstanding Common Stock as a class without the Corporation’s receipt of consideration.
II. Restricted Stock Issuance
Program shall mean the restricted Common Stock issuance program in effect under the Plan.
JJ. SEC shall mean
the U.S. Securities and Exchange Commission.
KK. Service shall mean
the Optionee’s performance of services for the Corporation (or any Parent or Subsidiary) in the capacity of an employee, subject
to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance, a non-employee
member of the board of directors or an independent consultant.
LL. Stock Exchange shall
mean any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or
any successors to any of the foregoing), as applicable.
MM. Subsidiary shall
mean any corporation or other legal entity (other than the Corporation) in an unbroken chain of such entities beginning with the Corporation,
provided each such entity (other than the last entity) in such unbroken chain owns, at the time of the determination, shares of capital
stock or other interest, as applicable, equal to 50% or more of the total combined voting power of all classes of stock or other interest,
as applicable, in one of the other legal entities in such chain.
11
Exhibit 10.2
LOGICMARK, INC.
2023 STOCK INCENTIVE PLAN
Restricted
STOCK AWARD AGREEMENT
THIS RESTRICTED STOCK
AWARD AGREEMENT (this “Agreement”) is made by LogicMark, Inc., a Delaware corporation (the “Company”),
and the “Grantee” identified as such on the grant schedule (the “Grant Schedule”) attached hereto and made a part
of this Agreement as of the date set forth therein (the “Grant Date”). Capitalized terms not defined herein shall have the
meanings assigned to such terms in the LogicMark, Inc. 2023 Stock Incentive Plan, as amended and in effect from time to time, including
the Appendix thereto (the “Plan”).
RECITALS
WHEREAS, the Company has instituted the Plan; and
WHEREAS, the Plan Administrator has authorized
the grant of a restricted shares of Common Stock pursuant to the Restricted Stock Issuance Program and upon the terms and conditions set
forth below and pursuant to the Plan, a copy of which is incorporated herein; and
WHEREAS, the Company desires to grant restricted
shares of Common Stock (a “Restricted Stock Award”) to the Grantee, pursuant to the terms of this Agreement.
NOW, THEREFORE, in consideration of these premises
and the agreements set forth herein, the parties, intending to be legally bound hereby, agree as follows.
1. Grant
of Restricted Stock Award. As of the Grant Date, the Company hereby awards to the Grantee a number of shares of Common
Stock under this Restricted Stock Award (the “Restricted Shares”) as set forth on the Grant Schedule, subject to the restrictions
and on the terms and conditions set forth in this Agreement.
2. Vesting. Subject
to the further provisions of this Agreement, the Restricted Shares will vest as set forth on the Grant Schedule (each date on which Restricted
Shares vest being referred to as a “Vesting Date”). In applying the Vesting Schedule, fractional shares shall be rounded up
to the nearest whole share.
3. Transferability. The
Restricted Shares are not transferable or assignable other than by will or by the laws of descent and distribution. Any attempt
to transfer Restricted Shares, whether by transfer, pledge, hypothecation or otherwise and whether voluntary or involuntary, by operation
of law or otherwise, will not vest the transferee with any interest or right in with respect to such Restricted Shares.
4. Termination
of Employment or Service. In the event of the Grantee’s termination of Service with the Company and any entity, individual,
firm, or corporation, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with
the Company (each, an “Affiliate”), then all unvested Restricted Shares (determined after giving effect to any accelerated
vesting occurring in connection with such termination under the terms of this Agreement, the Grant Schedule or otherwise) will be forfeited.
5. Effect
of Forfeiture. Upon forfeiture, all of the Grantee’s rights with respect to the forfeited Restricted Shares shall cease and
terminate, without any further obligations on the part of the Company or any Affiliate.
6. Issuance
of Shares of Common Stock.
a. The Company shall
issue the Shares to the Grantee with applicable legends as required by the federal securities laws or the terms of the Grant.
b. Within thirty (30)
days following each Vesting Date (including any accelerated Vesting Date occurring under the terms of this Agreement, the Grant Schedule
or otherwise), the Company shall issue to the Grantee, either by book-entry registration or issuance of a stock certificate or certificates,
a number of Shares equal to the number of Restricted Shares granted hereunder that have vested as of such date without legends indicating
risk of forfeiture. Any Shares issued to the Grantee hereunder shall be fully paid and non-assessable.
c. The Grantee will be deemed to be and will have
full rights as, a stockholder of the Company by virtue of the grant of Restricted Shares, including but not limited to the right to receive
all dividends or distributions paid on such Restricted Shares, unless and until such Restricted Shares are forfeited in accordance with
the terms of this Agreement. Upon the vesting of such Restricted Shares pursuant to Section 5.a hereof, the Grantee’s rights as
a stockholder for such vested portion will be absolute.
7. Applicable
Policies. In consideration for the grant of this Restricted Stock Award, the Grantee agrees to be subject to any policies
of the Company and its Affiliates regarding clawbacks, securities trading and hedging or pledging of securities that may be in effect
from time to time.
8. Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach
or default of any party under this Agreement, will impair any such right, power or remedy of such party, nor will it be construed to be
a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor
will any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any
waiver, permit, consent or approval of any kind or character by any party of any breach or default under this Agreement, or any waiver
on the part of any party or any provisions or conditions of this Agreement, must be in a writing signed by such party and will be effective
only to the extent specifically set forth in such writing.
9. Tax
Issues.
a. This
Restricted Stock Award is intended to be exempt from Section 409A of the Code and should be interpreted accordingly. Nonetheless,
the Company does not guarantee the tax treatment of this Restricted Stock Award.
b. It
shall be a condition to the issuance of Restricted Shares that the Grantee shall pay to the Company, or make provision satisfactory to
the Plan Administrator for payment of, any taxes required by law to be withheld in connection with the issuance and ownership of the Restricted
Shares. The Company and its Affiliates may, to the extent permitted by law, deduct any such tax obligations from any payment of any kind
due to the Grantee. In the Plan Administrator’s discretion, such tax obligations may be paid in whole or in part with shares of
Common Stock, including shares retained from those as to which the restrictions hereunder have terminated, valued at their fair market
value, as determined based on the closing price of the Common Stock of the Company on the date of such vesting if the Company is publicly
traded or quoted or based on such other method as the Company and the Grantee may mutually determine should the Company no longer be publicly
traded or quoted.
c. If
the Grantee makes an election under Section 83(b) of the Code, and the regulations and rulings promulgated thereunder, or under comparable
provisions of other laws, the Grantee shall provide a copy thereof to the Company within 30 days of the filing of such election with the
Internal Revenue Service or other authority.
10. Adjustment
in Provisions. Upon any change from time to time in the outstanding Common Stock of the Company by reason of a Recapitalization or
other such transaction affecting the Company’s Common Stock, the divisions of Common Stock into portions, the provisions for termination
of restrictions on portions of the Common Stock, and any other relevant parts of this Agreement may be appropriately adjusted by the Plan
Administrator, if necessary, to reflect equitably such change.
11. Effect
on Employment and Services. Neither the adoption, maintenance nor operation of this Agreement nor any plan that may apply
to this Restricted Stock Award shall confer upon the Grantee any right with respect to the continuance of his or her employment by or
service relationship with the Company or any Affiliate, nor shall they interfere with all rights of the Company or Affiliate to terminate
the employment or service relationship with the Grantee at any time or otherwise change the terms of his or her employment or service
relationship, free of any liability or claim hereunder, including, without limitation, the right to promote, demote or otherwise re-assign
Grantee from one position to another within the Company or any Affiliate.
12. Administration. The
Grantee acknowledges that the Grantee has received a copy of the Plan, to which this Restricted Stock Award is subject, and accepts the
Restricted Stock Award subject to all of the terms and provisions of the Plan. The Plan Administrator is hereby authorized to interpret
this Agreement and to adopt such rules and regulations for the administration of this Restricted Stock Award as it deems appropriate. By
accepting this Restricted Stock Award, the Grantee acknowledges and agrees to accept as binding, conclusive and final all decisions or
interpretations of the Plan Administrator upon any questions arising under this Agreement.
13. Electronic
Delivery of Documents. The Grantee authorizes the Company to deliver electronically any prospectuses or other documentation
related to this Restricted Stock Award and any other compensation or benefit plan or arrangement in effect from time to time (including,
without limitation, reports, proxy statements or other documents that are required to be delivered to participants in such arrangements
pursuant to federal or state laws, rules or regulations). For this purpose, electronic delivery will include, without limitation,
delivery by means of e-mail or e-mail notification that such documentation is available on the Company’s intranet site. Upon
written request, the Company will provide to the Grantee a paper copy of any document also delivered to the Grantee electronically. The
authorization described in this paragraph may be revoked by the Grantee at any time by written notice to the Company.
14. Entire
Agreement. This Agreement, the Grant Schedule and the Plan, the terms of which are incorporated herein, contains the parties’
entire agreement regarding the grant of this Restricted Stock Award evidenced hereby and merges and supersedes all prior and contemporaneous
discussions, agreements and understandings of every nature relating thereto.
15. Governing
Law. This Agreement and all claims or causes of action (whether in contract or tort) that may be based upon, arise out
of or relate to the Plan and this Agreement or the negotiation, execution or performance of this Agreement shall be governed by, and enforced
in accordance with, the laws of the State of New York, without regard to the application of the principles of conflicts of laws.
16. Amendment;
Waivers. This Agreement may be amended, in whole or in part and in any manner not inconsistent with the provisions of any applicable
plan, at any time and from time to time, by written agreement between the Company and the Grantee. Provided, however, that a modification
or amendment that does not materially diminish the rights of the Grantee hereunder, as they may exist immediately before the effective
date of the modification or amendment, shall be effective upon written notice of its provisions to the Grantee. The waiver by either of
the parties hereto of any provision hereof in any instance shall not operate as a waiver of any other provision hereof or in any other
instance.
17. Binding
Effect. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors,
administrators, representatives, successors and assigns.
18. Construction.
The titles of the sections of this Agreement are included for convenience only and shall not be construed as modifying or affecting their
provisions. The singular shall include the plural and plural the singular unless the context otherwise requires.
19. Execution.
Executed copies of this Agreement may be delivered via facsimile, electronic mail (including .pdf or any electronic signature complying
with the U.S. federal ESIGN Act of 2000, such as www.docusign.com) or other transmission method and any counterpart so delivered shall
be deemed to have been duly and validly delivered and be valid and effective for all purposes.
Grant Schedule
Grantee’s Name: [●]
Grant Date: [●]
Number of
Restricted Shares granted: [●]
Vesting Schedule:
| a. | [●]
shares of the Restricted Stock Award will vest on [●]. |
| b. | [●]
shares of the Restricted Stock Award will vest [at the beginning of every three-month
period thereafter until fully vested]. |
| c. | [If a Change
in Control occurs, any outstanding Restricted Stock Award that are then still subject to
vesting conditions shall become vested as of the date of such Change in Control, provided
the Grantee remains an employee of or service provider to the Company and its Affiliates
through such date.] |
Fair Market
Value: $[●]/share of Common Stock
* * * * *
In order to indicate your acceptance of the grant
of Restricted Stock Award granted by this Agreement subject to the restrictions and upon the terms and conditions set forth above and
the Plan, please execute and immediately return to the Company the enclosed duplicate original of this Agreement.
| LOGICMARK, INC. |
|
ACCEPTED AND AGREED |
| |
|
Intending to be legally bound: |
| |
|
|
| By: |
|
|
By: |
|
| Name: |
|
|
|
Grantee |
| Title: |
|
|
|
5
Exhibit 10.3
LogicMark, Inc.
2023 Stock Incentive Plan
Stock Option Agreement
This Stock Option Agreement and the associated
grant award information (the “Customizing Information”), which Customizing Information is provided in written form or is available
in electronic form from the record keeper for the LogicMark 2023 Stock Incentive Plan, including the Appendix thereto, as amended and
in effect from time to time (the “Plan”), made as of the date shown as the “Grant Date” in the Customizing Information
(the “Grant Date”) by and between LogicMark, Inc., a Delaware corporation (the “Company”), and the individual
identified in the Customizing Information (the “Optionee”). This instrument and the Customizing Information are collectively
referred to as the “Option Agreement.” Capitalized terms not defined herein shall have the meanings assigned to such terms
in the Plan and the Appendix to the Plan.
WITNESSETH THAT:
WHEREAS, the Company has instituted the Plan; and
WHEREAS, the Plan Administrator has authorized
the grant of a stock option pursuant to the Option Grant Program and upon the terms and conditions set forth below and pursuant to the
Plan, a copy of which is incorporated herein; and
WHEREAS, the Optionee acknowledges that he or she
has carefully read this Option Agreement and agrees, as provided in Section 17(a) below, that the terms and conditions of the Option Agreement
reflect the entire understanding between himself or herself and the Company regarding this stock option (and the Optionee has not relied
upon any statement or promise other than the terms and conditions of the Option Agreement with respect to this stock option);
NOW, THEREFORE, in consideration of the premises
and the mutual covenants and agreements herein contained and for other good and valuable consideration the receipt and adequacy of which
are hereby acknowledged, the Company and the Optionee agree as follows.
1. Grant.
Subject to the terms of the Plan and this Option Agreement, the Company hereby grants to the Optionee a stock option (the “Option”)
to purchase from the Company the amount of Common Stock (“Stock”) shown in the Customizing Information under “Shares
Granted.” If so provided in the “Grant Type” shown in the Customizing Information, this Option is intended to constitute
for United States income tax purposes an Incentive Stock Option and to qualify for special United States federal income tax treatment
under Section 422 of the Code and upon exercise, the maximum number of shares that can be treated as Incentive Options shall be so treated,
and the remainder shall be treated as Non-Statutory Options.
