Track Group, Inc. Files 2024 10-K

TL;DR

Track Group filed its 2024 10-K. All systems go.

AI Summary

Track Group, Inc. filed its 10-K for the fiscal year ending September 30, 2024. The company, formerly known as SecureAlert, Inc., is involved in communications equipment. The filing details its financial performance and business operations for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Track Group's financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Players & Entities

• Track Group, Inc. (company) — Filer of the 10-K
• SecureAlert, Inc. (company) — Former name of Track Group, Inc.
• 2024-09-30 (date) — Fiscal year end
• 2024-12-23 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — (g) of the Act: Common Stock, Par Value $0.0001 Indicate by check mark if the registr
• $1.0 million — value, which equals the sales price of $1.0 million and accordingly recorded an impairment
• $757,130 — d accordingly recorded an impairment of $757,130. See Note 14. Products and Services
• $2,749,218 — ed research and development expenses of $2,749,218, as compared to $2,735,060 recognized d
• $2,735,060 — expenses of $2,749,218, as compared to $2,735,060 recognized during the fiscal year ended
• $14,158 — ptember 30, 2023 (" Fiscal 2023 "). The $14,158 increase in research and development wa
• $2,023,228 — 025. As a result of these improvements, $2,023,228 and $1,020,604 was capitalized as devel
• $1,020,604 — t of these improvements, $2,023,228 and $1,020,604 was capitalized as developed technology
• $1,468,509 — during Fiscal 2024 and Fiscal 2023 was $1,468,509 and $1,569,639, respectively. The 6% de
• $1,569,639 — 2024 and Fiscal 2023 was $1,468,509 and $1,569,639, respectively. The 6% decrease in cellu
• $1,539,269 — during Fiscal 2024 and Fiscal 2023 was $1,539,269 and $3,503,515, respectively. The 56% d
• $3,503,515 — 2024 and Fiscal 2023 was $1,539,269 and $3,503,515, respectively. The 56% decrease in moni

Filing Documents

• trkg20240930_10k.htm (10-K) — 1544KB
• ex_756931.htm (EX-10.30) — 50KB
• ex_756932.htm (EX-10.31) — 20KB
• ex_756933.htm (EX-10.32) — 12KB
• ex_756643.htm (EX-31.I) — 12KB
• ex_756644.htm (EX-31.II) — 12KB
• ex_756645.htm (EX-32) — 9KB
• 0001437749-24-038259.txt ( ) — 8078KB
• trck-20240930.xsd (EX-101.SCH) — 74KB
• trck-20240930_cal.xml (EX-101.CAL) — 72KB
• trck-20240930_def.xml (EX-101.DEF) — 489KB
• trck-20240930_lab.xml (EX-101.LAB) — 414KB
• trck-20240930_pre.xml (EX-101.PRE) — 530KB
• trkg20240930_10k_htm.xml (XML) — 1204KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 9 Item 1C Cybersecurity 17 Item 2

Properties

Properties 18 Item 3

Legal Proceedings

Legal Proceedings 18 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 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 21 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 30 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 30 Item 9A

Controls and Procedures

Controls and Procedures 30 Item 9B Other Information 31 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 31 PART III Item 10 Directors, Executive Officers and Corporate Governance 31 Item 11

Executive Compensation

Executive Compensation 36 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 40 Item 13 Certain Relationships and Related Transactions, and Director Independence 41 Item 14 Principal Accounting Fees and Services 41 PART IV Item 15 Exhibits and Financial Statement Schedules 42

Signatures

Signatures 46 -i- Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K (" Annual Report ") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the " Securities Act "), and Section 21E of the Securities Exchange Act of 1934, as amended (the " Exchange Act "), relating to our operations, results of operations, and other matters that are based on our current expectations, estimates, assumptions, and projections. Words such as "may" "will", "should", "likely", "anticipates", "expects", "intends", "plans", "projects", "believes", "estimates", and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that might not prove to be accurate. Actual outcomes and results could differ materially from what is expressed or forecast in these forward-looking statements. Risks, uncertainties, and other factors that might cause such differences, some of which could be material, include, but are not limited to the factors discussed under the section of this Annual Report entitled "Risk Factors". PART I

Business

Item 1. Business Track Group, Inc., (the " Company ", " we ", " us ", and " our "), a Delaware corporation since 2016 and previously incorporated in 1995 as a Utah corporation, has its principal place of business at 200 E. 5th Avenue Suite 100, Naperville, Illinois 60563. Our telephone number is (877) 260-2010. We maintain a corporate website at www.trackgrp.com. Our common stock, par value $0.0001 per share (" Common Stock "), is currently listed for quotation on the OTCQB Venture Markets (" OTCQB ") under the symbol "TRCK". Unless specified otherwise, as used in this Annual Report, references to Track Group, Inc. include the Company and its subsidiaries: Track Group Americas, Inc., a Utah corporation; Track Group – Puerto Rico, Inc., a Puerto Rico corporation; Emerge Monitoring, Inc., a Florida corporation; Emerge Monitoring II LLC, a Florida limited liability company; Integrated Monitoring Systems, LLC, a Colorado limited liability company; Track Group Chile S.p.A, a corporation formed under the laws of the Republic of Chile; Track Group Analytics Limited, a corporation formed under the laws of Canada; and Track Group International Ltd., a company formed under the laws of Israel (collectively, the " Subsidiaries "). Company Background The Company designs, manufactures, and markets location tracking devices and develops and sells a variety of related software, services, accessories, networking solutions, and monitoring applications. Our products and services include a full-range of one-piece GPS tracking devices, a device-agnostic operating system, a portfolio of software applications including smartphone, alcohol and predictive analytics, and a variety of accessory, service and support offerings. Our products and services are currently available worldwide and are sold through our direct sales force, as well as through value-added resellers. The Company sells to government customers on federal, state and local levels in the U.S. and to members of the Ministry

View Full Filing

View this 10-K filing on SEC EDGAR