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CONX Corp. (CNXX0.00%) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, showing rental income of $500,402, derived from the lease agreement with EchoStar Real Estate Holding L.L.C. (SATS+5.72%)
General and administrative expenses for the quarter were $1,839,724, compared to $339,598 in the same quarter of the previous year.
The company reported a net income of $4,545,277 for the quarter, compared to a net loss of $920,206 in the previous year.
Cash provided by operating activities was $83,280, while cash used in investing and financing activities was $4,463,792 and $177,311,864, respectively.
CONX Corp. completed a business combination on May 1, 2024, acquiring a commercial real estate property for $26.75 million.
The company entered into a lease agreement with EchoStar Real Estate Holding L.L.C., generating annual rental revenue of approximately $3 million.
CONX Corp.'s Class A common stock and public warrants are traded on the over-the-counter market under the symbol 'CNXX' and 'CNXXW,' respectively.
The filing also details a PIPE investment agreement with EchoStar, involving the purchase of 1,551,355 shares of EchoStar's Class A common stock for approximately $43.5 million.
CONX Corp. identified a material weakness in its internal controls over financial reporting related to the accounting for complex financial instruments.
The company plans to enhance its system of evaluating and implementing accounting standards to address this material weakness.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CONX Corp. quarterly 10-Q report dated November 22, 2024. To report an error, please email earnings@qz.com.