Fri, Aug 23, 10:02 AM (144 days ago)
In the 10-K/A amendment for the fiscal year ending December 31, 2023, SinglePoint Inc. reported a significant net loss of approximately $18.8 million, an increase from $9.2 million in the previous year. Revenue rose to $26.3 million, driven primarily by a full year of operations from Boston Solar, despite decreased sales from air purification systems. Operating expenses surged to $23.3 million, largely due to the inclusion of Boston Solar's costs and increased professional fees. The amendment also noted a reclassification of inventory and unearned revenue, correcting prior understatements. The company's financial condition raises substantial doubt about its ability to continue as a going concern, with cash reserves of about $0.8 million against a cash need of approximately $4 million for the next year. Strategically, SinglePoint focuses on renewable energy solutions, particularly solar and air purification, and plans to expand through acquisitions. Risks include competition, reliance on external manufacturers, and regulatory changes impacting the solar market. The company has made significant adjustments, including multiple reverse stock splits to manage share price and maintain listing requirements on the BZX exchange.