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CFN Enterprises Inc (CNFN0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial statements for the quarter, with net revenues increasing to $6,771,741 from $1,678,571 in the same quarter the previous year. This increase is attributed to the full integration of Ranco and its ability to acquire inventory and retain new customers.
Cost of revenue for the quarter was $2,394,994, compared to $1,225,536 in the same quarter of the previous year. The increase correlates with the rise in Ranco's revenue.
Operating expenses were $2,740,385, up from $1,597,681 in the previous year, due to increased headcount and operations of Ranco.
The company reported a net income of $972,900 for the quarter, compared to a net loss of $1,910,483 in the previous year.
Cash provided by operating activities was $312,722, while cash used in investing and financing activities was $39,300 and $108,912, respectively.
CFN Enterprises had a working capital deficit of $14,862,760 as of September 30, 2024, with an accumulated deficit of $75,528,870.
The filing discusses various financial obligations, including promissory notes and preferred stock interest, with notes payable totaling $7,632,488.
CFN Enterprises continues to focus on its CFN Business and Ranco Business, while exploring strategic transactions and opportunities.
The company settled a legal proceeding with CAKE Software, Inc., resulting in the discontinuation of the action with prejudice.
Management acknowledges the substantial doubt about the company's ability to continue as a going concern, citing plans to raise capital and pursue strategic opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CFN Enterprises Inc quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.