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Midas Edge

RYVYL Inc

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

View on SEC.gov

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.

Sep 30, 2024 · Filed Nov 14, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

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

CONDENSED CONSOLIDATED BALANCE SHEETS

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

September 30, 2024December 31, 2023
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents$4,263$12,180
Restricted cash87,22061,138
Accounts receivable, net of allowance for credit losses of $152 and $23, respectively851859
Cash due from gateways, net of allowance of $125 and $2,636, respectively6612,834
Prepaid and other current assets3,3132,854
Total current assets95,71389,865
Non-current Assets:
Property and equipment, net1,300306
Goodwill20,31826,753
Intangible assets, net3,6765,059
Operating lease right-of-use assets, net3,6274,279
Other assets2,6772,403
Total non-current assets31,59838,800
Total assets$127,311$128,665
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$2,986$1,819
Accrued liabilities7,5695,755
Payment processing liabilities, net87,54276,772
Current portion of operating lease liabilities821692
Other current liabilities1,220504
Total current liabilities100,13885,542
Long term debt, net of debt discount17,70615,912
Operating lease liabilities, less current portion3,1443,720
Total liabilities120,988105,174
Commitments and contingencies
Stockholders' Equity:
Preferred stock, Series B, par value $0.01, 5,000,000 shares authorized; shares issued and outstanding 53,950 and 55,000 at September 30, 2024 and December 31, 2023, respectively11
Common stock, par value $0.001, 100,000,000 shares authorized, shares issued and outstanding of 6,957,875 and 5,996,948 at September 30, 2024 and December 31, 2023, respectively76
Additional paid-in capital177,750175,664
Accumulated other comprehensive income1,120401
Accumulated deficit(172,555)(152,581)
Total stockholders' equity6,32323,491
Total liabilities and stockholders’ equity$127,311$128,665

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue$12,606$17,480$41,280$43,620
Cost of revenue7,74910,80024,64325,703
Gross profit4,8576,68016,63717,917
Operating expenses:
Advertising and marketing424574153
Research and development8151,3153,0274,434
General and administrative1,4423,0415,1076,709
Payroll and payroll taxes3,2512,6059,6708,232
Professional fees1,0611,2343,3565,651
Stock compensation expense136147542309
Depreciation and amortization5906571,8261,899
Impairment of goodwill--6,675-
Restructuring charges--1,636-
Total operating expenses7,3379,04431,91327,387
Loss from operations(2,480)(2,364)(15,276)(9,470)
Other income (expense):
Interest expense(309)(65)(462)(3,310)
Accretion of debt discount(273)(4,183)(1,978)(9,626)
Changes in fair value of derivative liability-6,909146,580
Derecognition expense on conversion of convertible debt-(1,331)(68)(1,518)
Legal settlement expense(1,598)(1,929)(1,598)(4,142)
Other income (expense)72(25)608(1,474)
Total other income (expense), net(2,108)(624)(3,484)(13,490)
Loss before provision for income taxes(4,588)(2,988)(18,760)(22,960)
Income tax provision5861281,214138
Net loss$(5,174)$(3,116)$(19,974)$(23,098)
Comprehensive income statement:
Net loss(5,174)(3,116)(19,974)(23,098)
Foreign currency translation gain (loss)1,338(317)719(389)
Total comprehensive loss$(3,836)$(3,433)$(19,255)$(23,487)
Net loss per share:
Basic and diluted$(0.76)$(0.60)$(3.12)$(4.48)
Weighted average number of common shares outstanding:
Basic and diluted6,812,2485,231,5886,408,9935,160,499

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

(Dollars in thousands, except share data)

Common Stock · Preferred Stock · Additional · Other Accumulated Comprehensive · Accumulated · Total Stockholders'
SharesAmountSeries B SharesAmountPaid In CapitalIncome (Loss)DeficitEquity
Balance at December 31, 20235,996,948$655,000$1$175,664$401$(152,581)$23,491
Issuance of common stock under equity incentive plans6,3331--119--119
Issuance of restricted common stock under equity incentive plans14,443---94--94
Issuance of common stock upon exercise of stock options6,218-------
Shares forfeited(22,455)(1)--(100)--(100)
Net loss and comprehensive loss-----(445)(2,689)(3,134)
Balance at March 31, 20246,001,487$655,000$1$175,777$(44)$(155,270)$20,470
Issuance of restricted common stock under equity incentive plans42,659---279--279
Issuance of common stock upon conversion of convertible debt169,220---240--240
Issuance of common stock upon conversion of Series B preferred stock567,2621(875)-(1)---
Shares forfeited(30,528)---(75)--(75)
Net loss and comprehensive loss-----(174)(12,111)(12,285)
Balance at June 30, 20246,750,100$754,125$1$177,620$(218)$(167,382)$10,028
Issuance of restricted common stock under equity incentive plans32,8660--132--132
Issuance of common stock upon conversion of convertible debt--------
Issuance of common stock upon conversion of Series B preferred stock194,5960(175)(0)(0)--0
Shares forfeited(19,687)(0)--(1)--(1)
Net loss and comprehensive loss-----1,338(5,174)(3,836)
Balance at September 30, 20246,957,875$753,950$1$177,750$1,120$(172,555)$6,323

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

(Dollars in thousands, except share data)

Common Stock · Treasury Stock · Deferred Stock · Additional · Other Accumulated Comprehensive · Accumulated · Total Stockholders' Equity
Shares · Amount · To be Issued · Amount · To be returned · Amount · Shares · at Cost · Compensation · Paid In Capital · Income (Loss) · Deficit · (Deficit)
Balance at December 31, 20224,972,736$5175,392$-(13,689)$(7)-$-$-$96,256$1,596$(99,772)$(1,922)
Common stock issued to employees for compensation(891)--------31--31
Common stock issued for interest on convertible debt175,392-(175,392)(175)---------
Carryover effects of financial statement restatements in prior periods-----------294294
Share repurchase(13,672)---13,6897---(7)---
Net loss and comprehensive loss----------(58)(7,979)(8,037)
Balance at March 31, 20235,133,5655-------96,2801,538(107,457)(9,634)
Common stock issued to employees for compensation9,511--------130--130
Common stock issued for conversion of convertible debt56,265--------416--416
Common stock issued for interest on convertible debt738--------5--5
Restricted common stock issued for compensation13,166-------(67)100--33
Shares forfeited(16,865)--------(315)--(315)
Net loss and comprehensive loss----------(13)(12,005)(12,018)
Balance at June 30, 20235,196,3805------(67)96,6161,525(119,462)(21,383)
Common stock issued to employees for compensation8,878--------20--20
Restricted common stock issued for compensation7,328-------5105--110
Shares forfeited-------------
Net loss and comprehensive loss-(317)(3,116)(3,433)
Balance at September 30, 20235,212,586$5-$--$--$-$(62)$96,741$1,208$(122,578)$(24,686)
ContentsView on SEC.gov

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