Business
GTX Corp Reports Second Quarter 2019 Financial Results and Corporate Summary Update
GTX Corp Reports Second Quarter 2019 Financial Results and Corporate Summary Update.
About this update from Metalert Inc
LOS ANGELES, CALIFORNIA, Aug. 20, 2019 (GLOBE 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 Second Quarter ended June 30, 2019. Second Quarter 2019 Financial Highlights: Revenues for the three months ended June 30, 2019 were approximately $842k compared to approximately $147k for the comparable period in the prior year for an increase of approximately $695k, or approximately 472%. Gross Profit Margin for the three months ended June 30, 2019 was 92% compared to 71% for the three months ended June 30, 2018. This increase in margin is primarily due to the increase in higher margin IP licensing, subscription services and military sales and service revenue during these periods. Gain from Operations for the three months ended June 30, 2019 was $412k as compared to ($248k) for the comparable period in the prior year. Total Revenue increased 472% over comparable 2018 periodIP Revenue increased 5,172% over comparable 2018 periodG&A decreased 27% over comparable 2018 periodDerivative and Amortization Expenses decreased 90% over comparable 2018 periodNet Income increased 154% from 2018, reflecting a profitable quarterNo Dilutive Financing Six Month Financial Highlights Overall Revenue increased 169% over 2018 comparable periodIP Licensing revenue increased 2,671% from 2018G&A decreased 11% from 2018Gross Margin, increased from 67% to 89%Derivative and Amortization Expenses decreased 70%Loss from Operations decreased 99% from 2018Net Loss decreased 81% First & Second Quarter 2019 Business Highlights and Developments Completed the sale and licensing of GPS assets and Intellectual Property to Inpixon ( NASDAQ: INPX)Completed delivery of initial order from Hill Air Force Base.Expanded GPS SmartSole distribution across Canada, Denmark, Sweden, Norway, Finland, the Netherlands and U.K.Overall Subscribers increased 42% over 2018 comparable periodInternational Subscribers increased 44% over 2018 comparable periodDomestic Subscribers increased 38% over 2018 comparable periodIncreased IP revenues - Signed 3 patent license agreements in Q1, signed 3 in Q2, expect to sign several more in Q3Launched new NFC Temperature TrackersBegan NFC pilot programs Management comme...