View Filing Data

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2020	May 14, 2020
Document Information Line Items
Entity Registrant Name	Nxt-ID, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		30,328,141
Amendment Flag	false
Entity Central Index Key	0001566826
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-36616
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current Assets
Cash	$ 1,438,885	$ 1,587,250
Restricted cash	150,130	150,130
Accounts receivable, net	35,963	38,526
Inventory, net	949,783	1,303,279
Prepaid expenses and other current assets	382,287	285,495
Total Current Assets	2,957,048	3,364,680
Property and equipment:
Equipment	183,044	183,044
Furniture and fixtures	98,839	98,839
Tooling and molds	644,462	644,462
Property and equipment, gross	926,345	926,345
Accumulated depreciation	(848,188)	(831,290)
Property and equipment, net	78,157	95,055
Right-of-use assets	85,576	108,508
Goodwill	15,479,662	15,479,662
Other intangible assets, net of amortization of $2,792,135 and $2,604,290, respectively	5,812,432	6,000,277
Total Assets	24,412,875	25,048,182
Current Liabilities
Accounts payable	1,715,765	2,118,476
Accrued expenses	1,181,821	1,492,111
Term loan facility - current	2,062,500	2,062,500
Total Current Liabilities	4,960,086	5,673,087
Term loan facility, net of debt discount of $215,398 and $244,070, respectively, and deferred debt issuance costs of $1,114,248 and $1,262,565, respectively	9,250,606	9,739,242
Other long-term liabilities	1,110,603	1,113,965
Total Liabilities	15,321,295	16,526,294
Commitments and Contingencies
Series C Preferred Stock
Series C Preferred Stock, par value $0.0001 per share: 2,000 shares designated; 2,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	1,807,300	1,807,300
Stockholders’ Equity
Common Stock, par value $0.0001 per share: 100,000,000 shares authorized; 30,328,141 and 30,048,854 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	3,033	3,005
Additional paid-in capital	68,647,274	68,515,674
Accumulated deficit	(61,366,027)	(61,804,091)
Total Stockholders’ Equity	7,284,280	6,714,588
Total Liabilities, Series C Preferred Stock and Stockholders’ Equity	24,412,875	25,048,182
Series A Preferred Stock [Member]
Stockholders’ Equity
Preferred Stock, value
Series B Preferred Stock [Member]
Stockholders’ Equity
Preferred Stock, value

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Other intangible assets, net of amortization (in Dollars)	$ 2,792,135	$ 2,604,290
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	30,328,141	30,048,854
Common stock, shares outstanding	30,328,141	30,048,854
Term Loan Facility [Member]
Net of debt discount (in Dollars)	$ 215,398	$ 244,070
Deferred debt issuance costs (in Dollars)	$ 1,114,248	$ 1,262,565
Series C Preferred Stock [Member]
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,000	2,000
Preferred stock, shares issued	2,000	2,000
Preferred stock, shares outstanding	2,000	2,000
Series A Preferred Stock [Member]
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	3,125,000	3,125,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Preferred Stock [Member]
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	4,500,000	4,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 3,744,029	$ 4,181,710
Cost of goods sold	948,124	1,019,634
Gross Profit	2,795,905	3,162,076
Operating Expenses
General and administrative	844,206	1,599,959
Selling and marketing	725,681	849,513
Research and development	186,612	204,953
Total Operating Expenses	1,756,499	2,654,425
Operating Income	1,039,406	507,651
Other Expense
Interest expense	(601,342)	(586,201)
Change in fair value of contingent consideration		(214,423)
Total Other Expense	(601,342)	(800,624)
Income (Loss) from Continuing Operations	438,064	(292,973)
Loss from Discontinued Operations		(1,005,574)
Net Income (Loss)	438,064	(1,298,547)
Preferred stock dividends	(25,000)	(25,000)
Net Income (Loss) applicable to Common Stockholders	$ 413,064	$ (1,323,547)
Income (Loss) Per Share from Continuing Operations – Basic and Diluted (in Dollars per share)	$ 0.01	$ (0.01)
Loss Per Share from Discontinued Operations – Basic and diluted (in Dollars per share)	0.00	(0.04)
Net Income (Loss) Per Share – Basic and Diluted (in Dollars per share)	$ 0.01	$ (0.05)
Weighted Average Number of Common Shares Outstanding – Basic and Diluted (in Shares)	30,153,203	25,995,867

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2018	$ 2,523	$ 64,748,871	$ (50,014,636)	$ 14,736,758
Balance (in Shares) at Dec. 31, 2018	25,228,072
Issuance of common stock for services	$ 21	185,229		185,250
Issuance of common stock for services (in Shares)	212,622
Issuance of common stock for cash, net of fees	$ 108	1,282,702		1,282,810
Issuance of common stock for cash, net of fees (in Shares)	1,084,227
Shares issued in connection with the management incentive plans for 2017 and 2018	$ 4	46,796		46,800
Shares issued in connection with the management incentive plans for 2017 and 2018 (in Shares)	40,000
Fees incurred in connection with equity offerings		(100,172)		(100,172)
Net income (loss)			(1,298,547)	(1,298,547)
Preferred stock dividends		(25,000)		(25,000)
Balance at Mar. 31, 2019	$ 2,656	66,138,426	(51,313,183)	14,827,899
Balance (in Shares) at Mar. 31, 2019	26,564,921
Balance at Dec. 31, 2019	$ 3,005	68,515,674	(61,804,091)	6,714,588
Balance (in Shares) at Dec. 31, 2019	30,048,854
Issuance of stock options for services		40,000		40,000
Issuance of stock options for services (in Shares)
Shares issued in connection with the management incentive plans for 2017 and 2018	$ 28	116,600		116,628
Shares issued in connection with the management incentive plans for 2017 and 2018 (in Shares)	279,287
Net income (loss)			438,064	438,064
Preferred stock dividends		(25,000)		(25,000)
Balance at Mar. 31, 2020	$ 3,033	$ 68,647,274	$ (61,366,027)	$ 7,284,280
Balance (in Shares) at Mar. 31, 2020	30,328,141

