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Why Nxt-ID, Inc. (NXTD) stock price is increasing rapidly in premarket?

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Nxt-ID, Inc. (NXTD) stock price has increased to 17.8% in the premarket without any specific reason. However, the last trading session closed at 0.4585 with a decline of 10.97%.

NXTD Announces Investor Call to Discuss the Financial Results for Second Quarter

The following are the results for the second quarter of 2021, which concluded on June 30, 2021:

  • The second quarter’s revenue was $2.8 million, up 14 percent from the previous quarter.
  • The second quarter’s gross profit was around $1.8 million, up from $1.6 million in the previous quarter and somewhat better than the same period last year.
  • Operating expenditures for the quarter were $2.0 million, down from $2.3 million in the previous quarter.
  • The operating loss for the second quarter of NXTD was around $212,000 dollars. This compared to a loss of around $783,000 in the previous quarter and a loss of about $103,000 in the same period the previous year.
  • The quarter’s net loss was about $1.2 million, or $0.02 per share, compared to a net loss of roughly $5.8 million.
  • NXTD paid down term debt by an extra $4.5 million in the quarter ended June 30, 2021.

Chia-Lin Simmons Joins NXTD as Chief Executive Officer

NXTD announced on 17th June 2021 that Chia-Lin Simmons has been named Chief Executive Officer. She is also a member of the Board of Directors of the firm. Ms. Simmons will report to the Board of Directors of the Company and will be in charge of the services and responsibilities.

As NXTD approaches its next phase of expansion, it is strengthening the management team. Moreover, Chia-Lin has a wealth of executive management expertise in the technology industry. NXTD can examine fresh development ideas again under her leadership.

$3.0 million Senior Secured Term Loan Facility

The company reported on 3 May 2021 that it has repaid $3.0 million of its Senior Secured Term Loan Facility.

NXTD has made a voluntary prepayment of the Term Loan in the sum of $3.0 million. This prepayment did not result in a prepayment premium for NXTD. At current interest rates, the Company expects to save about $400 thousand in annual interest expenditure as a result of this prepayment. The interest savings will be reinvested in the Company’s ongoing new product development activities.

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