Mobiquity Technologies Files Q1 2024 10-Q

TL;DR

Mobiquity Tech's Q1 2024 10-Q is in. Check financials.

AI Summary

Mobiquity Technologies, Inc. filed its 10-Q for the period ending March 31, 2024. The filing details the company's financial performance and position. Specific financial figures and operational details for the first quarter of 2024 are presented, alongside comparative data from previous periods.

Why It Matters

This filing provides investors and stakeholders with the latest financial health and operational status of Mobiquity Technologies, Inc. as of March 31, 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant risks or opportunities for the company.

Key Players & Entities

• Mobiquity Technologies, Inc. (company) — Filer of the 10-Q
• 0001084267 (company) — Central Index Key for Mobiquity Technologies, Inc.
• 20240331 (date) — End of the reporting period
• 20240520 (date) — Filing date

FAQ

Key Financial Figures

• $250,000 — he amount insured by the FDIC, which is $250,000. At March 31, 2024 and December 31, 202

Filing Documents

• mobiquity_i10q-033124.htm (10-Q) — 900KB
• mobiquity_ex3101.htm (EX-31.1) — 7KB
• mobiquity_ex3102.htm (EX-31.2) — 7KB
• mobiquity_ex3201.htm (EX-32.1) — 3KB
• mobiquity_ex3202.htm (EX-32.2) — 3KB
• 0001683168-24-003689.txt ( ) — 5430KB
• mobq-20240331.xsd (EX-101.SCH) — 41KB
• mobq-20240331_cal.xml (EX-101.CAL) — 39KB
• mobq-20240331_def.xml (EX-101.DEF) — 238KB
• mobq-20240331_lab.xml (EX-101.LAB) — 378KB
• mobq-20240331_pre.xml (EX-101.PRE) — 334KB
• mobiquity_i10q-033124_htm.xml (XML) — 655KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 3

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures

Item 3. Quantitative and Qualitative Disclosures 38

Controls and Procedures

Item 4. Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION 39

Legal Proceedings

Item 1. Legal Proceedings 39 Item lA. Risk Factors 39

Changes in Securities

Item 2. Changes in Securities 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Mobiquity Technology, Inc. Consolidated Balance Sheets March 31, 2024 (Unaudited) December 31, 2023 Assets Current Assets Cash $ 73,068 $ 528,272 Accounts receivable 1,245,325 1,192,538 Less: Allowance for credit losses ( 1,201,573 ) ( 1,157,910 ) Accounts receivable, net 43,752 34,628 Prepaid and other current assets 107,761 149,635 Total Current Assets 224,581 712,535 Property and equipment, net 6,053 7,298 Goodwill 1,352,865 1,352,865 Intangible assets, net 19,122 76,488 Capitalized software development costs, net 2,518,520 2,049,908 Total Assets $ 4,121,141 $ 4,199,094 Liabilities and Stockholders' Equity (Deficit) Current Liabilities Accounts payable and accrued expenses $ 1,822,317 $ 1,626,914 Accrued interest - related party 3,736 – Contract liabilities 229,449 195,135 Debt, current portion, net 480,451 168,717 Total Current Liabilities 2,535,953 1,990,766 Total Liabilities 2,535,953 1,990,766 Commitments and Contingencies (Note 8) – Stockholders' Equity (Deficit) AAA preferred stock; $ 0.0001 par value, 1,250,000 shares authorized, 31,413 shares issued and outstanding 3 3 Preferred stock Series E; $ 0.0001 par value, 70,000 shares authorized, 61,688 shares issued and outstanding 6 6 Preferred stock Series H; $ 0.0001 par value, 770,000 share authorized, 768,473 , share issued and outstanding 78 78 Common stock; $ 0.0001 par value, 100,000,000 shares authorized, 5,236,260 and 3,994,926 shares issued, 5,233,743 and 3,992,426 shares outstanding 524 400 Treasury stock, at cost, $ 0.0001 par value 2,517 and 2,500 shares outstanding ( 1,350,006 ) ( 1,350,000 ) Additional paid-in capital 221,017,182 220,598,180 Accumulated deficit ( 218,082,599 ) ( 217,040,339 ) Total Stockholders' Equity (Deficit) 1,585,188 2,208,328 Total Liabilities and Stockholders' Equity (Deficit) $ 4,121,141 $ 4,199,094 The accompanying

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (UNAUDITED) NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS Mobiquity Technologies, Inc. ("Mobiquity," "we," "our" or "the Company"), and its operating subsidiaries, is a next generation location data intelligence company. The Company provides precise unique, at-scale location data and insights on consumer's real-world behavior and trends for use in marketing and research. We provide one of the most accurate and scaled solutions for mobile data collection and analysis, utilizing multiple geo-location technologies. The Company is seeking to implement several new revenue streams from its data collection and analysis, including, but not limited to, Advertising, Data Licensing, Footfall Reporting, Attribution Reporting, Real Estate Planning, Financial Forecasting and Custom Research. We also are a developer of advertising and marketing technology focused on the creation, automation, and maintenance of an advertising technology operating system (or ATOS). The ATOS platform blends artificial intelligence (or AI) and machine learning (ML) based optimization technology for automatic ad serving that manages and runs digital advertising campaigns. Mobiquity Technologies, Inc. was incorporated in the State of New York and has the following subsidiaries: Schedule of subsidiaries Company Name New York Advangelists, LLC Delaware Mobiquity Networks, Inc. Mobiquity Networks, Inc. is a wholly owned subsidiary of Mobiquity Technologies, Inc., commencing operations in May 2018. Mobiquity Networks started and developed as a mobile advertising technology company focused on driving foot-traffic throughout its indoor network and has evolved and grown into a next generation data intelligence company. Mobiquity Networks, Inc. operates our data intelligence platform business. Advangelists, LLC Advangelists LLC is a wholly owned subsidiary of Mobiquity Technolo

financial statements, for the three months ended March 31, 2024, the Company had

financial statements, for the three months ended March 31, 2024, the Company had: Net loss of $ 1,042,260 and Net cash used in operations was $ 601,762 Additionally, at March 31, 2024, the Company had: Accumulated deficit of $ 218,082,599 Stockholders' equity of $ 1,585,188 , and Working capital deficit of $ 2,265,264 8 We manage liquidity risk by reviewing, on an ongoing basis, our sources of liquidity and capital requirements. The Company had cash on hand of $ 73,068 at March 31, 2024. The Company has incurred significant losses since its inception in 1998 and has not demonstrated an ability to generate sufficient revenues from the sales of its products and services to achieve profitable operations. There can be no assurance that profitable operations will ever be achieved, or if achieved, could be sustained on a continuing basis. In making this assessment we performed a comprehensive analysis of our current circumstances including: our financial position, our cash flows and cash usage forecasts for the year ended December 31, 2023, and the quarter ended March 31, 2024, and our current capital structure including equity-based instruments and our obligations and debts. Without sufficient revenues from operations, if the Company does not obtain additional capital, the Company will be required to reduce the scope of its business development activities or cease operations. These factors create substantial doubt about the Company's ability to continue as a going concern within one year after the date that these consolidated financial statements are issued, as the Company will need additional capital to meet its financial obligations. These consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realiz

View Full Filing

View this 10-Q filing on SEC EDGAR