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Vado Corp (VADP-13.04%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $5,106,087 from $4,349,533 in the same quarter the previous year. This increase is attributed to onboarding sales from a new agreement for the transfer of customers and employees.
Cost of revenue for the quarter was $4,499,584, representing 88% of revenue, compared to 60% in the same quarter of the previous year. This increase in cost ratio is due to costs associated with the new agreement.
The company reported a gross profit of $606,503 for the quarter, compared to $1,750,323 in the previous year, with the decline attributed to increased costs.
Selling, general, and administrative expenses decreased to $2,127,198 from $2,222,019, primarily due to cost-cutting measures.
Net loss for the quarter was $1,612,177, compared to $1,637,337 in the previous year. Interest expense, net of interest income, was $98,734, down from $1,165,641 in the previous year.
Cash provided by operating activities was $1,113,091, while cash used in investing and financing activities was $15,700 and $168,477, respectively.
Vado had a working capital deficit of $12,320,754 as of September 30, 2024. The company acknowledges its dependence on additional financing to meet future obligations.
The filing also details various financial agreements, including a loan payable to Decathlon and related party indebtedness.
Vado does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a need to address its liquidity issues and is actively seeking to extend a $4 million loan due December 13, 2024.
Vado continues to focus on expanding its customer base and improving its product offerings, with an emphasis on predictive analytics and creative automation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vado Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.