Exhibit 99.1

LogicMark, Inc. Announces First Quarter 2022 

Financial and Operational Results 

Louisville, KY, May 12, 2022 – LogicMark, Inc. (Nasdaq: LGMK) (the “Company” or “LogicMark”) (formerly Nxt-ID, Inc.), a provider of personal emergency response systems (PERS), health communications devices, and IoT technology for the growing Care Economy, announces financial and operating results for the first quarter ended March 31, 2022.  

Summary results for the first quarter ended March 31, 2022 include the following:  

● Revenue was $3.7 million, up 50% from the year-ago quarter. 

● Gross profit was $2.2 million, up 52% from the same quarter last year.  Gross margin was 60%, compared to 59% in the same quarter last year.  The improvement in gross margin was due to lower inbound freight costs.

● Operating expenses were $3.5 million, compared to $2.3 million in the same quarter last year. The increase in operating expenses was primarily due to higher selling, general and administrative expenses resulting from the Company increasing investment in new product development and a ramp up in our sales team.

● Operating loss was $1.3 million versus an operating loss of $800 thousand in the year-ago quarter, due primarily to higher operating expenses.

● Net loss was $1.3 million, compared to a net loss of $4.2 million in the same quarter last year. The $4.2 million loss in the prior year’s quarter was negatively impacted by a warrant modification expense of $2.9 million. 

● At quarter-end, the Company held $12.2 million in unrestricted cash, up from $12.0 million in the quarter ended December 31, 2021.   

Chia-Lin Simmons, LogicMark’s Chief Executive Officer, commented, “We’ve started the year on a strong note with revenues growing 50% and margins expanding as we saw strong growth in our US Veterans Health Administration business, highlighting our solid relationship with this partner. We have also seen our sales positively impacted from the sunsetting of 3G cellular service by the nations large cellular network providers, forcing customers to upgrade to 4G compatible devices, which drove strong sales of our 4G Guardian Alert 911 Plus device. We expect this trend to have a positive impact on our sales in the near-term as we continue to see upgrades.

“Building on our momentum from this past quarter, we plan to launch an e-commerce platform to support our direct-to-consumer efforts. We are also looking forward to launching new at-home and on-the-go products and solutions. In addition, we expect to add monitored service to our offerings, which will enable us to implement a recurring revenue element to our business model. There is a lot to be excited about at LogicMark and we are optimistic about the direction we are headed,” concluded Ms. Simmons.

Investor Call and SEC Filings   

On May 12, 2022, at 1:30 pm Pacific Time, or 4:30 pm Eastern Time, a live webcast will be held to discuss the Company’s financial and operations results for the first quarter ended March 31, 2022.   

To register and listen to the webcast, please visit the LogicMark Investor Relations website here, or at https://edge.media-server.com/mmc/p/3vaywbcq.

For investors who wish to participate by telephone, please use the following dial-in credentials: 

US/CANADA Participant Toll-Free Dial-In Number: (877) 644-5287 

US/CANADA Participant International Dial-In Number: (281) 973-6282 

Conference ID: 7843876

The associated press release, SEC filings, and webcast replay witll also be accessible on the Company’s investor relations website.

About LogicMark, Inc.

LogicMark, Inc. (Nasdaq: LGMK) provides personal emergency response systems (PERS), health communications devices and IoT technologies to create a Connected Care Platform. The Company’s devices give people the ability to receive care at home and confidence to age in place. LogicMark revolutionized the PERS industry by incorporating two-way voice communication technology directly into its medical alert pendant and providing this life-saving technology at a price point that everyday consumers can afford. The Company’s PERS technologies are sold through the United States Veterans Health Administration and dealers/distributors.  LogicMark has been awarded a contract by the U.S. General Services Administration that enables the Company to distribute its products to federal, state, and local governments.   

Forward-Looking Statements   

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; the Company’s ability to maintain its Nasdaq listing for its common stock; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the SEC. 

