GIFTIFY, INC.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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, 2026 · Filed Nov 3, 2026
GIFT$0.51-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001493152-26-035759
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001493152-26-049717
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 149 previous paragraphs and 154 current paragraphs.
97 unchanged; 46 reworded; 10 added; 5 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Our gross billings for the nine months ended September 30, 2026 and 2025 were as follows:
Current report
**GIFTIFY, INC. AND SUBSIDIARIES
Current report
Goodwill
Current report
Goodwill of $20,007,670 arose from the acquisition of CardCash and represented approximately 67% of the Company’s total assets at September 30, 2026. The Company has one reporting unit. It tests goodwill for impairment annually as of December 31, or more often if events or changes in circumstances indicate that the fair value of the reporting unit may be below its carrying amount. Because the Company’s common stock is publicly traded, management considers the Company’s market capitalization to be a key indicator of the fair value of the reporting unit.
Current report
During the three months ended September 30, 2026, the Company’s stock price declined. Based on the September 30, 2026 closing price of $0.4887, the Company’s market capitalization was approximately $17.7 million, which was below the $21.1 million carrying amount of its stockholders’ equity. However, based on the average closing price of $0.63 for the ten trading days ended September 30, 2026, the Company’s market capitalization was approximately $22.8 million, which was above that carrying amount. The Company’s market capitalization equals the carrying amount of its stockholders’ equity at a share price of approximately $0.58. Each $0.10 change in the share price changes market capitalization by approximately $3.6 million.
Current report
After assessing the decline, in conjunction with the going concern conditions described in Note 1 to the condensed consolidated financial statements, management concluded that a quantitative impairment test was not required at September 30, 2026, and no impairment of goodwill was recognized. This assessment required significant judgment, including the period over which the stock price was averaged and the weight given to the Company’s operating results and outlook.
Current report
If the Company’s stock price declines below approximately $0.58 per share for a sustained period, or if the Company does not achieve its projected results, the Company may be required to recognize a goodwill impairment charge, which could be material, including in connection with its annual impairment test as of December 31, 2026.
Current report
Certain customers may receive incentives, which are accounted for as variable consideration. Provisions for sales returns are recognized in the period in which the sales are recorded, based on the Company’s prior experience and current trends. These revenue reductions are established by the Company based on management’s best estimates at the time of sale, using historical trends, and are adjusted to reflect known changes in the factors that impact such reserves and allowances and the terms of customer agreements.
Current report
Amounts billed and due from the Company’s customers are classified as accounts receivable on the balance sheet. Amounts received in advance from customers are recorded as deferred revenue on the balance sheet until the performance obligations have been satisfied. The Company has elected to apply the practical expedient to not assess contracts for significant financing components because the period between the receipt of advance payment and the Company’s transfer of services to the customer is less than one year.
Current report
Principal vs. Agent Considerations
Removed paragraphs (5)
Previous report
● “Specials by Restaurant.com,” which bundle Restaurant.com certificates with a variety of other entertainment options, including theatre, movies, wine, and travel. Customers have favored these bundled offerings (“Specials”), generating significantly higher revenue per customer than purchasing our other products. The average order value for these Specials sales is nearly five times that of a certificate purchase. Specials generated over 5% of our past year’s B2C revenue from 60% of the B2C orders for the fiscal year ended December 31, 2023. We believe that our relationships with small businesses present a significant revenue opportunity through such cross-promotions.
Previous report
Our gross billings for the six months ended June 30, 2026 and 2025 were as follows:
Previous report
**GIFTIFY, INC. AND SUBSDIARIES
Previous report
Critical Accounting Policies and Estimates
Previous report
Revenue and costs of sales are recognized when control of the products transfers to our customer, which generally occurs when the risk and title to the products transfer to the customer upon delivery. The Company’s performance obligations are satisfied at that time. The Company’s standard terms of delivery are included in its contracts of sale, order confirmation documents, and invoices. The Company recognizes revenue on a gross basis for the sales price of the merchant gift cards and discount certificates it collects.
Reworded paragraphs (46)
Previous wording
Restaurant.com Business to Customer Division
Current wording
Restaurant.com Business to Consumer Division
Previous wording
● Discount Dining Passes, which provide discounts at 170,000 restaurants and other retailers. These passes provide multiple uses for six months.
