Quarterly Report (Form 10-Q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2022

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 000-53046

GTX Corp

(Exact name of registrant as specified in its charter)

Nevada		98-0493446
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

117 W. 9th Street, Suite 1214, Los Angeles, CA, 90015

(Address of principal executive offices) (Zip Code)

(213) 489-3019

(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report.)

Title of each class registered:		Trading Symbol(s)		Name of each exchange on which registered:
None		GTXO		None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☐		Accelerated filer	☐
Non-accelerated filer	☐ (Do not check if a smaller reporting company)		Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 239,702,479common shares issued and outstanding as of May 16, 2022.

GTX CORP AND SUBSIDIARIES

For the quarter ended March 31, 2022

FORM 10-Q

		PAGE NO.
PART I. FINANCIAL INFORMATION
Item 1.	Condensed Financial Statements	3
	Condensed Consolidated Balance Sheets at March 31, 2022 (unaudited) and December 31, 2021 (unaudited)	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)	4
	Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2022 and 2021 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23
Item 4.	Controls and Procedures	24
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 3.	Defaults Upon Senior Securities	25
Item 4.	Mine Safety Disclosures	25
Item 5.	Other Information	25
Item 6.	Exhibits	25
	Signatures	26

PART I

ITEM 1. FINANCIAL STATEMENTS

GTX CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

		March 31, 2022			December 31, 2021
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	44,892			$	138,342
Accounts receivable, net			31,672				13,735
Inventory			84,361				98,258
Investment in marketable securities			1,370				2,465
Other current assets			15,662				55,016
Total current assets			177,957				307,816
Property and equipment, net			84,126				92,461
Total assets		$	262,083			$	400,277
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable		$	134,144			$	182,610
Accrued expenses			310,363				327,293
Accrued expenses, related parties			835,810				839,810
Deferred revenues			29,496				37,350
Short-term debt - line of credit			7,000				21,715
Short-term debt - Care loans			9,153				74,953
Convertible promissory notes, past due			758,000				758,000
Convertible notes, related parties, net of discount			982,792				976,545
Notes payable			63,885				40,640
Total current liabilities			3,130,642				3,136,981
Long-term debt - CARE loan			140,847				142,917
Total liabilities			3,271,489				3,279,898
Commitments and contingencies
Stockholders' deficit:
Preferred stock series A, $0.001par value; 1,000,000shares authorized; 1,000,000shares issued and outstanding at March 31, 2022 and December 31, 2021			100				100
Preferred stock series B, $0.001par value; 10,000shares authorized, 180and 180issued and outstanding at March 31, 2022 and December 31, 2021, respectively			-				-
Preferred stock series C, $0.001par value; 1,000shares authorized, 675and 675issued and outstanding at March 31, 2022 and December 31, 2021, respectively			1				1
Common stock, $0.0001par value; 2,071,000,000shares authorized; 238,502,483and 224,502,479shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively			23,850				22,450
Additional paid-in capital			23,214,412				23,151,212
Accumulated deficit			(26,247,769	)			(26,053,384	)
Total stockholders' deficit			(3,009,406)			(2,879,621)
Total liabilities and stockholders' deficit		$	262,083			$	400,277

See accompanying notes to condensed consolidated financial statements.

GTX CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

		Three Months Ended March 31,
		2022			2021
Product sales		$	132,681			$	172,333
Service income			35,836				58,188
Licensing income			-				-
Total revenues			168,516				230,521
Cost of products sold			87,945				112,095
Cost of service revenue			6,918				35,067
Cost of licensing revenue			-				-
Total cost of goods sold			94,863				147,162
Gross margin			73,653				83,359
Operating expenses:
Wages and benefits			123,765				126,802
Professional fees			98,162				100,170
Sales and marketing expenses			10,541				9,936
General and administrative			61,107				48,051
Total operating expenses			293,576				284,959
Loss from operations			(219,922	)			(201,600	)
Other income/(expenses):
Gain/loss on settlement of debt			-				(66,036	)
Gain/loss on marketable securities			(1,095	)			1,768
Amortization of debt discount			(6,247	)			-
Grant from Care loans			67,870				-
Interest expense and financing costs			(34,990	)			(24,559	)
Total other income/(expenses)			25,538				(88,827	)
Net income (loss)			(194,385	)			(290,427	)
Deemed dividend to series-B preferred stockholders			-				-
Deemed dividend to Series-C preferred stockholders			-				(425,000	)
Net loss attributable to common stockholders		$	(194,385	)		$	(715,427	)
Weighted average number of common shares outstanding - basic and diluted			235,502,478				163,886,808
Net income/(loss) per common share - basic and diluted		$	(0.00	)		$	(0.00	)

See accompanying notes to condensed consolidated financial statements.

GTX CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

Three Months Ended March 31, 2022 and March 31, 2021 (Unaudited)

For the Three Months Ended March 31, 2022 (Unaudited)

		Series A Preferred			Series B Preferred			Series C Preferred			Common Shares			Additional
		Shares						Shares						Shares						Shares						Paid-In			Accumulated			Equity
		Issued			Amount			Issued			Amount			Issued			Amount			Issued			Amount			Capital			Deficit			(Deficit)
Balance December 31, 2021			1,000,000			$	100				180			$	-				675			$	1				224,502,479			$	22,450			$	23,151,212			$	(26,053,384	)		$	(2,879,621	)
Issuance of common stock for services			-				-				-				-				-				-				4,000,000				400				39,200				-				39,600
Issuance of common stock for the conversion of warrants			-				-				-				-				-				-				10,000,000				1,000				24,000				-				25,000
Net income (loss)			-				-				-				-				-				-				-				-				-				(194,385	)			(194,385	)
Balance March 31, 2022			1,000,000			$	100				180			$	-				675			$	1				238,502,479			$	23,850			$	23,214,412			$	(26,247,769	)		$	(3,009,406	)

The accompanying notes are an integral part of these consolidated financial statements.

		Series A Preferred			Series B Preferred			Series C Preferred			Common Shares			Additional
		Shares						Shares						Shares						Shares					Paid-In			Accumulated			Equity
		Issued			Amount			Issued			Amount			Issued			Amount			Issued			Amount			Capital			Deficit			(Deficit)
Balance December 31, 2020			1,000,000			$	100				250			$	1				150			$	-				138,032,482			$	13,803			$	21,059,925			$	(24,177,926	)		$	(3,104,097	)
Issuance of common stock for services			-				-				-				-				-				-				1,300,000				130				61,620				-				61,750
Issuance of common stock for conversion of debt			-				-				-				-				-				-				13,661,664				1,366				170,507				-				171,873
Issuance of preferred stock for financings			-				-				-				-				425				-				-				-				425,000				-				425,000
Issuance of common stock for financings			-				-				-				-				-				-				250,000				25				3,250				-				3,275
Issuance of common stock for the conversion of warrants			-				-				-				-				-				-				22,708,333				2,271				(2,271	)			-				-
Issuance of common stock for the conversion of warrants			-				-				-				-				(150	)			-				10,000,002				1,000				(1,000	)			-				-
Shares issued for conversion of debt																																			131,736								131,736
Deemed dividend on fair value of warrants & conversion feature			-				-				-				-				-				-				-				-				425,000				(425,000	)			-
Inpixon loan reduction correction			-				-				-				-				-				-				-				-				2,340				-				2,340
Net income (loss)			-				-				-				-				-				-				-				-				-				(290,427	)			(290,427	)
Balance March 31, 2021			1,000,000			$	100				250			$	1				425			$	-				185,952,481			$	18,595			$	22,276,107			$	(24,893,353	)		$	(2,598,550	)

See accompanying notes to condensed consolidated financial statements.

