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].
Singlepoint Inc.(SING) - 2024 Q1 - Quarterly Report