2. Grant
Price. This Option may be exercised at the “Grant Price” per share shown in the Customizing Information, subject to adjustment
as provided herein and in the Plan.
3. Term
and Exercisability of Option. This Option shall expire at 4:00 p.m. Eastern Time on the “Expiration Date” shown in the
Customizing Information, unless the Option expires earlier pursuant to this Section 3 or any provision of the Plan. At any time before
its expiration, and subject to Article Two, Section I.C of the Plan, this Option may be exercised to the extent vested, as shown in the
Customizing Information, provided that:
(a) at
the time of exercise the Optionee is not in violation of any confidentiality, inventions, non-solicitation and/or non-competition agreement
with the Company and any entity, individual, firm, or corporation, directly or indirectly, through one or more intermediaries, controlling,
controlled by or under common control with the Company (each, an “Affiliate”);
(b) the
Optionee’s employment, contractual or other service relationship with the Company must be in effect on a given date in order for
any scheduled increment in vesting, as set forth in the “Vesting Schedule” shown in the Customizing Information, to become
effective;
(c) except
as otherwise provided in Article Two of the Plan, this Option may not be exercised after three (3) months following the date of termination
of Service between the Optionee and the Company, except that (i) if Service terminates by reason of the Optionee’s death or Disability,
the unexercised portion of the vested Option shall remain exercisable thereafter for twelve (12) months; and
(d) in
the event the Optionee’s Service is terminated for any reason (whether voluntary or involuntary), (i) the Optionee’s right
to vest in the Option will, except as provided in Article Two of the Plan or as provided by the Plan Administrator, terminate as of the
date of termination of the Optionee’s Service (and such right shall not be extended by any notice period mandated under local law),
(ii) the Optionee’s continuing right (if any) to exercise the Option after termination of the Optionee’s Service will be measured
from the date of termination of the Optionee’s Service (and such right will not be extended by any notice period mandated under
local law) and (iii) the Plan Administrator shall have the exclusive discretion to determine when the Optionee’s Service has terminated
for purposes of this Option (including determining when the Optionee is no longer considered to be providing active service while on a
leave of absence).
f this Section 3, the term “Company”
refers to the Company and its Affiliate.
It is the Optionee’s responsibility to be
aware of the date that the Option expires.
4. Method
of Exercise. Prior to its expiration and to the extent that the right to purchase shares of Common Stock has vested hereunder, this
Option may be exercised in whole or in part from time to time by notice provided to the Company in a manner acceptable to the Plan Administrator,
including notice to the Plan Administrator by electronic means, accompanied by payment in full of the Grant Price by means of payment
acceptable to the Company in accordance with Article II, Section I.A.2 of the Plan.
As soon as practicable after its receipt of notice,
the Company shall, without transfer or issue tax to the Optionee (or other person entitled to exercise this Option), (i) deliver to the
Optionee (or other person entitled to exercise this Option), at the principal executive offices of the Company or such other place as
shall be mutually acceptable, a stock certificate or certificates for such shares out of theretofore authorized but unissued shares or
treasury shares of its Common Stock as the Company may elect or (ii) issue shares of its Common Stock in book entry form; provided, however,
that the time of delivery or issuance may be postponed by the Company for such period as may be required for it with reasonable diligence
to comply with any applicable requirements of law; and provided, further, that any shares delivered or issued shall remain subject to
any applicable securities law or trading restrictions imposed pursuant to the terms of this Option Agreement and the Plan.
If the Optionee (or other person entitled to exercise
this Option) fails to pay for and accept delivery of all of the shares specified in the notice upon tender of delivery thereof, his or
her right to exercise this Option with respect to such shares not paid for may be terminated by the Company.
5. Withholding
Taxes. The Optionee hereby agrees, as a condition to any exercise of this Option, to provide to the Company (or an Affiliate, as applicable)
an amount sufficient to satisfy the Company’s and/or Affiliate’s obligation to withhold any and all federal, state, local
or provincial income tax, social security, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related
items or statutory withholdings related to the Optionee’s participation in the Plan (the “Withholding Amount”),
if any, by (a) authorizing the Company and/or any Affiliate to which the Optionee provides Services, as applicable, to withhold the Withholding
Amount from the Optionee’s cash compensation or (b) remitting the Withholding Amount to the Company (or an Affiliate to which the
Optionee provides Services, as applicable) in cash; provided, however, that to the extent that the Withholding Amount is not provided
by one or a combination of such methods, the Company may at its election and to the extent permitted by the Plan, withhold from the Common
Stock that would otherwise be delivered upon exercise of this Option that number of shares having a Fair Market Value on the date of exercise
sufficient to eliminate any deficiency in the Withholding Amount. Regardless of any action that the Company and/or Affiliate takes with
respect to any or all federal, state, local or provincial income tax, social security, social insurance, payroll tax, fringe benefits
tax, payment on account or other tax-related items or statutory withholdings related to the Optionee’s participation in the Plan,
the Optionee acknowledges that he or she, and not the Company and/or any Affiliate, has the ultimate liability for any such items. Further,
if the Optionee becomes subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax
withholding event, the Optionee acknowledges that the Company and/or Affiliate may be required to withhold or account for such tax-related
items in more than one jurisdiction.
6. Non-assignability
of Option. This Option shall not be assignable or transferable by the Optionee except as permitted by Article II, Section I.F. of
the Plan.
7. Compliance
with Securities Act; Lock-Up Agreement. The Company shall not be obligated to sell or issue any shares of Common Stock or other securities
pursuant to the exercise of this Option unless the shares of Common Stock or other securities with respect to which this Option is being
exercised are at that time effectively registered or exempt from registration under the Securities Act and applicable state or provincial
securities laws. In the event shares or other securities shall be issued that shall not be so registered, the Optionee hereby represents,
warrants and agrees that he or she will receive such shares or other securities for investment and not with a view to their resale or
distribution, and will execute an appropriate investment letter satisfactory to the Company and its counsel. The Optionee further hereby
agrees that as a condition to the purchase of shares upon exercise of this Option, he or she will execute an agreement in a form acceptable
to the Company to the effect that the shares shall be subject to any underwriter’s lock-up agreement in connection with a public
offering of any securities of the Company that may from time to time apply to shares held by officers and employees of the Company, and
such agreement or a successor agreement must be in full force and effect.
8. Legends.
The Optionee hereby acknowledges that the stock certificate or certificates (or entries in the case of book entry form) evidencing shares
of Common Stock or other securities issued pursuant to any exercise of this Option may bear a legend (or provide a restriction) setting
forth the restrictions on their transferability described in Section 7 hereof, if such restrictions are then in effect.
9. Rights
as Stockholder. The Optionee shall have no rights as a stockholder with respect to any shares covered by this Option until the date
of issuance of a stock certificate (or appropriate entry is made in the case of book entry form) to him or her for such shares. No adjustment
shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued (or appropriate
entry is made in the case of book entry form).
10. Effect
Upon Employment and Performance of Services. Nothing in this Option or the Plan shall be construed to impose any obligation upon the
Company or any Affiliate to employ or utilize the services of the Optionee or to retain the Optionee in its employ or to engage or retain
the services of the Optionee.
11. Time
for Acceptance. Unless the Optionee shall evidence his or her acceptance of this Option by electronic or other means prescribed by
the Plan Administrator within sixty (60) days after its delivery, the Option shall be null and void (unless waived by the Plan Administrator).
12. Notice
of Incentive Option Disposition. If the “Grant Type” shown in the Customizing Information indicates that the Option is
an Incentive Option, the Optionee agrees to notify the Company promptly in the event that he or she sells, transfers, exchanges or otherwise
disposes of any shares of Common Stock issued upon exercise of the Option before the later of (a) the second anniversary of the date of
grant of the Option and (b) the first anniversary of the date the shares were issued upon his or her exercise of the Option.
13. Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the
Plan by electronic means. The Optionee consents to receive such documents by electronic delivery and agrees to participate in the Plan
through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
14. Company
Policies. This Option shall be subject to any applicable clawback or recoupment policies, share trading policies, and other policies
that may be implemented by the Plan Administrator from time to time, in accordance with applicable law.
15. General
Provisions.
(a) Amendment;
Waivers. This Option Agreement, including the Plan, contains the full and complete understanding and agreement of the parties hereto
as to the subject matter hereof, and except as otherwise permitted by the express terms of the Plan, this Option Agreement and applicable
law, it may not be modified or amended nor may any provision hereof be waived without a further written agreement duly signed by each
of the parties; provided, however, that a modification or amendment that does not materially diminish the rights of the Optionee hereunder,
as they may exist immediately before the effective date of the modification or amendment, shall be effective upon written notice of its
provisions to the Optionee, to the extent permitted by applicable law. The waiver by either of the parties hereto of any provision hereof
in any instance shall not operate as a waiver of any other provision hereof or in any other instance. The Optionee shall have the right
to receive, upon request, a written confirmation from the Company of the Customizing Information.
(b) Binding
Effect. This Option Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors,
administrators, representatives, successors and assigns.
(c) Governing
Law. This Option Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard
to the principles of conflicts of law.
(d) Construction.
This Option Agreement is to be construed in accordance with the terms of the Plan. In case of any conflict between the Plan and this Option
Agreement, the Plan shall control. The titles of the sections of this Option Agreement and of the Plan are included for convenience only
and shall not be construed as modifying or affecting their provisions. The masculine gender shall include both sexes; the singular shall
include the plural and the plural the singular unless the context otherwise requires.
(e) Data
Privacy.
| (i) | The Optionee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the
Optionee’s personal data as described in this Option Agreement by and among, as applicable, his or her employer, the Company and
its Affiliates for the exclusive purpose of implementing, administering and managing the Optionee’s participation in the Plan. |
| (ii) | The Optionee understands that his or her employer, the Company and its Affiliates, as applicable, hold certain personal information
about the Optionee regarding his or her Service, the nature and amount of the Optionee’s compensation and the fact and conditions
of the Optionee’s participation in the Plan, including, but not limited to, the Optionee’s name, home address, telephone number
and e-mail address, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares
of stock or directorships held in the Company and its Affiliates, details of all options, awards or any other entitlement to shares of
stock awarded, canceled, exercised, vested, unvested or outstanding in the Optionee’s favor, for the purpose of implementing, administering
and managing the Plan (the “Data”). |
| (iii) | The Optionee understands that the Data may be transferred to any third parties assisting in the implementation, administration and
management of the Plan, that these third parties may be located in the Optionee’s country, or elsewhere, and that the third party’s
country may have different data privacy laws and protections than the Optionee’s country. The Optionee understands that the Optionee
may request a list with the names and addresses of any potential recipients of the Data by contacting his or her human resources representative.
The Optionee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes
of implementing, administering and managing the Optionee’s participation in the Plan, including any requisite transfer of such Data
as may be required to a broker or other third party. The Optionee understands that the Data will be held only as long as is necessary
to implement, administer and manage Optionee’s participation in the Plan. The Optionee understands that he or she may, at any time,
view the Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data
or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Optionee’s local human resources
representative. The Optionee understands, however, that refusing or withdrawing his or her consent may affect the Optionee’s ability
to participate in the Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Optionee understands
that the Optionee may contact his or her local human resources representative. |
(f) Notices.
Any notice in connection with this Option Agreement shall be deemed to have been properly delivered if it is delivered in the form specified
by the Plan Administrator as follows:
| |
To the Optionee: |
To his or her last address provided to the Company |
| |
|
|
| |
To the Company: |
LogicMark, Inc. |
| |
|
[address] |
| |
|
Attn: Chief Financial Officer |
LOGICMARK, INC.
2023 STOCK INCENTIVE PLAN
Stock Option Schedule
<<Name>>
<<Address>>
<<City>>, <<State>> <Zip>>
In accordance with the Stock Option Agreement,
of which this Stock Option Schedule is a part (which together, constitute the “Option Agreement”), the Company hereby grants
to <<Name>> (the “Optionee”) the following Option to purchase shares of Stock.
| |
Grant Date: |
<<GrantDate>> |
| |
Expiration Date: |
<<ExpirationDate>> |
| |
Shares Granted: |
<<Shares>> |
| |
Grant Price: |
<<GrantPrice>> |
| |
Grant Type: |
<<Incentive Option/Non-Statutory Option >> |
| |
Vesting Schedule: |
|
| |
|
Percentage of
Total Option |
|
| |
Date |
Shares Subject to Exercise |
|
| |
|
|
|
| |
|
Incremental |
Cumulative |
|
| |
|
Amount |
Amount |
|
| |
<<Vest1>> |
<<Vest1_I>> |
<<Vest1_C>> |
|
| |
<<Vest2>> |
<<Vest2_I>> |
<<Vest2_C>> |
|
| |
<<Vest3>> |
<<Vest3_I>> |
<<Vest3_C>> |
|
| |
<<Vest4>> |
<<Vest4_I>> |
<<Vest4_C>> |
|
| |
<<Vest5>> |
<<Vest5_I>> |
<<Vest5_C>> |
|
ACCEPTANCE BY OPTIONEE
IN WITNESS WHEREOF, the Company has caused this
Option Agreement to be issued as of the date set forth above.
| Date: |
|
|
|
| |
|
(Signature of Optionee) |
| Notice Address: |
|
|
| |
7
Exhibit 31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Chia-Lin Simmons, as the principal executive
officer of the registrant, certify that:
| |
1. |
I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2023, of LogicMark, Inc.; |
| |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| |
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| |
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| |
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| |
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| |
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| Date: August 11, 2023 |
By: |
/s/ Chia-Lin Simmons |
| |
|
Chia-Lin Simmons |
| |
|
Chief Executive Officer |
| |
|
(Duly Authorized Officer and
Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Mark Archer, as the principal financial officer
of the registrant, certify that:
| |
1. |
I have reviewed this
quarterly report on Form 10-Q for the quarter ended June 30, 2023, of LogicMark, Inc.; |
| |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| |
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| |
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| |
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| |
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| |
b. |
Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| Date: August 11, 2023 |
|
/s/ Mark Archer |
| |
|
Mark Archer |
| |
|
Chief Financial Officer |
| |
|
(Duly Authorized Officer and
Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of LogicMark,
Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Chia-Lin Simmons, Chief Executive Officer of LogicMark, Inc., certify, pursuant to 18
U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| |
(1) |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| |
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| Date: August 11, 2023 |
By: |
/s/ Chia-Lin Simmons |
| |
|
Chia-Lin Simmons |
| |
|
Chief Executive Officer |
| |
|
(Duly Authorized Officer and |
| |
|
Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of LogicMark,
Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Mark Archer, Chief Financial Officer of LogicMark, Inc., certify, pursuant to 18 U.S.C.