GTX CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

		Three Months Ended March 31,
		2022			2021
Cash flows from operating activities
Net income / (loss)		$	(194,385	)		$	(290,427)
Adjustments to reconcile net income / (loss) to net cash used in operating activities:
Depreciation and amortization			8,335				1,188
Change in fair value of marketable securities			1,095				(1,768	)
Stock based compensation			39,600				61,750
Grant from CARE loans			(67,870	)			-
Amortization of debt discount			6,246				-
Loss on the settlement of debt and accrued interest			-				66,036
Interest and financing costs			35,332				24,559
Bonus shares issued			-				3,275
Payment proceeds against loan			-				2,340
Changes in operating assets and liabilities:
Accounts receivable			(17,938	)			(9,746	)
Inventory			13,897				60,418
Other current and non-current assets			39,354				(15,536	)
Accounts payable and accrued expenses			(21,357	)			(7,318	)
Accrued expenses - related parties			23,750			34,574
Deferred revenues			(7,754	)			(6,075	)
Net cash used in operating activities			(141,695	)			(76,730	)
Cash flows from investing activities
PP&E purchases			-				(6,480	)
Proceeds from the sale of marketable securities			-				1,258
Net cash used in investing activities			-				(5,222	)
Cash flows from financing activities
Proceeds from line of credit			9,180				-
Proceeds from issuance of preferred stock			-				425,000
Proceeds from the exercise of warrants			25,000				-
Borrowings on debt			25,000				-
Payments on notes			(1,755	)
Payments on debt			(9,180	)			(11,957	)
Net cash provided by financing activities			48,245				413,043
Net change in cash and cash equivalents			(93,450	)			331,091
Cash and cash equivalents, beginning of period			138,342				76,912
Cash and cash equivalents, end of period		$	44,892			$	408,003
Supplemental disclosure of cash flow information:
Income taxes paid		$	-			$	-
Interest paid		$	-			$	298
Supplemental disclosure of noncash investing and financing activities:
Issuance of common stock for conversion of debt and interest		$	-			$	171,873
Deemed dividend		$	-			$	425,000
Conversion of preferred stock to common stock		$	-			$	1,000

See accompanying notes to condensed consolidated financial statements.

GTX CORP AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(Unaudited)

1. ORGANIZATION AND BASIS OF PRESENTATION

During the periods covered by these financial statements, GTX Corp and its subsidiaries (the "Company", "GTX", "we", "us", and "our") were engaged in business operations that design, manufacture and sell various interrelated and complementary products and services in the wearable technology and Personal Location Services marketplace. GTX owns 100%of the issued and outstanding capital stock of its two subsidiaries - Global Trek Xploration, Inc. and LOCiMOBILE, Inc.

Global Trek Xploration, Inc. focuses on the design, manufacturing and sales distribution of its hardware, software, and connectivity, Global Positioning System ("GPS") and Bluetooth Low Energy ("BLE") monitoring and tracking platform, which provides real-time tracking and monitoring of people and high valued assets. Utilizing a miniature quad-band GPRS transceiver, antenna, circuitry, battery and inductive charging pad our solutions can be customized and integrated into numerous products whose location and movement can be monitored in real time over the Internet through our 24x7 tracking portal or on a web enabled cellular telephone. Our core products and services are supported by an intellectual property ("IP") portfolio of patents, patents pending, registered trademarks, copyrights, URLs and a library of software source code, all of which is also managed by Global Trek.

LOCiMOBILE, Inc., is the Companies digital platform which has been at the forefront of Smartphone application ("App") development since 2008. With a suite of mobile applications that turn the iPhone, iPad, Android and other GPS enabled handsets into a tracking device which can be tracked from handset to handset or through our tracking portal or on any connected device with internet access. LOCiMOBILE has launched over 20 Apps across multi mobile device operating systems and continues to launch consumer and enterprise apps.

Basis of Presentation

The accompanying unaudited consolidated financial statements of GTX have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and applicable regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of financial position and results of operations have been included. Our operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The accompanying unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2021, which are included in our Annual Report on Form 10-K.

The accompanying consolidated financial statements reflect the accounts of GTX Corp and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated.

Going Concern

The consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has a stockholders' deficit of $3,009,406and negative working capital of $2,952,685as of March 31, 2022 and used cash in operations during the period then ended. The Company anticipates further losses in the development of its business. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. The ability of the Company to continue as a going concern is dependent upon the Company's ability to raise additional funds and implement its business plan until such time as revenues and related cash flows are sufficient to fund our operations.

The Company's independent registered public accounting firm has also included explanatory language in their opinion accompanying the Company's audited financial statements for the year ended December 31, 2021. The Company's financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company's ability to raise additional capital through the future issuances of debt or equity is unknown. The ability to obtain additional financing, the successful development of the Company's contemplated plan of operations, or its ability to achieve profitable operations are necessary for the Company to continue operations, and there is no assurance that these can be achieved. The ability to successfully resolve these factors raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

2. SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

The Company recognizes revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ("ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contract(s), which include (1) identifying the contract or agreement with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied.

The Company does not have any significant contracts with customers requiring performance beyond delivery, and contracts with customers contain no incentives or discounts that could cause revenue to be allocated or adjusted over time. Shipping and handling activities are performed before the customer obtains control of the goods and therefore represent a fulfillment activity rather than a promised service to the customer. Revenue and costs of sales are recognized when control of the products transfers to our customer, which generally occurs upon shipment from our facilities. The Company's performance obligations are satisfied at that time.

All of the Company's products are offered for sale as finished goods only, and there are no performance obligations required post-shipment for customers to derive the expected value from them.

The Company does not allow for returns, except for damaged products when the damage occurred pre-fulfillment. Damaged product returns have historically been insignificant. Because of this, the stand-alone nature of our products, and our assessment of performance obligations and transaction pricing for our sales contracts, we do not currently maintain a contract asset or liability balance for obligations. We assess our contracts and the reasonableness of our conclusions on a quarterly basis.

We derive our revenues primarily from hardware sales, subscription services fees, IP licensing and professional services fees. Hardware includes our SmartSole, Military and other Stand-Alone Devices. Subscription services revenues consist of fees from customers accessing our cloud-based software solutions and subscription or license fees for our platform. Professional services and other revenues consist primarily of fees from implementation services, configuration, data services, training and managed services related to our solutions. IP licensing is related to our agreement with Inventergy whereby we have partnered in order to monetize our IP portfolio.

Product sales

At the inception of each contract, we assess the goods and services promised in our contracts and identify each distinct performance obligation. The Company recognizes revenue upon the transfer of control of promised products or services to the customer in an amount that depicts the consideration the Company expects to be entitled to for the related products or services. For the large majority of the Company's sales, transfer of control occurs once product has shipped and title and risk of loss have transferred to the customer.

Services Income

The Company's software solutions are available for use as hosted application arrangements under subscription fee agreements without licensing perpetual rights to the software. Subscription fees from these applications are recognized over time on a ratable basis over the customer agreement term beginning on the date the Company's solution is made available to the customer. Our subscription contracts are generally one to three months in length. Amounts that have been invoiced are recorded in accounts receivable and deferred revenues or revenues, depending on whether the revenue recognition criteria have been met.

The majority of our professional services arrangements are recognized on a time and materials basis. Professional services revenues recognized on a time and materials basis are measured monthly based on time incurred and contractually agreed upon rates. Certain professional services revenues are based on fixed fee arrangements and revenues are recognized based on the proportional performance method. In some cases, the terms of our time and materials and fixed fee arrangements may require that we defer the recognition of revenue until contractual conditions are met. Data services and training revenues are generally recognized as the services are performed.

