SurgePays, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SurgePays, Inc. has filed its 2023 10-K, detailing financial performance and corporate history.</b>

AI Summary

SurgePays, Inc. (SURG) filed a Annual Report (10-K) with the SEC on March 12, 2024. SurgePays, Inc. filed its 2023 Form 10-K on March 12, 2024, reporting on its fiscal year ending December 31, 2023. The company was formerly known as Surge Holdings, Inc., KSIX Media Holdings, Inc., and North American Energy Resources, Inc. SurgePays, Inc. is incorporated in Nevada and operates in the Telephone Communications sector. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. Key financial statement components such as Common Stock, Preferred Stock (Series A and C), Additional Paid-In Capital, Retained Earnings, and Noncontrolling Interest are detailed for these periods.

Why It Matters

For investors and stakeholders tracking SurgePays, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of SurgePays' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. Understanding the company's historical name changes and its position within the telecommunications industry offers context for its current business strategy and market positioning.

Risk Assessment

Risk Level: — SurgePays, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, providing historical financial data and corporate information without immediate indicators of significant new risks or positive developments.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to form an informed opinion on SurgePays' current valuation and future potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-12 — Filing Date (Date of submission)
• 4813 — SIC Code (Industry classification)

Key Players & Entities

• SurgePays, Inc. (company) — Filer
• Surge Holdings, Inc. (company) — Former company name
• KSIX Media Holdings, Inc. (company) — Former company name
• North American Energy Resources, Inc. (company) — Former company name

FAQ

Industry Context

SurgePays, Inc. operates within the Telephone Communications industry, classified under SIC code 4813.

Regulatory Implications

As a publicly traded company, SurgePays, Inc. is subject to the reporting requirements of the Securities Exchange Act of 1934, necessitating the filing of this Form 10-K.

What Investors Should Do

1. Review the detailed financial statements and footnotes in the 10-K for a thorough understanding of SurgePays' financial position.
2. Analyze the company's business description and risk factors to assess its operational landscape and potential challenges.
3. Compare the reported financial data for fiscal year 2023 against prior years (2022, 2021) to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-12: Filing Date — Date SurgePays, Inc. submitted its 10-K to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by SurgePays, Inc. to report its annual financial results and business operations.)

SIC Code

Standard Industrial Classification code used to classify businesses based on their primary activity. (Indicates SurgePays, Inc. operates in the Telephone Communications sector (4813).)

Year-Over-Year Comparison

This filing is the company's annual report for fiscal year 2023, providing updated financial and operational details compared to previous filings.

Key Financial Figures

• $0.001 — f the shares of common stock, par value $0.001 per share held by non-affiliates of the
• $7.31 — approximately $ 62,587,072 based on the $7.31 closing price of the registrant's commo
• $100 — Benefit program) reimburses us up to a $100 for the cost of each tablet device we d
• $30 — each tablet device we distribute and a $30 per customer, per month subsidy for mob

Filing Documents

• form10-k.htm (10-K) — 2130KB
• ex10-25.htm (EX-10.25) — 29KB
• ex19-1.htm (EX-19.1) — 105KB
• ex21-1.htm (EX-21.1) — 17KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 16KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• ex97-1.htm (EX-97.1) — 22KB
• 0001493152-24-009661.txt (&nbsp;) — 11034KB
• surg-20231231.xsd (EX-101.SCH) — 73KB
• surg-20231231_cal.xml (EX-101.CAL) — 72KB
• surg-20231231_def.xml (EX-101.DEF) — 375KB
• surg-20231231_lab.xml (EX-101.LAB) — 619KB
• surg-20231231_pre.xml (EX-101.PRE) — 476KB
• form10-k_htm.xml (XML) — 2046KB

Properties

Properties 11 Item 3. Legal Proceedings 12 Item 4. Mine Safety Disclosures 13 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 14 Item 6 Selected Financial Data 15 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 23 Item 8. Financial 23 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 23 Item 9A. Controls and Procedures 24 Item 9B. Other Information 25 PART III Item 10. Directors, Executive Officers and Corporate Governance 25 Item 11. Executive Compensation 25 Item 12. Security 25 Item 13. Certain Relationships, Related Transactions and Director Independence 25 Item 14. Principal Accounting Fees and Services 25 PART IV Item 15. Exhibits, Financial Statement Schedules 26 Exhibit Index 26 Item 16 Form 10-K Summary 27

Signatures

Signatures 28 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Annual Report") contains forward-looking statements within the meaning of the federal securities laws. All statements contained in this Annual Report, other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, potential growth or growth prospects, future research and development, sales and marketing and general and administrative expenses, and our objectives for future operations, are forward-looking "continues," "anticipates," "intends," "expects," "could," "would," "projects," "plans," "targets," and variations of such words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the "Risk Factors" in this Annual Report. Readers are urged to carefully review and consider the various disclosures made in this Annual Report and in other documents we file from time to time with the Securities and Exchange Commission (the "SEC") that disclose risks and uncertainties that may affect our business. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in a

View Full Filing

View this 10-K filing on SEC EDGAR