Oblong, Inc. Q2 2024 10-Q Filed

TL;DR

Oblong, Inc. Q2 10-Q shows $28.2M assets, $16.7M liabilities, and issued unexercisable warrants.

AI Summary

Oblong, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $28,249,971 and total liabilities of $16,692,124. Oblong, Inc. also disclosed the issuance of 963,745 Common Warrants during the period, which were not exercisable as of June 30, 2024.

Why It Matters

This filing provides a snapshot of Oblong, Inc.'s financial health and operational status as of mid-2024, including asset and liability figures and details on warrant issuances.

Risk Assessment

Risk Level: medium — The filing details financial figures and warrant issuances, which can impact future share dilution and financial performance.

Key Numbers

• $28.25M — Total Assets (As of June 30, 2024)
• $16.69M — Total Liabilities (As of June 30, 2024)
• 963,745 — Common Warrants Issued (During the three and six months ended June 30, 2024)

Key Players & Entities

• Oblong, Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• $28,249,971 (dollar_amount) — Total assets
• $16,692,124 (dollar_amount) — Total liabilities
• 963,745 (dollar_amount) — Number of Common Warrants issued

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share OBLG Nasdaq Capital Marke

Filing Documents

• oblg20240630_10q.htm (10-Q) — 1607KB
• ex_670943.htm (EX-31.1) — 12KB
• ex_670944.htm (EX-31.2) — 12KB
• ex_670945.htm (EX-32.1) — 5KB
• 0001437749-24-025172.txt ( ) — 6821KB
• oblg-20240630.xsd (EX-101.SCH) — 47KB
• oblg-20240630_cal.xml (EX-101.CAL) — 35KB
• oblg-20240630_def.xml (EX-101.DEF) — 307KB
• oblg-20240630_lab.xml (EX-101.LAB) — 272KB
• oblg-20240630_pre.xml (EX-101.PRE) — 341KB
• oblg20240630_10q_htm.xml (XML) — 1352KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 24

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 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 Table of Contents 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, uncertaint

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS OBLONG, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and stated value) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 5,858 $ 5,990 Accounts receivable, net 31 424 Inventory, net 88 239 Prepaid expenses and other current assets 317 243 Total current assets 6,294 6,896 Operating lease - right of use asset, net — 17 Other assets 11 12 Total assets $ 6,305 $ 6,925 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 111 $ 211 Accrued expenses and other current liabilities 1,059 1,038 Current portion of deferred revenue 77 132 Operating lease liabilities — 17 Total current liabilities 1,247 1,398 Long-term liabilities: Deferred revenue, net of current portion 6 26 Total liabilities 1,253 1,424 Commitments and contingencies (see Note 9) Stockholders' equity: Preferred stock Series F, convertible; $ 0.0001 par value; $ 545,000 stated value; 42,000 shares authorized, 545 and 1,930 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.0001 par value; 150,000,000 shares authorized; 28,249,971 shares issued and 28,242,418 shares outstanding at June 30, 2024 and 16,692,124 shares issued and 16,684,571 outstanding at December 31, 2023 3 2 Treasury Stock, 7,553 common shares ( 181 ) ( 181 ) Additional paid-in capital 235,580 233,911 Accumulated deficit ( 230,350 ) ( 228,231 ) Total stockholders' equity 5,052 5,501 Total liabilities and stockholders' equity $ 6,305 $ 6,925 See accompanying notes to condensed consolidated financial statements. -1- Table of Contents OBLONG, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenue $ 611 $ 956 $ 1,237 $ 1

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