Replies to post #6189 on LogicMark Inc (LGMK)

[lao5023]

I see no positive spin on the information below...782 wockets in presale..They could build them in Gino's garage...

Please find something positive in the 10Q that I missed...the only positive I see is that the staff made 1.4 million...good for them, sold us snake oil.

Inventory

Inventory consists principally of raw materials and is valued at the lower of cost or market with cost determined using the first-in, first-out method and with market defined as the lower of replacement cost or realizable value. As of September 30, 2014 inventory is comprised of $32,619 in raw materials on hand. In addition, as an early stage entity, the Company is required to prepay for raw materials with certain vendors until credit terms can be established. As of September 30, 2014, $165,153 of prepayments made for inventory is included in prepaid expenses on the condensed consolidated balance sheet.

8


Nxt-ID, Inc. and Subsidiary
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 3 - Summary Of Significant Accounting Policies (continued)

Revenue Recognition

The Company’s 3D facial recognition and identification products are currently available for sale and the Company has begun accepting pre-orders on its Mobile Bio Wocket. The Company recognizes revenue in connection with the sale of these products when persuasive evidence of an arrangement exists, the service has been rendered or product delivery has occurred, the price is fixed or readily determinable and collectability of the sale is reasonably assured. As of September 30, 2014, the Company has received $117,088 in customer deposits in connection with pre-orders of its Mobile Bio Wocket.