10-Q/A - GIVBUX, INC. (0001169138) (Filer)

Fri, Nov 22, 7:59 PM (51 days ago)

GivBux Inc. (GBUX) reported a significant increase in quarterly revenue, reaching $257,920 for Q3 2024, a 294% rise from $65,470 in Q3 2023. Despite this growth, the company incurred a net loss of $224,406 for the quarter, a 29.5% decrease in losses year-over-year. Operating expenses surged to $250,520, primarily due to increased general and administrative costs. As of September 30, 2024, total liabilities stood at $3,237,072, with a stockholders' deficit of $3,162,237, indicating ongoing financial strain. Cash flow from operating activities showed a net outflow of $293,508, while financing activities provided $316,293. The company continues to face uncertainties regarding its ability to raise additional capital and achieve sustainable revenue growth. Management plans to enhance its workforce to support operations amidst these challenges. The amendment to the 10-Q filing was primarily to include XBRL documents, with no other significant updates noted post-filing. The company remains classified as an emerging growth company, allowing it certain reporting exemptions, but it faces risks related to its penny stock status and the limited liquidity of its shares.