Nxt-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT).
In December 2017, Fit Pay, Inc., a subsidiary of NXT-ID and Cascade Financial Technology Corp announced an agreement for the joint development of a platform that gives cryptocurrency holders the ability to use the value of their currency to make purchases at millions of retail locations worldwide. The new platform will enable devices with stored value exchanged from cryptocurrency to be used for traditional payment transactions.
Shortly thereafter, NXTD introduced FlipTM, a new contactless payment device that will enable cryptocurrency holders to use the value of their currency to make purchases at millions of retail locations.
Flip will be near field communication-enabled (NFC) allowing it to transact payments at any retail point of sale location that accepts contactless payments. Flip will store a preloaded amount of U.S. dollars that are exchanged from the user’s existing cryptocurrency account. It includes a digital wallet that allows the user to set how much value they would like their Flip to hold and when they would like it to reload. Initially, Flip will accept value exchanged from Bitcoin and will potentially expand to other cryptocurrencies in the future.
Recent events
February 26, 2018. Discover Financial Services and FitPay, Inc., a wholly owned subsidiary of NXT-ID, Inc., today announced a network services agreement to allow devices that are integrated with the FitPay Payment Platform[TM] to provision tokenized payment credentials through Discover® Digital Exchange (DDX). The agreement enables Discover cardholders, along with alliance partner cards, to easily make contactless payment transactions at retail locations with wearable or Internet of Things (IoT) devices that include payment capabilities powered by FitPay[TM]. https://finance.yahoo.com/news/discover-nxt-id-subsidiary-fitpay-123000329.html
February 22, 2018. NXTD announced that it is now accepting pre-orders for Flip™, a new contactless payment device that will enable cryptocurrency holders to use the value of their currency to make purchases at millions of retail locations. The new device, which was announced earlier this month, uses value exchanged from cryptocurrency to make traditional payment transactions.
February 8, 2018. The company introduced Flip, a new contactless payment device that will enable cryptocurrency holders to use the value of their currency to make purchases at millions of retail locations. The launch of the new device follows a December 2017 announcement by Fit Pay that it is expanding its platform to connect cryptocurrencies to the payment ecosystem. Leveraging the FitPay Payment PlatformTM, Flip will use value exchanged from cryptocurrency to make traditional payment transactions.
About the company
NXT-ID, Inc. (NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, NXT-ID develops and markets groundbreaking solutions for payment and IoT applications. Its industry-leading technology products and solutions include MobileBio®, a suite of biometric solutions that secure consumers’ mobile platforms, the Wocket™, a next-generation smart wallet and the Flye, a digital credit card developed in collaboration with WorldVentures. NXT-ID includes three mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer and distributor of non-monitored and monitored personal emergency response systems (“PERS”) sold through dealers/distributors and the United States Department of Veterans Affairs; FitPay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, and 3D-ID LLC, which is engaged in biometric identification and authentication.
Analysts
Brian Kinstlinger – Maxim Group
Nov-20-17 Reiterated Buy
Apr-20-17 Initiated Buy $4.25
Financial review
Revenue. Revenues for the nine and three months ended September 30, 2017 were $18,867,564 and $4,530,088, respectively, compared to $3,174,151 and $3,093,356, respectively, for the nine and three months ended September 30, 2016.
Operating Expenses. Operating expenses for the nine months ended September 30, 2017 totaled $10,077,207 and consisted of research and development expenses of $939,726, selling and marketing expenses of $3,373,370 and general and administrative expenses of $5,764,111. Operating expenses for the nine months ended September 30, 2017 were higher by $2,682,642 as compared to the nine months ended September 30, 2016.
Operating Income (Loss). The operating income for the nine months ended September 30, 2017 was $49,565 and the operating loss for the three months ended September 30, 2017 was $1,683,738, respectively, compared with an operating loss of $6,107,216 and $1,473,199, respectively, for the nine and three months ended September 30, 2016.
Net Loss. The net loss for the nine months ended September 30, 2017, was $5,960,684. The net loss for the three months ended September 30, 2017 was $4,031. The net loss for the nine and three months ended September 30, 2016, was $10,368,921 and $2,447,649, respectively.
Stock influences and risk factors
The crypto currency presence is growing quickly and NXTD is in a position to benefit from it.
Facilitating crypto currency transactions may grow faster than the digital currency and NXTD is at the forefront of that market. Continuing good news from FLIP could be a stock catalyst.
The company may not be able to raise additional cash from equity financings, secure debt financing, and/or generate revenue from the sales of its products.
The revenue and income potential of their proposed business and operations are currently unknown.
NXTD faces intense competition, especially from larger, well-established companies, and they may lack sufficient financial or other resources to maintain or improve their competitive position.
Stock chart
On Monday, February 26, 2018, NXTD shares were at $2.82 (+29.36%) on traded volume of 23.1 million shares. The current RSI is 61.97
At $2.82, NXTD shares have crossed their 50-day and 200-day moving averages of $2.61 and $1.95 respectively.
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