IP Licensing Revenue

Licensing revenue recorded by the Company relates exclusively to the Company's License and Partnership agreement with Inventergy which provides for ongoing royalties based on monetization of IP licenses. The Company recognizes revenue for royalties under ASC 606, which provides revenue recognition constraints by requiring the recognition of revenue at the later of the following: 1) sale or usage of the products or 2) satisfaction of the performance obligations. The Company has satisfied its performance obligations and therefore recognizes licensing revenue when the sales to which the license(s) relate are completed. During the periods ended March 31, 2022 and March 31, 2021, the Company did not recognize any licensing revenue.

Disaggregation of Net Sales

The following table shows the Company's disaggregated net sales by product type:

		March 31, 2022			March 31, 2021
Product sales		$	132,681			$	172,333
Service income			35,836				58,188
IP and consulting income			-				-
Total		$	168,516			$	230,521

The following table shows the Company's disaggregated net sales by customer type:

		March 31, 2022			March 31, 2021
B2B		$	120,680			$	52,009
B2C			47,836				177,395
Military			-				1,117
IP			-				-
Total		$	168,516			$	230,521

Allowance for Doubtful Accounts

We extend credit based on our evaluation of the customer's financial condition. We carry our accounts receivable at net realizable value. We monitor our exposure to losses on receivables and maintain allowances for potential losses or adjustments. We determine these allowances by (1) evaluating the aging of our receivables; and (2) reviewing high-risk customers financial condition. Past due receivable balances are written off when our internal collection efforts have been unsuccessful in collecting the amount due. Our allowance for doubtful accounts was $40,351as of March 31, 2022 and as of December 31, 2021. The allowance fully reserves our accounts receivable balances over 90 days.

Shipping and Handling Costs

Shipping and handling costs are included in cost of goods sold in the accompanying consolidated statements of operations.

Product Warranty

The Company's warranty policy provides repair or replacement of products (excluding GPS Shoe devices) returned for defects within ninety days of purchase. The Company's warranties are of an assurance-type and come standard with all Company products to cover repair or replacement should product not perform as expected. Provisions for estimated expenses related to product warranties are made at the time products are sold. These estimates are established using historical information about the nature, frequency and average cost of warranty claim settlements as well as product manufacturing and recovery from suppliers. Management actively studies trends of warranty claims and takes action to improve product quality and minimize warranty costs. The Company estimates the actual historical warranty claims coupled with an analysis of unfulfilled claims to record a liability for specific warranty purposes. As of March 31, 2022 and 2021, products returned for repair or replacement have been immaterial. Accordingly, a warranty liability has not been deemed necessary.

Use of Estimates

The preparation of the accompanying unaudited financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include, but are not limited to, estimates related to revenue recognition, allowance for doubtful accounts, inventory valuation, tangible and intangible long-term asset valuation, warranty and other obligations and commitments. Estimates are updated on an ongoing basis and are evaluated based on historical experience and current circumstances. Changes in facts and circumstances in the future may give rise to changes in these estimates which may cause actual results to differ from current estimates.

Fair Value Estimates

Pursuant to the Accounting Standards Codification ("ASC") No. 820, "Disclosures About Fair Value of Financial Instruments", the Company records its financial assets and liabilities at fair value. ASC No. 820 provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. ASC No. 820 establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

	Level 1 -	Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
	Level 2 -	Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset/liability's anticipated life.
	Level 3 -	Inputs reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

The carrying values for cash and cash equivalents, accounts receivable, investment in marketable securities, other current assets, accounts payable and accrued liabilities approximate their fair value due to their short maturities. The carrying values of notes payable and other financing obligations approximate their fair values because interest rates on these obligations are based on prevailing market interest rates.

Concentrations

We currently rely on one manufacturer to supply us with our GPS SmartSole and one manufacturer to supply us with the GPS device included in the GPS SmartSole. The loss of either of these manufacturers could severely impede our ability to manufacture the GPS SmartSole.

As of March 31, 2022, the Company had three customers representing approximately 40%, 26% and 13% of sales, respectively, and four customers representing approximately 15%, 14%, 12% and 10% of total accounts receivable, respectively (the 26% in sales and 14% in receivables represents all sales made through our online store and consists of approximately 2,000 different customers). As of March 31, 2021, the Company had three customers representing approximately 22%, 13% and 12% of sales, respectively, and two customers representing approximately 75% and 8% of total accounts receivable, respectively (of the 75% this represents all sales made through our online store and consists of approximately 2,000 different customers).

Stock-based Compensation

The Company accounts for share-based awards to employees and nonemployees directors and consultants in accordance with the provisions of ASC 718, Compensation-Stock Compensation., and under the recently issued guidance following FASB's pronouncement, ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Under ASC 718, and applicable updates adopted, share-based awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service, or vesting, period. The Company values its equity awards using the Black-Scholes option pricing model, and accounts for forfeitures when they occur.

Marketable Securities

The Company's securities investments that are acquired and held principally for the purpose of selling them in the near term are classified as trading securities. Trading securities are recorded at fair value based on quoted market price (level 1) on the balance sheet in current assets, with the change in fair value during the period included in earnings. As of March 31, 2022 and December 31, 2021 the fair value of our investment in marketable securities was $1,370and $2,465.

Derivative Liabilities

Our derivative instrument liabilities are re-valued at the end of each reporting period, with changes in the fair value of the derivative liability recorded as charges or credits to income, in the period in which the changes occur. For bifurcated conversion options that are accounted for as derivative instrument liabilities, we determine the fair value of these instruments using the Black-Scholes option pricing model. This model requires assumptions related to the remaining term of the instrument and risk-free rates of return, our current Common Stock price and expected dividend yield, and the expected volatility of our Common Stock price over the life of the option.

At March 31, 2022 and December 31, 2021, the balance of the derivative liabilities was $0. It was determined at December 31, 2020 that the Preferred A shareholders having the majority vote, can agree to increase the number of authorized shares, if needed, to settle any convertible debt, and thus the liability is $0.

Net Loss Per Common Share

Basic loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding from the date they are granted unless they are antidilutive. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive:

		March 31,
		2022			2021
Warrants			39,250,000				40,916,667
Preferred B shares			72,000,000				100,000,000
Preferred C shares			25,208,333				13,333,333
Conversion shares upon conversion of notes			32,783,333				32,909,131
Total			169,241,667				187,159,131

Segments

The Company operates in onesegment for the manufacture and distribution of its products. In accordance with the "Segment Reporting" Topic of the ASC, the Company's chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under "Segment Reporting" due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by "Segment Reporting" can be found in the accompanying financial statements.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments ("ASC 326"). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today's "incurred loss" approach with an "expected loss" model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. As small business filer, the standard will be effective for us for interim and annual reporting periods beginning after December 15, 2022. The Company is currently assessing the impact of adopting this standard on the Company's financial statements and related disclosures.

Other recent accounting pronouncements issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

3. INVESTMENT IN MARKETABLE SECURITIES

The Company's investments in marketable securities is comprised of shares of stock of two (2) entities with ownership percentages of less than 5%. The Company accounted for these investments pursuant to ASU 320, Investments - Debt and Equity Securities. As such, these investments were recorded at their market value as of December 31, 2019, with the change in fair value being reflected in the statement of operations. These investments consisted of the following:

As of December 31, 2020, the Company owned 42,500shares of Inventergy Global, Inc. common stock with a fair value of $1,275. The Company was able to obtain observable evidence that the investment had a market value of $0.02per share, or an aggregate value of $850as of the period ended March 31, 2022. As such, the Company recorded no change in market value during the three months ended March 31, 2022, in its statement of operations.

In June 2019, the Company acquired 22,222shares of Inpixon's restricted common stock (after giving effect to a 1:45stock split) valued at $634,000. As of December 31, 2019, after the sale of 10,889Inpixon shares, the Company owned 11,333Inpixon shares with a fair value of $58,374. During the period ended March 31, 2020, the Company sold 8,500of its Inpixon shares for total proceeds of $146,201and recognized a gain from the sale of these shares of $102,420.