§1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| |
(1) |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| |
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| Date: August 11, 2023 |
By: |
/s/ Mark Archer |
| |
|
Mark Archer |
| |
|
Chief Financial Officer |
| |
|
(Duly Authorized Officer and |
| |
|
Principal Financial Officer) |
v3.23.2
Document And Entity Information - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 09, 2023 |
| Document Information Line Items |
|
|
| Entity Registrant Name |
LogicMark, Inc.
|
|
| Trading Symbol |
LGMK
|
|
| Document Type |
10-Q
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Entity Common Stock, Shares Outstanding |
|
1,325,017
|
| Amendment Flag |
false
|
|
| Entity Central Index Key |
0001566826
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Filer Category |
Non-accelerated Filer
|
|
| Document Period End Date |
Jun. 30, 2023
|
|
| Document Fiscal Year Focus |
2023
|
|
| Document Fiscal Period Focus |
Q2
|
|
| Entity Small Business |
true
|
|
| Entity Emerging Growth Company |
false
|
|
| Entity Shell Company |
false
|
|
| Document Quarterly Report |
true
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
001-36616
|
|
| Entity Incorporation, State or Country Code |
NV
|
|
| Entity Tax Identification Number |
46-0678374
|
|
| Entity Address, Address Line One |
2801 Diode Lane
|
|
| Entity Address, City or Town |
Louisville
|
|
| Entity Address, State or Province |
KY
|
|
| Entity Address, Postal Zip Code |
40299
|
|
| City Area Code |
(502)
|
|
| Local Phone Number |
442-7911
|
|
| Title of 12(b) Security |
Common Stock, par value $0.0001 per share
|
|
| Security Exchange Name |
NASDAQ
|
|
| Entity Interactive Data Current |
Yes
|
|
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
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v3.23.2
Condensed Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
| Current Assets |
|
|
| Cash and cash equivalents |
$ 7,649,730
|
$ 6,977,114
|
| Restricted cash |
59,988
|
59,988
|
| Accounts receivable, net |
16,409
|
402,595
|
| Inventory |
987,219
|
1,745,211
|
| Prepaid expenses and other current assets |
600,270
|
349,097
|
| Total Current Assets |
9,313,616
|
9,534,005
|
| Property and equipment, net |
253,472
|
255,578
|
| Right-of-use assets, net |
146,173
|
182,363
|
| Product development costs, net of amortization of $15,029 at June 30, 2023 and December 31, 2022 |
1,177,302
|
646,644
|
| Software development costs |
470,545
|
364,018
|
| Goodwill |
10,958,662
|
10,958,662
|
| Other intangible assets, net of amortization of $5,285,611 and $4,904,713, respectively |
3,318,956
|
3,699,854
|
| Total Assets |
25,638,726
|
25,641,124
|
| Current Liabilities |
|
|
| Accounts payable |
446,692
|
673,052
|
| Accrued expenses |
847,637
|
1,740,490
|
| Total Current Liabilities |
1,294,329
|
2,413,542
|
| Other long-term liabilities |
407,600
|
440,263
|
| Total Liabilities |
1,701,929
|
2,853,805
|
| Commitments and Contingencies (Note 8) |
|
|
| Series C Redeemable Preferred Stock |
|
|
| Series C redeemable preferred stock, par value $0.0001 per share: 2,000 shares designated; 10 shares issued and outstanding as of June 30, 2023 and December 31, 2022 |
1,807,300
|
1,807,300
|
| Stockholders’ Equity |
|
|
| Preferred stock, par value $0.0001 per share: 10,000,000 shares authorized |
|
|
| Series F preferred stock, par value $0.0001 per share: 1,333,333 shares designated; 106,333 and 173,333 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively, aggregate liquidation preference of $319,000 as of June 30, 2023 and $520,000 as of December 31, 2022 |
319,000
|
520,000
|
| Common stock, par value $0.0001 per share: 100,000,000 shares authorized; 1,325,017 and 480,447 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
133
|
48
|
| Additional paid-in capital |
111,521,965
|
106,070,253
|
| Accumulated deficit |
(89,711,601)
|
(85,610,282)
|
| Total Stockholders’ Equity |
22,129,497
|
20,980,019
|
| Total Liabilities, Series C Redeemable Preferred Stock and Stockholders’ Equity |
$ 25,638,726
|
$ 25,641,124
|
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (f)
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-Section S99
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-Section S99
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v3.23.2
Condensed Balance Sheets (Unaudited) (Parentheticals) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
| Product development costs, net of amortization (in Dollars) |
$ 15,029
|
$ 15,029
|
| Other intangible assets, net of amortization (in Dollars) |
$ 5,285,611
|
$ 4,904,713
|
| Preferred stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
| Preferred stock, shares designated |
10,000,000
|
10,000,000
|
| Common stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
| Common stock, shares authorized |
100,000,000
|
100,000,000
|
| Common stock, shares issued |
1,325,017
|
480,447
|
| Common stock, shares outstanding |
1,325,017
|
480,447
|
| Series C Redeemable Preferred Stock |
|
|
| Preferred stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
| Preferred stock, shares designated |
2,000
|
2,000
|
| Preferred stock, shares issued |
10
|
10
|
| Preferred stock, shares outstanding |
10
|
10
|
| Series F Preferred Stock |
|
|
| Preferred stock, par value (in Dollars per share) |
$ 0.0001
|
$ 0.0001
|
| Preferred stock, shares designated |
1,333,333
|
1,333,333
|
| Preferred stock, shares issued |
106,333
|
173,333
|
| Preferred stock, shares outstanding |
106,333
|
173,333
|
| Preferred stock, aggregate liquidation preference (in Dollars) |
$ 319,000
|
$ 520,000
|
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.2
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Income Statement [Abstract] |
|
|
|
|
| Revenues |
$ 2,326,995
|
$ 3,367,692
|
$ 5,136,713
|
$ 7,018,380
|
| Costs of goods sold |
727,276
|
1,364,586
|
1,674,445
|
2,811,891
|
| Gross Profit |
1,599,719
|
2,003,106
|
3,462,268
|
4,206,489
|
| Operating Expenses |
|
|
|
|
| Direct operating cost |
312,426
|
336,544
|
575,228
|
810,987
|
| Advertising costs |
85,277
|
|
133,393
|
|
| Selling and marketing |
517,931
|
275,011
|
983,466
|
464,216
|
| Research and development |
250,266
|
204,592
|
564,154
|
467,077
|
| General and administrative |
2,443,860
|
2,115,700
|
4,857,619
|
4,451,647
|
| Other expense |
50,646
|
2,000
|
78,964
|
32,084
|
| Depreciation and amortization |
215,703
|
194,691
|
431,701
|
389,054
|
| Total Operating Expenses |
3,876,109
|
3,128,538
|
7,624,525
|
6,615,065
|
| Operating Loss |
(2,276,390)
|
(1,125,432)
|
(4,162,257)
|
(2,408,576)
|
| Other Income |
|
|
|
|
| Interest income |
8,510
|
13,159
|
60,938
|
13,159
|
| Total Other Income |
8,510
|
13,159
|
60,938
|
13,159
|
| Loss before Income Taxes |
(2,267,880)
|
(1,112,273)
|
(4,101,319)
|
(2,395,417)
|
| Income tax expense |
|
|
|
|
| Net Loss |
(2,267,880)
|
(1,112,273)
|
(4,101,319)
|
(2,395,417)
|
| Preferred stock dividends |
(75,000)
|
(88,144)
|
(150,000)
|
(176,144)
|
| Net Loss Attributable to Common Stockholders |
$ (2,342,880)
|
$ (1,200,417)
|
$ (4,251,319)
|
$ (2,571,561)
|
| Net Loss Attributable to Common Stockholders Per Share – Basic and Diluted (in Dollars per share) |
$ (1.83)
|
$ (2.5)
|
$ (3.73)
|
$ (5.39)
|
| Weighted Average Number of Common Shares Outstanding – Basic and Diluted (in Shares) |
1,282,794
|
479,738
|
1,139,437
|
476,934
|
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v3.23.2
Condensed Statements of Operations (Unaudited) (Parentheticals) - $ / shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Income Statement [Abstract] |
|
|
|
|
| Net Loss Attributable to Common Stockholders Per Share – Diluted |
$ (1.83)
|
$ (2.50)
|
$ (3.73)
|
$ (5.39)
|
| Weighted Average Number of Common Shares Outstanding – Diluted |
1,282,794
|
479,738
|
1,139,437
|
476,934
|
| X |
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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v3.23.2
Condensed Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)
|
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total |
| Balance at Dec. 31, 2021 |
$ 520,000
|
$ 46
|
$ 104,725,986
|
$ (78,656,861)
|
$ 26,589,171
|
| Balance (in Shares) at Dec. 31, 2021 |
173,333
|
458,152
|
|
|
|
| Stock based compensation expense |
|
|
608,882
|
|
608,882
|
| Stock based compensation expense (in Shares) |
|
|
|
|
|
| Shares issued as stock based compensation |
|
$ 2
|
135,035
|
|
135,037
|
| Shares issued as stock based compensation (in Shares) |
|
22,295
|
|
|
|
| Common stock issued to settle Series F Preferred stock dividends |
|
|
|
(26,145)
|
(26,145)
|
| Common stock issued to settle Series F Preferred stock dividends (in Shares) |
|
|
|
|
|
| Series C Preferred stock dividends |
|
|
(150,000)
|
|
(150,000)
|
| Series C Preferred stock dividends (in Shares) |
|
|
|
|
|
| Net loss |
|
|
|
(2,395,417)
|
(2,395,417)
|
| Net loss (in Shares) |
|
|
|
|
|
| Balance at Jun. 30, 2022 |
$ 520,000
|
$ 48
|
105,319,903
|
(81,078,423)
|
24,761,528
|
| Balance (in Shares) at Jun. 30, 2022 |
173,333
|
480,447
|
|
|
|
| Balance at Mar. 31, 2022 |
$ 520,000
|
$ 48
|
105,280,786
|
(79,953,006)
|
25,847,828
|
| Balance (in Shares) at Mar. 31, 2022 |
173,333
|
479,669
|
|
|
|
| Stock based compensation expense |
|
|
96,533
|
|
96,533
|
| Stock based compensation expense (in Shares) |
|
|
|
|
|
| Shares issued as stock based compensation |
|
|
17,584
|
|
17,584
|
| Shares issued as stock based compensation (in Shares) |
|
778
|
|
|
|
| Common stock issued to settle Series F Preferred stock dividends |
|
|
|
(13,144)
|
(13,144)
|
| Common stock issued to settle Series F Preferred stock dividends (in Shares) |
|
|
|
|
|
| Series C Preferred stock dividends |
|
|
(75,000)
|
|
(75,000)
|
| Series C Preferred stock dividends (in Shares) |
|
|
|
|
|
| Net loss |
|
|
|
(1,112,273)
|
(1,112,273)
|
| Net loss (in Shares) |
|
|
|
|
|
| Balance at Jun. 30, 2022 |
$ 520,000
|
$ 48
|
105,319,903
|
(81,078,423)
|
24,761,528
|
| Balance (in Shares) at Jun. 30, 2022 |
173,333
|
480,447
|
|
|
|
| Balance at Dec. 31, 2022 |
$ 520,000
|
$ 48
|
106,070,253
|
(85,610,282)
|
20,980,019
|
| Balance (in Shares) at Dec. 31, 2022 |
173,333
|
480,447
|
|
|
|
| Stock based compensation expense |
|
|
792,300
|
|
792,300
|
| Stock based compensation expense (in Shares) |
|
|
|
|
|
| Shares issued as stock based compensation |
|
$ 1
|
2,202
|
|
2,203
|
| Shares issued as stock based compensation (in Shares) |
|
5,000
|
|
|
|
| Sale of common stock and warrants pursuant to a registration statement on Form S-1 |
|
$ 70
|
5,211,358
|
|
5,211,428
|
| Sale of common stock and warrants pursuant to a registration statement on Form S-1 (in Shares) |
|
701,250
|
|
|
|
| Fees incurred in connection with equity offerings |
|
|
(816,017)
|
|
(816,017)
|
| Fees incurred in connection with equity offerings (in Shares) |
|
|
|
|
|
| Fractional shares issued in the 1-for-20 stock split |
|
$ 4
|
(4)
|
|
|
| Fractional shares issued in the 1-for-20 stock split (in Shares) |
|
40,228
|
|
|
|
| Warrants exercised for common stock |
|
$ 6
|
162,488
|
|
162,494
|
| Warrants exercised for common stock (in Shares) |
|
64,481
|
|
|
|
| Series F Preferred stock converted to common stock |
$ (201,000)
|
$ 3
|
200,997
|
|
|
| Series F Preferred stock converted to common stock (in Shares) |
(67,000)
|
27,089
|
|
|
|
| Common stock issued to settle Series F Preferred stock dividends |
|
$ 1
|
48,388
|
|
48,389
|
| Common stock issued to settle Series F Preferred stock dividends (in Shares) |
|
6,522
|
|
|
|
| Series C Preferred stock dividends |
|
|
(150,000)
|
|
(150,000)
|
| Series C Preferred stock dividends (in Shares) |
|
|
|
|
|
| Net loss |
|
|
|
(4,101,319)
|
(4,101,319)
|
| Net loss (in Shares) |
|
|
|
|
|
| Balance at Jun. 30, 2023 |
$ 319,000
|
$ 133
|
111,521,965
|
(89,711,601)
|
22,129,497
|
| Balance (in Shares) at Jun. 30, 2023 |
106,333
|
1,325,017
|
|
|
|
| Balance at Mar. 31, 2023 |
$ 319,000
|
$ 123
|
111,079,795
|
(87,443,721)
|
23,955,197
|
| Balance (in Shares) at Mar. 31, 2023 |
106,333
|
1,220,308
|
|
|
|
| Stock based compensation expense |
|
|
365,458
|
|
365,458
|
| Stock based compensation expense (in Shares) |
|
|
|
|
|
| Fees incurred in connection with equity offerings |
|
|
(10,772)
|
|
(10,772)
|
| Fees incurred in connection with equity offerings (in Shares) |
|
|
|
|
|
| Fractional shares issued in the 1-for-20 stock split |
|
$ 4
|
(4)
|
|
|
| Fractional shares issued in the 1-for-20 stock split (in Shares) |
|
40,228
|
|
|
|
| Warrants exercised for common stock |
|
$ 6
|
162,488
|
|
162,494
|
| Warrants exercised for common stock (in Shares) |
|
64,481
|
|
|
|
| Series C Preferred stock dividends |
|
|
(75,000)
|
|
(75,000)
|
| Series C Preferred stock dividends (in Shares) |
|
|
|
|
|
| Net loss |
|
|
|
(2,267,880)
|
(2,267,880)
|
| Net loss (in Shares) |
|
|
|
|
|
| Balance at Jun. 30, 2023 |
$ 319,000
|
$ 133
|
$ 111,521,965
|
$ (89,711,601)
|
$ 22,129,497
|
| Balance (in Shares) at Jun. 30, 2023 |
106,333
|
1,325,017
|
|
|
|
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| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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|
v3.23.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Cash Flows from Operating Activities |
|
|
| Net loss |
$ (4,101,319)
|
$ (2,395,417)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation |
50,803
|
770
|
| Stock based compensation |
794,503
|
743,919
|
| Amortization of intangible assets |
380,898
|
388,284
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
386,186
|
(159,760)
|
| Inventory |
757,992
|
614,387
|
| Prepaid expenses and other current assets |
(251,173)
|
75,681
|
| Accounts payable |
(372,865)
|
296,080
|
| Accrued expenses |
(840,937)
|
(17,433)
|
| Net Cash Used in Operating Activities |
(3,195,912)
|
(453,489)
|
| Cash flows from Investing Activities |
|
|
| Purchase of equipment and website development |
(48,697)
|
(172,908)
|
| Product development costs |
(400,630)
|
(176,285)
|
| Software development costs |
(90,050)
|
(92,983)
|
| Purchase of intangible assets |
|
(4,808)
|
| Net Cash Used in Investing Activities |
(539,377)
|
(446,984)
|
