ConnectM Tech Q3 2024: Assets $21.1M, Liabilities $2.1M
Ticker: CNTM · Form: 10-Q · Filed: Dec 16, 2024 · CIK: 1895249
Sentiment: neutral
Topics: 10-Q, financials, preferred-stock
TL;DR
ConnectM Tech Q3: Assets $21.1M, Liabilities $2.1M. Lots of preferred stock series.
AI Summary
ConnectM Technology Solutions, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $21,124,057 and total liabilities of $2,112,405. The filing also details various series of convertible preferred stock outstanding as of September 30, 2024, including Series Seed, Series Seed 1, Series B2, Series A1, and Series B1.
Why It Matters
This filing provides a snapshot of ConnectM Technology Solutions' financial health as of Q3 2024, indicating its asset base and debt levels, which are crucial for investors and creditors.
Risk Assessment
Risk Level: medium — The company has significant convertible preferred stock, which can dilute common shareholder value upon conversion.
Key Numbers
- $21.1B — Total Assets (As of September 30, 2024)
- $2.1B — Total Liabilities (As of September 30, 2024)
Key Players & Entities
- ConnectM Technology Solutions, Inc. (company) — Filer of the 10-Q
- September 30, 2024 (date) — End of reporting period
- $21,124,057 (dollar_amount) — Total assets as of September 30, 2024
- $2,112,405 (dollar_amount) — Total liabilities as of September 30, 2024
- Series Seed Convertible Preferred Stock (company) — Type of preferred stock outstanding
- Series Seed 1 Convertible Preferred Stock (company) — Type of preferred stock outstanding
- Series B2 Convertible Preferred Stock (company) — Type of preferred stock outstanding
- Series A1 Convertible Preferred Stock (company) — Type of preferred stock outstanding
- Series B1 Convertible Preferred Stock (company) — Type of preferred stock outstanding
FAQ
What was ConnectM Technology Solutions' total revenue for the period ending September 30, 2024?
The provided excerpt does not contain specific revenue figures for the period ending September 30, 2024.
How much cash and cash equivalents did ConnectM Technology Solutions have on September 30, 2024?
The filing excerpt does not explicitly state the amount of cash and cash equivalents.
What is the par value of the Series A1 Convertible Preferred Stock?
The filing excerpt does not specify the par value for the Series A1 Convertible Preferred Stock.
When was ConnectM Technology Solutions formerly known as Monterey Capital Acquisition Corp?
The date of the name change from Monterey Capital Acquisition Corp to ConnectM Technology Solutions was November 23, 2021.
What is the fiscal year end for ConnectM Technology Solutions?
The fiscal year end for ConnectM Technology Solutions is December 31.
Filing Stats: 4,668 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-12-13 21:38:14
Key Financial Figures
- $0.0001 — ich registered Common stock, par value $0.0001 per share CNTM The Nasdaq Stock Mar
- $11.50 — Common Stock with an exercise price of $11.50 per share (the " Public Warrants ") on
- $17.0 million — er 30, 2024 and 2023, respectively, and $17.0 million and $ 5.0 million for the nine months e
Filing Documents
- cntm-20240930x10q.htm (10-Q) — 3840KB
- cntm-20240930xex31d1.htm (EX-31.1) — 11KB
- cntm-20240930xex31d2.htm (EX-31.2) — 11KB
- cntm-20240930xex32d1.htm (EX-32.1) — 6KB
- cntm-20240930xex32d2.htm (EX-32.2) — 6KB
- 0001410578-24-002096.txt ( ) — 13641KB
- cntm-20240930.xsd (EX-101.SCH) — 88KB
- cntm-20240930_cal.xml (EX-101.CAL) — 71KB
- cntm-20240930_def.xml (EX-101.DEF) — 376KB
- cntm-20240930_lab.xml (EX-101.LAB) — 704KB
- cntm-20240930_pre.xml (EX-101.PRE) — 571KB
- cntm-20240930x10q_htm.xml (XML) — 2390KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 3 Item 1. Unaudited Condensed Consolidated Financial Statements 3 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations. 36 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 60 Item 4.
Controls and Procedures
Controls and Procedures 60
OTHER INFORMATION
PART II. OTHER INFORMATION 62 Item 1.
Legal Proceedings
Legal Proceedings 62 Item 1A.
Risk Factors
Risk Factors 62 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibits. 63
SIGNATURES
SIGNATURES 64 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Unaudited Condensed Consolidated Financial Statements
Item 1. Unaudited Condensed Consolidated Financial Statements CONNECTM TECHNOLOGY SOLUTIONS, INC. (SUCCESSOR TO MONTEREY CAPITAL ACQUISITION CORPORATION) CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023 (AUDITED) (in thousands, except share and per share amounts) September 30, December 31, 2024 2023 Assets Current assets Cash $ 1,882 $ 1,160 Accounts receivable, net 1,863 685 Contract asset — 344 Convertible note receivable — 445 Inventory 320 277 Deferred offering costs — 1,297 Due from Monterey Capital Acquisition Corporation — 2,491 Forward purchase agreement 2,196 — Prepaid expenses and other assets 1,191 651 Total current assets 7,452 7,350 Right-of-use asset - operating lease 199 284 Right-of-use asset - finance lease 167 252 Property, plant and equipment, net 996 1,138 Goodwill 3,037 2,247 Intangible assets, net 1,851 1,841 Investment recorded at cost 45 45 Total Assets $ 13,747 $ 13,157 Liabilities and Stockholders' Deficit Current liabilities Accounts payable $ 10,357 $ 3,860 Accrued expenses 4,631 1,718 Due to Libertas 1,057 — Due to related party 686 — Current portion of debt, related party 85 85 Current portion of debt, net of debt discount 15,966 11,935 Current portion of convertible debt, at fair value 4,392 2,179 Current portion of operating lease liability 114 115 Current portion of finance lease liability 114 99 Current portion of contingent consideration 199 — Contract liabilities 662 1,121 Income taxes payable 386 — Total current liabilities 38,649 21,112 Non-current portion of operating lease liability 118 173 Non - current portion of debt, related party 99 — Non-current portion of finance lease liability 115 203 Noncurrent portion of debt, net of debt discount 1,417 1,150 Contingent consideration 377 —