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Intelligent Protection Management Corp. (IPM-2.41%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's acquisition of Newtek Technology Solutions, Inc., completed on January 2, 2025. The acquisition involved a cash payment of $4,000,000 and the issuance of 4,000,000 shares of Series A Preferred Stock.
The company also completed the sale of its telecommunications services provider 'Vumber', as well as its 'Paltalk' and 'Camfrog' applications to Meteor Mobile Holdings, Inc. This divestiture included a cash payment of $1,350,000 and the assumption of related liabilities.
Intelligent Protection Management Corp. reported a net loss of $8.4 million for the year ended December 31, 2024, compared to a net loss of $1.1 million in the previous year. The increase in net loss was attributed to a one-time non-cash impairment loss in connection with the divestiture and increased legal and accounting expenses related to the acquisition.
Revenue from continuing operations increased by 14.2% to approximately $1.1 million, driven by increased sales from ManyCam.
The company identified a material weakness in its internal controls over financial reporting, related to deficiencies in the conversion of NTS’s system of record for webhosting revenue and ineffective control design over revenue recognition.
Intelligent Protection Management Corp. continues to focus on integrating its IT-related services and expanding its customer base through potential platform partnerships and advertising campaigns.
The company has a portfolio of eight issued patents and plans to incorporate artificial intelligence features into its secure private cloud offerings.
The filing also details the company's strategy to acquire or invest in technologies, solutions, or businesses that complement its operations, with an emphasis on cross-selling opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Intelligent Protection Management Corp. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.