GTX Reports 2021 Financial Summary
GTX Corp (OTC: GTXO) reported its financial performance for the fiscal year ending December 31, 2021. Key highlights include a 44% decrease in revenue compared to 2020, although cash on hand increased by 44%. The company reduced its accounts payable and inventory by 16% while increasing its customer base by 53%. Operating expenses rose by 7%, with debt decreasing by 22%. GTX is pivoting towards wearable technology, specifically the launch of its new 4G SmartSoles, which are set to integrate Bluetooth medical data transmission. The company expects a favorable outlook for 2022.
- Cash on hand increased 44% over 2020.
- Customer base increased 53% year-over-year.
- Debt decreased by 22% from 2020.
- New patents issued for GPS SmartSoles and Comm Protocol enhance competitive advantages.
- Product launch of 4G SmartSoles expected to drive revenue.
- Revenue decreased by 44% compared to 2020.
- Operating expenses increased by 7%, impacting margins.
- Logistic delays and labor shortages affected production timelines.
LOS ANGELES CALIFORNIA, April 15, 2022 (GLOBE NEWSWIRE) -- GTX Corp (OTC: GTXO) (“GTX” or the “Company”), a pioneer in the field of location based wearable GPS human and asset tracking systems and a supplier of Health and Safety personal protective medical equipment, today announced a summary for the year ended December 31, 2021.
2021 Financial Highlights:
- Cash on hand increased
44% over 2020 comparable period. - Revenue decreased
44% over 2020 comparable period. - Accounts Payable decreased
16% over 2020 comparable period. - Inventory decreased
16% over 2020 comparable period. - Customer base increased
53% over 2020 comparable period. - Operating expenses increased
7% over 2020 comparable period. - Debt decreased by
22% from previous 2020 comparable period.
Management commentary: Patrick Bertagna, GTX Corp CEO.
2021 brought us Covid related opportunities and setbacks. Early in the year, we stated we could not accurately predict how long the Personal Protection Equipment (“PPE”) business would remain in demand, and based on the current events and sales trends, we expected to transition out of many PPE products, focusing only on ramping up for the launch of our new 4G SmartSoles, NFC Blockchain platform and other wearable medical devices. Then came the Delta and Omnicom variants, which spiked demand for supplies and test kits. That enabled us to maintain cash flow by fulfilling orders and reduce our inventory, but the variants also created logistic delays in the supply chain and slowed down work productivity due to stay at home sick policies, and labor shortages, all of which impacted the launch of our 4G SmartSoles and our intellectual property licensing campaign.
At the end of the fourth quarter of 2021, we transitioned back to our core business and began production of our next generation GPS SmartSoles, which utilize a host of new technologies, including CatM1, NB-IoT, enhanced Wifi, and Bluetooth, for better accuracy, faster location requests, less power consumption, and most importantly, the ability to connect through Bluetooth to other medical devices, transforming our GPS footwear into a mobile hub that will not only transmit location data but also medical data. This new feature will be protected through a recent patent the company was issued which specifically addresses Bluetooth communication. This new hardware platform will also be small enough and robust enough to be embedded into a variety of other wearable technology and offered as a licensed hardware platform as well. The demand for the GPS SmartSoles continues to be strong both domestically and internationally as we began fulfilling pre-orders in Q1 of 2022, subscriptions are also starting to ramp back up.
On the IP front, in December of 2021, the USPTO sent us two notices of allowance for two new patents. One for the GPS SmartSoles and the other for the Comm Protocol, both these patents have now been issued, which helps strengthen our competitive barriers and could increase the value of our outbound licensing campaign. Due to Covid and other resource related circumstances the GTX IP campaign did stall during 2021, and after several months of analysis on how to revamp the campaign, it was mutually agreed by the BOD of Inventergy and GTX, that GTX would take back full control of its Comm Protocol patents which it had licensed a
On the business development front, we continued to expand our presence in our market by signing collaboration agreements and working with new partners on selling and developing new products in the tracking, biometrics, block chain and health and wellness space. We are still in the early stage of exploring different complimentary product concepts to our SmartSole platform, but we are making progress and expect to have a more detailed roadmap in the coming months. We strengthened our partnership with KGH, which enabled us to sell products into many different government channels. We signed a distribution agreement with OPU lab which enabled us to distribute COVID Pre-screening test kits. We formed alliances with Inner Scope, and Halberd Corporation, and started selling their health and wellness products. We signed collaboration and distribution agreements with Life Connect and GBT Technologies, to add their medical devices to our SmartSole platform. That development is in progress, and we expect to make some announcements in the coming months.
We also continued to grow our brand awareness, by being featured in CIO Magazine with a 6-page spread highlighting the Company as one of the 10 Most Innovative Companies to watch in 2021. We were also mentioned in a Smart Footwear Market Research Report, and we attended 2 LD Micro Conferences, one virtual and one in person. This increase in brand awareness led to a
On the balance sheet front, we continued to reduce our debt and outstanding payables, took on no new debt, pre-paid close to
As we look over the horizon into 2022, we are optimistic and seeing encouraging signs. All of our distributors are back to
GTX distributes an extensive line of wearable technology and Personal Protective Equipment “PPE”, owns and licenses a portfolio of patents in the GPS and wearable technology space, and is a GSA-approved military and government supplier. The Company’s products are available at its online store, Amazon, and global partners. To find out more about how you can buy or become an authorized reseller of GTX products, contact us info@gtxcorp.com
About GTX Corp GTX Corp (OTC: GTXO) is a pioneer in smart, mobile, and wearable GPS tracking and recovery location-based solutions, supported through a proprietary IoT enterprise monitoring platform and intellectual property portfolio. GTX offers a global end-to-end solution of hardware, software and connectivity and develops two-way GPS tracking technologies, which seamlessly integrate with consumer products and enterprise applications. GTX utilizes the latest in miniaturized, low power consumption GPS, Cellular, RF, NFC and BLE technology, enabling subscribers to track in real time the whereabouts of people or high value assets. GTX is known for its game-changing and award-winning patented GPS SmartSole® -- think Dr. Scholl’s meets LoJack, the world’s first invisible wearable technology tracking device created for those at risk of wandering due to Alzheimer’s, dementia, autism and traumatic brain injury. GTX’s business model is built around technology innovation and holds over 85 patents, with many issued patents in GPS tracking. The company has international distributors servicing customers in over 35 countries and is a U.S. Military Government contractor. Other customers include public health authorities and municipalities, emergency and law enforcement, private schools, assisted living facilities, NGOs, small business enterprises, senior care homes, and consumers.
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In the UK, GTX Corp operates from its London office. Please contact: Nelson Skip Riddle
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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 “expect,” “would,” “will,” “believes,” and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by GTX considering its experience and its perception of current conditions and expected future developments, as well as other factors that GTX believes are appropriate in the circumstances. Many factors could cause GTX’s actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. Certain risk factors that may cause actual results to differ are set forth in GTX’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (which may be obtained on the SEC Website). These factors should be considered carefully, and readers should not place undue reliance on GTX’s forward-looking statements. GTX has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required.
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