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Midas Edge

BLACKBOXSTOCKS 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

ALOY$6.13+4.5%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

INTRODUCTORY COMMENT CAUTION REGARDING FORWARD LOOKING STATEMENTS

INTRODUCTORY COMMENT

Throughout this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “Blackboxstocks,” or the “Company” refers to Blackboxstocks Inc., a Nevada corporation.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Our prospects are subject to uncertainties and risks. In this Quarterly Report on Form 10-Q (the “Report”), we make forward-looking statements that involve substantial uncertainties and risks. When used in this Report, the words “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “intend,” and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) regarding events, conditions and financial trends which may affect our future plans of operations, business strategy, operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties described herein and actual results may differ materially from those included within the forward-looking statements. Additional factors are described in our other public reports and filings with the Securities and Exchange Commission (the “SEC”). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.

This Report contains certain estimates and plans related to us and the industry in which we operate, which assume certain events, trends and activities will occur and the projected information based on those assumptions. We do not know that all of our assumptions are accurate. If our assumptions are wrong about any events, trends and activities, then our estimates for future growth for our business may also be wrong. There can be no assurance that any of our estimates as to our business growth will be achieved.

The following discussion and analysis should be read in conjunction with our financial statements and the notes associated with them contained elsewhere in this Report. This discussion should not be construed to imply that the results discussed in this Report will necessarily continue into the future or that any conclusion reached in this Report will necessarily be indicative of actual operating results in the future. The discussion represents only the best assessment of management.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

As of September 30, 2024 and December 31, 2023

September 30,December 31,
20242023
Assets
Current assets:
Cash$60,921$472,697
Accounts receivable, net of allowance for doubtful accounts of $-0- and $68,589 at September 30, 2024 and December 31, 2023, respectively3,79918,212
Inventory3,4643,464
Marketable securities-2,955
Other receivable-475,000
Note receivable1,100,000-
Prepaid expenses and other current assets51,24835,161
Total current assets1,219,4321,007,489
Property and equipment:
Property and equipment, net8,39452,281
Right of use lease303,397344,370
Total property and equipment311,791396,651
Investments8,424,0008,424,000
Total assets$9,955,223$9,828,140
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$1,378,668$842,404
Accrued interest1,6131,613
Unearned subscriptions739,0541,295,514
Lease liability right of use, current63,28164,818
Note payable, current portion17,87428,064
Merchant cash advance190,264-
Other liabilities1,043,000-
Total current liabilities3,433,7542,232,413
Long term liabilities:
Note payable-11,550
Lease liability right of use, long term246,127287,417
Total long term liabilities246,127298,967
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively--
Series A Convertible Preferred Stock, $0.001 par value, 5,000,000 shares authorized; 3,269,998 issued and outstanding at September 30, 2024 and December 31, 2023, respectively3,2703,270
Series B Convertible Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively--
Common stock, $0.001 par value, 100,000,000 shares authorized: 3,528,028 and 3,223,015 issued and outstanding at September 30, 2024 and December 31, 2023, respectively3,5283,223
Treasury stock-(27,650)
Additional paid in capital28,275,92226,802,808
Accumulated deficit(22,007,378)(19,484,891)
Total stockholders' equity6,275,3427,296,760
Total liabilities and stockholders' equity$9,955,223$9,828,140

Condensed Consolidated Statements of Operations

For the Three Months and Nine months Ended September 30, 2024 and 2023

For the three months ended · For the nine months ended
September 30,September 30,
2024202320242023
Revenue:
Subscriptions$646,792$727,218$1,979,514$2,316,856
Other revenues1,0501,2502,4608,014
Total revenues647,842728,4681,981,9742,324,870
Cost of revenues293,426327,9281,007,4011,202,534
Gross margin354,416400,540974,5731,122,336
Operating expenses:
Software development costs101,873173,665310,918755,959
Selling, general and administrative891,282957,3722,735,4804,085,384
Advertising and marketing92,891127,632337,277496,028
Loss on disposition of fixed assets--29,940-
Depreciation and amortization2,53611,10013,94732,297
Total operating expenses1,088,5821,269,7693,427,5625,369,668
Operating loss(734,166)(869,229)(2,452,989)(4,247,332)
Other (income) expense:
Interest expense58210225522
Financing costs46,509-69,621-
Investment (income) loss-(8,934)(348)(62,487)
Other income-(188,760)(188,760)
Total other (income) expense46,667(197,484)69,498(250,725)
Loss before income taxes(780,833)(671,745)(2,522,487)(3,996,607)
Income Taxes----
Net loss(780,833)(671,745)(2,522,487)(3,996,607)
Weighted average number of common shares outstanding – basic and diluted3,517,8383,196,2303,323,8063,222,361
Net loss per share – basic and diluted$(0.22)$(0.21)$(0.76)$(1.24)