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities
Net Income (Loss)	$ 438,064	$ (1,298,547)
Loss from discontinued operations		(1,005,574)
Income (Loss) from continuing operations	438,064	(292,973)
Adjustments to reconcile net income (loss) to net cash used in operating activities of continuing operations:
Depreciation	16,898	18,339
Stock based compensation	40,000	229,937
Amortization of debt discount	28,672	35,277
Amortization of intangible assets	187,845	187,845
Amortization of deferred debt issuance costs	148,317	62,698
Change in fair value of contingent consideration		214,423
Deferred taxes
Changes in operating assets and liabilities:
Accounts receivable	2,563	143,707
Inventory	353,496	(353,824)
Prepaid expenses and other current assets	(96,792)	(175,692)
Accounts payable	(402,711)	759,774
Accrued expenses	(199,092)	(63,653)
Total Adjustments	79,196	1,058,831
Net Cash Provided by Operating Activities of Continuing Operations	517,260	765,858
Net Cash Used in Investing Activities of Continuing Operations
Cash Flows from Financing Activities
Term loan repayment	(665,625)
Proceeds received in connection with issuance of common stock, net		1,282,810
Payment of closing related fees		(15,204)
Net Cash (Used in) Provided by Financing Activities of Continuing Operations	(665,625)	1,267,606
Net (Decrease) Increase in Cash and Restricted Cash from Continuing Operations	(148,365)	2,033,464
Cash Flows from Discontinued Operations:
Cash used by operating activities of discontinued operations		(944,658)
Cash used in investing activities of discontinued operations		(2,027)
Net Cash Used by Discontinued Operations		(946,685)
Net (Decrease) Increase in Cash and Restricted Cash	(148,365)	1,086,779
Cash and Restricted Cash – Beginning of Period	1,737,380	1,614,641
Cash and Restricted Cash – End of Period	1,589,015	2,701,420
Cash paid during the periods for:
Interest	431,804	480,239
Taxes	16,351
Non-cash financing activities:
Accrued fees incurred in connection with equity offerings		84,968
Common Stock issued in connection with management incentive plans	116,628
Accrued Series C Preferred Stock dividends	$ 25,000	$ 25,000

ORGANIZATION AND BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Business Description and Basis of Presentation [Text Block]

Note 1 – Organization and Basis of Presentation

Organization and Principal Business Activities

Nxt-ID, Inc. (“Nxt-ID” or the “Company”) was incorporated in the State of Delaware on February 8, 2012. The Company is a security technology company and operates its business in one segment – hardware and software security systems and applications. The Company is engaged in the development of proprietary products and solutions that serve multiple end markets, including the security, healthcare, financial technology and the Internet of Things (“IoT”) markets. The Company evaluates the performance of its business on, among other things, profit and loss from operations. With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization, and sensor technologies, the Company develops and markets solutions for payment, IoT and healthcare applications.

The Company’s wholly-owned subsidiary, LogicMark LLC (“LogicMark”), manufactures and distributes non-monitored and monitored personal emergency response systems sold through the United States Department of Veterans Affairs, healthcare durable medical equipment dealers and distributors and monitored security dealers and distributors.

The Company’s former wholly-owned subsidiary, Fit Pay, Inc., had a proprietary technology platform that delivers payment, credential management, authentication and other secure services to the IoT ecosystem. The platform uses tokenization, a payment security technology that replaces cardholders’ account information with a unique digital identifier, to transact highly secure contactless payment and authentication services. On September 21, 2018, the Company announced that its board of directors approved a plan to separate the Company’s financial technology business from our healthcare business into an independent publicly traded company. The Company originally planned to distribute shares of PartX, Inc., a newly created company and wholly-owned subsidiary of the Company (“PartX”), to our stockholders through the execution of a spin-off. As a result, the Company reclassified its financial technology business to discontinued operations for all periods reported. The Company’s financial technology business was comprised of its Fit Pay subsidiary and the intellectual property developed by the Company, including the Flye Smartcard and the Wocket. On April 29, 2019, a Registration Statement on Form 10 was filed by PartX with the SEC in connection with the planned spin-off of our payments, authentication and credential management business. On August 19, 2019, the Company’s subsidiary, PartX notified the SEC that it was withdrawing the Registration Statement on Form 10. With the approval of the Company’s board of directors, and upon similar terms and conditions to those set forth in that loan agreement, the Company entered into a non-binding letter of intent for the sale of its Fit Pay subsidiary, excluding certain assets on August 6, 2019. In connection with the letter of intent, the Company was advanced $500,000 of non-interest bearing working capital for Fit Pay. On September 9, 2019, the Company completed the sale of its Fit Pay subsidiary to Garmin International, Inc. for $3.32 million in cash.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements as of March 31, 2020, and for the three months ended March 31, 2020 and 2019 have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC and on the same basis as the Company prepares its annual audited consolidated financial statements. The unaudited condensed consolidated balance sheet as of March 31, 2020 and the condensed consolidated statements of operations, changes in equity and cash flows for the three months ended March 31, 2020 and March 31, 2019 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three months ended March 31, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020, or for any future interim period. The condensed consolidated balance sheet at December 31, 2019 has been derived from audited consolidated financial statements. However, it does not include all of the information and notes required by U.S. GAAP for complete consolidated financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2019 and the notes thereto included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on March 30, 2020.

LIQUIDITY

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Substantial Doubt about Going Concern [Text Block]

Note 2 – Liquidity

The Company generated operating income of $1,039,406 and net income of $438,064 during the three months ended March 31, 2020. As of March 31, 2020, the Company had cash and stockholders’ equity of $1,438,885 and $7,284,280, respectively. At March 31, 2020, the Company had a working capital deficiency of $2,003,038.

