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LogicMark, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $2,705,461 from $2,367,227 in the same quarter the previous year. The increase is attributed to higher sales of Guardian Alert 911 Plus hardware and the new Freedom Alert Mini.
Cost of goods sold for the quarter was $903,834, consistent with the increase in revenue, resulting in a gross profit of $1,801,627, compared to $1,597,271 in the previous year.
Operating expenses for the quarter were $3,401,179, slightly up from $3,376,860 in the previous year. The increase is attributed to higher direct operating and advertising costs.
The company reported an operating loss of $1,599,552 for the quarter, compared to $1,779,589 in the previous year.
Interest income for the quarter was $41,109, while other income included $39,638 related to an IRS refund from the Employee Retention Credit.
Net loss for the quarter was $1,518,805, slightly higher than $1,444,476 in the previous year. After preferred dividends, net loss attributable to common stockholders was $1,593,805, compared to $1,519,476 in the previous year.
Cash used in operating activities was $3,261,568 for the nine months ended September 30, 2024, compared to $3,591,493 in the previous year.
LogicMark had a working capital of $5,127,056 as of September 30, 2024. The company believes it has sufficient capital to sustain operations for one year following the filing date.
The filing also details a public offering in August 2024, resulting in gross proceeds of approximately $4.5 million.
LogicMark entered into a rights agreement on November 1, 2024, to protect against potential unsolicited acquisition attempts.
The company continues to focus on the development and commercialization of its core products, including personal emergency response systems and health communications devices.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LogicMark Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.