WidePoint Corp. Files Q2 2024 10-Q Report

TL;DR

WIDEPOINT CORP Q2 2024 10-Q FILED. FINANCIALS AND OPS DETAILS INSIDE.

AI Summary

WidePoint Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational status for the second quarter of 2024. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This 10-Q filing provides investors and stakeholders with crucial financial and operational data for WidePoint Corp. during the second quarter of 2024, enabling informed decision-making.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's specific financial health and market position, not detailed here, would determine the true risk level.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240814 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• WIDEPOINT CORP (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period for the 10-Q
• 20240814 (date) — Date the 10-Q was filed
• 0001034760 (company) — Central Index Key for WidePoint Corp.

FAQ

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) — 935KB
• wyy_ex106.htm (EX-10.6) — 2KB
• wyy_ex311.htm (EX-31.1) — 13KB
• wyy_ex312.htm (EX-31.2) — 12KB
• wyy_ex32.htm (EX-32) — 4KB
• wyy_ex106img3.jpg (GRAPHIC) — 61KB
• wyy_ex106img1.jpg (GRAPHIC) — 235KB
• 0001654954-24-010643.txt ( ) — 4619KB
• wyy-20240630.xsd (EX-101.SCH) — 40KB
• wyy-20240630_lab.xml (EX-101.LAB) — 217KB
• wyy-20240630_cal.xml (EX-101.CAL) — 51KB
• wyy-20240630_pre.xml (EX-101.PRE) — 193KB
• wyy-20240630_def.xml (EX-101.DEF) — 94KB
• wyy_10q_htm.xml (XML) — 624KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Operations for the three and six month periods ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Loss for the three and six month periods ended June 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six month periods ended June 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

OTHER INFORMATION

Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Default Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 CERTIFICATIONS 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 SIX MONTHS ENDED JUNE 30, JUNE 30, 2024 2023 2024 2023 (Unaudited) REVENUES $ 36,040,771 $ 26,762,857 $ 70,248,050 $ 52,036,538 COST OF REVENUES (including amortization and depreciation of $ 654,122 , $ 508,025 , $ 1,231,027 , and $ 1,010,585 , respectively) 31,147,549 22,853,220 60,688,937 44,316,961 GROSS PROFIT 4,893,222 3,909,637 9,559,113 7,719,577 OPERATING EXPENSES Sales and marketing 559,926 542,172 1,171,819 1,063,850 General and administrative expenses (including share-based compensation of $ 365,958 , $ 95,454 , $ 783,741 and $ 235,570 , respectively) 4,542,769 3,830,513 8,991,252 7,741,333 Depreciation and amortization 252,112 263,684 508,646 529,527 Total operating expenses 5,354,807 4,636,369 10,671,717 9,334,710 LOSS FROM OPERATIONS ( 461,585 ) ( 726,732 ) ( 1,112,604 ) ( 1,615,133 ) OTHER (EXPENSE) INCOME Interest income 51,725 9,245 101,151 11,441 Interest expense ( 72,331 ) ( 56,910 ) ( 131,068 ) ( 115,688 ) Other (expense) income, net ( 1,534 ) ( 18,864 ) ( 36,405 ) ( 19,058 ) Total other (expense) income, net ( 22,140 ) ( 66,529 ) ( 66,322 ) ( 123,305 ) LOSS BEFORE INCOME TAX (BENEFIT) PROVISION ( 483,725 ) ( 793,261 ) ( 1,178,926 ) ( 1,738,438 ) INCOME TAX (BENEFIT) PROVISION 15,828 48,812 ( 26,263 ) 55,114 NET LOSS $ ( 499,553 ) $ ( 842,073 ) $ ( 1,152,663 ) $ ( 1,793,552 ) EARNINGS PER SHARE, BASIC AND DILUTED $ ( 0.05 ) $ ( 0.10 ) $ ( 0.13 ) $ ( 0.20 ) WEIGHTED-AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED 9,390,154 8,794,704 9,151,265 8,767,163 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents WIDEPOINT CORPORATION AND SUBSIDIARIES CONDENSE

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View this 10-Q filing on SEC EDGAR