WidePoint Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>WidePoint Corp. filed its Q1 2024 10-Q, detailing financial performance across various segments and referencing key agreements and equity instruments.</b>

AI Summary

WIDEPOINT CORP (WYY) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. WidePoint Corp. reported financial results for the quarter ended March 31, 2024. The filing details various segments including EuropeMember, UnitedStatesUsaMember, CommercialEnterprisesMember, ForeignGovernmentsMember, and UsStateAndLocalGovernmentsMember. Key operational areas mentioned are ManagedServicesMember and CarrierServicesMember. The company also references WarrantsMember and RestrictedStockUnitsRSUMember. Significant agreements include a PurchaseAgreementMember and a LoanAgreementMember.

Why It Matters

For investors and stakeholders tracking WIDEPOINT CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of WidePoint Corp., crucial for understanding its current operational health and strategic direction. The detailed breakdown of segments and operational areas offers insight into revenue streams and potential growth or contraction points within the business.

Risk Assessment

Risk Level: medium — WIDEPOINT CORP shows moderate risk based on this filing. The company's financial performance and operational details are presented in a standard 10-Q format, indicating a routine disclosure without immediate red flags, but requiring careful review of segment performance and debt agreements.

Analyst Insight

Investors should analyze the revenue and cost breakdowns by segment to identify performance trends and assess the impact of the recent loan agreement.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 7373 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• WIDEPOINT CORP (company) — FILER
• ZMAX CORP (company) — FORMER COMPANY
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-15 (date) — FILED AS OF DATE
• 11250 WAPLES MILL ROAD (address) — BUSINESS ADDRESS STREET 1
• FAIRFAX (location) — BUSINESS ADDRESS CITY
• VA (location) — BUSINESS ADDRESS STATE
• 22030 (postal_code) — BUSINESS ADDRESS ZIP

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

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

Warrants

Financial instruments that give the holder the right, but not the obligation, to purchase a company's stock at a specific price. (Indicates potential future dilution of existing shares and a source of capital for the company if exercised.)

Restricted Stock Units (RSUs)

A form of equity compensation that represents the right to receive shares of company stock. (Reflects employee compensation strategies and potential future share issuance.)

Key Financial Figures

• $0.001 — nge on Which Registered Common Stock, $0.001 par value per share WYY NYSE Americ

Filing Documents

• wyy_10q.htm (10-Q) — 688KB
• wyy_ex311.htm (EX-31.1) — 9KB
• wyy_ex312.htm (EX-31.2) — 11KB
• wyy_ex32.htm (EX-32) — 3KB
• 0001654954-24-006397.txt (&nbsp;) — 3628KB
• wyy-20240331.xsd (EX-101.SCH) — 39KB
• wyy-20240331_lab.xml (EX-101.LAB) — 213KB
• wyy-20240331_cal.xml (EX-101.CAL) — 51KB
• wyy-20240331_pre.xml (EX-101.PRE) — 191KB
• wyy-20240331_def.xml (EX-101.DEF) — 93KB
• wyy_10q_htm.xml (XML) — 491KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 25 Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Default Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

SIGNATURES

SIGNATURES 28 CERTIFICATIONS 29 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. WIDEPOINT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2024 2023 (Unaudited) REVENUES $ 34,207,279 $ 25,273,681 COST OF REVENUES (including amortization and depreciation of $ 576,905 and $ 502,560 , respectively) 29,541,388 21,463,741 GROSS PROFIT 4,665,891 3,809,940 OPERATING EXPENSES Sales and marketing 611,893 521,678 General and administrative expenses (including share-based compensation of $ 417,783 and $ 140,116 , respectively) 4,448,483 3,910,820 Depreciation and amortization 256,534 265,843 Total operating expenses 5,316,910 4,698,341 LOSS FROM OPERATIONS ( 651,019 ) ( 888,401 ) OTHER (EXPENSE) INCOME Interest income 49,426 2,196 Interest expense ( 58,737 ) ( 58,778 ) Other (expense) income, net ( 34,871 ) ( 194 ) Total other (expense) income, net ( 44,182 ) ( 56,776 ) LOSS BEFORE INCOME TAX (BENEFIT) PROVISION ( 695,201 ) ( 945,177 ) INCOME TAX (BENEFIT) PROVISION ( 42,091 ) 6,302 NET LOSS $ ( 653,110 ) $ ( 951,479 ) EARNINGS PER SHARE, BASIC AND DILUTED $ ( 0.07 ) $ ( 0.11 ) WEIGHTED-AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED 8,897,819 8,739,317 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents WIDEPOINT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS THREE MONTHS ENDED MARCH 31, 2024 2023 (Unaudited) NET LOSS $ ( 653,110 ) $ ( 951,479 ) Other comprehensive income (loss): Foreign currency translation adjustments, net of tax ( 22,220 ) 37,248 Other comprehensive income (loss): ( 22,220 ) 37,248 COMPREHENSIVE LOSS $ ( 675,330 ) $ ( 914,231 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents WIDEPOINT CORPORATION AND SUBSIDIARIES C

View Full Filing

View this 10-Q filing on SEC EDGAR