Metalert, Inc. Files 2023 Annual Report

TL;DR

Metalert (MLRT) dropped its 2023 10-K. Check financials for 2023 vs 2022.

AI Summary

Metalert, Inc. filed its 10-K for the fiscal year ending December 31, 2023, reporting on its operations in the radio & TV broadcasting & communications equipment sector. The company, formerly known as GTX Corp and Deeas Resources Inc., is incorporated in Nevada and headquartered in Los Angeles, California. The filing covers the period from January 1, 2023, to December 31, 2023, and includes financial data for the fiscal years 2023 and 2022.

Why It Matters

This 10-K filing provides a comprehensive overview of Metalert, Inc.'s financial performance and business operations for the fiscal year 2023, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in a specific industry, which may indicate potential volatility or restructuring.

Key Numbers

• 2023 — Fiscal Year End (Reporting period for the 10-K)
• 2022 — Prior Fiscal Year (Comparative financial data)

Key Players & Entities

• Metalert, Inc. (company) — Filer of the 10-K
• GTX Corp (company) — Former name of Metalert, Inc.
• Deeas Resources Inc. (company) — Former name of Metalert, Inc.
• 2023-12-31 (date) — Fiscal year end
• 2024-05-24 (date) — Filing date
• Los Angeles, CA (location) — Business address

FAQ

Key Financial Figures

• $0.0001 — ) of the Act: Common Stock, Par Value $0.0001 (Title of class) Indicate by check ma
• $0 — its outstanding common stock, par value $0.0001, at a ratio of 1-for-65, effective
• $250 million — ock held by non-affiliates is more than $250 million measured on the last business day of ou
• $100 million — r, or our annual revenues are less than $100 million during the most recently completed fisc
• $700 million — ock held by non-affiliates is less than $700 million measured on the last business day of ou
• $1 million — licensing agreements and generated over $1 million dollars in license fees. 4) Medical
• $2.00 — ice plan or licensing fees ranging from $2.00 to $35.00, per month per monitored asse
• $35 — or licensing fees ranging from $2.00 to $35.00, per month per monitored asset. In a
• $34 b — rt wearable devices, worth a staggering $34 billion, were be sold in 2020. Location
• $279 billion — the same year. This demand represents a $279 billion revenue opportunity over the coming yea

Filing Documents

• form10-k.htm (10-K) — 1604KB
• ex3-2.htm (EX-3.2) — 4KB
• ex23-1.htm (EX-23.1) — 13KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 6KB
• ex3-2_001.jpg (GRAPHIC) — 164KB
• ex3-2_002.jpg (GRAPHIC) — 351KB
• ex3-2_003.jpg (GRAPHIC) — 245KB
• ex3-2_004.jpg (GRAPHIC) — 217KB
• ex3-2_005.jpg (GRAPHIC) — 111KB
• 0001493152-24-021380.txt ( ) — 8711KB
• mlrt-20231231.xsd (EX-101.SCH) — 59KB
• mlrt-20231231_cal.xml (EX-101.CAL) — 68KB
• mlrt-20231231_def.xml (EX-101.DEF) — 286KB
• mlrt-20231231_lab.xml (EX-101.LAB) — 434KB
• mlrt-20231231_pre.xml (EX-101.PRE) — 365KB
• form10-k_htm.xml (XML) — 963KB

RISK FACTORS

RISK FACTORS 13 ITEM 1B. UNRESOLVED STAFF COMMENTS 25 ITEM 1C. CYBERSECURITY 25 ITEM 2. DESCRIPTION OF PROPERTIES 26 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 26 ITEM 4. MINE SAFETY DISCLOSURES 26 PART II ITEM 5. MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA. 28 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 38 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 38 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 38 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 39 ITEM 9B. OTHER INFORMATION 40 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 40 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 44 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 48 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 49 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES. 49 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 50 ITEM 16. SUMMARY 51

SIGNATURES

SIGNATURES 52 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION CONTAINED IN THIS REPORT Information in this report contains "forward looking statements" which may be identified by the use of forward-looking terminology, such as "may", "shall", "will", "could", "expect", "estimate", "anticipate", "predict", "probable", "possible", "should", "continue", or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives requires the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements. Note Regarding Reverse Stock Split The Company effected a reverse split of its outstanding common stock, par value $0.0001, at a ratio of 1-for-65, effective as of September 12, 2022 (the " Reverse Split "). All share and per share amounts have

BUSINESS

BUSINESS OVERVIEW MetAlert, Inc. (OTC Pinks: MLRT) is a pioneer in location sensitive remote patient health monitoring devices and wearable technology products industry. MetAlert and its subsidiaries are engaged in designing, developing, manufacturing, distributing, and selling products and services in GPS/BLE wearable technology, personal location, wandering assistive technology, and health data collection and monitoring. The company offers a global end-to-end hardware, software, and connectivity solution, in addition to developing two-way tracking technologies, which seamlessly integrate with consumer products and enterprise applications. With over 20 years of experience and an extensive patent portfolio with more than twenty-five patents, MetAlert provides solutions for consumers/patients afflicted with Alzheimer, Dementia, and Autism (ADA). This market represents approximately 2.9% of the world's population (approximately 34 million people in 24 developed countries). Due to specific behaviors (problems with memory, adversity to wearing unknown items, etc.) consumers/patients in this market segment, cannot use products such as an iPhone or Fitbit. This has created a significant market with very few competitors for MetAlert. 3 Using its award-winning patented GPS SmartSole as a hub for collecting and transmitting data to the cloud in real-time, MetAlert is expanding its value proposition to consumers and increasing its revenue per user (RPU) while creating the largest database of health statistics for ADA consumers/patients. MetAlert generates revenue from product sales, recurring subscriptions, intellectual property licensing, and professional services. The company has international distributors servicing customers in over 35 countries and is an approved U.S. military government contractor. Customers include public health authorities and municipalities, emergency and law enforcement, private schools, assisted living facilities, NGOs, small business ente

BUSINESS

BUSINESS UNITS 1) Human Tracking and Monitoring Technology - Our SmartSole line of wearable footwear technology is designed for people with cognitive memory disorders, such as Alzheimer's, dementia, autism, and traumatic brain injury ("TBI"). Approximately 9 million people in the U.S. and over 100 million worldwide expected to reach 277 million by 2050 fall under this umbrella of people with cognitive disorders. Typically, these people tend to wander and require some wander guard technology and remote oversight. The SmartSoles are comfortable orthotic insoles embedded with a GPS and cellular tracking module, so that a caregiver can know in real time where a loved one is at the touch of a button from any smartphone or computer. The Company also leverages its technology platform for use in high value asset tracking such as drones, small light weight cargo, and other high value mobile assets that require a robust, small footprint and low power consumption hardware and software platform. MetAlert has been working on expanding this unit to include Short Range and Logistics tracking, utilizing BLE and NFC technology for tracking valuable assets across the supply chain, such as expensive clothing, wines, foods, or pharmaceuticals. BLE - Bluetooth Low Energy and NFC – Near Field Communication are a short-range wireless protocol that triggers data exchange from one device to another. The chip is about the size of a nickel and can be attached, embedded, sewn, glued, embroidered, and even ironed on or otherwise affixed to just about any person or product, including print materials, packaging, and wearables. 2) Asset Monitoring and Theft Recovery – In 2023 the Company expanded its product line into the high value non-human asset monitoring and recovery business for items such as firearms, vehicles, bikes, boats, ATVs, and a host of other valuable mobile assets which require oversight monitoring and theft recovery. 3) IP and Technology licensing - many of our patents we

View Full Filing

View this 10-K filing on SEC EDGAR