During the period ended December 31, 2021, the Company sold 834of its Inpixon shares for total net proceeds of $1,258. The Company was able to obtain observable evidence that the remaining 2,000shares had a market value of $2,040as of December 31, 2021, as such, the Company recorded a loss from the decrease in the fair value of the shares of $851, resulting in a net loss from their investment in Inpixon shares during the current period ended December 31, 2021.

During the three months ended March 31, 2022, the Company sold 834shares of its Inpixon shares for total proceeds of $1,334and recognized a gain from the sale of these shares of $1,258.

The Company was able to obtain observable evidence that the remaining 2,000shares had a market value of $520as of March 31, 2022, as such, the Company recorded a change in the fair value of the shares, resulting in a net loss from the investment in Inpixon shares of $1,520during the current period ended March 31, 2022.

4. INVENTORY

Inventories consist of the following:

		March 31, 2022			December 31, 2021
Raw materials		$	58,511			$	71,936
Finished goods			25,850				25,322
Total Inventories		$	84,361			$	98,258

5. PROPERTY AND EQUIPMENT

Property and equipment, net, consists of the following:

		March 31, 2022			December 31, 2021
Software		$	25,890			$	25,890
Website development			91,622				91,622
Software development			394,772				394,772
Equipment			1,750				1,750
Less: accumulated depreciation			(429,908	)			(421,573	)
Total property and equipment, net		$	84,126			$	92,461

Depreciation expense for the period ended March 31, 2022 and 2021 was $8,335and $1,188, respectively, and is included in general and administrative expenses.

6. NOTES & LOANS PAYABLE

The following table summarizes the components of our short-term borrowings:

		March 31, 2022			December 31, 2021
(a) Term loan		$	63,885			$	40,640
(b) Revolving line of credit			7,000				7,000
(c) CARE loans			9,153				74,953
Total		$	80,038			$	122,593

(a) Term loans

In 2022, the Company entered into an unsecured short-term loan agreement with a third party for an aggregate principal balance of $25,000at an interest rate of 3% per annum, with the interest adjusted to 10% in the case of a default. The term loan becomes due on May 30, 2022.In September of 2019, the Company entered into an unsecured term loan agreement with a third party for an aggregate principal balance of $50,000at an interest rate of 5% per annum in relation to an Asset Purchase Agreement. The term loan became due on December 31, 2020, and is currently past due. The principal balance outstanding on the note as of December 31, 2021 was $40,640, which included $4,806in interest and reductions of $9,360due to sublet fees for office space. As of March 31, 2022 the principal balance outstanding on the note was $38,885, which included $5,322in interest and reductions of $11,115due to sublet fees for office space.

(b) Lines of Credit

The Company obtained a revolving line of credit agreement with an accredited investor of $500,000during 2018. There were three borrowings against the line as of December 31, 2018 for aggregate borrowings of $65,000and two borrowing in 2019 for $65,000for a total of $130,000. During the period ended December 31, 2020, the Company repaid $76,000in principal and all of its accrued interest of $4,204, resulting in a balance due of $22,000as of December 31, 2020. During the period ended December 31, 2021, the Company repaid $10,000in principal and all of its interest of $560, as incurred, resulting in a balance due of $7,000as of March 31, 2022.

The line bears interest of 8.5%. The line is based upon GTX providing the investor with purchase orders and use of proceeds, including production of goods schedules and loan repayment timelines. These loans/drawdowns are specifically for product, inventory and/or purchase order financing. Upon completion of the terms of the Line of Credit, GTX Corp. will issue to the investor 7,500,000shares of GTX common stock or $75,000of GTX common stock, whichever is greater.

The Company also has an unsecured line of credit, guaranteed by its CEO, with its business bank, Union Bank, whereby funds can be borrowed at a revolving adjustable rate of 2 points over prime, currently 5.25%, with a max borrowing amount of $100,000. The balance at December 31, 2021 and March 31, 2022 was $0, with $9,180having been borrowed and paid back in the March 31, 2022 period.

(c) CARE Loans

As of December 31, 2021, the Company has assumed, due to lack of correspondence, until otherwise received, that twelve months of its EIDL loan (see Note 8(b)), or $7,083of the $150,00030-year loan and the entire PPP loan (see Note 8(a)) for $67,870, should be considered short-term, or due in less than a year. As of March 31, 2022, the PPP loan was forgiven, and the balance in the short-term on the EIDL loan was considered to be 22 months or $9,153.

7. CONVERTIBLE PROMISSORY NOTES - PAST DUE

As of March 31, 2022 and December 31, 2021, the Company had a total of $758,000and $758,000, respectively, of outstanding convertible notes payable, which consisted of the following:

		March 31, 2022			December 31, 2021
Convertible Notes - with fixed conversion		$	758,000			$	758,000
Less: Debt discount			-				-
Total convertible notes, net of debt discount		$	758,000			$	758,000

	a)	Included in Convertible Notes - with fixed conversion terms, are loans provided to the Company from various investors These notes carry simple interest rates ranging from 0% to 14% per annum and with terms ranging from 1to 2years. In lieu of the repayment of the principal and accrued interest, the outstanding amounts are convertible, at the option of the note holder, generally at any time on or prior to maturity and automatically under certain conditions, into the Company's common shares at $0.015to $0.30per share. These notes became due in 2017 and prior, and are currently past due.
		At December 31, 2020, balance of the convertible notes was $713,750. During the twelve months ended December 21, 2021, we issued 1,616,667shares of common stock to convert $24,250of principal of these outstanding convertible notes. The Company also paid down $8,750of the principal balance of the convertible notes and the Company's executives transferred $70,000of their outstanding employee notes for cash to a third party, which lowered the related party notes and increased the convertible promissory notes by $70,000. The transferred notes had no change in terms thus noresulting gain or loss on the extinguishment and transfer. As per the original terms the notes bear a 10% annual interest rate, gives the holder the right, but not the obligation to convert up to 50% of the amount advanced and accrued interest into shares, warrants or options of common or preferred stock of the Company at $0.01per share. As of December 31, 2021, and March 31, 2022 $758,000of these convertible notes are currently past due, with no associated penalties.

8. CARE Loans

		March 31, 2022			December 31, 2021
a) PPP loan - short term		$	-			$	67,870
b) EIDL loan - short term			9,153				7,083
b) EIDL loan - long term			140,847				142,917
Total CARE loans		$	150,000			$	217,870

(a) Paycheck Protection Program Loan

On April 30, 2020, the Company executed a note (the "PPP Note") for the benefit of MUFG Union Bank, NA (the "Lender") in the aggregate amount of $67,870under the Paycheck Protection Program ("PPP") of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The PPP is administered by the U.S. Small Business Administration (the "SBA"). The interest rate of the loan is 1.00% per annum and accrues on the unpaid principal balance computed on the basis of the actual number of days elapsed in a year of 360 days. Commencing seven months after the effective date of the PPP Note, GTX is required to pay the Lender equal monthly payments of principal and interest as required to fully amortize any unforgiven principal balance of the loan by the two-year anniversary of the effective date of the PPP Note (the "Maturity Date"). The Maturity Date can be extended to five years if mutually agreed upon by both the Lender and GTX. The PPP Note contains customary events of default relating to, among other things, payment defaults, making materially false or misleading representations to the SBA or the Lender, or breaching the terms of the PPP Note. The occurrence of an event of default may result in the repayment of all amounts outstanding under the PPP Note, collection of all amounts owing from GTX, or filing suit and obtaining judgment against GTX. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. Recent modifications to the PPP by the U.S. Treasury and Congress have extended the time period for loan forgiveness beyond the original eight-week period, making it possible for GTX to apply for forgiveness of its PPP loan. No assurance can be given that GTX will be successful in obtaining forgiveness of the loan in whole or in part, as such the Company has moved the PPP Loan into short-term liabilities, until further instructions are received. The Company was in compliance with the terms of the PPP loan as of December 31, 2021, and has accrued interest on the loan of $1,160as of December 31, 2021.

