Metalert, Inc. Files 10-Q for Q2 2024

TL;DR

Metalert, Inc. (formerly GTX Corp) filed its Q2 2024 10-Q. Details on financials and operations.

AI Summary

Metalert, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as GTX Corp and Deeas Resources Inc., is incorporated in Nevada and operates in the radio & TV broadcasting & communications equipment sector. Its principal business address is in Los Angeles, California.

Why It Matters

This filing provides investors with an update on Metalert, Inc.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal risks, but without specific financial data, the risk level is assessed as medium.

Key Numbers

• 20240630 — End of Fiscal Period (Indicates the close of the reporting quarter.)
• 20240819 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Metalert, Inc. (company) — Filer of the 10-Q
• GTX Corp (company) — Former name of Metalert, Inc.
• DEEAS RESOURCES INC. (company) — Former name of Metalert, Inc.
• 20240630 (date) — End of reporting period
• 20240819 (date) — Filing date
• LOS ANGELES, CA (location) — Business address city and state

FAQ

Key Financial Figures

• $0.0001 M — h registered: Common Stock, Par Value $0.0001 MLRT None Indicate by check mark if t

Filing Documents

• form10-q.htm (10-Q) — 977KB
• ex31-1.htm (EX-31.1) — 14KB
• ex31-2.htm (EX-31.2) — 14KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-033153.txt ( ) — 5065KB
• mlrt-20240630.xsd (EX-101.SCH) — 43KB
• mlrt-20240630_cal.xml (EX-101.CAL) — 50KB
• mlrt-20240630_def.xml (EX-101.DEF) — 220KB
• mlrt-20240630_lab.xml (EX-101.LAB) — 326KB
• mlrt-20240630_pre.xml (EX-101.PRE) — 276KB
• form10-q_htm.xml (XML) — 678KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Financial Statements 3 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 (unaudited) 5-6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 27

Signatures

Signatures 28 2 PART I ITEM 1. FINANCIAL STATEMENTS METALERT INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 29,576 $ 68,440 Accounts receivable, net 17,240 17,408 Inventory 226,720 231,818 Investment in marketable securities 649 649 Other current assets 5,801 4,339 Total current assets 279,986 322,654 Intangible assets, net 233,972 261,761 Property and equipment, net 12,650 25,780 Total assets $ 526,608 $ 610,195 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 173,261 $ 264,671 Accrued expenses 188,613 327,338 Accrued expenses, related parties 1,028,105 762,365 Accrued expenses 188,613 327,338 Deferred revenues 8,004 6,505 Short-term debt – line of credit 94,020 102,040 Short-term debt - CARE loans 15,500 12,972 Convertible promissory notes, net of discount 1,518,000 1,484,142 Convertible notes, related parties, net of discount 1,230,762 1,219,313 Convertible promissory notes, net of discount 1,518,000 1,484,142 Notes payable 146,195 146,195 Notes payable – related parties 46,500 46,500 Notes payable 146,195 146,195 Total current liabilities 4,448,960 4,372,041 Long-term debt - CARE loan 134,500 137,028 Total liabilities 4,583,460 4,509,069 Commitments and contingencies - - Stockholders' deficit: Preferred stock series A, $ 0.001 par value; 1,000,000 shares authorized; 13,846 shares issued and outstanding at June 30, 2024 and December 31, 2023 14 14 Preferred stock series B, $ 0.001 par value; 10,000 shares authorized, 2 and 2 issued and outstanding at June 30, 2024 and December 31, 2023, respectively - - Preferred stock series C, $ 0.001 par value; 1,000 shares authorized, 6 and 6 issued and outstanding at June 30, 2024 and December 31, 2023, respectively - - Preferred stock series D,

View Full Filing

View this 10-Q filing on SEC EDGAR