Coyni, Inc. reported significant financial developments in its 10-Q filing for the nine months ended September 30, 2024. The company, which has no current operations and is actively seeking investment opportunities, experienced a notable reduction in both current liabilities and net losses compared to the previous fiscal period.

As of September 30, 2024, Coyni's current liabilities decreased dramatically to $15.7 million from $158.8 million at the end of 2023. This reduction was primarily attributed to a Debt Forgiveness Agreement approved by the Board of Directors, which included the forgiveness of all debt owed by the company to former shareholder Mr. Ang Woon Han and the waiver of liabilities by RYVYL, Inc., the controlling shareholder. Accrued liabilities also saw a significant decline, falling from $76.7 million to $10.1 million over the same period.

The company reported a net loss of $90.3 million for the nine months ended September 30, 2024, a substantial improvement from the net loss of $326.0 million for the same period in 2023. This decrease in losses was accompanied by a reduction in general and administrative expenses, which totaled $90.3 million for the current period, down from $104.3 million in the prior year. The decrease in expenses was largely due to lower professional fees.

In terms of operational metrics, Coyni reported no revenue for the nine months ended September 30, 2024, consistent with the previous year. The weighted average shares outstanding increased to approximately 101.3 million from 79.1 million, reflecting the issuance of shares to RYVYL, Inc. and other transactions.

The company’s accumulated deficit increased slightly to $(29.7 million) as of September 30, 2024, from $(29.6 million) at the end of 2023. Despite the improvements in financial metrics, Coyni remains classified as a shell company, lacking ordinary business operations, which has affected its internal control over financial reporting. Management identified material weaknesses in its internal controls and concluded that the disclosure controls and procedures were not effective as of the reporting date.

Coyni's future funding strategy may involve raising capital through public or private offerings of equity or debt securities, although there is no assurance that the company can improve its financial position or achieve positive cash flows from operations. The company continues to rely on proceeds from share sales and loans from related parties to sustain its operations.