Given the Company’s cash position at March 31, 2020 and its projected cash flow from operations, the Company believes that it will have sufficient capital to sustain operations for a period of one year following the date of this filing. The Company may also raise funds through equity or debt offerings to increase its working capital and to accelerate the execution of its long-term strategic plan to develop and commercialize its core products and to fulfill its product development commitments.

As described in Note 7, the coronavirus could significantly impact the Company’s business, which would require the Company to raise funds to assist with its working capital needs.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Note 3 – Summary Of Significant Accounting Policies

Use of estimates in the financial statements

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s management evaluates these significant estimates and assumptions including those related to the fair value of acquired assets and liabilities, stock based compensation, derivative instruments, income taxes, accounts receivable and inventories, right-of-use assets and other matters that affect the condensed consolidated financial statements and disclosures. Actual results could differ from those estimates.

Principles of consolidation

The condensed consolidated financial statements include the accounts of Nxt-ID and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Revenue Recognition

The Company’s revenues consist of product sales to either end customers or to distributors and its sales are recognized at a point-in-time under the core principle of recognizing revenue when control of the product transfers to the customer. The Company recognizes revenue when it ships or delivers the product from its fulfillment center to its customer, when the customer accepts and has legal title of the product, and the Company has a present right to payment for the product. For the three months ended March 31, 2020 and 2019, the Company had no sales recognized over time. The Company invoices its customers at the same time that the Company’s performance obligation is satisfied. The Company generally receives customer orders with a specified delivery date and orders typically fluctuate from month-to-month based on customer demand and general business conditions.

The Company offers standard product warranty coverage which provides assurance that the Company’s products will conform to the contractually agreed-upon specifications for a limited period from the date of shipment. The Company’s warranty liabilities and related expense have not been material and were not material in the accompanying condensed consolidated financial statements as of March 31, 2020 and December 31, 2019, and for the three months ended March 31, 2020 and 2019.

Accounts Receivable

Accounts receivable is stated at net realizable value. The Company regularly reviews accounts receivable balances and adjusts the receivable reserves as necessary whenever events or circumstances indicate the carrying value may not be recoverable. At March 31, 2020 and December 31, 2019, the Company had an allowance for doubtful accounts of $126,733.

Inventory

The Company performs regular reviews of inventory quantities on hand and evaluates the realizable value of its inventories. The Company adjusts the carrying value of the inventory as necessary with estimated valuation reserves for excess, obsolete, and slow-moving inventory by comparing the individual inventory parts to forecasted product demand or production requirements. As of March 31, 2020, inventory was comprised of $203,481 in raw materials and $746,302 in finished goods on hand. Inventory at December 31, 2019 was comprised of $167,357 in raw materials and $1,135,922 in finished goods on hand. The Company is required to prepay for certain inventory with certain vendors until credit terms can be established. As of March 31, 2020 and December 31, 2019, the Company had prepaid inventory of $197,731 and $201,496, respectively. These prepayments were made primarily for finished goods inventory, and prepaid inventory is included in prepaid expenses and other current assets on the condensed consolidated balance sheets.

Other Intangible Assets

At March 31, 2020, the other intangible assets relating to the acquisition of LogicMark are comprised of patents of $2,726,529; trademarks of $1,025,866; and customer relationships of $2,060,037. At December 31, 2019, the other intangible assets relating to the acquisition of LogicMark are comprised of patents of $2,818,434; trademarks of $1,041,370; and customer relationships of $2,140,473. The Company will continue amortizing these intangible assets using the straight-line method over their estimated useful lives which for the patents, trademarks and customer relationships are 11 years; 20 years; and 10 years, respectively. During the three months ended March 31, 2020 and 2019, the Company had amortization expense of $187,845 and $187,845, respectively, related to the LogicMark intangible assets.

As of March 31, 2020, total amortization expense estimated for the remainder of fiscal year 2020 is approximately $574,000, and for each of the next five fiscal years, 2021 through 2025, the total amortization expense is estimated to be as follows: 2021 - $762,000; 2022 - $762,000; 2023 - $762,000; 2024 - $762,000; and 2025 - $762,000.

Stock-Based Compensation

The Company accounts for share-based awards exchanged for employee services at the estimated grant date fair value of the award. The Company accounts for equity instruments issued to non-employees at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instrument vests or becomes non-forfeitable. Non-employee stock-based compensation charges are amortized over the vesting period or as earned. Stock-based compensation is recorded in the same component of operating expenses as if it were paid in cash. The Company generally issues new shares of common stock to satisfy conversion and warrant exercises.

Net Loss per Share

Basic loss per share was computed using the weighted average number of shares of common stock outstanding. Diluted loss per share includes the effect of diluted common stock equivalents. Potentially dilutive securities from the exercise of stock options to purchase 114,288 shares of common stock and warrants to purchase 6,973,221 shares of common stock as of March 31, 2020 were excluded from the computation of diluted net loss per share because the exercise price of the common stock equivalents was greater than the average market price of the common shares for the three month period ended March 31, 2020. As of March 31, 2019, potentially dilutive securities from the exercise of warrants to purchase 4,782,448 shares of common stock were excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.

Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) ASU 2018-13, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. Adoption of this guidance is required for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. This ASU was adopted and did not have a material impact on the Company’s condensed consolidated financial statements.

