Fluent, Inc. Files Q3 2024 10-Q

TL;DR

Fluent's Q3 10-Q is in - check financials for latest performance.

AI Summary

Fluent, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates. Key figures include revenue and net income, though specific dollar amounts for these are not immediately available in the provided snippet. The company, formerly known as Cogint, Inc., is based in New York.

Why It Matters

This filing provides investors with an updated view of Fluent, Inc.'s financial health and operational performance for the third quarter of 2024.

Risk Assessment

Risk Level: medium — The filing is a standard 10-Q, but the lack of immediate, specific financial performance metrics in the snippet requires a medium risk assessment for quick interpretation.

Key Numbers

• 10,000,000 — Stock Options Granted (Options granted on June 3, 2024, to one employee, vesting over four years.)
• 17,645,368 — Balance (Represents a balance related to prepaid and other expenses and other non-current assets, adjusted for fair value.)
• 14,384,936 — Balance (Represents a balance related to prepaid and other expenses and other non-current assets, adjusted for fair value.)

Key Players & Entities

• Fluent, Inc. (company) — Filer
• Cogint, Inc. (company) — Former company name
• IDI, Inc. (company) — Former company name
• Tiger Media, Inc. (company) — Former company name
• 20240930 (date) — Reporting period end date
• 20241115 (date) — Filing date
• 300 VESEY STREET (location) — Business and mailing address
• NEW YORK (location) — City for business and mailing address
• 10282 (location) — ZIP code for business and mailing address

FAQ

Key Financial Figures

• $0.0005 — nge on which registered Common Stock, $0.0005 par value per share FLNT The NASDAQ
• $7,500 — equired that the Company raise at least $7,500 of additional capital by November 29, 2

Filing Documents

• flnt20240930_10q.htm (10-Q) — 1615KB
• ex_741530.htm (EX-10.8) — 91KB
• ex_741531.htm (EX-10.9) — 14KB
• ex_741920.htm (EX-10.10) — 39KB
• ex_748845.htm (EX-10.11) — 974KB
• ex_716683.htm (EX-31.1) — 12KB
• ex_716684.htm (EX-31.2) — 12KB
• ex_716685.htm (EX-32.1) — 6KB
• ex_716686.htm (EX-32.2) — 6KB
• 0001437749-24-035493.txt ( ) — 8965KB
• flnt-20240930.xsd (EX-101.SCH) — 59KB
• flnt-20240930_cal.xml (EX-101.CAL) — 46KB
• flnt-20240930_def.xml (EX-101.DEF) — 439KB
• flnt-20240930_lab.xml (EX-101.LAB) — 407KB
• flnt-20240930_pre.xml (EX-101.PRE) — 471KB
• flnt20240930_10q_htm.xml (XML) — 1276KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 46 Item 5. Other Information 46 Item 6. Exhibits 47

Signatures

Signatures 49 1 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Unless otherwise indicated or required by the context, all references in this Quarterly Report on Form 10-Q to "we," "us," "our," "Fluent," or the "Company," refer to Fluent, Inc. and its consolidated subsidiaries.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. FLUENT, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data) (unaudited) September 30, 2024 December 31, 2023 ASSETS: Cash and cash equivalents $ 6,587 $ 15,804 Accounts receivable, net of allowance for credit losses of $ 497 and $ 231 , respectively 52,635 56,531 Prepaid expenses and other current assets 7,060 6,071 Total current assets 66,282 78,406 Restricted cash 1,255 — Property and equipment, net 362 591 Operating lease right-of-use assets 2,016 3,395 Intangible assets, net 22,666 26,809 Goodwill — 1,261 Other non-current assets 3,364 1,405 Total assets $ 95,945 $ 111,867 LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable $ 7,902 $ 10,954 Accrued expenses and other current liabilities 27,273 30,534 Deferred revenue 428 430 Current portion of long-term debt 32,582 5,000 Current portion of operating lease liability 2,222 2,296 Total current liabilities 70,407 49,214 Long-term debt, net 500 25,488 Convertible Notes, at fair value with related parties 4,860 — Operating lease liability, net 152 1,699 Other non-current liabilities 47 1,062 Total liabilities 75,966 77,463 Contingencies (Note 11) Shareholders' equity: Preferred stock — $ 0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods — — Common stock — $ 0.0005 par value, 200,000,000 Shares authorized; Shares issued — 17,645,368 and 14,384,936 , respectively; and Shares outstanding — 16,876,773 and 13,616,341 , respectively (Note 8) 46 43 Treasury stock, at cost — 768,595 and 768,595 Shares, respectively (Note 8) ( 11,407 ) ( 11,407 ) Additional paid-in capital 438,705 427,286 Accumulated deficit ( 407,365 ) ( 381,518 ) Total shareholders' equity 19,979 34,404 Total liabilities and shareholders' equity $ 95,945 $ 111,867 See notes to consolidated financial statements 2 Table of Contents FL

