SurgePays Inc
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 12, 2024
SURG$0.16+3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| For the Year Ended December 31, | ||||
|---|---|---|---|---|
| 2023 · 2022 | ||||
| Operating activities | ||||
| Net income (loss) - including non-controlling interest | $20,644,612 | $(553,228) | ||
| Adjustments to reconcile net income (loss) to net cash provided by operations | ||||
| Bad debt expense (recovery) | 90,009 | (59,485) | ||
| Provision for inventory obsolescence | - | 51,718 | ||
| Depreciation and amortization | 935,039 | 933,384 | ||
| Amortization of right-of-use assets | 43,483 | 55,316 | ||
| Amortization of debt discount/debt issue costs | - | 115,404 | ||
| Amortization of internal use software development costs | 129,060 | - | ||
| Stock issued for services | 1,290,024 | 103,500 | ||
| Recognition of stock-based compensation - unvested shares - related parties | 529,534 | - | ||
| Recognition of share-based compensation - options | 576,625 | - | ||
| Recognition of share-based compensation - options - related party | 37,176 | 37,176 | ||
| Warrants issued for interest expense | - | 365,794 | ||
| (Gain) loss on equity method investment - CenterCom | (110,203) | 89,082 | ||
| Gain on forgiveness of PPP loan | - | (524,143) | ||
| Changes in operating assets and liabilities | ||||
| (Increase) decrease in | ||||
| Accounts receivable | (395,718) | (5,920,991) | ||
| Inventory | 2,139,648 | (6,878,664) | ||
| Prepaids | (50,409) | (111,524) | ||
| Deferred income taxes - net | (2,835,000) | - | ||
| Increase (decrease) in | ||||
| Accounts payable and accrued expenses | 654,746 | (812,227) | ||
| Accounts payable and accrued expenses - related party | (680,497) | 966,468 | ||
| Accrued income taxes payable | 570,000 | - | ||
| Installment sale liability - net | (13,018,184) | 13,018,184 | ||
| Deferred revenue | (223,110) | (33,140) | ||
| Operating lease liability | (39,490) | (49,352) | ||
| Net cash provided by operating activities | 10,287,345 | 793,272 | ||
| Investing activities | ||||
| Purchase of property and equipment | - | (11,402) | ||
| Capitalized internal use software development costs | (281,304) | (387,180) | ||
| Purchase of software | - | (300,000) | ||
| Acquisition of Torch, Inc. | - | (800,000) | ||
| Net cash used in investing activities | (281,304) | (1,498,582) | ||
| Financing activities | ||||
| Proceeds from exercise of common stock warrants | 207,240 | 473 | ||
| Repayments of loans - related party | (1,017,385) | - | ||
| Proceeds from notes payable | - | 6,700,000 | ||
| Repayments on notes payable | (1,595,167) | (5,231,251) | ||
| Repayments on notes payable - SBA government | (14,323) | (11,754) | ||
| Net cash provided (used in) by financing activities | (2,419,635) | 1,457,468 | ||
| Net increase in cash | 7,586,406 | 752,158 | ||
| Cash - beginning of year | 7,035,654 | 6,283,496 | ||
| Cash - end of year | $14,622,060 | $7,035,654 | ||
| Supplemental disclosure of cash flow information | ||||
| Cash paid for interest | $222,326 | $523,005 | ||
| Cash paid for income tax | $ | - | $ | - |
| Supplemental disclosure of non-cash investing and financing activities | ||||
| Debt issue costs recorded in connection with notes payable | $ | - | $115,404 | |
| Stock issued to acquire software | $ | - | $411,400 | |
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