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Vynleads Inc (VYND0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines that Vynleads Inc, a Delaware corporation, focuses on providing health and wellness information, primarily targeting individuals with prediabetes or type 2 diabetes. The company offers a digital guide called the Lifestyle Blueprint, nutritional supplements, and a monthly newsletter.
Vynleads reported no revenue for the fiscal years 2024 and 2023. Operating expenses increased by 1.49% to $239,239 in 2024 from $235,726 in 2023, primarily due to higher back-office support costs.
The company recorded a net loss of $261,192 for the year ended December 31, 2024, compared to a net loss of $263,437 in the previous year. The accumulated deficit as of December 31, 2024, was $2,785,530.
The balance sheet shows total current assets of $87,203 and total current liabilities of $314,568 as of December 31, 2024, resulting in a working capital deficit of $227,365.
Vynleads Inc faces significant liquidity challenges and requires additional capital to meet its short and long-term operating requirements. The company plans to raise additional capital through the sale of equity securities.
The report highlights that the COVID-19 pandemic has adversely affected the company's operations, leading to a significant reduction in demand for its products and services.
Vynleads Inc's management identified a material weakness in its internal control over financial reporting due to a lack of segregation of duties, attributed to limited personnel.
The company does not own any real estate or properties and has one employee, including its chief executive officer, as of March 24, 2025.
Vynleads Inc's common stock is traded on the OTCQB under the symbol VYND, with a market price of $0.50 as of March 24, 2025. The company has not declared or paid dividends on its common stock.
The filing also notes that Vynleads Inc has not entered into any off-balance sheet arrangements and does not anticipate paying cash dividends to common stockholders in the foreseeable 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 annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.