| Cash flows from Financing Activities |
|
|
| Proceeds from sale of common stock and warrants |
5,211,428
|
|
| Fees paid in connection with equity offerings |
(816,017)
|
|
| Warrants exercised for common stock |
162,494
|
|
| Series C redeemable preferred stock dividends |
(150,000)
|
(150,000)
|
| Net Cash Provided by (Used in) Financing Activities |
4,407,905
|
(150,000)
|
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash |
672,616
|
(1,050,473)
|
| Cash, Cash Equivalents and Restricted Cash - Beginning of Period |
7,037,102
|
12,254,546
|
| Cash, Cash Equivalents and Restricted Cash - End of Period |
7,709,718
|
11,204,073
|
| Non-cash investing and financing activities: |
|
|
| Accrued Series C redeemable and Series F preferred stock dividends |
|
26,145
|
| Conversion of Series F preferred stock to common stock |
201,000
|
|
| Common stock issued to settle Series F Preferred stock dividends |
48,389
|
|
| Product development costs included in accounts payable |
130,027
|
|
| Software development costs included in accounts payable |
$ 16,478
|
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v3.23.2
Organization and Principal Business Activities
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Organization and Principal Business Activities [Abstract] |
|
| ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES |
NOTE 1 - ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES
LogicMark, Inc. (“LogicMark” or the
“Company”) was incorporated in the State of Delaware on February 8, 2012 and was reincorporated in the State of Nevada on
June 1, 2023. LogicMark operates its business in one segment and provides personal emergency response systems (PERS), health communications
devices, and Internet of Things technology that creates a connected care platform. The Company’s devices give people the ability
to receive care at home and confidence to age independently. LogicMark revolutionized the PERS industry by incorporating two-way voice
communication technology directly in the medical alert pendant and providing life-saving technology at a price point everyday consumers
could afford. The PERS technologies are sold direct-to-consumer through the Company’s eCommerce platform, to retailers and distributors,
and to the United States Veterans Health Administration.
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v3.23.2
Liquidity and Management Plans
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Liquidity and Management Plans [Abstract] |
|
| LIQUIDITY AND MANAGEMENT PLANS |
NOTE 2 - LIQUIDITY AND MANAGEMENT PLANS
The Company generated an operating loss of $4.1
million and a net loss of $4.1 million for the six months ended June 30, 2023. As of June 30, 2023, the Company had cash and cash equivalents
of $7.6 million. As of June 30, 2023, the Company had working capital of $8.0 million compared to working capital as of December 31, 2022
of $7.1 million.
Given the Company’s cash position at June
30, 2023, and its projected cash flow from operations, the Company believes that it will have sufficient capital to sustain operations
for a period of one year following the date of this filing. The Company may also raise funds through equity or debt offerings to accelerate
the execution of its long-term strategic plan to develop and commercialize its core products and to fulfill its product development commitments.
|
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v3.23.2
Basis of Presentation
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| BASIS OF PRESENTATION |
NOTE 3 - BASIS OF PRESENTATION
The accompanying unaudited condensed financial
statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable
rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. In the opinion
of management, the information herein reflects all adjustments, consisting only of normal recurring adjustments, except as otherwise noted,
considered necessary for a fair statement of results of operations, financial position, stockholders’ equity, and cash flows. The
results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following
information should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022 which was filed with the SEC on March 30, 2023.
On June 1, 2023 (“Effective Date”),
LogicMark, Inc., a Delaware corporation (the “Predecessor”), merged with and into its wholly-owned subsidiary, LogicMark,
Inc., a Nevada corporation (the “Reincorporation”), pursuant to an agreement and plan of merger, dated as of June 1, 2023
(the “Agreement”). At the Effective Date and pursuant to the Agreement, the Company succeeded to the assets, continued the
business and assumed the rights and obligations of the Predecessor existing immediately prior to the Reincorporation. Net loss per share and all share data for the
three and six months ended June 30, 2022 have been retroactively adjusted to reflect the 1-for-20 reverse stock split that occurred on
April 21, 2023, in accordance with ASC 260-10-55-22, Restatement of EPS Data. See Note 6.
Certain prior year amounts have been reclassified
for consistency with the current year’s presentation. These reclassifications had no effect on the reported results of operations.
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES IN THE CONDENSED FINANCIAL STATEMENTS
U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s
management evaluates these significant estimates and assumptions, including those related to the fair value of acquired assets and liabilities,
stock-based compensation, income taxes, allowance for doubtful accounts, long-lived assets, and inventories, and other matters that affect
the condensed financial statements and disclosures. Actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS
The Company considers all highly liquid securities
with an original maturity date of three months or less when purchased to be cash equivalents. Due to their short-term nature, cash equivalents
are carried at cost, which approximates fair value. The Company had cash equivalents of $7.1 million and $6.6 million as of June 30,
2023 and December 31, 2022, respectively. RESTRICTED CASH
Restricted cash includes amounts held as collateral
for company credit cards. Restricted cash included in Cash, Cash Equivalents and Restricted Cash, as presented on the Condensed Statements
of Cash Flows amounted to $60 thousand as of June 30, 2023 and December 31, 2022.
CONCENTRATIONS OF CREDIT RISK
Financial instruments that potentially subject
the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and cash
equivalents balances in large well-established financial institutions located in the United States. At times, the Company’s cash
balances may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance
limits.
REVENUE RECOGNITION
The Company’s revenues consist of product
sales to either end customers, to distributors or bulk sales to the United States Veterans Health Administration. The Company’s
revenues are derived from contracts with customers, which are in most cases customer purchase orders. For each contract, the promise to
transfer the title of the products, each of which is individually distinct, is considered to be the identified performance obligation.
As part of the consideration promised in each contract, the Company evaluates the customer’s credit risk. Our contracts do not have
any financing components, as payments are generally prepaid or due Net 30 days after the invoice date for retailers and distributors.
The majority of prepaid contracts are with the United States Veterans Health Administration, which consists of the majority of the Company’s revenues. The Company’s
products are almost always sold at fixed prices. In determining the transaction price, we evaluate whether the price is subject to any
refunds, due to product returns or adjustments due to volume discounts, rebates, or price concessions to determine the net consideration
we expect to be entitled to. The Company’s sales are recognized at a point-in-time under the core principle of recognizing revenue
when title transfers to the customer, which generally occurs when the Company ships or delivers the product from its fulfillment center
to our customers, when our customer accepts and has legal title of the goods, and the Company has a present right to payment for such
goods. Based on the respective contract terms, most of our contract revenues are recognized either (i) upon shipment based on free on
board (“FOB”) shipping point, or (ii) when the product arrives at its destination. For the three and six months ended June
30, 2023 and 2022, none of our sales were recognized over time.
SALES TO DISTRIBUTORS AND RETAILERS
The Company maintains a reserve for
unprocessed and estimated future price adjustments, claims and returns as a refund liability. The reserve is recorded as a reduction
to revenue in the same period that the related revenue is recorded and is calculated based on an analysis of historical claims and
returns over a period of time to appropriately account for current pricing and business trends. Similarly, sales returns and
allowances are recorded based on historical return rates, as a reduction to revenue with a corresponding reduction to cost of goods
sold for the estimated cost of inventory that is expected to be returned. These reserves were not material as of June 30, 2023 and
December 31, 2022.
SHIPPING AND HANDLING
Amounts billed to customers for shipping and handling are included
in revenues. The related freight charges incurred by the Company are included in cost of goods sold and were $0.1 million and $0.2 million
for the three and six months ended June 30, 2023, and $0.2 million and $0.4 million, respectively, for the three and six months ended
June 30, 2022. ACCOUNTS RECEIVABLE - NET
For the three and six months ended June 30, 2023
and 2022, the Company’s revenues were primarily the result of shipments to VA hospitals and clinics, which are made on a prepaid
basis. The Company also sells its products to distributors and retailers, typically providing customers with trade credit terms. Sales
made to distributors and retailers are done with limited rights of return and are subject to the normal warranties offered to the ultimate
consumer for product defects.
Accounts receivable is stated at net realizable
value. The Company regularly reviews accounts receivable balances and adjusts the accounts receivable allowance for doubtful accounts,
as necessary whenever events or circumstances indicate the carrying value may not be recoverable. As of June 30, 2023 and December 31,
2022, the allowance for doubtful accounts were immaterial.
INVENTORY
The Company measures inventory at the lower of
cost or net realizable value, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs
of completion, disposal, and transportation. Cost is determined using the first-in, first-out method.
The Company performs regular reviews of inventory
quantities on hand and evaluates the realizable value of its inventories. The Company adjusts the carrying value of the inventory as
necessary for excess, obsolete, and slow-moving inventory by comparing the individual inventory parts to forecasted product demand or
production requirements. As of June 30, 2023, inventory was comprised of $0.8 million and $0.2 million, in finished goods on hand and
inventory in-transit from vendors, respectively. As of December 31, 2022, inventory was comprised of $0.6 million and $1.2 million, in
finished goods on hand and inventory in-transit from vendors, respectively.
The Company is required to prepay for inventory with certain vendors until
credit terms can be established. As of June 30, 2023 and December 31, 2022, $0.4 million and $0.01 million of prepayments made for inventory,
respectively, are included in prepaid expenses and other current assets on the balance sheet.
LONG-LIVED ASSETS
Long-lived assets, such as property and equipment, and other intangible
assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable.
When indicators exist, the Company tests for the impairment of the definite-lived assets based on the undiscounted future cash flow the
assets are expected to generate over their remaining useful lives, compared to the carrying value of the assets. If the carrying amount
of the assets is determined not to be recoverable, a write-down to fair value is recorded. Management estimates future cash flows using
assumptions about expected future operating performance. Management’s estimates of future cash flows may differ from actual cash
flow due to, among other things, technological changes, economic conditions, or changes to the Company’s business operations.
PROPERTY AND EQUIPMENT
Property and equipment consisting of equipment,
furniture, fixtures, website and other is stated at cost. The costs of additions and improvements are generally capitalized and expenditures
for repairs and maintenance are expensed in the period incurred. When items of property and equipment are sold or retired, the related
costs and accumulated depreciation are removed from the accounts and any gain or loss is included in income. Depreciation of property
and equipment is provided utilizing the straight-line method over the estimated useful life of the respective asset as follows:
| Equipment | |
5 years |
| Furniture and fixtures | |
3 to 5 years |
| Website and other | |
3 years |
GOODWILL
Goodwill is reviewed annually in the fourth quarter,
or when circumstances indicate that an impairment may have occurred. The Company first performs a qualitative assessment of goodwill impairment,
which considers factors such as market conditions, performance compared to forecast, business outlook and unusual events. If the qualitative
assessment indicates a possible goodwill impairment, goodwill is then quantitatively tested for impairment. The Company may elect to bypass
the qualitative assessment and proceed directly to the quantitative test. If a quantitative goodwill impairment test is required, the
fair value is determined using a variety of assumptions including estimated future cash flows using applicable discount rates (income
approach) and comparisons to other similar companies (market approach). As of June 30, 2023, no indicators of impairment were noted.
