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Givbux Inc (GBUX0.00%) 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 revenue to $257,920 from $65,470 in the same quarter the previous year. This increase is attributed to the beta testing of the GivBux App and recruitment of sales associates.
Net loss for the quarter was $224,406, compared to $319,457 in the previous year. The decrease in net loss is noted despite the need for hiring additional personnel as the company grows.
Total current assets as of September 30, 2024, were $74,835, with total liabilities at $3,237,072, resulting in a stockholders' deficit of $3,162,237.
The company reported a gross profit of $115,718 for the quarter, compared to $65,470 in the previous year, with operating expenses totaling $250,520.
Cash used in operating activities was $293,508, while cash provided by financing activities was $316,293, resulting in a net increase in cash of $22,785 for the period.
The filing also details various financial agreements, including convertible notes and loans payable, with several loans and notes in default as of the reporting date.
The company identified material weaknesses in its internal controls over financial reporting, which it is working to remediate through enhanced processes and hiring additional personnel.
Givbux does not anticipate cash dividend payments to common stockholders in the near future.
The filing outlines risks related to operating as a public company, including compliance with SEC regulations and the potential impact on stock price and liquidity.
The company plans to expand its board of directors from three to five members in the first quarter of 2025, with Robert Thompson temporarily assuming CEO duties during Umesh Singh's medical leave.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Givbux Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.