Track Group, Inc. Files Q3 2024 10-Q
Ticker: TRCK · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1045942
| Field | Detail |
|---|---|
| Company | Track Group, Inc. (TRCK) |
| Form Type | 10-Q |
| Filed Date | Aug 9, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Track Group 10-Q filed: Q3 2024 results are in. Check financials.
AI Summary
Track Group, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the third quarter of fiscal year 2024. Key financial data and operational updates are detailed within the filing.
Why It Matters
This filing provides investors with the latest financial performance and operational status of Track Group, Inc., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — As a public company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.
Key Numbers
- 20240630 — End of Fiscal Period (The 10-Q covers financial data up to this date.)
- 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Track Group, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240809 (date) — Filing date
- SecureAlert, Inc. (company) — Former company name
- REMOTE MDX INC (company) — Former company name
- VOLU SOL INC (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 9, 2024.
What was Track Group, Inc. formerly known as?
Track Group, Inc. was formerly known as SecureAlert, Inc., REMOTE MDX INC, and VOLU SOL INC.
What is the Standard Industrial Classification code for Track Group, Inc.?
The Standard Industrial Classification code for Track Group, Inc. is 3669 (COMMUNICATIONS EQUIPMENT, NEC).
What is the state of incorporation for Track Group, Inc.?
Track Group, Inc. is incorporated in Delaware (DE).
Filing Stats: 4,459 words · 18 min read · ~15 pages · Grade level 16.1 · Accepted 2024-08-09 09:23:43
Filing Documents
- trkg20240630_10q.htm (10-Q) — 1030KB
- ex_707822.htm (EX-31.I) — 12KB
- ex_707829.htm (EX-31.II) — 13KB
- ex_707832.htm (EX-32) — 8KB
- 0001437749-24-025664.txt ( ) — 6073KB
- trck-20240630.xsd (EX-101.SCH) — 68KB
- trck-20240630_def.xml (EX-101.DEF) — 416KB
- trck-20240630_lab.xml (EX-101.LAB) — 317KB
- trck-20240630_pre.xml (EX-101.PRE) — 458KB
- trck-20240630_cal.xml (EX-101.CAL) — 52KB
- trkg20240630_10q_htm.xml (XML) — 877KB
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 28
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 29 Item1A.
Risk Factors
Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 30
Signatures
Signatures 31 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) June 30, September 30, 2024 2023 Assets Current assets: Cash $ 1,924,394 $ 4,057,195 Accounts receivable, net of allowance for credit losses of $ 494,409 and $ 178,095 , respectively 4,682,297 4,536,916 Prepaid expense and deposits 822,764 610,440 Inventory, net of reserves of $ 0 and $ 3,772 , respectively 599,899 1,286,194 Other current assets 1,393,008 - Total current assets 9,422,362 10,490,745 Property and equipment, net of accumulated depreciation of $ 1,759,697 and $ 1,920,850 , respectively 65,033 115,808 Monitoring equipment, net of accumulated depreciation of $ 7,541,385 and $ 6,348,695 , respectively 5,030,046 5,187,092 Intangible assets, net of accumulated amortization of $ 19,137,820 and $ 17,430,846 , respectively 14,181,072 14,157,294 Goodwill 7,876,014 7,851,466 Other assets, net 832,087 2,442,154 Total assets $ 37,406,614 $ 40,244,559 Liabilities and Stockholders ' Equity (Deficit) Current liabilities: Accounts payable $ 3,287,784 $ 2,796,712 Accrued liabilities 2,301,967 2,571,839 Current portion of long-term debt 87,457 308,417 Total current liabilities 5,677,208 5,676,968 Long-term debt, net of current portion 42,781,510 42,801,165 Long-term liabilities 208,446 259,359 Total liabilities 48,667,164 48,737,492 Commitments and contingencies (Note 22) 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 ( 312,383,090 )