Condensed Consolidated Statement of Stockholders’Equity

For the Nine months Ended September 30, 2024 and 2023

Preferred Stock · Series A Preferred Stock · Series B Preferred Stock · Common Stock · Common Stock · Treasury · Additional Paid in · Accumulated
Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount · Payable · Stock · Capital · Deficit · Total
Balances, December 31, 2022-$-3,269,998$3,270-$-3,298,033$3,298$23,340$(1,102,375)$18,070,556$(14,820,436)$2,177,653
Purchase of treasury stock---------(79,100)--(79,100)
Retirement of treasury stock------(454,441)(454)-1,181,475(1,181,021)--
Issuance of warrants for compensation----------31,880-31,880
Issuance of options for compensation----------61,464-61,464
Issuance of stock for compensation------282,50128219,380-655,120-674,782
Net loss-----------(1,900,368)(1,900,368)
Balances, March 31, 2023-$-3,269,998$3,270-$-3,126,093$3,126$42,720$-$17,637,999$(16,720,804)$966,311
Issuance of stock for fractional shares resulting from reverse split------8,8389--(9)--
Purchase of treasury stock---------(15,291)--(15,291)
Issuance of warrants for compensation----------31,880-31,880
Issuance of options for compensation----------245,810-245,810
Issuance of stock for compensation------49,75450(42,720)-182,865-140,195
Issuance of stock for investment----2,400,0002,400----8,421,600-8,424,000
Net loss-----------(1,424,494)(1,424,494)
Balances, June 30, 2023-$-3,269,998$3,2702,400,000$2,4003,184,685$3,185$-$(15,291)$26,520,145$(18,145,298)$8,368,411
Issuance of warrants for compensation----------31,880-31,880
Issuance of options for compensation----------69,270-69,270
Issuance of stock for compensation------13,23613--55,180-55,193
Net loss-----------(671,745)(671,745)
Balances, September 30, 2023-$-3,269,998$3,2702,400,000$2,4003,197,921$3,198$-$(15,291)$26,676,475$(18,817,043)$7,853,009
Balances, December 31, 2023-$-3,269,998$3,270-$-3,223,015$3,223$-$(27,650)$26,802,808$(19,484,891)$7,296,760
Issuance of warrants for compensation----------31,880-31,880
Issuance of options for compensation----------65,286-65,286
Issuance of stock for compensation------3,1203--17,497-17,500
Net loss-----------(863,711)(863,711)
Balances, March 31, 2024-$-3,269,998$3,270-$-3,226,135$3,226$-$(27,650)$26,917,471$(20,348,602)$6,547,715
Issuance of warrants for compensation----------31,880-31,880
Issuance of options for compensation----------65,286-65,286
Issuance of stock for compensation----------7,500-7,500
Retirement of treasury stock------(10,607)(11)-27,650(27,639)--
Net loss-----------(877,943)(877,943)
Balances, June 30, 2024-$-3,269,998$3,270-$-3,215,528$3,215$-$-$26,994,498$(21,226,545)$5,774,438
Issuance of warrants for compensation----------21,256-21,256
Issuance of options for compensation----------52,981-52,981
Issuance of stock for compensation----------7,500-7,500
Issuance of stock for cash------312,500313--1,199,687-1,200,000
Net loss-----------(780,833)(780,833)
Balances, September 30, 2024-$-3,269,998$3,270-$-3,528,028$3,528$-$-$28,275,922$(22,007,378)$6,275,342
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.