Track Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Track Group, Inc. has filed its Q2 2024 10-Q report, detailing financial performance for the period ending March 31, 2024.</b>

AI Summary

Track Group, Inc. (TRCK) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Track Group, Inc. filed a 10-Q for the quarterly period ended March 31, 2024. The filing covers the period from October 1, 2023, to March 31, 2024. Previous periods reported include October 1, 2022, to March 31, 2023. The company was formerly known as SecureAlert, Inc., REMOTE MDX INC, and VOLU SOL INC. The company's fiscal year ends on September 30.

Why It Matters

For investors and stakeholders tracking Track Group, Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Track Group, Inc.'s financial health and operational performance for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current financial standing, recent performance trends, and potential future trajectory.

Risk Assessment

Risk Level: low — Track Group, Inc. shows low risk based on this filing. This is a standard quarterly filing (10-Q) which typically contains routine financial information and does not present immediate, significant new risks.

Analyst Insight

Analyze the financial statements and MD&A in this 10-Q to understand the company's performance and any disclosed changes in business operations or financial condition.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly period ended)
• 2023-03-31 — Prior Period End Date (Comparative period)
• 0930 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• Track Group, Inc. (company) — Filer
• SecureAlert, Inc. (company) — Former company name
• REMOTE MDX INC (company) — Former company name
• VOLU SOL INC (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-13 (date) — Filing date

FAQ

Filing Documents

• trkg20240331_10q.htm (10-Q) — 986KB
• ex_666587.htm (EX-31.1) — 12KB
• ex_666588.htm (EX-31.2) — 13KB
• ex_666589.htm (EX-32) — 8KB
• 0001437749-24-016134.txt (&nbsp;) — 5881KB
• trck-20240331.xsd (EX-101.SCH) — 66KB
• trck-20240331_def.xml (EX-101.DEF) — 400KB
• trck-20240331_lab.xml (EX-101.LAB) — 305KB
• trck-20240331_pre.xml (EX-101.PRE) — 443KB
• trck-20240331_cal.xml (EX-101.CAL) — 47KB
• trkg20240331_10q_htm.xml (XML) — 845KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) 2 Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) (Unaudited) 3 Condensed Consolidated Statements of Cash Flows (Unaudited) 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5 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 27 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 29

Signatures

Signatures 30 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements TRACK GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, September 30, 2024 2023 Assets Current assets: Cash $ 3,645,651 $ 4,057,195 Accounts receivable, net of allowance for credit losses of $ 453,611 and $ 178,095 , respectively 5,550,187 4,536,916 Prepaid expense and deposits 389,972 610,440 Inventory, net of reserves of $ 0 and $ 3,772 , respectively 972,937 1,286,194 Other current assets 1,329,593 - Total current assets 11,888,340 10,490,745 Property and equipment, net of accumulated depreciation of $ 1,742,598 and $ 1,920,850 , respectively 79,126 115,808 Monitoring equipment, net of accumulated depreciation of $ 7,149,591 and $ 6,348,695 , respectively 4,944,977 5,187,092 Intangible assets, net of accumulated amortization of $ 18,659,164 and $ 17,430,846 , respectively 14,107,643 14,157,294 Goodwill 7,951,977 7,851,466 Other assets 795,212 2,442,154 Total assets $ 39,767,275 $ 40,244,559 Liabilities and Stockholders ' Equity (Deficit) Current liabilities: Accounts payable $ 3,643,125 $ 2,796,712 Accrued liabilities 3,524,085 2,571,839 Current portion of long-term debt 134,106 308,417 Total current liabilities 7,301,316 5,676,968 Long-term debt, net of current portion 42,765,361 42,801,165 Long-term liabilities 236,170 259,359 Total liabilities 50,302,847 48,737,492 Commitments and contingencies (Note 23) Stockholders ' equity (deficit): Common stock, $ 0.0001 par value: 30,000,000 shares authorized; 11,863,758 and 11,863,758 shares outstanding, respectively 1,186 1,186 Preferred stock, $ 0.0001 par value: 20,000,000 shares authorized; 0 shares outstanding - - Series A Convertible Preferred stock, $ 0.0001 par value: 1,200,000 shares authorized; 0 shares outstanding - - Paid in capital 302,600,546 302,597,115 Accumulated deficit ( 311,513,011 )

View Full Filing

View this 10-Q filing on SEC EDGAR