Current wording
● Discount Dining Passes, which provide discounts at 170,000 restaurants and other retailers. These passes provide multiple uses for nine months.
Previous wording
A reconciliation of our net sales (as reported) to our gross billings for the three and six months ended June 30, 2026 and 2025 were as follows:
Current wording
A reconciliation of our net sales (as reported) to our gross billings for the three and nine months ended September 30, 2026 and 2025 were as follows:
Previous wording
The Iran, Russia and Ukraine conflict and other geopolitical conflicts, as well as related international response, have exacerbated inflationary pressures, including causing increases in the price for goods and services and global supply chain disruptions, which have resulted and may continue to result in shortages in food products, materials and services. Such shortages have resulted and may continue to result in inflationary cost increases for labor, fuel, food products, materials and services, and could continue to cause costs to increase as well as result in the scarcity of certain materials. We cannot predict future trends in inflation or other negative economic factors, or the associated changes in our operating costs, and how these may impact our business. To the extent we and the restaurant customers we service are unable to recover higher operating costs resulting from inflation or otherwise mitigate the impact of such costs on our and their business, our revenues and gross profit could decrease, and our financial condition and results of operations could be adversely affected.
Current wording
The Iran, Russia and Ukraine conflicts and other geopolitical conflicts, as well as related international response, have exacerbated inflationary pressures, including causing increases in the price for goods and services and global supply chain disruptions, which have resulted and may continue to result in shortages in food products, materials and services. Such shortages have resulted and may continue to result in inflationary cost increases for labor, fuel, food products, materials and services, and could continue to cause costs to increase as well as result in the scarcity of certain materials. We cannot predict future trends in inflation or other negative economic factors, or the associated changes in our operating costs, and how these may impact our business. To the extent we and the restaurant customers we service are unable to recover higher operating costs resulting from inflation or otherwise mitigate the impact of such costs on our and their business, our revenues and gross profit could decrease, and our financial condition and results of operations could be adversely affected.
Previous wording
The Company has a history of reporting net losses. As of June 30, 2026, the Company had $3,924,338 in cash available to fund its operations, including expansion plans, and to service its debt, and working capital of $141,944.
Current wording
The Company has a history of reporting net losses. As of September 30, 2026, the Company had $3,945,212 in cash available to fund its operations, including expansion plans, and to service its debt, and working capital of $631,754.
Previous wording
As a result, management has concluded, and our independent registered public accounting firm has agreed with our conclusion that there is substantial doubt regarding our ability to continue as a going concern for a period of at least 12 months beyond the filing of this Quarterly Report on Form 10-Q. The report of our independent registered public accounting firm on our financial statements for the year ended December 31, 2025, includes an explanatory paragraph regarding the existence of substantial doubt about our ability to continue as a going concern. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Current wording
As a result, management has concluded that there is substantial doubt regarding our ability to continue as a going concern for a period of at least 12 months beyond the filing of this Quarterly Report on Form 10-Q. The report of our independent registered public accounting firm on our financial statements for the year ended December 31, 2025, includes an explanatory paragraph regarding the existence of substantial doubt about our ability to continue as a going concern. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Previous wording
As market conditions present uncertainty as to the Company’s ability to secure additional funds, there can be no assurances that the Company will be able to secure additional financing on acceptable terms, as and when necessary to continue to conduct operations. There is also significant uncertainty as to the effect that the coronavirus may have on the Company’s business plans and the amount and type of financing available to the Company in the future.
Current wording
As market conditions present uncertainty as to the Company’s ability to secure additional funds, there can be no assurances that the Company will be able to secure additional financing on acceptable terms, as and when necessary to continue to conduct operations. There is also significant uncertainty as to the effect that the inflationary pressure may have on the Company’s business plans and the amount and type of financing available to the Company in the future.
Previous wording
The increase in net revenue recognized as agent increased $509,862, or 46.6%, during the three months ended June 30, 2026, as compared to the prior year period. The increase in net revenue recognized as agent increased $1,109,603, or 51.9%, during the six months ended June 30, 2026, as compared to the prior year period. The increase over the prior year period was from the sale of cruise-line-related gift cards, fluctuations in the types of gift cards sold, and changes in the number of customer orders in which the Company acted as an agent.
