Financial Performance - The company reported a net loss of $8,907,922 for the period, compared to a loss of $233,904 in the previous period, indicating a significant increase in losses [55]. - The company reported a net income (loss) of $(9,882,556) for the latest quarter, compared to $(9,883,004) in the previous quarter, indicating stability in losses [57]. - As of September 30, 2024, the company reported a net loss of approximately $17.25 million and a working capital deficit of approximately $15.63 million [61]. - As of September 30, 2024, the company reported a net loss of $4,513,326 for the three months ended, compared to a net loss of $1,270,860 for the same period in 2023 [103]. - The company reported a gross profit of $2.5 million for the three months ended September 30, 2024, compared to $2.0 million for the same period in 2023, reflecting a decrease due to the completion of higher margin projects [172]. - Other expenses for the three months ended September 30, 2024, were ($3.5 million), significantly higher than ($0.2 million) for the same period in 2023, primarily due to settlement of liabilities and changes in fair value of derivative liability securities [173]. - For the nine months ended September 30, 2024, the cost of revenue decreased to $9.4 million from $14.4 million for the same period in 2023, attributed to lower revenues at Boston Solar and decreased sales of air purification systems [175]. Capital Structure and Financing - Issuance of common shares for cash amounted to $38,077, while issuance for acquisition expenses was $36,118, reflecting ongoing capital raising efforts [55]. - The company converted preferred shares totaling 120,000, which may impact future equity structure and financing [55]. - The total accrued preferred stock dividends reached $71,240, highlighting ongoing obligations to preferred shareholders [55]. - The company has engaged in the conversion of debt and accrued interest into common shares, totaling $2,974,381, which may affect leverage and equity [57]. - The company is actively managing derivative liabilities, with a settlement amount of $804,025, reflecting ongoing financial strategy adjustments [57]. - The company completed the acquisition of the remaining 49% ownership of Box Pure Air on October 1, 2023 [67]. - The company entered into an unsecured note payable of $1,000,000 as part of the Boston Solar acquisition, with a principal balance of $750,000 as of December 31, 2023 [128]. - Boston Solar agreed to make payments totaling $500,000 over a 30-month period, with $90,000 included in current notes payable and $215,000 in long-term notes payable as of December 31, 2023 [129]. - The Company issued a 36-month seller note to the CEO of Boston Solar for $1,940,423, with a fair value of $1,252,272, and recorded a gain on settlement of debt of approximately $888,000 after acquiring 100% of Boston Solar [130]. - The Company recorded discounts totaling $468,938 from embedded derivative liabilities related to the seller convertible notes, amortized over the life of the notes [131]. - As of September 30, 2024, the Company had a total of $729,167 included in current portion of convertible notes payable from a 12% Convertible Promissory Note issued for $1,250,000 [138]. - The Company entered into a 15% Convertible Promissory Note for $312,500, with $312,500 included in current portion of convertible notes payable as of September 30, 2024 [139]. - The company has entered into multiple promissory notes with accredited investors, including Promissory Note 6 and Promissory Note 7, with aggregate principal amounts of $156,000 and $163,585, respectively [149]. Cash Flow and Liquidity - The company had approximately $65,000 in cash at the end of the reporting period [61]. - Net cash used in operating activities was approximately $2.57 million, an increase of 355% compared to the previous period [66]. - Net cash used in investing activities was approximately $60,476, a decrease of 52% compared to the previous period [66]. - Net cash provided by financing activities was approximately $1.93 million, an increase of 247% compared to the previous period [66]. Revenue Recognition and Operations - The company recognizes revenue upon completion of services, with significant revenue derived from its solar operations [75]. - The company is focused on providing integrated energy solutions through its subsidiaries, primarily Boston Solar and Box Pure Air [68]. - The company does not anticipate achieving profitable operations or adequate cash flows in the near term and will pursue additional financing [62]. Liabilities and Obligations - The company’s balance sheet reflects a significant increase in liabilities, with total liabilities