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Rego Payment Architectures, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no net revenue for the three and nine months ended September 30, 2024, and September 30, 2023.
Net loss for the three months ended September 30, 2024, was $2,173,987, compared to $2,443,322 for the same period in 2023. For the nine months ended September 30, 2024, net loss was $7,109,131, down from $13,994,440 in the previous year.
Transaction expenses increased to $86,955 for the three months ended September 30, 2024, compared to $56,581 in the previous year. For the nine months ended September 30, 2024, transaction expenses were $287,288, up from $171,543 in the previous year.
Sales and marketing expenses decreased to $116,605 for the three months ended September 30, 2024, from $468,115 in the previous year. For the nine months ended September 30, 2024, sales and marketing expenses were $526,065, down from $1,475,458 in the previous year.
Product development expenses increased to $912,706 for the three months ended September 30, 2024, from $758,614 in the previous year. For the nine months ended September 30, 2024, product development expenses were $2,592,996, up from $2,051,020 in the previous year.
General and administrative expenses decreased to $810,411 for the three months ended September 30, 2024, from $905,699 in the previous year. For the nine months ended September 30, 2024, these expenses were $2,961,321, down from $9,534,184 in the previous year.
Interest expense was $247,310 for the three months ended September 30, 2024, compared to $254,313 in the previous year. For the nine months ended September 30, 2024, interest expense was $741,461, down from $762,235 in the previous year.
Accrued preferred dividend expense increased to $704,599 for the three months ended September 30, 2024, from $653,656 in the previous year. For the nine months ended September 30, 2024, this expense was $2,001,033, up from $1,565,584 in the previous year.
Rego Payment Architectures, Inc. reported cash and cash equivalents of $4,475,158 as of September 30, 2024, down from $6,256,634 as of December 31, 2023.
The company highlighted its focus on developing its business plan and the need to generate revenue to sustain operations. The company also noted the potential need to seek additional financing if revenue generation is insufficient.
The filing detailed various financial agreements, including the extension of the maturity date of an existing Investor Private Line of Credit to March 13, 2025.
Rego Payment Architectures, Inc. continues to focus on its mobile payment platform, Mazoola®, which is designed to enable minors to transact in a secure online environment with parental oversight.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rego Payment Architectures Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.