Singlepoint Inc.(US:SING)2021-11-15 21:05Financial Performance - Revenue for the three months ended September 30, 2021, was $273,877, a decrease of 73.3% from $1,025,129 in the same period of 2020[18] - Gross profit for the nine months ended September 30, 2021, was $142,718, down from $642,967 in the same period of 2020, indicating a decline of approximately 77.8%[18] - For the nine months ended September 30, 2021, the company generated revenues of $967,712, a decrease of 61.2% compared to $2,495,628 for the same period in 2020[145] - The Company reported total revenue of $133,297 and $350,395 for the three and nine months ended September 30, 2021, respectively, with a net loss of ($125,884) and ($424,008) for the same periods[63] Net Loss and Deficit - Net loss attributable to Singlepoint Inc. stockholders for the nine months ended September 30, 2021, was $3,549,645, compared to a loss of $3,709,666 in the same period of 2020[18] - As of September 30, 2021, the company reported a net loss of $3,769,274, compared to a net loss of $3,549,646 for the previous period[21] - The accumulated deficit as of September 30, 2021, was $(84,335,533), an increase from $(80,785,887) as of December 31, 2020[14] - The Company recorded an accumulated deficit of $85,197,685 as of September 30, 2021, indicating ongoing financial challenges[21] Assets and Liabilities - Total assets increased to $4,209,998 as of September 30, 2021, compared to $2,915,680 as of December 31, 2020, representing a growth of approximately 44.4%[12] - Total current liabilities decreased to $2,409,323 as of September 30, 2021, from $5,916,339 as of December 31, 2020, a reduction of approximately 59.3%[13] - The total stockholders' equity (deficit) improved to $99,271 as of September 30, 2021, from $(3,198,176) as of December 31, 2020[14] Cash Flow and Financing Activities - Cash increased significantly to $865,815 as of September 30, 2021, compared to $198,473 as of December 31, 2020, reflecting a growth of approximately 336.5%[12] - The net cash used in operating activities for the nine months ended September 30, 2021, was $3,651,416, compared to $1,398,978 for the same period in 2020, indicating increased cash outflow[26] - The company reported net cash provided by financing activities of $4,360,460 for the nine months ended September 30, 2021, compared to $1,306,211 in the prior year[26] - The Company anticipates a cash need of approximately $2.5 million to continue operations for the next 12 months[154] Shareholder Equity and Stock Issuance - The weighted average number of common shares outstanding increased to 47,313,641 for the three months ended September 30, 2021, compared to 24,919,202 in the same period of 2020[18] - The balance of common stock as of September 30, 2021, was 56,464,123 shares, reflecting a decrease from 60,000,000 shares as of December 31, 2020[21] - The Company issued 1,584,185 common shares for principal and accrued interest on convertible notes, amounting to $325,217[23] - The Company issued common stock for accrued interest amounting to $4,982, reflecting non-cash investing and financing activities[26] Operating Expenses - Operating expenses for the nine months ended September 30, 2021, totaled $3,914,927, compared to $2,617,598 in the same period of 2020, representing an increase of approximately 49.4%[18] - General and administrative expenses increased to $2,490,732 for the nine months ended September 30, 2021, up from $2,031,870 for the same period in 2020, reflecting increased overhead from acquisitions and employee growth[149] - Professional and legal fees rose significantly to $854,768 for the nine months ended September 30, 2021, compared to $247,346 for the same period in 2020, driven by increased acquisition and regulatory activities[147] Acquisitions and Subsidiaries - The company has five subsidiaries as of September 30, 2021, including EnergyWyze LLC (100% interest) and Box Pure Air (51% interest), focusing on renewable energy solutions[30] - The Company completed the acquisition of 51% of Box Pure Air, LLC for a purchase price of $500,000, paid with the issuance of 168,350 shares of common stock[62] - The Company acquired 100% ownership of EnergyWyze, LLC for a total consideration of $525,000, which included a $25,000 cash payment and a $50,000 Seller Note[64] Debt and Interest - The Company incurred interest payments of $7,072 during the reporting period[26] - The Company recognized interest expense of $17,744 for convertible notes payable for the nine months ended September 30, 2021, compared to $249,033 for the same period in 2020[69] - Total amortization of debt discounts was $36,800 for the nine months ended September 30, 2021, significantly lower than $1,789,688 for the same period in 2020[69] Future Outlook and Concerns - The company has not yet achieved profitable operations and is dependent on raising capital to sustain operations and achieve viability[31] - The Company has no committed external source of funds and may need to raise capital through outside investors if revenue does not increase[154] - The Company has not achieved profitable operations as of September 30, 2021, raising doubts about its ability to continue as a going concern[153]