reaching $(119,810,093) as of the latest reporting date [57]. - The company has an allowance for credit losses of $375,000 as of September 30, 2024, consistent with the amount as of December 31, 2023 [107]. - Inventory as of September 30, 2024, is net of a reserve for obsolescence of $236,000, down from $762,000 as of December 31, 2023 [94]. - The company has a net operating loss carryforward, with a full valuation allowance for deferred tax assets due to uncertainty of realization [101]. - The company recognized lease liabilities based on the present value of unpaid lease payments for existing operating leases longer than twelve months [99]. - The company entered into a settlement agreement on July 11, 2024, to resolve overdue liabilities totaling approximately $2.5 million, which will be settled through the issuance of common stock shares contingent on court approval [180]. - The Company entered into a Settlement Agreement with Silverback Capital Corporation to resolve overdue liabilities totaling approximately $2.5 million, issuing freely tradable common stock shares as "Settlement Shares" contingent on court approval [180]. Compliance and Governance - The company was notified of non-compliance with the Timely Filing Requirement by the Cboe BZX Exchange due to the late filing of its Form 10-Q for the quarter ended June 30, 2024 [181]. - The Company received a Deficiency Notification from Cboe BZX Exchange for not timely filing its Form 10-Q for the quarter ended June 30, 2024, resulting in non-compliance with the Timely Filing Requirement [181]. - The Company adopted the 2019 Equity Incentive Plan to attract and retain employees, but has not issued any awards under the Plan as of the report date [179].

Company Overview - SinglePoint Inc. is a renewable energy and sustainable lifestyle company focusing on environmentally friendly energy efficiencies and healthy living solutions [1] - The company is exploring growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances [1] Financial Performance - SinglePoint's Q3 financial report showed a total income of $5.54 million, a 19.2% decrease from $6.85 million in Q3 FY23, but gross profit increased to $2.5 million, representing 45.1% of total income, up from 29.8% the previous year [2] - The company achieved a net operating income (EBIT) of $418,196, which is 7.5% of total income, a turnaround from a 5.3% loss reported last year [3] - The net loss improved by 72.5% to $103,363, or 1.9% of total income, reflecting resilience and strategic success in a challenging industry environment [3] Operational Efficiency - Overhead expenses have been reduced by $3.5 million since Q1 2024, positioning the company for potential net income by the end of Q4 2024 [4] - The focus on cost reduction and operational efficiency is evident in the financial metrics, indicating a positive trajectory toward profitability [4] Market Outlook - The company anticipates reporting over $20 million in sales for 2024, suggesting that the current stock price may not reflect its intrinsic value [5] - A new administration set to take office in 2025 is expected to favor green energy, which could enhance revenue streams in the solar industry [6] Industry Trends - The U.S. solar industry is projected to grow significantly, with solar power generation expected to increase by 75% between 2023 and 2025 [7] - The solar industry is a major driver of economic growth, creating jobs and stimulating local economies [8] - Technological advancements and decreasing costs have made solar energy more competitive, with costs dropping over 60% in the last decade [10] Future Projections - The company is positioned for a transformative year in 2025, with potential top-line revenue reaching $50 million in the coming years [13] - The focus on operations, efficiency, and leadership is expected to drive profit and revenue growth [13]

Financial Performance - Total Income for Q3 FY24 was $5.54 million, a decrease of approximately 19.2% from $6.85 million in Q3 FY23[2] - Gross Profit improved to $2.50 million (45.1% of Total Income), up from $2.04 million (29.8%) in the previous year, reflecting a 15.3 percentage point increase[3] - Net Operating Income (EBIT) reached $418,196 (7.5% of Total Income), a significant turnaround from a loss of -$366,595 (-5.3%) in Q3 FY23, marking a 12.8% improvement[4] - Net Income improved to -$103,362 (-1.9% of Total Income), a 72.5% year-over-year improvement from -$375,440 (-5.5%) in FY23[7] Operational Efficiency - The company eliminated $3.5 million in overhead expenses as part of strategic improvements identified in Q1 FY24[6] - Installed projects increased from 4-6 per week to over 8 projects per week, indicating enhanced operational efficiency[5] Market Outlook - The US residential solar market is projected to grow by 21% in FY25, following a contraction of 26% in FY24, providing a positive outlook for future revenue growth[10] Strategic Initiatives - Boston Solar's restructuring efforts and disciplined expense management are driving profitability and improving cash flow[10] - Leadership is focused on leveraging innovation to capitalize on growth opportunities in the evolving renewable energy sector[11] Industry Recognition - The company has been recognized as a Top Solar Contractor by Solar Power World magazine for five consecutive years, highlighting its industry standing[12]

