QUOTEMEDIA INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>QUOTEMEDIA INC filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and corporate information.</b>

AI Summary

QUOTEMEDIA INC (QMCI) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. QUOTEMEDIA INC reported financial results for the period ending March 31, 2024. The company's fiscal year ends on December 31. QUOTEMEDIA INC is incorporated in Nevada. The company's business address is 17100 E SHEA BLVD, SUITE 230, FOUNTAIN HILLS, AZ 85268. The filing is a Form 10-Q, filed under the 1934 Act.

Why It Matters

For investors and stakeholders tracking QUOTEMEDIA INC, this filing contains several important signals. This filing provides investors with an update on QUOTEMEDIA INC's financial health and operational status for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current performance, potential risks, and future outlook.

Risk Assessment

Risk Level: low — QUOTEMEDIA INC shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial updates, with no immediate red flags apparent in the provided metadata.

Analyst Insight

Review the detailed financial statements and management discussion within the full 10-Q filing to understand QUOTEMEDIA INC's performance and strategic direction.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-13 — Filed As Of Date (FILED AS OF DATE)
• 0001101433 — Central Index Key (CENTRAL INDEX KEY)
• 7389 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)
• 000-28599 — SEC File Number (SEC FILE NUMBER)
• 24938696 — Film Number (FILM NUMBER)
• 001 — Par Value (Common stock, par value $.001 per share)
• 150000000 — Authorized Shares (Common stock, par value $.001 per share)

Key Players & Entities

• QUOTEMEDIA INC (company) — FILER
• QUOTEMEDIA INC (company) — COMPANY CONFORMED NAME
• NV (company) — STATE OF INCORPORATION
• FOUNTAIN HILLS (company) — CITY
• AZ (company) — STATE
• 4809057311 (dollar_amount) — BUSINESS PHONE
• QUOTEMEDIA INC (company) — FORMER COMPANY
• QUOTEMEDIA COM INC (company) — FORMER COMPANY

FAQ

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $25.00 — urplus, or earnings, an amount equal to $25.00 per share of Series A redeemable conver

Filing Documents

• qmci_10q.htm (10-Q) — 534KB
• qmci_ex311.htm (EX-31.1) — 12KB
• qmci_ex312.htm (EX-31.2) — 9KB
• qmci_ex321.htm (EX-32.1) — 5KB
• qmci_ex322.htm (EX-32.2) — 4KB
• 0001654954-24-006072.txt (&nbsp;) — 2852KB
• qmci-20240331.xsd (EX-101.SCH) — 30KB
• qmci-20240331_lab.xml (EX-101.LAB) — 172KB
• qmci-20240331_cal.xml (EX-101.CAL) — 36KB
• qmci-20240331_pre.xml (EX-101.PRE) — 143KB
• qmci-20240331_def.xml (EX-101.DEF) — 55KB
• qmci_10q_htm.xml (XML) — 389KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 4.

Controls and Procedures

Controls and Procedures 20 Part II. Other Information Item 6. Exhibits 21

Signatures

Signatures 22 2 Table of Contnts

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements QUOTEMEDIA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 244,277 $ 342,014 Accounts receivable, net 1,286,609 1,154,787 Prepaid expenses 218,199 133,478 Other current assets 118,451 104,931 Total current assets 1,867,536 1,735,210 Deposits 16,558 16,850 Property and equipment, net 277,590 302,224 Capitalized internal-use software development costs, net 4,680,740 4,552,910 Goodwill 110,000 110,000 Intangible assets 59,166 65,636 Operating lease right-of-use assets (see note 5) 343,369 393,472 Total assets $ 7,354,959 $ 7,176,302 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued liabilities $ 2,522,960 $ 2,210,933 Deferred revenue (see note 3) 1,505,807 1,456,381 Operating lease liabilities (see note 5) 204,532 206,146 Total current liabilities 4,233,299 3,873,460 Long-term liabilities: Deferred revenue (see note 3) 276,456 375,568 Operating lease liabilities (see note 5) 137,841 191,735 Preferred stock warrant liability (see note 6) 611,563 611,563 Total long-term liabilities 1,025,860 1,178,866 Mezzanine equity: Preferred stock, 10,000,000 shares authorized: Series A redeemable convertible preferred stock, $ 0.001 par value, 550,000 shares designated; shares issued and outstanding: 123,685 at March 31, 2024 and December 31, 2023 (see note 6) 2,983,857 2,983,857 Stockholders' deficit: Common stock, $ 0.001 par value, 150,000,000 shares authorized, shares issued and outstanding: 90,477,798 at March 31, 2024 and December 31, 2023 90,479 90,479 Additional paid-in capital 18,910,482 18,910,482 Accumulated deficit ( 19,889,018 ) ( 19,860,842 ) Total stockholders' deficit ( 888,057 ) ( 859,881 ) Total liabilities, mezzanine equ

View Full Filing

View this 10-Q filing on SEC EDGAR