Current wording
Net revenue recognized as agent increased $200,757, or 15.1%, during the three months ended September 30, 2026, as compared to the prior year period. Net revenue recognized as agent increased $1,310,359, or 37.8%, during the nine months ended September 30, 2026, as compared to the prior year period. The increase over the prior year period was from the sale of cruise-line-related gift cards, fluctuations in the types of gift cards sold, and changes in the number of customer orders in which the Company acted as an agent.
Previous wording
Gross billings increased 26.2% during the three months ended June 30, 2026, as compared to the prior year period. A significant portion of our revenue comes from discounted merchant gift card sales, in which we collect the transaction price from the customer and remit a portion to third-party suppliers of the related goods or services. For these transactions, gross billings differ from the Net Sales reported in our Condensed Consolidated Statements of Operations, which reflect only the fees and commissions we retain from the sale of discounted merchant gift cards.
Current wording
Gross billings increased 17.1% during the three months ended September 30, 2026, as compared to the prior year period. A significant portion of our revenue comes from discounted merchant gift card sales, in which we collect the transaction price from the customer and remit a portion to third-party suppliers of the related goods or services. For these transactions, gross billings differ from the Net Sales reported in our Condensed Consolidated Statements of Operations, which reflect only the fees and commissions we retain from the sale of discounted merchant gift cards.
Previous wording
Net sales for the three months ended June 30, 2026 and 2025, were $21,747,024 and $20,900,731, respectively, a increase of 4.0%. The increase in net sales was due to the change in the mix of agent versus principal transactions as discussed above. Merchant gift card sales accounted for approximately 97% and 98% of our net sales for the three months ended June 30, 2026 and 2025, respectively.
Current wording
Net sales for the three months ended September 30, 2026 and 2025, were $22,323,212 and $18,783,908, respectively, an increase of 18.8%. The increase in net sales was due to the change in the mix of agent versus principal transactions as discussed above. Merchant gift card sales accounted for approximately 98% and 97% of our net sales for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Cost of sales consists primarily of the cost to purchase merchant gift cards. Cost of sales for the three months ended June 30, 2026 and 2025 were $17,343,380 and $17,045,106, respectively. Gross profit increased $548,019, or 14.2%, as compared to the prior year period. Our gross margin, as a percentage of net sales, were 20.2% and 18.4% for the three months ended June 30, 2026 and 2025, respectively. Our gross margin was positively impacted by the increase in net revenue (agent transactions) described above, compared with the prior-year period.
Current wording
Cost of sales consists primarily of the cost to purchase merchant gift cards. Cost of sales for the three months ended September 30, 2026 and 2025 was $17,951,295 and $15,036,367, respectively. Gross profit increased $624,376, or 16.7%, as compared to the prior year period. Our gross margin, as a percentage of net sales, was 19.6% and 20.0% for the three months ended September 30, 2026 and 2025, respectively. Our gross margin was impacted by the increase in net revenue (agent transactions) described above, compared with the prior-year period.
Previous wording
Selling, general, and administrative expenses for the three months ended June 30, 2026 and 2025 were $4,978,565 and $5,714,543, respectively, a decrease of $735,978. The decrease was due to a reduction in stock-based compensation expense of $908,871, offset by increased employee compensation, legal and professional fees, and other general expenses to support our business.
Current wording
Selling, general, and administrative expenses for the three months ended September 30, 2026 and 2025 were $5,323,331 and $5,489,115, respectively, a decrease of $165,783. The decrease was due to a reduction in stock-based compensation expense of $624,035, offset by increased employee compensation, legal and professional fees, and other general expenses to support our business.
Previous wording
Amortization of capitalized software costs are primarily attributed to the Company’s capitalized software development costs. Amortization expenses were $128,194 and $161,544 for the three months ended June 30, 2026 and 2025, respectively.
Current wording
Amortization of capitalized software costs is primarily attributed to the Company’s capitalized software development costs. Amortization expenses were $78,170 and $160,745 for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Amortization of intangible assets are attributable to the Company’s amortization of intangible assets with finite lives. Amortization expenses were $550,849 and $557,062 for the three months ended June 30, 2026 and 2025, respectively.
Current wording
Amortization of intangible assets is attributable to the Company’s amortization of intangible assets with finite lives. Amortization expenses were $563,847 and $585,349 for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
We incurred a loss from operations of $1,253,964 and $2,577,524 for the three months ended June 30, 2026 and 2025, respectively. The decrease in loss from operations was due to our increased gross profit offset by decreased stock-based compensation expense, as discussed above.
