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VNUE Inc (VNUE+14.29%) 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 $57,670 from $196,522 in the same quarter the previous year. The decrease is attributed to reduced revenues at the Stage It subsidiary and a lack of touring by Matchbox Twenty.
Direct costs of revenue for the quarter were $26,670, compared to $143,500 in the same quarter of the previous year.
The company reported operating expenses of $1,321,752, an increase from $330,132 in the previous year, primarily due to a net litigation judgment expense.
Other expenses for the quarter were $23,798, down from $58,335 in the previous year, attributed to lower levels of debt.
Net loss available to common shareholders for the quarter was $1,384,506, compared to a net loss of $375,480 in the previous year.
As of September 30, 2024, VNUE had $3,416 in cash on hand, with negative working capital of $7,677,294 and an accumulated deficit of $40,222,569.
The company acknowledges substantial doubt about its ability to continue as a going concern within one year after the date of the condensed financial statements being issued.
VNUE is currently negotiating terms of settlement with Golock Capital, LLC and DBW Investments, LLC following a court judgment against the company.
The company continues to focus on deploying its Soundstr Music Recognition Technology and has signed a memorandum of understanding with Eyeora to extend its Stage It experience.
VNUE's management is evaluating remediation plans for identified material weaknesses in its internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VNUE Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.