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Freeze Tag Inc (FRZT-1.67%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in revenues to $1,976,989 from $2,115,547 in the previous year. The decrease is attributed to lower revenues from games and the closure of the subsidiary Space Coast Geo Store, LLC.
Cost of sales increased to $605,716 from $428,656, due to increased capitalized software amortization and impairment of capitalized software costs.
Selling, general, and administrative expenses decreased slightly to $1,814,854 from $1,844,861, primarily due to a decrease in payroll expenses.
Net loss for the year was $492,605, compared to a net loss of $205,198 in the previous year. The increase in net loss is attributed to declining revenues and higher costs, including amortization of capitalized software.
Cash used in operating activities was $266,788, with cash provided by financing activities of $100,016. The company ended the year with a cash balance of $216,590.
Freeze Tag has a working capital deficit of $876,001 as of December 31, 2024, and a total stockholders’ deficit of $686,853.
The company continues to explore options to address the significant increase in costs related to being a public company, including potential loans, stock sales, or business acquisitions.
Freeze Tag's flagship product, Munzee, saw several new features added in 2024, and development continued on the server-side technology to improve flexibility and development cycles.
The company reported progress on its Eventzee platform, launching a redesigned admin interface with expanded features, and continued to add high-profile clients.
Freeze Tag's strategy focuses on the free-to-play business model, leveraging social networks for user acquisition, and exploring acquisition opportunities to enhance company value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Freeze Tag Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.