GTX
Reports 2019
Financial
Summary
Revenue
increased 118%,
IP
Licensing increased
1,426%,
Subscribers
increased 36%
LOS
ANGELES, CA -- April 1, 2020 -- InvestorsHub NewsWire
-- GTX
Corp
(OTCQB:
GTXO) ("the Company"), a pioneer in the
field of wearable GPS, people and asset
tracking Location-Based Services (LBS)
and Real-Time Location Systems (RTLS), today
announced a summary for
the year
ended
December
31,
2019.
2019
Financial
Highlights:
-
Overall
Revenue increased 118%
over 2018 comparable
period.
-
IP
Licensing increased
1,426%
over 2018 comparable
period.
-
International
Subscribers increased 44% over
2018 comparable
period.
-
Overall
Subscribers
increased
36% over
2018 comparable
period.
-
Professional
Services
increased
75% over 2018
comparable period.
-
Gross
Margin increased from 69% to
87% from
2018.
-
Total
operating expenses decreased 25% from 2018.
-
Loss from
Operations decreased
118%
from 2018, turning operations
profitable.
-
Net Loss
reduced 67% from 2018.
-
Net Cash
used in operations decreased 66% from 2018.
Management
commentary: Patrick Bertagna, GTX Corp CEO.
In these
unprecedented times we want to first and foremost extend our
appreciation and gratitude to everyone that helped GTX have a
very strong
2019. We
are a small company but a BIG family, so now more than ever, your
health, safety and prosperity is paramount to us, so please stay
safe and positive, and together we will land on the flip side of
this pandemic stronger and better. We are GTX and we are With
You!
2019 was a turning
point year for several reasons. In addition to most of our numbers
having double, triple or even quadruple digit increases, we also
think it's worth highlighting we didn't take on any new
convertible debt, we paid down some existing debt and old accounts
payables, making our balance
sheet a little lighter, dilution was kept to a minimum, and we had
a 176% increase in net profits. We turned from losing money in 2018
to making money in our operations in 2019. We accomplished this by
keeping our overhead low with a 25% decrease in operating expenses
and diversifying our revenue streams between B2B, B2C, IP
licensing, military and professional services, with an
overall
revenue
increase
of 118%Looking back three
years ago we had very little IP licensing business, military
business or professional services business and by 2019 those silos
grew and represented a significant part of our business. This
demonstrates GTX's ability to identify a market, enter it, grow
it. and with the proper
financial support we can then scale it.
During
2019, the Company
grew
its core
product and subscription business and military business by
expanding its B2B sales
channels both
internationally and
domestically. We
signed up
new distributors, became an authorized
supplier for the Sri Lanka Government, began new
pilot
programs, launched new GPS
products, further
advanced our
work with
George Mason University
(under their grant
program) and
identified over 100
companies that fall under our IP licensing initiative. Of those 100
plus companies, we signed 14 licensing agreements throughout 2019
representing a 1,426% IP revenue increase over 2018.
The
big IP
catalyst this year was the Inpixon
(NASDAQ:
INPX) transaction we closed in the second quarter of 2019 along
with 13 other deals we closed throughout the year and even
though the timing and number
of deals is unpredictable, our IP licensing business
is
gaining momentum and we do expect to see continued growth in the
future.
The high margin IP
revenue gave us the opportunity to invest in our
future
and allowed the
continuing development of new projects. We started developing
a new 4G LTE module for our line of wearable tracking and
monitoring GPS
technology and we
began developing a secured, scalable, middleware layer that
sits in-between Near Field Communication ("NFC")
hardware devices and third-party technology platforms. We are now
working with several partners that provide various vertical
specific Blockchain, IoT and AI backend platforms that need a
secure and seamless flow of data from hardware to the cloud. Our
middleware is industry agnostic and is designed to help drive NFC
hardware business and other IoT device sales across numerous
vertical and geographical markets.
We
are also continuing to test our NFC Temperature Trackers,
which
provide real-time temperature sensing and data logging across the
supply chain necessary for transportation compliance of perishables
such as food, drinks, pharmaceuticals and other temperature
sensitive products that can be negatively affected by conditions in
transit. In addition to
temperature sensing we are developing NFC tags that can
authenticate products, addressing the multibillion dollar worldwide
counterfeit market. With the current coronavirus events unfolding
on a global scale, keeping track of the supply chain, having
greater visibility on products being shipped, making sure that
products are legitimate and not counterfeits, is now front and
center in the market place, even utilizing NFC for contactless
exchange, basically transferring data from phone to phone so no
human exchange, is all being revisited from the supplier to the
consumer. These new paradigms will work to our advantage going
forward; however, we had expected to commercially launch our
Veritap solution in the first
quarter of 2020, but due to certain delays related to
COVID-19,
our commercial launch date has been postponed to Q2
2020.