Other recent accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 4 – Discontinued Operations

The following table presents the financial results of the financial technology product line classified as discontinued operations (See Note 1) in the condensed consolidated statements of operations as of March 31, 2019:

	For the Three Months Ended
	March 31,
	2019

Net sales	$	221,476
Cost of sales		62,981
Gross profit		158,495
Operating expenses		1,162,358
Interest expense		1,711
Loss from discontinued operations	$	(1,005,574	)

DEBT REFINANCING

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 5 – Debt refinancing

On May 24, 2018, LogicMark, a wholly owned subsidiary of Nxt-ID, entered into a Senior Secured Credit Agreement (the “Credit Agreement”) with the lenders thereto and Sagard Holdings Manager LP, as administrative agent and collateral agent for the lenders party to the Credit Agreement (collectively, the “Lender”), whereby the Lender extended a term loan (the “Term Loan”) to LogicMark in the principal amount of $16,000,000. The original maturity date of the Term Loan was May 24, 2023. The Term Loan Facility with Sagard Holdings Manager LP was repaid on May 3, 2019 with Term Loan proceeds received from CrowdOut Capital LLC (see below). The outstanding principal amount of the Term Loan bore interest at a rate of LIBOR, adjusted monthly, plus 9.5% per annum. The Company incurred $1,253,970 in deferred debt issue costs related to the Term Loan. During the three months ended March 31, 2019, the Company amortized $62,698 of the deferred debt issue costs which is included in interest expense in the condensed consolidated statement of operations.

On May 24, 2018 the Company recorded a debt discount of $705,541. The debt discount was attributable to the aggregate fair value of the warrants that were issued to the Lender in connection with the Term Loan Facility with Sagard Holdings Manager LP. The debt discount was amortized using the effective interest method over the five-year term of the Term Loan. During the three months ended March 31, 2019, the Company recorded $35,277 of debt discount amortization related to the Sagard Warrants. The debt discount amortization is included as part of interest expense in the condensed consolidated statement of operations.

On May 3, 2019, LogicMark completed the closing of a $16,500,000 senior secured term loan with the lenders thereto and CrowdOut Capital LLC, as administrative agent. The Company used the proceeds from the term loan to repay LogicMark’s existing term loan facility with Sagard Holdings Manager LP and to pay other costs related to the refinancing. The maturity date of the term loan with CrowdOut Capital LLC is May 3, 2022 and requires the Company to make minimum principal payments over the three-year term amortized over 96 months. During the three months ended March 31, 2020, the Company made scheduled principal repayments totaling $515,625. In addition, the Company prepaid an additional $150,000 of the term loan with CrowdOut Capital LLC in March 2020 with cash flow generated from operations. The outstanding principal amount of the Term Loan bears interest at a rate of LIBOR, adjusted monthly, plus 11.0% per annum (approximately 13.0% as of March 31, 2020). The Company incurred $412,500 in original issue discount for closing related fees charged by the Lender. During the three months ended March 31, 2020, the Company amortized $28,672 of the original issue discount which is included in interest expense in the condensed consolidated statement of operations. At March 31, 2020 the unamortized balance of the original issue discount was $215,398. The Company also incurred $1,831,989 in deferred debt issue costs related to the term loan. The deferred debt issue costs include an exit fee of $1,072,500 which is equivalent to 6.5% of the term loan amount borrowed from CrowdOut Capital. The exit fee is due to CrowdOut Capital upon the earlier of final repayment of the term loan facility or the maturity date. The liability for the exit fee is included as part of other long-term liabilities in the Company’s condensed consolidated balance sheet. During the three months ended March 31, 2020, the Company amortized $148,317, respectively of the deferred debt issue costs which is included in interest expense in the condensed consolidated statements of operations. At March 31, 2020 the unamortized balance of deferred debt issue costs was $1,114,248.

Debt Maturity

The maturity of the Company’s term debt is as follows:

2020 (remainder)	$	1,546,875
2021		2,062,500
2022		9,033,377
Total term debt	$	12,642,752

The Credit Agreement contains customary financial covenants. As of March 31, 2020, the Company was in compliance with such covenants.

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 6 – Stockholders’ Equity

January 2019 At-the-Market Offering

On January 8, 2019, the Company entered into a sales agreement with A.G.P./Alliance Global Partners (“A.G.P.”) for an at-the-market offering, pursuant to which the Company could sell, at its option, shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $15 million to or through A.G.P., as sales agent. The Company was obligated to pay A.G.P. commissions for its services in acting as the Company’s sales agent in the sale of its common stock pursuant to the sales agreement. A.G.P. was entitled to compensation at a fixed commission rate of 3.0% of the gross proceeds from the sale of the Company’s common stock on the Company’s behalf pursuant to the sales agreement. The Company also agreed to reimburse A.G.P. for its reasonable out-of-pocket expenses, including the fees and disbursements of counsel to A.G.P., incurred in connection with the offering, in an amount not to exceed $35,000. During the three months ended March 31, 2019, the Company received $1,282,810 in net proceeds from the sale of 1,084,227 shares of its common stock under the sales agreement with A.G.P. The sales agreement with A.G.P. was terminated on October 10, 2019.

2013 Long-Term Stock Incentive Plan

On January 4, 2013, a majority of the Company’s stockholders approved by written consent the Company’s 2013 Long-Term Stock Incentive Plan (“LTIP”). The maximum aggregate number of shares of common stock that may be issued under the LTIP, including stock awards, stock issued to directors for serving on the Company’s board of directors, and stock appreciation rights, is limited to 10% of the shares of common stock outstanding on the first business or trading day of any fiscal year, which is 592,223 shares of common stock at January 1, 2020.

On March 31, 2020, the Company issued an aggregate of 114,288 stock options to purchase shares of common stock under the LTIP to four (4) non-employee directors for serving on the Company’s board. The exercise price of these stock options is $0.35 and stock options were fully vested at the issuance date. The aggregate fair value of the stock options issued to the directors was $40,000.