Core Insights - Boston Solar, a subsidiary of SinglePoint Inc., reported significant financial improvements in Q3 FY24, including a gross profit increase from 29.8% to 45.1%, driven by operational efficiency and restructuring efforts [2][4][9]. Financial Performance - Total Income for Q3 FY24 was $5.54 million, a decrease of approximately 19.2% from $6.85 million in FY23, reflecting broader trends in the US solar industry [3][10]. - Gross Profit reached $2.50 million, representing 45.1% of Total Income, an increase of 15.3 percentage points from 29.8% in FY23, attributed to cost savings and operational improvements [4][6]. - EBITDA (non-GAAP) improved to $529,431 (9.6% of Total Income) from a loss of $19,445 (-0.3%) in FY23, indicating a positive shift in operational performance [3][5]. - Net Operating Income (EBIT) was reported at $418,196 (7.5% of Total Income), a significant turnaround from a loss of -$366,595 (-5.3%) in the same period last year, showcasing a 12.8% improvement [5][7]. - Net Income, while still negative at -$103,362 (-1.9% of Total Income), showed a substantial year-over-year improvement of 72.5% from -$375,440 (-5.5%) in FY23 [8][10]. Strategic Initiatives - The leadership change and operational review conducted in Q1 FY24 led to the identification of inefficiencies and cost-saving measures, resulting in the elimination of $3.5 million in overhead expenses [6][7]. - The company has increased its project installations from 4-6 per week to over 8 projects per week, reflecting enhanced operational throughput [6][10]. - The outlook for the US solar industry is positive, with a forecasted growth of 21% in FY25, which Boston Solar aims to leverage for further revenue and profitability improvements [2][10].

Financial Performance - Total revenues for Q2 2024 were $5.45 million, a decrease of 33.3% compared to $8.15 million in Q2 2023[9] - Gross profit for Q2 2024 was $1.40 million, down 48.3% from $2.70 million in Q2 2023[9] - Net loss for Q2 2024 was $9.88 million, compared to a net loss of $1.34 million in Q2 2023, representing a significant increase in losses[9] - For the six months ended June 30, 2024, the company reported a net loss of $12,740,461 compared to a net loss of $10,252,846 for the same period in 2023[19] - The company reported a net loss available for common stockholders of $9,883,004 for the three months ended June 30, 2024, compared to a net income of $9,228,829 for the same period in 2023[43] - Net loss attributable to stockholders was ($12.7 million) for the six months ended June 30, 2024, compared to a net loss of ($10.0 million) for the same period in 2023, reflecting higher other expenses and SG&A costs[84] Expenses - Selling, general and administrative expenses increased to $5.99 million in Q2 2024, up 85.5% from $3.23 million in Q2 2023[9] - Selling, General and Administrative (SG&A) expenses increased to $6.0 million for the three months ended June 30, 2024, from $3.2 million in the prior year, driven by stock issued for services and higher consulting fees[80] - SG&A expenses decreased to $10.2 million for the six months ended June 30, 2024, from $13.2 million in the prior year, attributed to prior year preferred stock issuance and increased consulting fees[23] - Other expenses for the three months ended June 30, 2024, were ($5.3 million), compared to ($0.8 million) in the same period of 2023, mainly due to liability settlements and changes in fair value of derivative liabilities[81] - Other expenses increased to ($5.8 million) for the six months ended June 30, 2024, compared to ($1.4 million) in the same period of 2023, mainly due to settlement of liabilities and financing costs[84] Assets and Liabilities - Total current assets decreased to $3.70 million as of June 30, 2024, down 31.1% from $5.38 million at December 31, 2023[6] - Total liabilities increased to $18.63 million as of June 30, 2024, up 14.0% from $16.37 million at December 31, 2023[8] - Cash balance decreased to $253,816 as of June 30, 2024, down 66.6% from $758,622 at December 31, 2023[6] - The