SurgePays Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
View on SEC.govAbout 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 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
Consolidated Statements of Cash Flows
| For the Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Operating activities | ||||
| Net income (loss) - including non-controlling interest | $(25,952,509) | $17,615,843 | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operations | ||||
| Depreciation and amortization | 693,880 | 701,279 | ||
| Amortization of right-of-use assets | 70,857 | 32,426 | ||
| Amortization of internal use software development costs | 167,121 | 96,795 | ||
| Stock issued for services | 411,740 | 874,284 | ||
| Recognition of stock based compensation - unvested shares - related parties | 6,237,976 | - | ||
| Recognition of share based compensation - options - related party | 6,196 | 27,882 | ||
| Interest expense adjustment - SBA loans | 19,750 | - | ||
| Right-of-use asset lease payment adjustment true up | (148,584) | - | ||
| Gain on equity method investment - CenterCom | (33,864) | (95,637) | ||
| Cash paid for lease termination | (212,175) | - | ||
| Loss on lease termination, net | 194,862 | - | ||
| Changes in operating assets and liabilities | ||||
| (Increase) decrease in | ||||
| Accounts receivable | 8,022,078 | (544,063) | ||
| Inventory | 683,456 | (3,363,165) | ||
| Prepaids and other | (150,746) | (86,355) | ||
| Deferred income taxes - net | 2,835,000 | - | ||
| Increase (decrease) in | ||||
| Accounts payable and accrued expenses | (5,765,152) | 1,048,750 | ||
| Accounts payable and accrued expenses - related party | (86,857) | (726,163) | ||
| Accrued income taxes payable | (470,000) | - | ||
| Installment sale liability - net | - | (7,097,838) | ||
| Deferred revenue | (20,000) | (125,110) | ||
| Operating lease liability | 84,257 | (29,230) | ||
| Net cash provided by (used in) operating activities | (13,412,714) | 8,329,698 | ||
| Investing activities | ||||
| Advances made for construction-in-process costs | (518,189) | - | ||
| Capitalized internal use software development costs | - | (281,304) | ||
| Purchase of investments - net | (10,068,506) | - | ||
| Net cash used in investing activities | (10,586,695) | (281,304) | ||
| Financing activities | ||||
| Proceeds from stock issued for cash | 17,249,994 | - | ||
| Proceeds from exercise of common stock warrants | 8,799,257 | 207,240 | ||
| Cash paid as direct offering costs | (1,395,000) | - | ||
| Repayments of loans - related party | (1,132,074) | (1,017,385) | ||
| Repayments on notes payable | - | (1,531,478) | ||
| Repayments on notes payable - SBA government | (8,138) | (10,976) | ||
| Treasury shares repurchased (share buy-backs) | (485,131) | - | ||
| Net cash provided (used in) by financing activities | 23,028,908 | (2,352,599) | ||
| Net increase (decrease) in cash and cash equivalents | (970,501) | 5,695,795 | ||
| Cash and cash equivalents - beginning of period | 14,622,060 | 7,035,654 | ||
| Cash and cash equivalents - end of period | $13,651,559 | $12,731,449 | ||
| Supplemental disclosure of cash flow information | ||||
| Cash paid for interest | $372,579 | $209,840 | ||
| Cash paid for income tax | $ | - | $ | - |
| Supplemental disclosure of non-cash investing and financing activities | ||||
| Reclassification of accrued interest - related party to note payable - related party | $498,991 | $ | - | |
| Exercise of warrants - cashless | $41 | $ | - | |
| Termination of ROU operating lease assets and liabilities | $309,826 | |||
| Right-of-use asset obtained in exchange for new operating lease liability | $98,638 | $ | - | |
| Goodwill (ClearLine Mobile, Inc.) | $2,500,000 | $ | - | |
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