2017 Stock Incentive Plan

On August 24, 2017, a majority of the Company’s stockholders approved at the 2017 Annual Stockholders’ Meeting the 2017 Stock Incentive Plan (“2017 SIP”). The aggregate maximum number of shares of common stock (including shares underlying options) that may be issued under the 2017 SIP pursuant to awards of restricted shares or options will be limited to 10% of the outstanding shares of common stock, which calculation shall be made on the first (1^st) business day of each new fiscal year; provided that for fiscal year 2017, 1,500,000 shares of common stock may be delivered to participants under the 2017 SIP. Thereafter, the 10% provision shall govern the 2017 SIP. The number of shares of common stock that are the subject of awards under the 2017 SIP which are forfeited or terminated, are settled in cash in lieu of shares of common stock or are settled in a manner such that all or some of such shares covered by an award are not issued to a participant or are exchanged for awards that do not involve shares of common stock will again immediately become available to be issued pursuant to awards granted under the 2017 SIP. If shares of common stock are withheld from payment of an award to satisfy tax obligations with respect to the award, those shares of common stock will be treated as shares that have been issued under the 2017 SIP and will not again be available for issuance under the 2017 SIP.

In addition, during the three months ended March 31, 2020, the Company issued 279,287 shares of common stock with an aggregate fair value of $116,628 to certain employees related to the Company’s 2017 and 2018 management incentive plans.

During the three months ended March 31, 2020, the Company accrued $40,000 of management and employee bonus expense.

Warrants

As of March 31, 2020, the Company had outstanding warrants to purchase an aggregate of 6,973,221 shares of common stock with a weighted average exercise price and remaining life of $2.83 and 3.28 years, respectively. At March 31, 2020, the warrants had no aggregate intrinsic value.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 7 – Commitments and Contingencies

Legal Matters

On February 24, 2020, Michael J. Orlando, a former executive officer and director of the Company, as Shareholder Representative, and the other stockholders of Fit Pay (collectively, the “Fit Pay Shareholders”), filed a lawsuit in the United States District Court for the Southern District of New York against the Company, CrowdOut Capital, LLC, and Garmin International, Inc. (the “Complaint”) alleging the Company breached certain contractual obligations under a merger agreement, dated May 23, 2017, between Fit Pay and the Company (the “Merger Agreement”), regarding certain future, contingent earnout payments allegedly that could be owed to the Fit Pay Shareholders from future revenues (the “Earnout Payments”). The Company previously disclosed the Merger Agreement in a Current Report on Form 8-K filed with the Securities and Exchange Commission on May 30, 2017. The Complaint seeks monetary damages from the defendants. The Company believes that these claims are without merit and plans to vigorously defend the action.

From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of our business. Other than as described above, there is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company or any of our subsidiaries, threatened against or affecting our company, or any of our subsidiaries in which an adverse decision could have a material adverse effect upon our business, operating results, or financial condition.

Commitments

The Company leases office space and a fulfillment center in the U.S., which are classified as operating leases expiring at various dates. The Company determines if an arrangement qualifies as a lease at the lease inception. The Company adopted Topic 842 effective January 1, 2019. Operating lease liabilities are recorded based on the present value of the future lease payments over the lease term, assessed as of the commencement date. The Company’s real estate leases, which are for office space and a fulfillment center, generally have a lease term between 3 and 5 years. The Company also leases a copier with a lease term of 5 years. The Company’s leases are comprised of fixed lease payments and also include executory costs such as common area maintenance, as well as property insurance and property taxes. As a practical expedient under Topic 842, the Company has elected to account for the lease and non-lease components as a single lease component for its real estate leases. Lease payments, which may include lease components, non-lease components and non-components, are included in the measurement of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable amounts based on a rate or index (fixed in substance) as stipulated in the lease contract. Any actual costs in excess of such amounts are expensed as incurred as variable lease cost.

The Company’s lease agreements generally do not specify an implicit borrowing rate, and as such, the Company utilizes its incremental borrowing rate by lease term, in order to calculate the present value of the future lease payments. The discount rate represents a risk-adjusted rate on a secured basis, and is the rate at which the Company would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term. On January 1, 2019, the discount rate used on existing leases at adoption was determined based on the remaining lease term using available data as of that date. The Company did not have new or renewed leases commencing in 2020.

Certain of the Company’s lease agreements, primarily related to real estate, include options for the Company to either renew (extend) or early terminate the lease. Leases with renewal options allow the Company to extend the lease term typically between 1 and 3 years. Renewal options are reviewed at lease commencement to determine if such options are reasonably certain of being exercised, which could impact the lease term. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to, significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, or specific characteristics unique to the particular lease that would make it reasonably certain that the Company would exercise such option. In most cases, the Company has concluded that renewal and early termination options are not reasonably certain of being exercised by the Company (and thus not included in the Company’s ROU asset and lease liability) unless there is an economic, financial or business reason to do so.

For the three months ended March 31, 2020, total operating lease cost was $37,919 and is recorded in cost of sales and selling, general and administrative expenses, dependent on the nature of the leased asset. The operating lease cost is recognized on a straight-line basis over the lease term. The following summarizes (i) the future minimum undiscounted lease payments under non-cancelable lease for the remainder of 2020 as well as each of the next five years and thereafter, incorporating the practical expedient to account for lease and non-lease components as a single lease component for our existing real estate leases, (ii) a reconciliation of the undiscounted lease payments to the present value of the lease liabilities recognized, and (iii) the lease-related account balances on the Company’s condensed consolidated balance sheet, as of March 31, 2020:

Year Ending December 31,

2020 (excluding the three months ended March 31, 2020)	$	50,242
2021		18,186
2022		18,185
2023		12,124
Total future minimum lease payments	$	98,737
Less imputed interest		(12,203	)
Total present value of future minimum lease payments	$	86,534

As of March 31, 2020

Operating lease right-of-use assets	$	85,576

Other accrued expenses	$	48,431
Other long-term liabilities	$	38,103
	$	86,534

As of March 31, 2020

Weighted Average Remaining Lease Term	0.93 years
Weighted Average Discount Rate	11.74	%

Coronavirus – COVID-19

In early 2020, the coronavirus that causes COVID-19 was reported to have surfaced in China. The Company’s primary supply chain is located in China and other Asian-based locations. To date, the Company’s supply chain has not experienced any significant disruptions. The global spread of this virus has caused significant business disruption around the world including the United States, the primary area in which the Company operates and sells its products. The business disruption is currently expected to be temporary, however there is considerable uncertainty around the duration of the business disruption. Therefore, while the Company expects this matter to negatively impact the Company’s financial condition, results of operations, or cash flows, the extent of the financial impact and duration cannot be reasonably estimated at this time.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 8 – Subsequent Events

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued.

