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Vynleads, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the nine months ended September 30, 2024, compared to the same period in the previous year.
Total costs and operating expenses decreased by $5,422 or 3% in the nine months ended September 30, 2024, compared to the same period in 2023. This decrease was attributed to a savings initiative to offset the decline in revenue.
Selling, general, and administrative expenses increased by $7,437 or 5% in the nine months ended September 30, 2024, compared to the same period in 2023.
The company reported a net loss of $197,545 for the nine months ended September 30, 2024, compared to a net loss of $203,054 in the previous year.
Vynleads had a working capital deficit of $853,971 as of September 30, 2024, with an accumulated deficit of $2,721,883.
The company acknowledges substantial doubt about its ability to continue as a going concern due to recurring operating losses and negative operating cash flows.
Vynleads is seeking additional capital to fund its operations and growth plans, estimating a need for approximately $5,500,000 in additional working capital over the next 12 months.
The filing details several notes payable, many of which are currently in default, with interest rates of 5% per annum.
The company identified a material weakness in its internal controls over financial reporting due to a lack of segregation of duties.
Vynleads does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vynleads Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.