In summary, 2019 was
a transformative year
for GTX
Corp and we expect the fundamental
building blocks we put in place over
the past few years should position the Company
for growth. The future right
now is uncertain for many people and businesses and we are not
exempted from this uncertainty, especially from
things we
have very little control over. For many it will be a defining
moment in history, for us amid this worldwide crisis it is the time
we embrace our purpose which is clear and unwavering - we will
continue to provide technology to enhance the lives of people in
need and solutions for the challenges we face.
GTX has
been at the forefront of
GPS people and asset tracking, geofencing and
monitoring seniors that are in a vulnerable risk group, we have a
core understanding of technologies that provide
health and safety and that is why
you have our
commitment, we the GTX family
will do our part to push ahead and deliver
innovative
technologies, products and
services that produce a
positive impact on society. To all our
stakeholders, thank you for your
support, stay safe, healthy
and practice social distancing.
Most widely known for
its patented GPS
SmartSole and
Smartphone GPS
Tracking App, GTX
also owns and licenses a large portfolio of patents in the GPS and
wearable technology space, is a U.S. military contractor, has
several other consumer products available on its
online store and Amazon and most
recently soft launched its new
NRBz and
NFC Veritap solution. To find out
more how you can buy or become an authorized reseller
contact
info@gtxcorp.com business
development.
About GTX Corp GTX
Corp (OTC:
GTXO) is a pioneer in smart, mobile and wearable GPS tracking
and recovery location-based solutions, supported
through a proprietary IoT enterprise monitoring platform and
intellectual property portfolio. GTX offers a global end-to-end
solution of hardware, software and connectivity and develops
two-way GPS tracking technologies, which seamlessly integrate with
consumer products and enterprise applications.
GTX utilizes the latest in miniaturized,
low power consumption GPS, Cellular, RF, NFC and BLE technology,
enabling subscribers to track in real time the whereabouts of
people or high value assets. GTX
is known for its game-changing and award-winning
patented GPS SmartSole®
--
think Dr. Scholl's meets LoJack,
the world's first invisible wearable technology tracking device
created for those at risk of wandering due to Alzheimer's,
dementia, autism and traumatic brain injury. GTX's
business model is built around technology innovation and holds over
85 patents, with many issued patents in the area of GPS tracking.
The company has international distributors servicing customers in
over 35 countries and is a U.S. Military Government contractor.
Other customers include public health authorities and
municipalities, emergency and law enforcement, private schools,
assisted living facilities, NGOs, small business enterprises,
senior care homes, and consumers.
GTXCorp.com
Track My Workforce
GPS SmartSole.com
Social
Media Hashtags -
#withyou
#smartsole
#connectedandprotected
#trackwhatyoulove
#iot
#smartproducts
#nfc
#ble
#safety
#healthcare #veritap
#exceptionmonitoring
#assettracking
#coronavirus #face
mask #covid19
https://www.linkedin.com/in/gtxcorp
https://www.pinterest.com/GTXCorp/
https://instagram.com/gtxcorp
General
information, investor relations, wholesale licensing, consumer
purchase:
213.489.3019
Info@GTXCorp.com
IR@GTXCorp.com
Contact Us
GTX
Corp United Kingdom
In the
UK, GTX Corp operates from its London office. Please contact:
Nelson Skip Riddle
Email:
NSRiddle@GTXCorp.comTel: +44 7785
364100
Disclaimer: GTX Corp
does not warrant or represent that the unauthorized use of
materials drawn from the content of this document will not infringe
rights of third parties who are not owned or affiliated by GTX
Corp. Further GTX Corp cannot be held responsible or liable for the
unauthorized use of this document's content by third parties
unknown to the company.
Forward Looking Statements
This
news release contains forward-looking statements. The terms and
phrases "expects," "would," "will," "believes," and similar terms
and phrases are intended to identify these forward-looking
statements. Forward-looking statements are based on estimates and
assumptions made by GTX considering its experience and its
perception of current conditions and expected future developments,
as well as other factors that GTX believes are appropriate in the
circumstances. Many factors could cause GTX's
actual results, performance or achievements to differ materially
from those expressed or implied by the forward-looking statements.
Certain risk factors that may cause actual results to differ are
set forth in GTX's Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission (which may be obtained on
the
SEC Website).
These factors should be considered carefully, and readers should
not place undue reliance on GTX's forward-looking statements. GTX
has no intention and undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as
required.