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].

Phoenix, Arizona--(Newsfile Corp. - August 15, 2024) - SinglePoint Inc. (CBOE: SING) a leading provider in the renewable energy sector, issues an update to shareholders detailing the effects of the 1-for-100 Reverse Stock Split. The Reverse Stock Split approved by the Company's Board of Directors and ratified by a majority of the voting shareholders became effective as of the opening of trading on Thursday, August 15, 2024. The Company utilized the provisions of the Nevada Revised Statutes to simultaneously ...