During the period ended March 31, 2022, the Company received notification that the loan was forgiven, and as such, $68,870of principal has been recognized on the income statement under other income, as of March 31, 2022.

(b) Economic Injury Disaster Loan

On June 10, 2020, the Company executed a secured loan with the U.S. Small Business Administration (SBA) under the Economic Injury Disaster Loan program in the amount of $150,000. The loan is secured by all tangible and intangible assets of the Company and payable over 30years at an interest rate of 3.75% per annum. Installment payments, including principal and interest, were supposed to start on June 10, 2021, but as of December 31, 2021 there has been no formal indication on whether this loan will be forgiven and no specific instructions have been received to-date from the SBA on how to proceed. As part of the loan, the Company also received an advance of $10,000from the SBA. While the SBA refers to this program as an advance, it was written into law as a grant. This means that the amount given through this program does not need to be repaid and has been recognized as Other Income.

As of March 31, 2022, the Company calculated that 22 months of the 360 periods on the 30-year loans should be considered short-term, and as such moved $9,153to short-term liabilities, and has accrued interest on the loan of $10,658as of March 31, 2022, or until the Company has received more definitive correspondence related to any potential forgiveness.

9. RELATED PARTY TRANSACTIONS

Convertible Notes Due to Related Parties

During the period ended December 31, 2021, the Company relieved the outstanding payables due to related parties by $200,000and converted those amounts into additional notes with an aggregate amount of $200,000. As the conversion price embedded in the note agreements was below the trading price of the common stock on the dates of issuance, a beneficial conversion feature (BCF) was recognized at the date of issuance. The Company recognized a debt discount at the date of issuance in the aggregate amount of $38,000related to the intrinsic value of beneficial conversion feature. Additionally, the Company's executives transferred $70,000of their outstanding employee notes for cash to a third party, which lowered the related party notes and increased the convertible note balance by $70,000. The transferred notes had no change in terms, thus resulting in nogain or loss on the extinguishment related to the transfer of debt, making the outstanding balance on the related party notes on December 31, 2021 as $976,546, net of debt discounts. As of March 31, 2022, the outstanding balance on the convertible promissory notes was $982,792, net of debt discounts.

During 2020, management elected to reduce the 10% annual interest rate to 3% because of the affects COVID-19 had on the U.S. economy. As such, on December 31, 2020 interest of $249,102is deferred on the above notes and included in accrued expenses to related parties. The other 7% was considered imputed interest and is included as a separate line item on the equity statement accordingly.

On July 1, 2021, the annual interest on the notes was re-established to 10%, and as such, on December 31, 2021 the interest of $306,852, and on March 31, 2022 the interest on the notes was $330,484.

Accrued wages and costs - In order to preserve cash for other working capital needs, various officers, members of management, employees and directors agreed to defer portions of their wages and sometimes various out-of pocket expenses since 2011. As of March 31, 2022, and December 31, 2021, the Company owed $421,197and $391,743, respectively, for such deferred wages and other expenses owed for other services which are included in the accrued expenses - related parties on the accompanying balance sheet.

10. DERIVATIVE LIABILITIES

Under authoritative guidance used by the FASB on determining whether an instrument (or embedded feature) is indexed to an entity's own stock, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. The Company has issued certain convertible notes which conversion prices are based on a future market price. However, since the number of shares to be issued is not explicitly limited, the Company is unable to conclude that enough authorized and unissued shares are available to share settle the conversion option. As a result, the conversion option is classified as a liability and bifurcated from the debt host and accounted for as a derivative liability in accordance with ASC 815 and will be re-measured at the end of every reporting period with the change in value reported in the statement of operations.

At March 31, 2022 and December 31, 2021, the balance of the derivative liabilities was $0. It was determined at December 31, 2020 that the Preferred A shareholders having the majority vote, can agree to increase the number of authorized shares, if needed, to settle any convertible debt, and thus the liability is $0.

11. EQUITY

The Company has 10,000,000shares of preferred stock authorized. From this pool the following preferred shares have been classified as:

Preferred Stock - Series A

During the year ended December 31, 2018, the Company authorized 1,000,000of Series A preferred shares, which shares have voting rights equal to two-thirds of all the issued and outstanding shares of common stock, shall be entitled to vote on all matters of the corporation, and shall have the majority vote of the board of directors. The subject preferred stock lacks any dividend rights, does not have liquidation preference, and is not convertible into common stock. During the year ended December 31, 2018, the Company issued onemillion Series A preferred shares to certain officers and board members. The shares remain outstanding as of March 31, 2022.

At December 31, 2020 is was determined that the Preferred A shareholders having the majority vote, can agree to increase the number of authorized shares, if needed, to settle any convertible debt, and thus any derivative liabilities are not necessary to reserve for this.

Preferred Stock - Series B

During the year ended December 31, 2019, the Company authorized 10,000shares of preferred stock to be designated available for Series B preferred shares that have a value of $1,000each and are convertible into common shares at fixed price of $0.0025. Holders shall be entitled to receive, and the Company shall pay, dividends on shares of Series B Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Company's Common Stock. No other dividends shall be paid on shares of Series B Preferred Stock, and they shall have no voting rights and have liquidation preference. During the year ended December 31, 2019, the Company issued 150Series Preferred B shares and 30,000,000warrants to an accredited investor for their financings for an aggregate value of $150,000.

During the period ended December 31, 2020, the Company issued 100Series B preferred shares and 20,000,000warrants to an accredited investor for their financings for an aggregate value of $50,000. The Series B preferred shares and warrants shall have a fixed conversion price equal to $0.0025of common stock, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock. The warrants are exercisable at a price of $0.0025per share through March 2025. The Company considered the accounting effects of the existence of the conversion feature of the Series B Preferred Stock, and the issuance of warrants at the date of issuance. In accordance with the current accounting standards, the Company determined that it should account for the fair value of the conversion feature and relative fair value of the issued warrants (up to the face amount of the Series B Preferred Stock) as a deemed dividend of $50,000and a charge to paid in capital.

During the period ended December 31, 2021, the two accredited investors converted 70Series B preferred shares into 28,000,000common shares at the conversion price of $0.0025.

Preferred Stock - Series C

During the period ended December 31, 2020, the Company authorized 1,000shares of preferred stock to be designated available for Series C preferred shares that have a stated value of $1,000each and are convertible into common shares at fixed price of $0.015. Holders shall be entitled to receive, and the Company shall pay, dividends on shares of Series C Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Company's Common Stock. No other dividends shall be paid on shares of Series C Preferred Stock, and they shall have no voting rights and have liquidation preference. During the year ended December 31, 2019, the Company had no Preferred C shares.

During the period ended December 31, 2020, the Company issued 150Series C preferred shares and 10,000,000warrants to two accredited investors for their financings for an aggregate value of $150,000.

During the period ended December 31, 2021, the Company issued 675Series C preferred shares and 22,500,000warrants to an accredited investor for their financings for an aggregate value of $675,000. The Series C preferred shares and warrants shall have a fixed conversion price equal to $0.004 per share of common stock, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock. The warrants are exercisable through May 2024. The Company considered the accounting effects of the existence of the conversion feature of the Series C Preferred Stock, and the issuance of warrants at the date of issuance. In accordance with the current accounting standards, the Company determined that it should account for the fair value of the conversion feature and relative fair value of the issued warrants (up to the face amount of the Series C Preferred Stock) as a deemed dividend of $675,000and a charge to paid in capital.

