Revenue - For the three months ended September 30, 2024, the company reported total revenues of $750,604, an increase of $750,604 compared to the same period in 2023[153] - For the nine months ended September 30, 2024, total revenues reached $1,251,006, reflecting an increase of $1,251,006 from the prior year[153] - Interest income for the three months ended September 30, 2024, was $2,747,983, up by $2,747,983 from the same period in 2023[154] - For the nine months ended September 30, 2024, interest income totaled $4,350,234, representing an increase of $4,350,234 year-over-year[154] Expenses - General and administrative expenses for the three months ended September 30, 2024, were $1,675,027, an increase of $1,469,019 from the same period in 2023[156] Acquisitions and Investments - The company completed the acquisition of a controlling interest in Red Technologies SAS for a maximum purchase price of approximately EUR 18.6 million[146] - The company acquired a commercial real estate property in Littleton, Colorado, for $26.75 million, which is expected to generate rental income[138] - The company entered into a lease agreement with DISH Network Corporation, with an initial monthly rent of $228,500, escalating at 2% annually[140] - The company purchased 1,941,684 shares of Class A Common Stock at a price of $10.60 per share, totaling approximately $20.58 million[141] Net Income and Loss - The company reported a net loss of $3,428,696 for the three months ended September 30, 2024, compared to a net income of $1,298,157 in the same period of 2023[153] - For the three months ended September 30, 2024, the company reported a net loss of $3,428,696, an increase of $4,726,854 compared to the same period in 2023[157] - For the nine months ended September 30, 2024, the company achieved net income of $3,490,539, an increase of $4,314,059 from the previous year[157] Cash Flow - Net cash provided by operating activities for the nine months ended September 30, 2024, was $2,736,032, compared to a net cash used of $1,637,314 in the same period of 2023[162] - As of September 30, 2024, the company had operating cash of $175,592,267, a significant increase from $8,162 as of December 31, 2023[163] - The company completed its Business Combination on May 1, 2024, resulting in cash proceeds of approximately $200 million[164] - The company incurred transaction costs of $42.3 million related to its Initial Public Offering, including $15 million in underwriting fees[160] - As of September 30, 2024, the company had borrowed $900,000 under the Second Restated Note from nXgen[161] - The company reported net cash used in investing activities of $4,463,791 for the nine months ended September 30, 2024[163] Liquidity - The company anticipates that its sources of liquidity will be sufficient to meet financing requirements for the next year, eliminating the need to continue as a Going Concern[165] - The company has established annual rental revenue of approximately $3 million from the Seller Lease Agreement related to the Business Combination[164]
CONX (CONX) - 2024 Q3 - Quarterly Report