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Minim Inc (MINM0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in net sales to $0 from $6.7 million in the same quarter the previous year. This decline is attributed to decreased sales of Motorola branded cable modems and gateways.
Cost of goods sold for the quarter was $0, compared to $9.7 million in the previous year, resulting in a gross margin of 0% compared to -44.8% in the previous year.
Operating expenses decreased to $625,067 from $3,723,820, driven by reductions in selling and marketing expenses, general and administrative costs, and research and development expenses.
The company reported an operating loss of $625,067, compared to $6,721,729 in the previous year, with the improvement attributed to lower operating expenses.
Net loss for the quarter was $625,067, down from $6,820,287 in the previous year. The decrease in net loss is primarily due to cost reductions.
Cash used in operating activities was $3,783,080, while cash provided by financing activities was $3,265,482, primarily from the issuance of preferred stock.
Minim had cash and cash equivalents of $191,724 as of September 30, 2024, compared to $709,322 at the end of the previous year.
The filing also discusses the company's liquidity challenges and its efforts to manage costs and seek additional financing.
Minim is addressing its Nasdaq (NDAQ+1.07%) listing compliance issues, having faced a suspension of trading due to non-compliance with the equity requirement.
The company is pursuing legal actions to contest the Nasdaq delisting decision and is seeking to regain compliance with listing requirements.
The filing includes information on the company's recent Securities Purchase Agreement aimed at raising $2.6 million, contingent on maintaining its Nasdaq listing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Minim Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.