During the period ended December 31, 2021, the two accredited investors converted 150Series C preferred shares into 10,000,000common shares at the conversion price of $0.015.

Common Stock

During the period ending March 31, 2022, the Company issued 4,000,000shares of its common stock to a firm for services rendered, with a fair value of $39,600based on the quoted market price of the shares at time of issuance.

During the period ended March 31, 2022, the Company issued 10,000,000shares of common stock with a fair value of $25,000at the date grant for the cash conversion of 10,000,000warrants.

Common Stock Warrants

Since inception, the Company has issued numerous warrants to purchase shares of the Company's common stock to shareholders, consultants and employees as compensation for services rendered.

A summary of the Company's warrant activity and related information is provided below (the exercise price and the number of shares of common stock issuable upon the exercise of outstanding warrants have been adjusted to reflect a 1-for-75 reverse stock split.):

		Exercise Price $			Number of Warrants
Outstanding and exercisable at December 31, 2021			0.0025- 0.04				49,250,000
Warrants exercised			0.0025				(10,000,000	)
Warrants granted			-				-
Warrants expired			-				-
Outstanding and exercisable at March 31, 2022			0.0025-0.04				39,250,000

Stock Warrants as of March 31, 2022
Exercise			Warrants			Remaining			Warrants
Price			Outstanding			Life (Years)			Exercisable
$	0.0025				6,500,000				2.89				6,500,000
$	0.015				10,250,000				1.84				10,250,000
$	0.04				22,500,000				2.53				22,500,000

During the period ended March 31, 2022, the Company issued 10,000,000shares of common stock with a fair value of $25,000at the date grant for the cash conversion of 10,000,000warrants with a strike price of $0.0025.

The outstanding and exercisable warrants at March 31, 2022 had an intrinsic value of approximately $388,575.

Common Stock Options

Under the Company's 2008 Equity Compensation Plan (the "2008 Plan"), we are authorized to grant stock options intended to qualify as Incentive Stock Options, "ISO", under Section 422 of the Internal Revenue Code of 1986, as amended, non-qualified options, restricted and unrestricted stock awards and stock appreciation rights to purchase up to 7,000,000shares of common stock to our employees, officers, directors and consultants, with the exception that ISOs may only be granted to employees of the Company and its subsidiaries, as defined in the 2008 Plan.

The 2008 Plan provides for the issuance of a maximum of 7,000,000shares, of which, after adjusting for estimated pre-vesting forfeitures and expired options, approximately 2,235,000were available for issuance as of March 31, 2022.

Nooptions were granted during the period ending March 31, 2022.

12. COMMITMENTS & CONTINGENCIES

Bonuses

The Company has an employment agreement with its CEO which, among other provisions, provide for the payment of a bonus, as determined by the Board of Directors, in amounts ranging from 15% to 50% of the executive's yearly compensation, to be paid in cash or stock at the Company's sole discretion, if the Company has an increase in year over year revenues and the Executive performs his duties (i) within the time frame budgeted for such duties and (ii) at or below the cost budgeted for such duties. Nosuch bonuses were declared or accrued during the periods ending March 31, 2022 or 2021.

Contingencies

From time to time, we may be involved in routine legal proceedings, as well as demands, claims and threatened litigation that arise in the normal course of our business. The ultimate amount of liability, if any, for any claims of any type (either alone or in the aggregate) may materially and adversely affect our financial condition, results of operations and liquidity. In addition, the ultimate outcome of any litigation is uncertain. Any outcome, whether favorable or unfavorable, may materially and adversely affect us due to legal costs and expenses, diversion of management attention and other factors. We expense legal costs in the period incurred. We cannot assure you that additional contingencies of a legal nature or contingencies having legal aspects will not be asserted against us in the future, and these matters could relate to prior, current or future transactions or events. As of March 31, 2022, there was no pending or threatened litigation against the Company.

COVID-19

The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company's business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain.

Due to COVID-19, we have experienced some changes in our business, that have been both positive and negative. Specifically, the Company's IP licensing business has been negatively impacted by the global financial slowdown and many courts, judges and law firms are not working at full capacity, which is creating delays in finalizing licensing agreements or litigation. We have also experienced a small percentage of subscriptions being either cancelled or requested to be put on pause, due to financial hardships. On the positive side we saw an increase in product sales specifically with medical supplies and equipment. Overall, our revenues have not been materially impacted as a whole, however there have been some shifts with certain revenue streams doing better post COVID and others doing worse.

The severity of the impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company's customers, service providers and suppliers, all of which are uncertain and cannot be predicted. As of the date of issuance of Company's financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company's financial condition, liquidity or results of operations is uncertain.

13. SUBSEQUENT EVENTS

On April 12, 2021, we issued 1,200,000in restricted common stock to a firm as part of their agreement with a value of $11,400on the date of the agreement.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 2 of Part I of this report include forward-looking statements. These forward looking statements are based on our management's current expectations and beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "proposed," "intended," or "continue" or the negative of these terms or other comparable terminology. You should read statements that contain these words carefully, because they discuss our expectations about our future operating results or our future financial condition or state other "forward-looking" information. Many factors could cause our actual results to differ materially from those projected in these forward-looking statements, including but not limited to: variability of our revenues and financial performance; risks associated with product development and technological changes; the acceptance our products in the marketplace by existing and potential future customers; general economic conditions. You should be aware that the occurrence of any of the events described in this Quarterly Report could substantially harm our business, results of operations and financial condition, and that upon the occurrence of any of these events, the trading price of our securities could decline. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, growth rates, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after the date of this Quarterly Report to conform these statements to actual results.

Introduction

Unless otherwise noted, the terms "GTX Corp", the "Company", "we", "us", and "our" refer to the ongoing business operations of GTX Corp and our wholly-owned subsidiaries, Global Trek Xploration, and LOCiMOBILE, Inc.

Organization and Presentation

During the periods covered by the accompanying financial statements, GTX Corp and its subsidiaries were engaged in business operations that design, manufacture and sell various interrelated and complementary products and services in the wearable technology and Personal Location Services marketplace. GTX owns 100% of the issued and outstanding capital stock of its two subsidiaries - Global Trek Xploration, Inc. and LOCiMOBILE, Inc.

Global Trek Xploration is a California corporation which engages in the business of design, development, manufacturing, and sales of health and safety wearable technology solutions. Utilizing Global Positioning Satellite ("GPS"), Cellular, Radio Frequency ("RF"), Near Field Communications ("NFC"), WiFi, and Bluetooth low energy ("BLE") as core technologies for monitoring and tracking assets. GTX is vertically integrated and provides hardware, software, and connectivity, delivering a complete end to end location-based platform that enables subscribers to track in real time the whereabouts of people, pets, or high valued assets. Our proprietary GPS devices, which consist of a miniature quad-band General Packet Radio Service ("GPRS") transceiver, custom antenna, circuitry, battery, and inductive charging pad can be customized and integrated into numerous form factors. The finished products are then placed or worn so that their location and movement can be monitored in real time over the Internet through our 24x7 tracking portal or on a web-enabled cellular telephone.

Many of our core products and services are supported by an intellectual property portfolio of patents, patents pending, registered trademarks, copyrights, URLs and a library of software source code, all of which is also managed by Global Trek.

LOCiMOBILE, Inc., is the Company's digital platform which has been at the forefront of Smartphone application ("App") development since 2008. With a suite of mobile applications that turn the iPhone, iPad, Android and other GPS enabled handsets into a tracking device which can be tracked from handset to handset or through our tracking portal or on any connected device with internet access. LOCiMOBILE has launched over 20 Apps across multi mobile device operating systems and continues to launch consumer and enterprise apps.

