In This Story
Remark Holdings Inc. (MARK+2.27%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a revenue of $320,000, up from $183,000 in the same quarter the previous year. The increase is attributed to a new project with a large school district in the U.S.
Cost of revenue for the quarter was $107,000, compared to $254,000 in the same quarter of the previous year. This decrease is due to reduced operations in China.
The company reported a net loss of $9,614,000 for the quarter, compared to $7,172,000 in the previous year. The increase in net loss is primarily due to a $6.5 million impairment related to deferred costs of revenue in China.
General and administrative expenses decreased slightly to $2,763,000 from $2,843,000, with reductions in payroll and legal expenses.
Interest expense decreased to $376,000 from $949,000, primarily due to changes in the fair value of secured convertible debentures.
Cash used in operating activities was $7,034,000 for the nine months ended September 30, 2024, compared to $9,083,000 in the same period of the previous year.
The company continues to face challenges with its operations in China due to geopolitical tensions and has reduced its staff there to a minimal level.
Remark Holdings is exploring strategic alternatives, including debt and equity financings, to fund future operations and meet financial obligations.
The company has a stockholders' deficit of $55.6 million as of September 30, 2024, and management has expressed substantial doubt about its ability to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Remark Holdings Inc. quarterly 10-Q report dated January 13, 2025. To report an error, please email earnings@qz.com.