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I-ON Digital Corp (IONI-1.43%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales to related parties of $32,625, compared to $65,250 for the same period the previous year.
The cost of sales for the quarter was $0, compared to $27,667 in the same quarter of the previous year. The gross profit for the quarter was $0, compared to $4,958 in the previous year.
Operating expenses for the quarter were $344,289, up from $119,068 in the previous year. This increase was due to higher professional fees and general and administrative expenses.
The company reported an operating loss of $344,289 for the quarter, compared to a loss of $114,110 in the previous year.
Interest expenses for the quarter were $160,623. The company recorded a gain of $25,682 from the exchange of intangible assets and a gain of $3,795 from the sale of intangible assets.
Net loss for the quarter was $475,435, compared to a net loss of $114,110 in the previous year.
Cash used in operating activities was $745,920 for the nine months ended September 30, 2024, compared to cash provided by operating activities of $12,107 in the previous year.
Cash provided by investing activities was $94,743, compared to cash used in investing activities of $560,353 in the previous year.
Cash provided by financing activities was $815,061, compared to $548,532 in the previous year.
As of September 30, 2024, I-ON Digital Corp had $199,959 in cash and cash equivalents.
The company identified substantial doubt about its ability to continue as a going concern due to limited revenues and recurring losses.
I-ON Digital Corp continues to focus on its digital asset platforms and anticipates future revenue streams from these initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the I-ON Digital Corp quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.