Current wording
We incurred a loss from operations of $1,593,431 and $2,487,668 for the three months ended September 30, 2026 and 2025, respectively. The decrease in loss from operations was due to our increased gross profit and decreased stock-based compensation expense, as discussed above.
Previous wording
Other expenses, net was $112,538 and $141,597 for the three months ended June 30, 2026 and 2025, respectively, and is comprised of interest expense, net of interest income. The decrease in interest expense, net was due to our decreased debt balances.
Current wording
Other expenses, net was $89,103 and $94,654 for the three months ended September 30, 2026 and 2025, respectively, and is comprised of interest expense, net of interest income and other income. The decrease in interest expense, net was due to our decreased debt balances.
Previous wording
Income tax benefit for the three months ended June 30, 2026 and 2025 was $125,450 and $129,312, respectively.
Current wording
Income tax benefit for the three months ended September 30, 2026 and 2025 was $175,432 and $144,860, respectively.
Previous wording
Net loss for the three months ended June 30, 2026 and 2025 was $1,241,052 and $2,589,809, respectively. The decrease in net loss was driven by higher gross profit, lower stock-based compensation expense, and lower interest expense, as discussed above.
Current wording
Net loss for the three months ended September 30, 2026 and 2025 was $1,507,102 and $2,437,462, respectively. The decrease in net loss was driven by higher gross profit, lower stock-based compensation expense, and lower interest expense, as discussed above.
Previous wording
Results of Operations – Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025
Current wording
Results of Operations – Nine Months Ended September 30, 2026, Compared to Nine Months Ended September 30, 2025
Previous wording
Gross billings increased 25.6% during the six months ended June 30, 2026, as compared to the prior year period. A significant portion of our revenue transactions are comprised of sales of discounted merchant gift cards in which we collect the transaction price from the customer and remit a portion of the transaction price to the third-party suppliers who provide the related goods or services. For these transactions, gross billings differ from Net Sales reported in our Condensed Consolidated Statements of Operations, which is presented net of the merchant’s share of the transaction price.
Current wording
Gross billings increased 22.6% during the nine months ended September 30, 2026, as compared to the prior year period. A significant portion of our revenue transactions are comprised of sales of discounted merchant gift cards in which we collect the transaction price from the customer and remit a portion of the transaction price to the third-party suppliers who provide the related goods or services. For these transactions, gross billings differ from Net Sales reported in our Condensed Consolidated Statements of Operations, which is presented net of the merchant’s share of the transaction price.
Previous wording
Net sales for the six months ended June 30, 2026 and 2025, were $43,104,428 and $41,177,744, respectively, a decrease of 0.2%. Merchant gift card sales accounted for approximately 98% and 98% of our net sales for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Net sales for the nine months ended September 30, 2026 and 2025, were $65,427,640 and $61,961,652, respectively, an increase of 5.6%. Merchant gift card sales accounted for approximately 98% and 98% of our net sales for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Cost of sales consists primarily of the cost to purchase merchant gift cards. Cost of sales for the six months ended June 30, 2026 and 2025, were $34,455,545 and $35,740,483, respectively. Gross profit increased $1,211,622, or 16.3%, as compared to the prior year period. Our gross margin, as a percentage of net sales, were 20.1% and 17.2%, for the six months ended June 30, 2026 and 2025, respectively. Our gross margin was positively impacted by the increase in net revenue (agent transactions), as described above, as compared to the prior year period.
Current wording
Cost of sales consists primarily of the cost to purchase merchant gift cards. Cost of sales for the nine months ended September 30, 2026 and 2025, was $52,406,840 and $50,776,850, respectively. Gross profit increased $1,835,998, or 16.4%, as compared to the prior year period. Our gross margin, as a percentage of net sales, was 19.9% and 18.1% for the nine months ended September 30, 2026 and 2025, respectively. Our gross margin was positively impacted by the increase in net revenue (agent transactions), as described above, as compared to the prior year period.
Previous wording
Selling, general and administrative expenses were $11,151,909 for the six months ended June 30, 2026, as compared to $11,758,384 for the six months ended June 30, 2025, a decrease of $606,475. The decrease was due to a reduction in stock-based compensation expense of $1,513,736 during the six months ended June 30, 2026, offset by increased payroll and benefits expenses, marketing and advertising costs, and other general expenses to support our business.
