RYVYL Inc

For the period ended Mar 31, 2024. Filed May 14, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 14, 2024

RTB$6.08+2.2%Stored close · as of Nov 6, 2026

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Contents

Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share and per share data)

	March 31, 2024	December 31, 2023
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$10,523	$12,180
Restricted cash	78,293	61,138
Accounts receivable, net of allowance for credit losses of $40 and $23, respectively	1,066	859
Cash due from gateways, net of allowance of $2,636 and $2,636, respectively	1,426	12,834
Prepaid and other current assets	2,954	2,854
Total current assets	94,262	89,865
Non-current Assets:
Property and equipment, net	290	306
Goodwill	26,308	26,753
Intangible assets, net	4,439	5,059
Operating lease right-of-use assets, net	4,036	4,279
Other assets	2,536	2,403
Total non-current assets	37,609	38,800
Total assets	$131,871	$128,665
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$1,321	$1,819
Accrued liabilities	4,653	5,755
Payment processing liabilities, net	83,916	76,772
Current portion of operating lease liabilities	717	692
Other current liabilities	456	504
Total current liabilities	91,063	85,542
Long term debt, net of debt discount	16,816	15,912
Operating lease liabilities, less current portion	3,522	3,720
Total liabilities	111,401	105,174
Commitments and contingencies
Stockholders' Equity:
Preferred stock, Series B, par value $0.01, 5,000,000 shares authorized; 55,000 shares issued and outstanding at March 31, 2024 and December 31, 2023	1	1
Common stock, par value $0.001, 100,000,000 shares authorized, shares issued and outstanding of 6,001,487 and 5,996,948, respectively	6	6
Additional paid-in capital	175,777	175,664
Accumulated other comprehensive (loss) income	(44)	401
Accumulated deficit	(155,270)	(152,581)
Total stockholders' equity	20,470	23,491
Total liabilities and stockholders’ equity	$131,871	$128,665

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Dollars in thousands, except share and per share data)

	Three Months Ended March 31,
	2024	2023
Revenue	$16,774	$11,291
Cost of revenue	9,743	6,178
Gross profit	7,031	5,113
Operating expenses:
Advertising and marketing	17	75
Research and development	1,393	1,936
General and administrative	2,042	1,452
Payroll and payroll taxes	3,569	2,714
Professional fees	1,035	1,803
Stock compensation expense	224	193
Depreciation and amortization	657	620
Total operating expenses	8,937	8,793
Loss from operations	(1,906)	(3,680)
Other income (expense):
Interest expense	(28)	(1,729)
Accretion of debt discount	(908)	(2,622)
Changes in fair value of derivative liability	-	168
Other income or expense, net	343	(111)
Total other expense, net	(593)	(4,294)
Loss before provision for income taxes	(2,499)	(7,974)
Income tax provision	190	5
Net loss	$(2,689)	$(7,979)
Comprehensive income statement:
Net loss	$(2,689)	$(7,979)
Foreign currency translation adjustment	(445)	(58)
Total comprehensive loss	$(3,134)	$(8,037)
Net loss per share:
Basic and diluted	$(0.45)	$(1.53)
Weighted average number of common shares outstanding:
Basic and diluted	5,988,424	5,221,060

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’** EQUITY**

(Dollars in thousands, except share data)

Common Stock · Preferred Stock · Additional · Other Accumulated · Total
	Shares	Amount	Series B Shares	Amount	Paid In Capital	Comprehensive Income (Loss)	Accumulated Deficit	Stockholders' Equity
Balance at December 31, 2023	5,996,948	$6	55,000	$1	$175,664	$401	$(152,581)	$23,491
Issuance of common stock under equity incentive plans	6,333	-	-	-	119	-	-	119
Issuance of restricted common stock under equity incentive plans	14,443	1	-	-	93	-	-	94
Issuance of common stock upon exercise of stock options	6,218	-	-	-	-	-	-	-
Shares forfeited	(22,455)	(1)	-	-	(99)	-	-	(100)
Net loss and comprehensive loss	-	-	-	-	-	(445)	(2,689)	(3,134)
Balance at March 31, 2024	6,001,487	$6	55,000	$1	$175,777	$(44)	$(155,270)	$20,470

Common Stock · Treasury Stock · Additional · Other Accumulated · Total
Shares · Amount · To be Issued · Amount · To be returned · Amount · Paid In Capital · Comprehensive Income (Loss) · Accumulated Deficit · Stockholders' Equity/(Deficit)
Balance at December 31, 2022	4,972,736	$5	175,392	$0	(13,689)		$(7)	$97,494	$357	$(99,772)	$(1,923)
Common stock issued to employees as stock compensation	(891)	-	-	-	-		-	31	-	-	31
Common stock issued for interest on convertible debt	175,392	-	(175,392)	(0)	-		-	-	-	-	-
Share repurchase	(13,672)	-	-	-	13,689		7	(7)	-	-	-
Carryover effects of financial statement restatements in prior periods	-	-	-	-	-		-	-	-	294	294
Net loss and comprehensive loss	-	-	-	-	-		-	-	(58)	(7,979)	(8,037)
Balance at March 31, 2023	5,133,565	$5	0	$0	(0)	$	-	$97,518	$299	$(107,457)	$(9,635)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.