As of September 30, 2024, Vynleads, Inc. reported total current assets of $14.8 thousand, a significant decrease from $36.4 thousand as of December 31, 2023. Total liabilities also increased to $868.8 thousand from $805.3 thousand during the same period, resulting in a total stockholders' deficit of $(854.0) thousand, up from $(768.9) thousand.

For the three months ended September 30, 2024, Vynleads recorded a net loss of $(58.7) thousand, an improvement compared to a net loss of $(62.4) thousand for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $(197.5) thousand, slightly better than the $(203.1) thousand loss reported in the prior year. The company’s operating expenses for the three months ended September 30, 2024, totaled $50.6 thousand, up from $47.9 thousand in 2023, while for the nine-month period, expenses increased to $171.7 thousand from $164.3 thousand.

Cost of revenue for the three months ended September 30, 2024, was $0.8 thousand, a notable decrease from $8.6 thousand in the same quarter of 2023. The nine-month cost of revenue also decreased to $9.7 thousand from $22.5 thousand. Despite these reductions, selling, general, and administrative expenses rose by 5% for the nine months ended September 30, 2024, compared to the previous year.

The company reported no revenues for both the nine months ended September 30, 2024, and 2023. However, it recognized a one-time gain of $4.7 thousand due to a debt settlement with American Express during the nine-month period.

Vynleads has expressed a need for approximately $5.5 million in additional working capital over the next 12 months to meet its business objectives. The company has no capital commitments and lacks external sources of working capital, leading management to express substantial doubt about its ability to continue as a going concern.

In terms of financing activities, net cash provided was $66.9 thousand for the nine months ended September 30, 2024, down from $111.4 thousand in 2023, reflecting a decrease in proceeds from notes payable. The company’s cash position at the end of the period was $0, compared to $2 at the end of September 2023.

Management identified a material weakness in internal control over financial reporting due to limited personnel and a lack of segregation of duties, and they plan to address this by hiring additional staff upon securing funding.