Oblong, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Oblong, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, providing an update on its financial and operational status.</b>

AI Summary

Oblong, Inc. (TWAV) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Oblong, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's principal business address is located at 110 16th Street, Suite 1400 #1024, Denver, CO 80202. The filing indicates a fiscal year end of December 31. Oblong, Inc. was formerly known as GLOWPOINT, INC., with a name change date of August 9, 2011. The company is classified under SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. (SIC code 7370).

Why It Matters

For investors and stakeholders tracking Oblong, Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and operational details of Oblong, Inc. for the first quarter of 2024. Understanding the company's current financial health and strategic positioning is crucial for investors evaluating their holdings in TWAV.

Risk Assessment

Risk Level: low — Oblong, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess Oblong, Inc.'s revenue, expenses, and overall financial health for Q1 2024.

Key Numbers

• 2024-03-31 — Report Period End Date (The end date for the reporting period of the 10-Q filing.)
• 2024-05-08 — Filing Date (The date the 10-Q filing was submitted to the SEC.)
• 7370 — SIC Code (Standard Industrial Classification code for the company's industry.)
• DE — State of Incorporation (The state where Oblong, Inc. is incorporated.)

Key Players & Entities

• Oblong, Inc. (company) — Filer name and company being reported on.
• GLOWPOINT, INC. (company) — Former name of Oblong, Inc.
• Denver, CO (location) — City and State of the company's business and mailing address.
• 770312442 (other) — IRS number for Oblong, Inc.
• 001-35376 (other) — SEC file number for Oblong, Inc.

FAQ

Risk Factors

• SEC Filings Compliance [low — regulatory]: The company must comply with SEC regulations for filing periodic reports like the 10-Q.
• Business Operations [medium — operational]: The company's success depends on its ability to provide computer programming and data processing services.
• Financial Performance [medium — financial]: The company's financial results are subject to market conditions and operational efficiency.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

SIC Code

Standard Industrial Classification code used to classify businesses by industry. (Helps categorize Oblong, Inc. within the computer programming and data processing sector.)

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share OBLG Nasdaq Capital Market

Filing Documents

• glow-20240331.htm (10-Q) — 861KB
• oblg-ex311_20240331xq1.htm (EX-31.1) — 9KB
• oblg-ex312_20240331xq1.htm (EX-31.2) — 9KB
• oblg-ex321_20240331xq1.htm (EX-32.1) — 4KB
• 0000746210-24-000019.txt (&nbsp;) — 5236KB
• glow-20240331.xsd (EX-101.SCH) — 35KB
• glow-20240331_cal.xml (EX-101.CAL) — 41KB
• glow-20240331_def.xml (EX-101.DEF) — 151KB
• glow-20240331_lab.xml (EX-101.LAB) — 482KB
• glow-20240331_pre.xml (EX-101.PRE) — 364KB
• glow-20240331_htm.xml (XML) — 736KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets at March 31, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Notes to unaudited Condensed Consolidated Financial Statements 6

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 16

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 20

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22

Other Information

Item 5. Other Information 22

Exhibits

Item 6. Exhibits 23

Signatures

Signatures 24 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q (this "Report") contains statements that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and its rules and regulations (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, and its rules and regulations (the "Exchange Act"). These forward-looking statements include, but are not limited to, statements about the plans, objectives, expectations and intentions of Oblong, Inc. ("Oblong" or "we" or "us" or the "Company"). All statements other than statements of current or historical fact contained in this Report, including statements regarding Oblong's future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," and similar expressions, as they relate to Oblong, are intended to identify forward-looking statements. These statements are based on Oblong's current plans, and Oblong's actual future activities and results of operations may be materially different from those set forth in the forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Any or all of the forward-looking statements in this Report may turn out to be inaccurate. Oblong has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and assumptions. There are important factors that could

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS OBLONG, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value, stated value, and shares) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 5,360 $ 5,990 Accounts receivable, net 15 424 Inventory, net 127 239 Prepaid expenses and other current assets 421 243 Total current assets 5,923 6,896 Operating lease - right of use asset, net — 17 Other assets 12 12 Total assets $ 5,935 $ 6,925 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 351 $ 211 Accrued expenses and other current liabilities 1,031 1,038 Current portion of deferred revenue 105 132 Operating lease liabilities — 17 Total current liabilities 1,487 1,398 Long-term liabilities: Deferred revenue, net of current portion 14 26 Total liabilities 1,501 1,424 Commitments and contingencies (see Note 9) Stockholders' equity: Preferred stock Series F, convertible; $ .0001 par value; $ 1,102,150 stated value; 42,000 shares authorized, 1,008 and 1,930 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively — — Common stock, $ .0001 par value; 150,000,000 shares authorized; 20,294,228 shares issued and 20,285,675 outstanding at March 31, 2024 and 16,692,124 shares issued and 16,683,572 shares outstanding at December 31, 2023 2 2 Treasury stock, 8,000 shares of common stock ( 181 ) ( 181 ) Additional paid-in capital 233,980 233,911 Accumulated deficit ( 229,367 ) ( 228,231 ) Total stockholders' equity 4,434 5,501 Total liabilities and stockholders' equity $ 5,935 $ 6,925 See accompanying notes to condensed consolidated financial statements. -1- OBLONG, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenue $ 626 $ 1,038 Cost of revenue (exclusive of depreciation and amortization) 629 762 Gross profit ( 3 ) 276 Operatin

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View this 10-Q filing on SEC EDGAR