Infobird(IFBD) - 2024 Q4 - Annual Report

Revenue and Profitability - Total revenues for the year ended December 31, 2024, were approximately $1.4 million, a 413.5$280,000 in 2023[492] - Gross profit for 2024 was approximately $0.6 million, representing a 283.0$0.2 million in 2023[498] - Net loss for 2024 was approximately $2.1 million, down 26.8$2.9 million in 2023[511] Expenses - Cost of revenues for 2024 was approximately $0.8 million, up 574.7$0.1 million in 2023[495] - Selling expenses increased by approximately $0.4 million, or 100.0$0.4 million for 2024 from nil in 2023[500] - General and administrative expenses decreased by $1.4 million, or 43.4$1.9 million for 2024 from $3.3 million in 2023[502] - Other expenses, net for 2024 decreased by approximately$18.0 million, or 98.1%, compared to 2023, primarily due to reduced impairment of due from discontinued operations[504] - Research and development expenses were approximately $0.0 million for the year ended December 31, 2024, indicating a shift in focus towards digital advertising and marketing campaign services[534] Cash Flow and Working Capital - Cash and cash equivalents as of December 31, 2024, amounted to approximately$4.7 million, compared to approximately $0.1 million as of December 31, 2023[513] - Working capital was approximately$6.23 million at December 31, 2024, indicating sufficient funds to meet operational needs over the next twelve months[514] - Net cash used in operating activities from continuing operations was approximately $4.2 million for the year ended December 31, 2024, compared to$5.3 million in 2023 and $3.4 million in 2022[517][518][520] - The net change in cash for the year ended December 31, 2024, was$4.6 million, a significant improvement compared to a decrease of $552,645 in 2023[516] Investment and Financing Activities - Net cash used in investing activities was approximately$1.0 million for the year ended December 31, 2024, significantly lower than $47.4 million in 2023, primarily due to cash deposits in escrow accounts[521][522] - Net cash provided by financing activities from continuing operations was approximately$10.0 million for the year ended December 31, 2024, a decrease from $52.6 million in 2023, mainly due to proceeds from the issuance of common stock and convertible bonds[523][524] - The company intends to fund future capital expenditures, which were$0.8 million in 2024, through existing cash balances, bank loans, and net proceeds from its F-3 offering[526] - The company is exploring additional financing sources, including support from related parties and the issuance of convertible debt[519] Intellectual Property and Future Commitments - As of December 31, 2024, the company had rights to 1 patent, 31 software copyrights, and 1 registered trademark, highlighting its commitment to protecting intellectual property[538] - Future lease payments under operating leases as of December 31, 2024, totaled approximately $527,761, with a weighted average remaining lease term of 2.58 years[528]