On each of May 6 and May 8, 2020, Nxt-ID Inc. and LogicMark, LLC, a wholly owned subsidiary of the Company (the “Borrowers”), respectively, received loans from Bank of America, NA in the aggregate amount of $346,390, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act, which was enacted on March 27, 2020.

The Loans, which are in the form of PPP promissory notes and agreements, dated May 1, 2020 (the “Note Agreements”), mature on May 6 and May 8, 2022, respectively, and bear interest at a rate of 1.00% fixed per annum, payable monthly commencing on November 6 and November 8, 2020, respectively. The Loans may be prepaid by the Borrowers at any time prior to maturity with no prepayment penalties. The Borrowers intend to use the proceeds from the Loans for payroll, payroll taxes, and group healthcare benefits. Under the terms of the Note Agreements, certain amounts of the Loans may be forgiven if they are used for qualifying expenses, as described in the Note Agreements.

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
USE OF ESTIMATES IN THE FINANCIAL STATEMENTS	*Use of estimates in the financial statements* The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s management evaluates these significant estimates and assumptions including those related to the fair value of acquired assets and liabilities, stock based compensation, derivative instruments, income taxes, accounts receivable and inventories, right-of-use assets and other matters that affect the condensed consolidated financial statements and disclosures. Actual results could differ from those estimates.
PRINCIPLES OF CONSOLIDATION	*Principles of consolidation* The condensed consolidated financial statements include the accounts of Nxt-ID and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
REVENUE RECOGNITION	*Revenue Recognition* The Company’s revenues consist of product sales to either end customers or to distributors and its sales are recognized at a point-in-time under the core principle of recognizing revenue when control of the product transfers to the customer. The Company recognizes revenue when it ships or delivers the product from its fulfillment center to its customer, when the customer accepts and has legal title of the product, and the Company has a present right to payment for the product. For the three months ended March 31, 2020 and 2019, the Company had no sales recognized over time. The Company invoices its customers at the same time that the Company’s performance obligation is satisfied. The Company generally receives customer orders with a specified delivery date and orders typically fluctuate from month-to-month based on customer demand and general business conditions. The Company offers standard product warranty coverage which provides assurance that the Company’s products will conform to the contractually agreed-upon specifications for a limited period from the date of shipment. The Company’s warranty liabilities and related expense have not been material and were not material in the accompanying condensed consolidated financial statements as of March 31, 2020 and December 31, 2019, and for the three months ended March 31, 2020 and 2019.
ACCOUNTS RECEIVABLE	*Accounts Receivable* Accounts receivable is stated at net realizable value. The Company regularly reviews accounts receivable balances and adjusts the receivable reserves as necessary whenever events or circumstances indicate the carrying value may not be recoverable. At March 31, 2020 and December 31, 2019, the Company had an allowance for doubtful accounts of $126,733.
INVENTORY	*Inventory* The Company performs regular reviews of inventory quantities on hand and evaluates the realizable value of its inventories. The Company adjusts the carrying value of the inventory as necessary with estimated valuation reserves for excess, obsolete, and slow-moving inventory by comparing the individual inventory parts to forecasted product demand or production requirements. As of March 31, 2020, inventory was comprised of $203,481 in raw materials and $746,302 in finished goods on hand. Inventory at December 31, 2019 was comprised of $167,357 in raw materials and $1,135,922 in finished goods on hand. The Company is required to prepay for certain inventory with certain vendors until credit terms can be established. As of March 31, 2020 and December 31, 2019, the Company had prepaid inventory of $197,731 and $201,496, respectively. These prepayments were made primarily for finished goods inventory, and prepaid inventory is included in prepaid expenses and other current assets on the condensed consolidated balance sheets.
OTHER INTANGIBLE ASSETS	*Other Intangible Assets* At March 31, 2020, the other intangible assets relating to the acquisition of LogicMark are comprised of patents of $2,726,529; trademarks of $1,025,866; and customer relationships of $2,060,037. At December 31, 2019, the other intangible assets relating to the acquisition of LogicMark are comprised of patents of $2,818,434; trademarks of $1,041,370; and customer relationships of $2,140,473. The Company will continue amortizing these intangible assets using the straight-line method over their estimated useful lives which for the patents, trademarks and customer relationships are 11 years; 20 years; and 10 years, respectively. During the three months ended March 31, 2020 and 2019, the Company had amortization expense of $187,845 and $187,845, respectively, related to the LogicMark intangible assets. As of March 31, 2020, total amortization expense estimated for the remainder of fiscal year 2020 is approximately $574,000, and for each of the next five fiscal years, 2021 through 2025, the total amortization expense is estimated to be as follows: 2021 - $762,000; 2022 - $762,000; 2023 - $762,000; 2024 - $762,000; and 2025 - $762,000.
STOCK-BASED COMPENSATION	*Stock-Based Compensation* The Company accounts for share-based awards exchanged for employee services at the estimated grant date fair value of the award. The Company accounts for equity instruments issued to non-employees at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instrument vests or becomes non-forfeitable. Non-employee stock-based compensation charges are amortized over the vesting period or as earned. Stock-based compensation is recorded in the same component of operating expenses as if it were paid in cash. The Company generally issues new shares of common stock to satisfy conversion and warrant exercises.
NET LOSS PER SHARE	*Net Loss per Share* Basic loss per share was computed using the weighted average number of shares of common stock outstanding. Diluted loss per share includes the effect of diluted common stock equivalents. Potentially dilutive securities from the exercise of stock options to purchase 114,288 shares of common stock and warrants to purchase 6,973,221 shares of common stock as of March 31, 2020 were excluded from the computation of diluted net loss per share because the exercise price of the common stock equivalents was greater than the average market price of the common shares for the three month period ended March 31, 2020. As of March 31, 2019, potentially dilutive securities from the exercise of warrants to purchase 4,782,448 shares of common stock were excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
RECENT ACCOUNTING PRONOUNCEMENTS	*Recent Accounting Pronouncements* In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) ASU 2018-13, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. Adoption of this guidance is required for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. This ASU was adopted and did not have a material impact on the Company’s condensed consolidated financial statements. Other recent accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

