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10-K/A: Annual report (Amendment)

SEC ·  Feb 19 11:06

Summary by Moomoo AI

The company achieved significant financial growth in 2023, with revenue surging 102.7% YoY to $19.5M and net loss improving by 50% to $1.2M. Gross margin expanded by 13.2 percentage points to 23.2%, while deferred revenue reached $16.2M, indicating strong future growth potential.The company underwent major leadership changes, appointing Benjamin Piggott as CFO, Scott Wallace as Chairman, and Keven Kastner as Chief Revenue Officer. Strategic funding was secured through two loans from Defender SPV LLC totaling $2.87M, accompanied by share and warrant issuances. The company also expanded its 2023 Equity Incentive Plan from 400,000 to 2,500,000 shares.Key strategic initiatives included partnerships with Black Bridge Motors featuring a tiered referral fee structure, and retail expansion through agreements with One Drivers Club in West Palm Beach and Ten Easy Street Nantucket. These partnerships involve showcase agreements and revenue-sharing arrangements, positioning the company for continued growth in 2024-2025.
The company achieved significant financial growth in 2023, with revenue surging 102.7% YoY to $19.5M and net loss improving by 50% to $1.2M. Gross margin expanded by 13.2 percentage points to 23.2%, while deferred revenue reached $16.2M, indicating strong future growth potential.The company underwent major leadership changes, appointing Benjamin Piggott as CFO, Scott Wallace as Chairman, and Keven Kastner as Chief Revenue Officer. Strategic funding was secured through two loans from Defender SPV LLC totaling $2.87M, accompanied by share and warrant issuances. The company also expanded its 2023 Equity Incentive Plan from 400,000 to 2,500,000 shares.Key strategic initiatives included partnerships with Black Bridge Motors featuring a tiered referral fee structure, and retail expansion through agreements with One Drivers Club in West Palm Beach and Ten Easy Street Nantucket. These partnerships involve showcase agreements and revenue-sharing arrangements, positioning the company for continued growth in 2024-2025.
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