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Nxt-ID, Inc. (NASDAQ: NXTD) has announced the adjournment of its Annual Meeting of Stockholders from November 17 to November 20, 2020, to allow more time for retail stockholders to vote on Proposals 3 and 4. Proposal 3 pertains to a potential reverse stock split of common stock, while Proposal 4 addresses a similar reverse stock split for Series C Preferred Stock. The company emphasizes the importance of stockholder participation in the voting process, warning that failure to approve these proposals could lead to potential delisting and negatively impact investments.
Nxt-ID Inc. (NASDAQ: NXTD) announced an adjournment of its Annual Meeting of Stockholders from November 6, 2020, to November 17, 2020. This adjournment pertains specifically to Proposals 3 and 4, allowing retail stockholders more time to vote on a reverse stock split for both common and Series C Preferred Stock. The Company emphasizes the importance of each vote and encourages stockholders who previously voted against the proposals to reconsider. Stockholders needing assistance can contact the proxy solicitor, Laurel Hill Advisory Group.
Nxt-ID, Inc. (NASDAQ: NXTD) announced the adjournment of its Annual Meeting of Stockholders from October 14, 2020, to November 6, 2020, at its Oxford, CT office. This decision pertains specifically to Proposals 3 and 4, aimed at allowing retail stockholders additional time to vote. Proposal 3 concerns a reverse stock split of common stock within a range of one-for-three to one-for-ten, while Proposal 4 addresses a similar split for Series C Non-Convertible Voting Preferred Stock. Stockholders are encouraged to reconsider their votes and participate in the proxy voting process.
Nxt-ID, Inc. (NASDAQ: NXTD) announced the adjournment of its Annual Meeting of Stockholders from October 6 to October 14, 2020. This decision aims to provide retail stockholders with additional time to vote on significant proposals detailed in the Proxy Statement, particularly Proposals Number 3 and 4, concerning reverse stock splits. Stockholders are encouraged to read the proxy materials and participate in the voting process, emphasizing the importance of all votes. For assistance, stockholders can contact the Company’s proxy solicitor.
Nxt-ID, Inc. (NASDAQ: NXTD) reported Q2 2020 results, showing revenue of approximately $2.5 million, a significant decrease from 2019. Gross profit also fell to about $1.8 million, down from $3.4 million. Operating income shifted to a loss of $103K for Q2, contrasting with a $0.6 million profit in 2019. Despite these setbacks, operating expenses reduced to $1.9 million. The company repaid $1.2 million in debt this year and experienced a net cash flow of $0.6 million. CEO Vin Miceli acknowledges challenges from COVID-19 but remains optimistic about future product development.
Nxt-ID, Inc. (NASDAQ: NXTD) announced its subsidiary LogicMark, LLC will begin field testing the WiFiNotifi device, enhancing emergency communication for seniors. This Personal Emergency Response System allows users to alert family or responders via text without monthly fees, using existing Wi-Fi. The device features a lightweight wearable pendant with fall detection, enabling two-way voice communication. Following a 30-45 day testing period, it will be available through various channels, including the U.S. Department of Veterans Affairs. The product aims to support seniors living independently, especially in light of challenges posed by the COVID-19 pandemic.
Nxt-ID, Inc. (NASDAQ: NXTD) reported first-quarter results for 2020, revealing revenue of approximately $3.7 million, a decrease from $4.2 million in Q1 2019, impacted by the COVID-19 pandemic. Gross profit fell to $2.8 million from $3.2 million, while operating income increased to $1 million compared to $0.5 million in the same period last year. Non-GAAP operating income rose to $1.3 million, up from $0.9 million in Q1 2019. The company generated approximately $0.5 million in operating cash flow but saw a decline in net cash provided by operating activities from $0.8 million in 2019.