	For the Three Months Ended
	March 31,
	2019

Net sales	$	221,476
Cost of sales		62,981
Gross profit		158,495
Operating expenses		1,162,358
Interest expense		1,711
Loss from discontinued operations	$	(1,005,574	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

DEBT REFINANCING (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

2020 (remainder)	$	1,546,875
2021		2,062,500
2022		9,033,377
Total term debt	$	12,642,752

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Year Ending December 31,

2020 (excluding the three months ended March 31, 2020)	$	50,242
2021		18,186
2022		18,185
2023		12,124
Total future minimum lease payments	$	98,737
Less imputed interest		(12,203	)
Total present value of future minimum lease payments	$	86,534

Lease, Cost [Table Text Block]

As of March 31, 2020

Operating lease right-of-use assets	$	85,576

Other accrued expenses	$	48,431
Other long-term liabilities	$	38,103
	$	86,534

As of March 31, 2020

Weighted Average Remaining Lease Term	0.93 years
Weighted Average Discount Rate	11.74	%

ORGANIZATION AND BASIS OF PRESENTATION (Details) - USD ($)	Sep. 09, 2019	Aug. 06, 2019
Accounting Policies [Abstract]
Non-interest bearing working capital		$ 500,000
Sale of subsidiary	$ 3,320,000

LIQUIDITY (Details) - USD ($)	3 Months Ended
LIQUIDITY (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating income from continuing operations	$ 1,039,406	$ 507,651
Net income (loss)	438,064	(1,298,547)
Cash	1,438,885		$ 1,587,250
Stockholders' equity	7,284,280	$ 14,827,899	$ 6,714,588	$ 14,736,758
Working capital deficiency	$ 2,003,038

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Allowance for doubtful accounts	$ 126,733
Inventory raw materials	203,481		$ 167,357
Inventory finished goods	746,302		1,135,922
Prepaid inventory	197,731		201,496
Amortization expense of intangible assets	187,845	$ 187,845
Amortization expense estimated for remainder of fiscal year 2020	574,000
Amortization expense estimated for 2021	762,000
Amortization expense estimated for 2022	762,000
Amortization expense estimated for 2023	762,000
Amortization expense estimated for 2024	762,000
Amortization expense estimated for 2025	762,000
Logic Mark Investment Partners [Member] \| Patents [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Fair value of patents	$ 2,726,529		2,818,434
Other intangible assets, estimated useful lives	11 years
Logic Mark Investment Partners [Member] \| Trademarks [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Fair value of trademarks	$ 1,025,866		1,041,370
Other intangible assets, estimated useful lives	20 years
Logic Mark Investment Partners [Member] \| Customer Relationships [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Fair value of customer relationships	$ 2,060,037		$ 2,140,473
Other intangible assets, estimated useful lives	10 years
Common Stock [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Potentially dilutive securities (in Shares)	114,288
Warrant [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Potentially dilutive securities (in Shares)	6,973,221	4,782,448

DISCONTINUED OPERATIONS (Details) - Schedule of discontinued operations (Manufacturing Agreement)	3 Months Ended
	Mar. 31, 2019 USD ($)
Schedule of discontinued operations (Manufacturing Agreement) [Abstract]
Net sales	$ 221,476
Cost of sales	62,981
Gross profit	158,495
Operating expenses	1,162,358
Interest expense	1,711
Loss from discontinued operations	$ (1,005,574)

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

DEBT REFINANCING (Details) - USD ($)		1 Months Ended	3 Months Ended
DEBT REFINANCING (Details) - USD ($)	May 03, 2019	May 24, 2018	Mar. 31, 2020	Mar. 31, 2019
DEBT REFINANCING (Details) [Line Items]
Credit agreement, description			On May 24, 2018, LogicMark, a wholly owned subsidiary of Nxt-ID, entered into a Senior Secured Credit Agreement (the “Credit Agreement”) with the lenders thereto and Sagard Holdings Manager LP, as administrative agent and collateral agent for the lenders party to the Credit Agreement (collectively, the “Lender”), whereby the Lender extended a term loan (the “Term Loan”) to LogicMark in the principal amount of $16,000,000.
Percentage of term loan bears interest rate			6.50%
Debt discount amortization			$ 148,317	$ 62,698
Debt Instrument, Periodic Payment, Principal			515,625
Long-term Construction Loan			150,000
Amortization of debt discount			$ 28,672	35,277
Credit agreement, description			The deferred debt issue costs include an exit fee of $1,072,500 which is equivalent to 6.5% of the term loan amount borrowed from CrowdOut Capital.
Exit fee			$ 1,072,500
Term Loan [Member]
DEBT REFINANCING (Details) [Line Items]
Principal amount	$ 16,500,000	$ 16,000,000
Percentage of term loan bears interest rate	11.00%	9.50%	13.00%
Deferred debt issue costs		$ 1,253,970	$ 1,831,989
Amortized of the deferred debt issuance costs				62,698
Debt discount		$ 705,541	215,398
Unamortized debt issuance expense			$ 1,114,248
Lender Concentration Risk [Member]
DEBT REFINANCING (Details) [Line Items]
Principal amount	$ 412,500
Warrants and Registration Rights [Member]
DEBT REFINANCING (Details) [Line Items]
Debt discount amortization				$ 35,277