OTHER INTANGIBLE ASSETS
The Company’s intangible assets are related
to the acquisition of LogicMark LLC in 2016, the former subsidiary that was merged with and into the Company and are included in other
intangible assets in the Company’s Condensed Balance Sheets as of June 30, 2023 and December 31, 2022.
As of June 30, 2023, the other intangible assets
are comprised of patents of $1.5 million; trademarks of $0.8 million; and customer relationships of $1.0 million. As of December 31,
2022, the other intangible assets are comprised of patents of $1.7 million; trademarks of $0.9 million; and customer relationships of
$1.2 million. The Company amortizes these intangible assets using the straight-line method over their estimated useful lives which for
the patents, trademarks and customer relationships are 11 years, 20 years, and 10 years, respectively. During the three and six months
ended June 30, 2023, the Company had amortization expense of $0.2 million and $0.4 million, respectively. During the three and six months
ended June 30, 2022, the Company had amortization expense of $0.2 million and $0.4 million, respectively.
As of June 30, 2023, total amortization expense
estimated for the remainder of fiscal year 2023 is $0.4 million. Amortization expense estimated for 2024 and 2025 is expected to be approximately
$0.8 million per year, $0.6 million for 2026, $0.3 million for 2027, and approximately $0.5 million thereafter. STOCK BASED COMPENSATION
The Company accounts for stock based awards exchanged for employee services
at the estimated grant date fair value of the award. The Company accounts for equity instruments issued to non-employees at their fair
value on the measurement date. The measurement of stock based compensation is subject to periodic adjustment as the underlying equity
instrument vests or becomes non-forfeitable. Stock based compensation charges are amortized over the vesting period or as earned. Stock
based compensation is recorded in the same component of operating expenses as if it were paid in cash.
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE
Basic net loss attributable to common stockholders
per share (“Basic net loss per share”) was computed using the weighted average number of common shares outstanding. Diluted
net loss applicable to common stockholders per share (“Diluted net loss per share”) includes the effect of diluted common
stock equivalents. Potentially dilutive securities from the exercise of stock options to purchase 35,928 shares of common stock and warrants
to purchase 1,253,985 shares of common stock as of June 30, 2023, were excluded from the computation of diluted net loss per share because
the effect of their inclusion would have been anti-dilutive. Potentially dilutive securities from the exercise of stock options to purchase
18,270 shares of common stock and warrants to purchase 214,769 shares of common stock as of June 30, 2022, were excluded from the computation
of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
RESEARCH AND DEVELOPMENT AND PRODUCT DEVELOPMENT COSTS
Research and development costs are expenditures on new market development
and related engineering costs. In addition to internal resources, the Company utilizes functional consulting resources, third-party software,
and hardware development firms. The Company expenses all research and development costs as incurred until technological feasibility has
been established for the product. Once technological feasibility is established, development costs including software and hardware design
are capitalized until the product is available for general release to customers. Judgment is required in determining when technological
feasibility of a product is established. For the three and six months ended June 30, 2023, the Company capitalized $0.3 million and $0.5
million of such product development costs, respectively, and capitalized $0.1 million of such software development costs for both periods.
For the three and six months ended June 30, 2022, the Company capitalized $0.2 million of such product development costs and $0.1 million
of such software development costs for both periods. There was no amortization of product development costs during the three and six months
ended June 30, 2023 and 2022. Cumulatively, as of June 30, 2023 and December 31, 2022, approximately $0.6 million and $0.3 million, respectively,
of capitalized product and software development costs arose from expenditures to a company considered to be a related party since it is
controlled by the Company’s Vice-President of Engineering. RECENT ACCOUNTING PRONOUNCEMENTS
Recent accounting standards that have been issued
or proposed by FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material
impact on the Company’s condensed financial statements upon adoption.
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-Topic 235
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-Section 50
-Paragraph 1
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v3.23.2
Accrued Expenses
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Accrued Expenses [Abstract] |
|
| ACCRUED EXPENSES |
NOTE 5 - ACCRUED EXPENSES
Accrued expenses consist of the following:
| | |
June 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| Salaries, payroll taxes and vacation | |
$ | 126,732 | | |
$ | 114,030 | |
| Merchant card fees | |
| 15,583 | | |
| 15,062 | |
| Professional fees | |
| 80,000 | | |
| 25,000 | |
| Management incentives | |
| 303,800 | | |
| 519,800 | |
| Lease liability | |
| 65,875 | | |
| 69,402 | |
| Dividends – Series C and F Preferred Stock | |
| - | | |
| 48,389 | |
| Inventory in transit | |
| - | | |
| 812,970 | |
| Other | |
| 255,647 | | |
| 135,837 | |
| Totals | |
$ | 847,637 | | |
$ | 1,740,490 | |
|
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v3.23.2
Stockholders’ Equity and Redeemable preferred Stock
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Stockholders’ Equity and Redeemable Preferred Stock [Abstract] |
|
| STOCKHOLDERS’ EQUITY AND REDEEMABLE PREFERRED STOCK |
NOTE 6 - STOCKHOLDERS’ EQUITY AND REDEEMABLE PREFERRED STOCK
Reincorporation
On the Effective Date, the Predecessor merged
with and into its wholly-owned subsidiary pursuant to the Agreement. At the Effective Date and pursuant to the Agreement, the Company
succeeded to the assets, continued the business and assumed the rights and obligations of the Predecessor existing immediately prior to
the Reincorporation.
At the Effective Time, pursuant to the Agreement,
(i) each outstanding share of the Predecessor’s common stock automatically converted into one share of common stock, par value $0.0001
per share, of the Company (“Registrant Common Stock”), (ii) each outstanding share of the Predecessor Series C preferred stock
automatically converted into one share of Series C Non-Convertible Voting Preferred Stock, par value $0.0001 per share, of the Company,
(iii) each outstanding share of the Predecessor Series F preferred stock automatically converted into one share of Series F Convertible
Preferred Stock, par value $0.0001 per share, of the Company, and (iv) each outstanding option, right or warrant to acquire shares of
Predecessor common stock converted into an option, right or warrant, as applicable, to acquire an equal number of shares of Registrant
Common Stock under the same terms and conditions as the original options, rights or warrants, as applicable. In addition, by operation
of law, the Company assumed all of the Predecessor’s obligations under its equity incentive plans. The shares of Predecessor Common
Stock remaining available for awards under such plans were automatically adjusted upon the Reincorporation into an identical number of
shares of Registrant Common Stock, and all awards previously granted under such plans that were outstanding as of the Effective Time were
automatically adjusted into awards for the identical number of shares of Registrant Common Stock, without any other change to the form,
terms or conditions of such awards.
April 2023 Reverse stock split
On April 21, 2023, the Company effected a
1-for-20 reverse split of its outstanding common stock and Series C Redeemable Preferred Stock. As a result of the reverse splits,
each 20 pre-split shares of common stock outstanding and each 20 pre-split shares of Series C Redeemable Preferred Stock outstanding
were automatically exchanged for one new share of each without any action on the part of the holders. The number of outstanding
shares of common stock was reduced from approximately 24,406,155 shares to approximately 1,220,308 shares, and the
number of outstanding shares of Series C Redeemable Preferred Stock was reduced from 200 shares to 10 shares. 40,228
shares of Common Stock were issued as a result of the treatment of fractional shares in connection with this reverse stock split,
which rounded up outstanding post-split shares to the nearest whole number. The reverse stock split did not affect the total number
of shares of capital stock, including Series C Redeemable Preferred Stock, that the Company is authorized to issue.
Net loss per share and all share data as of and
for the three and six months ended June 30, 2022 have been retroactively adjusted to reflect the reverse stock splits in accordance with
ASC 260-10-55-12, Restatement of EPS Data.
January 2023 Offering
On January 25, 2023, the Company closed a firm
commitment registered public offering (the “January Offering”) pursuant to which the Company issued (i) 529,250 shares of
Common Stock and 10,585,000 common stock purchase warrants (exercisable for 793,875 shares of Common Stock at a purchase price of $2.52
per share), subject to certain adjustments and (ii) 3,440,000 pre-funded common stock purchase warrants that were exercised for 172,000
shares of Common Stock at a purchase price of $0.02 per share, subject to certain adjustments and 3,440,000 warrants to purchase up to
an aggregate of 258,000 shares of Common Stock at a purchase price of $2.52 per share and (iii) 815,198 additional warrants to purchase
up to 61,140 shares of Common Stock at a purchase price of $2.52 per share, which additional warrants were issued upon the partial exercise
by the underwriters of their over-allotment option, pursuant to an underwriting agreement, dated as of January 23, 2023 between the Company
and Maxim Group LLC, as representative of the underwriters. The January Offering resulted in gross proceeds to the Company of approximately
$5.2 million, before deducting underwriting discounts and commissions of 7% of the gross proceeds (3.5% of the gross proceeds in the
case of certain identified investors) and estimated January Offering expenses. Due to the Company effecting the reverse stock split on
April 21, 2023, the exercise prices and shares issuable upon exercise of such warrants and pre-funded warrants have been retroactively
reported in accordance with ASC 260-10-55-12, Restatement of EPS Data, and to reflect the adjustment to the number of shares underlying
such warrants and pre-funded warrants and the exercise price of such warrants in accordance with the terms thereof. Series C Redeemable Preferred Stock
In May 2017, the Company authorized Series C Redeemable
Preferred Stock. Holders of Series C Preferred Stock are entitled to receive dividends of 15% per year, payable in cash. For each of the
three and six months ended June 30, 2023, the Company recorded Series C Redeemable Preferred Stock dividends of $75 thousand and $150
thousand, respectively. For each of the three and six months ended June 30, 2022, the Company recorded Series C Redeemable Preferred Stock
dividends of $75 thousand and $150 thousand, respectively.
The Series C Redeemable Preferred Stock may be
redeemed by the Company at the Company’s option in cash at any time, in whole or in part, upon payment of the stated value of the
Series C Redeemable Preferred Stock and unpaid dividends. If a “fundamental change” occurs, the Series C Redeemable Preferred
Stock shall be immediately redeemed in cash equal to the stated value of the Series C Redeemable Preferred Stock, and unpaid dividends.
A fundamental change includes but is not limited to any change in the ownership of at least fifty percent of the voting stock; liquidation
or dissolution; or the common stock ceases to be listed on the market upon which it currently trades.
The holders of the Series C Redeemable Preferred
Stock are entitled to vote on any matter submitted to the stockholders of the Company for a vote. One share of Series C Redeemable Preferred
Stock carries the same voting rights as one share of common stock.
A redeemable equity security is to be classified
as temporary equity if it is conditionally redeemable upon the occurrence of an event that is not solely within the control of the issuer.
Upon the determination that such events are probable, the equity security would be classified as a liability. Given the Series C Redeemable
Preferred Stock contains a fundamental change provision, the security is considered conditionally redeemable. Therefore, the Company
has classified the Series C Redeemable Preferred Stock as temporary equity in the balance sheets as of June 30, 2023 and December 31,
2022 until such time that events occur that indicate otherwise.
Warrants
The following table summarizes the Company’s warrants outstanding
and exercisable as of June 30, 2023 and December 31, 2022:
| | |
Number of
Warrants | | |
Weighted
Average
Exercise
Price | | |
Weighted
Average
Remaining
Life In
Years | | |
Aggregate
Intrinsic
Value | |
| Outstanding and Exercisable at January 1, 2023 | |
| 4,295,380 | | |
$ | 120.39 | | |
| 3.60 | | |
| - | |
| Issued | |
| 14,840,198 | | |
| 2.52 | | |
| 4.58 | | |
| - | |
| Issued prefunded warrants | |
| 3,440,000 | | |
| 0.02 | | |
| - | | |
| - | |
| Exercised prefunded warrants | |
| (3,440,000 | ) | |
| 0.02 | | |
| - | | |
| - | |
| Exercised warrants | |
| (859,770 | ) | |
| 2.52 | | |
| - | | |
| - | |
| Expiration of warrants | |
| (186,316 | ) | |
| 459.49 | | |
| - | | |
| - | |
| Outstanding and Exercisable at June 30, 2023 | |
| 18,089,492 | | |
$ | 29.59 | | |
| 4.29 | | |
$ | 419,413 | |
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v3.23.2
Stock Incentive Plans
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Stock Incentive Plans [Abstract] |
|
| STOCK INCENTIVE PLANS |
NOTE 7 - STOCK INCENTIVE PLANS
2023 Stock Incentive Plan
On March 7, 2023, the Company’s stockholders approved the 2023 Stock
Incentive Plan (“2023 Plan”). The aggregate maximum number of shares of common stock that may be issued under the 2023 Plan
is 68,723 shares for fiscal 2023; thereafter, the maximum number is limited to 15% of the outstanding shares of common stock, calculated
on the first business day of each fiscal quarter. Under the 2023 Plan, options which are forfeited or terminated, settled in cash in lieu
of shares of common stock, or settled in a manner such that shares are not issued, will again immediately become available to be issued.
If shares of common stock are withheld from payment of an award to satisfy tax obligations with respect to the award, those shares of
common stock will be treated as shares that have been issued under the 2023 Plan and will not again be available for issuance.
No stock options were issued under the 2023 Plan
during the three and six months ended June 30, 2023.