Current wording
Selling, general and administrative expenses were $16,475,240 for the nine months ended September 30, 2026, as compared to $17,247,499 for the nine months ended September 30, 2025, a decrease of $772,258. The decrease was due to a reduction in stock-based compensation expense of $2,137,816 during the nine months ended September 30, 2026, offset by increased payroll and benefits expenses, marketing and advertising costs, and other general expenses to support our business.
Previous wording
Amortization expenses are primarily attributed to the Company’s capitalized software development costs. Amortization expenses were $289,737 during the six months ended June 30, 2026, as compared to $323,087 during the six months ended June 30, 2025.
Current wording
Amortization expenses are primarily attributed to the Company’s capitalized software development costs. Amortization expenses were $367,907 during the nine months ended September 30, 2026, as compared to $483,832 during the nine months ended September 30, 2025.
Previous wording
Amortization expenses are primarily attributable to the Company’s amortization of intangible assets with finite lives. Amortization expenses were $1,128,190 during the six months ended June 30, 2026, as compared to amortization expenses of $1,100,979 during the six months ended June 30, 2025.
Current wording
Amortization expenses are primarily attributable to the Company’s amortization of intangible assets with finite lives. Amortization expenses were $1,692,037 during the nine months ended September 30, 2026, as compared to amortization expenses of $1,686,328 during the nine months ended September 30, 2025.
Previous wording
For the six months ended June 30, 2026, we incurred a loss from operations of $3,920,953, as compared to a loss from operations of $5,745,189 for the six months ended June 30, 2025. The decrease in loss from operations was due to our increased gross profit being offset by decreased stock-based compensation expense as discussed above.
Current wording
For the nine months ended September 30, 2026, we incurred a loss from operations of $5,514,384, as compared to a loss from operations of $8,232,857 for the nine months ended September 30, 2025. The decrease in loss from operations was due to our increased gross profit and decreased stock-based compensation expense as discussed above.
Previous wording
For the six months ended June 30, 2026, we incurred interest expense, net of $224,858, as compared to interest expense, net of $351,168 for the six months ended June 30, 2025. The decrease in interest expense was due to our decreased debt balances.
Current wording
For the nine months ended September 30, 2026, we incurred interest expense, net of $340,708, as compared to interest expense, net of $484,362 for the nine months ended September 30, 2025. The decrease in interest expense was due to our decreased debt balances. In addition, for the nine months ended September 30, 2026, we recognized other income of $26,746, as compared to other income of $38,540, for the nine months ended September 30, 2025.
Previous wording
For the six months ended June 30, 2026, we realized an income tax benefit of $254,352 as compared to an income tax benefit of $289,216 for the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, we realized an income tax benefit of $429,784 as compared to an income tax benefit of $434,076 for the nine months ended September 30, 2025.
Previous wording
We realized a net loss of $3,891,460 for the six months ended June 30, 2026, as compared to a net loss of $5,807,141 for the six months ended June 30, 2025. The decrease in net loss was due to our increased gross profit, decreased stock-based compensation expense, decreased interest expense, an income tax benefit, as discussed above.
Current wording
We realized a net loss of $5,398,562 for the nine months ended September 30, 2026, as compared to a net loss of $8,244,603 for the nine months ended September 30, 2025. The decrease in net loss was due to our increased gross profit, decreased stock-based compensation expense, decreased interest expense, and an income tax benefit, as discussed above.
Previous wording
Set forth below is a reconciliation of net loss to Modified EBITDA for the six months ended June 30, 2026 and 2025 (unaudited):
Current wording
Set forth below is a reconciliation of net loss to Modified EBITDA for the nine months ended September 30, 2026 and 2025 (unaudited):
Previous wording
We present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial performance. Modified EBITDA has limitations as an analytical tool, which includes, among others, the following:
Current wording
We present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial performance. Modified EBITDA has limitations as an analytical tool, which include, among others, the following:
Previous wording
As reflected in the accompanying financial statements, for the six months ended June 30, 2026, the Company recorded a net loss of $3,891,460 and used cash in operations of $310,447. Cash used in operations was primarily for working capital.
Current wording
As reflected in the accompanying financial statements, for the nine months ended September 30, 2026, the Company recorded a net loss of $5,398,562 and used cash in operations of $1,033,604. Cash used in operations was primarily for working capital.
