CFN Enterprises Inc. Files Q2 2024 10-Q

TL;DR

CFN Enterprises Inc. filed its Q2 10-Q. Check financials.

AI Summary

CFN Enterprises Inc. filed its quarterly report for the period ending June 30, 2024. The company, formerly known as Accelerize Inc., is incorporated in Delaware and operates in business services. Its principal executive offices are located at 600 E. 8th Street, Whitefish, MT.

Why It Matters

This filing provides investors with an update on CFN Enterprises Inc.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented.

Key Players & Entities

• CFN Enterprises Inc. (company) — Filer
• Accelerize Inc. (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240812 (date) — Filing date
• 600 E. 8TH STREET (address) — Business and mailing address
• WHITEFISH (location) — City of business address
• MT (location) — State of business address

FAQ

Key Financial Figures

• $0.001 — nding of the registrant's Common Stock, $0.001 par value per share, as of August 12, 2
• $20,600 — ompany had a restricted cash balance of $20,600 included as a component of total cash a
• $754,726 — 2024 and December 31, 2023 amounted to $754,726 and $796,251, respectively. 6 Invento
• $796,251 — ember 31, 2023 amounted to $754,726 and $796,251, respectively. 6 Inventory The Comp

Filing Documents

• cnfn-20240630.htm (10-Q) — 621KB
• cfn_ex31z1.htm (EX-31.1) — 9KB
• cfn_ex32z1.htm (EX-32.1) — 4KB
• 0001096906-24-001665.txt ( ) — 3670KB
• cnfn-20240630_cal.xml (EX-101.CAL) — 31KB
• cnfn-20240630_def.xml (EX-101.DEF) — 131KB
• cnfn-20240630_lab.xml (EX-101.LAB) — 232KB
• cnfn-20240630_pre.xml (EX-101.PRE) — 211KB
• cnfn-20240630.xsd (EX-101.SCH) — 49KB
• cnfn-20240630_htm.xml (XML) — 422KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION: 1

Financial Statements and accompanying Notes to the Financial Statements (Unaudited)

Item 1. Financial Statements and accompanying Notes to the Financial Statements (Unaudited) 1

Management's Discussion and Analysis of Financial Position and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Position and Results of Operations 16

Controls and Procedures

Item 4. Controls and Procedures 21

- OTHER INFORMATION

PART II - OTHER INFORMATION: 21

Exhibits

Item 6. Exhibits 21

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CFN ENTERPRISES INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash $ 225,415 $ 78,744 Restricted cash 20,600 20,448 Accounts receivable, net 1,700,632 942,248 Inventory 1,864,703 1,796,227 Total current assets 3,811,350 2,837,667 Property and equipment, net 164,412 156,343 Right of use asset 1,860,574 2,159,043 Deposits 297,269 297,269 Other assets 8,810 8,910 Total assets $ 6,142,415 $ 5,459,232 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 4,440,176 $ 3,018,531 Accrued liabilities 5,529,570 3,828,063 Due to related party 501,140 501,140 Deferred revenue 235,125 484,212 Current portion of notes payable 7,362,408 7,272,357 Due to seller 1,000,000 1,000,000 Contingent consideration 208,000 208,000 Current portion of right of use liability 394,726 822,259 Current liabilities of discontinued operations 79,823 79,823 Total current liabilities 19,750,968 17,214,385 Right of use liability 1,584,214 1,547,410 Long-term note payable, net of current portion and discounts 126,981 128,443 Total liabilities 21,462,163 18,890,238 Commitments and contingencies Stockholders' deficit: Series A preferred stock, $ 0.001 par value, 500 shares authorized, 500 shares issued and outstanding as of both June 30, 2024 and December 31, 2023 1 1 Series B preferred stock, $ 0.001 par value, 3,000 shares authorized, 3,000 shares issued and outstanding as of both June 30, 2024 and December 31, 2023 3 3 Common stock, $ 0.001 par value, 500,000,000 shares authorized, 82,210,664 shares issued and outstanding as of both June 30, 2024 and December 31, 2023 82,210 82,210 Additional paid-in capital 61,039,808 60,909,641 Accumulated deficit ( 76,441,770 ) ( 74,422,861 ) Total stockholders' deficit ( 15,319,748 )

View Full Filing

View this 10-Q filing on SEC EDGAR