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ViewBix Inc (VBIX-3.85%). 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 revenues to $6,281,000 from $15,715,000 in the same quarter the previous year. This decline is attributed to the impact of adverse market conditions on the company's digital content segment.
The company reported traffic-acquisition and related costs of $5,145,000, down from $14,526,000 in the previous year, reflecting the reduction in revenues.
Research and development expenses were $338,000, compared to $700,000 in the previous year, due to cost-cutting measures.
Selling and marketing expenses decreased to $329,000 from $680,000, primarily due to reduced salaries in the digital content segment.
General and administrative expenses were $435,000, down from $727,000, reflecting reductions in salaries and overhead costs.
The company recorded a goodwill impairment of $4,739,000 related to the digital content segment, due to a significant customer ceasing advertising on Cortex's sites.
Net financial income was $152,000, compared to net financial expenses of $260,000 in the previous year, largely due to changes in the fair value of financial instruments.
The company reported a net loss of $695,000 for the quarter, compared to a net loss of $1,781,000 in the previous year.
Cash provided by operating activities was $534,000 for the quarter, indicating a positive cash flow despite the net loss.
ViewBix Inc. has raised capital through private placements and facility agreements, and plans to uplist its shares to a national securities exchange.
The company has entered into various credit facility agreements to support its operations, with terms including conversion features and warrants.
The filing also discusses the impact of the ongoing conflict in Israel on the company's operations, as well as measures taken to mitigate financial challenges.
ViewBix Inc. acknowledges substantial doubt about its ability to continue as a going concern due to declining revenues and other financial pressures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ViewBix Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.