company had a working capital deficit of $13,692,140 as of June 30, 2024[23] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was $2,303,191, significantly higher than $556,518 for the same period in 2023[19] - Cash flow from financing activities provided $1.8 million during the six months ended June 30, 2024, primarily from the sale of common stock and debt[87] Capital and Financing - The company is dependent on raising capital from stockholders or other sources to sustain operations and achieve profitable operations[23] - The company issued common shares for cash totaling $526,882 and for services amounting to $1,457,800 during the period[16] - The company converted debt and accrued interest into common shares, resulting in an increase of $2,974,381[16] - The company entered into a note purchase agreement with Bucktown Capital LLC for a promissory note of $1,580,000 at an interest rate of 8% per annum, with quarterly payments of $250,000 starting January 1, 2022[52] Acquisitions and Growth Strategy - The company has completed acquisitions to increase its portfolio, including 100% ownership of EnergyWyze, LLC and 100% ownership of Box Pure Air, LLC[20] - The company plans to continue building its portfolio through organic growth and synergistic acquisitions, focusing on businesses where it can provide significant value[22] Internal Controls and Compliance - The company reported material weaknesses in internal controls over financial reporting, including a lack of a functioning audit committee and inadequate segregation of duties[90] - The company has not identified any changes in internal control over financial reporting that materially affected its effectiveness during the quarter ended June 30, 2024[91] - The report includes certifications from the Chief Executive Officer and Chief Financial Officer as per the Sarbanes-Oxley Act[93] Revenue Recognition - The company recognizes revenue from its solar operations upon completion of services, with a focus on increasing market penetration and improving cash flow[29]

Core Insights - SinglePoint Inc. has transitioned from the Chicago Board Options Exchange (CBOE) to OTC Markets, marking a significant milestone as the first company listed on CBOE [3][4] - The transition reflects broader challenges faced by the CBOE rather than issues with SinglePoint's performance, as the company has consistently filed financial reports on time [4] - Despite the transition, SinglePoint remains optimistic about growth opportunities within the OTC Markets platform and continues to focus on renewable energy initiatives [5] Company Overview - SinglePoint Inc. is a diversified holding company focused on renewable energy solutions, including solar energy and energy storage, and has been expanding through strategic acquisitions [6] - The company has demonstrated a commitment to innovation and market leadership since its founding, with a focus on sustainability projects [6] Management Commentary - CEO Wil Ralston emphasized that the delays in filing annual financials were unexpected and are being addressed, asserting that the company's business strength is reflected in improving financials [4] - The company is evaluating options to appeal the decision regarding the transition or pursue other strategic actions to benefit shareholders [5]

Core Insights - SinglePoint Inc.'s subsidiary, BPA Solutions, has partnered with SSD Alarm to install 163 AI-enabled CCTV cameras at a private school in California, enhancing campus security [3][4][5]. Company Overview - SinglePoint Inc. focuses on renewable energy and sustainable living solutions, aiming to modernize solar and energy storage models while exploring growth in air purification and electric vehicle charging [12]. Partnership Details - The partnership with SSD Alarm aims to implement a comprehensive security solution, including advanced CCTV systems that provide 24/7 surveillance and support for contact tracing [5][9]. - The installation will be phased over the next few months, with efforts made to minimize disruption during the process [9]. Funding and Financial Aspects - The private school is utilizing federal funding from the Emergency Assistance to Non-Public Schools (EANS) program to finance the security upgrade, which helps mitigate COVID-19 impacts [6][7]. - This funding allows the school to enhance its security infrastructure without straining its budget [7]. Security Enhancements - The CCTV system will monitor critical areas of the campus, including entry points and common spaces, to deter unauthorized access and improve response to security concerns [8]. - The integration of digital security features will bolster health and safety measures within the school community [8].

