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Old Market Capital Corporation (OMCC-2.36%) has filed its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total revenue of $2.968 million for the three months ended December 31, 2024, attributed to services provided by Amplex, which was acquired in June 2024. The company did not report any revenue for the same period in the previous year.
Operating expenses for the quarter amounted to $3.671 million, with general and administrative expenses totaling $2.123 million. Depreciation and amortization expenses were $501 thousand.
The company reported a net loss from continuing operations of $465 thousand for the quarter, compared to a net loss of $1.699 million in the previous year.
Net income from discontinued operations was $279 thousand for the quarter, compared to a loss of $9.962 million in the same period the previous year.
Cash used in operating activities was $1.145 million for the nine months ended December 31, 2024. Cash provided by investing activities was $14.483 million, while cash used in financing activities was $4.788 million.
As of December 31, 2024, the company had $27.531 million in cash and cash equivalents, compared to $18.982 million as of March 31, 2024.
The company identified a material weakness in its internal control over financial reporting related to non-routine transactions, which led to the correction of errors in the financial statements.
Old Market Capital Corporation completed its acquisition of Amplex on June 15, 2024, acquiring 51% of the issued and outstanding common shares. Amplex provides broadband internet and related services in Ohio.
The filing also details various legal proceedings, including a settled class-action lawsuit involving the company's former consumer finance operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Old Market Capital Corporation quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.