Operations

The Company designs, develops, manufactures, sells, and distributes health and safety products and services, and other related medical supplies and equipment, through a global business to business ("B2B") and business to consumer ("B2C") network of resellers, affiliates, distributors, nonprofit organizations, local, state, and federal government agencies, police departments, manufacturers reps and retailers. Offering a variety of electronic and non-electronic devices and equipment, a proprietary Internet of things ("IoT") enterprise monitoring platform and a licensing subscription business model. The Company provides a complete end to end solution of hardware, middleware, apps, connectivity, licensing, and professional services, letting our customers know where or how someone, or something, is at the touch of a button, delivering safety, security, and peace of mind in real-time. Except for our military products and medical protective equipment, all of our consumer and enterprise tracking products funnel into the GTX Corp IoT monitoring platform which supports end user customers in over 35 countries. The Company is also in the business of licensing intellectual property and monetizing its patent portfolio.

Overview

As we started seeing an end to COVID on a grand scale and a return to normal operations and staffing, the Company began mapping out its 2022 post pandemic course. Early in the quarter we focused on selling down our remaining PPE inventory under our health & safety mission, completed our R&D and testing and geared up for our Cat M1 LTE SmartSole launch. With businesses opening back up and overall general travel picking back up we saw a 132% increase in B2B sales and a 34% decrease in net loss. Overall revenues were down by 27% compared to the previous comparable period and only a slight 3% increase in expenses. We started to ship SmartSole preorders near the end of the first quarter and expect our subscriptions to start ramping back up in the second quarter. We also saw continued demand for the new 4G SmartSoles with several thousand units forecasted over the next several months just from our international distributors. As part of our ongoing fiscally responsible efforts to enhance our balance sheet, we reduced our short-term government loans by $68k, and eliminated all of our variable priced convertible debt, leaving only fixed price convertible debt above market or low interest rate non-convertible debt and took on no new debt.

In early January we had a surge in orders for medical supplies which enabled us to convert paid for inventory into cash while reducing our overall supply inventory levels. We also produced and committed production to close to 500 pairs of SmartSoles, which also enabled us to convert paid for components into finished product and start back filling pre orders. We also started working on a new version of our tracking app and a new ecommerce store on the Shopify platform, which will enable us to have more capabilities to sell through social media platforms such as Facebook and Instagram, along with having better accounting and inventory management capabilities as we start ramping up domestic sales.

During the first quarter of 2022, we continued to expand or intellectual property portfolio by being issued two new patents by the United States Patent and Trademark Office (USPTO). U.S. patent number 11,272,761 which is now the 4^th patent to be issued in the GPS SmartSole family (the "SmartSole Patent") and U.S. patent 11,272,313 which is now the 6^th patent to be issued in the Comm Protocol family (the "Comm Protocol Patent").

The SmartSole Patent covers proprietary ways to protect and manufacture a GPS electronic module, including the inductive charging unit inside an orthotic insole. The patent has twenty claims, two of which are independent and an open continuation for further expansion, which has already been submitted to the USPTO.

The Comm Protocol Patent also has twenty claims and is significant for several reasons; first by adding another layer to GTX's competitive landscape on device to backend server communications which is important now but could add even more value in the future as the Company adds more biometric devices to its platform and unveils the Longevity Revolution product roadmap, Second, the Comm Protocol family has been the crown jewel of GTX's IP licensing campaign. By adding this new patent with an open ongoing continuation (also recently filed with the USPTO), it should enhance the strength and value of the portfolio for future licensing agreements.

GTX's growing patent portfolio highlights the commitment the Company has dedicated over the years to protecting its innovations in order to position the Company for growth in the future. The strategy, which was implemented over a decade ago, to file patents both on the hardware / device side and on the device / server communication side, while continuing that strategy all along the product development cycle, should support the increasing value of this intellectual property asset as the Company expands its platform from location monitoring to location and remote patient monitoring (RPM) preventive care.

During the first quarter we began the development of a new wearable NFC product, designed to provide remote monitor to cognitively and speech impaired individuals. We have begun testing prototypes and placed our first production run with our factory. If all goes well with the testing and the production, we expect to launch this product both B2C and B2B, sometime before the third quarter 2022. Until recenty, our NFC product sales have been limited and only sold direct to consumer (B2C). However, during the first quarter of 2022 we expanded our NFC sales into B2B channels and started providing NFC chips along with professional services to a startup company called Endsate. This company designs and manufactures high end sneakers embedded with NFT and NFC technology that unites the experience from digital art to physical products, which provides the ability to wear the sneakers in the metaverse. We have been providing Endstate with NFC chips, technology and professional services since December of 2021 leading up to their commercial rollout in Q1 2022. So far Endstae has ordered close to 700 chips from us which we began to deliver at the end of the first quarter and will continue to deliver into the second quarter.

We remain optimistic that COVID-19 pandemic is behind us. However, we still have some inventory on hand and solid relationships with our vendors so, in case there is another surge in demand we will be ready to serve our customers. But based on the current events and sales trends, our focus now is on ramping up sales of the new SmartSoles, NFC products, other medical wearable devices, A.I. and IP licensing rather than PPE sales. Health & Safety, Track & Trace were the big buzz words that came out of 2021. Everyone wants to be healthy, live better and longer, and know where someone or something is and has been. We believe we are in a position to monetize these trends and keep hearing from many of our B2B customers and international distributors that they want more wearable solutions and technology. Hence, why a big part of Q1 was focused on new product development and making sure that we will have inventory on hand and in the pipeline to meet the global demand throughout 2022 and beyond.

Results of Operations

The following discussion should be read in conjunction with our interim consolidated financial statements and the related notes that appear elsewhere in this Quarterly Report.

Three Months Ended March 31, 2022 ("Q1 2022") Compared to the Three Months Ended March 31, 2021 ("Q1 2021")

		Three Months Ended March 31,
		2022			2021
		$			% of Revenues			$			% of Revenues
Product sales			132,681				79	%			172,333				75	%
Service income			35,836				21	%			58,188				25	%
IP royalties			-				0	%			-				0	%
Total revenues			168,516				100	%			230,521				100	%
Cost of products sold			87,945				52	%			112,095				49	%
Cost of service revenue			6,918				4	%			35,068				15	%
Cost of licensing revenue			-				0	%			-				0	%
Cost of goods sold			94,862				56	%			147,161				64	%
Gross profit			73,653				44	%			83,359				36	%
Operating expenses:
Wages and benefits			123,765				73	%			126,802				55	%
Professional fees			98,162				58	%			100,170				43	%
Sales and marketing expenses			10,541				6	%			9,936				4	%
General and administrative			61,107				36	%			48,051				21	%
Total operating expenses			293,576				174	%			284,959				124	%
Gain/(loss) from operations			(219,922	)			-131	%			(201,600	)			-87	%
Other (expense)/income, net			25,538				15	%			(88,829	)			-39	%
Net income/(loss)			(194,385	)			-115	%			(290,429	)			-126	%

Revenues

Revenues were $168,516 for the three months ended March 31, 2022 compared to $230,521 for the three months ended March 31, 2021, representing a decrease of 27%, This decrease was primarily driven from transitioning out of direct-to-consumer PPE sales into our core B2B business.

During the period ended March 31, 2022, the Company's customer base and revenue streams were comprised of approximately 71.61% B2B (Wholesale Distributors and Enterprise Institutions), 28.39% B2C (consumers and government agencies who bought on the behalf of consumers, through our online ecommerce platform and through Amazon, Google and iTunes), 0% IP (our monetization campaign from consulting, licensing and asserting our patents) and 0% Military and Law Enforcement.

During the period ended March 31, 2021, the Company's customer base and revenue streams were comprised of approximately 22.47% B2B (Wholesale Distributors and Enterprise Institutions), 77.05% B2C (consumers and government agencies who bought on the behalf of consumers, through our online ecommerce platform and through Amazon, Google and iTunes), 0% IP (our monetization campaign from consulting, licensing and asserting our patents) and 0.48% Military and Law Enforcement.

