In This Story
Mobivity Holdings Corp (MFON-1.45%) 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 $226,208 from $50,180 in the same quarter the previous year. The increase is attributed to an increase in subscription revenue.
Cost of revenues for the quarter was $120,125, representing 53% of sales, compared to 71% in the same quarter of the previous year. This decrease in cost ratio is due to a decrease in SMS/MMS messaging costs.
The company reported a net loss of $2,458,552 for the quarter, compared to a net loss of $3,778,272 in the previous year, with the decline attributed to reduced stock-related expenses.
Interest expense increased to $529,841 from $237,376, primarily due to the increased balance on related party notes payable and the issuance of convertible notes.
Cash used in operating activities was $5,405,028, while cash provided by financing activities was $5,317,965, primarily from proceeds from related party convertible notes.
Mobivity had a working capital deficit of $6,723,209 as of September 30, 2024. The company acknowledges its dependence on additional capital and expected cash flow from operations to fund its operations over the next 12 months.
The filing also details various financial agreements, including an asset purchase agreement with SMS Factory, Inc., and amendments to credit facility agreements with related parties.
Mobivity 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 and oversight.
Mobivity continues to focus on its Recurrency platform and Connected Rewards business, enabling businesses to reward users with real-world products for digital actions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mobivity Holdings Corp quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.