2017 Stock Incentive Plan
On August 24, 2017, the Company’s stockholders approved the 2017
Stock Incentive Plan (“2017 SIP”). The aggregate maximum number of shares of common stock that may be issued under the 2017
SIP is limited to 10% of the outstanding shares of common stock, calculated on the first business day of each fiscal year. Under the 2017
SIP, options which are forfeited or terminated, settled in cash in lieu of shares of common stock, or settled in a manner such that shares
are not issued, will again immediately become available to be issued. If shares of common stock are withheld from payment of an award
to satisfy tax obligations with respect to the award, those shares of common stock will be treated as shares that have been issued under
the 2017 SIP and will not again be available for issuance. On March 7, 2023, the Company’s 2017 SIP was terminated upon the approval
of the 2023 Plan at the Company’s special meeting of stockholders.
During the three months ended June 30, 2023,
the Company did not issue any stock options. During the six months ended June 30, 2023, the Company issued 3,125 stock options
vesting over four years to employees with an exercise price of $3.80 per share and a total aggregate fair value of $11 thousand. In
addition, 10,528 fully vested stock options were granted to four non-employee Board directors at an exercise price of $3.80 per share. The
aggregate fair value of the shares issued to the directors was $35 thousand. As of June 30, 2023, the unrecognized compensation cost
related to non-vested stock options is $0.3 million.
During
the quarter ended March 31, 2022, the Company issued 21,517 shares of common stock vesting over periods ranging from 30 to 48 months
with an aggregate fair value of $1.3 million to certain employees as inducement and incentive grants. During the quarter ended June 30,
2022, the Company issued 778 shares of common stock vesting on September 30, 2022 with an aggregate fair value of $18 thousand to
certain non-employees in lieu of cash payment for services. As of June
30, 2022, the unrecognized compensation cost related to non-vested stock options was $0.6 million.
During the three and six months ended June 30, 2023, the Company had 125
and 750 stock options forfeited, respectively, under the 2017 SIP. During the three and six months ended June 30, 2022, the Company had
no stock options forfeited in both periods under the 2017 SIP. 2013 Long-Term Stock Incentive Plan
On January 4, 2013, the Company’s
stockholders approved the Company’s Long-Term Stock Incentive Plan (“2013 LTIP”). The maximum number of shares of
common stock that may be issued under the 2013 LTIP, including stock awards, stock issued to the Company’s Board, and stock
appreciation rights, is limited to 10% of the common shares outstanding on the first business day of any fiscal year. The
Company’s 2013 LTIP expired in accordance with its terms on January 3, 2023.
During the three months ended March 31,
2022, the Company issued 11,875 stock options (250 of which were forfeited during the three months ended June 30, 2022)
vesting over four years to employees with an exercise price of $67.20 per share and an option for 625 shares to
a non-employee with a strike price of $44.00 per share, and such issuance resulted in a total expense of $0.3 million. In
addition, 1,364 fully vested stock options were granted to six non-employee Board directors at an exercise price of $44.00
per share during the three months ended March 31, 2022. The aggregate fair value of the shares issued to the directors was $51
thousand. A total of 1,106 stock options were granted to two Advisory Board members at strike prices ranging from $36.00 to $36.40
per share, vesting over periods up to one year during the three months ended June 30, 2022.
During the three and six months ended June
30, 2023, the Company did not issue any stock options under the 2013 LTIP. During the three months ended June 30, 2023, the Company
had no stock options forfeited and during the six months ended June 30, 2023, the Company had 1,250 stock options forfeited under
the 2013 LTIP.
Stock based Compensation Expense
Total stock based compensation expense during the three and six months
ended June 30, 2023 pertaining to awards under the 2017 SIP and 2013 LTIP amounted to $0.4 million and $0.8 million, respectively. Total
stock based compensation expense during the three and six months ended June 30, 2022, pertaining to awards under the 2017 SIP and 2013
LTIP amounted to $0.1 and $0.7 million, respectively.
|
| X |
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-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-Section 50
-Paragraph 2
-Subparagraph (h)(2)(i)
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Commitments and Contingencies [Abstract] |
|
| COMMITMENTS AND CONTINGENCIES |
NOTE 8 - COMMITMENTS AND CONTINGENCIES
LEGAL MATTERS
From time to time, the Company may be involved
in various claims and legal actions arising in the ordinary course of our business. Other than the above, there is no action, suit, proceeding,
inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to
the knowledge of the executive officers of the Company or any of our subsidiaries, threatened against or affecting our company, or any
of our subsidiaries in which an adverse decision could have a material adverse effect upon our business, operating results, or financial
condition.
COMMITMENTS
The Company leases warehouse space and equipment,
in the U.S., which is classified as operating leases expiring at various dates. The Company determines if an arrangement qualifies as
a lease at the lease inception. Operating lease liabilities are recorded based on the present value of the future lease payments over
the lease term, assessed as of the commencement date. The Company’s real estate lease, which is for office space and a fulfillment
center, with a lease term of 5 years expiring in August 2025. The Company also leases a copier with a lease term of 5 years, ending August
2023. The Company has elected to account for the lease and non-lease components (insurance and property taxes) as a single lease component
for its real estate leases. Lease payments, which includes lease components and non-lease components, are included in the measurement
of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable amounts based on a rate
or index (fixed in substance) as stipulated in the lease contract. Any actual costs in excess of such amounts are expensed as incurred
as variable lease cost.
The Company’s lease agreements generally
do not specify an implicit borrowing rate, and as such, the Company uses its incremental borrowing rate to calculate the present value
of the future lease payments. The discount rate represents a risk-adjusted rate on a secured basis and is the rate at which the Company
would borrow funds to satisfy the scheduled lease liability payment streams. The Company entered into a new five-year lease agreement
in June 2020 for new warehouse space located in Louisville, Kentucky. The Right of Use (ROU) asset value added as a result of this new
lease agreement was $0.3 million. The Company’s ROU asset and lease liability accounts reflect the inclusion of this lease in the
Company’s balance sheets as of June 30, 2023 and December 31, 2022. The current monthly rent of $6.4 thousand commenced in September
2022 and increases approximately 3% annually thereafter.
The Company’s lease agreements include options
for the Company to either renew or early terminate the lease. Renewal options are reviewed at lease commencement to determine if such
options are reasonably certain of being exercised, which could impact the lease term. When determining if a renewal option is reasonably
certain of being exercised, the Company considers several factors, including significance of leasehold improvements on the property, whether
the asset is difficult to replace, or specific characteristics unique to the lease that would make it reasonably certain that the Company
would exercise the option. In most cases, the Company has concluded that renewal and early termination options are not reasonably certain
of being exercised by the Company and thus not included in the Company’s ROU asset and lease liability. For the three and six months ended June 30, 2023,
total operating lease cost was $25.3 thousand and $50.7 thousand, respectively, and is recorded in direct operating costs and general
and administrative expenses, dependent on the nature of the leased asset. Operating leases cost for the three and six months ended June
30, 2022 amounted to $25.2 thousand and $49.8 thousand, respectively, and was recorded in general and administrative expenses. Operating
lease cost is recognized on a straight-line basis over the lease term. The following summarizes (i) the future minimum undiscounted lease
payments under the non-cancelable lease for each of the next three years and thereafter, incorporating the practical expedient to account
for lease and non-lease components as a single lease component for our existing real estate lease, (ii) a reconciliation of the undiscounted
lease payments to the present value of the lease liabilities, and (iii) the lease-related account balances on the Company’s balance
sheet as of June 30, 2023:
| Year Ending December 31, | |
| |
| 2023 (for the remainder of 2023) | |
$ | 42,231 | |
| 2024 | |
| 80,000 | |
| 2025 | |
| 54,400 | |
| Total future minimum lease payments | |
$ | 176,631 | |
| Less imputed interest | |
| (23,258 | ) |
| Total present value of future minimum lease payments | |
$ | 153,373 | |
| As of June 30, 2023 | |
| |
| Operating lease right-of-use assets | |
$ | 146,173 | |
| | |
| | |
| Accrued expenses | |
$ | 65,875 | |
| Other long-term liabilities | |
| 87,498 | |
| | |
$ | 153,373 | |
| As of June 30, 2023 |
|
|
|
| |
|
|
|
| Weighted Average Remaining Lease Term |
|
|
2.13 |
|
| Weighted Average Discount Rate |
|
|
12.98 |
% |
|
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v3.23.2
Subsequent Event
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Subsequent Events [Abstract] |
|
| SUBSEQUENT EVENTS |
NOTE 9 – SUBSEQUENT EVENTS
The Company’s management has evaluated subsequent
events through August 11, 2023, which is the date these condensed financial statements were available to be issued. Management has determined
that there were no subsequent events which required recognition, adjustment to or disclosure to the condensed financial statements.
|
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v3.23.2
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| USE OF ESTIMATES IN THE CONDENSED FINANCIAL STATEMENTS |
USE OF ESTIMATES IN THE CONDENSED FINANCIAL STATEMENTS U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s
management evaluates these significant estimates and assumptions, including those related to the fair value of acquired assets and liabilities,
stock-based compensation, income taxes, allowance for doubtful accounts, long-lived assets, and inventories, and other matters that affect
the condensed financial statements and disclosures. Actual results could differ from those estimates.
|
| CASH AND CASH EQUIVALENTS |
CASH AND CASH EQUIVALENTS The Company considers all highly liquid securities
with an original maturity date of three months or less when purchased to be cash equivalents. Due to their short-term nature, cash equivalents
are carried at cost, which approximates fair value. The Company had cash equivalents of $7.1 million and $6.6 million as of June 30,
2023 and December 31, 2022, respectively.
|
| RESTRICTED CASH |
RESTRICTED CASH Restricted cash includes amounts held as collateral
for company credit cards. Restricted cash included in Cash, Cash Equivalents and Restricted Cash, as presented on the Condensed Statements
of Cash Flows amounted to $60 thousand as of June 30, 2023 and December 31, 2022.
|
| CONCENTRATIONS OF CREDIT RISK |
CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject
the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and cash
equivalents balances in large well-established financial institutions located in the United States. At times, the Company’s cash
balances may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance
limits.
|
| REVENUE RECOGNITION |
REVENUE RECOGNITION The Company’s revenues consist of product
sales to either end customers, to distributors or bulk sales to the United States Veterans Health Administration. The Company’s
revenues are derived from contracts with customers, which are in most cases customer purchase orders. For each contract, the promise to
transfer the title of the products, each of which is individually distinct, is considered to be the identified performance obligation.
As part of the consideration promised in each contract, the Company evaluates the customer’s credit risk. Our contracts do not have
any financing components, as payments are generally prepaid or due Net 30 days after the invoice date for retailers and distributors.
The majority of prepaid contracts are with the United States Veterans Health Administration, which consists of the majority of the Company’s revenues. The Company’s
products are almost always sold at fixed prices. In determining the transaction price, we evaluate whether the price is subject to any
refunds, due to product returns or adjustments due to volume discounts, rebates, or price concessions to determine the net consideration
we expect to be entitled to. The Company’s sales are recognized at a point-in-time under the core principle of recognizing revenue
when title transfers to the customer, which generally occurs when the Company ships or delivers the product from its fulfillment center
to our customers, when our customer accepts and has legal title of the goods, and the Company has a present right to payment for such
goods. Based on the respective contract terms, most of our contract revenues are recognized either (i) upon shipment based on free on
board (“FOB”) shipping point, or (ii) when the product arrives at its destination. For the three and six months ended June
30, 2023 and 2022, none of our sales were recognized over time.
|
| SALES TO DISTRIBUTORS AND RETAILERS |
SALES TO DISTRIBUTORS AND RETAILERS The Company maintains a reserve for
unprocessed and estimated future price adjustments, claims and returns as a refund liability. The reserve is recorded as a reduction
to revenue in the same period that the related revenue is recorded and is calculated based on an analysis of historical claims and
returns over a period of time to appropriately account for current pricing and business trends. Similarly, sales returns and
allowances are recorded based on historical return rates, as a reduction to revenue with a corresponding reduction to cost of goods
sold for the estimated cost of inventory that is expected to be returned. These reserves were not material as of June 30, 2023 and
December 31, 2022.
|
| SHIPPING AND HANDLING |
SHIPPING AND HANDLING Amounts billed to customers for shipping and handling are included
in revenues. The related freight charges incurred by the Company are included in cost of goods sold and were $0.1 million and $0.2 million
for the three and six months ended June 30, 2023, and $0.2 million and $0.4 million, respectively, for the three and six months ended
June 30, 2022.
|
| ACCOUNTS RECEIVABLE - NET |
ACCOUNTS RECEIVABLE - NET For the three and six months ended June 30, 2023
and 2022, the Company’s revenues were primarily the result of shipments to VA hospitals and clinics, which are made on a prepaid
basis. The Company also sells its products to distributors and retailers, typically providing customers with trade credit terms. Sales
made to distributors and retailers are done with limited rights of return and are subject to the normal warranties offered to the ultimate
consumer for product defects. Accounts receivable is stated at net realizable
value. The Company regularly reviews accounts receivable balances and adjusts the accounts receivable allowance for doubtful accounts,
as necessary whenever events or circumstances indicate the carrying value may not be recoverable. As of June 30, 2023 and December 31,
2022, the allowance for doubtful accounts were immaterial.
|
| INVENTORY |
INVENTORY The Company measures inventory at the lower of
cost or net realizable value, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs
of completion, disposal, and transportation. Cost is determined using the first-in, first-out method. The Company performs regular reviews of inventory
quantities on hand and evaluates the realizable value of its inventories. The Company adjusts the carrying value of the inventory as
necessary for excess, obsolete, and slow-moving inventory by comparing the individual inventory parts to forecasted product demand or
production requirements. As of June 30, 2023, inventory was comprised of $0.8 million and $0.2 million, in finished goods on hand and
inventory in-transit from vendors, respectively. As of December 31, 2022, inventory was comprised of $0.6 million and $1.2 million, in
finished goods on hand and inventory in-transit from vendors, respectively. The Company is required to prepay for inventory with certain vendors until
credit terms can be established. As of June 30, 2023 and December 31, 2022, $0.4 million and $0.01 million of prepayments made for inventory,
respectively, are included in prepaid expenses and other current assets on the balance sheet.
|
| LONG-LIVED ASSETS |
LONG-LIVED ASSETS Long-lived assets, such as property and equipment, and other intangible
assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable.
