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Mobiquity Technologies, Inc. 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 revenues to $566,044 from $177,271 in the same quarter the previous year. This increase is attributed to a rise in political advertising revenue.
Cost of revenues for the quarter was $230,296, representing 41% of revenues, compared to 64% in the same quarter of the previous year. The reduction in cost ratio is due to improved efficiency in data storage and platform maintenance.
The company reported a gross profit of $335,748 for the quarter, compared to $63,097 in the previous year, with the increase attributed to higher revenues and reduced costs.
Operating expenses decreased to $1,314,839 from $1,458,136, primarily due to a reduction in professional fees and licenses.
Net loss for the quarter was $1,131,316, down from $1,394,271 in the previous year. The decrease in net loss is attributed to increased revenues and reduced operating expenses.
Cash used in operating activities was $1,798,860, while cash used in investing activities was $1,444,396. Cash provided by financing activities was $2,904,794, primarily from the issuance of common stock and debt.
Mobiquity had a working capital deficit of $2,598,410 as of September 30, 2024. The company acknowledges its dependence on additional capital to meet future obligations.
The filing also details various financial agreements, including merchant agreements and promissory notes with related parties.
Mobiquity does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of segregation of duties.
Mobiquity continues to focus on expanding its programmatic advertising platforms and highlights its strategic partnership with Context Networks for advertising in the gaming industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mobiquity Technologies Inc. warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.