Verb Technology Co. Files Q2 2024 10-Q
Ticker: TONX · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 1566610
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Verb Tech's Q2 10-Q is in - check the financials for the latest numbers.
AI Summary
Verb Technology Company, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results, including details on its preferred and common stock, and other financial statement information. The filing covers the second quarter and the first six months of 2024, comparing them to the same periods in 2023.
Why It Matters
This filing provides investors with the latest financial performance data for Verb Technology Company, Inc., crucial for understanding its current operational health and future prospects.
Risk Assessment
Risk Level: medium — As a technology company, Verb Technology is subject to market volatility, rapid technological changes, and competitive pressures, which inherently carry medium risk.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 2024-08-14 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 2024-01-01 to 2024-06-30 — Year-to-Date Period (Covers the first six months of the fiscal year 2024.)
- 2023-01-01 to 2023-06-30 — Prior Year-to-Date Period (Covers the first six months of the fiscal year 2023 for comparison.)
Key Players & Entities
- Verb Technology Company, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240814 (date) — Date of filing
- nFusz, Inc. (company) — Former company name
- BBOOTH, INC. (company) — Former company name
- Global System Designs, Inc. (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 14, 2024.
What were the previous names of Verb Technology Company, Inc.?
Verb Technology Company, Inc. was formerly known as nFusz, Inc., BBOOTH, INC., and Global System Designs, Inc.
What fiscal year end does the company observe?
The company's fiscal year ends on December 31.
What periods are compared in this filing?
This filing compares the second quarter of 2024 (April 1, 2024 to June 30, 2024) and the first six months of 2024 (January 1, 2024 to June 30, 2024) with the corresponding periods in 2023.
Filing Stats: 4,631 words · 19 min read · ~15 pages · Grade level 17 · Accepted 2024-08-14 16:30:40
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value VERB The Nasdaq Stock Mar
Filing Documents
- form10-q.htm (10-Q) — 951KB
- ex31-1.htm (EX-31.1) — 18KB
- ex31-2.htm (EX-31.2) — 18KB
- ex32-1.htm (EX-32.1) — 7KB
- ex32-2.htm (EX-32.2) — 7KB
- 0001493152-24-032262.txt ( ) — 5765KB
- verb-20240630.xsd (EX-101.SCH) — 45KB
- verb-20240630_cal.xml (EX-101.CAL) — 63KB
- verb-20240630_def.xml (EX-101.DEF) — 180KB
- verb-20240630_lab.xml (EX-101.LAB) — 439KB
- verb-20240630_pre.xml (EX-101.PRE) — 342KB
- form10-q_htm.xml (XML) — 821KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION 4
- FINANCIAL STATEMENTS (UNAUDITED)
ITEM 1 - FINANCIAL STATEMENTS (UNAUDITED) 4
- 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 23
- QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 32
- CONTROLS AND PROCEDURES
ITEM 4 - CONTROLS AND PROCEDURES 33
- OTHER INFORMATION
PART II - OTHER INFORMATION 34
- LEGAL PROCEEDINGS
ITEM 1 - LEGAL PROCEEDINGS 34
- RISK FACTORS
ITEM 1A - RISK FACTORS 34
- UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 34
- DEFAULTS UPON SENIOR SECURITIES
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES 34
- MINE SAFETY DISCLOSURES
ITEM 4 - MINE SAFETY DISCLOSURES 34
- OTHER INFORMATION
ITEM 5 - OTHER INFORMATION 34
- EXHIBITS
ITEM 6 - EXHIBITS 34
SIGNATURES
SIGNATURES 36 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for the three months ended June 30, 2024 (this "Quarterly Report"), includes "forward-looking Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not statements of historical facts and can be identified by words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "will," "would" or similar expressions and the negatives of those expressions. Forward-looking statements also include the assumptions underlying or relating to such statements. Our forward-looking statements are based on our management's current beliefs, assumptions and expectations about future events and trends, which affect or may affect our business, strategy, operations, financial performance or liquidity. Although we believe these forward-looking statements are based upon reasonable assumptions, they are subject to numerous known and unknown risks and uncertainties and are made in light of information currently available to us. Some of the risks and uncertainties that may impact our forward-looking our incursion of significant net losses and uncertainty whether we will achieve or maintain profitable operations; our ability to grow and compete in the future, and to execute our business strategy; our ability to maintain and expand our customer base and to convince our customers to increase t
Business
Business References in this document to the "Company," "Verb," "we," "us," or "our" are intended to mean Verb Technology Company, Inc., individually, or as the context requires, collectively with its subsidiaries on a consolidated basis. On October 18, 2021, the Company established verbMarketplace, LLC dba MARKET.live, a Nevada limited liability company. verbMarketplace LLC is a wholly owned subsidiary of the Company established for the MARKET.live platform. Through June 13, 2023, the Company was a Software-as-a-Service ("SaaS") applications platform developer that offered a SaaS platform for the direct sales industry comprised of a suite of interactive video-based sales enablement business software products marketed on a subscription basis, (the "SaaS Assets"). On June 13, 2023, the Company disposed of all of its operating SaaS Assets pursuant to an asset purchase agreement in consideration of the sum of $ 6,500 , $ 4,750 of which was paid in cash by the buyer at the closing of the transaction. Additional payments of $ 1,750 will be paid by the buyer if certain profitability and revenue targets are met within the next two years as set forth more particularly in the asset purchase agreement. The sale of the SaaS Assets was undertaken to allow the Company to focus its resources on MARKET.live, the Company's multi-vendor, multi-presenter, livestream social shopping platform, that combines ecommerce and entertainment. The Company expects that its burgeoning MARKET.live business unit will, over time, create greater shareholder value than could have been created through the continued operation of its SaaS Assets. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As of June 30, 2024, the Company had cash of $ 17,197 . Equity financing: During December 2023, the Company enter