Core Viewpoint - SinglePoint Inc. has provided an update regarding the distribution of additional common shares to preserve round lot shareholders, following a reverse stock split that took place on August 15, 2024 [3][5]. Summary by Relevant Sections Company Overview - SinglePoint Inc. is a renewable energy company focused on environmentally friendly energy efficiencies and healthy living solutions. The company aims to build a large network of renewable energy solutions and modernize traditional solar and energy storage models [11]. Share Distribution Details - As per the report from the Depository Trust & Clearing Corporation (DTCC), the company was instructed to issue a total of 11,303,629 shares to existing shareholders of record as of August 15, 2024, with the shares posted on August 27, 2024 [4][5]. - The round-up of shares was authorized by the Board of Directors to ensure that certain shareholders received a minimum of 100 shares post-reverse split, rounding to the nearest whole share to avoid fractional shares [5]. Share Statistics - Common stock outstanding post 1-for-100 reverse split as of August 15, 2024, was 368,976 shares [5]. - Adjusted shares from debt conversions and cancellations from August 15, 2024, to August 28, 2024, totaled 199,000 shares [5]. - The total outstanding shares reported by the registrar as of August 29, 2024, was 11,871,605 shares, which may not include DTCC requests received after August 27, 2024 [5]. Shareholder Distribution Requests - The DTCC shareholder distribution requests were made on August 26, 2024, and August 28, 2024, with a total of 11,303,629 shares issued as a result of these requests [9][10].

Shareholder Information - As of August 28, 2024, the company had 23,795,626 outstanding shares of common stock[3]. - The company reported a weighted average of 12,062 shares outstanding for both basic and diluted loss per share calculations[11]. - The Company has authorized 80,000,000 shares of Class A Convertible Preferred Stock, with 1,000,000 shares issued and outstanding as of March 31, 2024[66]. Financial Performance - Revenue for the three months ended March 31, 2024, was $4,136,412, down from $5,719,370 for the same period in 2023, representing a decline of approximately 27.7%[8]. - The Company reported total revenue of $4,136,412 for the three months ended March 31, 2024, a decrease of 27.8% compared to $5,719,370 for the same period in 2023[76]. - Boston Solar generated $4,136,412 in revenue for the three months ended March 31, 2024, down from $5,437,441 in the same period of the previous year[76]. - The Company's gross profit for the three months ended March 31, 2024, was $1.9 million, compared to $1.7 million for the same period in 2023, attributed to the completion of higher margin projects[91]. - Selling, General and Administrative Expenses (SG&A) decreased to $4.2 million for the three months ended March 31, 2024, from $10.0 million for the same period in 2023, mainly due to a $6.5 million expense related to preferred stock issued for services in 2023[91]. - The net loss attributable to Singlepoint Inc. stockholders was ($2.9 million) for the three months ended March 31, 2024, compared to a net loss of ($8.7 million) for the same period in 2023, reflecting a decrease in SG&A[92]. Assets and Liabilities - Total assets decreased from $17,251,904 to $16,672,459, a decline of approximately 3.35%[6]. - Total stockholders' equity decreased from $883,174 to $630,977, a decline of approximately 28.5%[7]. - The company reported a total of $1,203,393 in derivative liability, an increase from $388,983[6]. - Cash decreased from $758,622 to $533,723, a decline of approximately 29.7%[6]. - The total liabilities, including derivative liabilities, were reported at $105,413,763 as of March 31, 2024[14]. - The company had cash at the end of the period amounting to $533,723, down from $758,622 at the beginning of the period[20]. - The balance of cash and cash equivalents as of March 31, 2024, was $1,097, indicating a need for improved liquidity management[14]. Operational Performance - Loss from operations improved to $(2,351,717) compared to $(8,314,023) in the previous year, indicating a reduction of approximately 71.7%[8]. - Net loss attributable to Singlepoint Inc. was $(2,857,184), a significant improvement from $(8,674,018) in the prior year, reflecting a reduction of about 67.1%[8]. - Cash flows