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Loop Media Inc (LPTV+4.32%). has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing details a decrease in revenue to $22,254,959 from $31,642,293 in the previous year, attributed to a challenging advertising market and changes in ad demand partner terms.
Cost of revenue decreased to $16,273,962 from $20,982,933, reflecting cost-cutting measures and restructuring of content licenses.
Operating expenses were reduced by 32% to $26,749,678, primarily due to reductions in payroll, marketing, and administrative costs.
The company reported a net loss of $24,495,602, an improvement from the previous year's loss of $31,963,679.
Loop Media's cash balance at the end of the fiscal year was $824,658, with net cash used in operating activities totaling $7,337,757.
The company continues to explore potential strategic alternatives and financing opportunities to sustain operations and support growth.
Key performance indicators showed a decrease in quarterly active units to 27,811 from 30,486 in the previous quarter, reflecting a strategic focus on key advertising markets.
The filing also notes the completion of a settlement with GemCap Solutions, LLC, resolving outstanding obligations under a revolving line of credit agreement.
Loop Media's common stock was delisted from the NYSE American and is now trading on the OTC Pink Market under the symbol 'LPTV'.
The company highlights ongoing efforts to reduce expenses and improve operational efficiency, despite a challenging market environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Loop Media Inc annual 10-K report dated December 12, 2024. To report an error, please email earnings@qz.com.