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Amounts in thousands, except share and per share data) (unaudited) 1. Summary of significant accounting policies (a) Basis of preparation The accompanying unaudited consolidated financial statements have been prepared by Fluent, Inc., a Delaware corporation (the "Company" or "Fluent"), in accordance with accounting principles generally accepted in the United States ("GAAP" or "U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods ended September 30, 2024 and 2023 , respectively, but are not necessarily indicative of the results of operations to be anticipated for any future interim periods or for the full year ending December 31, 2024 . From time to time, the Company may enter into relationships or investments with other entities, and, in certain instances, the entity in which the Company has a relationship or investment may qualify as a variable interest entity ("VIE"). The Company consolidates a VIE in its financial statements if the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary is the party that has the power to direct activities that most significantly impact the operations of the VIE and has the obligation to absorb losses or the right to benefits from the VIE that could potentially be significant to the VIE. The information included in this Quarterly Report on Form 10 -Q should be read in conjunction with the consolidated financial statements and accompanying notes included in

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (Amounts in thousands, except share and per share data) (unaudited) (c) Reverse stock split On April 11, 2024, the Company effected a 1 -for- 6 reverse split of the issued shares (the "Reverse Stock Split") of the Company's common stock. All historical share amounts disclosed in this Quarterly Report on Form 10 -Q have been retroactively restated to reflect the Reverse Stock Split. No fractional shares were issued as a result of the Reverse Stock Split, as fractional shares of Common Stock were rounded up to the nearest whole share. See Note 8 , Equity, for additional information. (d) Recently issued and adopted accounting standards Accounting pronouncements not listed below were assessed and determined to be not applicable or are expected to have minimal impact on the Company's consolidated financial statements. In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023 - 06, D isclosure Improvements: Codification Amendments in Response to the SEC ' s Disclosure Update and Simplification Initiatives , which incorporates updates to the Codification to align with SEC disclosure requirements in response to the August 2018 SEC Release No. 33 - 10532. The amendment updates and simplifies certain SEC disclosure requirements that were duplicative, overlapping, or outdated due to changes in other SEC requirements and in U.S. GAAP, International Financial Reporting Standards ("IFRS"), or the overall financial reporting environment. The new guidance is effective for each amendment only if the SEC removes the related disclosure of presentation requirements from its existing regulations by June 30, 2027. The guidance is to be applied prospectively, with early adoption prohibited. The Company is currently evaluating the impact of adopting the ASU on its consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023 -

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (Amounts in thousands, except share and per share data) (unaudited) (e) Revenue recognition Data and performance-based marketing Revenue is generated when there is a transfer of control of a good or service for a consideration amount the Company is expected to be entitled to. Revenue is recognized when a company has satisfied its performance obligations to a customer and can reasonably expect and measure the payment. The Company's performance obligations are typically to (a) deliver data records based on predefine

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View this 10-Q filing on SEC EDGAR