SurgePays, Inc.
For the period ended Dec 31, 2024. Filed Mar 25, 2025.
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.
FY2024 · Filed Mar 25, 2025
SURG$0.16+3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| For the Years Ended December 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Operating activities | ||||
| Net income (loss) - including non-controlling interest | $(45,937,774) | $20,644,612 | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operations | ||||
| Bad debt expense | - | 90,009 | ||
| Depreciation and amortization | 942,450 | 935,039 | ||
| Amortization of right-of-use assets | 126,970 | 43,483 | ||
| Amortization of internal use software development costs | 222,830 | 129,060 | ||
| Impairment loss - CenterCom | 498,273 | - | ||
| Impairment loss - internal use software development costs | 316,594 | - | ||
| Impairment loss - goodwill | 866,782 | - | ||
| Stock issued for services | 411,740 | 1,290,024 | ||
| Recognition of stock based compensation - unvested shares - related parties | 6,752,706 | 529,534 | ||
| Recognition of stock-based compensation | 1,602,997 | - | ||
| Recognition of share based compensation - options | - | 576,625 | ||
| Recognition of share based compensation - options - related party | 6,196 | 37,176 | ||
| Realized gain in sale of investments | (13,613) | - | ||
| Interest expense adjustment - SBA loans | 19,750 | - | ||
| Right-of-use asset lease payment adjustment true up | (267,347) | - | ||
| Gain on equity method investment - CenterCom | (33,864) | (110,203) | ||
| Cash paid for lease termination | (212,175) | - | ||
| Loss on lease termination - net | 194,863 | - | ||
| Changes in operating assets and liabilities | ||||
| (Increase) decrease in | ||||
| Accounts receivable | 6,535,865 | (395,718) | ||
| Inventory | 7,265,229 | 2,139,648 | ||
| Prepaids and other | (136,427) | (50,409) | ||
| Deferred income taxes - net | 2,835,000 | (2,835,000) | ||
| Increase (decrease) in | ||||
| Accounts payable and accrued expenses | (2,509,925) | 654,746 | ||
| Accounts payable and accrued expenses - related party | (356,388) | (680,497) | ||
| Accrued income taxes payable | (570,000) | 570,000 | ||
| Installment sale liability - net | - | (13,018,184) | ||
| Deferred revenue | (20,000) | (223,110) | ||
| Operating lease liability | 148,665 | (39,490) | ||
| Net cash provided by (used in) operating activities | (21,310,603) | 10,287,345 | ||
| Investing activities | ||||
| Purchase of property and equipment | (518,189) | - | ||
| Purchase of investments - net | (10,159,444) | - | ||
| Proceeds from sale of investments | 10,173,057 | - | ||
| Cash paid for acquisition of Clearline Mobile, Inc. assets | (2,500,000) | - | ||
| Capitalized internal use software development costs | - | (281,304) | ||
| Net cash used in investing activities | (3,004,576) | (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 | (1,527,899) | (1,017,385) | ||
| Repayments on notes payable | - | (1,595,167) | ||
| Repayments on notes payable - SBA government | (10,877) | (14,323) | ||
| Treasury shares repurchased (share buy-backs) | (631,967) | - | ||
| Net cash provided (used in) by financing activities | 22,483,508 | (2,419,635) | ||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (1,831,671) | 7,586,406 | ||
| Cash, cash equivalents and restricted cash - beginning of year | 14,622,060 | 7,035,654 | ||
| Cash, cash equivalents and restricted cash - end of year | $12,790,389 | $14,622,060 | ||
| Supplemental disclosure of cash flow information | ||||
| Cash paid for interest | $470,208 | $222,326 | ||
| 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 | $327,139 | |||
| Right-of-use asset obtained in exchange for new operating lease liability | $664,288 | $ | - | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.