Socket Mobile Reports Q2 2024 Financials

TL;DR

SOCKET MOBILE (SMOB) Q2 2024 10-Q FILED - CHECK FINANCIALS

AI Summary

Socket Mobile, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024, detailing financial performance and operational updates. Specific financial figures for revenue, net income, and cash flow for the quarter and year-to-date periods are presented.

Why It Matters

This filing provides investors with the latest financial health and performance indicators for Socket Mobile, Inc., crucial for making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in a competitive tech sector, which inherently carries risks.

Key Numbers

• 2024 Q2 — Reporting Period (Covers the second quarter of 2024.)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (Financials for the first six months of 2024.)
• 2023-01-01 to 2023-06-30 — Prior Year Period (For comparison with the current year's performance.)

Key Players & Entities

• SOCKET MOBILE, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240813 (date) — Filing date
• FREMONT, CA (location) — Company headquarters

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 Par Value per Share SCKT NASDAQ Ind
• $1,138 — months ended June 30, 2023, amounted to $1,138. The CalCap Loan balance of $ 125,000 w
• $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

• q2_2024.htm (10-Q) — 621KB
• exhibit31_1.htm (EX-31) — 15KB
• exhibit31_2.htm (EX-31) — 15KB
• exhibit32_1.htm (EX-32) — 13KB
• 0000944075-24-000053.txt ( ) — 3270KB
• sckt-20240630.xsd (EX-101.SCH) — 27KB
• sckt-20240630_cal.xml (EX-101.CAL) — 55KB
• sckt-20240630_def.xml (EX-101.DEF) — 57KB
• sckt-20240630_lab.xml (EX-101.LAB) — 205KB
• sckt-20240630_pre.xml (EX-101.PRE) — 169KB
• q2_2024_htm.xml (XML) — 368KB

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Statements of Operations – Three Months and Six Months Ended June 30, 2024 and 2023 (Unaudited) 1 Condensed Balance Sheets - June 30, 2024 (Unaudited) and December 31, 2023 2 Condensed Statements of Stockholders' Equity – Three Months and Six Months Ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Statements of Cash Flows - Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Notes to Condensed Financial Statements (Unaudited) 6

Management's Discussion and Analysis of Financial Condition and

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

Other Information

Part II. Other Information

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Exhibits

Item 6. Exhibits 35

Signatures

Signatures 36 Index PART I

Financial Statements

Item 1. Financial Statements SOCKET MOBILE, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 5,081,398 $ 5,117,157 $ 10,059,195 $ 9,429,335 Cost of revenues 2,497,067 2,465,594 4,970,108 4,705,285 Gross profit 2,584,331 2,651,563 5,089,087 4,724,050 Operating expenses: Research and development 1,231,953 1,189,930 2,440,035 2,437,049 Sales and marketing 1,154,245 1,004,579 2,185,516 2,011,371 General and administrative 733,276 748,609 1,483,854 1,522,597 Total operating expenses 3,119,474 2,943,118 6,109,405 5,971,017 Operating loss ( 535,143 ) ( 291,555 ) ( 1,020,318 ) ( 1,246,967 ) Interest expense, net ( 72,488 ) ( 55,261 ) ( 144,728 ) ( 93,269 ) Net loss before income taxes ( 607,631 ) ( 346,816 ) ( 1,165,046 ) ( 1,340,236 ) Income tax expense — ( 166,000 ) — ( 166,000 ) Net loss $ ( 607,631 ) $ ( 512,816 ) $ ( 1,165,046 ) $ ( 1,506,236 ) Net loss per share: Basic $ ( 0.08 ) $ ( 0.06 ) $ ( 0.16 ) $ ( 0.18 ) Diluted $ ( 0.08 ) $ ( 0.06 ) $ ( 0.16 ) $ ( 0.18 ) Weighted average shares outstanding: Basic 7,571,940 7,163,608 7,511,378 7,135,149 Diluted 7,571,940 7,163,608 7,511,378 7,135,149 See accompanying notes to condensed financial statements. 1 Index SOCKET MOBILE, INC. CONDENSED BALANCE SHEETS June 30, 2024 (Unaudited) December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 2,116,921 $ 2,826,630 Accounts receivable, net 2,550,219 1,699,696 Inventories, net 5,186,030 5,409,047 Prepaid expenses and other current assets 561,821 440,730 Deferred cost on shipments to distributors 247,145 322,580 Total current assets 10,662,136 10,698,683 Property and equipment: Machinery and office equipment 2,677,561 2,700,759 Computer equipment 3,582,404 3,631,945 6,259,965 6,332,704 Accumulated depreciation

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View this 10-Q filing on SEC EDGAR