used in operating activities for the three months ended March 31, 2024, were $(690,265), an increase from $(538,995) in the same period of 2023[15]. - The Company reported cash used in operating activities of ($0.7 million) for the three months ended March 31, 2024, compared to ($0.5 million) for the same period in 2023[94]. Capital and Financing - The company is dependent on raising capital to sustain operations and achieve profitability, as it has not yet achieved profitable operations[20][21]. - The Company entered into an equity financing agreement with GHS Investments LLC, allowing for the purchase of up to $10,000,000 in common stock over 24 months[69]. - The maximum dollar amount of each Put under the equity financing agreement is $500,000, with a minimum of $10,000[70]. - The Company completed a private placement on May 8, 2024, receiving gross proceeds of $1,000,000 and issuing $1,250,000 of convertible promissory notes and pre-funded warrants to purchase up to 1,000,000 shares of Common Stock[85]. Compliance and Regulatory Issues - The Company received a notification letter from Cboe BZX regarding non-compliance with the Minimum Bid Price Requirement, starting a 180-day compliance period[77]. - The Company has until June 16, 2024, to submit a plan to regain compliance with the Timely Filing Requirement after failing to file its Form 10-K[78]. - The Company has requested a hearing before the Cboe BZX Panel to address deficiencies related to continued listing standards, including a market value below $50 million and net income below $750,000 for two of the last three fiscal years[83]. Internal Controls and Governance - The Company has identified material weaknesses in its internal control over financial reporting, including a lack of a functioning audit committee and inadequate segregation of duties[97]. - As of March 31, 2024, the company identified "material weaknesses" in its control environment and financial reporting process, including a lack of a functioning audit committee and inadequate segregation of duties[97]. - There were no changes in internal control over financial reporting during the quarter ended March 31, 2024, that materially affected the company's internal controls[98]. Acquisitions and Growth Strategy - The company holds 100% ownership of Boston Solar and Box Pure Air, and has completed acquisitions to consolidate its market position[17][18]. - The company plans to continue building its portfolio through organic growth and synergistic acquisitions, focusing on businesses with significant growth potential[19]. Miscellaneous - The Company recognized a gain on debt settlement amounting to $(887,991) during the three months ended March 31, 2024[15]. - The Company has not issued any awards under the 2019 Equity Incentive Plan as of the date of this report[75]. - The Company is not currently involved in any material litigation that may adversely affect its business[98].

Core Insights - SinglePoint Inc. has announced the completion of a significant solar energy project for Excel Academy Charter School's East Boston Campus, which will reduce reliance on grid energy and lower operational costs [2][3]. Company Overview - SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions [7]. - Boston Solar, a subsidiary of SinglePoint, has installed over 6,000 solar arrays since its founding in 2011, primarily in Massachusetts [5]. Project Details - The solar project features two rooftop-mounted systems with a combined capacity of 107.67 kW DC, expected to generate 118,984 kWh in the first year [3]. - This installation will significantly enhance the school's sustainability efforts while reducing operational costs [3]. Leadership Comments - The CEO of SinglePoint, Wil Ralston, emphasized the proactive step taken by Excel Academy in supporting environmental responsibility and attracting interest from other educational institutions [4]. - Boston Solar's President, Michael Morlino, highlighted the initiative's role in helping local educational institutions achieve sustainability objectives and reallocate resources to education [4]. Community Impact - Excel Academy Charter School serves a predominantly low-income and Latinx student body, aiming to overcome social and educational barriers [4]. - By investing in solar energy, the school demonstrates a commitment to creating a more sustainable and equitable future for its community [4].