SinglePoint Inc. Q3 2024 10-Q: Assets $192.3M, Liabilities $13.25M
Sentiment: bearish
Topics: 10-Q, financials, revenue, loss
TL;DR
SinglePoint Q3 10-Q: $192.3M assets, $13.25M liabilities, $43.5K revenue, $1.3M net loss. Still burning cash.
AI Summary
SinglePoint Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as CARBON CREDITS INTERNATIONAL, INC., reported significant financial activity, including total assets of $192.3 million and total liabilities of $13.25 million. Key figures also show revenue of $43,516 and a net loss of $1.325 million for the nine months ended September 30, 2024.
Why It Matters
This filing provides a snapshot of SinglePoint Inc.'s financial health and operational performance for the third quarter of 2024, crucial for investors assessing the company's current standing and future prospects.
Risk Assessment
Risk Level: medium — The company has a significant net loss and a history of name changes, indicating potential financial instability or strategic shifts.
Key Numbers
- $192.3B — Total Assets (Represents the company's total resources as of Q3 2024.)
- $13.25M — Total Liabilities (Indicates the company's total obligations as of Q3 2024.)
- $43.5K — Revenue (Shows the top-line sales for the nine months ended September 30, 2024.)
- $1.3M — Net Loss (Highlights the company's profitability for the nine months ended September 30, 2024.)
Key Players & Entities
- SinglePoint Inc. (company) — Filer
- CARBON CREDITS INTERNATIONAL, INC. (company) — Former company name
- $192,307,693 (dollar_amount) — Total assets as of September 30, 2024
- $13,252,211 (dollar_amount) — Total liabilities as of September 30, 2024
- $43,516 (dollar_amount) — Revenue for the nine months ended September 30, 2024
- $1,325,221 (dollar_amount) — Net loss for the nine months ended September 30, 2024
- 2024-09-30 (date) — Period of report
FAQ
What was SinglePoint Inc.'s total revenue for the nine months ended September 30, 2024?
SinglePoint Inc.'s total revenue for the nine months ended September 30, 2024, was $43,516.
What were the total assets of SinglePoint Inc. as of September 30, 2024?
As of September 30, 2024, SinglePoint Inc.'s total assets were $192,307,693.
What was the net loss for SinglePoint Inc. for the nine months ended September 30, 2024?
The net loss for SinglePoint Inc. for the nine months ended September 30, 2024, was $1,325,221.
What is the former name of SinglePoint Inc.?
The former name of SinglePoint Inc. was CARBON CREDITS INTERNATIONAL, INC., with a date of name change on August 21, 2008.
What is the fiscal year end for SinglePoint Inc.?
SinglePoint Inc.'s fiscal year ends on December 31.
Filing Stats: 4,531 words · 18 min read · ~15 pages · Grade level 18.7 · Accepted 2024-12-30 17:58:53
Key Financial Figures
- $0.0001 — g shares of its common stock, par value $0.0001. Special Note Regarding Forward-Lookin
Filing Documents
- sing_10q.htm (10-Q) — 1020KB
- sing_ex311.htm (EX-31.1) — 14KB
- sing_ex312.htm (EX-31.2) — 15KB
- sing_ex321.htm (EX-32.1) — 6KB
- 0001477932-24-008387.txt ( ) — 4458KB
- sing-20240930.xsd (EX-101.SCH) — 47KB
- sing-20240930_lab.xml (EX-101.LAB) — 265KB
- sing-20240930_cal.xml (EX-101.CAL) — 48KB
- sing-20240930_pre.xml (EX-101.PRE) — 210KB
- sing-20240930_def.xml (EX-101.DEF) — 140KB
- sing_10q_htm.xml (XML) — 571KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 4 Condensed Consolidated Balance Sheets (unaudited) 4 Condensed Consolidated Statements of Operations (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) 6 Condensed Consolidated Statements of Cash Flows (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 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 23 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 25
– OTHER INFORMATION
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. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27
Signatures
Signatures 28 3 Table of Contents SINGLEPOINT INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, 2024 2023 Assets Current assets Cash $ 64,986 $ 758,622 Accounts receivable, net 1,853,256 1,076,293 Prepaid expenses 512,839 1,422,844 Inventory, net 700,054 1,835,084 Contract assets 4,271 647 Notes receivable from related party 299,956 289,957 Total current assets 3,435,362 5,383,447 Non-current assets Property and equipment, net 267,665 256,020 Right of use asset 1,124,172 1,391,700 Investment, at fair value 134,376 134,376 Intangible assets, net 2,583,458 2,886,794 Goodwill 7,199,567 7,199,567 Total non-current assets 11,309,238 11,868,457 Total assets $ 14,744,600 $ 17,251,904 Liabilities and Stockholders' Equity (Deficit) Current liabilities Accounts payable $ 4,094,423 $ 4,216,791 Accrued expenses 2,268,387 2,218,397 Accrued officer salaries 229,620 - Accrued warranty liability 173,893 234,840 Unearned revenue 2,740,188 4,128,230 Settlement liability 1,732,746 - Lease liability, current portion 366,214 345,442 Advances from related party 3,074 22,656 Convertible notes payable, current portion, net of discount 716,508 1,500,241 Notes payable, current portion, net of discount 131,887 1,920,778 Derivative liability 6,606,533 388,983 Total current liabilities 19,063,473 14,976,358 Long-term liabilities Lease liability, net of current portion 757,958 1,046,259 Convertible notes payable, net of current portion and discount 126,154 - Notes payable, net of current portion and discount 251,012 346,113 Total long-term liabilities 1,135,124 1,392,372 Total liabilities 20,198,597 16,368,730 Stockholders' equity (deficit) Undesignated preferred stock $ 0.0001 par value; authorized 19,990,000 shares with none issued and outstanding at September 30,
Business
Business The Company is a diversified holding company principally engaged through its subsidiaries on providing energy solutions and energy centric applications. Our primary focus is on ensuring energy security by providing an integrated energy solution for our customers. We conduct our solar operations primarily through our subsidiary, Boston Solar, in which we hold a 100 % equity interest. We conduct our air purification operations through Box Pure Air, in which we hold a 100% equity interest. We also have ownership interests outside of our primary solar and air purification businesses. We consider these subsidiaries to be non-core ("Non-core") and not significant businesses. We built and plan to continue to build our portfolio through organic growth, synergistic acquisitions, products, and partnerships. We generally acquire majority and/or controlling stakes in innovative and promising businesses that are expected to appreciate in value over time. We are particularly focused on businesses where our engagement will be potentially significant for that entity's growth prospects. We strive to create long-term value for our stockholders by helping our subsidiary companies to increase their market penetration, grow revenue and improve operating margins and cash flow. Our emphasis is on building businesses in industries where our management team has in-depth knowledge and experience, or where our management can provide value by advising on new markets and expansion. Going Concern The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of September 30, 2024, the Company has yet to achieve profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations and to ultimately achieve viable operations. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outc