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Giftify Inc. (GIFT-2.12%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's acquisition of CardCash Exchange Inc. completed on December 29, 2023, for $26,682,000. This acquisition was paid through a combination of cash, stock, and notes payable.
Giftify reported net sales of $88,934,036 for the year ended December 31, 2024. The company's cost of sales was $75,789,255, resulting in a gross profit of $13,144,781.
Operating expenses for the year totaled $31,520,507, which included selling, general, and administrative expenses of $27,615,865 and amortization of intangible assets amounting to $2,431,668.
The company reported a net loss of $18,832,080 for the fiscal year. This loss includes interest expenses of $1,002,354 and a financing cost of $131,000.
Giftify's cash and cash equivalents as of December 31, 2024, were $3,574,876. The company has a secured revolving line of credit with a balance of $3,805,080.
The filing highlights a material weakness in internal controls over financial reporting related to IT general controls. The company has outlined a remediation plan to address these weaknesses.
Giftify's Board of Directors includes Ketan Thakker as CEO and Chairman, Steve Handy as CFO, and Elliot Bohm as Director and President of CardCash.
The company does not anticipate paying cash dividends in the near future, preferring to reinvest earnings to finance business expansion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Giftify Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.