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Venu Holding Corporation (VENU+7.07%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $5,451,975 for the quarter, an increase from $3,911,379 in the same period the previous year. This growth is attributed to the opening of Ford Amphitheater in August 2024.
Operating costs for the quarter were $9,128,236, up from $6,665,650 in the previous year. This increase is primarily due to higher operating expenses related to expansion efforts and pre-opening costs for new venues.
The company reported a net loss of $4,527,472 for the quarter, compared to a net loss of $2,807,913 in the previous year. This increase in net loss is largely due to increased operating expenses.
Venu's balance sheet shows total assets of $166,597,802 as of September 30, 2024, up from $83,223,707 at the end of 2023. This increase is primarily due to investments in property and equipment.
The company raised $31,693,410 through private equity offerings in the first nine months of 2024, which has been used to fund marketing, staff development, and venue expansion.
Venu's cash flow from operating activities was $13,336,007 for the nine months ended September 30, 2024, compared to cash used in operating activities of $6,518,214 in the same period the previous year.
Net cash used in investing activities was $61,541,682, primarily due to the purchase of property and equipment for new venue developments.
Net cash provided by financing activities was $63,801,428, which includes proceeds from the issuance of shares and a promissory note from the City of El Paso, Texas.
The filing also details a convertible promissory note agreement with KWO, LLC, with a balance of $10,000,000 as of September 30, 2024, and an interest rate of 8.75% per annum.
Venu continues to focus on expanding its portfolio of venues and has outlined plans for new developments in Oklahoma and Texas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Venu Holding Corporation quarterly 10-Q report dated December 23, 2024. To report an error, please email earnings@qz.com.