Cost of goods sold

Cost of goods sold were $94,862 for the three months ended March 31, 2022 compared to $147,161 for the three months ended March 31, 2021, representing a decrease of 36%.This decrease was primarily due to the shift form COVID related PPE's with less margins, to the higher margin 4G SmartSoles. As a result, total gross margin, increased from 36% in fiscal 2021 to 44% in fiscal 2022.

We expect our margins to increase once we start ramping up our subscriptions and licensing and sell more of our proprietary products like our SmartSoles, where we have no competition. Our overall gross margin was slightly lower in 2021, predominately because most of our revenues came from product sales which require competitive pricing, and that includes shipping charges. In order to be competitive with the major online retailers (many of them include free shipping) we had to reduce our shipping charges to be in line with competitors.

Wages and benefits

Wages and benefits decreased $3,036, or 2%, in three months ended March 31, 2022 as compared to three months ended March 31, 2021.This decrease was primarily the result of lower staffing expenses.

Professional fees

Professional fees consist of costs attributable to consultants and contractors who primarily spend their time on legal, accounting, product development, business development, corporate advisory services and shareholder communications. Such costs decreased $2,009 or 2% in the three months ended March 31, 2022 as compared to in the three months ended March 31, 2021. Even though some professional fees have decreased as more responsibilities were transferred from outside contractors and consultants to in-house personnel. Those fees related to investor relations and business development have increased due to new products lines and the impending release of the company's updated SmartSole products.

Sales and marketing expenses

Sales and marketing expenses increased by 6% or $606 in three months ended March 31, 2022 in comparison to the three months ended March 31, 2022. This increase was primarily due to the release of the new 4G SmartSole.

General and administrative

General and administrative costs in three months ended March 31, 2022 increased by $13,065 or 27% in comparison to the three months ended March 31, 2021, mostly due to increases in depreciation related to development costs and software expenses.

Other income/(expense), net

Other expense, net decreased 129% or $114,364 in the three months ended March 31, 2022 compared to the three months ended March 31, 2021. This decrease was primarily as a result of the gain of $67,870 from the forgiveness of CARE loans and no loss on the extinguishment of debt as seen in Q1 2021.

Net income/(loss)

Net loss decreased by 33% or $96,042 from Q1 2022 to Q1 2021 primarily as a result of primarily as a result of the gain of $67,870 from the forgiveness of CARE loans and no loss on the extinguishment of debt as seen in Q1 2021.

Liquidity and Capital Resources

As of March 31, 2022, we had $44,892 of cash and cash equivalents, and a working capital deficit of $2,952,685, compared to $138,342 of cash and cash equivalents and a working capital deficit of $2,829,165 as of December 31, 2021.

During the three months ended March 31, 2022, our net loss was $194,385 compared to a net loss of $290,427 for the three months ended March 31, 2021. Net cash used in operating activities in the three months ended March 31, 2022 and in the three months ended March 31, 2021 was $118,452 and $76,730, respectively.

Net cash used in investing activities during the three months ended March 31, 2022 was $0, as compared to net cash used in investing activities during the three months ended March 31, 2021 which was $5,222 which consisted of proceeds totaling $1,258 received from the sale of marketable securities and $6,480 in developments cost assets.

Net cash provided by financing activities during the three months ended March 31, 2022 was $25,000 and consisted of $25,000 received for the conversion of warrants. Net cash used by financing activities during the three months ended March 31, 2021 was $413,043 and consisted of $11,957 in upon our lines of credit and a term loan, and $425,000 received from financings. This represents a decrease of 88%. This reduction in additional financings is directly related to the Company not relying on convertible notes for financings, with no new convertible notes being issued.

Because revenues from our operations have, to date, been insufficient to fund our working capital needs, we currently rely on the cash we receive from our financing activities to fund our growth, capital expenditures and to support our working capital requirements. The sale of our products and services is expected to enhance our liquidity in 2022, although the amount of revenues we receive in 2022 still cannot be estimated.

Until such time as our products and services can support our working capital requirement, we expect to continue to generate revenues from our other licenses, subscriptions, international distributors, hardware sales, professional services and new customers in the pipeline. However, the amount of such revenues is unknown and is not expected to be sufficient to fund our working capital needs. For our internal budgeting purposes, we have assumed that such revenues will not be sufficient to fund all of our planned operating and other expenditures during 2022. In addition, our actual cash expenditures may exceed our planned expenditures, particularly if we invest in the development of improved versions of our existing products and technologies, and if we increase our marketing expenses. Accordingly, we anticipate that we will have to continue to raise additional capital in order to fund our operations in 2022 No assurance can be given that we will be able to obtain the additional funding we need to continue our operations.

In order to continue funding our growth, IP and working capital needs and new product development costs, during the first quarter of 2022 we continued to draw down on our credit line to fund purchase orders. However, no assurance can be given that the investor will provide the funding, if and when requested by us.

Going Concern

The consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has stockholders' deficit of $3,009,406 and negative working capital of $2,952,685 as of March 31, 2022 and used cash in operations of $118,452 during the current period then ended. A significant part of our negative working capital position at March 31, 2022 consisted of $803,885, of amounts due to various accredited investors of the Company for convertible promissory notes, loans and a letter of credit. The Company anticipates further losses in the development of its business. Please see the section entitled "Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2021 for more information regarding risks associated with our business.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Inflation

We do not believe our business and operations have been materially affected by inflation.

Critical Accounting Policies and Estimates

There are no material changes to the critical accounting policies and estimates described in the section entitled "Critical Accounting Policies and Estimates" under Item 7 in our Annual Report on Form 10-K for the year ended December 31, 2021.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a "smaller reporting company", we are not required to provide the information under this Item 3.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our management, including our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Based on the evaluation as of December 31, 2021, for the reasons set forth below, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS.

These are not all of the risks associated with the Company and must be used in conjunction with those disclosed in the most recent December 31, 2021 10K filing.

The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company's business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain.

Due to COVID-19, we have experienced some changes in our business, that have been both positive and negative. Specifically, the Company's IP licensing business has been negatively impacted by the global financial slowdown and many courts, judges and law firms are not working at full capacity, which is creating delays in finalizing licensing agreements or litigation. We have also experienced a small percentage of subscriptions being either cancelled or requested to be put on pause, due to financial hardships. On the positive side we saw an increase in product sales specifically with medical supplies and equipment. Overall, our revenues have not been materially impacted as a whole, however there have been some shifts with certain revenue streams doing better post COVID and others doing worse.

The severity of the impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company's customers, service providers and suppliers, all of which are uncertain and cannot be predicted. As of the date of issuance of Company's financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company's financial condition, liquidity or results of operations is uncertain.

ITEM 2.(a). UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

On January 14, 2022, we issued 4,000,000 in common stock to a firm as part of their agreement.

On January 21, 2022, an investor converted 10,000,000 of warrants into 10,000,000 shares of common stock at a strike of $0.0025.

The issuance of the above shares was exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

(a) Exhibits

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act
32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema
101.CAL		Inline XBRL Taxonomy Extension Calculation
101.DEF		Inline XBRL Taxonomy Extension Definition
101.LAB		Inline XBRL Taxonomy Extension Label
101.PRE		Inline XBRL Taxonomy Extension Presentation
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GTX CORP
Date: May 16, 2022	By:	/s/ ALEX MCKEAN
		Alex McKean,
		Chief Financial Officer (Principal Financial Officer)

Date: May 16, 2022	By:	/s/ PATRICK BERTAGNA
		Patrick Bertagna,
		Chief Executive Officer

Public link

Please use the above public link if you want to share this noodl on another website.