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Singlepoint Inc (SING-12.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $5.5 million from $6.9 million in the same quarter the previous year. The decrease is attributed to lower revenues at Boston Solar and reduced sales of air purification systems.
Cost of revenue for the quarter was $3.0 million, compared to $4.8 million in the same quarter of the previous year. This decrease is due to lower revenues at Boston Solar and reduced sales of air purification systems.
The company reported a gross profit of $2.5 million for the quarter, compared to $2.0 million in the previous year, with the increase attributed to the completion of higher margin projects.
Selling, general, and administrative expenses increased to $3.5 million from $3.2 million, primarily due to increases in consulting and professional fees.
Net loss for the quarter was $4.5 million, up from $1.3 million in the previous year. The increase in net loss was primarily due to increases in other expenses and SG&A expenses.
Cash used in operating activities was $2.6 million for the nine months ended September 30, 2024, primarily due to a net loss of $18.3 million.
The company had cash and cash equivalents of approximately $0.06 million as of September 30, 2024. The company anticipates needing approximately $4.0 million to continue operations for the next 12 months.
The filing details various financial agreements, including convertible notes payable and promissory notes, with terms and conditions affecting the company's liquidity.
Singlepoint Inc acknowledges its dependence on raising additional capital to sustain operations and achieve viable operations.
The company identified material weaknesses in its internal controls over financial reporting due to a lack of a functioning audit committee and inadequate segregation of duties.
Singlepoint Inc continues to focus on providing energy solutions and energy-centric applications through its subsidiaries, with a primary focus on solar operations and air purification systems.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Singlepoint Inc quarterly 10-Q report dated December 31, 2024. To report an error, please email earnings@qz.com.