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Eva Live Inc (GOAI0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $1,982,252 from $1,699,174 in the same quarter the previous year. The increase is attributed to larger contract sizes secured during the period.
General and administrative expenses for the quarter were $6,535,287, representing 329.69% of sales, compared to 10.34% in the same quarter of the previous year. This increase is primarily due to share-based compensation.
The company reported a net loss of $5,529,477 for the quarter, compared to a net income of $489,990 in the previous year.
Cash and cash equivalents increased to $849,263 as of September 30, 2024, from $472,509 as of December 31, 2023.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) was reported as a loss of $5,677,343 for the nine months ended September 30, 2024.
Eva Live Inc's operations are highly dependent on a small number of key customers, with the top three customers representing over 83% of revenue for the quarter.
The filing also details a reverse capitalization transaction with EvaMedia Corp, eliminating previously recorded goodwill of $2,010,606.
The company has secured additional financing through convertible notes and is planning further capital expenditures to support growth.
The report highlights concerns about the company's ability to continue as a going concern due to sustained losses and negative cash flows from operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eva Live Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.