Summary by Moomoo AI
SinglePoint Inc. reported Q3 2024 revenue of $5.5 million, down from $6.9 million in Q3 2023, primarily due to lower revenues at Boston Solar and decreased air purification system sales. Gross profit increased to $2.5 million from $2.0 million year-over-year, driven by completion of higher margin projects. The company posted a net loss of $4.5 million compared to $1.3 million loss in Q3 2023.Operating expenses rose to $3.5 million from $3.2 million due to increased consulting and professional fees. Other expenses significantly increased to $3.5 million from $0.2 million, mainly attributed to settlement of liabilities, changes in derivative liability valuations, and financing costs. The company ended the quarter with $65,000 in cash.Management estimates a $4.0 million cash need for the next 12 months and plans to fund operations through available cash, operating cash flow and potential offerings. The company faces substantial doubt about its ability to continue as a going concern due to recurring losses and need for additional funding. Material weaknesses were identified in internal controls, including lack of audit committee oversight and inadequate segregation of duties.
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