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OneMedNet Corp (ONMD+8.26%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenue to $617,000 from $681,000 in the same period the previous year. This decline is attributed to the planned discontinuation of the BEAM platform, which resulted in a decrease in subscription revenue.
Cost of revenue increased to $872,000, representing 141% of revenue, compared to 119% in the same period the previous year. This increase is due to higher consulting costs associated with the shift to iRWD sales.
General and administrative expenses rose to $4,934,000 from $2,475,000, primarily due to increased professional fees related to being a public company.
Sales and marketing expenses decreased to $623,000 from $813,000, driven by reduced salaries and benefits.
Research and development expenses decreased to $1,127,000 from $1,566,000, mainly due to a reduction in stock compensation expenses.
The company reported a net loss of $7,755,000, down from $31,284,000 in the same period the previous year. This decrease is largely due to the absence of significant changes in fair value of convertible promissory notes that were present in the prior year.
Cash used in operating activities was $5,007,000, while cash used in investing activities was $2,296,000, primarily due to investments in Bitcoin.
Cash provided by financing activities was $9,190,000, largely from private placements and related party loans.
The filing notes that the company faces substantial doubt about its ability to continue as a going concern due to recurring losses and the need for additional financing.
The report also highlights risks associated with the company's investment in Bitcoin, including price volatility and regulatory uncertainties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OneMedNet Corp quarterly 10-Q report dated December 17, 2024. To report an error, please email earnings@qz.com.