UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 15, 2019 (November 15, 2019)
Nxt-ID, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 000-54960 | 46-0678374 | ||
| (State
or other jurisdiction of incorporation) |
(Commission File Number) | (IRS
Employer Identification No.) |
Nxt-ID, Inc.
1627 U.S. Highway 1
Unit 206
Sebastian, FL 32958
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (203) 266-2103
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, par value $0.0001 | NXTD | The Nasdaq Stock Market LLC |
| Item 2.02 | Results of Operations and Financial Condition. |
On November 15, 2019, Nxt-ID, Inc. (the “Company”) issued a press release announcing its financial and operational results for the quarter ended September 30, 2019. The press release is attached hereto as Exhibit 99.1.
The information contained in this Current Report on Form 8-K (including the exhibits attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Forward-Looking Statements
Exhibit 99.1 contains, and may implicate, forward-looking statements regarding the Company, and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| No. | Description | |
| 99.1 | Press Release of Nxt-ID, Inc., dated November 15, 2019. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 15, 2019 | Nxt-ID, Inc. | |
| By: | /s/ Vincent S. Miceli | |
| Name: Vincent S. Miceli | ||
| Title: Chief Executive Officer | ||
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Exhibit 99.1
Nxt-ID, Inc. Announces Investor Webcast to Discuss the Financial Results for the Nine and Three Months Ended September 30, 2019 and to Provide a General Corporate Update
Sebastian, Florida, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company”), a provider of healthcare devices and services, announces results for the quarter ended September 30, 2019.
Financial Highlights from the third quarter results included:
| ● | Revenue from continuing operations for the nine and three months ended September 30, 2019 was approximately $13.1 million and $4.4 million, respectively, up slightly in both periods as compared to the same 2018 periods. | |
| ● | Gross profit from continuing operations for nine and three months ended September 30, 2019 was approximately $9.9 million and $3.3 million, respectively compared to approximately $9.5 million and $3.2 million for the same 2018 periods. | |
| ● | Operating expenses from continuing operations for the nine and three months ended September 30, 2019 were approximately $8.1 million and $2.6 million, respectively compared to $8.6 million and $3.0 million for the same 2018 periods. | |
| ● | Operating income from continuing operations for the nine and three months ended September 30, 2019 was $1.8 million and $0.7 million, respectively, compared to operating income of $0.9 million and $0.2 million for the same 2018 periods. | |
| ● | Non GAAP Operating income from continuing operations for the nine and three months ended September 30, 2019, adjusted for depreciation, amortization and non-cash charges was approximately $2.9 million and $1.1 million, respectively, compared to $2.3 million and $0.6 million for the same 2018 periods. | |
| ● | Net Cash provided by operating activities of continuing operations in the nine months ended September 30, 2019 was $1.5 million as compared to net cash used of $0.8 million in the nine months ended September 30, 2018. | |
| ● | Repaid approximately $3.3 million in debt through September 30, 2019; assuming current interest rates, annualized interest expense savings should approximate $380K. |
"Our third quarter 2019 operating results from continuing operations show continued strength from our LogicMark healthcare business as well as the cost saving initiatives implemented by the Company,” said Vin Miceli, Chief Executive Officer of Nxt-ID. “We are also very optimistic about the remainder of 2019 as we continue to further evaluate and reduce operating expenses and focus on expanding our core healthcare business.”
“This was clearly an evolutionary quarter for our Company,” continued Miceli. “Although we have had to take non-cash charges associated with our sale of Fit-Pay, we are well positioned with a more focused business to begin delivering the results that our shareholders expect.”
Concluded Miceli: “I look forward to explaining the quarter's results, updating our shareholders and providing some context regarding our Company's path forward.”
Full financial results and Management's Discussion and Analysis can be found in the Company's Form 10-Q for the nine and three months ended September 30, 2019, which was filed with the Securities and Exchange Commission ("SEC") on November 14, 2019, and can be found at https://www.sec.gov/Archives/edgar/data/1566826/000121390019023538/f10q0919_nxtidinc.htm.
The management team will host an investor webcast to discuss the third quarter 2019 financial results and update shareholders on general corporate developments. The webcast will commence on Tuesday, November 19, 2019 at 4:10 PM (ET). Shareholders, investors and interested parties wanting to participate in the webcast must use this link to register prior to the event: https://edge.media-server.com/mmc/p/ydzd548y
About
Nxt-ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides technology products and services for healthcare applications. The Company has extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies. Through its subsidiary, LogicMark LLC, Nxt-ID, Inc. is a manufacturer and distributor of non-monitored and monitored personal emergency response systems sold through dealers/distributors and the United States Department of Veterans Affairs. Learn more about Nxt-ID at www.nxt-id.com. For Nxt-ID, Inc. corporate information contact: info@nxt-id.com
Forward-Looking Statements for Nxt-ID: This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Media Contacts:
Vincent
S. Miceli
investors@nxt-id.com
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