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:
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 55% equity stake to Inventergy in 2016. Effective
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
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 100% operation and have submitted very promising forecasts for 2022. One thing is for certain, there is a big desire for innovation and new solutions in the wearable technology healthcare industry post COVID-19 era. GTX has been at the forefront of many innovative technologies and is confident will continue to garner new opportunities in order to grow shareholder value.
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
GTXCorp.com Track My Workforce GPS SmartSole.com
Social Media Hashtags - #withyou #smartsole #connectedandprotected #trackwhatyoulove #iot #smartproducts #nfc #ble #safety #healthcare #veritap #exceptionmonitoring #assettracking #coronavirus #face mask #covid19
GTX Blog https://gtxcorp.com/press/
https://www.facebook.com/gtxcorpcom
https://www.linkedin.com/in/gtxcorp
https://www.pinterest.com/GTXCorp/
https://instagram.com/gtxcorp
General information, investor relations, wholesale licensing, consumer purchase:
213.489.3019
Info@GTXCorp.com
IR@GTXCorp.com
Contact Us
GTX Corp United Kingdom
In the
Email: NSRiddle@GTXCorp.com Tel: +44 7785 364100
Disclaimer:
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
Source:
2022 GlobeNewswire, Inc., source