When indicators exist, the Company tests for the impairment of the definite-lived assets based on the undiscounted future cash flow the
assets are expected to generate over their remaining useful lives, compared to the carrying value of the assets. If the carrying amount
of the assets is determined not to be recoverable, a write-down to fair value is recorded. Management estimates future cash flows using
assumptions about expected future operating performance. Management’s estimates of future cash flows may differ from actual cash
flow due to, among other things, technological changes, economic conditions, or changes to the Company’s business operations.
|
| PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT Property and equipment consisting of equipment,
furniture, fixtures, website and other is stated at cost. The costs of additions and improvements are generally capitalized and expenditures
for repairs and maintenance are expensed in the period incurred. When items of property and equipment are sold or retired, the related
costs and accumulated depreciation are removed from the accounts and any gain or loss is included in income. Depreciation of property
and equipment is provided utilizing the straight-line method over the estimated useful life of the respective asset as follows:
| Equipment | |
5 years |
| Furniture and fixtures | |
3 to 5 years |
| Website and other | |
3 years |
|
| GOODWILL |
GOODWILL Goodwill is reviewed annually in the fourth quarter,
or when circumstances indicate that an impairment may have occurred. The Company first performs a qualitative assessment of goodwill impairment,
which considers factors such as market conditions, performance compared to forecast, business outlook and unusual events. If the qualitative
assessment indicates a possible goodwill impairment, goodwill is then quantitatively tested for impairment. The Company may elect to bypass
the qualitative assessment and proceed directly to the quantitative test. If a quantitative goodwill impairment test is required, the
fair value is determined using a variety of assumptions including estimated future cash flows using applicable discount rates (income
approach) and comparisons to other similar companies (market approach). As of June 30, 2023, no indicators of impairment were noted.
|
| OTHER INTANGIBLE ASSETS |
OTHER INTANGIBLE ASSETS The Company’s intangible assets are related
to the acquisition of LogicMark LLC in 2016, the former subsidiary that was merged with and into the Company and are included in other
intangible assets in the Company’s Condensed Balance Sheets as of June 30, 2023 and December 31, 2022. As of June 30, 2023, the other intangible assets
are comprised of patents of $1.5 million; trademarks of $0.8 million; and customer relationships of $1.0 million. As of December 31,
2022, the other intangible assets are comprised of patents of $1.7 million; trademarks of $0.9 million; and customer relationships of
$1.2 million. The Company amortizes these intangible assets using the straight-line method over their estimated useful lives which for
the patents, trademarks and customer relationships are 11 years, 20 years, and 10 years, respectively. During the three and six months
ended June 30, 2023, the Company had amortization expense of $0.2 million and $0.4 million, respectively. During the three and six months
ended June 30, 2022, the Company had amortization expense of $0.2 million and $0.4 million, respectively. As of June 30, 2023, total amortization expense
estimated for the remainder of fiscal year 2023 is $0.4 million. Amortization expense estimated for 2024 and 2025 is expected to be approximately
$0.8 million per year, $0.6 million for 2026, $0.3 million for 2027, and approximately $0.5 million thereafter.
|
| STOCK-BASED COMPENSATION |
STOCK BASED COMPENSATION The Company accounts for stock based awards exchanged for employee services
at the estimated grant date fair value of the award. The Company accounts for equity instruments issued to non-employees at their fair
value on the measurement date. The measurement of stock based compensation is subject to periodic adjustment as the underlying equity
instrument vests or becomes non-forfeitable. Stock based compensation charges are amortized over the vesting period or as earned. Stock
based compensation is recorded in the same component of operating expenses as if it were paid in cash.
|
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE Basic net loss attributable to common stockholders
per share (“Basic net loss per share”) was computed using the weighted average number of common shares outstanding. Diluted
net loss applicable to common stockholders per share (“Diluted net loss per share”) includes the effect of diluted common
stock equivalents. Potentially dilutive securities from the exercise of stock options to purchase 35,928 shares of common stock and warrants
to purchase 1,253,985 shares of common stock as of June 30, 2023, were excluded from the computation of diluted net loss per share because
the effect of their inclusion would have been anti-dilutive. Potentially dilutive securities from the exercise of stock options to purchase
18,270 shares of common stock and warrants to purchase 214,769 shares of common stock as of June 30, 2022, were excluded from the computation
of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
|
| RESEARCH AND DEVELOPMENT AND PRODUCT DEVELOPMENT COSTS |
RESEARCH AND DEVELOPMENT AND PRODUCT DEVELOPMENT COSTS Research and development costs are expenditures on new market development
and related engineering costs. In addition to internal resources, the Company utilizes functional consulting resources, third-party software,
and hardware development firms. The Company expenses all research and development costs as incurred until technological feasibility has
been established for the product. Once technological feasibility is established, development costs including software and hardware design
are capitalized until the product is available for general release to customers. Judgment is required in determining when technological
feasibility of a product is established. For the three and six months ended June 30, 2023, the Company capitalized $0.3 million and $0.5
million of such product development costs, respectively, and capitalized $0.1 million of such software development costs for both periods.
For the three and six months ended June 30, 2022, the Company capitalized $0.2 million of such product development costs and $0.1 million
of such software development costs for both periods. There was no amortization of product development costs during the three and six months
ended June 30, 2023 and 2022. Cumulatively, as of June 30, 2023 and December 31, 2022, approximately $0.6 million and $0.3 million, respectively,
of capitalized product and software development costs arose from expenditures to a company considered to be a related party since it is
controlled by the Company’s Vice-President of Engineering.
|
| RECENT ACCOUNTING PRONOUNCEMENTS |
RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting standards that have been issued
or proposed by FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material
impact on the Company’s condensed financial statements upon adoption.
|
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v3.23.2
Accrued Expenses (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Accrued Expenses [Abstract] |
|
| Schedule of accrued expenses |
| | |
June 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| Salaries, payroll taxes and vacation | |
$ | 126,732 | | |
$ | 114,030 | |
| Merchant card fees | |
| 15,583 | | |
| 15,062 | |
| Professional fees | |
| 80,000 | | |
| 25,000 | |
| Management incentives | |
| 303,800 | | |
| 519,800 | |
| Lease liability | |
| 65,875 | | |
| 69,402 | |
| Dividends – Series C and F Preferred Stock | |
| - | | |
| 48,389 | |
| Inventory in transit | |
| - | | |
| 812,970 | |
| Other | |
| 255,647 | | |
| 135,837 | |
| Totals | |
$ | 847,637 | | |
$ | 1,740,490 | |
|
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v3.23.2
Stockholders’ Equity and Redeemable preferred Stock (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Stockholders’ Equity and Redeemable Preferred Stock [Abstract] |
|
| Schedule of warrants outstanding and exercisable |
The following table summarizes the Company’s warrants outstanding
and exercisable as of June 30, 2023 and December 31, 2022:
| | |
Number of
Warrants | | |
Weighted
Average
Exercise
Price | | |
Weighted
Average
Remaining
Life In
Years | | |
Aggregate
Intrinsic
Value | |
| Outstanding and Exercisable at January 1, 2023 | |
| 4,295,380 | | |
$ | 120.39 | | |
| 3.60 | | |
| - | |
| Issued | |
| 14,840,198 | | |
| 2.52 | | |
| 4.58 | | |
| - | |
| Issued prefunded warrants | |
| 3,440,000 | | |
| 0.02 | | |
| - | | |
| - | |
| Exercised prefunded warrants | |
| (3,440,000 | ) | |
| 0.02 | | |
| - | | |
| - | |
| Exercised warrants | |
| (859,770 | ) | |
| 2.52 | | |
| - | | |
| - | |
| Expiration of warrants | |
| (186,316 | ) | |
| 459.49 | | |
| - | | |
| - | |
| Outstanding and Exercisable at June 30, 2023 | |
| 18,089,492 | | |
$ | 29.59 | | |
| 4.29 | | |
$ | 419,413 | |
|
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v3.23.2
Commitments and Contingencies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Commitments and Contingencies [Abstract] |
|
| Schedule of future lease obligation |
| Year Ending December 31, | |
| |
| 2023 (for the remainder of 2023) | |
$ | 42,231 | |
| 2024 | |
| 80,000 | |
| 2025 | |
| 54,400 | |
| Total future minimum lease payments | |
$ | 176,631 | |
| Less imputed interest | |
| (23,258 | ) |
| Total present value of future minimum lease payments | |
$ | 153,373 | |
|
| Schedule of lease expense |
| As of June 30, 2023 | |
| |
| Operating lease right-of-use assets | |
$ | 146,173 | |
| | |
| | |
| Accrued expenses | |
$ | 65,875 | |
| Other long-term liabilities | |
| 87,498 | |
| | |
$ | 153,373 | |
| As of June 30, 2023 |
|
|
|
| |
|
|
|
| Weighted Average Remaining Lease Term |
|
|
2.13 |
|
| Weighted Average Discount Rate |
|
|
12.98 |
% |
|
| X |
- DefinitionTabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.
| Name: |
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| X |
- References
+ Details
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| X |
- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
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v3.23.2
| X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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| X |
- DefinitionAmount after tax of income (loss) from continuing operations attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-18
Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.13)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Subparagraph (c)
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v3.23.2
Summary of Significant Accounting Policies (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
| Accounting Policies [Abstract] |
|
|
|
|
|
| Cash equivalents |
$ 7,100,000
|
|
$ 7,100,000
|
|
|
| Cash equivalents |
|
|
|
|
$ 6,600,000
|
| Cash equivalents |
59,988
|
|
59,988
|
|
59,988
|
| Freight charges included cost of goods sold |
727,276
|
$ 1,364,586
|
1,674,445
|
$ 2,811,891
|
|
| Inventory finished goods |
800,000
|
|
800,000
|
|
600,000
|
| Inventory in-transit from vendors |
200,000
|
|
200,000
|
|
1,200,000
|
| Inventory deposits |
400,000
|
|
400,000
|
|
10,000.00
|
| Amortization expense |
200,000
|
200,000
|
$ 400,000
|
$ 400,000
|
|
| Stock options purchase (in Shares) |
|
|
35,928
|
18,270
|
|
| Product development costs |
300,000
|
200,000
|
$ 500,000
|
$ 200,000
|
|
| Software development costs |
$ 100,000
|
$ 100,000
|
100,000
|
$ 100,000
|
|
| Capitalized product development costs |
|
|
$ 600,000
|
|
300,000
|
| Warrant [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Warrants purchase (in Shares) |
1,253,985
|
214,769
|
1,253,985
|
214,769
|
|
| 2023 [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Total amortization expense estimated fiscal year |
$ 400,000
|
|
$ 400,000
|
|
|
| 2024 [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Amortization expense estimated |
800,000
|
|
800,000
|
|
|
| 2025 [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Amortization expense estimated |
600,000
|
|
600,000
|
|
|
| 2026 [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Amortization expense estimated |
300,000
|
|
300,000
|
|
|
| 2027 [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Amortization expense estimated |
500,000
|
|
500,000
|
|
|
| Cost of Sales [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Freight charges included cost of goods sold |
200
|
$ 200,000
|
100,000
|
$ 400,000
|
|
| Logic Mark [Member] | Patents [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Intangible assets of patents |
$ 1,500,000
|
|
$ 1,500,000
|
|
1,700,000
|
| Other intangible assets, estimated useful lives |
11 years
|
|
11 years
|
|
|
| Logic Mark [Member] | Trademarks [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Intangible assets trademarks |
$ 800,000
|
|
$ 800,000
|
|
900,000
|
| Other intangible assets, estimated useful lives |
20 years
|
|
20 years
|
|
|
| Logic Mark [Member] | Customer Relationships [Member] |
|
|
|
|
|
| Accounting Policies [Abstract] |
|
|
|
|
|
| Intangible assets customer relationships |
$ 1,000,000
|
|
$ 1,000,000
|
|
$ 1,200,000
|
| Other intangible assets, estimated useful lives |
10 years
|
|
10 years
|
|
|
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| X |
- DefinitionCarrying value of capitalized payments made in advance for inventory that is expected to be received within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| X |
- DefinitionAmount of expense for amortization of capitalized computer software costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481283/985-20-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-SubTopic 20
-Topic 985
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| X |
- DefinitionAmount of short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
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| X |
- DefinitionNumber of warrants or rights outstanding.
