RYVYL Inc

For the period ended Jun 30, 2024. Filed Aug 13, 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.

Jun 30, 2024 · Filed Aug 13, 2024

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

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Contents

Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023

CONDENSED CONSOLIDATED BALANCE SHEETS

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

	June 30, 2024	December 31, 2023
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$6,387	$12,180
Restricted cash	68,773	61,138
Accounts receivable, net of allowance for credit losses of $80 and $23, respectively	793	859
Cash due from gateways, net of allowance of $0 and $2,636, respectively	1,136	12,834
Prepaid and other current assets	2,408	2,854
Total current assets	79,497	89,865
Non-current Assets:
Property and equipment, net	792	306
Goodwill	19,468	26,753
Intangible assets, net	4,071	5,059
Operating lease right-of-use assets, net	3,824	4,279
Other assets	1,381	2,403
Total non-current assets	29,536	38,800
Total assets	$109,033	$128,665
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$3,156	$1,819
Accrued liabilities	4,780	5,755
Payment processing liabilities, net	70,575	76,772
Current portion of operating lease liabilities	787	692
Other current liabilities	358	504
Total current liabilities	79,656	85,542
Long term debt, net of debt discount	17,437	15,912
Operating lease liabilities, less current portion	3,311	3,720
Total liabilities	100,404	105,174
Commitments and contingencies
Stockholders' Equity:
Preferred stock, Series B, par value $0.01, 5,000,000 shares authorized; shares issued and outstanding 54,125 and 55,000 at June 30, 2024 and December 31, 2023, respectively	1	1
Common stock, par value $0.001, 100,000,000 shares authorized, shares issued and outstanding of 6,750,100 and 5,996,948 at June 30, 2024 and December 31, 2023, respectively	7	6
Additional paid-in capital	176,220	175,664
Accumulated other comprehensive (loss) income	(218)	401
Accumulated deficit	(167,381)	(152,581)
Total stockholders' equity	8,629	23,491
Total liabilities and stockholders’ equity	$109,033	$128,665

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Revenue	$11,900	$14,849	$28,674	$26,140
Cost of revenue	7,151	8,725	16,894	14,903
Gross profit	4,749	6,124	11,780	11,237
Operating expenses:
Advertising and marketing	17	33	33	108
Research and development	819	1,184	2,212	3,119
General and administrative	1,621	2,317	3,665	3,669
Payroll and payroll taxes	2,850	2,913	6,419	5,627
Professional fees	1,261	2,614	2,295	4,417
Stock compensation expense	182	(32)	406	161
Depreciation and amortization	578	623	1,235	1,242
Impairment of goodwill	6,675	-	6,675	-
Restructuring charges	1,636	-	1,636	-
Total operating expenses	15,639	9,652	24,576	18,343
Loss from operations	(10,890)	(3,528)	(12,796)	(7,106)
Other income (expense):
Interest expense	(125)	(1,517)	(153)	(3,246)
Accretion of debt discount	(797)	(2,821)	(1,705)	(5,443)
Changes in fair value of derivative liability	14	(497)	14	(329)
Derecognition expense on conversion of convertible debt	(69)	(188)	(69)	(188)
Legal settlement expense	-	(2,113)		(2,214)
Other income (expense)	195	(1,337)	537	(1,447)
Total other expense, net	(782)	(8,473)	(1,376)	(12,867)
Loss before provision for income taxes	(11,672)	(12,001)	(14,172)	(19,973)
Income tax provision	439	4	629	9
Net loss	$(12,111)	$(12,005)	$(14,801)	$(19,982)
Comprehensive income statement:
Net loss	$(12,111)	$(12,005)	$(14,801)	$(19,982)
Foreign currency translation loss	(174)	(13)	(619)	(71)
Total comprehensive loss	$(12,285)	$(12,018)	$(15,420)	$(20,053)
Net loss per share:
Basic and diluted	$(1.88)	$(2.33)	$(2.39)	$(3.90)
Weighted average number of common shares outstanding:
Basic and diluted	6,438,409	5,141,710	6,205,492	5,128,790

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 restricted common stock under equity incentive plans	20,776	1	-	-	212	-	-	213
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
Issuance of restricted common stock under equity incentive plans	42,659	-	-	-	279	-	-	279
Issuance of common stock upon conversion of convertible debt	169,220	-	-	-	240	-	-	240
Issuance of common stock upon conversion of Series B preferred stock	567,262	1	(875)	-	(1)	-	-	-
Shares forfeited	(30,528)	-	-	-	(75)	-	-	(75)
Net loss and comprehensive loss	-	-	-	-	-	(174)	(12,111)	(12,285)
Balance at June 30, 2024	6,750,100	$7	54,125	$1	$176,220	$(218)	$(167,381)	$8,629

Common Stock · Treasury Stock
Shares · Amount · To be Issued · Amount · To be returned · Amount · Shares · At Cost · Additional Paid In Capital · Accumulated Other Comprehensive Income (Loss) · Accumulated Deficit · Total Stockholders' (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	-	-	-	-	-	-	-		-		-	292	292
Net loss and comprehensive loss	-	-	-	-	-	-	-		-	-	(58)	(7,979)	(8,037)
Balance at March 31, 2023	5,133,565	5	-	-	-	-	-		-	97,518	299	(107,457)	(9,635)
Common stock issued to employees for compensation	9,511	-								131			131
Issuance of common stock upon conversion of convertible debt	56,265	-								416			416
Issuance of common stock for interest on convertible debt	738	-								5			5
Issuance of restricted common stock for compensation	13,166	-								33			33
Shares forfeited	(16,865)	(0)	-	-						(315)			(315)
Net loss and comprehensive loss	-	-									(13)	(12,005)	(12,019)
Balance at June 30, 2023	5,196,380	$5	-	-	-	-	-			$97,788	$286	$(119,462)	$(21,383)

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