Tue, Nov 19, 10:16 PM (57 days ago)
GivBux Inc. (GBUX) reported significant financial developments for the quarter ending September 30, 2024. Revenue surged to $257,920, representing a 294% increase from $65,470 in Q3 2023, driven by the beta launch of the GivBux App and a rise in sales associates from under 100 to over 1,000. Despite this revenue growth, the company recorded a net loss of $224,406 for the quarter, a 29.5% reduction compared to the prior year. Total assets decreased to $74,835,000, while liabilities surged to $3,237,072, leading to a stockholders' deficit of $3,162,237. The company continues to face uncertainties in maintaining adequate working capital and generating sufficient cash flow from operations, with management planning to raise funds through equity or debt offerings. Cash flow from operations showed a net use of $293,508, reflecting ongoing operational challenges. The increase in operating expenses, particularly in general and administrative costs, remains a concern. GivBux's future operations may be impacted by its ability to effectively manage growth and secure additional financing amidst regulatory compliance challenges as a public entity.