Socket Mobile, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Socket Mobile, Inc. filed its Q1 2024 10-Q report detailing financial performance and segment data.</b>

AI Summary

SOCKET MOBILE, INC. (SCKT) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Socket Mobile, Inc. reported its Q1 2024 results on May 14, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data from previous periods (Q1 2023, FY 2023, FY 2022) is included for comparison. Information on common stock, additional paid-in capital, treasury stock, and retained earnings is detailed for various periods. Segment data for Services, Americas, EMEA, and Asia Pacific is provided for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking SOCKET MOBILE, INC., this filing contains several important signals. This filing provides investors with the latest financial performance data for Socket Mobile, Inc. for the first quarter of 2024, enabling them to assess the company's current financial health and operational results. The inclusion of comparative data from previous periods allows for trend analysis and a better understanding of the company's financial trajectory and performance over time.

Risk Assessment

Risk Level: low — SOCKET MOBILE, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new information that would drastically alter the risk profile.

Analyst Insight

Review the detailed segment performance and balance sheet changes in the Q1 2024 10-Q to understand current operational trends and financial position.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-14 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Period of Report)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• SOCKET MOBILE, INC. (company) — Filer name
• SCKT (company) — Ticker symbol
• FREMONT (company) — Business address city
• CA (company) — Business address state
• DE (company) — State of incorporation

FAQ

Industry Context

Socket Mobile, Inc. operates in the technology sector, specifically focusing on data capture hardware and software solutions.

Regulatory Implications

The filing is a standard Form 10-Q, which is a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for public companies.

What Investors Should Do

1. Analyze the balance sheet details for changes in equity accounts like common stock and retained earnings.
2. Examine segment performance data for Services, Americas, EMEA, and Asia Pacific to identify regional trends.
3. Compare Q1 2024 financial data with Q1 2023 to assess year-over-year performance.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the Q1 2024 10-Q, providing updated financial information compared to previous filings like the Q4 2023 10-Q or the Q1 2023 10-Q.

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 Par Value per Share SCKT NASDAQ Ind
• $130,000 — rs elected to convert note principal of $130,000 into shares of the Company's common. Th
• $1,400,000 — he outstanding notes payment balance is $1,400,000. On November 16, 2022, the Company and

Filing Documents

• q1_2024.htm (10-Q) — 492KB
• exhibit31_1.htm (EX-31) — 14KB
• exhibit31_2.htm (EX-31) — 14KB
• exhibit32_1.htm (EX-32) — 12KB
• 0000944075-24-000026.txt (&nbsp;) — 2861KB
• sckt-20240331.xsd (EX-101.SCH) — 25KB
• sckt-20240331_cal.xml (EX-101.CAL) — 53KB
• sckt-20240331_def.xml (EX-101.DEF) — 58KB
• sckt-20240331_lab.xml (EX-101.LAB) — 195KB
• sckt-20240331_pre.xml (EX-101.PRE) — 162KB
• q1_2024_htm.xml (XML) — 258KB

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Statements of Operations – Three Months Ended March 31, 2024 and 2023 (Unaudited) 1 Condensed Balance Sheets - March 31, 2024 (Unaudited) and December 31, 2023 2 Condensed Statements of Stockholders' Equity – Three Months Ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Notes to Condensed Financial Statements (Unaudited) 5

Management's Discussion and Analysis of Financial Condition and

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 21

Other Information

Part II. Other Information

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 Index PART I

Financial Statements

Item 1. Financial Statements SOCKET MOBILE, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2024 2023 Revenues $ 4,977,797 $ 4,312,178 Cost of revenues 2,473,040 2,239,691 Gross profit 2,504,757 2,072,487 Operating expenses: Research and development 1,208,082 1,247,119 Sales and marketing 1,031,271 1,006,792 General and administrative 750,579 773,988 Total operating expenses 2,989,932 3,027,899 Operating loss ( 485,175 ) ( 955,412 ) Interest expense, net ( 72,240 ) ( 38,008 ) Net loss before income taxes ( 557,415 ) ( 993,420 ) Income tax expense — — Net loss $ ( 557,415 ) $ ( 993,420 ) Net loss per share: Basic $ ( 0.07 ) $ ( 0.12 ) Diluted $ ( 0.07 ) $ ( 0.12 ) Weighted average shares outstanding: Basic 7,441,745 7,106,746 Diluted 7,441,745 7,106,746 See accompanying notes to condensed financial statements. 1 Index SOCKET MOBILE, INC. CONDENSED BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 2,771,848 $ 2,826,630 Accounts receivable, net 2,073,041 1,699,696 Inventories, net 5,413,426 5,409,047 Prepaid expenses and other current assets 380,208 440,730 Deferred cost on shipments to distributors 362,914 322,580 Total current assets 11,001,437 10,698,683 Property and equipment: Machinery and office equipment 2,669,429 2,700,759 Computer equipment 3,646,916 3,631,945 6,316,345 6,332,704 Accumulated depreciation ( 3,519,975 ) ( 3,299,503 ) Property and equipment, net 2,796,370 3,033,201 Intangible assets, net 1,527,545 1,559,369 Other long-term assets 248,714 249,715 Deferred tax assets 10,112,419 10,112,419 Operating lease right-of-use asset 2,975,526 3,088,087 Total assets $ 28,662,011 $ 28,741,474 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 1,749,116

View Full Filing

View this 10-Q filing on SEC EDGAR