Investor Relations Contact:  CORE IR  Investor@logicmark.com

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LogicMark, Inc

BALANCE SHEETS

	March 31,			December 31,
	2022			2021
Assets
Current Assets
Cash	$	12,224,887		$	12,044,415
Restricted cash		210,118			210,131
Accounts receivable, net		133,262			98,749
Inventory, net		876,084			1,237,280
Prepaid expenses and other current assets		893,388			849,190
Total Current Assets		14,337,739			14,439,765
Property and equipment:
Equipment		404,925			410,444
Furniture and fixtures		78,268			35,761
Tooling and molds		9,427			9,427
		492,620			455,632
Accumulated depreciation		(455,889	)		(455,632	)
Property and equipment, net		36,731			0
Right-of-use assets		232,569			248,309
Goodwill		10,958,662			10,958,662
Other intangible assets, net of amortization of $4,322,026 and $4,127,920, respectively		4,282,541			4,476,647
Total Assets	$	29,848,242		$	30,123,383
Liabilities, Series C Preferred Stock and Stockholders’ Equity
Current Liabilities
Accounts payable	$	1,059,414		$	492,431
Accrued expenses		766,313			849,285
Total Current Liabilities		1,825,727			1,341,716
Other long-term liabilities		367,387			385,196
Total Liabilities		2,193,114			1,726,912
Commitments and Contingencies (Note 8)
Series C Preferred Stock
Series C Preferred Stock, par value $0.0001 per share: 2,000 shares designated; 200 shares issued and outstanding as of March 31, 2022 and December 31, 2021		1,807,300			1,807,300
Stockholders’ Equity
Preferred Stock, par value $0.0001 per share: 10,000,000 shares authorized		-			-
Series F Preferred Stock, par value $0.0001 per share:  1,333,333 shares designated; 173,333 shares issued and outstanding as of March 31, 2022, aggregate liquidation preference of $520,000 as of March 31, 2022, and December 31, 2021		520,000			520,000
Common Stock, par value $0.0001 per share: 100,000,000 shares authorized; 9,593,378 and 9,163,039 issued and outstanding as of March 31, 2022 and December 31, 2021		959			917
Additional paid-in capital		105,279,875			104,725,115
Accumulated deficit		(79,953,006	)		(78,656,861	)
Total Stockholders’ Equity		25,847,828			26,589,171
Total Liabilities, Series C Preferred Stock and Stockholders’ Equity	$	29,848,242		$	30,123,383

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LogicMark, Inc.

STATEMENT OF OPERATIONS

	For the Three Months Ended
	March 31,
	2022			2021 (1)
Revenues	$	3,650,689		$	2,438,682
Costs of goods sold		1,447,305			989,388
Gross Profit		2,203,384			1,449,294
Operating Expenses
Direct operating cost		474,442			244,669
Selling and marketing		189,207			80,123
Research and development		262,484			313,896
General and administrative		2,335,949			1,379,071
Other expense		30,084			10,568
Depreciation and amortization		194,363			203,857
Total Operating Expenses		3,486,529			2,232,184
Operating Loss		(1,283,145	)		(782,890	)
Other Income and (Expense)
Interest expense		-			(861,248	)
Forgiveness of Paycheck Protection Program loan and accrued interest		-			303,710
Warrant modification expense		-			(2,881,729	)
Total Other Expense, Net		-			(3,439,267	)
Loss before Income Taxes		(1,283,145	)		(4,222,157	)
Income Tax (Expense) Benefit		-			-
Net Loss		(1,283,145	)		(4,222,157	)
Preferred stock dividends		(88,000	)		(1,555,801	)
Net Loss Applicable to Common Stockholders		(1,371,145	)		(5,777,958	)
Net Loss Per Share - Basic and Diluted		(0.14	)		(1.20	)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted		9,486,744			4,819,255

(1) Expenses in 2021 have been reclassified to conform to the 2022 presentation format

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Nxt-ID, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Three Months Ended
	March 31,
	2022			2021
Cash Flows from Operating Activities
Net loss		(1,283,145	)		(4,222,157	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		257			16,012
Stock based compensation		629,802			40,000
Amortization of debt discount		-			77,800
Amortization of intangible assets		194,106			187,845
Amortization of deferred debt issuance costs		-			402,454
Non-cash charge for modification of warrant terms		-			2,881,729
Forgiveness of Paycheck Protection Plan loans and accrued interest					(303,710	)
Changes in operating assets and liabilities:
Accounts receivable		(34,513	)		66,045
Inventory		361,196			(13,128	)
Prepaid expenses and other current assets		(44,198	)		(80,715	)
Accounts payable		566,983			(518,601	)
Accrued expenses		(98,041	)		463,660
Total Adjustments		1,575,591			3,219,391
Net Cash Provided by (Used in) Operating Activities		292,446			(1,002,766	)
Cash flows from Investing Activities
Purchase of Equipment		(36,988	)
Net Cash Used by Investing Activities		(36,988	)		-
Cash flows from Financing Activities
Proceeds from sale of common stock and warrants		-			6,670,494
Proceeds received in connection with issuance of Series E preferred stock, net		-			4,000,003
Term loan repayment		-			(5,515,625	)
Fees paid in connection with equity offerings		-			(23,698	)
Preferred Stock Dividends		(75,000	)		-
Net Cash (Used in) Provided by Financing Activities		(75,000	)		5,131,174
Net Increase in Cash and Restricted Cash		180,459			4,128,408
Cash and Restricted Cash - Beginning of Year		12,254,546			4,537,546
Cash and Restricted Cash - End of Period		12,435,005			8,665,954
Supplemental Disclosures of Cash Flow Information:
Cash paid during the periods for:
Interest		-		$	443,975
Taxes		-		$	25,999
Non-cash investing and financing activities:
Accrued fees incurred in connection with equity offerings		-		$	20,458
Accrued preferred stock dividends	$	107,933		$	75,000
Common stock issued in connection with management incentive plans		-		$	80,456
Conversion of Series E preferred stock to common stock		-		$	4,000,003

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