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Vemanti Group Inc (VMNT+11.77%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $273,597 for the three months ended September 30, 2024, and $948,565 for the nine months ended September 30, 2024.
Operating expenses for the three months ended September 30, 2024, were $198,218, resulting in an operating profit of $75,379.
For the nine months ended September 30, 2024, operating expenses were $742,384, leading to an operating profit of $206,181.
The company reported a net loss of $128,036 for the three months ended September 30, 2024, and a net loss of $371,786 for the nine months ended September 30, 2024, primarily due to interest expenses.
Cash provided by operating activities was $309,879 for the nine months ended September 30, 2024.
The company underwent a reverse recapitalization with VinHMS Pte. Ltd., which is now its wholly owned subsidiary. This business combination is accounted for as a reverse recapitalization, with VinHMS being treated as the accounting acquirer.
The filing also details the company's liquidity position, indicating sufficient cash to remain in business for the next 12 months, though additional capital may be sought for strategic opportunities.
The company identified material weaknesses in its internal control over financial reporting due to limited operations and a lack of segregation of duties.
Vemanti Group Inc continues to focus on its digital transformation strategy for the hospitality industry, leveraging its subsidiary VinHMS's cloud-based platforms.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vemanti Group Inc quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.