In This Story
Society Pass Incorporated (SOPA-5.58%) 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 $1,675,894 from $2,269,066 in the same quarter the previous year. The decrease is attributed to a reduction in sales from online ordering, digital marketing, and online ticketing and reservation businesses.
Cost of revenue for the quarter was $1,310,248, representing 78% of sales, compared to 75% in the same quarter of the previous year. This increase in cost ratio is due to lower profit margins across all business segments.
The company reported a gross income of $365,646 for the quarter, compared to $562,564 in the previous year, with the decline attributed to decreased gross income from digital marketing and online ticketing and reservation businesses.
Sales and marketing expenses decreased to $40,263 from $236,874, primarily due to planned cost reductions and marketing strategy redesign.
General and administrative expenses decreased to $1,486,362 from $4,455,546, reflecting the effectiveness of cost control improvements.
Net loss for the quarter was $1,380,578, down from $3,918,046 in the previous year. The decrease in net loss was primarily attributable to decreased general and administrative expenses.
Cash and cash equivalents at the end of the period were $4,220,371, with net cash used in operating activities amounting to $1,178,148.
The filing also details various financial activities, including the issuance of shares for services and private placements, and the repurchase of common stock.
Society Pass continues to focus on expanding its e-commerce ecosystem in Southeast Asia through acquisitions and strategic partnerships.
The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Society Pass Incorporated quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.