SinglePoint Inc. reported significant financial changes in its 10-Q filing for the quarter ending June 30, 2024. Total current assets decreased to $3.7 million from $5.4 million as of December 31, 2023, primarily due to a sharp decline in cash, which fell from $758.6 thousand to $253.8 thousand. However, accounts receivable increased from $1.1 million to $1.5 million, while inventory saw a substantial drop from $1.8 million to $747.3 thousand. Total assets also decreased from $17.3 million to $15.1 million.
The company faced a notable increase in current liabilities, particularly in derivative liabilities, which surged from $389 thousand to $4.9 million. Total liabilities rose from $16.4 million to $18.6 million. The accumulated deficit expanded from $(102.6) million to $(115.3) million, and total stockholders' equity shifted from $883.2 thousand to a deficit of $(3.5) million.
Revenue for the three months ended June 30, 2024, was $5.4 million, down from $8.1 million in the same period of 2023. For the six-month period, revenue decreased to $9.6 million from $13.9 million, attributed to lower sales in both Boston Solar and air purification systems. Gross profit for the quarter fell to $1.4 million from $2.7 million, while for the six months, it decreased to $3.2 million from $4.4 million. Selling, general, and administrative (SG&A) expenses increased significantly to $6.0 million for the quarter, compared to $3.2 million in the prior year, and totaled $10.2 million for the six months, down from $13.2 million.
The net loss for the three months ended June 30, 2024, was $(9.9) million, compared to $(1.3) million in the same period of 2023. For the six months, the net loss increased to $(12.7) million from $(10.0) million. The loss per share for the quarter was $(45.97), a stark contrast to a profit of $6,625.26 in the previous year.
Strategically, SinglePoint has made several acquisitions, including the complete ownership of Box Pure Air and Boston Solar, enhancing its focus on energy solutions. However, the company has not achieved profitability and is reliant on raising capital to sustain operations. As of June 30, 2024, the company reported a working capital deficit of $13.7 million and a cash need of approximately $4.0 million to continue operations over the next year. The company also faced compliance issues with the Cboe BZX Exchange, resulting in a delisting notice due to late filings.
About SinglePoint Inc.
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