LOS ANGELES CALIFORNIA, May 18, 2021 (GLOBE NEWSWIRE) -- GTX Corp (OTC: GTXO) (“the Company”), a pioneer in the fields of: health & safety wearable GPS human and asset tracking systems and personal protective medical equipment and supplies, today announced financial results for the First Quarter ended March 31, 2021 and provided the following corporate summary:
First Quarter Financial Highlights
- Overall Revenue increased 138% over 2020 comparable period.
- Product Sales increased 445% over 2020 comparable period.
- Cash on Hand increased 319% over 2020 comparable period.
- Wages & Benefits decreased 21% over 2020 comparable period.
- G&A decreased 22% from 2020 comparable period.
- Current Debt & Liabilities reduced by $709k over 2020 comparable period.
- Debt reduced by $165K in first quarter 2021.
- Loss from Operations decreased 8% from 2020 comparable period.
- Did not take on any new debt.
First Quarter 2021 Business Highlights and Developments
- Strong product sales, despite COVID-19.
- Broadened product offerings in the medical health and safety sectors, by adding Antigen, Antibody Rapid Test-Kits, and hearing health to product line.
- Significant development progress made on 4G SmartSole modules.
- Incorporating natural language processing (NLP) and voice assistant features into backend platform utilizing home assistant devices, such as Amazon Echo, Google Home or IBM Watson.
- Fulfilled multiple orders for PPE to government agencies including the United States Marine Corps, the U.S. Navy, the U.S. Department of Agriculture, and the U.S. Department of Veterans Affairs.
- Added over 1,500 new customers.
- Increased shareholder base by approximately 60%.
Management commentary: Patrick Bertagna, GTX Corp CEO.
With businesses across the country opening back up and overall general travel picking back up, we maintained strong PPE, Rapid Test-Kit and SmartSole pre order sales throughout the first quarter and saw a 445% increase in product revenues and a 138% increase in total revenue compared to Q1 2020 with a 22% decrease in SG&A. We added approximately 1,500 new customers, saw continued demand for our new SmartSoles with over 200 pre orders to date, and grew our shareholder base by approximately 60% during Q1 2021.
As we mapped out our 2021 post pandemic course, we did get more aggressive in our pricing and slightly reduced our gross margins in order to sell down our remaining PPE inventory, while shifting focus more on wearable tech products and gearing up for our Cat M1 LTE SmartSole launch.
Since we cannot accurately predict how long the PPE business will remain in demand, and based on the current events and sales trends, we expect to be transitioning out of many PPE products over the coming months and focus on the strong sellers in our product line while ramping up for the launch of the new SmartSoles, NFC Blockchain platform and other medical wearables such as our hearing health products. The continued demand for PPE during Q1 2021 did enable us to maintain our cash flow, continue to add new customers, expand our brand visibility, and reduce our debt by $165K, eliminating all but $1,800 of our variable priced convertible debt, leaving only fixed price, low interest rate debt on the balance sheet.
During the first quarter 2021, we began finalizing the design phase of our next generation miniaturized GPS tracking device, which will utilize a host of new technologies, including CatM1, NB-IoT, enhanced Wi-Fi, and Bluetooth, for better accuracy, faster location requests and less power consumption and started working on testing, certification and ordering parts and components in order to prepare for production and launch. We also started working on a new version of our tracking app and new website. We also expanded our product offering under our hearing health product line and began the integration of Amazon Echo voice assisted capabilities into our backend portal.
Health & Safety, Track & Trace are the big buzz words that came out of 2020. Everyone wants to be safe and know where someone or something has been, which sits at the core of the GTX technology and IP portfolio. We are hearing from many of our B2B customers and international distributors that they want more tracking solutions. So, a big part of Q1 was making sure we get back to developing and launching new tracking technology products that will meet the global demand throughout 2021 and beyond. We also explored new partnerships and allocated resources for new research and development initiatives.
In summation, we navigated through the pandemic adding more product sales, more customers, more shareholders, less debt and liabilities and a much cleaner balance sheet. We hope all our stakeholders stay safe and healthy and we will keep updating everyone on our latest developments through our video podcast, press releases and newsletters.
GTX Corp is a For-Profit with Purpose Company which has an extensive line of health & safety products, patent portfolio, is a proud U.S. military contractor and has multiple wearable tracking products sold through its online store, Amazon and authorized resellers and distributors servicing customers across the globe.
About GTX Corp GTX Corp (OTC: GTXO) is a pioneer in smart, mobile and wearable GPS tracking and recovery location-based solutions, supported through a proprietary IoT enterprise monitoring platform and intellectual property portfolio. GTX offers a global end-to-end solution of hardware, software and connectivity and develops two-way GPS tracking technologies, which seamlessly integrate with consumer products and enterprise applications. GTX utilizes the latest in miniaturized, low power consumption GPS, Cellular, RF, NFC and BLE technology, enabling subscribers to track in real time the whereabouts of people or high value assets. GTX is known for its game-changing and award-winning patented GPS SmartSole® -- think Dr. Scholl’s meets LoJack, the world’s first invisible wearable technology tracking device created for those at risk of wandering due to Alzheimer’s, dementia, autism and traumatic brain injury. GTX’s business model is built around technology innovation and holds over 85 patents, with many issued patents in the area of GPS tracking. The company has international distributors servicing customers in over 35 countries and is a U.S. Military Government contractor. Other customers include public health authorities and municipalities, emergency and law enforcement, private schools, assisted living facilities, NGOs, small business enterprises, senior care homes, and consumers.
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In the UK, GTX Corp operates from its London office. Please contact: Nelson Skip Riddle
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Forward Looking Statements
This news release contains forward-looking statements. The terms and phrases “expects,” “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 U.S. Securities and Exchange Commission (which may be obtained on the SEC Website). These factors should be considered carefully, and readers should not place undue reliance on GTX’s forward-looking statements. GTX has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required.