Previous wording
As of the issuance date of the financial statements included in this Quarterly Report on Form 10-Q, management expects that the Company’s existing cash of $3,924,338 cash generated from operations to last until June 30, 2027.
Current wording
As of the issuance date of the financial statements included in this Quarterly Report on Form 10-Q, management expects that the Company’s existing cash of $3,945,212 might be insufficient to meet its cash requirements for the 12 months following the filing of this Quarterly Report on Form 10-Q.
Previous wording
Cash provided by or used in operating activities primarily consists of net loss adjusted for certain non-cash items, including amortization of intangible assets, impairment of intangible assets, gain on forgiveness of government assistance notes payable, and the fair value of common stock issued for directors, employees, and service providers, and the effect of changes in working capital and other activities.
Current wording
Cash provided by or used in operating activities primarily consists of net loss adjusted for certain non-cash items, including amortization of intangible assets, and the fair value of common stock issued for directors, employees, and service providers, and the effect of changes in working capital and other activities.
Previous wording
Cash used in operating activities for the six months ended June 30, 2026 was $310,447 and consisted of our net loss, adjusted for non-cash items, including amortization of intangible assets, the fair value of vested stock options, common stock issued to executives, employees, and advisors, and routine changes in working capital and other activities.
Current wording
Cash used in operating activities for the nine months ended September 30, 2026 was $1,033,604 and consisted of our net loss, adjusted for non-cash items, including amortization of intangible assets, the fair value of vested stock options, common stock issued to executives, employees, and advisors, and routine changes in working capital and other activities.
Previous wording
Cash provided by operating activities for the six months ended June 30, 2025 was $289,951 and consisted of our net loss, adjusted for non-cash items, including amortization of intangible assets, the fair value of vested stock options, common stock issued to executives, employees, and advisors, and routine changes in working capital and other activities.
Current wording
Cash used in operating activities for the nine months ended September 30, 2025 was $496,067 and consisted of our net loss, adjusted for non-cash items, including amortization of intangible assets, the fair value of vested stock options, common stock issued to executives, employees, and advisors, and routine changes in working capital and other activities.
Previous wording
The Company has no investing activities for the six months ended June 30, 2026.
Current wording
The Company had no investing activities for the nine months ended September 30, 2026.
Previous wording
Cash used provided by investing activities for the six months ended June 30, 2025 was $109,543, which was from cash received on an acquisition.
Current wording
Cash provided by investing activities for the nine months ended September 30, 2025 was $109,543, which was from cash received on an acquisition.
Previous wording
Cash provided by financing activities for the six months ended June 30, 2026 was $579,841, which was from aggregate proceeds of $750,593 on the sale of common stock, offset by repayment of our line of credit balance of $163,764, and repayment of our notes payable of $6,988.
Current wording
Cash provided by financing activities for the nine months ended September 30, 2026 was $1,323,872, which was from aggregate proceeds of $1,423,593 on the sale of common stock, offset by repayment of our line of credit balance of $90,003, and repayment of our notes payable of $9,718.
Previous wording
Cash used in financing activities for the six months ended June 30, 2025 was $1,443,909, which was from proceeds of $2,486,202 on the sale of common stock, net proceeds of $985,000 from a note payable, offset by repayment of our line of credit balance of $2,089,183, and repayment of our notes payable of $2,825,928.
Current wording
Cash provided by financing activities for the nine months ended September 30, 2025 was $105,909, which was from proceeds of $3,058,577 on the sale of common stock, net proceeds of $985,000 from a note payable, offset by repayment of our line of credit balance of $1,111,345, and repayment of our notes payable of $2,826,323.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
It is necessary to determine whether the Company is acting as a principal or an agent in revenue-generating arrangements.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The following discussion and analysis of financial condition and results of operations is based upon the Company’s consolidated financial statements for the years ended December 31, 2024 and 2023 presented elsewhere in this report, which have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain accounting policies and estimates are particularly important to the understanding of the Company’s financial position and results of operations and require the application of significant judgment by management or can be materially affected by changes from period to period in economic factors or conditions that are outside of the Company’s control. As a result, these issues are subject to an inherent degree of uncertainty. In applying these policies, management uses its judgment to determine the appropriate assumptions to be used in the determination of certain estimates. Those estimates are based on the Company’s historical operations, the future business plans and the projected financial results, the terms of existing contracts, trends in the industry, and information available from other outside sources.