DEBT REFINANCING (Details) - Schedule of maturity of the Company's debt	Mar. 31, 2020 USD ($)
Schedule of maturity of the Company's debt [Abstract]
2020 (remainder)	$ 1,546,875
2021	2,062,500
2022	9,033,377
Total term debt	$ 12,642,752

STOCKHOLDERS' EQUITY (Details) - USD ($)				3 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	Jan. 08, 2019	Aug. 24, 2017	Jan. 04, 2013	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
STOCKHOLDERS' EQUITY (Details) [Line Items]
Warrants to purchase shares of exercisable, description	the Company entered into a sales agreement with A.G.P./Alliance Global Partners (“A.G.P.”) for an at-the-market offering, pursuant to which the Company could sell, at its option, shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $15 million to or through A.G.P., as sales agent.
Common stock, par value (in Dollars per share)				$ 0.0001		$ 0.0001
Aggregate offering price					$ 1,282,810
Common stock shares issued (in Shares)				1,084,227
Exercise price (in Dollars per share)				$ 0.35
Aggregate fair value				$ 116,628
Employee bonus expense				$ 40,000
Warrants remaining life				3 years 102 days
Long-Term Stock Incentive Plan [Member]
STOCKHOLDERS' EQUITY (Details) [Line Items]
Common stock shares issued (in Shares)				114,288
Long-term stock incentive plan, description			The maximum aggregate number of shares of common stock that may be issued under the LTIP, including stock awards, stock issued to directors for serving on the Company’s board of directors, and stock appreciation rights, is limited to 10% of the shares of common stock outstanding on the first business or trading day of any fiscal year, which is 592,223 shares of common stock at January 1, 2020.
Management Incentive Plan [Member]
STOCKHOLDERS' EQUITY (Details) [Line Items]
Common stock voting rights, description		The aggregate maximum number of shares of common stock (including shares underlying options) that may be issued under the 2017 SIP pursuant to awards of restricted shares or options will be limited to 10% of the outstanding shares of common stock, which calculation shall be made on the first (1st) business day of each new fiscal year; provided that for fiscal year 2017, 1,500,000 shares of common stock may be delivered to participants under the 2017 SIP. Thereafter, the 10% provision shall govern the 2017 SIP.
Alliance Global Partners [Member]
STOCKHOLDERS' EQUITY (Details) [Line Items]
Common stock, par value (in Dollars per share)	$ 0.0001
Aggregate offering price	$ 15,000,000			$ 35,000
Fixed interest rate related to the interest rate compansation	3.00%
Net proceeds from common stock sold				1,282,810
Director [Member] \| Long-Term Stock Incentive Plan [Member]
STOCKHOLDERS' EQUITY (Details) [Line Items]
Aggregate fair value				$ 40,000
Non Executive Employees [Member] \| 2017 Management Incentive Plan [Member]
STOCKHOLDERS' EQUITY (Details) [Line Items]
Aggregate fair value, shares (in Shares)				279,287
Investor [Member] \| Warrant Amendment And Exercise Agreement [Member]
STOCKHOLDERS' EQUITY (Details) [Line Items]
Warrants to purchase aggregate outstanding (in Shares)				6,973,221
Warrant exercise price (in Dollars per share)				$ 2.83

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Real estate lease term, description	The Company’s real estate leases, which are for office space and a fulfillment center, generally have a lease term between 3 and 5 years. The Company also leases a copier with a lease term of 5 years.
Lease term renewal term, description	Leases with renewal options allow the Company to extend the lease term typically between 1 and 3 years.
Operating lease cost	$ 37,919
Operating lease, description	The following summarizes (i) the future minimum undiscounted lease payments under non-cancelable lease for the remainder of 2020 as well as each of the next five years and thereafter, incorporating the practical expedient to account for lease and non-lease components as a single lease component for our existing real estate leases, (ii) a reconciliation of the undiscounted lease payments to the present value of the lease liabilities recognized, and (iii) the lease-related account balances on the Company’s condensed consolidated balance sheet, as of March 31, 2020:

COMMITMENTS AND CONTINGENCIES (Details) - Schedule of future lease obligation	Dec. 31, 2020 USD ($)
Schedule of future lease obligation [Abstract]
2020 (excluding the three months ended March 31, 2020)	$ 50,242
2021	18,186
2022	18,185
2023	12,124
Total future minimum lease payments	98,737
Less imputed interest	(12,203)
Total present value of future minimum lease payments	$ 86,534

COMMITMENTS AND CONTINGENCIES (Details) - Schedule of lease expense - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Schedule of lease expense [Abstract]
Operating lease right-of-use assets	$ 85,576	$ 108,508
Other accrued expenses	48,431
Other long-term liabilities	38,103
Total	$ 86,534
Weighted Average Remaining Lease Term	339 days
Weighted Average Discount Rate	11.74%

SUBSEQUENT EVENTS (Details)	3 Months Ended
SUBSEQUENT EVENTS (Details)	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent events, description	On each of May 6 and May 8, 2020, Nxt-ID Inc. and LogicMark, LLC, a wholly owned subsidiary of the Company (the “Borrowers”), respectively, received loans from Bank of America, NA in the aggregate amount of $346,390, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act, which was enacted on March 27, 2020. The Loans, which are in the form of PPP promissory notes and agreements, dated May 1, 2020 (the “Note Agreements”), mature on May 6 and May 8, 2022, respectively, and bear interest at a rate of 1.00% fixed per annum, payable monthly commencing on November 6 and November 8, 2020, respectively.