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| X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2(a),(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
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| X |
- DefinitionAmount of expense for allocation of cost of intangible asset over its useful life directly used in production of good and rendering of service. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
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| X |
- DefinitionDevelopment costs incurred, including capitalized costs and costs charged to expense, in oil and gas activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 932
-SubTopic 235
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
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| X |
- DefinitionThe capitalized costs incurred during the period (excluded from amortization) to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-10(c)(7)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479664/932-10-S99-1
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| X |
- DefinitionGross carrying amount before accumulated amortization as of the balance sheet date to an asset acquired in a business combination representing a favorable existing relationship with customers having a finite beneficial life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-SubTopic 30
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-Section 50
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| X |
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| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
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-Topic 350
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-Topic 350
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-Topic 350
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| X |
- DefinitionGross carrying amount before accumulated amortization as of the balance sheet date of the costs pertaining to the exclusive legal rights granted to the owner of the patent to exploit an invention or a process for a period of time specified by law. Such costs may have been expended to directly apply and receive patent rights, or to acquire such rights. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-SubTopic 30
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-Section 50
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-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a)(1))
-Publisher FASB
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| X |
- DefinitionCarrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 330
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.BB)
-Publisher FASB
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-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02(1))
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-Publisher FASB
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-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
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-Section 50
-Paragraph 8
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-Publisher FASB
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| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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| X |
- Details
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| X |
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v3.23.2
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
v3.23.2
Accrued Expenses (Details) - Schedule of accrued expenses - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
| Schedule of accrued expenses [Abstract] |
|
|
| Salaries, payroll taxes and vacation |
$ 126,732
|
$ 114,030
|
| Merchant card fees |
15,583
|
15,062
|
| Professional fees |
80,000
|
25,000
|
| Management incentives |
303,800
|
519,800
|
| Lease liability |
65,875
|
69,402
|
| Dividends – Series C and F Preferred Stock |
|
48,389
|
| Inventory in transit |
|
812,970
|
| Other |
255,647
|
135,837
|
| Totals |
$ 847,637
|
$ 1,740,490
|
| X |
- References
+ Details
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| X |
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|
| X |
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|
| X |
- DefinitionAmount of Lease liability.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
credit |
| Period Type: |
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|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
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| X |
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
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| X |
- DefinitionCarrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 405
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480191/946-405-45-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(15)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
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| X |
- DefinitionAmortized cost excluding accrued interest, of revolving financing receivable converted to term loan. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-79
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-6A
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-3B
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- DefinitionAmount of inventory reserves for last-in first-out (LIFO) and other inventory valuation methods. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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-Publisher FASB
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|
v3.23.2
Stockholders’ Equity and Redeemable preferred Stock (Details) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Apr. 21, 2023 |
Jan. 25, 2023 |
May 31, 2017 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
| Stockholders’ Equity and Redeemable preferred Stock (Details) [Line Items] |
|
|
|
|
|
|
|
|
| Common stock converted |
|
|
|
|
|
1
|
|
|
| Share conversion par value (in Dollars per share) |
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
| Reverse stock split issued |
40,228
|
|
|
|
|
|
|
|
| Pre-funded units |
|
3,440,000
|
|
|
|
|
|
|
| Warrant exercise price (in Dollars per share) |
|
$ 0.02
|
|
|
|
|
|
|
| Pre-funded common stock purchase (in Dollars) |
|
$ 3,440,000
|
|
|
|
|
|
|
| Aggregate shares |
|
258,000
|
|
|
|
|
|
|
| Warrants to purchase |
|
2.52
|
|
|
|
|
|
|
| Additional warrants |
|
815,198
|
|
|
|
|
|
|
| Shares of common stock |
|
61,140
|
|
|
|
|
|
|
| Common stock, par value (in Dollars per share) |
|
$ 2.52
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
| Gross proceeds (in Dollars) |
|
$ 5,200,000
|
|
|
|
|
|
|
| Percentage of underwriting discounts and commissions |
|
7.00%
|
|
|
|
|
|
|
| Percentage of gross proceeds |
|
3.50%
|
|
|
|
|
|
|
| Preferred stock dividends (in Dollars) |
|
|
|
$ 75,000
|
$ 75,000
|
$ 150,000,000
|
$ 150,000,000
|
|
| Voting rights, description |
|
|
|
|
|
One share of Series C Redeemable Preferred
Stock carries the same voting rights as one share of common stock.
|
|
|
| Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
| Stockholders’ Equity and Redeemable preferred Stock (Details) [Line Items] |
|
|
|
|
|
|
|
|
| Common stock converted |
|
|
|
|
|
1
|
|
|
| Share conversion par value (in Dollars per share) |
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
| Redeemable preferred stock |
24,406,155
|
|
|
|
|
|
|
|
| Series C Preferred Stock [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
| Stockholders’ Equity and Redeemable preferred Stock (Details) [Line Items] |
|
|
|
|
|
|
|
|
| Redeemable preferred stock |
200
|
|
|
|
|
|
|
|
| Series C Preferred Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
| Stockholders’ Equity and Redeemable preferred Stock (Details) [Line Items] |
|
|
|
|
|
|
|
|
| Redeemable preferred stock |
10
|
|
|
|
|
|
|
|
| Series F Preferred Stock [Member] |
|
|
|
|
|
|
|
|
| Stockholders’ Equity and Redeemable preferred Stock (Details) [Line Items] |
|
|
|
|
|
|
|
|
| Common stock converted |
|
|
|
|
|
1
|
|
|
| Share conversion par value (in Dollars per share) |
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
| Series C Redeemable Preferred Stock [Member] |
|
|
|
|
|
|
|
|
| Stockholders’ Equity and Redeemable preferred Stock (Details) [Line Items] |
|
|
|
|
|
|
|
|
| Redeemable preferred stock |
1,220,308
|
|
|
|
|
|
|
|
| Cumulative dividends rate |
|
|
15.00%
|
|
|
|
|
|
| January 2023 Offering [Member] |
|
|
|
|
|
|
|
|
| Stockholders’ Equity and Redeemable preferred Stock (Details) [Line Items] |
|
|
|
|
|
|
|
|
| Aggregate of sale, shares |
|
529,250
|
|
|
|
|
|
|
| Common stock shares |
|
10,585,000
|
|
|
|
|
|
|
| Additional shares of common stock |
|
793,875
|
|
|
|
|
|
|
| Exercise price per share (in Dollars per share) |
|
$ 2.52
|
|
|
|
|
|
|
| Aggregate of purchase shares |
|
172,000
|
|
|
|
|
|
|
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v3.23.2
Stockholders’ Equity and Redeemable preferred Stock (Details) - Schedule of warrants outstanding and exercisable
|
6 Months Ended |
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
|---|
| Number of Warrants [Member] |
|
| Schedule of warrants outstanding and exercisable [Abstract] |
|
| Number of Warrants, Outstanding and Exercisable at beginning | shares |
4,295,380
|
| Number of Warrants, Issued | shares |
14,840,198
|
| Number of Warrants, Issued prefunded warrants | shares |
3,440,000
|
| Number of Warrants, Exercised prefunded warrants | shares |
(3,440,000)
|
| Number of Warrants, Exercised warrants | shares |
(859,770)
|
| Number of Warrants, Expiration of warrants | shares |
(186,316)
|
| Number of Warrants, Outstanding and Exercisable at ending | shares |
18,089,492
|
| Weighted Average Exercise Price [Member] |
|
| Schedule of warrants outstanding and exercisable [Abstract] |
|
| Weighted Average Exercise Price, Outstanding and Exercisable at beginning | $ / shares |
$ 120.39
|
| Weighted Average Exercise Price, Issued | $ / shares |
2.52
|
| Weighted Average Exercise Price, Issued prefunded warrants | $ / shares |
0.02
|
| Weighted Average Exercise Price, Exercised prefunded warrants | $ / shares |
0.02
|
| Weighted Average Exercise Price, Exercised warrants | $ / shares |
2.52
|
| Weighted Average Exercise Price, Expiration of warrants | $ / shares |
459.49
|
| Weighted Average Exercise Price, Outstanding and Exercisable at ending | $ / shares |
$ 29.59
|
| Weighted Average Remaining Life In Years [Member] |
|
| Schedule of warrants outstanding and exercisable [Abstract] |
|
| Weighted Average Remaining Life In Years, Outstanding and Exercisable at beginning |
3 years 7 months 6 days
|
| Weighted Average Remaining Life In Years, Issued |
4 years 6 months 29 days
|
| Weighted Average Remaining Life In Years, Issued prefunded warrants |
|
| Weighted Average Remaining Life In Years, Exercised prefunded warrants |
|
| Weighted Average Remaining Life In Years, Exercised warrants |
|
| Weighted Average Remaining Life In Years, Expiration of warrants |
|
| Weighted Average Remaining Life In Years, Outstanding and Exercisable at ending |
4 years 3 months 14 days
|
| Aggregate Intrinsic Value [Member] |
|
| Schedule of warrants outstanding and exercisable [Abstract] |
|
| Aggregate Intrinsic Value, Outstanding and Exercisable at beginning | $ |
|
| Aggregate Intrinsic Value, Issued | $ |
|
| Aggregate Intrinsic Value, Issued prefunded warrants | $ |
|
| Aggregate Intrinsic Value, Exercised prefunded warrants | $ |
|
| Aggregate Intrinsic Value, Exercised warrants | $ |
|
| Aggregate Intrinsic Value, Expiration of warrants | $ |
|
| Aggregate Intrinsic Value, Outstanding and Exercisable at ending | $ |
$ 419,413
|
| X |
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-Topic 718
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-Paragraph 2
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-30)
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-Paragraph 1
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v3.23.2
Stock Incentive Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands |
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
15 Months Ended |
Mar. 07, 2023 |
Jan. 04, 2013 |
Sep. 30, 2022 |
Aug. 24, 2017 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Share issued |
68,723
|
|
|
|
|
|
|
|
|
|
| Forfeited shares |
|
|
|
|
|
|
|
|
|
|
| Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Common stock vesting over periods |
|
|
|
|
|
|
30 months
|
|
|
|
| Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Common stock vesting over periods |
|
|
|
|
|
|
48 months
|
|
|
|
| Stock Incentive Plan 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding, percentage |
15.00%
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plan 2017 [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding, percentage |
|
|
|
10.00%
|
|
|
|
|
|
|
| Shares issued to stock options |
|
|
|
|
|
|
|
3,125
|
|
|
| Stock options vesting term |
|
|
|
|
|
|
|
4 years
|
|
|
| Aggregate fair value options (in Dollars) |
|
|
|
|
$ 11
|
|
|
$ 11
|
|
$ 11
|
| Number of options vested |
|
|
|
|
|
|
|
10,528
|
|
|
| Exercise price (in Dollars per share) |
|
|
|
|
|
|
|
$ 3.8
|
|
|
| Fair value issued to directors (in Dollars) |
|
|
|
|
|
|
|
$ 35
|
|
|
| Non-vested stock options (in Dollars) |
|
|
|
|
|
|
|
$ 300
|
$ 600
|
|
| Stock fair value (in Dollars) |
|
|
$ 18
|
|
|
|
$ 1,300
|
|
|
|
| Stock options issued |
|
|
778
|
|
|
|
|
|
|
|
| Forfeited shares |
|
|
|
|
125
|
|
|
750
|
|
|
| Stock-based compensation expense (in Dollars) |
|
|
|
|
$ 400
|
$ 100
|
|
|
|
|
| Stock Incentive Plan 2017 [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Number of options vested |
|
|
|
|
|
|
21,517
|
|
|
|
| Stock Incentive Plan 2017 [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Stock options vesting term |
|
|
|
|
|
|
|
4 years
|
|
|
| Stock Incentive Plan 2017 [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Strike price (in Dollars per share) |
|
|
|
|
|
|
|
$ 3.8
|
|
|
| Long Term Stock Incentive Plan 2013 [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Stock options vesting term |
|
|
|
|
|
|
4 years
|
|
|
|
| Stock options issued |
|
|
|
|
|
|
11,875
|
|
|
|
| Stock options forfeited |
|
|
|
|
|
250
|
|
1,250
|
|
|
| Stock options granted |
|
|
|
|
|
|
625
|
|
|
|
| Strike price par shares (in Dollars per share) |
|
|
|
|
|
|
$ 44
|
|
|
|
| Total expense (in Dollars) |
|
|
|
|
|
|
$ 300
|
|
|
|
| Vested stock options shares |
|
|
|
|
|
|
1,364
|
|
|
|
| Fair value issued to directors (in Dollars) |
|
|
|
|
|
|
$ 51
|
|
|
|
| Stock option granted |
|
|
|
|
|
1,106
|
|
|
|
|
| Stock-based compensation expense (in Dollars) |
|
|
|
|
|
|
|
$ 800
|
$ 700
|
|
| Long Term Stock Incentive Plan 2013 [Member] | Stock Options [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Exercise price (in Dollars per share) |
|
|
|
|
|
|
$ 67.2
|
|
|
|
| Long Term Stock Incentive Plan 2013 [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Strike price (in Dollars per share) |
|
|
|
|
|
$ 36
|
|
|
|
|
| Long Term Stock Incentive Plan 2013 [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Strike price (in Dollars per share) |
|
|
|
|
|
$ 36.4
|
|
|
|
|
| Long Term Stock Incentive Plan 2013 [Member] | Non Employee [Member] |
|
|
|
|
|
|
|
|
|
|
| Stock Incentive Plans (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding, percentage |
|
10.00%
|
|
|
|
|
|
|
|
|
| Exercise price (in Dollars per share) |
|
|
|
|
|
|
$ 44
|
|
|
|
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-Publisher FASB
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
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-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.14)
-Publisher FASB
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
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-Section 50
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
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v3.23.2
Commitments and Contingencies (Details) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Sep. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Commitments and Contingencies (Details) [Line Items] |
|
|
|
|
|
| Real estate lease term, description |
|
|
|
The Company’s real estate lease, which is for office space and a fulfillment
center, with a lease term of 5 years expiring in August 2025. The Company also leases a copier with a lease term of 5 years, ending August
2023.
|
|
| Monthly rent |
$ 6,400
|
|
|
|
|
| Increasing annual rent, percentage |
3.00%
|
|
|
|
|
| Operating lease cost |
|
$ 25,300
|
$ 25,200
|
$ 50,700
|
$ 49,800
|
| ROU [Member] |
|
|
|
|
|
| Commitments and Contingencies (Details) [Line Items] |
|
|
|
|
|
| Lease agreement amount |
|
|
|
$ 300,000
|
|
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-Topic 842
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-Paragraph 53
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|
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|
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|
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v3.23.2
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LogicMark (NASDAQ:LGMK)
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From Apr 2024 to May 2024
LogicMark (NASDAQ:LGMK)
Historical Stock Chart
From May 2023 to May 2024
